聯合太平洋集團 (UNP) 2025 Q1 法說會逐字稿

Greetings. Welcome to Union Pacific's first quarter 2025 earnings call. (Operator Instructions) As a reminder, this conference call is being recorded and the slides for today's presentation are available on Union Pacific's website. At this time it's now my pleasure to introduce your host, Mr. Jim Vena, Chief Executive Officer for Union Pacific. Mr. Vena, you may now begin.

問候。歡迎參加聯合太平洋 2025 年第一季財報電話會議。（操作員指示）提醒一下，本次電話會議正在錄製，今天演示的幻燈片可以在聯合太平洋的網站上找到。現在，我很高興向大家介紹主持人、聯合太平洋鐵路執行長吉姆‧維納先生。維納先生，現在可以開始了。

Good morning, [Rob], and thank you. Good morning and thank you for joining us today to discuss Union Pacific's first quarter results. I'm joined in Omaha 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.

早安，[Rob]，謝謝你。早安，感謝您今天加入我們討論聯合太平洋第一季的業績。我們的財務長 Jennifer Hamann 也來到了奧馬哈；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 you'll hear from the team, excuse me, we had a solid start to the year. Our reported operating ratio was 60.7 flat compared to last year, even with a 90 basis point headwind from fuel and leap year. We delivered record first quarter operating performance. Further, we had the strongest carload growth of the class ones as we worked closely with our customers to meet their needs in an uncertain environment.

正如您將從團隊那裡聽到的，對不起，我們今年有一個好的開始。儘管受到燃料和閏年 90 個基點的不利影響，我們的報告營運比率仍與去年持平，為 60.7。我們第一季的經營業績創下了紀錄。此外，由於我們與客戶密切合作，在不確定的環境中滿足他們的需求，我們的車載量成長是同類產品中最強勁的。

Now, let's discuss first quarter results starting on slide 3. This morning, Union Pacific reported 2025, first quarter earnings per share of $2.70 which reflects a $0.19 or 7% headwind from fuel and leap year. A reported 2025 first quarter net income of $1.6 billion was essentially flat versus last year.

現在，讓我們從投影片 3 開始討論第一季的業績。今天上午，聯合太平洋公司公佈 2025 年第一季每股收益為 2.70 美元，這反映了燃料和閏年帶來的 0.19 美元或 7% 的不利影響。據報道，2025 年第一季淨收入為 16 億美元，與去年基本持平。

Reported first quarter of 2025, operating income was flat at 7% volume growth, robust core pricing gains, and strong productivity were offset by business mix, fuel and the leap year. Freight revenue grew 1% versus last year and if you exclude the impact from fuel surcharge, freight revenue increased 4%, both first quarter records.

2025 年第一季報告顯示，營業收入持平於 7% 的銷售成長，強勁的核心定價收益和強勁的生產力被業務組合、燃料和閏年所抵消。貨運收入較去年同期成長1%，若剔除燃油附加費的影響，貨運收入則成長4%，均創第一季新高。

Looking to the rest of 2025, we will continue to execute our strategy that emphasizes safety, service, and operational excellence. Building on the strong foundation with our record first quarter operating performance, we are positioned to deliver. I'll let the team walk you through the quarter in more detail and then come back and wrap it up before we go to Q&A. With that, Jennifer, first quarter financials.

展望 2025 年剩餘時間，我們將繼續執行強調安全、服務和卓越營運的策略。憑藉創紀錄的第一季營運表現的堅實基礎，我們已做好準備實現這一目標。我會讓團隊向您更詳細地介紹本季度的情況，然後在我們進入問答環節之前回來總結一下。詹妮弗，第一季的財務狀況就是這樣。

All right, thanks, Jim, and good morning everyone. I'll begin with the walkdown of our first quarter income statement on slide 5. We're operating revenue of $6 billion matched last year's level, even with lower quarterly fuel surcharge revenue, a reduction in other revenue, and the leap year comparison.

好的，謝謝，吉姆，大家早安。我將從投影片 5 開始介紹我們的第一季損益表。儘管季度燃油附加費收入較低、其他收入減少且為閏年，但我們的營業收入仍與去年持平，達到 60 億美元。

Freight revenue of [$5.7 billion] (sic - see press release) increased 1% despite the roughly $70 million dollar impact of having one less day in the quarter. Digging into the freight revenue drivers further, our strong volume growth in the quarter added 650 basis points to freight revenue.

儘管本季減少了一天，造成了約 7,000 萬美元的影響，但貨運收入 [57 億美元]（原文如此 - 見新聞稿）仍增長了 1%。進一步深入研究貨運收入驅動因素，我們本季強勁的貨運量成長為貨運收入增加了 650 個基點。

Fuel surcharge revenue of $565 million declined $100 million as the impact of lower year over year fuel prices more than offset the higher volume, reducing freight revenue to 175 basis points. Core pricing was very strong and reached the highest quarterly level in the past 10 years. Further, pricing dollars net of inflation were accretive to our operating ratio. Despite these robust results, quarterly business mix combined with price for a 250 basis point drag on freight revenue.

燃油附加費收入為 5.65 億美元，下降了 1 億美元，因為燃油價格年減的影響超過了貨運量增加的影響，導致貨運收入減少至 175 個基點。核心定價非常強勁，達到了過去 10 年來的最高季度水準。此外，扣除通膨因素後的定價美元增加了我們的營業比率。儘管業績強勁，但季度業務組合和價格因素對貨運收入造成了 250 個基點的拖累。

In addition to volume growth in our lower average revenue per car business lines, such as intermodal and coal, we had the additional dynamic of lower volumes in our hierarch businesses like petroleum, soda ash, and finished vehicles. Wrapping up the top line, other revenue declined 19% to $336 million. Included in the year over year change are several items, including some that we have discussed previously, such as last year's intermodal equipment sale and the metro transfers.

除了聯運和煤炭等每輛車平均收入較低的業務線銷售成長之外，石油、純鹼和整車等層級業務的銷售量也出現下降。總體而言，其他收入下降 19% 至 3.36 億美元。與去年同期相比的變化包括幾個項目，其中包括我們之前討論過的一些項目，例如去年的多式聯運設備銷售和地鐵換乘。

Quarterly results were also challenged by reduced auto parts shipments at a subsidiary and lower accessorial revenue. And finally, you'll recall that first quarter of 2024 included a one-time favorable contract settlement of $25 million.

子公司汽車零件出貨量減少以及附加收入下降也給季度業績帶來了挑戰。最後，您會記得，2024 年第一季包括一筆價值 2500 萬美元的一次性優惠合約結算。

Switching to expenses, operating expense of $3.7 billion equaled last year as solid productivity gains and lower fuel costs offset volume-related costs, inflation, and depreciation. Digging deeper into a few of the expense lines, compensation and benefits expense improved 1% versus last year as reduced workforce levels were partially offset by wage inflation.

談到費用，37 億美元的營運費用與去年持平，因為生產力的穩定提高和燃料成本的降低抵消了與數量相關的成本、通貨膨脹和折舊。深入研究幾項費用項目，薪資和福利費用比去年提高了 1%，因為勞動力水準的下降被薪資上漲部分抵消。

Record quarterly workforce productivity enabled us to limit first quarter costs per employee to only a 2% increase. First quarter fuel expense declined 8%, an 11% decrease in fuel prices from $2.81 to $2.51 per gallon. We also improved our fuel consumption rate 1% during the quarter as we continue to leverage optimization tools such as energy management systems on our locomotive fleet, enhancing train handling while reducing consumption.

創紀錄的季度勞動力生產力使我們能夠將第一季每位員工的成本增幅限制在僅 2%。第一季燃料費用下降 8%，燃料價格從每加侖 2.81 美元下降 11% 至 2.51 美元。本季度，我們還將燃料消耗率提高了 1%，因為我們繼續在機車車隊中利用能源管理系統等優化工具，在降低消耗的同時提高列車操控性。

Purchase services and materials expense increased 3% versus last year, driven by inflation, volume-related costs, and a favorable 2024 item partially offset by lower costs at a subsidiary. Equipment and other rents increased 12%, driven by increased car hire for automotive racks, inflation, and demand in intermodal and other traffic that utilizes foreign freight cars.

採購服務和材料費用較去年同期增加 3%，主要原因是通貨膨脹、與數量相關的成本以及 2024 年有利的項目，但子公司成本降低部分抵消了這一影響。設備和其他租金上漲了 12%，原因是汽車架租賃費用增加、通貨膨脹以及使用外國貨車的多式聯運和其他交通運輸的需求增加。

Finally, other expenses increased 1%, as higher costs associated with destroyed equipment were partially offset by lower bad debt expense and environmental remediation costs. First quarter operating income of $2.4 billion was consistent with last year. Below the line, interest expense declined 1% on lower average debt levels, partially offset by a slightly higher effective interest rate. First quarter of 2025, net income totaled $1.6 billion and earnings per share came in at $2.70, both essentially flat versus 2024, despite the $0.19 EPS impact from fuel in leap year.

最後，其他費用增加了 1%，因為與損壞設備相關的較高成本被較低的壞帳費用和環境補救成本部分抵消。第一季營業收入為 24 億美元，與去年持平。低於這一水平的利息支出因平均債務水平較低而下降了 1%，但被略高的有效利率部分抵消。2025 年第一季度，淨收入總計 16 億美元，每股收益為 2.70 美元，與 2024 年相比基本持平，儘管閏年燃油影響了每股收益 0.19 美元。

Similarly, fuel in leap year had a 90 basis point unfavorable impact on our reported quarterly operating ratio of 60.7%. All in, the UP team produced a good quarterly performance and start to 2025. Before I go on, a couple of housekeeping items that I want to mention. First is that we now estimate our other revenue will total about $325 million per quarter, reflecting our expectations for lower as accessorial and subsidiary revenue.

同樣，閏年的燃料對我們報告的季度營運比率 60.7% 產生了 90 個基點的不利影響。總而言之，UP 團隊在 2025 年取得了良好的季度業績和開局。在我繼續之前，我想提一些日常事務。首先，我們現在估計每季其他收入總計約為 3.25 億美元，這反映了我們對附加收入和補貼收入較低的預期。

And a reminder that in the second quarter of 2024 our results included a $46 million benefit and other expense from the sale of intermodal equipment, and we have now lapsed that transaction. Turning to shareholder returns in the balance sheet on slide 6. First quarter cash from operations totaled $2.2 billion up 4% versus last year.

需要提醒的是，2024 年第二季我們的業績包括出售多式聯運設備產生的 4,600 萬美元收益和其他費用，而我們現在已經終止了該交易。轉向投影片 6 中的資產負債表中的股東回報。第一季經營現金總額為 22 億美元，較去年同期成長 4%。

In February, we initiated an accelerated share repurchase program for $1.5 billion and through the quarter we made open market purchases of an additional $220 million as we more recently took advantage of very attractive share prices. That cash return plus our industry leading dividend payout enabled us to return $2.5 billion to our shareholders in the first quarter.

今年 2 月，我們啟動了一項價值 15 億美元的加速股票回購計劃，並且在本季度，我們又在公開市場購買了 2.2 億美元，因為我們最近利用了非常有吸引力的股價。現金回報加上我們行業領先的股息支付使我們在第一季向股東返還了 25 億美元。

In the quarter, our net debt increased $1.7 billion as we issued $2 billion of long-term debt and paid maturities totaling $350 million and this resulted in our adjusted debt to EBITDA ratio of 2.8 times at the end of the quarter as we continue to be A rated by our three credit rating agencies.

本季度，我們的淨債務增加了 17 億美元，因為我們發行了 20 億美元的長期債務並支付了總額為 3.5 億美元的到期債務，這導致我們在本季度末的調整後債務與 EBITDA 比率為 2.8 倍，因為我們繼續獲得三家信用評級機構的 A 級評級。

Turning to the remainder of 2025 on slide 7. As we look to the next three quarters, it is likely going to be a bumpy ride. In preparation, we've worked through scenario planning, and we will remain agile. Importantly, we will continue executing our strategy and our maintaining the three-year targets set at our investor day last September.

在第 7 張投影片上討論 2025 年剩餘時間的情況。展望未來三個季度，我們可能會看到一段坎坷的歷程。在準備過程中，我們已經制定了情境規劃，並且我們將保持敏捷。重要的是，我們將繼續執行我們的策略並維持去年九月投資者日設定的三年目標。

In particular, 2025 EPS growth will be consistent with attaining our three-year EPS cage review of high single to low double digit growth. Similarly, our views on accretive pricing, industry leading operating ratio, and ROIC, as well as capital deployment plans still hold.

具體來說，2025 年每股收益成長將與我們三年每股收益籠罩審查中的高個位數至低兩位數成長保持一致。同樣，我們對增值定價、業界領先的營業比率和 ROIC 以及資本配置計劃的看法仍然成立。

Obviously there's uncertainty in the marketplace, but the year is off to a good start, and we are delivering value for our shareholders. In fact, April volumes and service metrics were quite strong heading into the Easter weekend. Our focus on safety, service, and operational excellence prepares us for whatever lies ahead, and we're confident in our ability to perform. I'll now turn it over to Kenny to provide you an update on the business environment.

