聯合太平洋集團 (UNP) 2025 Q3 法說會逐字稿

Greetings, and welcome to the Union Pacific's third-quarter 2025 earnings call. (Operator Instructions) As a reminder, this conference is being recorded and the slides for today's presentation are available on Union Pacific's website.

大家好，歡迎參加聯合太平洋鐵路公司2025年第三季財報電話會議。（操作說明）提醒各位，本次會議正在錄製，今天演講的幻燈片可在聯合太平洋鐵路公司的網站上找到。

At this time, it is now my pleasure to introduce your host, Mr. Jim Vena, Chief Executive Officer for Union Pacific. Thank you. Mr. Vena, you may now begin your presentation.

現在，我榮幸地向大家介紹我們的東道主，聯合太平洋鐵路公司執行長吉姆·維納先生。謝謝。維納先生，您現在可以開始演講了。

Thank you very much, Rob. Listen, thanks, everyone, for joining us. Beautiful 36-degree day here in morning in Omaha, Nebraska, absolutely perfect day to be railroading this type of day that I love, not too hot, not too cold. It's just a slam dunk. So Eric and team should continue to deliver what they've delivered this past quarter, and we'll get into that in a minute.

非常感謝你，羅布。各位聽眾，謝謝大家的收聽。內布拉斯加州奧馬哈今天早上天氣晴朗，氣溫36華氏度（約2攝氏度），正是我喜歡的那種天氣，不冷不熱，非常適合搭乘火車。這簡直是十拿九穩。所以埃里克和他的團隊應該會繼續保持上個季度所取得的成績，我們稍後會詳細討論這一點。

So here with me, we're going to review the third-quarter 2025 numbers. Here with me is Jennifer, our Chief Financial Officer; Eric, our Operations Chief; Marketing Sales Chief, Kenny Rocker. As you'll hear from the team this morning, our third quarter results serve as a proof point that we are successfully executing on our strategy. We are focused on driving continued improvements in our pursuit of what's possible.

接下來，我們將一起回顧2025年第三季的數據。和我在一起的是我們的財務長珍妮佛；我們的營運總監艾瑞克；以及行銷總監肯尼·羅克。正如您今天早上將從團隊那裡聽到的那樣，我們第三季度的業績證明我們正在成功執行我們的策略。我們致力於不斷改進，探索一切皆有可能的領域。

Now let's dig into our results on slide 4. Union Pacific reported 2025 third quarter earnings per share of $3.01, excluding $41 million of merger-related costs, our adjusted earnings per share of $3.08 increased 12% versus last year. Core pricing gains and continued operational efficiencies drove the strong financial results in the quarter. Freight revenue excluding fuel, grew for the sixth consecutive quarter and set a best-ever record. In addition, we set best-ever quarterly records in workforce productivity, fuel consumption, terminal dwell and train line.

現在讓我們深入分析第 4 張投影片上的結果。聯合太平洋鐵路公司公佈 2025 年第三季每股收益為 3.01 美元，不包括 4,100 萬美元的合併相關成本，調整後的每股收益為 3.08 美元，比去年增長了 12%。核心定價策略的提升和營運效率的持續提高，推動了本季強勁的財務表現。不計燃油成本的貨運收入連續第六個季度成長，創歷史新高。此外，我們在員工生產力、燃料消耗、終端停留時間和列車線路方面均創下了有史以來最佳季度記錄。

As a result, our third quarter adjusted operating ratio was 58.5%, a 180 basis point improvement versus last year. Importantly, our safety and service results also improved, demonstrating the team's commitment to our goal of running the safest and most reliable railroad in North America. Next, the team will walk through the third quarter in more detail, and then I'll come back and wrap it up before we go to Q&A.

因此，我們第三季的調整後營業比率為 58.5%，比去年同期改善了 180 個基點。重要的是，我們的安全和服務成果也得到了提升，這表明團隊致力於實現我們的目標，即運營北美最安全、最可靠的鐵路。接下來，團隊將更詳細地講解第三節，然後我會回來總結一下，然後我們進入問答環節。

And with that, Jennifer Hamann, you are up.

好了，珍妮佛哈曼，輪到你了。

Thank you, Jim, and good morning, everyone. I'll begin with a walk down of our third quarter income statement on slide 6, where our operating revenue of $6.2 billion increased 3% versus last year. Digging into the top line further, freight revenue totaled $5.9 billion, up 3%. Volume was down slightly in the quarter, driving a 25 basis points reduction in freight revenue. Fuel was also a modest headwind with surcharge revenue of $602 million, down $33 million as lower fuel prices impacted freight revenue 50 basis points.

謝謝你，吉姆，大家早安。我將首先在第 6 頁詳細介紹我們的第三季損益表，其中我們的營業收入為 62 億美元，比去年增長了 3%。進一步分析營收數據，貨運收入總計 59 億美元，成長 3%。本季貨運量略有下降，導致貨運收入下降 25 個基點。燃油價格也帶來了一定的不利影響，附加費收入為 6.02 億美元，比 6.02 億美元減少了 3,300 萬美元，因為燃油價格下跌導致貨運收入下降了 50 個基點。

Strong core pricing, combined with a more favorable business mix to drive a 350 basis point improvement in freight revenue versus 2024. Importantly, our ability to yield pricing dollars net of inflation that are accretive to our operating ratio is directly supported by a consistent and reliable service product.

強勁的核心定價，加上更有利的業務組合，將推動貨運收入比 2024 年提高 350 個基點。重要的是，我們能夠獲得扣除通貨膨脹後有利於提高營運比率的定價收益，這直接得益於我們始終如一、可靠的服務產品。

Wrapping up the top line, other revenue declined 2% to $317 million. Lower revenue from the transfer of Metro operations was partially offset by a favorable comparison to a onetime contract settlement of $12 million in 2024.

綜合來看，其他收入下降了 2%，至 3.17 億美元。地鐵營運轉移帶來的收入減少，部分被 2024 年一次性支付的 1200 萬美元合約結算款項的有利比較所抵消。

Switching to expenses, our appendix slides provide more detail, but I'll walk through the highlights as operating expense increased only 1% to $3.7 billion. Compensation and benefits decreased 1% as 4% lower workforce levels and record productivity more than offset the impact of wage inflation. Compensation per employee increased 2.5% versus last year, and we expect full year compensation per employee and up around 3%, which is consistent with the increase we've seen year-to-date.

接下來談談費用，我們的附錄投影片提供了更多細節，但我將重點介紹一下，營運費用僅增加了 1%，達到 37 億美元。薪資福利下降了 1%，因為勞動力水準下降 4%，但生產力創歷史新高，抵消了薪資上漲的影響。與去年相比，每位員工的薪資成長了 2.5%，我們預計全年每位員工的薪資將成長約 3%，這與我們今年迄今看到的成長一致。

Fuel expense grew 1% driven by a 3% increase in gross ton-miles, partially offset by a 2% decrease in fuel prices from $2.60 to $2.56 per gallon and a 1% improvement in the consumption rate. In fact, our fuel consumption rate set a best ever record in the quarter as we yielded benefits from our fuel initiatives.

燃油支出增加了 1%，主要原因是總噸英里數增加了 3%，但部分被燃油價格從每加侖 2.60 美元降至 2.56 美元（下降了 2%）以及燃油消耗率提高 1% 所抵消。事實上，由於我們的燃油政策取得了成效，本季我們的燃油消耗率創下了歷史新高。

Purchased services and materials expense increased 6% due to merger-related costs and equipment and other rents declined 11%, driven by favorable contract settlements of $13 million, improved cycle times and lower fleet costs were partially offset by higher state and local taxes. Reported operating income grew 6% to $2.5 billion.

由於合併相關成本，採購服務和材料費用增加了 6%；設備和其他租金下降了 11%，這主要得益於 1300 萬美元的有利合約結算、週期時間的縮短和車隊成本的降低，但部分被更高的州和地方稅收所抵消。報告顯示，營業收入成長6%，達到25億美元。

Below the line, other income grew 10% to $96 million on real estate gains. Our reported net income totaled $1.8 billion with earnings per share of $3.01. When you exclude the $41 million of merger costs in the quarter, our adjusted earnings per share totaled $3.08 and our adjusted operating ratio came in at 58.5%. Overall, really great quarterly financial results enabled by successfully executing on our strategic priorities.

在其他收入方面，房地產收益成長了 10%，達到 9,600 萬美元。我們公佈的淨利潤總額為 18 億美元，每股收益為 3.01 美元。如果扣除本季 4,100 萬美元的併購成本，我們調整後的每股盈餘為 3.08 美元，調整後的營業比率為 58.5%。整體而言，由於我們成功執行了策略重點，季度財務表現非常出色。

Turning to cash generation and the balance sheet on slide 7. Third quarter cash from operations totaled $7.1 billion, up 6% or $381 million versus last year. As we discussed when we announced our merger with the Norfolk Southern, we have paused our share repurchase program. We are prioritizing the reduction of debt and paid down $1 billion in long-term notes during the third quarter. With that, our adjusted debt-to-EBITDA ratio finished the quarter lower at 2.6x.

接下來，我們來看第 7 張投影片中的現金流量產生和資產負債表。第三季經營活動產生的現金總額為 71 億美元，比去年同期成長 6%，即 3.81 億美元。正如我們在宣布與諾福克南方鐵路公司合併時所討論的那樣，我們已經暫停了股票回購計劃。我們優先考慮減少債務，並在第三季償還了 10 億美元的長期票據。因此，我們調整後的債務與 EBITDA 比率在本季末降至 2.6 倍。

Our cash balance ended at just over $800 million after funding our capital program and paying the increased third quarter dividend, our 19th consecutive year of providing our shareholders with an annual dividend raise. As we close out 2025, we expect our cash balance to steadily grow with our strong cash generation.

在為資本計畫提供資金並支付增加的第三季股利後，我們的現金餘額略高於 8 億美元，這是我們連續第 19 年為股東提供年度股息成長。到 2025 年底，我們預計憑藉強勁的現金流，現金餘額將穩定成長。

Looking now to the remainder of the year on slide 8. With just over two months left in the year, we are proud of how we have executed on our strategy this year. We've handled volume growth while improving our service and efficiency. Notably, the third quarter continued this trend as we handled the highest absolute volumes of the year while setting several best ever operating records. Meanwhile, some of the key economic indicators like automotive sales and housing starts, are generally softer than when we established our Investor Day targets last September.

現在讓我們來看看第 8 張幻燈片，了解今年剩餘的時間表。今年還剩兩個多月，我們為今年策略的執行感到自豪。我們既應對了業務量的成長，又提高了服務和效率。值得注意的是，第三季延續了這一趨勢，我們處理了全年最高的絕對交易量，同時創下了多項有史以來最佳的營運記錄。同時，一些關鍵經濟指標，如汽車銷售和房屋開工量，總體上低於我們去年 9 月制定投資者日目標時的水平。

Against that backdrop, we have achieved very solid results with reported year-to-date EPS growth of 8% and 80 basis points of operating ratio improvement. For the fourth quarter, volumes are currently running down 6% as international intermodal volumes reflect the tough comparison against last year's strong growth. This level of decline plus merger cost and pause share repurchases obviously creates a headwind to earnings and margin expansion compared to last year's record fourth quarter. The team understands the task and is working hard to drive more volume to the railroad in a safe, efficient manner.

