聯合太平洋集團 (UNP) 2024 Q2 法說會逐字稿

Greetings.

問候。

Welcome to the Union Pacific Second Quarter Earnings Call.

歡迎參加聯合太平洋第二季財報電話會議。

(Operator Instructions) As a reminder, this conference is being recorded, and the slides for today's presentation are available on Union Pacific's website.

（操作員說明）謹此提醒，本次會議正在錄製中，今天演示的幻燈片可在聯合太平洋公司的網站上找到。

It is now my pleasure to introduce your host, Mr. Jim Vena, Chief Executive Officer for Union Pacific.

現在我很高興向大家介紹你們的東道主，聯合太平洋公司執行長吉姆‧維納先生。

Thank you.

謝謝。

Mr. Vena, you may now begin.

維納先生，您現在可以開始了。

Thanks, Rob, and good morning and nice to come to you all from a beautiful morning here in Omaha, and thanks for joining us today to discuss Union Pacific's second quarter results.

謝謝羅布，早上好，很高興在奧馬哈度過了一個美好的早晨來到大家身邊，感謝您今天加入我們討論聯合太平洋公司第二季度的業績。

I'm joined by our Chief Financial Officer, Jennifer Hamann; our Executive Vice President of Marketing and Sales, Kenny Rocker; and our Executive Vice President of Operations, Eric Gehringer.

我們的財務長 Jennifer Hamann 也加入了我的行列。我們的行銷和銷售執行副總裁 Kenny Rocker；以及我們的營運執行副總裁 Eric Gehringer。

As we dive into the discussion of the second quarter, you'll hear that operating outdoors these past few months has not been easy, but I'm pleased with how we manage those challenges to drive strong financial results.

當我們深入討論第二季度時，您會發現過去幾個月的戶外經營並不容易，但我對我們如何應對這些挑戰以推動強勁的財務表現感到滿意。

It provides another proof point that our strategy is the right room to drive success.

它提供了另一個證據，證明我們的策略是推動成功的正確空間。

And let's discuss second quarter results, starting on slide 3.

讓我們從投影片 3 開始討論第二季的業績。

This morning, Union Pacific reported 2024 second quarter net income of $1.7 billion or $2.74 per share.

今天上午，聯合太平洋公佈 2024 年第二季淨利為 17 億美元，即每股 2.74 美元。

This compares to 2023 second quarter net income of $1.6 billion or $2.57 per share.

相比之下，2023 年第二季淨利為 16 億美元，即每股 2.57 美元。

Second quarter operating revenue was up 1%, as solid core pricing gains and slightly increased volume were reduced by a negative business mix and lower fuel surcharge revenue.

第二季營業收入成長了 1%，這是由於業務組合不佳和燃油附加費收入下降導致了核心定價的穩定成長和銷售的小幅成長。

And if you're normalizing for the yearly change in fuel, freight revenue was up 2% versus 2023.

如果將燃料的年度變化標準化，貨運收入將比 2023 年增加 2%。

Reported expenses year-over-year were down 4%.

報告費用較去年同期下降 4%。

This is very impressive work by the team to offset the high inflationary pressure we've experienced in a flattish volume environment, even when you adjust for onetime items and fuel.

這是團隊的一項非常令人印象深刻的工作，它抵消了我們在成交量平淡的環境中經歷的高通膨壓力，即使你調整了一次性物品和燃料。

Our second quarter operating ratio of 60.0% improved 300 basis points versus last year and despite some challenges, we still showed sequential improvement.

我們第二季的營運率為 60.0%，比去年提高了 300 個基點，儘管面臨一些挑戰，但我們仍然取得了環比改善。

Overall, this quarter was another solid step towards our goal of leading the industry in safety, service and operational excellence.

總體而言，本季是我們朝著在安全、服務和卓越營運方面引領產業的目標又邁出了堅實的一步。

I'll let the team walk you through the quarter in more detail, and then come back for a wrap up before we go to Q&A.

我將讓團隊更詳細地向您介紹本季度的情況，然後在進行問答之前進行總結。

So we'll start with Jennifer and the second quarter financials.

我們將從珍妮佛和第二季的財務數據開始。

Jennifer?

詹妮弗？

Thank Jim and good morning, everyone.

謝謝吉姆，大家早安。

Let's start on slide 5 with a walk down of our second quarter income statement where operating revenue of $6 billion increased 1% versus last year on slightly positive volume.

讓我們從投影片 5 開始，瀏覽第二季的損益表，營業收入為 60 億美元，比去年同期成長 1%，銷量略有成長。

As Kenny will highlight the strong top line performance was supported by solid pricing gains and business wins against the backdrop of weak coal demand.

肯尼將強調，在煤炭需求疲軟的背景下，強勁的營收業績受到了穩定的定價收益和業務勝利的支撐。

Second quarter freight revenue totaled $5.6 billion, a 1% gain.

第二季貨運收入總計 56 億美元，成長 1%。

Digging into the revenue components, strong core pricing gains, partially offset by an unfavorable business mix added 150 basis points to freight revenue, double-digit growth in international intermodal volume was the primary contributor to the negative mix dynamic and further compounded by an overall decline in our higher average revenue per car industrial business, slightly positive volumes in the quarter added 50 basis points to freight revenue.

深入研究收入組成部分，強勁的核心定價收益被不利的業務組合部分抵消，使貨運收入增加了150 個基點，國際多式聯運量的兩位數增長是造成負面組合動態的主要因素，並因整體下降而進一步加劇在我們每輛汽車工業業務的平均收入較高的情況下，本季貨運量略有增長，使貨運收入增加了 50 個基點。

And lastly, fuel surcharge revenue of $669 million declined 5% as lower fuel prices impacted freight revenue, 75 basis points.

最後，由於燃油價格下跌影響貨運收入 75 個基點，燃油附加費收入 6.69 億美元下降 5%。

Excluding fuel surcharge, freight revenue grew 2% as the team continues to pace revenue growth faster than volume.

不計燃油附加費，貨運收入成長了 2%，因為該團隊繼續將收入成長速度快於貨運量成長速度。

Wrapping up the top line, other revenue declined 6% as a result of lower intermodal assessorial and less demand for auto parts shipments at our Loup subsidiary.

總而言之，由於聯運評估的降低以及我們 Loup 子公司對汽車零件運輸的需求減少，其他收入下降了 6%。

Switching to expenses, second quarter operating expense of $3.6 billion decreased $152 million versus 2023 as we drove productivity across most cost categories.

轉向支出，第二季營運支出為 36 億美元，與 2023 年相比減少了 1.52 億美元，因為我們提高了大多數成本類別的生產力。

We have more details in the appendix, but let me highlight some of the performance drivers.

我們在附錄中提供了更多詳細信息，但讓我重點介紹一些性能驅動因素。

Compensation and benefits expense declined 6% versus last year as we reduced headcount by 5% and generated positive productivity.

由於我們將員工人數減少了 5%，並產生了積極的生產力，因此薪資和福利費用比去年下降了 6%。

Although our training pipeline is significantly reduced compared to 2023.

儘管與 2023 年相比，我們的培訓管道大幅減少。

Train service employees increased 1% as we continue to carry more train service employees as a buffer for our operations and to offset the impact of new labor agreements the remainder of the workforce decreased 9% as we continue to focus on delayering and pushing work down in the organization.

火車服務員工增加了 1%，因為我們繼續運送更多火車服務員工作為我們運營的緩衝，並抵消新勞工協議的影響，其餘勞動力減少了 9%，因為我們繼續專注於推遲和減少工作量該組織。

And as you'll recall, last year's expenses included a $67 million one-time ratification payments.

您可能還記得，去年的費用包括 6700 萬美元的一次性批准付款。

Following up on an item we highlighted at our first quarter report last month, we completed the transfer of around 350 mechanical employees to Metro in Chicago.

繼我們上個月第一季報告中強調的一個項目之後，我們完成了將約 350 名機械員工轉移到芝加哥 Metro 的工作。

Going forward, this transfer will lower both other revenue and our expenses by roughly $15 million a quarter, excluding last year's one-time labor payment cost per employee in the second quarter increased 4% as we continue to drive for better overall efficiency.

展望未來，這項轉移將使我們每季的其他收入和支出減少約1,500 萬美元，不包括去年第二季每位員工的一次性人工支付成本，隨著我們繼續提高整體效率，第二季增加了4%。

Fuel expense in the quarter declined 6% on a 5% decrease in fuel prices from $2.86 per at $2.73 per gallon.

由於燃油價格從每加侖 2.86 美元下降到每加侖 2.73 美元，下降了 5%，本季的燃油費用下降了 6%。

We overcame a challenging operating environment and less fuel efficient freight mix to improve our fuel consumption rate 1%, largely by locomotive productivity.

我們克服了充滿挑戰的營運環境和燃油效率較低的貨運組合，將燃油消耗率提高了 1%，這主要歸功於機車生產率。

Equipment and other rents declined 12%, reflecting improved cycle times and lower lease expense, partially offset by business mix.

設備和其他租金下降了 12%，反映出週期時間的改善和租賃費用的降低，但部分被業務組合所抵消。

Finally, other expense decreased 4% as we recorded a couple of one-time items in the quarter.

最後，由於我們在本季度記錄了幾個一次性項目，其他費用下降了 4%。

On the positive side, we added a $46 million gain from an intermodal equipment sale.

從積極的一面來看，我們從聯運設備銷售中獲得了 4,600 萬美元的收益。

Conversely, we recognized $23 million of additional environmental expense at the legacy California remediation site.

相反，我們在加州舊修復場地確認了 2300 萬美元的額外環境費用。

Second quarter operating income of $2.4 billion increased 9% versus last year.

第二季營業收入為 24 億美元，比去年同期成長 9%。

Below-the-line Other income increased 11% as a result of interest received on tax refund claims, while interest expense declined 6% on lower average debt levels.

由於退稅索賠收到的利息，線下其他收入增加了 11%，而由於平均債務水平較低，利息支出下降了 6%。

Second quarter net income of $1.7 billion and earnings per share of $2.74, both improved 7% versus 2023.

第二季淨利為 17 億美元，每股收益為 2.74 美元，均較 2023 年成長 7%。

Our quarterly operating ratio of 60% improved 300 basis points year over year.

我們的季度營運率為 60%，年比提高了 300 個基點。

As I just discussed, there were several puts and takes in the quarter.

正如我剛才所討論的，本季有幾次看跌期權。

Key here is that our core operations drove 160 basis points of OR improvement and $0.21 of EPS growth year over year.

這裡的關鍵是，我們的核心業務年比推動 OR 改善 160 個基點和 EPS 成長 0.21 美元。

This is a great continuation of the momentum we've created these past three quarters.

這是我們過去三個季度創造的勢頭的良好延續。

Turning to shareholder returns on the balance sheet on Slide 6.

轉向投影片 6 中資產負債表上的股東回報。

Second quarter cash from operations totaled $4 billion, up $175 million versus last year.

第二季營運現金總額為 40 億美元，比去年增加 1.75 億美元。

Growth in operating income and 2023 labor agreement payments, partially offset by higher income tax payments resulted in increasing cash from operations and our free cash flow improvement 43% to $853 million.

營業收入和 2023 年勞動協議付款的成長（部分被所得稅繳納增加所抵銷）導致營運現金增加，我們的自由現金流改善了 43% 至 8.53 億美元。

As stated back in April, we restarted share repurchases late in the second quarter, although we plan to ramp up repurchases through the year, we started slowly with just over $100 million repurchased in June combined with our dividend payments, we've returned $1.7 billion to shareholders year to date.

正如4 月所述，我們在第二季末重新啟動了股票回購，儘管我們計劃全年加大回購力度，但我們起步緩慢，6 月回購的金額略高於1 億美元，加上股利支付，我們已返還17 億美元年初至今向股東提供的資訊。

Finally, our adjusted debt to EBITDA ratio finished the quarter at 2.8 times and we continue to be a rated by our three credit rating agencies.