顯然，市場存在不確定性，但今年開局良好，我們正在為股東創造價值。事實上，復活節週末來臨之際，四月的銷售和服務指標相當強勁。我們專注於安全、服務和卓越運營，為未來的一切做好準備，我們對自己的表現能力充滿信心。現在我將把時間交給肯尼，讓他向您介紹最新的商業環境。

Thank you, Jennifer, and good morning. Freight revenues totaled $5.7 billion for the quarter, which was up 4%, excluding fuel surcharges due to increased volume. Despite unfavorable mix, we saw strong core pricing gains, which, as Jennifer mentioned, was the highest absolute quarterly level over the past 10 years. This is a testament to our deliberate focus on maximizing price.

謝謝你，詹妮弗，早安。本季貨運收入總計 57 億美元，成長 4%，不包括因貨運量增加而產生的燃油附加費。儘管情況不利，我們仍看到核心價格強勁上漲，正如珍妮佛所提到的，這是過去 10 年來最高的季度絕對水準。這證明了我們刻意注重價格最大化。

Let's jump right in and talk about the key drivers for each of these business groups. Starting with our bulk segment, revenue for the quarter was up 1% compared to last year on a 2% increase in volume and a 1% decrease in average revenue per car as business mix and lower fuel surcharge revenue was more than offset by core pricing gains and volume.

讓我們直接開始討論每個業務組的關鍵驅動因素。從散裝運輸部分開始，本季營收較去年同期成長 1%，運輸量成長 2%，每輛車平均收入下降 1%，因為業務組合和較低的燃油附加費收入被核心價格上漲和運輸量所抵消。

Coal saw strong customer demand due to favorable natural gas pricing. Grain products volume was up for the quarter, driven by increased demand for feedstocks. Locating new customers on our railroad ensures long-term ratable demand, and the newest facilities located in Nebraska and Kansas are now running at full capacity.

由於天然氣價格優惠，煤炭需求強勁。由於原料需求增加，本季穀物產品產量上升。在我們的鐵路上尋找新客戶可確保長期的可評估需求，位於內布拉斯加州和堪薩斯州的最新設施現已滿載運作。

Lastly, food and beverage volume declined in the quarter, primarily driven by consumer preference. Turning to industrial revenue, it was down 1% for the quarter on a 1% decrease in volume. Strong core pricing gains were offset by business mix, lower fuel surcharges, and volume. Petroleum shipments decreased during the quarter due to business shifts while soda ash was impacted by weaker global demand.

最後，本季食品和飲料銷量下降，主要原因是消費者偏好。談到工業收入，本季由於銷量下降 1% 而下降了 1%。核心價格的強勁上漲被業務組合、較低的燃油附加費和銷售所抵消。由於業務轉變，本季石油出貨量減少，而純鹼則受到全球需求疲軟的影響。

This was partially offset by increased rock shipments driven by strong customer demand, coupled with favorable weather conditions compared to last year. Premium revenue for the quarter was up 5% on a 13% increase in volume and a 7% decrease in average revenue per car, reflecting the mixed impact of increased intermodal shipments and lower fuel surcharges.

由於客戶需求強勁，加上天氣條件比去年有利，岩石出貨量增加，部分抵消了這一增長。本季保費收入成長 5%，銷量成長 13%，每輛車平均收入下降 7%，反映了多式聯運增加和燃油附加費降低的混合影響。

Intermodal volumes remain strong based on international west coast import demand. Additional positive domestic and modal growth was further supported by business development efforts. Automotive volumes experienced a decline due to reduced OEM production.

基於國際西岸的進口需求，聯運量仍保持強勁。業務發展努力進一步支持了國內和模式的積極成長。由於原始設備製造商 (OEM) 產量減少，汽車產量下降。

Turn to slide10. Here's our 2025 outlook as we see it today for the key markets we serve. We've had a solid start to the second quarter with AAR car loadings currently up just over 7% compared to last year. Now, starting with bulk, continued challenges for food and beverage is expected primarily based on weakness in the US beer market.

翻到幻燈片10。以下是我們對目前所服務的主要市場的 2025 年展望。我們第二季開局良好，AAR 車輛裝載量目前與去年相比增加了 7% 以上。現在，從散裝啤酒開始，食物和飲料將繼續面臨挑戰，這主要基於美國啤酒市場的疲軟。

We anticipate coal volumes to remain strong in the near term. However, there is always volatility in natural gas prices, so we'll remain agile as we move into the second half of the year. Lastly, we expect grain exports into Mexico to remain strong. For grain products, our intense focus on business development results is expected to mitigate market uncertainty in renewable fuels and associated feedstocks.

我們預計短期內煤炭產量將保持強勁。然而，天然氣價格總是波動的，因此在進入下半年時我們將保持靈活。最後，我們預計墨西哥的糧食出口將保持強勁。對於穀物產品，我們高度關注業務發展成果，並預期這將減輕再生燃料和相關原料的市場不確定性。

Moving to industrial, we anticipate petroleum volume to remain challenged due to business shift and our commitment to balance the volume at the right margin. Our industrial chemicals and plastics markets will remain favorable based on customer plant expansion and our ability to win incremental volume in the marketplace.

轉向工業，我們預計由於業務轉變以及我們致力於在適當的範圍內平衡產量，石油產量仍將面臨挑戰。基於客戶工廠的擴張以及我們在市場上贏得增量的能力，我們的工業化學品和塑膠市場將保持良好勢頭。

For example, we are excited to support Dow's expansion later this year at their Poly 7 facility in Freeport, Texas and wrapping up with premiums, while tariff uncertainty remains a concern for automotive, we are closely aligned with our customers, providing guidance and solutions every step of the way.

例如，我們很高興支持陶氏化學今年稍後在其位於德克薩斯州自由港的 Poly 7 工廠進行擴張，並以溢價結束，儘管關稅不確定性仍然是汽車行業關注的問題，但我們與客戶緊密合作，在每一步都提供指導和解決方案。

On the intermodal side, we anticipate a slowdown in international intermodal as we move through the second quarter. And we expect decreased volume in the second half of the year due to the higher comparisons as customers diversify back to East Coast and Canadian ports.

在多式聯運方面，我們預計第二季國際多式聯運將會放緩。由於客戶重新轉向東海岸和加拿大港口，我們預計下半年的吞吐量將因同比增加而下降。

However, we remain optimistic about growth in domestic intermodal driven by our over the road conversions because of our strong service product and multiple channels to win. We are keeping a watchful eye on the market and potential tariff changes that could further impact overall consumer spending.

然而，由於我們擁有強大的服務產品和多種獲勝管道，我們仍然對公路轉換推動的國內聯運成長持樂觀態度。我們正在密切關注市場和可能進一步影響整體消費支出的潛在關稅變化。

While we navigate the trade policies and face difficult comparisons in the latter half of the year, our team is proactively taking action and hustling to overcome these obstacles. Specifically, earlier this month, we began to move in volumes with lower Colorado River Authority and will continue to ramp up throughout the month.

在我們應對貿易政策並在下半年面臨艱難的比較的同時，我們的團隊正在積極採取行動並努力克服這些障礙。具體來說，本月早些時候，我們開始與科羅拉多河下游管理局合作，並將在整個月內繼續增加運量。

The team's focus on business development is yielding positive results as we see incremental volume from new and expanding facilities across multiple segments like grain products and petrochemicals. In fact, we actively maintain an open pipeline of 200 construction projects. So business development through growth and expansion is always a priority.

隨著我們看到穀物產品和石化產品等多個領域的新建和擴建設施的產量不斷增加，團隊對業務發展的關注正在產生積極的成果。事實上，我們積極維護 200 個建設項目的開放管道。因此，透過成長和擴張來發展業務始終是我們的首要任務。

The team is also setting the stage for future growth. Hyundai Steel Corporation recently joined the Union Pacific Rail Network, announcing their first ever US steel mill in Louisiana. Construction won't be complete for a few years, but this is a positive result of our current business development efforts.

該團隊也為未來的發展奠定了基礎。現代鋼鐵公司最近加入了聯合太平洋鐵路網，並宣佈在路易斯安那州建立其第一家美國鋼鐵廠。建設還需要幾年時間才能完成，但這是我們當前業務發展努力的積極成果。

With our strong service products, I am confident that we will continue to win new business and take trucks off the road, and as I stated last quarter, our commercial team is crystal clear on acceptable pricing levels based on the service we sold, which is driving strong core pricing gains.

憑藉我們強大的服務產品，我相信我們將繼續贏得新業務並讓卡車不再上路，正如我上個季度所說，我們的商業團隊非常清楚基於我們銷售的服務的可接受定價水平，這推動了核心價格的強勁增長。

I'm proud of the team's ability to deliver a 4% increase in freight revenue excluding fuel. The team is focused and I'm very comfortable with our current position. And with that, I'll turn it over to Eric to review our operational performance.

我為團隊能夠實現不含燃料的貨運收入成長 4% 而感到自豪。團隊非常專注，我對我們目前的狀況非常滿意。接下來，我將把任務交給 Eric 來檢視我們的營運績效。

Thank you, Kenny, and good morning. Moving to slide 12. In the first quarter, we continue to see meaningful improvements across nearly all of our metrics. This is a testament to our strategy and our steadfast focus on providing industry leading safety, service, and operational excellence. Starting with safety, which is the foundation of everything we do.

謝謝你，肯尼，早安。移至投影片 12。在第一季度，我們繼續看到幾乎所有指標都取得了有意義的改善。這證明了我們的策略以及我們堅定致力於提供業界領先的安全、服務和卓越營運。從安全開始，這是我們所做一切的基礎。

Both personal injury and derailment rates continue to improve versus their three-year rolling average. In fact, we achieved a first quarter personal injury rate that tied a quarterly record dating back to 2016. Our number one priority remains returning all employees home safely each and every day. Freight car velocity, the best measure of fluidity on the railroad, improved 6% to 215 miles per day, a first quarter record.

與三年滾動平均值相比，人身傷害率和脫軌率均持續改善。事實上，我們第一季的人身傷害率創下了 2016 年以來的季度最高紀錄。我們的首要任務仍然是每天讓所有員工安全回家。貨車速度是衡量鐵路運輸流暢性的最佳指標，速度提高了 6%，達到每天 215 英里，創下了第一季的最高紀錄。

The primary driver was further reductions in terminal dwell, which improved 6% year over year and also set a new first quarter record. We are turning our customers' assets faster, a win-win as we support their growth initiatives while simultaneously generating future growth capacity within our terminals.

主要驅動因素是航站樓停留時間進一步減少，較去年同期減少了 6%，並創下了第一季的新紀錄。我們正在更快地轉變客戶的資產，實現雙贏，因為我們支持他們的成長計劃，同時在我們的終端內創造未來的成長能力。

On the service front, manifest SPI was 93%, a six-point improvement, while intermodal SPI at 94% was essentially flat. Our buffer of resources coupled with improved fluidity I mentioned earlier continues to translate into a very high level of service for our customers, and customers are seeing the benefit rewarding Union Pacific with new business.

在服務方面，艙單 SPI 為 93%，提高了 6 個百分點，而多式聯運 SPI 為 94%，基本持平。我們的資源緩衝加上我之前提到的流動性的提高繼續轉化為我們為客戶提供非常高水平的服務，並且客戶也看到了為聯合太平洋帶來新業務的好處。

As Kenny mentioned, we have successfully onboarded our new coal customer while also adding incremental growth coal sets beyond what we had originally planned coming into the year. On the intermodal front, we continue to handle historically high international intermodal volumes, all while delivering a service we sold to our customers.

正如肯尼所提到的，我們成功地吸引了新的煤炭客戶，同時也增加了超出我們今年原計劃的增量煤炭組。在多式聯運方面，我們繼續處理歷史上最高的國際多式聯運量，同時向客戶提供我們出售的服務。

Now let's review our key efficiency metrics on slide 13. Throughout the quarter, the team was effective in our approach to asset management, leveraging our buffer of resources to inject assets only as we needed them. That approach paid off as you see improved efficiency metrics across the board.

現在讓我們回顧一下第 13 張投影片上的關鍵效率指標。在整個季度中，團隊有效地實施了資產管理方法，利用我們的資源緩衝僅在需要時注入資產。這種方法得到了回報，因為您會看到整體效率指標得到提高。

Locomotive productivity improved 1% compared to first quarter of 2024. Notably, our active locomotive fleet only increased 3% against the backdrop of a 7% volume growth and normal winter weather challenges we historically experienced this time of the year. While the increased validity of our network enabled the performance, we also see the continued benefits from our work on locomotive dwell.

與2024年第一季相比，機車生產率提高了1％。值得注意的是，在運量增加 7% 且每年這個時候我們都會經歷正常的冬季天氣挑戰的情況下，我們的現役機車車隊僅增加了 3%。雖然我們網路成效的提升使得效能得以提升，但我們也看到了我們在機車停留方面的工作所帶來的持續益處。

Workforce productivity, which includes all employees, improved 9%. More specifically, our active train engine and yard workforce decreased 1%, demonstrating excellent operating leverage against the 7% volume growth. We will continue to support our training pipeline and provide the capacity buffer necessary to navigate an ever-changing environment.

包括所有員工在內的勞動力生產力提高了 9%。更具體地說，我們的活躍火車頭和車場員工減少了 1%，在 7% 的運量成長下顯示出出色的營運槓桿。我們將繼續支持我們的培訓管道，並提供必要的容量緩衝以應對不斷變化的環境。

Train length in the quarter grew 2% compared to first quarter 2024. Further, we delivered improved train lengths sequentially despite lower intermodal volumes, which generally provide greater density to drive gains in train length. We will continue to leverage proprietary technologies like Precision Train Builder to safely grow train length while generating mainline capacity for current and future growth.