在此背景下，我們取得了非常穩健的業績，年初至今每股收益成長 8%，營運比率改善 80 個基點。第四季貨運量目前下降了 6%，因為國際多式聯運貨運量反映出與去年強勁成長相比的嚴峻情況。這種程度的下滑，加上合併成本和暫停股票回購，顯然會對獲利和利潤率擴張造成不利影響，與去年創紀錄的第四季相比，情況更是如此。團隊了解任務，並正在努力以安全、高效的方式為鐵路運輸增加貨運量。

Despite the somewhat challenging close to the year, we still expect to achieve our three-year EPS CAGR view of high single to low double-digit growth. We also are reaffirming our view on accretive pricing, industry-leading operating ratio and return on invested capital. It is an exciting time at Union Pacific as we execute on our strategy and deliver for our customers in a way that I have not seen us do in (inaudible)

儘管年底情況有些挑戰，但我們仍然預計能夠實現三年每股收益複合年增長率目標，即高個位數到低兩位數的增長。我們也重申了我們對增值定價、業界領先的營運比率和投資資本回報率的看法。對於聯合太平洋鐵路公司來說，這是一個令人興奮的時刻，我們正在執行我們的策略，並以我從未見過的方式為客戶提供服務。（聽不清楚）

As Jim mentioned, set a best ever quarterly record. Eric and the operating team continue to deliver excellent service, enabling our commercial team to lead with confidence and deliver strong pricing results.

正如吉姆所說，創下了有史以來最好的季度記錄。Eric 和營運團隊持續提供卓越的服務，使我們的商業團隊充滿信心地領導並取得強勁的定價績效。

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 7% compared to last year on a 7% increase in volume. Strong core pricing gains were partially offset by lower fuel surcharges and business mix. Strength in coal was driven by strong customer demand due to favorable natural gas pricing and the continuation of Lower Colorado River Authority shipment, which started in April.

讓我們直接進入正題，來談談每個業務群的關鍵驅動因素。首先從我們的大宗商品業務開始。本季營收較去年同期成長7%，銷量也成長了7%。核心價格的強勁上漲被較低的燃油附加費和業務組合變化部分抵消。煤炭價格走強，主要得益於天然氣價格有利以及科羅拉多河下游管理局自 4 月開始持續出貨，客戶需求強勁。

Lower domestic grain demand was more than offset by strength in export lead shipment and business development in Mexico along with increased volumes from new grain products facilities. Lastly, increased potash shipments drove favorable year-over-year volumes in the fertilizer market.

國內糧食需求下降被出口主導的貨運量成長、墨西哥的業務發展以及新糧食產品加工廠產量的增加所抵消。最後，鉀肥出貨量的增加推動了化肥市場年比銷量的良好成長。

Turning to Industrial. Revenue was up [3%] for the quarter on a 3% increase in volume and a 1% increase in average revenue per carload. Strong core pricing gains were partially offset by business mix and lower fuel surcharges. Demand and business wins increase petrochemicals, construction and metal shipments. However, these gains were partially offset by decreased volume in our energy and specialized markets.

轉向工業領域。本季營收成長了 3%，其中銷量成長了 3%，每車平均收入成長了 1%。核心價格的強勁成長被業務組合和較低的燃油附加費部分抵消。需求和業務的成功推動了石化產品、建築材料和金屬的出貨量成長。然而，能源和專業市場的交易量下降部分抵消了這些收益。

Premium revenue for the quarter declined 2% on a 5% decrease in volume and a 3% increase in average revenue per car, reflecting business mix and lower fuel surcharges. Overall, intermodal volumes were challenged by lower West Coast mports, resulted in a 17% decrease in international volumes. However, our domestic segment delivered record-breaking volumes this quarter, driven by exceptional service and business lines, reduced autoparts production and OEM quality hold contributed to lower automotive volume.

本季高級收入下降了 2%，銷量下降了 5%，但每輛車的平均收入增長了 3%，這反映了業務組合的變化和燃油附加費的降低。總體而言，由於西海岸進口量下降，多式聯運量受到挑戰，導致國際貨運量下降了 17%。然而，本季我們的國內業務銷量創下歷史新高，這得益於卓越的服務和業務線；汽車零件產量下降以及 OEM 品質控制導致汽車銷量下降。

Turning to slide 11. We expect continued strength in some of our bulk and industrial segments, which is encouraging. However, we will be -- it will be outweighed by lower -- international volumes and tough comparisons. The commercial team's strong focus of first nine months of the -- year-over-year challenges with soybean exports.

翻到第11張幻燈片。我們預期部分大宗商品和工業品業務將持續保持強勁勢頭，令人鼓舞。然而，國際銷售下降和嚴峻的比較分析將會抵銷這一利多因素。商業團隊在前九個月的重點是應對大豆出口年比面臨的挑戰。

Moving to Industrial. We're positioned to finish strong in our petrochemicals market. That's driven by the investments we've made in our Gulf Coast franchise and the strength of our service product, which continues to help us win with new customers. In fact, we recently won new petrochemical business that began earlier this month. It's a meaningful addition that reinforces our competitive position in the region.

轉向工業領域。我們已做好準備，將在石化市場取得強勁的收官戰。這得益於我們對墨西哥灣沿岸特許經營店的投資以及我們服務產品的實力，這些都持續幫助我們贏得新客戶。事實上，我們最近贏得了一項新的石化業務，該業務於本月初啟動。這是一項意義重大的新增舉措，鞏固了我們在該地區的競爭地位。

We also anticipate solid performance in the metals and minerals markets, where our team is laser focused on business development to outperform the market.

我們也預期金屬和礦產市場將有穩健的表現，我們的團隊將全力以赴開展業務拓展，力爭超越市場平均水準。

On the other hand, our energy and specialized markets are expected to remain challenged, primarily driven by fewer petroleum shipments as we continue to balance volume at the right margin -- is expected to continue facing challenges driven by reduced auto parts production and OEM quality holds. As we look ahead, our strategy is clear and our confidence is grounded in our outstanding service performance whether it's powering growth in bulk, driving wins in industrial or unlocking new opportunities in premium, execution is what set Union Pacific apart. Together, we are building a stronger, faster and more competitive railroad, and we're just getting started.

另一方面，我們的能源和專業市場預計將繼續面臨挑戰，主要原因是石油出貨量減少，因為我們將繼續在合適的利潤率下平衡銷量——預計還將繼續面臨挑戰，原因是汽車零件產量下降和 OEM 品質控制。展望未來，我們的策略很明確，我們的信心源於我們卓越的服務表現，無論是推動散貨運輸的成長、在工業領域取得成功，還是在高端運輸領域開拓新的機遇，執行力都是聯合太平洋鐵路公司脫穎而出的關鍵。我們正在共同建造一個更強大、更快捷、更具競爭力的鐵路系統，而這只是個開始。

And with that, I'll turn it over to Eric.

接下來，我將把麥克風交給艾瑞克。

Thank you, Kenny, and good morning. Starting on slide 13, where our results do an excellent job, demonstrating the team's unwavering focus on our strategy to lead the industry in safety, service and operational excellence. Our vision is clear. And fundamentally, the railroad is operating exceptionally well, showcasing robust fluidity, consistency and reliability. Most importantly, we are achieving these results safely.

謝謝你，肯尼，早安。從第 13 張投影片開始，我們的結果表現出色，證明了團隊堅定不移地專注於我們的策略，即在安全、服務和卓越營運方面引領業界。我們的願景很清晰。從根本上講，鐵路營運狀況非常好，展現出強大的流暢性、穩定性和可靠性。最重要的是，我們是在安全的前提下取得這些成果的。

Our safety-first mindset is delivering measurable progress as both personal injury and derailment rates continue to improve versus our 3-year rolling average. Rail is the safest land-based freight transportation method, and we will continue doing our part to make it even safer through ongoing investments in our network, employees, technology and communities.

我們始終堅持安全第一的理念，並取得了顯著的進步，人身傷害率和脫軌率均較過去三年的滾動平均值持續改善。鐵路是陸上貨運最安全的方式，我們將繼續透過對我們的網路、員工、技術和社區的持續投資，使其更加安全。

Freight car velocity, the best measure of fluidity on the railroad improved 8% to 226 miles per day, a third quarter record. Further, September marked our best ever. Let me repeat that, our best ever monthly performance at over 230 miles per day. Driving the performance was a record terminal dwell of just over 20 hours, increased train speed and the continued reduction of daily car touches across our network. These improvements are not only driving strong productivity gains within our operations, but also delivering significant efficiencies to our customers, reducing equipment cost and accelerating the delivery of their products to market.

貨車行駛速度是衡量鐵路運輸流暢性的最佳指標，提高了 8%，達到每天 226 英里，創下第三季紀錄。此外，9 月是我們有史以來業績最好的一年。讓我再說一遍，這是我們有史以來最好的月度業績，每天行駛里程超過 230 英里。推動這項業績成長的因素包括：創紀錄的終點站停留時間略超過 20 小時、列車速度的提高以及我們整個網路每日車輛接觸次數的持續減少。這些改進不僅提高了我們營運的生產力，也為我們的客戶帶來了顯著的效率提升，降低了設備成本，並加快了產品上市速度。

On the service front, both intermodal and manifest service performance improved year-over-year to 98% and 100%, respectively. These strong results reinforce our strategic approach and underscore the importance of maintaining a proactive buffer of resources. As Kenny and his team bring business to the railroad, we aren't waiting weeks to react. We have the locomotives, crews and freight cars prepositioned and ready to provide the high quality of service we sold to our customers.

在服務方面，多式聯運和貨運服務績效均較去年同期提高，分別達到 98% 和 100%。這些強勁的成果鞏固了我們的策略方針，並強調了維持正面資源儲備的重要性。肯尼和他的團隊為鐵路帶來了業務，我們不會等上好幾週才做出反應。我們已經預先部署了機車、空服員和貨車，隨時準備為客戶提供我們承諾的高品質服務。

Now let's review our key efficiency metrics on slide 14. As noted earlier, strong network fluidity is continuing to drive productivity across our railroad, and that's evidenced by the results on this slide. Locomotive productivity improved 4% versus last year, reflecting the continued benefits associated with our efforts to reduce locomotive dwell time. Last quarter, our team set a goal to reduce locomotive dwell below 15 hours. And this quarter, we delivered, achieving a record 14.9 hours.