最後，我們調整後的債務與 EBITDA 比率在本季結束時為 2.8 倍，並且我們繼續受到三個信用評級機構的評級。

Wrapping up on Slide 7.

投影片 7 結束。

As we've reached the midway point of 2024, there remains some uncertainty about the second half recovery that many were forecasting.

隨著 2024 年已進入中期，許多人預測的下半年復甦仍存在一些不確定性。

As Kenny will detail, there are definitely markets where we're seeing growth and much of that growth is being driven by our business development efforts.

正如肯尼將詳細介紹的那樣，我們肯定會在某些市場看到成長，而其中大部分成長是由我們的業務開發努力推動的。

There also are some challenged markets, particularly coal operationally.

還有一些市場面臨挑戰，特別是煤炭市場。

The team is making great progress towards our long-term goals to be the best in safety, service and operational excellence.

該團隊正在朝著我們的長期目標取得巨大進展，即在安全、服務和卓越營運方面做到最好。

This is reflected in the progress in our safety and performance metrics, including our margins.

這反映在我們的安全和績效指標（包括利潤率）的進展中。

Importantly, we believe the trend is indicative of where we can get to long term and each successive quarter is a step on our way to winning.

重要的是，我們相信這一趨勢表明了我們可以實現長期目標，並且連續的每個季度都是我們邁向勝利的一步。

We are highly confident in our ability to generate price dollars in excess of inflation and still expect freight revenue to pace ahead of volume in 2024.

我們對創造超過通貨膨脹的價格的能力充滿信心，並且仍然預計 2024 年貨運收入將超過貨運量。

We also remain committed to our long-term capital allocation strategy.

我們也持續致力於我們的長期資本配置策略。

This includes last week's announcement of a 3% increase in our dividend as we drive higher returns to our owners.

這包括上周宣布將股息增加 3%，因為我們為股東帶來更高的回報。

This increase represents the 18th year in a row of annual dividend increases with share repurchases.

此次增加是連續第 18 年透過股票回購增加年度股利。

We expect to repurchase around $1.5 billion in 2024 as we maintain our current leverage.

在維持目前槓桿率的情況下，我們預計 2024 年將回購約 15 億美元。

Before I turn it over to Kenny, I'd summarize our second quarter financial performance as strong and our confidence in the future, stronger as we continue to unlock the potential of our great franchise.

在我把它交給肯尼之前，我總結一下我們第二季度的財務業績強勁，隨著我們繼續釋放我們偉大特許經營的潛力，我們對未來的信心也更強。

We're excited to execute on our strategy in the second half and lay out more of our long-term thoughts at our Investor Day in September.

我們很高興能夠在下半年執行我們的策略，並在 9 月的投資者日上闡述更多我們的長期想法。

Kenny?

肯尼？

Thank you, Jennifer, and good morning.

謝謝你，詹妮弗，早安。

As Jennifer mentioned, we had a solid second quarter, especially if you put aside the lower volume from coal freight revenue totaled $5.6 billion for the quarter, which was up 2% excluding fuel surcharges due to strong core pricing and a slight increase in volume.

正如珍妮佛所提到的，我們第二季度的業績表現強勁，尤其是如果你拋開煤炭貨運收入下降的影響，該季度的煤炭貨運收入總額為56 億美元，由於核心定價強勁和交易量略有增加，不包括燃油附加費，該收入增加了2%。

Let's jump right in and talk about the key drivers in each of our business groups.

讓我們直接討論一下我們每個業務部門的關鍵驅動因素。

Starting with Arc bulk segment revenue for the quarter was down 2%, compare it to last year on a 5% decrease in volume and a 3% increase in average revenue per car, driven by solid core pricing gains and a positive mix in traffic.

從Arc 散裝業務開始，本季的收入下降了2%，與去年相比，銷量下降了5%，每輛車的平均收入增長了3%，這主要得益於核心定價的穩健增長和交通量的積極組合。

However, if you exclude coal bulk revenue for the quarter was up 4% year over year and volume grew by 6%.

然而，如果排除煤炭散貨，該季度的營收年增 4%，銷量成長 6%。

Coal volume was down 23% in the quarter due to ongoing secular decline of the market, along with continued challenges from lower natural gas prices and higher inventory levels.

由於市場持續長期下滑，以及天然氣價格下跌和庫存水準上升的持續挑戰，本季煤炭銷售量下降了 23%。

Fertilizer volumes increased for the quarter due to strong export demand for Canpotex potash and easier comps from a 2023 customer outage.

由於對 Canpotex 鉀肥的出口需求強勁以及 2023 年客戶停電導致的比較容易，本季度化肥銷量有所增加。

In addition, grain product business was favorable due to increased demand for renewable diesel.

此外，由於再生柴油的需求增加，穀物產品業務也表現良好。

Strong demand for ethanol and new business lines move into industrial revenue was up 2% for the quarter on a 3% decrease in volume and a 5% increase in average revenue per car, strong core pricing gains and a positive mix and traffic were partially offset by lower fuel surcharges.

對乙醇的強勁需求和新業務線進入工業收入，本季銷量增長 2%，銷量下降 3%，每輛車平均收入增長 5%，強勁的核心定價收益以及積極的組合和交通量被部分抵消通過降低燃油附加費。

Our strong business development efforts in petroleum allowed us to capitalize on opportunities.

我們在石油領域的強大業務發展努力使我們能夠抓住機會。

Petrochemicals volume continued to grow due to improved domestic demand in plastics and strong business development wins in our industrial chemicals markets from customers located along the Gulf Coast.

由於國內塑膠需求的改善以及來自墨西哥灣沿岸客戶在工業化學品市場的強勁業務發展，石化產品銷售持續成長。

However, challenges with high inventories and rainy weather in the south negatively impacted our rock volume.

然而，高庫存和南方多雨天氣的挑戰對我們的岩石量產生了負面影響。

Premium revenue for the quarter was up 4% on a 6% increase in volume and a 2% decrease in average revenue per car, reflecting negative mix, lower fuel surcharges and truck market pressure.

本季保費收入成長 4%，銷量成長 6%，每輛車平均收入下降 2%，反映出負面組合、燃油附加費降低和卡車市場壓力。

Automotive volumes were positive due to business development wins with Volkswagen and General Motors, but offset by unplanned decreases in production impact in auto parts shipment.

由於與大眾汽車和通用汽車的業務開發勝利，汽車銷量呈正增長，但被汽車零件運輸生產影響的意外下降所抵消。

Intermodal volumes continue to remain strong due to West Coast import demand and positive domestic growth despite market conditions, especially within our Parcel segment.

儘管市場狀況不佳，但由於西海岸的進口需求和國內的積極成長，多式聯運量繼續保持強勁，尤其是在我們的包裹業務領域。

Now turning to slide 10.

現在翻到投影片 10。

Here's our outlook for the balance of 2020 for the key markets we serve, starting with bulk coal is expected to remain challenged as inventories remain high and natural gas futures stay at levels that make coal less competitive for grain.

以下是我們對 2020 年所服務的主要市場的展望，首先，散裝煤炭預計仍將面臨挑戰，因為庫存居高不下，天然氣期貨維持在水平，使煤炭相對於糧食的競爭力下降。

As we sit here today, the market looks stable and healthy.

當我們今天坐在這裡時，市場看起來穩定健康。

Although global export sales are off to a slow start, crop conditions look good and we'll have a better read over the next several weeks.

儘管全球出口銷售起步緩慢，但作物長勢看起來不錯，我們將在接下來的幾週內得到更好的解讀。

In addition, we expect grain products to remain positive as we see incremental renewable diesel production coming online in California and continue to capture new business.

此外，我們預計穀物產品將保持樂觀，因為我們看到加州再生柴油產量不斷增加，並繼續獲得新業務。

Turning to Industrial, our outlook remains the same.

談到工業，我們的前景保持不變。

As we laid out during our last earnings call.

正如我們在上次財報電話會議中所闡述的。

We expect our ROC market will not match last year's record volumes.

我們預計我們的 ROC 市場將無法達到去年創紀錄的交易量。

However, while petroleum and petrochemical markets will remain favorable due to our focus on business development, supported by our investments in the Gulf Coast and wrapping up with premium.

然而，由於我們專注於業務發展，在墨西哥灣沿岸投資的支持下，石油和石化市場將保持有利，並最終獲得溢價。

On the intermodal side, we expect to see continued strength for imports in the near term.

在多式聯運方面，我們預計短期內進口將持續強勁。

And while we have seen imports drive pockets of increased demand on the domestic side, the overall market remains soft, but our improved service product, along with our diversified set of private asset owners and IMCs, provide Union Pacific more at-bat when opportunities present themselves and for automotive, we're still expecting year-over-year growth due to business development wins despite some softening in the market.

雖然我們看到進口推動了國內需求的增加，但整體市場仍然疲軟，但我們改進的服務產品，加上我們多元化的私人資產所有者和IMC，在機會出現時為聯合太平洋提供了更多的機會對於汽車本身和汽車行業，儘管市場有所疲軟，但由於業務發展的勝利，我們仍預計將實現同比增長。

In summary, I'm proud of the commercial team and their focus, the field, the volume gap we're seeing from coal on the price side, we're achieving solid price results to overcome inflation and delivering the consistent and efficient service that we sold to our customers.

總而言之，我為商業團隊及其關注點、領域以及我們在價格方面看到的煤炭產量差距感到自豪，我們正在取得可靠的價格結果以克服通貨膨脹，並提供一致和高效的服務，我們賣給我們的客戶。

As we head into the second half of the year.

當我們進入下半年時。

I am confident that our great franchise, along with the diverse product offerings we provide, gives our customers the ability to compete and win in the marketplace.

我相信，我們強大的特許經營權以及我們提供的多樣化產品將使我們的客戶有能力在市場上競爭並獲勝。

Our commercial leaders are actively working with customers and the operating team to convert more over the road business to rail.

我們的商業領導者正在積極與客戶和營運團隊合作，將更多的公路業務轉變為鐵路業務。

That allows us both to win and growth and with that, I'll turn it over to Eric to review our operational performance.

這使我們能夠贏得勝利並實現成長，因此，我將把它交給艾瑞克來審查我們的營運績效。

And thank you, Kenny, and good morning.

謝謝你，肯尼，早安。

Moving to slide 12, as you heard from Jim, Mother Nature delivered many powerful weather events throughout the quarter as we experienced impactful flooding across both our northern and southern regions, but we're not here to make excuses leveraging our intense focus on operational excellence and detailed contingency plans.

轉向幻燈片12，正如您從吉姆那裡聽到的那樣，大自然在整個季度帶來了許多強烈的天氣事件，因為我們在北部和南部地區都經歷了嚴重的洪水，但我們並不是在這裡找藉口，利用我們對卓越營運的高度關注以及詳細的應急計劃。

The team quickly acted to mitigate the impact by adjusting trip plans and deploying temporary buffer resources to safely restore operations.

該團隊迅速採取行動，透過調整出行計劃和部署臨時緩衝資源來安全地恢復運營，以減輕影響。

I'm very proud of our frontline employees who work tirelessly to repair our infrastructure to minimize the customer impact.

我為我們的第一線員工感到非常自豪，他們不知疲倦地修復我們的基礎設施，以盡量減少對客戶的影響。

There are countless examples highlighting their efforts as they repaired miles of damaged track, restored, bridges and cleared countless trees and debris that being set versus 2023 service levels and network performance for the second quarter remained strong, demonstrating our recoverability in the wake of major weather disruptions starting with our foundation of safety, we continue to drive improvements building on the momentum of the first quarter.