與 2024 年第一季相比，本季列車長度成長了 2%。此外，儘管聯運量較低，但我們仍連續增加了列車長度，這通常會提供更大的密度來推動列車長度的增加。我們將繼續利用 Precision Train Builder 等專有技術來安全地增加列車長度，同時為當前和未來的成長提供幹線容量。

Wrapping up, I'm very proud of the team and the results we delivered. We efficiently leveraged our resources to handle volume growth in a service focused manner. As we progress throughout the year, we will remain agile and in constant communication with our customers as they analyze their supply chain options.

總而言之，我為我們的團隊和我們所取得的成果感到非常自豪。我們有效地利用資源，以服務為中心的方式應對銷售成長。隨著我們全年的進步，我們將保持靈活並與客戶保持持續溝通，以便他們分析其供應鏈選擇。

I'm very confident in our ability to control what we can control, whether it be our service product, buffer of resources, asset utilization, etc. We are prepared and as we move forward, I'm certain you will see our resiliency on display. Jim?

我對我們控制所能控制的事情的能力非常有信心，無論是我們的服務產品、資源緩衝、資產利用率等等。我們已經做好了準備，隨著我們不斷前進，我相信你會看到我們展現的韌性。吉姆？

Just caught me having a cup, a sip of coffee. You were way too fast closing that off, Eric. I thought you still had a couple of lines. Listen, thank you very much. And when we turn to slide 15. Before we get to your questions, I'd like to quickly summarize what you've heard from our team.

剛剛看到我在喝一杯咖啡，喝一口。你關閉得太快了，埃里克。我以為你還有幾行字。聽著，非常感謝。當我們翻到第 15 張投影片。在回答您的問題之前，我想快速總結一下您從我們團隊那裡聽到的內容。

First, as you heard from Jennifer and Kenny, there's still a lot of unknowns related to volumes and the economy. Well, what I do know is that we are driving efficiency throughout our network and pricing for the strong value we provide our customers. Eric walked you through the records we're setting across safety service and operational excellence.

首先，正如珍妮佛和肯尼所說，在產量和經濟方面仍然存在許多未知數。嗯，我確實知道的是，我們正在提高整個網路的效率和定價，以便為客戶提供強大的價值。艾瑞克向您介紹了我們在安全服務和卓越營運方面創下的記錄。

The network is fluid, and we are meeting the demands of all our customers. We are in a good position, and we will be agile and responsive as we move forward. We remain committed to the long term guidance that we laid out our investor day last September and we are confident we will be the industry leader as we drive value for our shareholders.

網路流暢，我們正在滿足所有客戶的需求。我們處於有利地位，在前進的道路上我們將保持敏捷和反應迅速。我們仍然致力於去年 9 月投資者日制定的長期指導方針，我們相信，我們將成為行業領導者，為股東創造價值。

We have the right strategy, right team, and the right focus on the fundamentals, all supporting our ability to unlock the great value of the UP franchise. With that, we're now ready to take your questions. Rob?

我們擁有正確的策略、正確的團隊以及對基本面的正確關注，所有這些都支持我們釋放 UP 特許經營權巨大價值的能力。現在，我們就可以回答您的問題了。搶？

(Operator Instructions)

（操作員指示）

Chris Wetherbee, Wells Fargo.

富國銀行的克里斯‧韋瑟比。

Hey, hey. Thanks. Good morning, guys. Good morning. I guess I wanted to talk a little bit about 2025 guidance. So, obviously uncertainty is building here with concerns about maybe some slowing activity, particularly on the West Coast. You guys have talked about sort of growth this year consistent with the long term targets, and I think that can kind of take a couple of different meanings.

嘿嘿。謝謝。大家早安。早安.我想談談 2025 年的指導。因此，顯然這裡的不確定性正在增加，人們擔心一些經濟活動可能會放緩，尤其是在西海岸。你們談到了今年的成長是否符合長期目標，我認為這可以有幾個不同的意義。

So I was kind of curious if you wanted to maybe put a little bit of a finer point, kind of think about what the potential outcomes could be either from an earnings perspective, maybe from an operating ratio perspective, just wanted to see if you can put some framework around what you think '25 might look like just given the uncertainty that's out there.

因此，我有點好奇，您是否想更詳細地闡述一下，從盈利角度或從運營比率角度考慮一下潛在的結果，只是想看看您是否可以針對您認為的 25 年可能是什麼樣子，在存在不確定性的情況下，提出一些框架。

Well, Chris, that's a great question and a great way to start off. So, at this point, there's a lot of things, tariffs, economy, what the consumer does, what interest rates are, what's going to happen with interest rates, what's going to happen with the tax package or the packages that the Congress is looking at doing. So all those things are up in the air.

嗯，克里斯，這是一個很好的問題，也是一個很好的開始。所以，目前有很多事情要考慮，關稅、經濟、消費者的行為、利率是多少、利率將會發生什麼、稅收方案或國會正在考慮實施的方案將會發生什麼。所以所有這些事情都懸而未決。

What we look at this point in time, we're very comfortable that we're standing by our guidance that we provided last year. Now, is it a little muddier at this point than it was when we gave it last year? Absolutely. But at this point, what we're seeing, and that's why Jennifer mentioned, our car loads are pretty strong so far in April and the mix is pretty strong.

從目前的情況來看，我們非常放心，我們堅持去年提供的指導。現在，情況是不是比我們去年給的情況更混亂了一點？絕對地。但就目前情況而言，我們看到的是，這也是詹妮弗提到的，四月份到目前為止，我們的車輛裝載量相當強勁，而且混合程度也相當高。

So, we like what we see and we just don't want to get because everything is so fluid, it we'd be remiss to start talking about what's going to happen as we move through the rest of the year. For us though, what we look at, and it's very key.

所以，我們喜歡我們所看到的，我們只是不想得到，因為一切都是如此不穩定，如果我們開始談論在今年剩餘時間裡會發生什麼，那我們就太疏忽了。但對我們來說，我們所關注的是非常關鍵的。

Foundationally, fundamentally, we have a railroad that's operating and we're able to be able to take a look at how we spend money on the railroad and what we're doing in a very efficient manner and Eric took you through the details of how we're doing and how we're looking at things, and I think we've shown over the last few quarters and especially the first quarter what's possible with this railroad.

從根本上來說，我們有一條正在運營的鐵路，我們能夠以非常有效的方式了解我們如何在鐵路上花錢以及我們正在做什麼，埃里克向您詳細介紹了我們的工作方式和我們如何看待事物，我認為我們已經在過去幾個季度，特別是第一季度展示了這條鐵路的可能性。

If you come in with a fundamental railroad that's operating in a very well, in a good manner, what happens is you can build from that. The reaction is what happens with all these items that I, these vectors that I've talked about coming in in at us. At the end of the day, I'm comfortable. If we need to react, we will react, but at this point, I think it's so fluid. I woke up this morning to see, when I woke up when I normally do.

如果你擁有一條運作良好、狀況良好的基礎鐵路，那麼你就可以從那裡開始建造。反應就是所有這些我談到的物體、這些向量向我們襲來時所發生的情況。一天結束的時候，我覺得很舒服。如果我們需要做出反應，我們就會做出反應，但目前，我認為情況非常不穩定。我今天早上醒來一看，和我平常醒來時一樣。

Went to bed last night at midnight after watching that bad hockey game that my team lost real bad and, woke up this morning to see what the news was the latest. And at this point, it's a day to day, week to week reaction of what's happening out in the marketplace. So that's why Chris, we're sticking to our three-year guidance.

昨晚看了那場糟糕的曲棍球比賽後，我的球隊輸得很慘，之後半夜就睡了，今天早上醒來看看最新消息。此時，這就是對市場上正在發生的事情的每日、每週的反應。所以這就是為什麼克里斯，我們堅持我們的三年指導方針。

We think if everything comes to a normal, much more normal situation. I think we will deliver that and we're very comfortable that we have the opportunity to do that. Jennifer, anything you want to add?

我們認為，如果一切恢復正常，情況就會變得更加正常。我認為我們會實現這一目標，我們很高興有機會做到這一點。詹妮弗，您還有什麼要補充的嗎？

No, I mean, I think you had all the right points, Jim. We are looking at it in a number of different ways, both in terms of what we think's going to happen on the demand side, but obviously Eric and his team has to be prepared in terms of if demand does fall, what are the levers that we can pull and so when we look at that in totality, we feel comfortable that we've got the right strategy, we're well positioned and obviously we want to take advantage of carloads when they're there, and I think we're doing a really good job of that today.

不，我的意思是，我認為你的觀點都是正確的，吉姆。我們正在從多個不同角度看待這個問題，既從需求方面來看，但顯然埃里克和他的團隊必須做好準備，如果需求確實下降，我們可以採取哪些措施，所以當我們從整體上看這個問題時，我們感到很放心，因為我們有正確的策略，我們處於有利地位，顯然我們希望在有車的情況下利用它，我認為我們今天在這方面做得很好。

Thank you very much. I appreciate it.

非常感謝。我很感激。

Thomas Wadewitz, UBS

瑞銀集團 Thomas Wadewitz

Yeah, good morning. I guess this is a question along the same theme which you'll probably get even more after mine, but, when we think about your framework for this year and kind of volumes are strong in April, there are a number of segments that might be pre-shipping or fall off. So, I guess if you say in that, kind of three-year guide and call it high single digits, earnings growth at the low end.

是的，早安。我想這是一個屬於同一主題的問題，在我問完我的問題之後，您可能會得到更多類似的問題，但是，當我們考慮您今年的框架並且四月份的交易量很強勁時，有許多細分市場可能處於發貨前或下降階段。所以，我想如果你說在那種三年指南中，並將其稱為高個位數，那麼低端的盈利增長。

Is there like a revenue growth or a volume growth assumption that you say. Here, we kind of need to be in this range in order to achieve that and I guess, I don't know if that's the low single digits revenue growth and then I guess it's just from a year over year perspective if you're flat in earnings in one queue but you do, for your high single digits, what's the lever that that accelerates it, just easier comps is it kind of volume accelerates just. I guess a couple more things of how we understand the frame. Thank you.

您說的是否有收入成長或銷售成長的假設？在這裡，為了實現這一目標，我們需要處於這個範圍內，我想，我不知道這是否是低個位數的收入增長，然後我想這只是從同比的角度來看，如果你在一個隊列中的收益持平，但對於你的高個位數，加速它的槓桿是什麼，只是更容易的比較，它是一種數量的加速。我想我們還可以再了解一些關於如何理解框架的事情。謝謝。

Well, Tom, you know what, it's an interesting question as there's a lot of puts and takes. If you take a look at our first quarter, the headline, you would say, it was a flat year, but if you look at it underneath with the impact of fuel and what we had a pretty good first quarter, especially for a first quarter for Union Pacific, that is one of our highest expense side with a lot of things that come in. Fundamentally, we're good.

嗯，湯姆，你知道嗎，這是一個有趣的問題，因為其中有很多得失。如果你看一下我們的第一季度，你可能會說，這是平淡的一年，但如果你看一下燃料的影響，我們第一季度的業績相當不錯，特別是對於聯合太平洋鐵路公司的第一季度來說，這是我們支出最高的方面之一，有很多事情要做。從根本上來說，我們很好。

We like, the, business mix that we have. We like the way the quarter has started off. I am absolutely not sure what's going to happen, and if anybody tells you at any point that they know what's going to happen over the next few weeks, let alone for the rest of the year completely, and I think we'd be remiss to start changing our guidance.

我們喜歡我們現有的業務組合。我們喜歡本季的開局。我完全不確定會發生什麼，如果有人在任何時候告訴你，他們知道接下來幾週會發生什麼，更不用說完全知道今年剩餘時間會發生什麼，我認為我們開始改變指導方針是失職的。

The easy thing would have been to come in this morning and just say, listen, there's so much noise, we're pulling our guidance, but we have a job to do and our job is to react to whatever's thrown at us. At Union Pacific, we've been doing that for a long time and I do have it, nobody sees it, but I do have a few gray hairs, so I've been around for a while and I've seen the ups and downs.

今天早上最簡單的做法就是說，聽著，噪音太大了，我們正在撤回指導，但我們有工作要做，我們的工作就是對我們遇到的任何事情做出反應。在聯合太平洋公司，我們已經這樣做了很長時間，而且我確實有這種感覺，雖然沒有人看到，但我確實有幾根白髮，所以我已經在這裡待了一段時間，也見證了其中的起起落落。

I think I'd never bet against the United States economy or the or the United States in general. So at the end of the day, I think we end up in a good place, whether that's in a few weeks or whether that's in six months. But fundamentally, if we can operate the way we are, Kenny and the team are building long-term partnerships with customers and we have the franchise that we have, that handles so many products that Americans use every day.

我認為我絕對不會做空美國經濟或整個美國。所以最終，我認為我們最終會取得好成績，無論是幾週後還是六個月後。但從根本上來說，如果我們能夠按照現在的方式運營，肯尼和他的團隊就能與客戶建立長期的合作夥伴關係，而且我們擁有特許經營權，可以處理美國人每天使用的許多產品。

I'm very comfortable, Tom, and we are not going to come off of our, how we do it. How do we deliver that, high single digit, low double digit? Absolutely. It's how we price, volume, how efficient we are, everything that's in the mix that we can control.