現在讓我們回顧一下第 14 頁的關鍵效率指標。如前所述，強大的網路流動性持續推動著我們鐵路的生產力，這可以從這張投影片的結果中得到證明。與去年相比，機車生產率提高了 4%，這反映了我們為減少機車停站時間所做的努力所帶來的持續效益。上個季度，我們的團隊設定了一個目標，將機車停駛時間減少到 15 小時以下。本季度，我們實現了目標，達到了創紀錄的 14.9 小時。

This underscores our dedication to maximizing asset efficiency. Workforce productivity -- which includes all employees, improved 6% and marked an all-time quarterly record. Our active train engine and yard workforce decreased 4% against flat volumes versus last year. We remain focused on effectively leveraging technology to optimize our workforce, while also recognizing the importance of balancing our resources as we plan for the future. Train length in the quarter grew 2% versus last year to just over 9,800 feet, an all-time quarterly record, a remarkable accomplishment when you consider the mix headwinds associated with softer international intermodal shipments which were down 17% year-over-year.

這凸顯了我們致力於最大限度地提高資產效率的決心。包括所有員工在內的員工生產力提高了 6%，創下季度歷史新高。與去年同期相比，我們的列車機車和場站活躍員工人數減少了 4%，而業務量則保持不變。我們將繼續致力於有效利用技術來優化我們的員工隊伍，同時也認識到在規劃未來時平衡資源的重要性。本季列車長度比去年同期成長 2%，達到 9800 英尺以上，創下季度歷史新高。考慮到國際多式聯運貨運量年減 17% 等不利因素，這一成績實屬不易。

We will continue adapting our transportation plan as we harness technology and infrastructure investments to safely generate mainline capacity for future growth.

我們將繼續調整運輸計劃，利用技術和基礎設施投資，安全地提高幹線運力，以滿足未來的成長需求。

Wrapping up. Operationally, the team continues to raise the bar, delivering exceptional results quarter after quarter. It's the perpetual dissatisfaction that I've spoken about before. That's our mindset. It's imperative we continue driving efficiency while demonstrating consistent and reliable service.

總結完畢。在營運方面，團隊不斷提高標準，每季都取得了卓越的成績。這就是我之前提到的那種揮之不去的不滿。這就是我們的心態。我們必須持續提高效率，同時展現出始終如一的可靠服務。

This enables Kenny and his team to be more competitive in the marketplace with a new long-term business. While we do have a historic opportunity ahead, the focus remains on today, further optimizing the best rail franchise in North America, I'm confident we'll continue improving in the pursuit of industry-leading safety, service and operational excellence.

這使得肯尼和他的團隊能夠憑藉一項新的長期業務，在市場上更具競爭力。雖然我們面前確實存在一個歷史性的機遇，但重點仍然是當下，進一步優化北美最好的鐵路特許經營權，我相信我們將繼續改進，追求行業領先的安全、服務和卓越運營。

Jim?

吉姆？

Eric, Jennifer, Kenny, thank you very much. Okay. I think you did a great job. But why don't we just turn to slide 16, I'd just like to wrap it up before we get the questions. So first, as you heard from Jennifer, we are executing our strategy of driving strong financial results.

艾瑞克、珍妮佛、肯尼，非常感謝你們。好的。我覺得你做得很好。但我們還是直接翻到第 16 張投影片吧，我想在提問之前先總結一下。首先，正如你從詹妮弗那裡聽到的，我們正在執行我們的策略，以取得強勁的財務業績。

In the third quarter, we handled the highest absolute volumes of the year while setting several best ever quarterly operating records. Kenny highlighted how the team is focused on outperforming our markets while pricing to the value we're providing our customers. Eric and team have the network operating extremely well as evidenced by our record operating results. Over the past several quarters, we've demonstrated agility with our buffer of resources. We will continue driving efficiencies while providing consistent and reliable service to win with our customers.

第三季度，我們處理了全年最高的絕對交易量，同時創下了多項有史以來最好的季度營運記錄。Kenny 強調​​，團隊致力於在為客戶提供價值的同時，實現超越市場平均的業績，並制定與其價值相符的定價策略。Eric 和他的團隊將網路運作得非常出色，我們創紀錄的營運表現證明了這一點。在過去的幾個季度裡，我們利用儲備資源展現了彈性。我們將持續提高效率，同時提供一致、可靠的服務，以贏得客戶的青睞。

To wrap it up, we are confident in our ability to lead the industry in safety, service and operational excellence. In the upcoming weeks, we will hold our special meeting and shareholder vote. We'll also be filing our merger application with the STB. At that time, we will provide more details on the opportunity with the Norfolk Southern to create America's first transcontinental railroad. Our results today demonstrate we are focused on the day-to-day business of optimizing the great Union Pacific franchise.

總而言之，我們有信心在安全、服務和卓越營運方面引領業界。接下來幾週，我們將召開特別股東會並進行股東投票。我們也將向STB提交合併申請。屆時，我們將提供更多關於與諾福克南方鐵路公司合作，創建美國第一條橫貫大陸鐵路的詳情。我們今天的成果表明，我們專注於優化聯合太平洋鐵路這一偉大特許經營權的日常業務。

And with that, we're ready to take your questions. Rob?

那麼，我們現在可以回答你們的問題了。搶？

(Operator Instructions)

（操作說明）

Tom Wadewitz, UBS.

瑞銀集團的湯姆·瓦德維茨。

I wanted to see if you could offer some more thoughts on just how you see the merger application, the process of building support from shippers from Union's. Just how that process is progressing? I think the deal you had with Smart, the agreement was a nice win for you. I don't know if you expect any more of those coming or if you expect kind of any gains on the shipper side? Or is it more like we're in a waiting period for the filing? And then I don't know, you said a couple of weeks for the filing, any more kind of just expectation of when that filing will come with STB.

我想看看您能否就合併申請以及如何從 Union 的托運人那裡獲得支持這一過程，提供一些更深入的想法。這個過程進展如何？我認為你和Smart達成的協議對你來說是個不錯的勝利。我不知道你是否預期會有更多這樣的情況發生，或者你是否預期托運人方面會有任何收益？或者更像是我們正在等待提交申請？然後，我不知道，你說過提交申請需要幾週時間，還有什麼需要注意的嗎？ STB 什麼時候會提交申請？

Well, Tom, listen, you're a smart guy. I think you covered just about everything to do with the merger and one question. We could be up here for 15 minutes. But let me -- let's just quickly summarize where we are. When we started at Union Pacific looking at whether what we do next and what the future looks like, we needed to make sure there were certain things fundamentally that where Union Pacific was as a railroad and how our business was.

湯姆，聽著，你是個聰明人。我認為你已經涵蓋了與合併相關的幾乎所有內容，還有一個問題。我們可能要在這裡待15分鐘。但是，讓我——讓我們快速總結一下我們目前的處境。當我們開始在聯合太平洋鐵路公司思考下一步該做什麼以及未來會是什麼樣子時，我們需要確保從根本上來說，聯合太平洋鐵路公司作為一家鐵路公司處於什麼位置，以及我們的業務是如何運作的。

And we needed to have a service level that was high enough that customers could see what we could do and that they were assured that when we merged, we would be able to provide a real high level of service. And the entire team, and I give Eric as the leader and everybody from the operating department at Union Pacific, and it takes more than that. It takes fundamentally spending the right money, making the right decision. So it truly is a company we are delivering at the levels of service close to 100%, okay? You can never get to 100%. You're always going to have some problems, but close to 100%. So we have that as a foundation, Tom.

我們需要達到足夠高的服務水平，讓客戶能夠看到我們的能力，並讓他們確信，合併後我們將能夠提供真正高水平的服務。整個團隊，包括領導艾瑞克以及聯合太平洋鐵路營運部門的每一個人，都功不可沒。從根本上來說，就是把錢花在正確的地方，做出正確的決定。所以，我們確實是一家服務水準接近100%的公司，懂嗎？你永遠無法達到100%。你總是會遇到一些問題，但接近 100%。所以，這就是我們的基礎，湯姆。

On top of that, we wanted to make sure financially, we have a company that's in a good place. And you could see Jennifer say we paid back $1 billion of debt in the third quarter, so -- and we're down to a [2.6 multiple], which is great, and we'll continue to use the cash or store it instead of buying back shares. So when you put the foundation of who we are and on safety, our -- we don't like to talk about it on a time and place number, but I'm going to give you a number. We're down into the -- like the [0.6] something between [0.6 and 0.7] this year, which is industry-leading at this point and the best safety numbers for people that come to work and go home. So we needed to have a safer railroad. Our accident numbers have dropped substantially. We need it to be financially in a good place, and then we needed to move ahead.

除此之外，我們也想確保公司在財務上處於良好狀態。你可以看到詹妮弗說，我們在第三季度償還了 10 億美元的債務，所以——我們的本益比降到了 2.6 倍，這很棒，我們將繼續使用現金或將其儲存起來，而不是回購股票。所以，當我們把我們是誰以及安全作為基礎時，我們的——我們不喜歡談論具體的時間和地點數字，但我會給你一個數字。今年我們的數值已經降到了 0.6 左右，介於 0.6 和 0.7 之間，這在目前是業界領先的，也是人們上下班安全的最佳數字。所以我們需要更安全的鐵路。我們的事故數量已大幅下降。我們需要確保公司財務狀況良好，然後才能繼續前進。

And I think what you've seen from the people that truly understand railroading, they understand the value of what we're proposing. And the value is we look at it not only on what the STB tells us we have to do and what we have to present, okay, the rules that were set up 20-some years ago. But we feel, is it better for our customers. And absolutely, for the majority of our customers, it is going to improve with the speed and how many assets they're going to have to have and how fast we can move anytime anybody that crosses that today hands off. And remember, we hand off a huge percentage of our originations to somebody else to go do the final mile or vice versa. So it's good for our customers.

我認為，真正了解鐵路運輸的人們所展現的，是他們理解我們所提出的方案的價值。而它的價值在於，我們不僅要考慮機上盒管理委員會告訴我們必須做什麼、必須提交什麼，還要考慮20多年前製定的規則。但我們認為，這對我們的客戶來說更好。當然，對於我們的大多數客戶來說，速度的提升、他們需要擁有的資產數量的增加，以及我們能夠隨時快速轉移業務的速度，都將帶來改善。今天任何跨越這個界限的人都將移交業務。請記住，我們很大一部分業務都是外包給其他人來完成最後的跟進工作，反之亦然。所以這對我們的客戶來說是好事。

And our customers understand that we are competing against the world, Tom. This is not just we compete against Canadian ports. There is going to be five or six or seven trains that come across Canada that should be, and we think they should be handled by US ports, but instead, they're handled the Canadian ports by Canadian railroaders across the country to drop into the US. And if we can become more efficient even than where we are today and more fluid and be able to have a different product, we can move some of that traffic. So we have more American jobs and more people working for Union Pacific, the combined company.

湯姆，我們的客戶也明白，我們是在全球競爭。我們不僅僅是與加拿大港口競爭。將會有五、六、七列火車穿越加拿大，我們認為它們應該由美國港口處理，但實際上，它們是由加拿大鐵路公司在加拿大各地的港口處理，然後運往美國。如果我們能夠比現在更有效率、更靈活，並且能夠提供不同的產品，我們就可以轉移一部分流量。這樣一來，我們就有了更多的美國就業機會，也有更多的人在合併後的聯合太平洋公司工作。

So when I look at everything, what we've done is we've guaranteed jobs for every unionized employee on the day that we -- that the merger closes. And why would we do that? We are absolutely sure we can grow the business because of the watershed area of the United States that's underserved and a railroad that is seamless. Listen, I'll quote one of the other CEOs when they went through their merger. And I'll give you the quote off the top of my head, but I could easily pull it up on my phone because it's one of my favorite ones to read whenever I see somebody write from another railroad how it's not real good for us and they're worried.