有無數的例子突顯了他們的努力，他們修復了數英里的受損軌道，恢復了橋樑，清除了無數樹木和碎片，與2023 年的服務水平相比，第二季度的網絡性能仍然強勁，這證明了我們在重大天氣後的恢復能力從我們的安全基礎開始，我們將在第一季的勢頭基礎上繼續推動改進。

For the second quarter, both derailment and personal injury rates improved year over year.

第二季度，出軌率和人身傷害率均較去年同期有所改善。

While I am proud of the team for making this progress, we will not rest until every employee goes home safe to their loved ones every day.

雖然我為團隊的進步感到自豪，但我們不會休息，直到每位員工每天安全回家與親人團聚。

Freight car velocity was flat in the second quarter compared to 2023, as improvements in terminal dwell were offset by weather impacted train speed.

與 2023 年相比，第二季度貨運車速度持平，因為終端停留時間的改善被天氣影響的火車速度所抵消。

The opportunity here is to drive even stronger terminal dwell performance by removing unnecessary cart touches across the network.

這裡的機會是透過消除網路中不必要的購物車接觸來驅動更強大的終端停留效能。

On the service front, intermodal SBI. improved four points as manifest and auto SPI remained flat, although we worked hard to minimize impact on weather on our service product.

在服務方面，多式聯運 SBI。儘管我們努力盡量減少天氣對我們服務產品的影響，但艙單和汽車 SPI 仍持平，因此提高了 4 點。

We no customers felt the impact, particularly those located in the affected areas.

我們沒有客戶感受到影響，特別是那些位於受影響地區的客戶。

Now let's review our key efficiency metrics on slide 13.

現在讓我們回顧一下投影片 13 上的關鍵效率指標。

The team remains highly focused on cost control, leveraging technology and other investments to drive productivity throughout our operations.

該團隊仍然高度關注成本控制，利用技術和其他投資來提高整個營運的生產力。

As I mentioned last quarter, it is imperative to our strategy as it enables Kenny and the team to compete in the marketplace.

正如我上季度提到的，這對我們的策略至關重要，因為它使肯尼和團隊能夠在市場上競爭。

Similar to the first quarter, we saw year-over-year improvements across all of our metrics.

與第一季類似，我們的所有指標均較去年同期有所改善。

Locomotive productivity improved 6% compared to second quarter 2023, driven by improved network fluidity and asset utilization.

受網路流動性和資產利用率改善的推動，機車生產率較 2023 年第二季提高了 6%。

Throughout the year, we have been able to efficiently flex our locomotive fleet with units readily available to adjust to varying volume levels.

在這一年裡，我們能夠有效地調整我們的機車車隊，並隨時可以根據不同的容量水平進行調整。

Workforce productivity, which does include all employees, improved 5% versus 2023, while overall employee levels decreased.

與 2023 年相比，包括所有員工在內的勞動力生產力提高了 5%，而整體員工水準卻有所下降。

Our active train engine and yard employees increased as we implement new labor agreement.

隨著新勞工協議的實施，我們活躍的火車頭和車場員工數量增加。

Train length improved 2% compared to second quarter 2023 and 3% sequentially due to increased intermodal volume, combined with the usage of safety technologies like precision train builder.

與 2023 年第二季相比，列車長度增加了 2%，由於多式聯運量的增加，加上精密列車製造商等安全技術的使用，列車長度比上一季增加了 3%。

In fact, our second quarter result was a quarterly record and June marked the 1st month ever with train length over 9,600.

事實上，我們第二季的業績創下了季度記錄，並且 6 月是有史以來第一個列車長度超過 9,600 的月份。

This is a remarkable achievement by the team as they continue to generate mainline capacity for future growth.

這是該團隊取得的一項了不起的成就，因為他們繼續為未來的成長創造主線容量。

Wrapping up, it's important to note as we continue to implement new technology throughout our operations, we are also building new processes.

總而言之，值得注意的是，隨著我們繼續在整個營運過程中實施新技術，我們也在建立新流程。

These processes powered by automation and real-time analytics, opened new capabilities for Union Pacific and our customers.

這些流程由自動化和即時分析提供支持，為聯合太平洋公司和我們的客戶提供了新的功能。

I'm looking forward to sharing such examples at our Investor Day in September.

我期待在九月的投資者日分享這樣的例子。

So with that, I'll turn it back to Jim.

那麼，我會把它轉回給吉姆。

Thank you, Eric.

謝謝你，埃里克。

And turning to slide 15, before we get to your questions, I'd like to quickly summarize what you've heard from our team.

轉向投影片 15，在回答您的問題之前，我想快速總結一下您從我們團隊聽到的內容。

First, as you heard from Jennifer, despite a challenging environment, we achieved strong financial results in the quarter.

首先，正如您從詹妮弗那裡聽到的那樣，儘管環境充滿挑戰，我們在本季度取得了強勁的財務業績。

We continue to drive efficiency into the network and the commercial team has done a good job generating price for the value we provide our customers.

我們繼續提高網路效率，商業團隊在為我們為客戶提供的價值制定價格方面做得很好。

Kenny, you provided you with an overview of the second quarter volumes and laid out some updated thoughts for the remainder of the year?

肯尼，您向您提供了第二季度銷量的概述，並為今年剩餘時間提出了一些最新想法？

I think it's worth stating.

我認為值得一提。

So when you remove coal, our total volume was up 3% in the second quarter.

因此，如果去掉煤炭，我們第二季的總銷量增加了 3%。

This demonstrates that even in a tough freight environment, we are winning with our customers to bring new business to the railroad.

這表明，即使在艱難的貨運環境中，我們也能與客戶共贏，為鐵路帶來新業務。

Lastly, Eric walk you through the progress we're making across safety service and operational excellence in the first half of the year.

最後，艾瑞克向您介紹了今年上半年我們在安全服務和卓越營運方面的進展。

Our safety metrics improved, but we still have a way to go.

我們的安全指標有所改善，但我們還有很長的路要走。

Our service was challenged in the quarter, but I'm pleased with our ability to recover, and we're continuing to do things more efficiently, making good improvements in operational excellence.

我們的服務在本季度受到了挑戰，但我對我們的復原力感到滿意，並且我們將繼續更有效地開展工作，在卓越營運方面取得良好的改進。

Look, the quarter presented its challenges, but I'm very pleased with the results we achieved from the beginning.

看，本季度面臨挑戰，但我對我們從一開始就取得的成果感到非常滿意。

I said improvement wasn't going to be a straight line there, just too many variables when you operate an outdoor factory.

我說過，改善不會是一條直線，當你經營戶外工廠時，變數太多了。

But I expect that trend line will be in the right direction.

但我預期趨勢線將朝著正確的方向發展。

And we've demonstrated that again this quarter.

本季我們再次證明了這一點。

Over the past 12 months, we've put this company on the right path to redefining what's possible for Union Pacific team will build on at our Investor Day in mid-September.

在過去的 12 個月裡，我們已經讓這家公司走上了正確的道路，重新定義了聯合太平洋團隊將在 9 月中旬的投資者日上繼續發展的可能性。

With that, now we're ready to take your questions.

現在我們準備好回答您的問題了。

Rob?

搶？

Thank you.

謝謝。

(Operator Instructions) Brandon Oglenski, Barclays.

（操作員說明）Brandon Oglenski，巴克萊銀行。

Good morning and thanks for taking the question.

早上好，感謝您提出問題。

So Jim, if I recall, it was almost a year ago that got appointed CEO.

吉姆，如果我沒記錯的話，大約一年前他被任命為執行長。

And I think you said publicly like give me a year, then let's look back and judge how things went.

我想你公開說過給我一年的時間，然後讓我們回顧並判斷事情進展如何。

I think you just clearly articulated the coal headwinds in the quarter.

我認為您剛剛清楚地闡明了本季度煤炭的不利因素。

But I guess how would you look at the past year in terms of operational improvement, network performance and then maybe most importantly, customer growth which I think you were alluding to.

但我想您會如何看待過去一年的營運改善、網路效能，以及最重要的客戶成長，我認為您提到了這一點。

Yes, Brandon, I appreciate the question.

是的，布蘭登，我很欣賞這個問題。

And you're right on.

你說得對。

I think they announced me last year on the 26th, we agreed that was going to join this company and the announcement came up.

我想他們去年 26 日宣布了我的消息，我們同意加入這家公司，然後就宣布了這一消息。

So guess what it's a year now?

那麼猜猜現在是什麼時候了？

I actually didn't start work till the 14th of August, but that's OK. Couple of weeks doesn't make a difference.

事實上我直到8月14日才開始工作，但沒關係。幾個星期沒有什麼差別。

Bottom line is if I look at the quarter, Brandon, I'm very, very, very happy with how we've progressed on this railroad.

布蘭登，最重要的是，如果我看看這個季度，我對我們在這條鐵路上的進展感到非常、非常、非常滿意。

If you start above the line and Kandy and the entire team have done a great job of.

如果你從線上開始，康提和整個團隊都做得很好。

We knew we had an inflation inflationary pressures with the contracts that were signed and we knew that we had to do something above the line.

我們知道我們所簽署的合約存在通貨膨脹壓力，我們知道我們必須做一些超出界限的事情。

And I think we've done a great job and you can see that where where the revenue comes in against our volume growth and we continue and we will continue to see that as we go through the year.

我認為我們做得很好，你可以看到收入與銷售成長的關係，我們將繼續，我們將在今年繼續看到這一點。

So I'm very comfortable with that business development.

所以我對這項業務的發展感到非常滿意。

We have been we have been I have personally spent a lot of time.

我們一直在我們一直在我個人花了很多時間。

Kenny has an entire team spends a lot of time and the entire leadership group with customers looking for opportunities.

肯尼整個團隊花了很多時間，整個領導團隊都在與客戶一起尋找機會。

And we spent capital and develop the and new facilities and expanded facilities across our network to be able to handle more business.

我們投入資金開發新設施，並擴大了整個網路的設施，以便能夠處理更多業務。

But the best part about it is our service level.

但最好的部分是我們的服務水準。

It's to the point where the first discussion isn't are you providing the service that we agree to.

到了這個地步，第一個討論就不是你是否提供我們同意的服務。

It's more of how do we work together to move ahead operationally both below the line, very comfortable to be able to I present today, the numbers that we are on car velocity, dwell, locomotive and things that you all don't see how fast our crew changes are, how well we're able to and the number of people it takes to operate the railroad and operate the terminals.

更重要的是我們如何共同努力，在運營上取得進展，今天我很高興能夠介紹我們關於汽車速度、停留時間、機車以及你們都看不到多快的事情的數字我們的人員變動是指我們的能力如何以及運營鐵路和碼頭所需的人數。

We see those numbers every day, and I'm very comfortable of where we are.

我們每天都會看到這些數字，我對我們現在的處境感到非常滿意。

And I'm also very happy that we continue to improve our operating ratio.

我也很高興我們不斷提高營運率。

And I don't see that stopping.

我認為這種情況不會停止。

We'll have I never give a number for operating ratio because it's a result of everything you do, but to have a 160 basis points improvement this last quarter, year over year operating ratio.

我們永遠不會給出營運比率的數字，因為這是您所做的一切的結果，但上個季度的營運比率比去年同期提高了 160 個基點。

And sequentially, a small is a great testament with what we can do with everything that we were impacted with this customer.

接下來，一個小專案很好地證明了我們可以對受到該客戶影響的所有事情做些什麼。

We are not a team that makes excuses.

我們不是一支會找藉口的球隊。

You won't hear us complain about coal.

你不會聽到我們抱怨煤炭。

We just say that cause a problem.

我們只是說這會導致問題。

But to be able to when we had 20 plus percent drop in our core volume to actually increase goes to show you the strength of our network.

但是，當我們的核心交易量下降 20% 以上時，我們能夠實際增加，這向您展示了我們網路的實力。

We're going to leverage what we're doing in Mexico with our 26% ownership of the FXE.

我們將利用我們在墨西哥所做的事情以及我們 26% 的 FXE 所有權。

And we think that's going to lead to more growth as we move ahead.