我很放心，湯姆，我們不會偏離我們的目標，我們不會偏離我們的目標。我們如何才能實現這個目標呢？高個位數，低兩位數？絕對地。我們可以控制定價方式、產量、效率以及其中的一切。

And I think we've shown over the last few quarters how -- whether we're doing a good job or not. I rate the team because I'm a hard marker. I'm like Walter a little bit. We're average, and I think there's more left for us to do, but I'm very comfortable of where we are right now.

我認為，過去幾季我們已經證明了我們做得好不好。我對這個團隊進行評級，因為我是一個嚴格的評分者。我有點像沃特。我們水平很一般，而且我認為我們還有很多事情要做，但我對我們目前的狀況感到非常滿意。

I guess any thoughts on like threshold revenue growth or volume to get there or not?

我想問一下，對於營收成長門檻或銷售是否能達到這個標準，您有什麼想法嗎？

Tom, first few weeks in April, we're saying, listen, we see a little bit of impact with everything that's going on, but at the end of the day, it's been pretty strong for us, our industrial, our bulk, even the intermodal is pretty strong, but and I like to see the bulk and industrial where it is because, as it's a different margin business.

湯姆，四月的頭幾週，我們說，聽著，我們看到正在發生的一切產生了一些影響，但最終，這對我們來說是相當強勁的，我們的工業、散裝、甚至聯運都相當強勁，但我喜歡看到散裝和工業的現狀，因為這是一個不同的利潤業務。

But I really can't tell you and Tom, maybe you have a better idea. Fill me in if you can because I can't tell what's going to happen here in the next couple of weeks. But I think at the end of it, we'll see a reasonable position for the United States of America when it comes and will not impact.

但我真的不能告訴你和湯姆，也許你們有更好的主意。如果可以的話請告訴我，因為我無法預測接下來幾週會發生什麼。但我認為，最終我們會看到美國處於合理的位置，並且不會產生影響。

The worst thing that can happen is it starts to impact, what consumers are doing and their thought process and how they spend money. We haven't seen that at this point, but that would be a worry, but at this point we haven't seen it. Thanks, Tom.

最糟糕的情況是它開始影響消費者的行為、思考過程以及他們的消費方式。目前我們還沒有看到這種情況，但這確實令人擔憂，但目前我們還沒有看到這種情況。謝謝，湯姆。

Thanks for the time.

謝謝你的時間。

Fadi Chamoun, BMO Capital Markets.

蒙特利爾銀行資本市場的 Fadi Chamoun。

Yeah, good morning, Jim. So, a quick question on the pricing. You mentioned the strongest in ten years for a Q1. How much of that is reflecting maybe the lag impact from the inflation we saw in the last couple of years and how much is driven by the better service performance of the network in the last year? If you can give some color about kind of what, what's under, underlying the strong pricing and how sustainable that is.

是的，早上好，吉姆。那麼，關於定價有一個快速的問題。您提到第一季是十年來最強勁的。其中有多少反映了過去幾年通膨的滯後影響，又有多少是由去年網路服務效能的改善所推動的？如果您可以解釋一下強勁定價背後的原因以及其可持續性，那該怎麼辦？

Yeah, Fadi, thanks for that question. I'll start it off and then kick it over to Kenny. I do think it's important to recall back at our investor day where we laid out our vision that we were going to have a creative pricing going forward and in that we talked about the fact that, we had some catch up to do, that we had the opportunity to touch more of our long-term contracts.

是的，Fadi，謝謝你的提問。我先開始，然後交給肯尼。我確實認為，回顧一下我們的投資者日是很重要的，當時我們闡述了我們的願景，即未來我們將有一個創造性的定價，並且我們談到，我們需要做一些追趕，我們有機會接觸更多的長期合約。

And that was part of what gave us the confidence that that we were able to stand before you all in September and say that the pricing was going to be accreted. Certainly, Eric's service product helps support that when the team's going in and having those conversations.

這也是我們能夠在九月向大家宣布價格將會上漲的原因之一。當然，當團隊進行這些對話時，艾瑞克的服務產品有助於支持這一點。

But this is consistent with what we were seeing and what we were expecting to see back in September, and we just believe there's more of that coming forward. So, that's where you're seeing that confidence.

但這與我們 9 月看到的情況以及預期看到的情況一致，我們相信未來還會有更多這樣的情況。所以，這就是你看到的那種信心。

Yeah, so you look at it as Jennifer mentioned last year, we were, price of creative, we're starting off price creative today. And it's really the mindset that we have as a commercial team, Eric is, and his team is providing us with a strong service, product.

是的，正如詹妮弗去年提到的那樣，我們是創意價格，我們今天開始創意價格。這確實是我們作為商業團隊所擁有的思維方式，而艾瑞克和他的團隊為我們提供了強大的服務和產品。

We also have quite a few investments that we're making into the network. That gives us all the ability, to really price to the service that we sold, and we're pretty dogged on that, and so that's what you're seeing the results of that play out.

我們也對網路進行了相當多的投資。這讓我們有能力真正為我們所銷售的服務定價，而且我們對此非常執著，所以這就是你所看到的成果。

Thank you.

謝謝。

Brandon Oglenski, Barclays Capital

巴克萊資本的布蘭登·奧格倫斯基

Hi, good morning. Good morning. Thanks for taking the question. Kenny, I know everything's volatile right now, but obviously, we have pretty sizable tariffs on Chinese goods here. I mean, I think our treasury secretary is calling it a de facto embargo on trade with China, and we can see that there are going to be some higher blank sailings into like LA Long Beach, which has been, pretty big source of volume for you guys.

嗨，早安。早安.感謝您回答這個問題。肯尼，我知道現在一切都很不穩定，但顯然，我們對中國商品徵收了相當大的關稅。我的意思是，我認為我們的財政部長稱之為事實上的對華貿易禁運，我們可以看到，前往洛杉磯長灘等地的空船數量將會增加，而洛杉磯長灘一直是你們相當大的貨運量來源地。

So I guess maybe a two-part question. Have you heard from your international customers or any of your customers about plans for dealing with these very large tariffs? And then maybe just quickly for Eric, like how would you deal with potentially a big air pocket and demand on certain parts of your network even if you're seeing growth, domestically? Thank you.

所以我想這個問題可能由兩個部分組成。您是否從您的國際客戶或任何客戶那裡聽說過應對這些巨額關稅的計劃？然後也許只是快速地問 Eric，即使您看到國內的成長，您將如何應對網路某些部分可能出現的大氣泡和需求？謝謝。

Yeah, Brandon, thanks for the question. So, first of all, it starts with staying close to the customers. I've been talking to customers this week. It stays staying close with Eric, and it's all about the agility. We've shown and proved that in the quarter, we were able to handle that business. You're asking a specific question about China and yeah, we do see, and Jim used the word normal patterns.

是的，布蘭登，謝謝你的提問。因此，首先要貼近客戶。這週我一直在和客戶交談。它與 Eric 保持密切聯繫，關鍵在於敏捷性。我們已經在本季度展示並證明，我們有能力處理該業務。你問了一個關於中國的具體問題，是的，我們確實看到了，吉姆使用了正常模式這個詞。

We expect, as we move throughout the quarter to see a little bit more softness. And then we have some tougher comps. The best thing we can do during that time is just have all the products that we have with the ramps, the match back, and the service product and stay close to our customers because we've been seeing these supply chain patterns change at the drop of a hat.

我們預計，隨著整個季度的推進，我們會看到情況略有疲軟。然後我們面臨一些更艱難的比賽。在此期間，我們能做的最好的事情就是將所有產品、坡道、配套產品和服務產品都準備好，並與客戶保持密切聯繫，因為我們已經看到這些供應鏈模式瞬息萬變。

And Brandon, related to how we continue to maintain volume variable plus. For us we're very prompt to being able to do that. When we think about what are we physically doing, what does it look like on the railroad, it's really your five critical resources with emphasis, mostly on three of them. You adjust the amount of locomotives you have, the amount of cars you have, and you adjust the amount of crews that you have.

布蘭登，這與我們如何繼續保持音量變數加有關。對我們來說，我們能夠非常迅速地做到這一點。當我們思考我們實際上在做什麼、鐵路是什麼樣子時，我們真正要強調的是五個關鍵資源，其中大部分是三種。您可以調整機車的數量、車廂的數量，也可以調整車組人員的數量。

Now you do that inside of our transportation plan, which over the last year, we've got a big plus that we've added to that with a tool that we have that's called adaptive planning. That's taken our playbooks and made us even faster at how we're able to make those decisions.

現在您可以在我們的交通計劃中實現這一點，在過去的一年中，我們透過一種稱為自適應規劃的工具為該計劃增添了一大優勢。這讓我們能夠更快地制定決策。

What used to take, multiple days or weeks, now we can do in a matter of hours or even up to maybe at most a couple of days. So, we have the ability to adjust. You've seen us demonstrate that many times over our history, and that's exactly what we'll do.

過去需要幾天或幾週才能完成的工作，現在我們只需幾個小時，甚至最多幾天就可以完成。所以，我們有能力調整。你們已經看到我們在歷史上多次證明這一點，而這正是我們要做的。

Thank you.

謝謝。

Scott Group, Wolfe Research

斯科特集團、沃爾夫研究公司

Good Morning, Scott.

早安，史考特。

Hey, thanks. Good morning, guys. So, if I take a step back and we have the best pricing in 10 years and volumes up seven and headcounts down three, it, I would have thought it could have been like the perfect storm of like record kind of margin improvement.

嘿，謝謝。大家早安。因此，如果我退一步來看，我們擁有 10 年來的最佳定價，銷量增加了 7%，員工人數減少了 3%，那麼，我會認為這可能是創紀錄的利潤率增長的完美風暴。

When you just think about those three things and margins are flat, is this just mix and fuel? And so, what does this look like going forward, maybe at the volume slows, but maybe now the mix turns positive. Hopefully, the fuel headwind isn't the same magnitude. Should we start to see a lot more margin improvement just given this price, as we get through maybe some of this mixed headwind?

當你只考慮這三件事並且利潤率持平時，這只是混合和燃料嗎？那麼，未來情況會如何呢？也許交易量會放緩，但現在情況可能會轉為積極。希望燃料逆風的強度不是相同。當我們克服了一些不利因素後，僅以這個價格，我們是否應該開始看到利潤率大幅提高？

It's an interesting way to look at it is if we have, you're saying if we have less revenue, but the mix is better, we end up with better margins. I look at it a little bit different. Yeah, that's a win, but I'd rather have more revenue and drive to make sure that the margins in the right place.

這是一種有趣的看待方式，如果我們有，你說如果我們的收入較少，但組合更好，我們最終會獲得更好的利潤率。我對此有一點不同的看法。是的，這是一場勝利，但我寧願擁有更多的收入和動力，以確保利潤率處於正確的位置。

We like all the business that we have and the reason we are Union Pacific is because of the TOP100 customers that we have that we move everything that people use every day in either the manufacturing or at the end. So Scott, yeah, you could say that if intermodal came down because of what's happening at the West Coast or the imports that would help us margin wise, but, for me, I'd rather remember, we don't give specifics on purpose.

我們喜歡我們所有的業務，我們之所以成為聯合太平洋公司，是因為我們擁有 TOP100 名客戶，我們運送人們每天在製造過程中或最終使用的所有物品。所以斯科特，是的，你可以說，如果由於西海岸發生的事情或進口而導致聯運量下降，這將有助於我們的利潤，但對我來說，我寧願記住，我們不會故意給出具體細節。

If somebody would tell me that I could be a 55 operating ratio railroad and our revenue went down by X, I'd rather be a 57 operating ratio railroad with our revenue going up by X. So, that's the way I look at it. Jennifer, anything else you want to add?

如果有人告訴我，我可以成為一家營運率為 55 的鐵路公司，而我們的收入會下降 X，那麼我寧願成為一家營運率為 57 的鐵路公司，而我們的收入會上升 X。所以，這就是我的看法。詹妮弗，您還有什麼要補充的嗎？

Yeah, I just, on the part, I mean, obviously mix price together and mix with record price together being down. 250 basis points. That gives you an indication of the impact of mix to the quarter and we also gave you what the impact was to the OR and EPS from fuel. So, to your point, as we look ahead, mix should moderate. I don't know when it will turn positive but probably should turn positive as we move into the back half of the year.

是的，我只是，就部分而言，我的意思是，顯然將價格混合在一起，並與記錄價格混合在一起下降。 250個基點。這可以表明混合對本季的影響，我們還可以讓您了解燃料對 OR 和 EPS 的影響。因此，正如您所說，展望未來，混合應該適度。我不知道什麼時候它會轉為正數，但進入下半年時可能會轉為正數。

We'll see how the second quarter plays out. As Jim talked earlier, there's just a lot of wildcards on how that's going to play, but should improve, nevertheless. You look at fuel, we see that as something that moderates through the year as well and when we get, to the end of the year, fuel prices stay kind of where they're at.

我們將看看第二季的情況如何。正如吉姆之前所說的，雖然這項措施將如何實施存在許多不確定因素，但無論如何都會有所改善。看看燃料，我們發現它在全年中也會逐漸緩和，到年底時，燃料價格會保持在目前的水平。

I think you look back and you say fuel was kind of a non-event for us, overall for the year. So I think you're looking at it right. The only thing I would say is don't underestimate the mixed impact to our margins in the first quarter.

我想你回顧一下，你會發現，整體而言，今年的燃料對我們來說並不是什麼大事。所以我認為你的看法是正確的。我唯一想說的是，不要低估第一季對我們利潤率的混合影響。

Thanks, Scott.