所以，當我回顧所有情況時，我們所做的就是保證了合併完成之日，每一位工會成員都能保住工作。我們為什麼要這樣做？我們絕對有信心發展壯大這項業務，因為美國這一地區是尚未得到充分服務的流域，而且鐵路交通十分便利。聽著，我引用一下其他公司CEO在合併過程中說過的話。我可以馬上把那句話說出來，但我也可以很容易地在手機上找到它，因為每當我看到其他鐵路公司的人寫信說鐵路對我們不太好，他們很擔心的時候，我都會讀這句話。

It was -- even though [UP] has a great franchise coming out of Chicago, and it's a great way to get the Mexico, nobody can beat and compete, and they're going to have to compete hard to win with our single line where we don't have to hand off to somebody else.

雖然[UP]在芝加哥擁有一支很棒的球隊，而且這是進入墨西哥的好方法，但沒有人能打敗我們，也沒有人能與我們競爭，他們必須努力才能憑藉我們單線作戰（無需將球交給其他人）贏得比賽。

So Tom, when you frame that, the SMART-TD agreement, it would just formalized what we had in place that we had already guaranteed. And we're in discussion with other unions to formalize it and I'm more than willing to formalize it. So it's not just my word and it's not just my -- what we've been saying, we're willing to put it on paper and say what we're going to do with our unionized employees. And we'll work through that. And in fact, Tom, we took this round of negotiations that we wanted to negotiate directly with our unions because our employees are really important to us, and we wanted to make sure that we were doing the right thing, so it's a win-win for our employees and ourselves.

所以湯姆，當你制定 SMART-TD 協議時，它只是將我們已經做出的保證正式化了。我們正在與其他工會商討將其正式化，我非常願意將其正式化。所以這不僅僅是我的話，也不僅僅是我們——我們一直說的話，我們願意把它寫下來，說明我們將如何對待我們的工會員工。我們會解決這個問題。事實上，湯姆，我們之所以選擇直接與工會進行談判，是因為我們的員工對我們來說非常重要，我們希望確保我們做的是正確的事情，所以這對我們的員工和我們自己來說都是雙贏的。

And I can tell you, right now, we have an agreement, either in principle, not yet out for ratification or sorry, they're going to go up for ratification with every union. So basically, we have finished this round of negotiations, and we have -- because the unions understand how beneficial overall this deal is and how it's going to help us move ahead. So we're real happy with where we are.

我可以告訴你，現在我們已經達成了一項協議，要么是原則上的協議，要么是還沒有提交批准，或者抱歉，它將提交給每個工會批准。所以基本上，我們已經完成了這一輪談判，而且——因為工會明白這項協議總體上是多麼有利，以及它將如何幫助我們向前邁進。所以我們對現狀非常滿意。

So Tom, listen, unless I missed something and you wanted me to cut in -- you talked about the timing. So what I can tell you about the timing is it sure will not take us into January to get this done, okay? We're into getting the deal done as soon as possible. If you ask Jim Vena, I want it in, okay, before the 1st of December, the application. If you talk to some people on the team, they're saying, Jim Vena, would you give us a little bit of time? And the answer is no. So I'm hoping that we can do everything we can to have it in by the end of November or the latest in early December so that we can have the application in and get that process moving.

所以湯姆，聽著，除非我錯過了什麼，或者你想讓我插話——你剛才談到了時間安排。所以我可以告訴你們的是，這件事絕對不會拖到一月才能完成，好嗎？我們希望盡快完成這筆交易。如果你問吉姆維納，他會說，我希望在 12 月 1 日之前提交申請。如果你和球隊裡的一些人談談，他們會說：“吉姆·維納，你能給我們一點時間嗎？”答案是否定的。所以我希望我們能盡一切努力，爭取在11月底或最遲12月初完成，以便我們能夠提交申請並啟動流程。

So Tom, hopefully, I answered everything there. Sorry for the long answer.

所以湯姆，希望我解答了你所有的問題。抱歉回答這麼長。

No, on the shipper side, anything new there? Or is that -- that's the only thing you didn't hit. And thanks for all the perspective.

不，出貨方那邊有什麼新狀況嗎？或者說——那是你唯一沒擊中的東西。感謝您提供的所有見解。

Yes. Listen, Kenny, why don't you say where we are with the customers and how many letters of support we have already?

是的。肯尼，為什麼不說說我們目前的客戶狀況以及我們已經收到了多少封支持信呢？

Yes. I just want to reaffirm something you said, Jim, about 40% of our business either comes into or moved out of Union Pacific that we're competing globally. But absolutely, I mean, we have over 1,200 stakeholders. Those are ports, government officials, they're short lines. But if you just look at the customers, we've got over 400 customers that have sent in a letter of support and there's still a pipeline behind that. And they run the gamut, they represent all the industries that we serve.

是的。吉姆，我只想重申你剛才說的一件事，我們大約 40% 的業務要么進入聯合太平洋鐵路公司，要么從聯合太平洋鐵路公司轉移出去，而我們正在全球範圍內與聯合太平洋鐵路公司競爭。當然，我的意思是，我們有超過 1200 個利害關係人。那是港口，那是政府官員，那是短程航線。但如果你只看客戶，我們已經收到 400 多位客戶的支援信，背後還有待處理。它們涵蓋了各個領域，代表了我們所服務的所有行業。

Okay. Tom, thank you very much.

好的。湯姆，非常感謝你。

Ken Hoexter, Bank of America.

Ken Hoexter，美國銀行。

So Jen, you talked a little bit about sequential OR or I guess, fourth quarter, you threw out some initial thoughts there. Can you talk to the puts and takes? You mentioned the favorable equipment settlements, the lower mix impact, your revenue thoughts. So maybe just talk about all the puts and takes that we should expect in the fourth quarter. If we're starting with volumes down mid-single digits, ultimately, should we see earnings flat, down, up year-over-year in the fourth quarter?

所以Jen，你剛才談到了順序或，或者我猜是第四季度，你提出了一些初步的想法。你能和買入和賣出者談談嗎？您提到了有利的設備結算、較低的組合影響以及您對收入的看法。所以，或許我們可以談談第四季我們應該預期的所有買賣交易。如果銷量一開始就出現個位數中段的下滑，那麼最終，我們會看到第四季的收益與去年同期相比是持平、下降還是成長呢？

So thanks for the question. And I know this won't surprise you, Ken, but I'm not going to give you specific guidance about the quarter, but I can give you context around it. And you hit many of the high points. So when you think about the top line, right now, volumes are down 6%. And that's -- it's really mostly that international intermodal piece that we've been talking about and quite frankly, expecting all year when we knew against the tough comp that we had against last year.

謝謝你的提問。我知道這不會讓你感到意外，肯，但我不會給你關於本季度的具體指導，但我可以給你一些背景資訊。你提到了很多要點。所以，從營收數據來看，目前銷售量下降了 6%。而這——實際上主要是我們一直在談論的國際多式聯運部分，坦白說，我們一整年都在期待它，因為我們知道去年我們面臨著激烈的競爭。

Now with that, though, we do expect to have -- mix was a little bit positive in the third quarter, although we did have very strong intermodal in July, and so that probably was a little bit of a mix headwind versus what we would have been expecting coming into the year. But I would say fourth quarter, we're certainly seeing a better mix rotation with the international Intermodal coming down. But we do still have coal, which is below the system average arc that is going to be very strong in the quarter.

不過，我們預計第三季的運輸組合略有好轉，儘管7月份多式聯運非常強勁，但這可能與我們年初的預期相比，對運輸組合造成了一些不利影響。但我認為，在第四季度，隨著國際聯運量的下降，貨運組合的輪換情況肯定會有所改善。但我們仍然有煤炭供應，其供應量低於系統平均水平，預計本季煤炭供應將非常強勁。

We like all our business, you know that, Ken, and we're diligent in making it all profitable, but there's some that contribute more to that top line than others when you're looking at the arc. And then below the line, talk about expenses. We'll continue to have merger costs, probably not quite to the level that we had in the third quarter, but that will be there. But Eric and team, as you've heard, are running very well. And so we feel very good about the ability to be productive, although productivity, as you know, also is challenged when you have volumes coming down.

你知道，肯，我們喜歡我們所有的業務，我們也努力讓所有業務都獲利，但是從整體來看，有些業務對總收入的貢獻比其他業務更大。然後在下面列出費用。我們仍將面臨併購成本，可能不會達到第三季的水平，但成本仍然存在。但正如你所聽到的，埃里克和他的團隊表現非常出色。因此，我們對自身的生產能力感到非常滿意，儘管你也知道，當產量下降時，生產能力也會受到挑戰。

And so the team accepts that challenge knows that they have that there, but that will create a little bit of a headwind. And so that's why when we look at it, would we like to have volumes up and blue skies and 37 degrees, as Jim said, great railroading weather throughout the quarter, you bet. But we will have some challenges, and that's going to make it tough when you think about stacking that up against what was a record quarter for us in the fourth quarter. But when you peel all that back and look at how we're running fundamentally, the railroad is running extremely sound fundamentally, and that will absolutely continue in the fourth quarter.

因此，團隊接受了這個挑戰，他們知道他們面臨這樣的挑戰，但這會帶來一些阻力。所以，當我們審視這個問題時，我們當然希望貨運量上升，晴空萬裡，氣溫37度，就像吉姆說的那樣，整個季度都是鐵路運輸的好天氣。但我們仍會面臨一些挑戰，考慮到第四季度我們創下的紀錄，這將使情況變得艱難。但當你剝離所有這些表象，從根本上審視我們的運營情況時，你會發現鐵路運營的基本面非常穩健，而且這種情況在第四季度肯定會繼續保持。

And then specific to the [rent] question?

那麼具體到租金問題呢？

So we just had a couple of small -- I said I called it out $13 million some contract settlements. Those were unique to the third quarter.

所以我們只是有幾筆小額的——我說我提到了1300萬美元的一些合約和解。這些情況僅在第三季出現。

Brandon Oglenski, Barclays.

Brandon Oglenski，巴克萊銀行。

Since you guys announced your merger agreement, it seems like your competitors are maybe collaborating a lot more than they have in the past. Do you view this as potentially a risk, especially as you're going through a pretty complicated process with the STB here?

自從你們宣布合併協議以來，你們的競爭對手似乎比過去更積極地開展合作了。您是否認為這有潛在風險，尤其是在您與新加坡電信（STB）之間進行相當複雜的流程時？

No. In fact, that proves our point about competition. If you take a look at it, I'm surprised they weren't doing it before, if that was out there. So what happens is when you have a competitor that you know is going to be stronger and is going to give a better service product and probably at a better price, okay, because of less touch points that we have when you remove the touch points that everybody else needs to compete. But truly, I'm surprised that it took us announcing, okay, a merger for other people to say that they were going to do special moves and cooperate. So I think it bolsters our position in front of the STB.