我們認為，隨著我們的前進，這將帶來更多的成長。

And we're going to leverage this network we have.

我們將利用我們擁有的這個網路。

So Brandon, I mean, a real good place.

所以布蘭登，我的意思是，一個真正的好地方。

So hopefully, hopefully you guys aren't the toughest markers in the world.

所以希望你們不是世界上最難的標記者。

Sometimes some of you are, but overall, I'm very happy with where we are today, and I look forward to how this next few years.

有時你們中的一些人是這樣，但總的來說，我對我們今天的處境非常滿意，我期待未來幾年的發展。

While I'm leading this company show everybody, what we can do appreciate the antigen.

當我領導這家公司時，我們會向大家展示我們可以做些什麼來欣賞抗原。

Appreciate the answer, Jim.

感謝您的回答，吉姆。

Thanks.

謝謝。

Scott Group, Wolfe Research.

斯科特集團，沃爾夫研究。

Hey, thanks.

嘿，謝謝。

Good morning.

早安.

And so I know Jennifer mix can swing on you, positive negative?

所以我知道詹妮弗的組合會對你產生影響，而且是正面負面嗎？

And any thoughts on mix based on your volume outlook in the back half of the year?

根據今年下半年的銷售展望，您對混合有何想法？

And then I just wanted a bigger picture, right, even if I adjust for mix, the yield growth is still relatively muted in the context of of higher inflation.

然後我只是想要一個更大的圖景，對吧，即使我對組合進行調整，在通膨較高的背景下，收益率增長仍然相對溫和。

And so I know I've asked this before.

所以我知道我以前問過這個問題。

I keep asking because I just think it's so critical, like when do you guys think we truly get back to inflation plus pricing?

我一直在問，因為我認為這非常重要，例如你們認為我們什麼時候才能真正回到通膨加定價的狀態？

And I don't mean like dollars versus dollars, I mean, like margin accretive inflation plus pricing because I think that's sort of like them and in my opinion, the key to like having confidence in Mike sustained margin improvement.

我的意思不是美元與美元之間的比較，我的意思是，像利潤增長的通貨膨脹加上定價，因為我認為這有點像它們，並且在我看來，這是對邁克持續利潤率改善充滿信心的關鍵。

So any thoughts Thank you.

所以有什麼想法謝謝。

Well, so a couple of things there, Scott, on the mix side of things, as we look ahead, a lot of the drivers that are present in our volumes here in the second quarter are going to be present at least into the third quarter.

好吧，斯科特，就混合方面而言，有幾件事，當我們展望未來時，第二季度我們的捲中出現的許多驅動因素至少將出現在第三季度。

International intermodal is staying strong.

國際多式聯運保持強勁。

Our coal is weaker than the industrial portion of our portfolio.

我們的煤炭業務弱於我們投資組合中的工業部分。

While we've got great business development opportunities.

雖然我們有很好的業務發展機會。

There's there's just a little softness there.

那裡只是有一點柔軟。

And so if you assume that that dynamic continues, that's going to continue to have an impact on our mix and probably to the negative side.

因此，如果你認為這種動態持續下去，那將繼續對我們的組合產生影響，甚至可能產生負面影響。

So I mean, you guys get our volumes every week.

所以我的意思是，你們每週都會收到我們的書。

You'll be able to see that and gauge that.

您將能夠看到並衡量這一點。

But that's kind of our going in expectation as we look at what's ahead of us, particularly into the third quarter, and we'll see how some of those intermodal trends move into into 4Q.

但這是我們對未來的預期，特別是在第三季度，我們將看到其中一些多式聯運趨勢如何進入第四季。

And in terms of the question relative to price and price accretion, you know, the team is doing, I think, a very good job of driving price in the areas where they can can touch it and actively work with the customers.

就與價格和價格上漲相關的問題而言，我認為，團隊在他們可以觸及並積極與客戶合作的領域中，在推動價格方面做得非常好。

And Jim mentioned the service aspect of it.

吉姆提到了它的服務方面。

That's critical when you're sitting in front of customers and driving the price.

當您坐在客戶面前並推動價格時，這一點至關重要。

And so the thing that I'm very encouraged by is we know we'll get to that point.

因此，令我深受鼓舞的是，我們知道我們會達到這一點。

I'm not going to give you a date by which we'll get to that point.

我不會給你一個我們能達到這一點的日期。

But what's encouraging is without that we're still driving very solid margin improvement and looking looking for more going ahead.

但令人鼓舞的是，即使沒有這樣的情況，我們仍然在推動利潤率的大幅提高，並尋求未來更多的發展。

So that's what I would focus on.

這就是我要關注的重點。

And as we continue to get more access to contracts, that's just going to give us more upside and more ability going forward.

隨著我們繼續獲得更多合同，這只會為我們帶來更多的優勢和更多的前進能力。

Jason Seidl, TD.

賈森·塞德爾，TD。

Thank you, operator, and Jim and team.

謝謝接線員、吉姆和團隊。

Good morning.

早安.

Nice to see you guys recover from some of the weather in the quarter.

很高興看到你們從本季的一些天氣中恢復過來。

I want to focus in a little bit on something, Kenny, that you say you mentioned on there was some weakness on your on your rock business.

肯尼，我想重點談談你提到的你的搖滾業務存在一些弱點的事情。

We've been hearing some of the infrastructure projects that were planned are sort of really not getting off the ground.

我們聽說一些計劃中的基礎設施項目實際上並沒有啟動。

Is that part of the weakness that's behind that?

這是其背後的弱點的一部分嗎？

Or what are you looking at the marketplace?

或是你在市場上看什麼？

Jason, you're right on with things in mind and LG products down in the Gulf that have been delayed or slow roll.

Jason，你的想法是對的，LG 產品在海灣地區已經被推遲或緩慢推出。

And a lot of it also is just overall demand.

其中很多也只是整體需求。

And we haven't had the best weather haven't seen that in that second quarter.

我們在第二季還沒有遇到最好的天氣。

So yes, it is.

所以是的，確實如此。

I will tell you that though, Jason, Eric's team is doing everything they can to capture the volume that is out there.

不過，我要告訴你的是，傑森，艾瑞克的團隊正在盡一切努力捕捉現有的數據量。

We're looking at adding every car to every train and to maximize efficiency.

我們正在考慮為每列火車添加每節車廂並最大限度地提高效率。

So as the opportunities are there, we're taking advantage of it.

因此，既然機會已經存在，我們就會充分利用它。

That makes sense.

這就說得通了。

And Kenny on the delayed projects.

肯尼談到了推遲的項目。

Is there any expectation for these things to sort of be lifted as we look into 25 or a sort of a wait-and-see?

當我們研究 25 時，這些事情會有所改善，或是一種觀望？

I think it's wait and see it's hard for us to go out and forecast what a lot of customers will do and how the contractors will play out.

我認為我們很難出去預測很多客戶會做什麼以及承包商會如何運作。

You know, our best bet is just to be prepared, which we are.

你知道，我們最好的選擇就是做好準備，我們也確實做好了準備。

Sounds good.

聽起來不錯。

Jon Chappell, Evercore ISI.

喬恩·查佩爾，Evercore ISI。

Thank you.

謝謝。

Good morning.

早安.

Jim, do we get to a point in your new tenure here where some of these productivity improvements that you've made start to hit a ceiling without volume.

吉姆，在您的新任期內，您所做的一些生產力改進是否已開始達到上限，但數量卻沒有達到上限。

And clearly what you've been able to do on locomotives in workforce in a flat volume environment.

並清楚地表明您在平坦的體積環境中能夠在勞動力機車上做什麼。

And of course, we understand what's happening with coal is pretty impressive, but you hit the ceiling, but without a lot of volume tailwind at some point?

當然，我們知道煤炭方面發生的事情非常令人印象深刻，但你已經達到了上限，但在某個時候沒有大量的成交量順風？

No, I don't I don't see that.

不，我不知道。

I think we've shown that we can improve and I see more improvement even with a flat.

我認為我們已經證明了我們可以改進，而且即使是平局，我也看到了更多的改進。

I don't expect us to have our volume be flat, though.

不過，我不希望我們的銷量持平。

That's not the way we're working at this.

這不是我們的工作方式。

Everything that we've done as they increase our volume against some pretty big negatives that are that are structural that we can't control.

我們所做的一切都是因為他們增加了我們的交易量，以應對一些我們無法控制的結構性負面影響。

So is it easier when you have increase in volume?

那麼當你增加音量時是不是更容易呢？

Yes, you add another five cars on a on an intermodal train or a manifest train makes it a lot easier.

是的，您在聯運列車或艙單列車上添加另外五節車廂會更容易。

But the technology that we're implementing, the speed that we're going to be able to change our plan.

但我們正在實施的技術，我們改變計劃的速度。

And what we're doing moving forward will help us to be able to even on a flat volume, I'll be able to improve our improve our efficiency.

我們正在做的事情將幫助我們即使在平坦的體積上，也能夠提高我們的效率。

So I'm very comfortable with the as we move ahead, there will be more even on the flat.

所以我對隨著我們的進展感到非常滿意，公寓裡將會有更多的房子。

Great.

偉大的。

Thanks, Jim.

謝謝，吉姆。

Stephanie Moore, Jefferies.

史蒂芬妮·摩爾，杰弗里斯。

Hi, good morning.

早安.

Thank you.

謝謝。

Want to, I think continue one and continuing on the prior question.

我想繼續一個並繼續上一個問題。

Really nice margin and margin performance for the first half of the year.

今年上半年的利潤率和利潤率表現非常好。

Can you talk a little bit?

你能講一點嗎？

I'm just based on maybe some of the mix headwinds and the cost initiatives and a lot of the kind of puts and takes here.

我只是基於一些混合阻力和成本舉措以及這裡的許多類型的投入和採取。

What that should mean for I mean in terms of kind of normal seasonality for margins as far as the year progresses?

就我而言，就年度進展而言，利潤率的正常季節性意味著什麼？

Thank you.

謝謝。

Definitely, listen, as I just sort of answered overall on a high level.

當然，聽著，因為我只是在高水平上總體回答了。

What I see, but I'm going to pass this off to Kenny.

我看到了什麼，但我要把這個轉告給肯尼。

Can you talk about margin, how we're looking at pricing, how we move ahead about

您能談談利潤率、我們如何看待定價以及我們如何推進

Yes, I think thanks for that, Jim.

是的，我想謝謝你，吉姆。

So first of all, and you all have heard me say this before.

首先，你們之前都聽過我說過這一點。

When you look at our approach to revenue growth, it's volume growth through business development, but it's also our pricing approach.

當你審視我們的營收成長方法時，你會發現這是透過業務發展來實現銷售成長，但這也是我們的定價方法。

And our commercial team has been very clear to articulate some of the inflationary pressures that are out there.

我們的商業團隊已經非常清楚地闡明了目前存在的一些通膨壓力。

But more importantly, the team has taken risks.

但更重要的是，團隊承擔了風險。

And so we are doing as these contracts are coming up, everything we can do to maximize price for margin expansion.

因此，隨著這些合約的臨近，我們正在盡一切努力最大化價格以擴大利潤。

And so at every turn at every contract those are some of our service improvement, Eric, those are some really good opportunities for us to maximize our price.

因此，在每份合約的每一個環節，這些都是我們服務改進的一部分，艾瑞克，這些都是我們實現價格最大化的好機會。

So we're doing everything we can do there.

所以我們正在盡我們所能。

So I guess as a follow-up, really nothing from a seasonality standpoint to really call out as we think about performance as the year progresses.

因此，我想作為後續行動，當我們考慮今年的表現時，從季節性的角度來看，確實沒有什麼值得真正指出的。

And then when you think about seasonality, I'll jump in here it really has a lot to do with volumes.