謝謝，斯科特。

Ken Hoexter, Bank of America Securities

Ken Hoexter，美國銀行證券

Great, good morning. So Jim, maybe just taking that to another step, and I know you don't give specific guidance, but if I think about maybe just historical averages, right, so first quarter to second quarter, maybe you could talk about what kind of level improvement you've historically seen.

太好了，早安。所以吉姆，也許只是更進一步，我知道你沒有給出具體的指導，但如果我考慮可能只是歷史平均值，那麼從第一季度到第二季度，也許你可以談談你在歷史上看到了什麼樣的水平改善。

I think it's been about 100 basis points. So I just want to understand just to get to the EPS target that you're talking about, do we have to see outsized seasonal performance given I don't know whether it's the leap day and fuel impact you were talking about? Maybe I'll start with that thanks.

我認為大約是 100 個基點。因此，我只是想了解，為了達到您所說的每股盈餘目標，我們是否必須看到超額的季節性表現，因為我不知道您所說的是否是閏日和燃料影響？也許我應該從那句感謝開始。

Well, Ken, I love the question. You know that, you were, you asked me because you thought for sure Jennifer would say, I don't give any guidance, but yes, we're historically, we're going to historically, see that improvement at this point.

嗯，肯，我喜歡這個問題。你知道，你問我是因為你確信詹妮弗會說，我沒有提供任何指導，但是是的，從歷史上看，從歷史上看，我們將在這一點上看到這種改善。

We see it already with the three weeks in the books that we look like we'll have that historical change that happens normally first quarter to second quarter and maybe even a little bit better because of how well we're operating. But still too early in the quarter to say anything specific about what it looks like. Jennifer?

從過去的三週來看，我們似乎將迎來歷史性的變化，這種變化通常發生在第一季到第二季度，甚至可能因為我們的營運狀況良好而變得更好一些。但本季還為時過早，無法具體說明其情況。詹妮弗？

Yeah, no, I mean, the first quarter is where you typically have your worst margins for the year, and it typically improves second and third quarter because you've got kind of your beginning of the year costs out of the way. You see your volume improve, and you're away from the winter weather and so you've got that kind of mud behind you, if you will, in the first quarter that helps propel you in the second and third quarter as you see volume growth.

是的，不，我的意思是，第一季通常是你一年中利潤率最低的季度，而第二季度和第三季度通常會有所改善，因為你已經解決了年初的成本問題。你會看到你的銷量有所提高，而且你已經遠離了冬季天氣，所以如果你願意的話，在第一季度，你會得到那種泥濘的支持，這有助於推動你在第二季度和第三季度看到銷量增長。

Obviously, as we're talking today, volume is going to be the wildcard, but we're not going to use that as an excuse to not improve. In fact, we believe we will improve, and that's the task that the team has, and we're absolutely committed to it.

顯然，正如我們今天所談論的，數量將是一個不確定因素，但我們不會以此作為不改進的藉口。事實上，我們相信我們會進步，這是團隊的任務，我們絕對致力於此。

Wonderful. And Jim, you mentioned your team lost bad. Was that the Oilers, Canadians, or are you really an Ottawa fan?

精彩的。吉姆，你提到你的球隊輸得很慘。那是油人、加拿大隊，還是你真的是渥太華隊的球迷？

Well, listen, I'm a Edmonton Oilers fan. That was ugly. My dad's a Montreal Canadiens fan. He didn't like that, so there wasn't a lot of positive. I went to bed last night after midnight going, what the heck is this? Okay. Now I normally go to bed at midnight anyways, and I had to laugh, I know this is a serious call, not a call about the NHL or NBA.

好吧，聽著，我是埃德蒙頓油工的球迷。那太醜了。我爸爸是蒙特婁加拿大人隊的球迷。他不喜歡這樣，所以沒有太多正面的表現。我昨晚半夜後就睡了，這到底是怎麼回事？好的。現在我通常都在午夜睡覺，我必須笑，我知道這是一個嚴肅的電話，而不是關於 NHL 或 NBA 的電話。

But I think Kenny goes to bed at 9 o'clock and Eric goes at 8:30. So, when I told him I was staying up till midnight to watch the game like I normally do, I think that just threw them right off. Jennifer said that's Venna. Okay, he only needs five hours sleep, so he's good. But yeah, rough day, Ken, rough day. Let me tell you.

但我認為肯尼 9 點睡覺，艾瑞克 8 點半睡覺。所以，當我告訴他我像平常一樣熬夜到午夜觀看比賽時，我想他們肯定很驚訝。珍妮佛說那是維娜。好的，他只需要睡五個小時，所以他很好。但是，是的，這是艱難的一天，肯，艱難的一天。讓我來告訴你。

Sorry to divert. Thank you, guys.

抱歉，打擾一下。謝謝你們。

Yeah.

是的。

Brian P. Ossenbeck, J.P. Morgan

奧森貝克 (Brian P. Ossenbeck)，摩根大通

Hey, good morning, thanks. I’ll get us back on track for something much more boring than this question, but yeah, I don't know if you appreciate it. Let me ask it first, but, so maybe for Kenny, just the, I know there's a lot of volatility with policies, but it does seem like there will be something on the section 301 related to China shipbuilding and now they're talking about removing the harbor maintenance tax benefit from the Canadian ports.

嘿，早上好，謝謝。我會讓我們回到正題上來討論一些比這個問題更無聊的事情，但是是的，我不知道你是否喜歡它。讓我先問一下，但是，也許對於肯尼來說，只是，我知道政策有很多波動，但看起來第 301 條確實會有一些與中國造船業有關的內容，現在他們正在談論取消加拿大港口的港口維護稅優惠。

So, I wanted to see what your initial thoughts are on that since we've been through two iterations of that with the [US TR]. And then you know the past trade war, we saw a big impact in general for the US export grain, particularly soy beans. So wanted to see if that's something that we should also be considering here. Thanks.

所以，我想看看你對此的初步想法，因為我們已經進行了兩次迭代[美國貿易代表處]。你知道過去的貿易戰對美國出口糧食，特別是大豆，整體上產生了很大的影響。所以想看看這是否也是我們應該考慮的事情。謝謝。

Yeah, thanks for that, Brian. So, first of all, we've talked with quite a few customers. And I'll tell you that they need a little bit more clarity and certainty. Candidly, we've seen the tariffs come on, we've seen them come off. We need a little bit more certainty, they need a little bit more certainty before they are going to commit to making any significant changes in, ports or traffic flows.

是的，謝謝你，布萊恩。首先，我們已經與不少客戶進行了交談。我會告訴你，他們需要更多的清晰度和確定性。坦白說，我們見證了關稅的上調，也見證了關稅的取消。我們需要更多的確定性，他們也需要更多的確定性，然後才會承諾對港口或交通流量做出任何重大改變。

I'd be remiss to say our commercial team is pretty intense or having pretty intense conversations about coming to the US, especially with our network that we have, especially with the service. So that's a focus for us. But bottom line, we got to make sure that they stick.

我必須說，我們的商業團隊對於進入美國市場非常熱心，或者說正在進行非常激烈的討論，特別是利用我們現有的網絡，特別是利用我們提供的服務。所以這是我們關注的重點。但最重要的是，我們必須確保它們能夠堅持下去。

The second part of your question on the grain piece. When you look back the first time, Trump was in, we did see some of the traffic flows change, and we're seeing that as a positive today. Eric and the team have really done a great job of moving grain to areas like the Gulf and areas like Mexico. So, yeah, the traffic flows may change, but we still are able to have an agile network.

您問題的第二部分是關於穀物的。當你回顧川普第一次執政時，我們確實看到一些交通流量發生了變化，而今天我們認為這是正面的。埃里克和他的團隊在將糧食運往墨西哥灣和墨西哥等地區方面確實做得非常出色。所以，是的，流量可能會發生變化，但我們仍然能夠擁有一個靈活的網路。

The last part of that is just the what I'll call fundamental growth in terms of the fuel side. So the biofuels, the renewable fuels. We still see that as a positive, we've been very aggressive, hyper aggressive about landing new customers, landing new origins, landing new destinations. We still think that a good emerging market that's going to be in place.

最後一部分就是我所說的燃料方面的基本成長。所以是生物燃料，再生燃料。我們仍然認為這是正面的，我們一直非常積極地、極度積極地吸引新客戶、開闢新的出發地、開闢新的目的地。我們仍然認為一個好的新興市場將會存在。

Thank you very much.

非常感謝。

Thank you, Kenny.

謝謝你，肯尼。

Jonathan Chappell, Evercore ISI

喬納森·查佩爾（Jonathan Chappell），Evercore ISI

Good morning, Jonathan.

早安，喬納森。

Good morning, Jim. Eric, question for you, covered it a little bit. But I don't think we know exactly what the outcome is going to be, but I think with the blank sailings and, some of the other comments around exports leaving China and what's going to come to the west coast. Kenny already mentioned international intermodal probably has some challenges in the back half here, but domestic seems to be set up pretty well.

早安，吉姆。艾瑞克，我想問你一個問題，我已經稍微講過了。但我認為我們不知道確切的結果會是什麼，但我認為，隨著停航以及有關中國出口產品離開西海岸的一些其他評論的出現，情況將會如何。肯尼已經提到，國際聯運在後半段可能面臨一些挑戰，但國內聯運似乎已經建立得相當好了。

So how do you kind of manage resources for that volatility kind of within the intermodal segment? Do you keep a level of resiliency in case things are kind of short-lived and kind of just focus on service and making sure you're prepared for the upturn, or do you have to become a little bit more, I guess drastic, with some of the resource decisions that you make in the short term?

那麼，您該如何管理多式聯運領域中這種波動性的資源呢？如果情況只是短暫的，您是否會保持一定的彈性，只專注於服務並確保為好轉做好準備，或者您必須變得更加激進，做出一些短期資源決策？

That's a great question, Jonathan, and a timely one. Let's make sure we're really clear about something. We always keep our buffer of resources. We always maintain the rail cars, the locomotives, and the crews that we need to operate to deliver the service product that we sold our customers.

喬納森，這個問題問得非常好，而且很及時。讓我們確保我們對某些事情確實清楚。我們始終保留資源緩衝。我們始終維護需要操作的火車車廂、機車和工作人員，以便向客戶交付我們銷售的服務產品。

Now, let's talk a little bit more lower in the weeds about how we do that on the railroad. And we can just start with really practical things, but they're really important things. So, with the increase in international intermodal, we've obviously made changes to our transportation plan. Now, you might think that that's just what we just add trains to the system.

現在，讓我們更深入地討論一下我們在鐵路上是如何做到這一點的。我們可以從真正實際的事情開始，但它們確實很重要。因此，隨著國際聯運的增加，我們顯然對運輸計畫做出了改變。現在，您可能認為這只是我們在系統中添加火車。

That's not what we do. We first look at how do we fill any latent capacity we have on existing trains. Then we look to say how do we combo certain trains to be able to generate more capacity and as a last resort, we add new symbols that being new trains that we run. So when you're thinking about any type of reduction that may occur, you just work that in reverse, right?

這不是我們所做的。我們首先考慮如何填補現有列車的潛在容量。然後，我們會考慮如何組合某些列車才能產生更大的容量，作為最後的手段，我們添加新的符號，即我們運行的新列車。因此，當您考慮可能發生的任何類型的減少時，您只需反向進行即可，對嗎？

You first look at were there any trains that we added to the entire system that the volume just doesn't support running anymore. Then from there, you look and say, can I still combo with other trains so that we can continue to be productive and be volume variable plus.

首先，您要查看我們新增到整個系統中的列車是否已不再支援運行。然後從那裡，你看看並說，我還能與其他火車組合嗎，以便我們能夠繼續保持高效並實現產量變數。

That's, it's literally how we do it every single month we look through our transportation plan and make adjustments to it. It's sounding like I'm oversimplifying. It's a complex thing, and that's why we use so much technology to inform our decision making so that we can still deliver our service product but do it in the most efficient manner. Thank you very much.

也就是說，我們每個月都會檢查我們的運輸計劃並對其進行調整。這聽起來好像我把事情過於簡化了。這是一件複雜的事情，這就是為什麼我們使用如此多的技術來指導我們的決策，以便我們仍然可以提供我們的服務產品，但以最有效的方式進行。非常感謝。

Very insightful. Thanks, Eric.

非常有見地。謝謝，埃里克。

Stephanie Moore, Jefferies

史蒂芬妮·摩爾（Stephanie Moore），傑富瑞

Hi, good morning, everyone. This is Joe Hafling on for Stephanie. Eric, thanks for walking through that. That was very helpful, and I think helped, answer a lot of those questions. I guess I maybe wanted to talk about something a little bit different.

大家好，早安。喬·哈夫林 (Joe Hafling) 代替斯蒂芬妮 (Stephanie) 發言。艾瑞克，謝謝你講解這些。這非常有幫助，我認為它有助於回答很多問題。我想我可能想談一些稍微不同的事情。

Under the surface, all the productivity initiatives you guys have been embarking on, if we think about 2025, what major projects do you guys have kind of under your barrel that you're working on, that we should be looking forward to and maybe just an obligatory how we should think about, headcount throughout the year. Thanks.

從表面上看，你們一直在進行的所有生產力舉措，如果我們考慮 2025 年，你們正在進行哪些重大項目，我們應該期待哪些項目，也許我們應該考慮全年的員工人數。謝謝。

Sure, so taking on your techno or your productivity question first. As we think about projects, right, you kind of naturally want to trend towards talking about technology. Let's never forget though, the biggest driver of our productivity is the fundamentals and how we operate this railroad day in and day out. You saw that in the first quarter, right? 7% volume handled that being 7% higher volume handled. And our operating expenses were actually down 2% excluding fuel.