不。事實上，這正好證明了我們對競爭的觀點。如果你仔細看看，如果這種做法已經存在，我很驚訝他們之前竟然沒有這樣做。所以，當你遇到一個實力更強、能提供更好產品和服務、價格也可能更優惠的競爭對手時，就會出現這種情況。這是因為我們減少了與競爭對手的接觸點，而其他競爭對手為了競爭，不得不減少接觸點。但說實話，我感到驚訝的是，在我們宣布合併之後，其他人才表示他們將採取特殊措施並進行合作。所以我認為這鞏固了我們在STB面前的地位。

Remember what the STB needs to take a look at it. You talk about enhanced competition and this merger provides enhanced competition and you just see it the way the railroads are reacting. Nobody would react in business if it was bad for the railroad that was merging and good for themselves. Listen, we're competitive. If anybody thinks that another railroad would come out and be, all no, UP better not merge if it was actually worse and better for them let's get -- let's put that on the table.

記住機上盒需要檢查哪些內容。你們談到加強競爭，而這次合併確實加強了競爭，看看鐵路業的反應就知道了。如果合併對鐵路公司不利，但對自身有利，那麼商界人士是不會做出反應的。聽著，我們很有競爭心。如果有人認為另一家鐵路公司會站出來反對合併，那麼聯合太平洋鐵路公司最好不要合併，如果合併實際上對他們來說是更好還是更壞，讓我們把這個問題擺到桌面上來討論。

So there's only one reason that the railroads are complaining a couple of them is because they see the competition and they need to step up. When we do that, it's helpful. So I'm looking forward to this as we go through and work through on the merger. We're covering every point on the merger, and we're very comfortable that the STB is going to see how good it is for America and how it changes the paradigm of railroad versus truck.

所以鐵路公司抱怨其中幾家的唯一原因就是他們看到了競爭，需要迎頭趕上。這樣做是有幫助的。所以我很期待我們能夠順利完成合併工作。我們正在報導合併的每一個要點，我們非常有信心，STB 會看到這對美國有多好，以及它如何改變鐵路與卡車之間的格局。

Thank you, Jim.

謝謝你，吉姆。

Jonathan Chappell, Evercore ISI.

Jonathan Chappell，Evercore ISI。

Thank you. Good morning, everyone. Eric, Jennifer just noted in one of her prior answers, productivity is challenged and the volumes are coming down. In your prepared remarks, you said you had the locomotives and the labor position for new business wins. We look at Kenny's outlook slide and there's actually more minus signs than positive signs for 4Q.

謝謝。各位早安。艾瑞克，正如詹妮弗在她之前的回答中提到的，生產力面臨挑戰，業務量正在下降。你在事先準備好的演講稿中提到，你擁有贏得新業務所需的機車和勞動力。我們查看了肯尼的展望幻燈片，發現第四季負面消息比正面消息多。

So when we think about your ability to be nimble, your productivity or efficiency, as you're going through kind of a choppy macro backdrop but with all eyes on the UP and your service during this merger review process, can you be as nimble and reap as much productivity if volumes continue to be weaker than expected? Or do you need to have a little bit more slack in the system at the present time?

因此，當我們考慮您的靈活性、生產力或效率時，考慮到您目前所處的宏觀環境動盪不安，但所有人的目光都集中在 UP 以及您在此次合併審查過程中的服務上，如果業務量持續低於預期，您還能保持靈活性並獲得足夠的生產力嗎？或者，您目前是否需要在系統中留出一些餘地？

Yes. Thanks, Jonathan, for that question. So you're right in your characterization of what Jennifer mentioned. When we are faced for temporary volume being down, we know that playbook, and it's important that all of you understand that. And you start with what you won't do.

是的。謝謝你的提問，喬納森。所以你對詹妮弗所提到內容的描述是正確的。當面臨暫時性的銷售下滑時，我們知道該如何應對，這對你們所有人來說都很重要。首先要從你不會做的事情開始說起。

And what we won't do is sacrifice anything related to our buffers, whether that's locomotives, crews or railcars. So could we be a little bit more conscious about that? Honestly, I don't think we are because we do that every single day. We focus on making sure all three buffers are intact and prepositioned across the railroad.

我們絕不會犧牲任何與我們的緩衝系統相關的資源，無論是機車、空服員或鐵路車輛。我們能否在這方面多一點自覺呢？說實話，我不認為我們是，因為我們每天都在做這件事。我們重點確保所有三個緩衝器完好無損，並預先放置在鐵路沿線。

Now what do we do? Of course, we'll react to the markets. We'll act promptly. You first start with your transportation plan, making adjustments that typically drive productivity in the areas of train starts and crew starts. Then from there, you do as what you said, which is go to your locomotive fleet, make sure you've rightsized your locomotive fleet for the volume and the mix that you have on the railroad.

現在我們該怎麼辦？當然，我們會根據市場情況做出反應。我們會立即採取行動。首先，你要製定運輸計劃，並進行調整，這些調整通常會提高列車發車和乘務員上班方面的效率。然後，照你剛才說的去做，就是檢查你的機車車隊，確保你的機車車隊規模與鐵路的貨運量和列車種類相符。

You adjust your car fleet. You've seen us do that many times. Heck, we do that 4 or 5x every single year just due to the seasonality of intermodal business. Then you go to your hiring and you look carefully. We go through that process every single month.

您調整了車隊規模。你們已經多次看到我們這樣做了。哎，由於多式聯運業務的季節性，我們每年都要這樣做 4 到 5 次。然後你去參加招聘，仔細考察。我們每個月都要經歷這個過程。

I'm personally involved in that process. But if we were to see volume being weaker in certain markets, certain geographic areas for a prolonged period, we would make adjustments to hiring. So I could keep going through the rest of the playbook. I don't even have it in front of me. I know it so well, and so does the team.

我自己也參與了這個過程。但是，如果我們發現某些市場、某些地區的銷售量在較長時間內疲軟，我們將調整招募計畫。這樣我就可以繼續執行剩下的戰術手冊了。我手邊甚至沒有它。我對此非常了解，我的團隊也是。

So we will make adjustments to ensure that we continue to provide the great service we're providing, but also at the lowest cost so we keep Kenny and the team competitive in the market as they go and win volume.

因此，我們將做出調整，以確保我們繼續提供我們一直在提供的優質服務，同時以最低的成本，使肯尼和他的團隊在市場競爭中保持競爭力，並贏得銷售。

Thanks, Eric.

謝謝你，埃里克。

Thank you, Jonathan.

謝謝你，喬納森。

Scott Group, Wolfe Research.

Scott Group，Wolfe Research。

So maybe just, Jim, like to ask it more directly, like (inaudible) rail that seems like publicly opposed to the merger. Like in the past, maybe that has mattered, like do you think that rail opposition matters today, given all the other sort of puts and takes as it relates to this merger?

所以，吉姆，或許你可以更直接地問一下，例如（聽不清楚）鐵路公司，他們似乎公開反對合併。就像過去一樣，也許這很重要，例如，考慮到與此合併相關的所有其他博弈，你認為鐵路方面的反對意見在今天還重要嗎？

And then maybe just separately, if I can, Jennifer. The yields ex fuel were up 3.5%. I know there's maybe a little bit of mix here. But it feels like we're like now more clearly in a positive price cost backdrop? Like does that continue? Any reason to think that, that isn't sustainable looking ahead?

然後，如果可以的話，也許可以單獨和珍妮佛聊聊。剔除燃料成本後，收益率上升了3.5%。我知道這裡面可能有點混雜。但感覺我們現在似乎更明顯地處於價格成本上升的背景下？這種情況會持續下去嗎？有什麼理由認為這種做法不可持續嗎？

Okay. I might as well start and then Jennifer, you can jump in. Appreciate the double question there, Scott. It was pretty slick. That's what I like about you.

好的。我先開始吧，然後珍妮弗，你就可以加入了。斯科特，感謝你提出的雙重問題。它非常流暢。這就是我喜歡你的地方。

So let's talk about the other railroad, and you specifically talked about BN. [Unless] BN is a great company as a great franchise, has a long history, and we compete with them every day, and we compete hard. And if I was in their shoes, if I was the leader of both in Northern Santa Fe or I guess, just like Union Pacific Railroads, a subsidiary of Union Pacific Corp., they're a subsidiary of behemoth called Berkshire with $350 billion. So they can do whatever they want, whether they want to buy something or not buy something. And maybe if I was there, I would phone up the big boss and say, we need to do this because it's better for the country and better for us.

那我們來談談另一家鐵路公司，你剛才特別提到了BN鐵路公司。[除非] BN 是一家偉大的公司，也是一個偉大的特許經營品牌，擁有悠久的歷史，我們每天都與他們競爭，而且競爭非常激烈。如果我站在他們的位置上，如果我是北聖達菲鐵路公司或聯合太平洋鐵路公司（聯合太平洋公司的子公司）的領導者，而聯合太平洋鐵路公司又是擁有 3500 億美元資產的龐然大物伯克希爾公司的子公司，我會怎麼做？所以他們可以做任何他們想做的事，不管他們想買還是不想買。也許如果我在那裡，我會打電話給大老闆說，我們需要這樣做，因為這對國家有好處，對我們也有好處。

But that's -- but if I take a look at it like I started, Scott, is -- they have to react to what we've done. We're the first mover to truly deliver. And they can -- I would see the benefit if I was outside of this merger, and how do I gain the most for myself. And that's what (inaudible) Northern or Berkshire is doing is, is at this point, they don't want to do anything. So they're looking at it as a way, and that's what the other railroads are doing is looking at a way that they can benefit.

但是——但是如果我像我一開始那樣看待這件事，斯科特，那就是——他們必須對我們所做的一切做出反應。我們是第一個真正兌現承諾的先驅。而且他們確實可以——如果我不在這次合併中，我會看到好處，以及我如何獲得最大的利益。而這就是（聽不清楚）北方或波克夏現在正在做的，他們現在什麼都不想做。所以他們把這看作是一種途徑，其他鐵路公司也在做同樣的事情，尋找可以從中獲益的方式。

The problem that they have is this time, it truly is an end-to-end bolt-on. It is not a big overlap. So that story of I need access to the railroad just doesn't fit. On top of that, Scott, as an industry, too long, we wanted to open up a coffee shop inside of Starbucks because we're afraid to spend our own money to build in. So you think about that.

他們遇到的問題是，這一次，它確實是一個完整的、端到端的外接組件。兩者重疊部分不多。所以，我需要使用鐵路的說法根本說不通。此外，史考特，作為一個行業，我們長期以來都想在星巴克開一家咖啡店，因為我們害怕花自己的錢去裝修。所以你要好好想想。

I want a new coffee shop in New York City. And I'm going to walk over to the Starbucks and say, (inaudible) you've got a real nice store, would you let me open up my own counter in your store? No, open your own counter because if you have enough money, open it across the street, if you want, but you pay your expenses.