然後，當你考慮季節性時，我會跳到這裡，它確實與數量有很大關係。

And if you look at our volume performance, generally speaking quarters where we have the strongest volume growth, that's where you tend to get your greatest margin improvement, it goes back to Jim's comments on productivity and that volume leverage piece.

如果你看看我們的銷售表現，一般來說，我們銷售成長最強勁的季度，你往往會獲得最大的利潤率改善，這可以追溯到吉姆對生產力和銷售槓桿部分的評論。

That said, we've shown really good sequential improvement in our margins and have kind of broke that trend as we've really come in and put a big focus on how we can drive greater productivity across the network over the last three quarters.

也就是說，我們的利潤率確實出現了良好的連續改善，並且在某種程度上打破了這種趨勢，因為我們真正介入並在過去三個季度中重點關注如何提高整個網路的生產力。

And quite frankly, I think that's something that it maybe is a little bit underappreciated in terms of how hard it has been for the team to achieve that looking forward, it really is going to be about the volumes and the continued emphasis on the productivity and the prices.

坦白說，我認為這可能有點被低估了，因為團隊實現這一目標的難度有多大，這實際上與數量以及對生產力和生產力的持續重視有關。

Those are our three levers.

這是我們的三個槓桿。

And so as you're thinking sequentially, I'd be comparing volume sequentially and see how that progresses, that's going to really be the determinant.

因此，當您按順序思考時，我會按順序比較交易量，看看進展如何，這將真正成為決定因素。

Brian Ossenbeck, JPMorgan.

布萊恩‧奧森貝克，摩根大通。

Good morning and thanks for taking the question.

早上好，感謝您提出問題。

Yes, maybe a couple for any can you just talk about the international intermodal side has been quite strong.

是的，也許有幾個可以談談國際聯運的實力相當強大。

There's been some expectation for that to spillover into domestic.

人們預計這會蔓延到國內。

Do you have any thoughts on when that might happen and whether that's good bad or indifferent for for UP?

您對這種情況何時發生以及這對 UP 來說是好事還是壞事有什麼想法嗎？

And then secondly, I know who's going to take this.

其次，我知道誰會接受這個。

But just as we get to the Investor Day in a couple of months, you talked about redefining what's possible maybe help level set expectations.

但就在我們幾個月後即將迎來投資者日時，您談到重新定義可能的情況可能有助於設定期望。

We're going to hear from you from you on the team, but we see a multiyear growth strategy, again, underpinned by some of the end markets.

我們將聽取團隊成員的意見，但我們再次看到了以一些終端市場為基礎的多年成長策略。

We talk about truckload conversion and quantify that maybe just help give us some expectations on what to think about in a couple of months when we see on OnDeck?

我們討論卡車裝載量轉換和量化，這也許只是幫助我們對幾個月後在 OnDeck 上看到的內容產生一些期望？

Yes.

是的。

Let me take the first one on international intermodal.

第一個是國際聯運。

So first of all, yes, we've seen some very strong growth on the international intermodal side.

首先，是的，我們看到國際多式聯運方面出現了非常強勁的成長。

And yes, we have seen some of that spill over on the domestic intermodal side.

是的，我們已經看到其中一些溢出效應蔓延到國內多式聯運方面。

And I wanted to touch on the fact that our product development, meaning the investment that we've made efficient investments in places like Inland Empire, helping us grow here recently, even though it's a short-term phenomenon because of the labor issues up in Canada, we're not going to just take that volume in the short term.

我想談談我們的產品開發這一事實，這意味著我們在內陸帝國等地進行了有效的投資，幫助我們最近在這裡成長，儘管由於勞動力問題，這是一個短期現象加拿大，我們不會在短期內只接受這個數量。

We're doing everything we can to get it permanently We want a piece of business into our Twin Cities and on to our intermodal terminal.

我們正在盡一切努力永久獲得它。

And that's a way we can take advantage again of the product development that's out there.

這是我們可以再次利用現有產品開發的一種方式。

So that's international intermodal.

這就是國際聯運。

I talked a little bit about the fact that, yes, we are seeing quite a bit that's being transloaded that's showing up on the domestic side and our products are helping us grow.

我談到了這樣一個事實，是的，我們看到相當多的貨物正在被轉運，出現在國內，我們的產品正在幫助我們成長。

In fact, when we look at our domestic business year over year in the quarter, it was up and we feel pretty good about where it started off here in this quarter.

事實上，當我們回顧本季國內業務的同比情況時，我們發現它是上升的，我們對本季的起點感到非常滿意。

So that's some real specific feedback for you.

這就是給您的一些真正具體的回饋。

Okay.

好的。

And then in terms of your question about the Investor Day and what's possible that really is going to be how we're going to frame things.

然後就你關於投資者日的問題以及什麼是可能的而言，這實際上將是我們將如何建立事物的方式。

And that's certainly been Jim's challenge to the team since he came here a little over a year ago, don't look back at what you've done historically, don't look back and see what you think is the best ever look forward and see what you really do think we can achieve together with this great franchise that we have.

自從一年多前來到這裡以來，這無疑是吉姆對團隊的挑戰，不要回顧你過去所做的事情，不要回顧過去，看看你認為有史以來最好的展望是什麼，看看你真正認為我們可以透過我們擁有的這個偉大的特許經營權來實現什麼。

So I don't want to front run things too much with you, Brian.

所以我不想和你過多地討論事情，布萊恩。

We want to make sure post folks tune in in September, but we're excited about the message and the opportunity to speak to everybody and sure some of our plans.

我們希望確保帖子的人們在九月收看，但我們對這個消息和與每個人交談並確定我們的一些計劃的機會感到興奮。

Ken Hoexter, Bank of America Pacific Crest.

肯‧霍克斯特 (Ken Hoexter)，美國銀行 Pacific Crest。

So a good morning.

那麼早安。

So service was challenged by the weather in the quarter.

因此，本季的服務受到天氣的挑戰。

You're showing an ability to recover.

你正在表現出恢復的能力。

Jim, you just noted we should continue to see operating ratio improvement going forward.

吉姆，您剛剛指出，我們應該繼續看到營運比率不斷改善。

Should we see that in an improved car velocity going forward now you don't have storms in and being the cost benefit then I guess I guess I'll ask it kind of Stephanie's question a little differently.

如果我們看到，在未來汽車速度提高的過程中，現在沒有風暴並且具有成本效益，那麼我想我想我會以稍微不同的方式問史蒂芬妮的問題。

Given the easy economic outlook and operating ratio improved sequentially?

鑑於寬鬆的經濟前景和開工率較上月改善？

Well, Ken, you know, people always want me to start talking about where we I think the endpoint is on this, and I think we continue to improve.

嗯，肯，你知道，人們總是希望我開始談論我們認為終點在哪裡，我認為我們會繼續改進。

We're going to have quarters that are better than other quarters but operationally, I you should always look at we give a lot of metrics out there.

我們將有比其他季度更好的季度，但在營運方面，我你應該始終看看我們提供了很多指標。

And if you take a look at the metrics, car velocity is real important dwell times real important then.

如果你看一下指標，你會發現汽車速度非常重要，停留時間也非常重要。

And of course, there's about 100 others that I look at internally that tell me how we're operating and where we need to focus and how we need to do this.

當然，我在內部查看的大約 100 個其他人告訴我我們是如何運作的、我們需要關注的地方以及我們需要如何做到這一點。

So that's one piece.

所以這是一件。

And we are aligned.

我們是一致的。

We've got a great team.

我們有一支很棒的團隊。

They know what they what the end goal is.

他們知道最終目標是什麼。

So I see us optimizing the railroad and continue to get better at how we operate.

因此，我看到我們正在優化鐵路，並繼續改進我們的營運方式。

But what really helps operating ratio and margins is revenue growth, and we are pushing hard on that piece by both bringing in volume at the right price and also pricing because of inflation and everything we've had.

但真正有助於營業比率和利潤率的是收入成長，我們正在努力推動這方面的工作，既以合適的價格增加銷量，又根據通貨膨脹和我們所擁有的一切進行定價。

So when you put those two things together, we might have some quarters where sequentially it doesn't improve as much as I as people would like because it's never a straight line, but I'm very comfortable I didn't come back to work in all as I look at it as I had a sabbatical for a couple of years away from Union Pacific came on, did what we had to do operationally.

因此，當你把這兩件事放在一起時，我們可能會在某些季度中連續改善，因為它從來都不是一條直線，所以我沒有像人們希望的那樣，但我很舒服我沒有回來工作總而言之，當我離開聯合太平洋公司休假幾年時，我開始做我們在營運上必須做的事情。

I'm back here to drive this place to where is what I see as possible.

我回到這裡是為了把這個地方開到我所看到的盡可能的地方。

And I'm very comfortable and after the 1st year, I'm even more comfortable than I was on August 14th.

我感覺非常舒服，第一年之後，我甚至比 8 月 14 日時更舒服。

When I walked back in the front door.

當我走回前門時。

So I can if I take a look at those metrics, but take a look at what's happening in our volume and translate that on what we did in the second quarter on revenue against where we were with our carload growth.

因此，如果我看一下這些指標，但看看我們的銷量發生了什麼，並將其轉化為我們在第二季度的收入與我們的整車增長情況相比，我就可以做到這一點。

So hopefully that gives you a better framing of the way I look at it and fashion.

所以希望這能讓你更了解我看待時尚和時尚的方式。

Tom Wadewitz, UBS.

湯姆‧瓦德維茨，瑞銀集團。

Yes, good morning.

是的，早安。

So one wanted to ask just on kind of I think you talked about some weakness in industrial.

所以有人想問一下，我認為你談到了工業領域的一些弱點。

How do you think about your markets overall?

您如何看待您的整體市場？

If you say industrial and consumer Are things getting kind of a little bit stronger or a little bit weaker in those two segments.

如果你說工業和消費這兩個領域的情況是變得有點強還是有點弱。

And then maybe one more for Rob, probably for Kenny as well.

然後也許還有一個是給羅布的，也可能是給肯尼的。

I know you mentioned a lot of times a business development and new customer wins, which is great.

我知道您多次提到業務發展和新客戶贏得，這很棒。

I'm wondering if you could kind of puts it give it give us a couple of buckets to think about where the opportunity for new business wins is the most significant, right?

我想知道您是否可以給我們一些機會來思考新業務獲勝的機會在哪裡是最重要的，對嗎？

Or are there some industrial segments or which customer segments give you the most opportunity in the future for those customer wins to matter?

或者是否有一些工業細分市場或哪些客戶細分市場在未來為您提供了最大的機會，使這些客戶的勝利變得重要？

Thank you.

謝謝。

Yes, thank you, Tom.

是的，謝謝你，湯姆。

So you've got a few macro economic indicators like industrial production's, nice, strong housing starts are helping us either.

因此，工業生產、良好、強勁的房屋開工等一些宏觀經濟指標也對我們有幫助。

And then you know where natural gas prices are.

然後你就知道天然氣價格在哪裡。

So we don't get the rollover in play there because coal is not where it needs to be.

因此，我們不會在那裡進行展期，因為煤炭並不在它需要的地方。

And the commercial team is out there H1 and getting more business.

商業團隊在上半年就在那裡並獲得了更多業務。

Let me talk about some of the areas that I feel good about from a business development perspective.

我從業務發展的角度來講我覺得好的一些面向。

Renewable diesel, I'll start with that.

再生柴油，我將從它開始。

That's an emerging market.

那是一個新興市場。

I've been really excited that the team has been out there and growing origin points and destination points.

我真的很興奮，因為團隊已經在那裡並且不斷增加起點和終點。

It allows us to pitch and catch on the petrochemical side in the Gulf.

它使我們能夠在海灣的石化一側投擲和捕捉。

We talked about the investments there and the wins that we've been able to get in the petrochemicals market.

我們討論了在那裡的投資以及我們在石化市場的勝利。

And then on the premium side, I'll talk about it from a couple of angles.