當然，首先要解決你的技術或生產力問題。當我們考慮專案時，對吧，你自然會想談論技術。然而，我們永遠不要忘記，我們生產力的最大驅動力是基本面以及我們日復一日如何運作這條鐵路。您在第一季就看到了這一點，對嗎？處理量為 7%，即處理量高出 7%。而我們的營運費用（不包括燃料費用）實際上下降了 2%。

You saw that in the record train links, record workforce productivity, etc. So you always want to stay most focused on your fundamentals. Now from a project slash initiative place, now you really are getting into the technology. That's technology, as Jennifer mentioned on the fuel conservation side with energy management system.

您可以從創紀錄的火車線路、創紀錄的勞動生產力等方面看到這一點。因此，您始終要將注意力集中在基本面。現在從專案和計劃的角度來看，您確實開始接觸這項技術了。這就是技術，正如詹妮弗在談到能源管理系統的燃料節約方面所提到的。

It's how we think about [Mobile NX] inside of our terminals as we work to automate portions of the terminals. It's even the work that our engineering team is doing and how do you automate the distribution of materials. In total, we only have dozens and dozens of these initiatives in different phases. So, we're in a great position to continue to build on that. Now, as far as the hiring side, as we've discussed before, every single month we go through our hiring plan.

這就是我們在努力實現終端部分自動化時對終端內部的 [Mobile NX] 的思考方式。這甚至是我們的工程團隊正在做的工作以及如何實現材料分配的自動化。總的來說，我們只有幾十個處於不同階段的這類舉措。因此，我們處於有利地位，可以繼續在此基礎上繼續發展。現在，就招募方面而言，正如我們之前討論過的，我們每個月都會制定招募計劃。

And when we do that, we're looking to consider all of the different variables that we have to take into account, right? So those are things like attrition. Then to your question, the positive impact we get from productivity, changes in markets, and the list goes on and on.

當我們這樣做時，我們會考慮所有需要考慮的不同變量，對嗎？所以這些都是類似人員減員的事情。然後回答你的問題，我們從生產力、市場變化等方面獲得了正面影響。

We've already made adjustments this year to our hiring plan based on the changes in different markets, and we'll continue to do that. Joe, we're committed to make sure that as we look at our asset base, we continue to become, continue to be volume variable plus.

今年我們已經根據不同市場的變化對招聘計劃做出了調整，我們將繼續這樣做。喬，我們致力於確保當我們審視我們的資產基礎時，我們將繼續成為，繼續成為數量變數加。

Eric, the only thing I can add is, and I think he did a great job of describing you make it sound easy, but it's very complex. But at the end of the day, the way we look at it and the nice part about where we are right now is with us implementing net control and new dispatch system that allows us to dispatch at the highest level and react to things as they're moving on.

艾瑞克，我唯一能補充的是，我認為他很好地描述了你，這聽起來很簡單，但實際上非常複雜。但最終，我們看待這個問題的方式以及我們現在所處位置的優點在於，我們正在實施網路控制和新的調度系統，這使我們能夠在最高層級進行調度並對正在發生的事情做出反應。

Our new net control will allow us to actually react in a real fast manner. It's all about touch points for the rail cars. If we can touch the rail cars less to get them from origin to destination, we're not a linear railroad. We're very complex. When you come out of, the LA basin, we have intermodal containers, both domestic and international going to across this network of ours plus going east into the eastern part with our partners, east of the Mississippi.

我們的新網路控制將使我們能夠以真正快速的方式做出反應。這一切都與軌道車的接觸點有關。如果我們可以減少對火車車廂的接觸，讓它們從出發地到達目的地，那麼我們就不是直線鐵路。我們非常複雜。當您離開洛杉磯盆地時，我們有國內和國際的多式聯運貨櫃透過我們的網路運送，並與我們的合作夥伴一起向東運送到密西西比河以東的東部地區。

So the way we look at it is, how can we use the technology that we've developed and the fundamental technology to be able to make decisions, so we remove touch points. If we can remove touch points, then, we end up with a more efficient railroad and quicker and react to whatever is thrown at us. The nice part is we're hiring.

因此，我們看待這個問題的方式是，我們如何利用我們開發的技術和基礎技術來做出決策，從而消除接觸點。如果我們能夠消除接觸點，那麼我們最終將擁有一條更有效率的鐵路，並且可以更快地對我們遇到的任何問題做出反應。好消息是我們正在招募。

We still have to hire. Eric and the team did a great job when he talked about the headcount that we have in operations versus with the business that was increased, we were actually down, and we want to continue to be able to be as neutral as we can. And the first action we take always is we stop hiring or we slow down hiring if we need to, if we see there's something changing.

我們仍需招募。艾瑞克和他的團隊做得很好，他談到我們營運部門的員工人數與增加的業務量相比，實際上我們的員工人數是下降的，我們希望繼續盡可能保持中立。如果我們發現情況有變化，我們採取的第一個行動總是停止招募或放慢招募速度（如果需要）。

And we take full realization that it When we make a decision to hire, this is not a one day they show up and they're on the railroad as a conductor or as an engineering person or as a mechanical person or whatever. Listen in headquarters, if we miss somebody one day, it's not that big of a deal. Somebody else will work an extra hour and we'll fill that in.

我們充分認識到，當我們做出聘用決定時，他們並不是某一天出現，然後在鐵路上擔任列車長、工程師、機械師或其他什麼的。聽總部說，如果有一天我們錯過了某個人，那也沒什麼大不了的。其他人會額外工作一小時，我們會填補這個空缺。

But when it comes out in the field, you need those locomotive engineers, conductors. So we make sure that we're very careful, but because we were hiring, we adjust that and we'll adjust that down if we see things happen over the next few weeks and what we're going to do.

但當它出現在現場時，你就需要那些機車工程師和列車長。因此，我們確保我們非常小心，但因為我們正在招聘，所以我們會進行調整，如果我們看到未來幾週的情況以及我們將要做的事情，我們就會向下調整。

But we're hiring now for three months down the road, three, four months down the road. So, we've already started to slow that down just because we've become more efficient and then we'll take a look at it as we go ahead. Sorry for the long answer, but I love operations. So I had to get in the middle of that. Sorry, Eric.

但我們現在招募的是三至四個月後的員工。因此，我們已經開始放慢速度，因為我們變得更有效率，然後我們會在前進的過程中對其進行審視。抱歉回答太長，但我喜歡操作。所以我必須介入其中。對不起，埃里克。

It was all very thoughtful. Thank You.

一切都經過深思熟慮。謝謝。

Thank you, thanks for the question.

謝謝，感謝您的提問。

Jordan Alliger, Goldman Sachs

喬丹·阿利格，高盛

Morning everyone, thanks for taking the time today. This is Andre on for Jordan. My question is somewhat conceptual trying to frame the downside risk to freight markets that might be left out there in the respect that most of transportation has already been in a freight recession for three years now.

大家早安，感謝你們今天抽出時間。這是安德烈代替喬丹上場。我的問題有點概念性，試圖界定貨運市場可能面臨的下行風險，因為大多數運輸業已經陷入貨運衰退三年了。

You know how much additional absolute downside risk is there left to volumes or yields if in a worst case we fall into a consumer-led GDP recession? Would a downturn be less pronounced in freight versus historical GDP slowdowns given the already extended slowdown in freight that occurred post COVID, or would that be fair to say, for some of your non-consumer facing businesses?

您知道，如果在最壞的情況下我們陷入消費者主導的 GDP 衰退，交易量或收益率還剩下多少額外的絕對下行風險嗎？鑑於新冠疫情之後貨運量已經持續放緩，與歷史上的 GDP 放緩相比，貨運量的下滑是否會不那麼明顯，或者對於一些不面向消費者的企業來說，這樣說是否公平？

Yeah, so I'll take a stab at that one. I mean, I do think your point making some good points in terms of particularly when you think about the truck competitive part of our business, which we've been all talking about the fact that it's been in a down mode, maybe recessionary mode the last couple of years, and we've just been bouncing along the bottom there.

是的，所以我會嘗試一下。我的意思是，我確實認為你的觀點很有道理，特別是當你考慮到我們卡車業務的競爭部分時，我們一直在談論這樣一個事實，即它一直處於下行模式，也許是過去幾年的衰退模式，而我們只是在底部徘徊。

Over that time, we've made tremendous strides to improve our service. We've filled out our stable of IMC partners and so we do think we're extremely well positioned to be able to capture, business that's out there. And when I think about the UP franchise, one of the best things about our franchise is the diversity.

在此期間，我們在改善服務方面取得了巨大進步。我們已經確定了穩定的 IMC 合作夥伴，因此我們認為我們已做好準備，能夠抓住現有的業務機會。當我想到 UP 系列時，我認為我們的系列最好的一點就是多樣性。

And so, with that broad diversity, that broad scope, our reach across a number of markets, we have historically felt that that insulates us a little bit from what happens in one market versus the other, and you've seen that. I mean, you've got things last year, our volumes are up 3% when our coal was down 20%. Now, this year, we have coal up and you've got other markets that are down.

因此，憑藉這種廣泛的多樣性、廣泛的範圍以及我們在多個市場的影響力，我們歷來認為，這可以使我們與一個市場與另一個市場之間發生的事情稍微隔離開來，你已經看到了這一點。我的意思是，去年我們的煤炭產量下降了 20%，而產量卻增加了 3%。今年，煤炭價格上漲，而其他市場卻下跌。

So we'll deal with whatever the markets give us, whether it's a softer landing maybe for us just because of what's happened in the transportation space, the truck space, the last few years or not. I think that's still, remains to be seen. I think the good news is we're agile, we're ready, and we'll respond and with the work that Kenny and team have been doing in business development, the service product that Eric's team is providing them. I think we'll capture our share and more and we'll perform very well.

因此，我們會應對市場為我們帶來的任何變化，無論這對我們來說是否是一個軟著陸，只是因為過去幾年在運輸領域、卡車領域發生的事情。我認為這還有待觀察。我認為好消息是我們很敏捷，我們已經做好準備，我們會做出回應，並且憑藉肯尼和團隊在業務開發方面所做的工作以及埃里克團隊為他們提供的服務產品。我認為我們將獲得更大的份額，並且我們的表現會非常好。

Thanks. Appreciate the thoughts.

謝謝。感謝您的想法。

Daniel Imbro, Stephens Inc

丹尼爾·伊姆布羅，史蒂芬斯公司

Good morning.

早安.

Hey, good morning, guys. Thanks for taking the question. Kenny, I want to follow up on the intermodal volume and kind of revenue per carload outlook. I think you mentioned there's some international headwinds coming, but the potential for more domestic strength from truckload conversions. I guess how did those domestic conversions trend through the first quarter as the truck market began to soften?

嘿，大家早安。感謝您回答這個問題。肯尼，我想跟進一下聯運量和每車收入的前景。我想您提到過，雖然國際上會出現一些逆風，但卡車運輸轉換可能會增強國內實力。我猜想，隨著卡車市場開始疲軟，第一季國內改裝趨勢如何？

And then related to that, I guess with the favorable mix of more domestic versus international, but maybe a softer truck pricing environment, how are you expecting to see intermodal revenue per car load through the back half of the year just as the way this puts the ticks?

與此相關，我想，在國內運輸量和國際運輸量較多的有利組合下，但卡車定價環境可能較為疲軟，您預計今年下半年每輛車的多式聯運收入會如何呢？

Yeah. So I'll just start off by just updating you on where we are through bid season and call it a little bit more than 1/3 going through the bid season. We're encouraged, where we are from a bid perspective. We are encouraged by the winds that are out there. Again, you hear me talk about the channels, the stable of private asset customers along with our own private box. We've seen winds in those sections.

是的。因此，我首先要向您介紹我們在競標季節的進展情況，我認為我們已經度過了競標季節的三分之一多一點。從競標的角度來看，我們感到很受鼓舞。外面的風令我們感到鼓舞。再次，您聽我談論管道、私人資產客戶的穩定性以及我們自己的私人盒子。我們在那些地區看到了風。

The over the road section, part of our business is the one that we're most focused on. A strong service product will help you with that. We talked about 6,000 loads with Uber that we want, that's all over the road, so that's how we're approaching that. From a price perspective, we have mechanisms in place to go out there and price, with all of our customers.

公路部分是我們業務中最受關注的部分。強大的服務產品將幫助您實現這一點。我們與 Uber 討論了我們想要的 6,000 個載客量，這些載客量遍布整個道路，這就是我們實現這一目標的方法。從價格角度來看，我們已建立機制，可以與所有客戶進行定價。

Again with our real asset, we're also able to compete in that marketplace. We've been in a lull that as Jennifer mentioned on our previous question for a while that has allowed us to go out there and win and compete business during a challenging environment. As the market or if the market does improve, we expect to move in a more positive direction on the revenue per car.

憑藉我們的真正資產，我們也能夠在該市場上競爭。正如詹妮弗在我們之前的問題中提到的那樣，我們一直處於一段平靜期，這使我們能夠在充滿挑戰的環境中走出去並贏得競爭。隨著市場或如果市場確實改善，我們預計每輛車的收入將朝著更積極的方向發展。

Yeah, and the only thing I'll add there is if you think about what we talk about mix with mix. So, within intermodal there are different mixes. We talked back in September that international intermodal is our lowest average revenue per car. And so if you see less international intermodal, more domestic, that can be positive within that mix-on-mix space. So, another thing to take into consideration.