我想在紐約市開一家新的咖啡店。然後我要走到星巴克去，跟他們說，（聽不清楚）你們的店真不錯，能不能讓我在你們店裡開一個自己的櫃檯？不，你應該自己開一家櫃檯，因為如果你有足夠的錢，即使開在街對面也可以，但你要自己承擔費用。

So the way we look at it is when the railroads come up and save very sort of misleading positions, it helps us. The STB and the members that are there now are very smart. They know we're not going to remove 300 lanes of traffic, okay? They know that we're going to have more options for our customers, not less. So at the end of the day, they're fighting a good fight trying to make the noise, but the STB in our case is so strong that I'm very comfortable that unless they change their strategy, then they actually help us because it doesn't make sense when things are out there that don't add up the fact.

所以我們認為，當鐵路公司出現並挽救一些具有誤導性的立場時，這對我們是有好處的。新加坡電信管理局及其現有成員都非常聰明。他們知道我們不可能取消 300 條車道，好嗎？他們知道我們將為客戶提供更多選擇，而不是更少。所以歸根結底，他們正在努力製造聲勢，但就我們而言，STB 的力量非常強大，所以我很放心，除非他們改變策略，否則他們實際上是在幫助我們，因為當一些事情與事實不符時，這樣做是沒有意義的。

Finally, as we are more than willing to sit down and have arrangements and have discussions because we have a very small amount of customers that are going to go from two to one. In fact, it's less than 10 customer locations, not even just customers. So what we've agreed to is we are going to provide access to those locations to another railroad to give them the optionality that they had before so that nobody in this merger loses anything. So we'll talk to all the railroads and see who wants to sit down and have a discussion about it.

最後，我們非常願意坐下來討論安排和討論，因為我們只有極少數客戶會從兩個減少到一個。事實上，客戶地點不到 10 個，而且不僅僅是客戶。因此，我們達成的共識是，我們將向另一家鐵路公司提供進入這些地點的通道，使他們能夠像以前一樣擁有選擇權，這樣在這次合併中就不會有人蒙受損失。所以我們會和所有鐵路公司談談，看看誰願意坐下來討論一下這個問題。

Finally, Scott, I mean I know I'm being along with it this morning, but it's sort of fun. Isn't this a fun thing to be doing, talking about a great quarter that nobody really is paying attention to, okay, world-class quarter, with a world-class team that delivered, but nobody is going to ask us too much about that. And then the merger that we're going to change the industry and move it forward the way we should. So bottom line is I'm very comfortable where we are, and I think that we end up with a -- at the right place with the STB because they're smart and they're going to work through the issues that are on the table.

最後，史考特，我的意思是，我知道我今天早上有點不合時宜，但這還挺有趣的。談論一個沒人真正關注的出色季度，這不是一件很有趣的事嗎？好吧，一個世界級的季度，由一支世界級的團隊出色完成，但沒有人會過多地詢問我們。然後，我們將透過合併來改變這個產業，並推動它朝著我們應該的方向發展。總之，我對我們目前的狀況非常滿意，我認為我們最終會和機上盒達成一致，因為他們很聰明，他們會解決眼前的問題。

And also just a final point, Scott, we haven't even put in our merger, okay, application that talks about all the things we're going to do and people are already talking about what we're going to do, truly amazing. They must be mine readers. They must be looking at our brains here and saying that wonder what Eric is going to do and Kenny and Jennifer and Jim and the entire team, okay? So we'll wait until we put the merger application in at the end of November. And then at that point, we'll sit down and talk to anybody who wants to sit down and talk to us.

還有最後一點，史考特，我們甚至還沒有提交合併申請，好嗎？申請裡會詳細說明我們將要做的事情，但人們已經在談論我們將要做的事情了，真是太不可思議了。他們一定是我的讀者。他們一定在看著我們，心裡想著：艾瑞克會怎麼做？肯尼、珍妮佛、吉姆還有整個團隊又會怎麼做？所以我們會等到11月底提交合併申請時再做決定。到那時，我們會坐下來和任何想坐下來和我們交談的人交談。

Sorry for the long answer, Scott. The second part, Jennifer?

抱歉回答這麼長，史考特。第二部分，珍妮佛？

I forgot it. No. I'm kidding.

我忘了。不。我在開玩笑。

I won't speak as many words. I promise you all.

我不會說太多話。我向你們所有人保證。

I'm sorry. You asked about price going forward, Scott. So -- and then you referenced the 3.5%, the price/mix yield that we had on our freight revenue in the quarter. So we did get some positive benefit in the third quarter from the mix. And as we look forward, we do think, obviously, it will depend on how the business comes through.

對不起。史考特，你問的是未來的價格走勢。所以——然後你提到了我們本季貨運收入的價格/組合收益率為 3.5%。因此，我們在第三季確實從這種組合中獲得了一些積極的收益。展望未來，我們認為，很顯然，這將取決於企業的發展狀況。

But as we're sitting here today with intermodal going down, we definitely think mix should be a positive in the fourth quarter, tempered maybe a little bit on the coal side.

但鑑於目前多式聯運正在下滑，我們認為第四季的運輸組合應該會呈現正面態勢，煤炭運輸可能會受到一些抑制。

In terms of price, the pricing environment has remained, I'd say, challenging, but Kenny have done a really good job supported by the service to go out there and talk with our customers about the value that we're providing them through faster cycle times, more reliable service, and they're doing a good job yielding some very positive price. We're not getting any support from the intermodal side of the world. That truck competitive market is still very, very challenging.

就價格而言，我認為定價環境仍然充滿挑戰，但肯尼在服務部門的支持下做得非常出色，他走出去與客戶溝通，闡述我們通過更快的周期時間和更可靠的服務為他們提供的價值，並且他們做得很好，取得了非常積極的價格成果。我們沒有得到來自多式聯運領域的任何支持。卡車市場的競爭依然非常非常激烈。

And I would say, as we move into the fourth quarter and into the first part of next year, you're going to start to see some tougher comparisons for us on the coal side of the world as well, when you think about some of the flexibility we have in those contracts with natural gas. But you put kind of some of those, what I'll call, [manufactors] aside and you just look at what the team is doing and the combination of driving value to the customers and being very value motivated, profit driven in terms of what we can do for the company and for our customers to grow the business and get solid price, we feel good about that.

而且我認為，隨著我們進入第四季和明年上半年，考慮到我們在天然氣合約方面擁有的一些靈活性，我們在煤炭業務方面也將面臨一些更嚴峻的比較。但是，如果你把其中一些，我稱之為[製造商]的東西放在一邊，你只看看團隊正在做的事情，以及他們如何為客戶創造價值，如何以價值為導向，如何以利潤為導向，如何為公司和客戶發展業務並獲得可靠的價格，我們對此感到滿意。

Thank you very much, Scott. Sorry for the long answer, but I thought we'd cover off a few points there.

非常感謝你，斯科特。抱歉回答這麼長，但我認為我們應該把幾個要點都涵蓋進去。

No, that was great.

不，那太棒了。

Brian Ossenbeck, J.P. Morgan.

Brian Ossenbeck，摩根大通。

Maybe a quick one for Kenny, and then a follow-up for Jim. So Kenny, just looking at the intermodal, it looks like there's some share shift between yourself and other Western competitor, if we look at just an originated basis. I know there's a lot of moving parts with international and domestic, but wanted to see if we're reading that directly.

或許先給肯尼一個簡短的提問，然後再給吉姆一個後續提問。所以肯尼，單從多式聯運的角度來看，如果我們只從始發地來看，你和其他西方競爭對手之間似乎存在一些市場份額的變化。我知道國際和國內事務涉及很多方面，但我想看看我們是否能直接理解這一點。

And then, Jim, you mentioned that the customers are lining up, there's a good amount of support, but one that's been pretty vocal, obviously, maybe this is the Starbucks example you're referring to. But the chemical shippers in the Gulf Coast, they've been a lot more vocal winning enhanced competition. Is that something -- I'm sure we'll hear about in the application, but is that something you can deal with directly? Or do you take that to the STB and have them weigh on it? And just how should we think about how that progresses since it's a pretty big and important in vocal group.

吉姆，你提到顧客們都在排隊，得到了很多支持，但也有相當一部分人公開表達了反對意見，顯然，這可能就是你提到的星巴克例子。但墨西哥灣沿岸的化學品運輸商則更加積極發聲，贏得了更激烈的競爭。這是什麼呢？我確信我們會在申請過程中了解到，但這是您可以直接處理的事情嗎？還是你把它帶到STB（新加坡交通委員會）讓他們評估一下？既然這是一個規模相當大、非常重要的聲樂團體，我們該如何看待它的發展呢？

So Kenny, do you want to talk about the --

肯尼，你想談談…--

Yes, I'll start off. Thanks for the question. We've seen a little bit of a market degradation for sure. Those are tough comp comparisons. We did see quite a bit that's pulled ahead earlier in the year.

好的，我先來。謝謝你的提問。我們確實看到市場出現了一些下滑。這些都是很難的對比。我們確實看到今年早些時候有很多項目取得了進展。

And at the same time, with all the investments that we've made in our intermodal market, the new markets for international and Arizona and Twin Cities and some other areas in the service product that we have, we're going to make sure if we move the volume that it's going to move at the margins that reflect both the service, the investments in the infrastructure that we've made and the overall products. And so that's what you're seeing. You're seeing both of those right now.

同時，鑑於我們在多式聯運市場、國際市場、亞利桑那州、雙子城以及其他一些服務產品領域的新市場所做的所有投資，我們將確保，如果我們增加貨運量，其利潤率將反映出服務、我們對基礎設施的投資以及整體產品。所以，這就是你現在看到的。你現在看到的正是這兩樣東西。

Okay. So on the associations, the chemical association that you mentioned, last time I looked, they don't pay any of our bills. They don't have a direct relationship with us, and we are dealing with our customers, and that for me is really important. Do we have to understand what the associations are saying and what they're doing in Washington, D.C. and what their story is.

好的。所以，關於你提到的那些協會，例如化學協會，據我上次了解，他們並沒有支付我們的任何費用。他們與我們沒有直接關係，而我們直接與客戶打交道，這對我來說非常重要。我們是否需要了解這些協會在華盛頓特區說了什麼、做了什麼，以及他們的故事是什麼？

But again, it's truly amazing that they know already that gives you an idea of where they're coming from, what we're putting into the merger document and what we're doing with access to CSX, access to Burlington Northern or Berkshire on the way westbound and access to the other railroads whether it's the short lines that we operate [with] and handle, whether it's Canadian National or Canadian Pacific. So at the end of the day, we'll deal with them, and we're more than willing to sit down with the associations and explain the benefit. And the benefit is 15% to 20% on their merchandise traffic, okay, moving.

但話說回來，他們竟然已經知道這一點，真是令人驚訝。這讓你了解了他們的出發點，我們在合併文件中加入了什麼，以及我們如何利用 CSX、西行的伯靈頓北方鐵路或伯克希爾鐵路，以及我們運營和管理的其他鐵路，無論是短途線路，還是加拿大國家鐵路或加拿大太平洋鐵路。所以歸根結底，我們會處理這些問題，我們非常願意與相關協會坐下來，解釋其中的好處。這樣做的好處是，他們的商品流量、銷售和銷售量都能提高 15% 到 20%。

History will show them that the railroads have not increased price, and this is in general for all of the railroads at the same level as the liability issue has crept up and what that would cost us and also how -- what we're pricing for the product that they're selling. So that's why we like to talk to the big shippers that we have.