然後在溢價方面，我會從幾個角度來談談。

One is Mexico will continue to be a market over the near term and long term.

一是墨西哥在短期和長期內仍將是一個市場。

And you've seen that Eric side has put up some really good products up against that.

你已經看到埃里克方面已經推出了一些非常好的產品來應對這一點。

As we talk about that north-south corridor, getting into the Midwest and products in terms of getting into the Southeast.

當我們談論南北走廊時，進入中西部和進入東南部的產品。

And then I've bought quite a few new products coming out of the Houston going into Phoenix, setting up our ramp and expanding in different areas.

然後我購買了很多新產品，從休士頓進入菲尼克斯，建立我們的坡道並在不同地區擴張。

So in some cases, we have to create our own market to make the pie larger.

所以在某些情況下，我們必須創造自己的市場，才能把蛋糕做大。

And that's exactly what you're seeing

這正是你所看到的

when you say the premium side, you mean premium our book domestic intermodal products?

當您說高級方面時，您是指我們預訂的國內聯運產品的高級嗎？

Or how do you mean that?

或者你是什麼意思？

Both domestic and our international intermodal.

國內和國際聯運。

Okay.

好的。

And just back on the kind of economy question, do you think it's getting like stronger or weaker?

回到經濟問題，你認為它是變得更強還是更弱？

Or is it hard to say?

還是很難說？

You know, it's still very unclear for I'm not in a position to forecast where it is all I'm telling is that we're going to go out and make our own markets where we can, and we're doing that through the product development that I mentioned and working with customers.

你知道，目前還很不清楚，因為我無法預測在哪裡，我要說的是，我們將走出去，盡可能開拓我們自己的市場，我們正在透過我提到的產品開發以及與客戶的合作。

Chris Wetherbee, Wells Fargo.

克里斯‧韋瑟比，富國銀行。

Thanks for taking the question.

感謝您提出問題。

And maybe Kenny coming back on the pricing side, because I'm just kind of curious, as you're seeing the market from a volume perspective, ex coal, look a little bit more supportive here in 24 operationally, things are moving well as you're having these incremental contract renewals.

也許肯尼會回到定價方面，因為我只是有點好奇，因為你從數量的角度來看市場，不包括煤炭，在 24 年的運營中看起來更有支持性，事情進展順利，您正在進行這些增量合約續約。

Is it reasonable to say that the rate of increase is beginning to maybe pick up a little bit.

可以合理地說成長率可能開始有所加速嗎？

I guess I just was curious kind of perspective, when you're thinking in the old days when we used to get sort of same-store sales type of numbers, how you think about that?

我想我只是好奇一種觀點，當你想到過去我們常常得到某種同店銷售類型的數字時，你對此有何看法？

So just kind of curious if we are actually starting to see any uptick there.

所以只是有點好奇我們是否真的開始看到那裡的任何上升。

You know, the short answer is yes.

你知道，簡短的回答是肯定的。

The long answer is that every contract is unique.

長的答案是每份合約都是獨一無二的。

Every customer is unique.

每個客戶都是獨一無二的。

Every discussion is unique.

每次討論都是獨一無二的。

We're mixing that with what's happening on the service side, a stronger service product that's helping us.

我們將其與服務方面發生的事情混合在一起，這是一個對我們有幫助的更強大的服務產品。

We've always been very price disciplined as a company.

作為一家公司，我們一直非常嚴格的價格紀律。

What you're seeing is that now we're able to take a little bit more risk as we're talking to our customers because of the inflationary pressures that are out there.

您看到的是，由於通膨壓力，現在我們在與客戶交談時能夠承擔更多的風險。

Walter Spracklin, RBC.

沃爾特·斯普拉克林，加拿大皇家銀行。

So thanks very much.

非常感謝。

Very So gentlemen, good morning.

非常非常先生們，早安。

You mentioned before your sabbatical there you were able to achieve an operating ratio was low.

您在休假之前提到，您能夠實現的營運率很低。

I think one quarter is 5.1% and there's been a lot of talk about how this time is different and that might not be an achievable number.

我認為四分之一是 5.1%，並且有很多關於這次有何不同的討論，這可能不是一個可以實現的數字。

So I'm not asking you a target just rather asking you.

所以我不是問你一個目標，而是在問你。

Are things differently.

事情有所不同。

Are there factors that are really limiting you that weren't there before either cyclical like volume or structural like the work rules have?

是否有一些因素真正限制了你，而這些因素之前並不存在，無論是週期性的（如數量）還是結構性的（如工作規則）？

I'm trying to get an apples to apples compare of what kind of what is the new 55 not asking that, but more asking you are there those factors?

我試著對新55進行同類比較，不是問這個，而是問你有沒有這些因素？

And are they meaningful enough to kind of put in a permanent impairment on that on an objective or any comparing it to any prior prior level of operating ratio achievement?

它們是否足夠有意義，足以對某個目標造成永久性損害，或將其與任何先前的營運比率實現水準進行比較？

Walter, what I like to I like the question because that's exactly the way we need to look at it is we know what we've done before and I could go back to when I was at the Canadian National and numbers that were delivered back in to 13 to 16.

沃爾特，我喜歡這個問題，因為這正是我們需要看待的方式，我們知道我們之前做過什麼，我可以回到我在加拿大國家隊時的情況，以及在至 13 至 16。

So I know the game of how the play and how you have to get there to be able to deliver.

所以我知道這個遊戲是如何進行的，以及你必須如何到達那裡才能交付。

Is there some things that are structurally different.

是否有一些東西在結構上有所不同。

Yes, the collective agreements, our RA. impact to our cost, and we'll follow for a while with us now we've done a great job of mitigating some of it, but it's pretty tough to mitigate at all.

是的，集體協議，我們的 RA。對我們的成本的影響，我們將跟隨我們一段時間，現在我們已經在減輕其中一些方面做得很好，但要減輕它是相當困難的。

So that's a negative that's going to be with us for a while.

因此，這是一個負面因素，將伴隨我們一段時間。

So we'll probably carry a few more people than we normally would have if the railroad had not signed some of the last collective agreements.

因此，如果鐵路公司沒有簽署最後的一些集體協議，我們可能會比平常多運送一些人。

But I look at it this way, we I see a clear picture as we move ahead that we can mitigate a lot of that and have a railroad that's very efficient.

但我這樣看，隨著我們的前進，我們看到了清晰的畫面，我們可以減輕很多影響，並擁有一條非常高效的鐵路。

We're going to use the network.

我們將使用網路。

We have to optimize our cost structure.

我們必須優化我們的成本結構。

We are we are implementing work patterns and how we operate that will help us.

我們正在實施的工作模式以及我們的運作方式將對我們有所幫助。

So that's I don't think we'll be able to mitigate all of that.

所以我認為我們無法減輕這一切。

But you can also mitigated by bringing more business on and also leveraging our access to Mexico, leveraging our access to customers Kenny's a little reserve sometimes And Jennifer, but I'll tell you, we have a railroad that the opportunity is there.

但你也可以透過引入更多業務並利用我們進入墨西哥的機會，利用我們對客戶的訪問肯尼有時會有點保留和詹妮弗，但我會告訴你，我們有一條鐵路，機會就在那裡。

And when we have discussions, we don't talk about the.

當我們進行討論時，我們不會談論。

Oh, geez, you know, we have some problems with this.

哦，天哪，你知道，我們在這方面遇到了一些問題。

We look at what are we going to do Phoenix.

我們看看鳳凰城要做什麼。

We opened that up because we think there's a market there.

我們開放它是因為我們認為那裡有市場。

Okay, Minneapolis, we opened it up for its intermodal terminal.

好的，明尼阿波利斯，我們為其聯運航站樓開放了。

We expanded we spent money in the Gulf and working with customers that want to be with us.

我們擴大了在海灣地區的投資，並與希望與我們合作的客戶合作。

So we do both of those.

所以我們兩者都做。

I say hang on watch us go.

我說堅持住，看我們走。

This is not a short term.

這不是短期的。

I said at the very first time I was on the call.

我第一次接電話時就說過了。

This is not a short-term fix when you have that kind of inflationary pressure.

當你面臨這種通膨壓力時，這不是一個短期解決方案。

But I'm very happy that this quarter we were able to deliver another 160 basis points of improvement in our OR with everything that we've done.

但我很高興本季透過我們所做的一切，我們能夠將手術室再提高 160 個基點。

And we're going to have some good quarters, some bad quarters, but I'm telling you in the long run.

我們將會有一些好的季度，一些糟糕的季度，但從長遠來看，我告訴你。

Stay tuned, Walter and listen, Walter, as soon as you're probably in Canada, I know there's a lot of people that I know from CN and others impacted with the fire in my hometown, and I wish everybody the best.

請繼續關注，沃爾特，聽著，沃爾特，一旦您可能在加拿大，我知道有很多我在加拿大認識的人以及其他受到我家鄉火災影響的人，我祝每個人都一切順利。

Ben Nolan, Stifel.

本諾蘭，史蒂菲爾。

Yes, thanks.

對了謝謝。

I am I was interested to see that the average train length I think you said was the highest that it's ever been it was curious if as you think about that going forward, maybe there were some puts and takes like more international intermodal.

我很感興趣的是，我認為你所說的平均列車長度是有史以來最高的，很好奇，當你考慮未來時，也許會有一些像更多國際聯運這樣的變化。

I assume is helpful to that.

我認為對此有幫助。

But maybe coal is and detrimental.

但也許煤炭是有害的。

I do think there's more room to go there.

我確實認為那裡還有更多空間。

Can we continue to see the train lengths improve?

我們能否繼續看到列車長度的改善？

And then obviously, that is beneficial to everything across the board.

顯然，這對全面的一切都有好處。

But or in particular?

但或者特別是？

Well, let me let me pass it over to Eric and I can't give you the answer because Eric knows it's a different number than I've got a goal out there.

好吧，讓我把它交給艾瑞克，我不能給你答案，因為艾瑞克知道這個數字與我的進球數不同。

But Eric, it's all yours.

但是艾瑞克，這都是你的了。

But Eric, it's all yours has been to be very clear.

但是艾瑞克，這一切都是你的，這一點已經非常清楚了。

The answer to your question is yes, we can continue to grow it, but let's make sure we're on the same page 2% improvement in the quarter, 3% sequential improvement to your comment best quarter we've ever had in June was the highest month in the history of Union Pacific at 96 hundred feet.

你的問題的答案是肯定的，我們可以繼續增長它，但讓我們確保我們在同一頁上本季度提高了2%，與你的評論相比連續提高了3% 我們在6 月份遇到的最好的季度是聯合太平洋航空​​歷史上海拔最高的月份為 9600 英尺。

And we want to give a lot of credit to our team.

我們希望給予我們的團隊很大的信任。

That's hard work to do that.

要做到這一點是很困難的。

Now when we have conversations about training, we also got to remind ourselves that since 2019, our mainline derailments are down 42%, while our train length has been up 20% because we continue to invest in technology and science.

現在，當我們談論培訓時，我們還必須提醒自己，自 2019 年以來，我們的幹線脫軌率下降了 42%，而我們的列車長度則增加了 20%，因為我們繼續投資於技術和科學。

And that's really going to be the continued foundation of how we keep building this out.

這確實將成為我們不斷建立此專案的持續基礎。

Yes, to your point, mix makes a difference, but what makes more of a difference is getting more volume on the railroad like we're seeing with intermodal.

是的，就你的觀點而言，混合會產生影響，但更重要的是增加鐵路運輸量，就像我們在聯運中看到的那樣。

That's been a tailwind for us, but also using our precision train builder software as well as other things that continue to identify opportunities for us to do it.

這對我們來說是一個順風車，但同時也使用我們的精密列車建立軟體以及其他東西繼續為我們尋找實現這一目標的機會。

And then on a day-to-day, just fundamentally how we run the railroad.