是的，我唯一要補充的是，如果你考慮我們談論的混合與混合。因此，在多式聯運中存在不同的組合。我們在九月就說過，國際聯運是我們每輛車的最低平均收入。因此，如果你看到國際聯運減少，國內聯運增加，那麼這對混合空間來說可能是正面的。因此，還有另一件事需要考慮。

Great, thank you for the question.

太好了，謝謝你的提問。

Ariel Rosa, Citi

花旗銀行的阿里爾·羅莎

Good morning, Ariel.

早安，艾麗爾。

Yeah, hey, good morning. So I just wanted to ask a clarifying question when you talk about EPS growth consistent with attaining the three-year CAGR on EPS, just help me understand that is not specifically a target for 2025 to be up high single digits to low double digits.

是的，嘿，早安。因此，當您談到每股盈餘成長與實現每股盈餘三年複合年增長率一致時，我只想問一個澄清問題，請幫助我理解，這並不是專門為 2025 年設定的目標，即從高個位數增長到低兩位數。

Just wanted to clarify that point. And then, we've seen some strength in coal in the second quarter to date. Just wanted to help understand what's underlying that strength and the extent to which you think it's sustainable. Thanks.

只是想澄清這一點。然後，我們看到第二季迄今煤炭市場表現強勁。只是想幫助您了解這種優勢的根本原因以及您認為這種優勢的可持續性程度。謝謝。

I wish I could come here and tell you that what we see is a high single digit, low double digit for sure this year. There's just too many variables that we can't control going on right now, but we're very comfortable with the way the railroad is operating and that we continue. We're standing by our guidance. That's the way I look at it.

我希望我能來這裡告訴你們，今年我們看到的肯定是一個高個位數，一個低兩位數。目前我們無法控制的變數實在太多，但我們對鐵路的運作方式非常滿意，並且願意繼續運作下去。我們堅持我們的指導。我就是這樣看待這件事的。

Just on the natural gas, is really the driver there when you look at our coal business. But the other part of that is being able to capture that business and Eric and the team have done a great job of being as y'all, getting the resources in place. We actually saw double digit strength inside the quarter. So sequentially from February to March, we were able to capture that business year over year you're talking.

就我們的煤炭業務而言，天然氣確實是推動力。但另一方面是能夠抓住這個業務，而艾瑞克和他的團隊已經做得很好了，他們已經把資源放到位了。我們實際上看到了本季兩位數的強勁成長。因此，從二月到三月，我們能夠逐年捕捉您所說的業務。

Sets that were added over 25%, so a great job there. I'm excited because you look at, the natural gas part of it, but you also look at the business plan that we have and we've added those sets in and we're seeing those up and running. Natural gas is volatile, we've seen it move around in the month, but the ability to be agile is what we look at.

套裝數量增加了 25% 以上，這是一個很棒的工作。我很興奮，因為你看到了其中的天然氣部分，但你也看到了我們的商業計劃，我們已經添加了這些部分，並且看到它們正在啟動和運行。天然氣具有波動性，我們看到它在本月有所波動，但我們關注的是其靈活性。

Great, thanks for the.

太好了，謝謝。

David Vernon, Bernstein Research

伯恩斯坦研究公司（Bernstein Research）的大衛‧弗農（David Vernon）

Hey, good morning. Thanks for putting me in here. I wanted to ask maybe, Kenny or Jennifer, when we're talking about the best pricing we've had in about ten years, can you help us sort of understand kind of how much it has improved, kind of either sequentially or where growth to where we were sort of last year, what specifically has changed to drive it?

嘿，早安。謝謝你讓我來這裡。我想問一下，肯尼或詹妮弗，當我們談論大約十年來的最佳定價時，您能否幫助我們了解它改善了多少，無論是連續的還是與去年相比的增長，具體是什麼變化推動了它？

Are we starting to see the benefits of a better service product like or is this just, you guys are being more effective on capturing price in in coal, for example, and then what are you thinking about, the ability to sustain that that best level of pricing in ten years as we go through the rest of this year. Thank you.

我們是否開始看到更好的服務產品帶來的好處，或者這只是你們在煤炭價格方面更有效地掌握了，那麼您在想什麼呢，在今年剩餘時間裡，我們是否有能力維持十年來最好的定價水平。謝謝。

I start and if you want to jump in, Jennifer. So, and I, I'm going to be a broken record here, but look, when you have a strong service product for what you sold to the customers, you can live with that. When you have a strong service product plus the investments that you have, you can live with that.

我開始了，如果你想加入的話，珍妮佛。所以，我在這裡要重複一遍，但是你看，當你為客戶銷售強大的服務產品時，你可以接受這一點。當你擁有強大的服務產品加上投資時，你就可以享受這一點。

We sit down with our customers, share the service performance index with them, and we know what acceptable levels of pricing are, and so we live with that. Now, I'll tell you, I think there was a question about, I think it was about mindset or will it's the same. We will always have a mindset to go out there and price to the service that's sold that won't change. The team is crystal clear on that, so there you have it.

我們與客戶坐下來，與他們分享服務績效指數，我們知道可接受的定價水平，因此我們堅持這一水平。現在，我告訴你，我認為有一個問題，我認為這是關於心態的問題，或者是否相同。我們將始終秉持這樣的理念：為所售服務設定一個不會改變的價格。團隊對此非常清楚，所以你明白了。

Yeah, Kenny, I really don't know that I can add to that, but, when you walk through the drivers of our price, you hit on all of them. The only part of the market right now that's not supportive to our pricing is that truck piece which we've been talking about. So, if we can get a little bit of help from that could be further good news for us.

是的，肯尼，我真的不知道我還能補充什麼，但是，當你了解我們價格的驅動因素時，你就明白了所有因素。目前市場上唯一不支持我們定價的部分是我們一直在談論的卡車部分。因此，如果我們能從中獲得一點幫助，這對我們來說可能是更好的消息。

About that, but let me, if I, if you just give me a second here and appreciate it. At the end of the day, what we've also done is we've invested in being able to give more markets for our customers, whether it's, what we did at the east end of the LA basin, at the Colton with the new facility there, what we've done in Phoenix, what we're doing in Kansas City, but not just in Minneapolis.

關於這一點，但是請允許我，如果我，如果你能給我一點時間並表示感謝。歸根結底，我們所做的就是投資，以便為我們的客戶提供更多的市場，無論是我們在洛杉磯盆地東端所做的，還是在科爾頓的新設施，我們在菲尼克斯所做的，我們在堪薩斯城所做的，但不僅僅是在明尼阿波利斯。

I could keep on going on that side of the business, but we've invested with our customers in the industrial base and in the bulk base we've opened up new facilities. So, pricing comes by being able to provide baseline service at a high level and consistent, not just customers, and no one likes it if it's one week or a month, it has to be consistent and I think we've been able to show that for the last few quarters that we're very consistent.

我可以繼續從事這方面的業務，但我們已經與客戶一起在工業基地和散裝基地進行了投資，並開設了新的設施。因此，定價取決於能否提供高水準和一致的基礎服務，而不僅僅是客戶，而且沒有人喜歡一周或一個月的定價，它必須是一致的，我認為我們已經能夠證明，在過去幾個季度裡，我們非常一致。

We, and we have a good handle on how to operate this railroad. We went through; we didn't even talk about winter. Some people like to talk about winter. We had winter, we had storms, we had floods, but at the end of the day, the resiliency and the way we operate the railroad and the buffer is really important to us.

我們，我們很清楚如何運作這條鐵路。我們經歷了；我們甚至沒有談論冬天。有些人喜歡談論冬天。我們經歷了冬天，經歷了暴風雨，經歷了洪水，但最終，鐵路和緩衝區的彈性和運作方式對我們來說真的很重要。

And the last thing is on the car load business, which is really important to us, especially when it comes to pricing and margin and the markets that they serve. We've expanded our fluidity. We spent a lot of money in that Houston area to be able to improve our hump yard, and we just about doubled the capacity of the place that removes touch points.

最後一點是關於整車業務，這對我們來說非常重要，特別是在定價、利潤和服務市場方面。我們擴大了流動性。我們在休士頓地區投入了大量資金來改善我們的駝峰場，並且我們將消除接觸點的場地容量提高了一倍。

And that allows you to give better service and allows you to open more markets for our customers. So it's a complicated decision making in what we've done. So just to add on to what was already said by Kenny and Jennifer. That's the way we look at it.

這使您能夠提供更好的服務，並為我們的客戶開拓更多的市場。因此，我們所做的決策非常複雜。我只是想補充一下 Kenny 和 Jennifer 已經說過的話。我們就是這樣看待這個問題的。

All right, thanks for that. And then maybe if I could just tack one more on here. Have you guys seen any sort of change in cross-border Mexico volumes, either Laredo or Eagle Pass as we've been dealing with some of these, the tariff position. I'm just wondering if there's been any noticeable, sort of shift in that north-south volume.

好的，謝謝。然後也許我可以在這裡再添加一個。你們有沒有看到跨境墨西哥貿易量有任何變化，無論是拉雷多還是鷹關，因為我們一直在處理其中一些問題，即關稅狀況。我只是想知道南北體積是否發生了明顯的變化。

Why don't you talk about what we've seen in the last sort of year or so and what we've seen sort of a balance against our competitor and then what we've seen more recently.

為什麼不談談我們在過去一年左右看到的情況、我們與競爭對手的平衡以及我們最近看到的情況。

Yeah, so if you look at it, and it does start with the fundamentals. It does start with the fact that we've got seven day a week service that we've got the best route, we've got shorter miles, we've got a, faster route. But if you look at Mexico, when we talk to our customers, and we've been there over 30 years, when we talk to our customers, yes, because I've just mentioned all those attributes.

是的，如果你看一下，它確實是從基礎開始的。首先，我們擁有每週七天的服務，擁有最佳路線，擁有更短的里程，擁有更快的路線。但是如果你看看墨西哥，當我們與客戶交談時，我們已經在那裡呆了 30 多年，當我們與客戶交談時，是的，因為我剛才提到了所有這些屬性。

We know we can win and compete, but we're also selling the entire network. So it's not just one part of Texas or one lane that we're going in, we're moving and utilizing the entire network. You look at the last quarter, yeah, there were stops and starts, especially when you look at our automotive segment.

我們知道我們能夠獲勝並參與競爭，但我們也在銷售整個網路。因此，我們不僅進入德州的某個地區或某條車道，而是利用整個網路。看看上個季度，是的，有停頓，有開始，特別是當你看我們的汽車部門時。

You heard me saying my words, we really sat closely with our customers and focused on the fundamentals, which for us in Mexico is a service product that interchange, making sure we have enough equipment and where we see ourselves today, we certainly don't try to manage our business to a market share, but we feel good about where we are and we know we're up a few points, as we look at our market share so far this year.

你聽到我說的話了，我們真的與客戶緊密合作，專注於基本面，對於我們在墨西哥來說，這是一種互換的服務產品，確保我們有足夠的設備，以及我們今天所看到的自己，我們當然不會試圖將我們的業務管理到市場份額，但我們對我們所處的位置感到滿意，我們知道我們已經上升了幾個百分點，因為我們看看今年的市場份額。

Thanks for the second question. I appreciate it.

謝謝您的第二個問題。我很感激。

Rita Hermain, Deutsche Bank. Please receive your question.

德意志銀行的麗塔‧赫爾曼 (Rita Hermain)。請接收您的問題。

Good morning.

早安.

Good morning. So, your execution this quarter was strong, all things considered, but, clearly just from the tone of some of these questions, there's a lot of fear out there, and a lot of that's related to your exposure. So maybe you can help call those by sizing up your exposures a little bit.

早安.因此，從各方面來看，您本季度的執行力都很強，但是，顯然僅從這些問題的語氣來看，就存在很多恐懼，其中很多都與您的曝光度有關。因此，也許你可以透過稍微評估一下你的曝光度來幫助實現這一點。

I was hoping, like for instance, with grain exports, appreciate Kenny you saying that it is very strong given, Mexico and speaking to the agility of your network, but can you tell us how much of that business is Mexico exports versus China. And just on international intermodal, you said that that's about 40% of total premium for 2024. Can you tell us how much is West Coast or China oriented? Thank you.

我希望，例如，關於穀物出口，感謝肯尼，你說這在墨西哥非常強勁，並談到了你的網絡的靈活性，但你能告訴我們這些業務中有多少是墨西哥出口，有多少是中國出口。僅就國際聯運而言，您說這約佔 2024 年總保費的 40%。您能告訴我們它以西海岸或中國為導向的程度有多大嗎？謝謝。

Yeah, so, we talked about the grain. I certainly unfortunately won't be able to give you any specifics and break out our grain network. What I'll tell you though is that I mentioned the strength in grain. We've been growing there, I mentioned the rail and physical infrastructure that we have on the origin side to grow that market.

是的，我們談論了穀物。不幸的是，我當然無法向您提供任何具體細節並揭示我們的糧食網絡。不過我要告訴你的是，我提到了穀物的強度。我們一直在那裡發展，我提到了我們在原產地擁有的鐵路和物理基礎設施，以擴大該市場。

We're focused on expanding the pie, even if it means, and that's why I wanted to emphasize that we are moving into the different markets like the Gulf and the Mexico. There was a question on international model, I think where you wanted me to break out those numbers and I'll stay away from doing that and just let you know that a strong service product along with the new products that we have.