歷史會證明鐵路公司並沒有提高價格，而且總體而言，所有鐵路公司的價格都保持在同一水平，因為責任問題逐漸浮出水面，這會給我們帶來多大的成本，以及我們如何為他們銷售的產品定價。所以這就是為什麼我們喜歡和我們的大型貨運公司洽談的原因。

And when we talk to the big shippers, they understand it. But you know what, it's a little bit and especially for the associations is there's a trough out there, and they're trying to see what they can get with it. We've spent a lot of time with the -- and when we explain what we're doing with the political and regulatory people, they start to see -- so you're talking -- Jim and Kenny and Eric and Jennifer, so you're saying you're going to be faster, really so they need less cars.

當我們和大型貨運公司交談時，他們也理解這一點。但你知道嗎，這有點……尤其是對協會來說，外面有個缺口，他們正試圖從中撈取好處。我們花了很多時間和他們——當我們向政界和監管界人士解釋我們正在做的事情時，他們開始明白——所以你在和吉姆、肯尼、埃里克和詹妮弗談話，所以你說你會更快，這樣他們就不需要那麼多車了。

They need less expense, less inventory expense. Hold it, you're going to be able to move across the country, 15% to 20% quicker. You mean you're going to remove 1,000 trucks of rail-to-rail or our portion of it in Chicago and other places that today runs on the highway instead of going rail to rail. So we have less trucks on the road. Oh, you're looking at forward on how we're going to do, okay, to compete against trucks, where technology is changing quick if anybody wants to go take a look at what trucks are doing now to become more autonomous as they move ahead.

他們需要的開支更少，庫存成本更低。等等，你搬到全國各地的速度將提高 15% 到 20%。你的意思是說，你要取消芝加哥和其他地方目前在高速公路上行駛的 1000 輛卡車的鐵路對鐵路運輸，而不是走鐵路對鐵路運輸。所以路上的卡車就少了。哦，你們在展望未來，思考我們將如何與卡車競爭，好吧，卡車技術發展日新月異，如果有人想了解卡車現在為了變得更加自主而採取的措施，可以去看看。

Let's go to Texas, let's go to places where they're being used right now. If we don't move ahead, the associations okay, we'll find themselves in a place where they'll be asking us railroads to do what we're doing without their push. So that's where I'm at with it. It's complicated, but I don't know Brian, real interesting, but you would come out so strong when you haven't even read what the merger document is, okay, is the merger application is makes you wonder where the heck are coming from. They just must be negative all the time. I guess what they probably are looking at our third quarter and find some dirt on the third quarter where we've really delivered strong as a company.

我們去德州吧，我們去那些正在使用它們的地方看看吧。如果我們不向前邁進，協會們也會同意，我們會發現自己身處這樣的境地：他們會要求我們鐵路公司在沒有他們推動的情況下做我們正在做的事情。這就是我目前的進展。這很複雜，但我不知道布萊恩的情況，這很有意思，但你甚至都沒看過合併文件，就發表如此強硬的言論，好吧，合併申請書讓人不禁想知道你到底是從哪裡冒出來的。他們就一定要一直消極悲觀。我猜他們可能是在研究我們第三季的業績，想找出一些關於我們公司第三季表現強勁的負面資訊。

Kenny, anything you wanted to add?

肯尼，你還有什麼要補充的嗎？

Yes. I just want to say, our first approach is to talk directly with customers, not necessarily through the association. At the same time, we have -- we've already done and we already have meetings on the books to talk to those customers through those associations. But again, the main approach is sitting down with our customers, large and small and talking to them. We're covering it from all angles.

是的。我只想說，我們的首要方法是直接與客戶溝通，不一定要透過協會。同時，我們已經——我們已經做了，並且已經安排了會議，透過這些協會與這些客戶進行溝通。但再次強調，主要方法還是與我們的客戶（無論大小）坐下來交談。我們正在從各個角度進行報道。

Jim, the 15% to 20% increase, just to clarify, that's a speed or a throughput? What does that number referred to?

吉姆，我確認一下，這15%到20%的成長是指速度還是吞吐量？這個數字指的是什麼？

Yes. So what I'm talking about, Brian, is that what people miss [that don't railroad], okay? And I'm trying not to be flippant this morning because I woke up just flippant. I looked at our numbers and I was trying to find some dirt on Eric to make sure I pushed him and the team real hard. So that's the attitude I woke up with this morning after about four hours of sleep last night like I was ready to go. So let me not be flippant.

是的。所以，布萊恩，我指的是那些不走鐵路的人所錯過的，好嗎？我今天早上盡量不讓自己顯得輕浮，因為我醒來時確實很輕浮。我查看了我們的數據，並試圖找到一些關於埃里克的黑料，以確保我能對他和球隊施加真正的壓力。所以，這就是我昨晚只睡了大約四個小時後，今天早上醒來時的心態，感覺自己已經準備好了。所以，我還是不要輕率行事了。

Bottom line is if you understand railroading, if you can remove touch points of touch points through a yard, our average and we're the best in the industry is 19.9 hours this month, okay? So you're going to add 19.9 hours if you're going to move railcars and have to touch them. We touch them now before we hand them off. On top of that, Brian, we don't build blocks for other railroads because history has always said that railroads always look internal as soon as they get into the slightest bit of trouble. So you cannot rely on railroads to do what's better when they've agreed to build blocks for you.

歸根結底，如果你了解鐵路運輸，如果你能減少貨場內的接觸點，我們這個月的平均時間是 19.9 小時，我們是業內最好的，明白嗎？所以，如果你要移動鐵路貨車並且需要接觸它們，那麼你將增加 19.9 小時。我們先觸摸一下再交接。此外，布萊恩，我們不為其他鐵路公司建造路障，因為歷史經驗表明，鐵路公司一旦遇到一點麻煩，總是會優先考慮內部問題。所以，你不能指望鐵路公司在同意為你建造路段時會做得更好。

So when you add that up and we've looked at the railcars, that's where that number comes from 15% to 20% quicker because when we build the block coming out of Houston for the chemicals, we'll build the block that goes all the way to Philadelphia or build a block that goes all the way to the Northeast. If the new Union Pacific is building a block with lumber coming westbound, okay, we're going to build the block that goes all the way through and remove touch points.

所以，當我們把這些加起來，並且我們考察了鐵路貨車之後，就會發現速度提高了 15% 到 20%，因為當我們建造從休斯頓運往化學品的線路時，我們會建造一直延伸到費城的線路，或者建造一直延伸到東北部的線路。如果新的聯合太平洋鐵路正在建造一個用木材向西運輸的路段，好的，我們將建造一個貫穿整個路段並消除接觸點的路段。

We work on touch points every day. So that's what I'm talking about, the 15%, 20% on the merchandise business, let alone what everybody looks at and likes to talk about the intermodal business, which is really important to us that we remove touch points and have speed. So sorry for the long answer, but I'm putting the points out there this morning, Brian, okay? We might not get through everybody. I think there's only room for another handful of people. That's about it.

我們每天都在處理各種接觸點。這就是我所說的，商品運輸業務的 15% 到 20%，更不用說大家都在關注和談論的多式聯運業務了，這對我們來說非常重要，因為我們可以減少接觸點，提高速度。很抱歉回答這麼長，但我今天早上要把要點都說出來，布萊恩，好嗎？我們可能無法聯繫到所有人。我覺得這裡只能再容納寥寥幾個人了。差不多就是這樣。

We appreciate those details, Jim. Thank you.

吉姆，我們很感謝你提供這些細節。謝謝。

You're welcome.

不客氣。

(Operator Instructions)

（操作說明）

Stephanie Moore, Jefferies.

Stephanie Moore，傑富瑞集團。

Thank you. Good morning. When you look at your service metrics, as you noted, they're about the best they've ever been or 100% or so. Can you talk about your level of confidence and the steps you can take to implement your service best practices to [NSE] post-merger? And Jim, just the time line do you think realistically for some of these world-class levels to convert over?

謝謝。早安.正如您所指出的，從服務指標來看，它們達到了有史以來的最佳水平，或者說接近 100%。您能否談談您對[NSE]合併後實施最佳服務實務的信心程度，以及您可以採取哪些步驟？吉姆，你認為這些世界級水準的球員在現實的時間內需要多長時間才能轉型？

Eric, why don't you take this? But real simple is I think we have a history of doing this. I've been real (inaudible) for a long time. You [have me in a way you go], you answer it.

艾瑞克，你為什麼不接這個？但說到底，我認為我們有這樣做的歷史。我已經很久很久都是真的（聽不清楚）了。你（以某種方式讓我信服），你回答它。

Absolutely. And thank you for that question. So you're absolutely right. Definitely world-class level is definitely best in the industry. Now being able to take that over and partner with the NS inside the merger, that's what we do every day.

絕對地。謝謝你的提問。所以你的說法完全正確。絕對是世界一流水平，絕對是業界最佳。現在，我們能夠接管這項工作，並在合併後與 NS 合作，這就是我們每天都在做的事情。

It's just a bigger scale, right? We look every single day. It doesn't matter if I'm looking at a terminal or a service shoot at an interchange point. Every single day, we're looking for what are the issues or the opportunities dissecting the performance and individual terminal, how do we get two hours off of dwell, how do we get the trains out 5% faster. It's going to be the same thing just at a broader scale.

只是規模更大而已，對吧？我們每天都在查看。不管我是看著航站還是轉乘站的服務通道，都無所謂。我們每天都在分析性能和各個終端，尋找問題或機遇，例如如何減少兩小時的停留時間，如何讓列車運行速度提高 5%。情況還是一樣，只是規模更大而已。

And look, I've been working with the NS for nearly 15 years. I've had a relationship with them in lots of different roles. They're good railroaders. Their knowledge of their network and our knowledge of our network combined aligned with the goal of being able to move cars faster in the most efficient way to be most competitive in the market. That's the job. We all know it. We're all going to do it.

你看，我已經在NS工作了近15年。我曾以多種不同的身分與他們建立過聯繫。他們是優秀的鐵路工人。他們對自身網路的了解，加上我們對自身網路的了解，共同實現了以最有效的方式更快地運輸汽車，從而在市場上最具競爭力的目標。這就是工作內容。我們都知道這一點。我們都會這麼做。

Stephanie, I grew up working for CN did 40 years there. And when I came over to Union Pacific, I didn't know that there was two [Green Rivers], okay? There's a Green River on our East West Main and there's a Green River in Utah. So at the bottom line is the way I look at it is, I think you can see from example of real life examples. We don't make up stories Union Pacific.