然後是我們日常運營鐵路的基本方式。

And we've talked about this before, we still see opportunities to combo trains largely on the bulk side.

我們之前已經討論過這一點，我們仍然看到組合列車的機會主要集中在散裝方面。

So yes, there's more opportunity that teams up against that.

所以，是的，有更多的機會來對抗這一點。

I'm looking forward to their continued gains.

我期待著他們的持續收穫。

Jordan Alliger, Goldman Sachs.

喬丹·阿利格，高盛。

Yes, just a couple demand related questions follow up.

是的，接下來只有幾個與需求相關的問題。

Some I think in the first quarter, you'd mentioned the commodity outlook was was muted.

我認為在第一季度，您提到大宗商品前景黯淡。

Now it's uncertain.

現在還不確定。

So I guess first part of the question is are and some bought some commodities move to the positive bucket like international intermodal and grain.

所以我想問題的第一部分是，有些人買了一些大宗商品，例如國際聯運和穀物。

So I'm just sort of wondering, are you feeling better or even though it's uncertain, are you feeling better than you did a quarter ago?

所以我只是想知道，你感覺好點了嗎？

And then specifically on coal, obviously, there's been a lot of carload pressure, but can you give some sense as to the trajectory as we move through the back half of the year in terms of year-over-year pressures?

然後，特別是在煤炭方面，顯然，有很大的整車壓力，但是您能否對今年下半年同比壓力的軌跡給出一些解釋？

Yes, I'll start with coal first and then work my way back in.

是的，我會先從煤炭開始，然後再回來。

And again, coal as a natural gas prices are all over the place.

再說一次，煤炭和天然氣的價格也一樣。

If you look at April, they were the lowest on record for a few years.

如果你看看四月份，你會發現這是幾年來有記錄以來的最低水準。

And as we moved throughout the quarter by June, they have bounced back up.

隨著我們到六月整個季度的進展，它們已經反彈。

It's very difficult to go out and forecast.

出去預測是非常困難的。

Based on that, we talked about prepare and I were talking with Eric's team daily to make sure we can capture the demand that's out there.

基於此，我們討論了準備，我每天都與艾瑞克的團隊交談，以確保我們能夠捕捉那裡的需求。

I've been very encouraged that our commercial team is talking to each coal customer each coal receiver one by one to see when they can add is that we're doing everything we can influence the demand there.

我感到非常鼓舞的是，我們的商業團隊正在與每個煤炭客戶、每個煤炭接收方一一交談，看看他們什麼時候可以補充說，我們正在盡一切努力影響那裡的需求。

So overall demand, let's just talk about a few things.

那麼整體的需求，我們就簡單講幾個吧。

One, on the international intermodal side, that's been a strength for us.

第一，在國際多式聯運方面，這是我們的優勢。

I think that will stay with us at least for the quarter.

我認為這種情況至少會持續到本季。

I can't I see out further than that.

我無法看得更遠。

I talked about a little bit earlier.

我之前談過一點。

The positive we're seeing from that on the domestic side and the products that we have up against it to go out there and grow grain.

我們從國內方面看到了積極的一面，以及我們在國外種植穀物時所面臨的產品。

You had a question about grain.

您有關於穀物的問題。

Hey, look, the crop looks great right now as it stands today of the demand outlook, what I call stable, we'll see what happens on the export market.

嘿，看，現在的作物看起來很好，因為今天的需求前景，我稱之為穩定，我們將看看出口市場會發生什麼。

But while we are waiting for the export market, our commercial team is engaging those domestic.

但在我們等待出口市場的同時，我們的商務團隊正在與國內市場接觸。

You know, receivers and Mexico is also an area from a business development perspective that we wanted to.

要知道，從業務發展的角度來看，接收者和墨西哥也是我們想要的領域。

We can't just wait around for some of these markets to help us out.

我們不能只是等待其中一些市場來幫助我們擺脫困境。

We're doing something about it and making something happen.

我們正在為此做一些事情並讓一些事情發生。

Automotive same thing we talked about the wins.

汽車產業同樣是我們談論勝利的事情。

What I had talked about is that we've had some products where, Eric, it helped us out where we've had Lionbridge opportunity.

我談到的是，Eric，我們已經有了一些產品，它幫助我們擺脫了 Lionbridge 的機會。

So again, very specific actions up again, the service and the products to really help overcome some of these other unmet macro economics.

因此，再次採取非常具體的行動，服務和產品真正有助於克服其他一些未滿足的宏觀經濟問題。

Our challenge is on the housing and industrial side.

我們的挑戰是在住房和工業方面。

Bascome Majors, Susquehanna.

巴斯科姆專業，薩斯奎哈納。

Good morning, Jim, Jim and Jennifer, you both talked about having to get past some of the inflationary pressures and I know you mentioned contracts referring to the labor agreement.

早安，吉姆，吉姆和詹妮弗，你們都談到了必須克服一些通貨膨脹壓力，我知道你們提到了涉及勞工協議的合約。

I know in the past this time last year you were talking about some of the purchased services pressure as well.

我知道去年這個時候您也談到了一些購買服務的壓力。

And can you help us understand kind of where you're tracking when you blend your sense of inflation and overall labor with both the contractual rates and in some of the work rule adjustments and purchase services.

當您將通貨膨脹和整體勞動力的感覺與合約費率以及某些工作規則調整和購買服務結合時，您能否幫助我們了解您所追蹤的情況。

Like where is that today?

例如今天那是哪裡？

How does that compare to last year?

與去年相比如何？

And what's the steady state as you look at two, three years to understand what we're really pricing in the marketplace today?

當你觀察兩三年來了解我們今天市場上的真正定價時，穩定狀態是如何的？

Thank you.

謝謝。

Yes, thanks for the question, Bascome.

是的，謝謝你的提問，巴斯科姆。

So you know, coming into the year, we said that we thought our full-year inflation would be around 5% or so.

所以你知道，進入今年，我們說我們認為全年通膨率將在 5% 左右。

I think we're probably tracking pretty close to that.

我認為我們可能已經非常接近這個目標了。

We've seen some wins in some of the purchase service categories have seen a little bit greater acceptance in the marketplace, a few more people coming into bid.

我們看到一些採購服務類別中的一些勝利已經在市場上得到了更大的接受，更多的人參與競標。

So that's encouraging.

所以這是令人鼓舞的。

And certainly that's an opportunity for us to get a little bit better pricing on that purchased services side of the world, same with materials to a certain extent, obviously that plays more into our CapEx spend.

當然，這對我們來說是一個機會，可以在世界範圍內購買的服務方面獲得更好的定價，在一定程度上與材料相同，顯然這對我們的資本支出有更大的影響。

And then it does the OE, but both are very important to us, right.

然後是 OE，但這兩者對我們來說都非常重要，對吧。

We're looking to control costs at every turn and, you know, comp and benefits certainly is a big piece of our expenses.

我們希望在每個環節都控製成本，你知道，薪資和福利無疑是我們支出的很大一部分。

That inflation, I would say is still probably running around that 5% level that we talked to coming into the year.

我想說，今年的通膨率可能仍然在我們談到的 5% 左右。

I think as you all know, we've got a 4.5% wage increase that became effective.

我想大家都知道，我們的薪資上漲了 4.5%，而且已經生效。

The last one in this round of negotiations became effective July first for craft professionals.

本輪談判的最後一項於 7 月 1 日對手工藝專業人士生效。

So I don't see a lot changing there.

所以我認為那裡沒有太大變化。

It's just some moving pieces and parts, and we're trying to find areas where we can to mitigate that either through our productivity through our purchasing and how we're just running the railroad in general.

這只是一些移動的部件和零件，我們正在努力尋找可以透過我們的採購生產力以及我們如何運營鐵路來減輕這種情況的領域。

And obviously, that's the task that we have up against Kenny and his team is and these are the inflationary pressures that we're facing.

顯然，這就是我們面對肯尼和他的團隊的任務，這就是我們面臨的通膨壓力。

This is what's going into the cost structure and we need to go out there, have those tough conversations and the team is doing that.

這就是成本結構的內容，我們需要走出去，進行艱難的對話，團隊正在這樣做。

And I feel very confident about that.

我對此非常有信心。

To that point.

到那時。

If we get into next year, it sounds like it's probably a safer expectation, but I think you're still closer to that 5% range than maybe the 2.53% we saw for a long time?

如果我們進入明年，聽起來這可能是一個更安全的預期，但我認為您仍然比我們長期以來看到的 2.53% 更接近 5% 的範圍？

Yes.

是的。

I mean, it's too soon to say them at this point.

我的意思是，現在說這些還為時過早。

But boy, I my hope is that we're talking about a number that's less than 5% next year as we move.

但是，我希望明年我們討論的數字會低於 5%。

And it seems like all of those indicators are moving in the right direction, but we'll look at that.

似乎所有這些指標都在朝著正確的方向發展，但我們會關注這一點。

I think to your point, though, when I look back historically, we used to talk about an inflation rate that was around 2%.

不過，我認為就你的觀點而言，當我回顧歷史時，我們過去常談論的通膨率約為 2%。

I don't think we're going to get back to those levels.

我認為我們不會回到那些水平。

But certainly we're going to work to push it down below 5.

但我們肯定會努力將其降至 5 以下。

The only thing I would add, Bascome is there's a lot of indicators that tell us that there's a change of what's happening in inflation overall inflation, CPI., what's happening to the job market and what's happening to the input cost for us.

Bascome，我唯一要補充的是，有許多指標告訴我們，通膨、整體通膨、消費者物價指數、就業市場以及我們的投入成本都改變了。

So those things are trending the right way, but how much of a drop we're going to see next year, what we'll see.

所以這些事情的趨勢是正確的，但明年我們會看到多少下降，我們會看到什麼。

But I'd rather have that view than where we were a year ago.

但我寧願看到這種觀點，也不願看到一年前的情況。

Ravi Shanker, Morgan Stanley.

拉維‧尚克，摩根士丹利。

Robbie, thank morning.

羅比，謝謝早上。

This is equity McGarvey on for Ravi, and thanks for the question.

這是麥加維為拉維所做的貢獻，感謝您的提問。

And I wanted to circle back to the business development conversation and maybe ask the question in a slightly different way and just curious if you guys have seen any notable changes in terms of the makeup of the pipeline or maybe even more particularly customer behavior.

我想回到業務開發對話，也許以稍微不同的方式問這個問題，只是好奇你們是否看到管道構成或甚至更具體的客戶行為方面有任何顯著變化。

And just as we think about pipeline conversion.

正如我們考慮管道轉換。

Is there anything out there, macro or political developments that's kind of leaving shippers with some decision process that whereas off in the coming months and that could start to see conversion accelerates.

宏觀或政治方面的發展是否有任何事情可以讓托運人進行一些決策過程，而在未來幾個月內，這可能會開始看到轉換加速。

Would just be curious on that angle, how you guys are thinking about things.

只是對這個角度感到好奇，你們是如何思考事情的。

Yes.

是的。

So the pipeline is strong.

所以管道很強大。

It's a robust pipeline.

這是一個強大的管道。

We feel good about the pipeline both near term and over the next couple of years, the conversion rates haven't changed.

我們對近期和未來幾年的管道感覺良好，轉換率沒有改變。

We keep an eye on that.

我們密切關注這一點。

I know where it is there.

我知道它在哪裡。

You know what we what we saw here recently is the realization rate, meaning if a customer said, hey, it's going to be 100 cars.

你知道我們最近在這裡看到的是實現率，這意味著如果客戶說，嘿，這將是 100 輛車。

It wasn't as high as 100 cars.

數量還不到100輛。

And so you would expect as the markets improve that realization rate to also go up again, we're looking at the same macro economic indicators, hey, if housing starts it started to move what that move a lot of things at the moment.

因此，你會期望隨著市場的改善，實現率也會再次上升，我們正在考慮相同的宏觀經濟指標，嘿，如果住房開工，它就會開始改變目前正在改變的很多事情。

That's PBC.