我們專注於擴大市場份額，即使這意味著，這就是為什麼我想強調我們正在進入海灣和墨西哥等不同的市場。有一個關於國際模式的問題，我想你想讓我把這些數字分解開來，我不會這樣做，只是讓你知道我們擁有強大的服務產品以及新產品。

We inserted a new product Jim talked about it in the twin cities and last year we were able to get a good win that'll still continue in this into this year. We're seeing a little bit more growth into the new market, new ramp that we have on our, in Arizona in the Phoenix area, and we've inserted new products going from the Gulf to other parts of our network. So we're going to be pretty aggressive about building out that network and not being dependent on one area.

我們引進了吉姆在雙城談論的一款新產品，去年我們獲得了良好的勝利，今年我們仍將延續這種勢頭。我們看到新市場有了更多的成長，我們在亞利桑那州鳳凰城地區有了新的成長點，我們已經將新產品從墨西哥灣延伸到我們網路的其他部分。因此，我們將積極建立該網絡，而不是依賴某個地區。

Okay, I appreciate it. Thank you.

好的，我很感激。謝謝。

Jeff Kaufman, Vertical Research Partners.

傑夫·考夫曼（Jeff Kaufman），Vertical Research Partners 的合夥人。

Thank you and good morning. Thanks for squeezing me in. Jim, I like your opening comment about how if you just looked from 10,000 ft, revenues were flat, margins were flat, outlooks the same, no changes, the reality was anything but.

謝謝，早安。謝謝你把我擠進來。吉姆，我喜歡你開場白，如果你從 10,000 英尺的高度看，收入持平，利潤持平，前景相同，沒有變化，但現實卻並非如此。

I'm just kind of curious if we look at your forward outlook today for, whether it's groups or pricing, as you were talking about core pricing, things like that. What's different today than it was, say, three months ago when you gave us guidance, that's kind of been a legitimate surprise.

我只是有點好奇，如果我們今天看一下您的前瞻性展望，無論是團體還是定價，正如您所談論的核心定價之類的事情。今天與您三個月前給我們的指導相比有什麼不同，這確實是一個驚喜。

Well, the biggest surprise is the whole discussion of import export tariffs and the effect on the business and like I said, to start off with our biggest worry and what we look at, and it's not a worry, it's just, I don't worry, okay? So that was a mistake by me. I don't worry, you have to react and be able to run the business and operate it in a smart manner is what the consumer is going to do.

嗯，最大的驚喜是關於進出口關稅的整個討論以及其對業務的影響，就像我說的，首先談談我們最大的擔憂以及我們所看到的，這不是一個擔憂，只是，我不擔心，好嗎？所以這是我的一個錯誤。我不擔心，你必須做出反應，能夠經營業務，並以智慧的方式運營，這就是消費者將會做的事情。

So far, we haven't seen a huge impact and if anything, we really haven't seen it. Our carloads are up across the board in most places still from where we were last year, but that's the thing that we have to keep an eye on and it's a daily exercise. Every day, we look at what's happening to the US consumer in the market because that's who the final customer is for us.

到目前為止，我們還沒有看到巨大的影響，如果有的話，我們真的沒有看到。與去年相比，我們的貨車裝載量在大多數地方都有所增加，但這是我們必須密切關注的事情，也是每天的工作。我們每天都會關注美國消費者在市場上的動態，因為他們是我們的最終客戶。

If I take out the intermodal uncertainty part of it or the international trade certainty, and you just look more at the bulk or industrial groups, what was the legitimate surprise there, positive or negative?

如果我去掉其中的多式聯運不確定性部分或國際貿易確定性部分，而只關注散裝或工業集團，那麼合理的意外是什麼，是積極的還是消極的？

Well, I think, I don't like to think about it as a surprise. The things that we cannot being a surprise. We have done; we've done a great job this quarter. I give Eric and the entire team a pat on the back. They've done a great job. Jennifer's done a great job to set us up to handle financially anything that we need. You can see where our rating is 2.8, debt EBITDA, you can see where our cash is.

嗯，我想，我不喜歡把它看作是一個驚喜。我們不能感到驚訝的事。我們已經完成了；本季我們做得非常出色。我對 Eric 和整個團隊表示讚賞。他們做得很好。珍妮佛 (Jennifer) 為我們提供了出色的幫助，幫助我們解決任何財務上的問題。您可以看到我們的評級是 2.8，債務 EBITDA，您可以看到我們的現金在哪裡。

We're in a great position there, and Kenny and team have done a great job of pricing for the value of what we provide. The things that we can't control are the things that we have to look at very carefully and just at this point, I think at the end of the day, we come to the right place as a country, but I think there's going to be some noise and we'll react to whatever noise is thrown at us.

我們在那裡處於有利地位，肯尼和他的團隊在我們所提供產品的價值定價方面做得非常出色。我們無法控制的事情是我們必須非常仔細地看待的事情，就在這一點上，我認為最終我們作為一個國家走到了正確的位置，但我認為會有一些噪音，我們會對我們遇到的任何噪音做出反應。

Okay, thank you.

好的，謝謝。

You're welcome.

不客氣。

Oliver Holmes, Redburn Atlantic.

奧利佛‧霍姆斯 (Oliver Holmes)，雷德伯恩大西洋公司 (Redburn Atlantic)。

Good morning.

早安.

Hi, good morning. Thanks for having me on. It's just a quick one. Is there a scenario, perhaps maybe you're already seeing it, where Asia ex China and Mexico pick up share of the trade war with China continues, in essence, reducing the impact of Chinese tariffs? Maybe just a follow up on that. Is this something you saw during 2018, 2019 when tariffs were levied on China. Thanks.

嗨，早安。謝謝你邀請我。這只是一個快速的過程。是否存在這樣一種情況，也許您已經看到了，即除中國和墨西哥之外的亞洲地區在與中國的貿易戰中佔據了主導地位，從而從本質上減少了中國關稅的影響？也許只是對此的跟進。這是您在 2018 年、2019 年對中國徵收關稅時看到的嗎？謝謝。

Yeah, thanks for that question. I think Kenny the question he's asking is, are you seeing more in terms of shifts away from China to Vietnam, Korea?

是的，謝謝你的提問。我認為肯尼問的問題是，你是否看到更多的趨勢從中國轉向越南、韓國？

Yeah, let me, okay, good. So, there's some good public data out there and you can see, Oliver over the last few quarters, a little bit of a change. We look at the INA data and you can see a little bit of a change from China going into, the Southeast Asia piece.

是的，讓我來，好的，很好。因此，有一些很好的公開數據，你可以看到，Oliver 在過去幾季裡發生了一些變化。我們查看了 INA 數據，可以看到中國在東南亞地區的數據發生了一些變化。

It's hell strong, those volumes of hell strong. We can see them coming up to us. We like the fact that there is diversity in that, and we're going to continue to take advantage of it.

它的威力非常大，這些威力非常大。我們可以看到他們向我們走來。我們喜歡其中的多樣性，並且我們將繼續利用它。

The is a moving target though, and pressures of what's happening in the marketplace right now and what's happening to trade will have an effect. It just takes a while for some of those things to settle down. Thanks for the question.

但這是一個不斷變化的目標，當前市場和貿易的壓力都會產生影響。有些事情需要一段時間才能平息下來。謝謝你的提問。

Jason H. Seidl, TD Cowen

塞德爾（Jason H. Seidl），TD Cowen

Thanks, operator.

謝謝，接線生。

Morning, and Jim, I feel your pain on being down to nothing here. Jennifer, I think the question goes to you. You guys did a pretty good job of managing sort of salaries, wages and benefits per employee in one queue, wondering how we should think about that line item going forward. And then just to clarify, I believe we talked about that $46 million gain in last year's 2Q. Was that in other income?

早安，吉姆，我感同身受你在這裡一無所有的痛苦。詹妮弗，我想這個問題該問你。你們在一個隊列中管理每個員工的工資、薪水和福利方面做得相當不錯，想知道我們應該如何考慮今後的這個項目。然後澄清一下，我相信我們討論的是去年第二季 4,600 萬美元的收益。那是其他收入嗎？

Okay, so for the first part of your question, we laid out in January that we expected for the full year our comp per employee cost per employee to be up 4%. You’re right, you did a great job in the first quarter, only up 2%. At this point we would stick with the 4% just because as we're looking ahead, we know that July 1 is another wage increase. We're obviously still negotiating with our unions, but as we accrue regardless of if we started paying those wage increases or not.

好的，對於您問題的第一部分，我們在一月份就曾表示，預計全年每位員工的薪酬成本將上漲 4%。你說得對，第一季你做得很好，只成長了2%。目前，我們將堅持 4%，因為展望未來，我們知道 7 月 1 日將是另一次薪資上漲。顯然，我們仍在與工會進行談判，但無論我們是否開始支付加薪，我們都會繼續加薪。

And then we also have, we think this will be towards the back part of the year, but we also are working towards an agreement with our smart TV, our conductors union, in terms of work rest for them. So that's why we're holding with that. 4% in terms of the cost per employee in terms of the outlook on a full year basis. In terms of your other question that was in the other expense line in terms of the $46 million where that flowed through as a good guy last year.

然後我們也認為，這將在今年下半年發生，但我們也在努力與智慧電視、售票員工會就他們的工作休息問題達成協議。這就是我們堅持這一點的原因。從全年前景來看，每位員工的成本將下降 4%。至於您的另一個問題，那是在另一項支出項目中，即去年作為好人流出的 4600 萬美元。

Perfect. Thank you very much. I appreciate that

完美的。非常感謝。我很感激

Jairam Nathan, Daiwa.

傑拉姆‧內森 (Jairam Nathan)，大和。

Hi, thanks for taking my question. Just, on, we talked a lot about what you can do on the cost side and stuff, but I just wanted to understand on the balance sheet in terms of share repurchases, if things, get long drawn or you see bigger and bigger impact, how should we think of your capital return plan between share repurchase conserving cash?

你好，謝謝你回答我的問題。剛才，我們談了很多關於在成本方面可以做些什麼，但我只是想了解資產負債表上的股票回購情況，如果事情變得拖延不決或者你看到越來越大的影響，我們應該如何考慮股票回購和節省現金之間的資本回報計劃？

Yeah, so thanks for that question. So off to a really strong start here in in 2025, our guide for the year in terms of share repurchases was $4 billion to $4.5 billion. At this point I think we're at a little over 17 in terms of what we've returned so far, 15 through the accelerated share repurchase program and another $200 million in open market purchases.

是的，謝謝你提出這個問題。因此，2025 年開局非常強勁，我們對今年股票回購的預期是 40 億美元至 45 億美元。目前，我認為我們已經返還了 17 億美元，其中 15 億美元是透過加速股票回購計畫返還的，另外 2 億美元是透過公開市場購買返還的。

So in one quarter, almost halfway there I'd say we feel very good about that range. Obviously, we'll watch it if the situation changes, we can scale back. That is the flexible lever. We've got $1.4 billion on the balance sheet today. So again, we were reiterating the guide to the 4 to 4.5, and that's our view for the full year and feel confident in that. But if the world changes dramatically for us, we can flex that.

因此，在一個季度內，幾乎已經過了一半，我會說我們對這個範圍感覺非常滿意。顯然，我們會觀察，如果情況發生變化，我們就可以縮減規模。這就是靈活的槓桿。我們今天的資產負債表上有 14 億美元。因此，我們再次重申 4 到 4.5 的指導方針，這是我們對全年的看法，我們對此充滿信心。但如果世界對我們來說發生了巨大變化，我們就可以靈活應對。

Thank you. That's all right.

謝謝。沒關係。

Thank you. This concludes the question-and-answer session. I'll now turn the call back over to Mr. Vena for closing your comments.

謝謝。問答環節到此結束。現在我將把電話轉回給維納先生，讓他結束您的評論。

Well, listen, I think the questions were spot on. There were questions that we ask ourselves every day. I think we've shown as Union Pacific, what we can do and how we can react, and I think that's really important. At the end of the day, truly, it would be a boring job. I probably wouldn't be here if you woke up every morning and everything was perfect.

嗯，聽著，我認為這些問題很正確。我們每天都會問自己一些問題。我認為我們已經展示了聯合太平洋公司能夠做什麼以及我們能夠如何應對，我認為這非常重要。歸根結底，這確實是一份無聊的工作。如果每天早上醒來，一切都很完美，我可能就不會在這裡了。

You get, you see the quality of a company and you see the quality of the management when you see how they react to things, and I think the team did a great job first quarter, very excited with what we have going on fundamentally and in the long term, I like where Union Pacific is.

當你看到他們對事物的反應時，你會看到一家公司的品質和管理層的品質，我認為團隊在第一季做得很好，我們對根本上和長期發生的事情感到非常興奮，我喜歡聯合太平洋的現狀。

And, so with that, let's sign off. I know we have our annual general meeting happening in May and we'll be talking to our owners then. Thank you very much everyone for taking the time to join us this morning. Have a good one.

那麼，我們就此結束吧。我知道我們的年度股東大會將於五月舉行，屆時我們將與業主交談。非常感謝大家今天早上抽出時間來參加我們的活動。祝你一切順利。

Ladies and gentlemen, thank you for your participation. This does conclude today's teleconference. You may now disconnect your lines at this time and have a wonderful day.

女士們、先生們，感謝你們的參與。今天的電話會議到此結束。現在您可以斷開線路並享受美好的一天。