那是中國人民銀行。

That's roofing that the carpet that goes in there.

那是屋頂，裡面鋪著地毯。

That's why I said before, as we move, we play a role in all of those products.

這就是為什麼我之前說過，隨著我們的發展，我們在所有這些產品中發揮作用。

And so we'll see where that happens.

所以我們將看看這種情況發生在哪裡。

But the theme here is that the markets are going to do what the markets are going to do we are going out and creating our own markets again through product development and business development and doing it as efficiently as possible as we can.

但這裡的主題是，市場將做市場將要做的事情，我們將走出去，透過產品開發和業務開發再次創建我們自己的市場，並盡可能高效地做到這一點。

Thanks for the question.

謝謝你的提問。

Daniel Imbro, Stephens.

丹尼爾·因布羅，史蒂芬斯。

Warren and Daniel, and good morning, everybody.

沃倫和丹尼爾，大家早安。

Thanks for taking our questions.

感謝您回答我們的問題。

Maybe one from a capital efficiency standpoint.

也許從資本效率的角度來看。

So Jim, how you feel about the assets you guys have today?

那麼吉姆，你對你們今天擁有的資產有何看法？

I think you mentioned in the prepared remarks you can flex the fleet up and down utilization, right, always go up, but obviously there's longer term savings.

我認為您在準備好的評論中提到您可以上下調整機隊的利用率，對，總是上升，但顯然有長期的節省。

So how do you balance the need to refresh some of the fleet?

那麼如何平衡更新部分機隊的需求呢？

How do you think about capital spending in this environment, just potentially ahead of more volume growth as we look forward from here?

您如何看待這種環境下的資本支出，正如我們展望的那樣，可能會在銷售成長之前出現？

Yes, I think though we built our capital plan, we always build it from bottom up to see what we need to do.

是的，我認為雖然我們制定了資本計劃，但我們總是自下而上地制定它，看看我們需要做什麼。

And we're very comfortable with the 3.4 billion that we have this year, and we don't see any substantial difference in our capital plan moving forward.

我們對今年的 34 億美元感到非常滿意，我們認為未來的資本計畫不會有任何實質差異。

Now we do have the capability.

現在我們確實有這個能力。

You heard us talk about buying back $1.5 of shares.

您聽到我們談論回購 1.5 美元的股票。

You've heard us on the cash that we're producing.

您已經聽說過我們正在生產的現金。

So if we need to if there's something out there that really we need to spend money on, we'll do that.

因此，如果我們需要，如果確實有什麼東西需要我們花錢，我們就會這麼做。

But as far as the railroad, the assets, the plant that's fixed we don't fool around with that, what we need to spend we spend and then we have also built into that 3.4 was a development.

但就鐵路、資產、固定工廠而言，我們不會浪費時間，我們需要花的錢我們都會花，然後我們也將 3.4 融入了開發中。

And what we can do to drive more business to our railroad.

以及我們可以採取哪些措施來為我們的鐵路帶來更多業務。

So I'm very comfortable that's the way you should think about it.

所以我很放心，這就是你應該考慮的方式。

I don't see a big change as we move ahead.

隨著我們的前進，我沒有看到什麼大的改變。

Jennifer, anything else you wanted to add?

詹妮弗，你還有什麼要補充的嗎？

No, you hit it just right.

不，你打得恰到好處。

Okay.

好的。

Thank you.

謝謝。

That does player repurchases would be the expected use of excess free cash flow in cash flow came in stronger.

這確實意味著球員回購將是預期現金流中多餘自由現金流的使用變得更強。

Jim, is it the right way to interpret that comment?

吉姆，這是解釋該評論的正確方式嗎？

Yes.

是的。

I mean so I'll jump in here.

我的意思是，所以我會跳到這裡。

I mean, the priorities for our cash spending, we've been, I think, very clear on the first dollar goes back into the business and we prioritize our dividend, which again, you saw that we gave the 3% increase here last week.

我的意思是，我們現金支出的優先順序，我認為，我們非常清楚第一筆資金回到業務中，我們優先考慮我們的股息，您再次看到，我們上週在這裡增加了 3% 。

And then the excess cash is going to share.

然後多餘的現金將被分享。

So yes, if we have if you look historically at what we've put into our share repurchase program, it's been greater than the $1.5 billion.

所以，是的，如果你從歷史上看我們在股票回購計畫中投入的資金，你會發現它已經超過了 15 億美元。

Some of that's been using balance sheet capacity.

其中一些是使用資產負債表容量。

We don't intend to add any leverage this year.

我們今年不打算增加任何槓桿。

We feel good about our leverage levels, but we're going to trying to drive more cash.

我們對槓桿水平感覺良好，但我們將努力獲得更多現金。

If that's available, we will put it to shares.

如果可用，我們會將其轉為股票。

Great.

偉大的。

Thanks for the question.

謝謝你的提問。

Our last question is from the line of David Vernon with Bernstein.

我們的最後一個問題來自大衛·弗農和伯恩斯坦。

Please proceed with your question.

請繼續你的問題。

Hey, guys, thanks for taking the question at home.

嘿，夥計們，謝謝你們在家提出這個問題。

So Kenny, a quick one for you on intermodal pricing for domestic I mean, obviously, the truck markets remain weak.

肯尼，請快速為您介紹國內多式聯運定價，我的意思是，顯然，卡車市場仍然疲軟。

I'm just wondering if sequentially you're seeing anything month-to-month of of those rates sort of firming?

我只是想知道您是否會看到這些利率逐月趨於堅挺？

Or have you had to have that direction looks into the back half of the year.

或者你是否必須讓這個方向展望今年下半年。

And then bigger picture question for you, Jim, on the STB. wanting to sort of convene a council to discuss railroad growth I'd love to get your thoughts on on kind of why you think the regulators are pulling this thing together and maybe some early views of what you guys think you might have to say at that?

吉姆，關於機上盒，還有一個更大的問題想問你。我想召開一個委員會來討論鐵路發展問題，我很想聽聽你們的想法，為什麼你們認為監管機構正在把這件事放在一起，也許還有你們認為你們可能不得不說的話的一些早期觀點？

Yes, David, Jim, I'll take the first one.

是的，大衛，吉姆，我選第一個。

And so look, we've been 18 months now a little bit over 18 months where domestic intermodal pricing has either been going down or just stand at the bottom.

所以，現在已經過去 18 個月了，國內多式聯運價格要么一直下降，要么只是處於底部。

And I'm not going to sit here today and trying to forecast when it's going to move up, which I'm highlighting the 18 months because it's been quite a time here.

今天我不會坐在這裡試圖預測何時會上漲，我強調的是 18 個月，因為這是一段相當長的時間。

And so we'll see what happens here is the key thing I want you to focus on it is that I mentioned here recently, we've been able to see some year-over-year growth on domestic intermodal.

因此，我們將看到這裡發生的事情，我希望您關注的關鍵是我最近在這裡提到的，我們已經能夠看到國內多式聯運的同比增長。

We've got a group of private asset providers that give us a lot about that, a lot of options and I've been we've been really as a company doubling down on our product development so that when things change and they will change, but I'm not going to lag our forecast that we'll be prepared.

我們有一群私人資產提供商，他們為我們提供了很多相關信息，很多選擇，而且我一直以來，作為一家公司，我們一直在加倍努力進行產品開發，這樣當事情發生變化時，它們就會改變，但我不會落後於我們將做好準備的預測。

Listen, I appreciate the question on the STB., I think we have the exact same goal as the STB. on growth.

聽著，我很欣賞關於 STB 的問題。關於成長。

We want to grow our business.

我們想要發展我們的業務。

And I think we've done a few actually listened carefully to what we said.

我認為我們已經做了一些實際上仔細聆聽我們所說的事情。

We've been able to grow our business even with some markets that are giving us some headwinds, and that's a pretty good quarter.

即使某些市場為我們帶來了一些阻力，我們仍然能夠發展我們的業務，這是一個相當不錯的季度。

And if you watch the carloads that we so far this month, I'm pretty happy with where we're headed.

如果你看看本月到目前為止我們的運載量，我對我們的發展方向非常滿意。

We're going to have up and down, but we are working hard on that.

我們會經歷起起落落，但我們正在為此努力。

So I think it's a great hearing.

所以我認為這是一次很棒的聽證會。

I'm looking forward to it.

我對此很期待。

I can't make it personally because of we are headed to a Dallas, and I'm looking forward to those couple of days and that sort of is right in between when we need to be in Dallas just before it, but guess who's gone and Kenny is going there is going to represent us well, and I'm looking forward to presenting to everybody to see who Union Pacific is what we're doing and how we're going to leverage this great franchise to be able to grow our business even with all the challenges that we have.

我個人無法前往，因為我們要去達拉斯，我很期待那幾天，而這幾天正好是我們需要在達拉斯之前到達的時候，但猜猜誰走了肯尼去那裡將很好地代表我們，我期待著向大家展示聯合太平洋公司是誰，我們正在做什麼，以及我們將如何利用這個偉大的特許經營權來發展我們的業務即使我們面臨所有挑戰，我們仍能繼續開展業務。

So I'm I'm excited to hear what all the other railroads have to say, and I'm sure we're all in the same place.

所以我很高興聽到所有其他鐵路公司的說法，我確信我們都在同一個地方。

We all want to have big price price smart and also be able to move the products that are available to us.

我們都希望能夠明智地定價，並且能夠銷售我們可用的產品。

So I'm looking forward to the hearing and Kenny, and I'm sure you're going to represent that Roel.

所以我期待聽證會和肯尼，我相信你會代表羅爾。

Thank you very much for the question.

非常感謝你的提問。

This concludes the question-and-answer session.

問答環節到此結束。

I'll now turn the call back over to Jim Venna for closing comments.

現在，我將把電話轉回給吉姆·維納 (Jim Venna)，以徵求結束意見。

We'll listen, thanks.

我們會聽的，謝謝。

Thanks, everybody for listening in this morning.

謝謝大家今天早上的收聽。

We are very excited with with what we've been able to deliver as a team for our shareholders for and what we've been able to do, safety through the communities that we operate for our employees.

我們對作為一個團隊能夠為我們的股東提供的服務以及我們能夠透過我們為員工運營的社區提供的安全感到非常興奮。

And we're very excited that we've been able to take the head on challenges that were presented and be able to deliver a quarter that showed improvements both underneath on how we operate and how we operate even safer and the metrics that we're moving ahead.

我們非常高興我們能夠直面所提出的挑戰，並能夠交付一個季度，該季度在我們的運營方式、我們的運營方式以及我們的指標方面都取得了顯著的改進。

So I'm very comfortable where we are.

所以我對我們所處的位置感到非常舒服。

I like our future.

我喜歡我們的未來。

I think we got a great railroad.

我認為我們有一條很棒的鐵路。

And I am truly I'm looking forward to Dallas.

我真的很期待達拉斯。

I think it's a great spot.

我認為這是一個很棒的地方。

They go and have our Investor Day.

他們去參加我們的投資者日。

And at the Investor Day will take you through with a little more substance about what we foresee in the future over the next two or three years and what we see in the next year that Union Pacific and deliver.

在投資者日，我們將向您介紹更多關於我們對未來兩三年的預測以及我們明年聯合太平洋公司將實現的目標的實質內容。

And I'm looking forward to seeing all of you that can make it in Dallas, a wonderful location, great spot for us, important place for us.

我期待在達拉斯見到你們所有人，達拉斯是一個絕佳的地點，對我們來說是個好地方，對我們來說很重要。

So thank you very much, everybody, for listening.

非常感謝大家的聆聽。

This will conclude today's conference.

今天的會議到此結束。

Thank you for your participation.

感謝您的參與。

You may now disconnect your lines and have a wonderful day.

您現在可以斷開線路並度過美好的一天。