史蒂芬妮，我從小就在加拿大國家鐵路公司工作，在那裡工作了40年。當我來到聯合太平洋鐵路公司時，我並不知道有兩條[格林河]鐵路，好嗎？我們東西大街上有一條綠河，猶他州也有一條綠河。所以歸根結底，我的看法是，我認為你可以從現實生活中的例子中看出這一點。聯合太平洋鐵路公司不會編造故事。

We want you to judge us on what we've delivered. And you can see since I joined in 2019, what we've been able to do with this operation, and we will optimize. They're great railroaders, they're great people, the people I've met at that Norfolk Southern. But I've always said that every railroad should be able to have their operating ratio within 100 basis points of each other. So I'm looking forward to getting the magic that's at Union Pacific and doing the same magic with all those employees and with them at Norfolk Southern.

我們希望您根據我們交付的成果來評判我們。自從我 2019 年加入以來，您可以看到我們在這個營運方面所取得的成就，我們將不斷優化。我在諾福克南方鐵路公司遇到的那些人，都是很棒的鐵路工人，很棒的人。但我一直認為，每家鐵路公司的營運比率都應該彼此相差不超過 100 個基點。所以我很期待能像聯合太平洋鐵路公司一樣，把那種神奇的氛圍帶到諾福克南方鐵路公司，和那裡的所有員工一起創造同樣的奇蹟。

Jason Seidl, TD Cowen.

Jason Seidl，TD Cowen。

I totally get the perpetual dissatisfaction comment, but hopefully, you guys can take a day to enjoy some very, very solid results for the quarter. My question is going to be on yields, but Jennifer is going to actually be happy that I'm not looking for guidance here. How should we think about your ability to sort of directionally change domestic intermodal yields if sort of the market starts to inflect on the truckload side, sort of given all the governmental actions taken against foreign drivers right now? And also, when we look into ag, can you help us sort of frame up how to think about near-term ag RPU. And so how does export RPU compare historically versus sort of domestic ag RPU?

我完全理解大家對業績持續不滿的感受，但希望你們能抽出一天時間，好好享受一下本季非常非常好的業績。我的問題是關於收益率的，但珍妮佛應該會很高興我不需要在這方面尋求指導。鑑於目前各國政府針對外國司機採取的所有行動，如果市場開始向整車運輸方向轉變，我們應該如何看待您在改變國內多式聯運收益方向方面的能力？另外，當我們研究農業時，您能否幫助我們建立如何思考近期農業 RPU 的架構？那麼，出口 RPU 與國內農業 RPU 的歷史對比情況如何？

Let me start off here, Jason. When you talk about the intermodal side of the world, as you know, when we expanded our portfolio of domestic partners, we did some market-based pricing there. And so when we see that truck market improve, that will have a direct impact on us. And we've also been very successful in converting business even in a very weak truck environment, and doing that in a way that has been contributing positively to our bottom line and feel great about those partnerships and our ability to grow that business. It really is service based, it's market-based with our great reach and as you know, that's an exciting part for us when we look at the Norfolk Southern merger and their vast intermodal network.

傑森，我先來吧。談到多式聯運方面，如您所知，當我們擴大國內合作夥伴組合時，我們採取了一些基於市場的定價策略。因此，當卡車市場好轉時，這將對我們產生直接影響。即使在卡車運輸市場非常疲軟的情況下，我們也成功地拓展了業務，並以一種對我們的盈利產生積極影響的方式做到了這一點，我們對這些合作關係以及我們發展業務的能力感到非常滿意。它確實是以服務為基礎，以市場為基礎，擁有廣泛的覆蓋範圍。如您所知，當我們審視諾福克南方鐵路的合併及其龐大的多式聯運網絡時，這對我們來說是一個令人興奮的部分。

When you look at the ag side of things and you ask about export, it really comes down to length of haul. And with some of that business, particularly when it goes to the PNW, that's a good length of haul. We're seeing more export today go to Mexico, and that's a good length of haul. I would say the only caveat to any of that is, particularly when the business is going into Mexico versus the PNW, that does slow the cycle times down somewhat when you think about the turns on those cars and bringing them back.

從農業角度來看，當你問及出口問題時，最終取決於運輸距離。對於其中一些業務，特別是當業務轉移到太平洋西北地區時，這是相當長的運輸距離。我們看到現在更多出口產品銷往墨西哥，而且出口距離相當遠。我認為唯一的缺點在於，特別是當業務拓展到墨西哥而不是太平洋西北地區時，考慮到車輛的周轉和回程，週轉時間確實會有所延長。

Kenny, anything you want to add?

肯尼，你還有什麼要補充的嗎？

Yes, just the fact that we have structurally changed the network and the intermodal. If you look at the ramps and the products, Inland Empire, that's out there now. I talked about Phoenix but then also there's other services. I mean, we've added new services. You look at moving out of L.A. in the Kansas City, you look at the West Coast going in the Louisville. So we've transformed that. You already talked about the portfolio, Jennifer.

是的，只是因為我們對網路和多式聯運進行了結構性改變。如果你看看內陸帝國的坡道和產品，你會發現它現在已經問世了。我談到了鳳凰城，但還有其他服務。我的意思是，我們新增了一些服務。看看從洛杉磯搬到堪薩斯城，看看西海岸搬到路易斯維爾。所以我們已經改變了這一點。珍妮弗，你已經談過作品集了。

The only thing I'll say about the grain business is the team has done a heck of a job growing infrastructure inside Mexico through business development, giving us an outlet when there is nothing there, on the soybean market. So we've been flexible and adaptable.

關於糧食業務，我唯一想說的是，團隊透過業務拓展，在墨西哥國內建立了基礎設施，為我們在當地大豆市場沒有出口的時候提供了管道，做得非常出色。所以我們一直保持靈活和適應性。

Okay, if I could follow up there. Just how do you think about the timing? Like if the market inflected on the truckload side, is it going to be a couple of months lag? Is it going to be a couple of quarter lag with your ability to adjust price on the domestic side?

好的，我能再跟進一下嗎？你覺得時機如何？例如，如果市場轉向卡車運輸，是否會有幾個月的延遲時間？你們在國內市場調整價格的能力是否會有幾季的延遲？

I can't get into the actual contracts. But what --

我無法查閱合約原文。但是什麼--

(inaudible)

（聽不清楚）

It is. But what else is what we're really looking at is what's happening with truck production. So truck production is down about 28%. We're waiting for that to turn. And we remember this since we've added these new portfolio of customers, we've been on a flat market. So I've said this now for three years. We haven't seen any uplift. And when we do, we're going to take advantage of it. The last thing, Jim, we've had a record intermodal revenue on the domestic side. (inaudible)

這是。但我們真正關注的其實是卡車生產方面的狀況。因此，卡車產量下降了約 28%。我們正在等待形勢轉變。我們記住，自從我們新增了這些客戶群以來，市場一直處於低迷狀態。所以，我已經說了三年了。我們沒有看到任何上升趨勢。當機會來臨時，我們會好好利用它。吉姆，最後一點，我們在國內聯運方面取得了創紀錄的收入。（聽不清楚）

I got it. Listen, I've asked them the same question, okay? So it's sometimes hard to get that out of them. But what I do like and (inaudible) surprise you can't come back is, listen, our revenue is up 3% and all this sort of stuff. But okay, Kenny. You can't get a better answer than that, Jason.

我得到了它。聽著，我也問過他們同樣的問題，好嗎？所以有時候很難從他們口中套出這些話。但我喜歡（聽不清楚）的一點是，你可能無法理解，聽著，我們的收入成長了 3%，等等等等。好吧，肯尼。傑森，你不可能得到比這更好的答案了。

I appreciate it anyway. Take care, guys.

無論如何，我很感激。各位保重。

Chris Wetherbee, Wells Fargo.

克里斯‧韋瑟比，富國銀行。

Maybe sticking with Ken, I guess I was curious about sort of the pricing environment as we move into next year. So I guess, do you think as you go through contracting at the end of the year, that pricing is kind of (inaudible) is better in '26 than '25? Is it kind of the same? I know the backdrop from intermodal really kind (inaudible) trucking environment hasn't done much here just yet.

或許還是肯比較合適，我猜我是想了解明年定價環境的狀況。所以我想說，你認為在年底簽訂合約時，2026 年的價格會比 2025 年的價格更好嗎？是不是差不多？我知道，多式聯運的背景，以及非常友善的（聽不清楚）卡車運輸環境，在這裡還沒有產生太大影響。

And then just kind of curious or generally speaking, the response from customers, I don't know if it's sort of the conversation tones have changed at all in the last couple of months? Or are they still relatively constructive and as you think about next year? So just any thoughts around pricing would be great.

然後，我很好奇，或者說總的來說，顧客的反應，我不知道在過去的幾個月裡，談話的語氣是否有所變化？或者，你認為它們仍然具有相對的建設性，並且你正在考慮明年的事情？所以，任何關於定價的想法都非常歡迎。

Yes. So without talking about 2026, it really does start with a strong service product. We lead with the metrics both to and from industry and over the road industry as we're working through those contract renewals. And we're very [clear about the] pricing levels that reflect the service that we're delivering and we sold to customers. And I said this in my remarks, we are confident because the service product is so strong.

是的。所以，暫且不談 2026 年，一切確實都始於強大的服務產品。在處理合約續約事宜時，我們會優先考慮產業和公路運輸業的相關指標。我們非常清楚我們的定價水平，這些定價反映了我們向客戶提供和銷售的服務。正如我在演講中所說，我們充滿信心，因為我們的服務產品非常強大。

Now the question about what we're hearing from customers as they look forward. They're still looking for a little bit more clarity on the market. When we talk to our customers and when we look at our business, we're looking at the current metrics that are out there are, the indicators and we're judging ourselves on how we perform against those. So regardless of what they're seeing, we look at are we outperforming in those key markets.

現在的問題是，我們從客戶那裡聽到了他們對未來的展望。他們仍在尋求對市場更清晰的了解。當我們與客戶交談以及審視自身業務時，我們會專注於現有的各項指標，並根據這些指標來評判我們的表現。所以無論他們看到什麼，我們都會關注我們是否在這些關鍵市場中表現優異。

Just in the context of the service product that you're putting out there, I guess it's a little unclear. Does that drive better pricing sort of conversations as you go into next year? I guess, it may be -- is kind of what you've been doing.

就你提供的服務產品而言，我覺得有點不清楚。這是否會推動明年定價方面的討論更加合理？我想，或許就是這樣──這大概就是你一直在做的事情。

(inaudible) this is the way and we've had this discussion pretty black and white. The entire time I've been a railroader, every marketing and sales group will always tell you that the reason they can't (inaudible) and price properly and win new business is because the service product is not high enough. Well, our (inaudible) service product is so high that, that should not even be part of the discussion. There might be one or two customers out of the whole thing that could say, listen, you're not perfect. But at the end of the day, it's high.

（聽不清楚）就是這樣，我們已經對此進行了非常明確的討論。在我從事鐵路工作的這些年裡，每個行銷和銷售團隊總是會告訴你，他們無法（聽不清楚）合理定價並贏得新業務的原因是服務產品不夠好。嗯，我們的（聽不清楚）服務產品品質非常高，根本不該成為討論的話題。或許會有那麼一兩個顧客會說：“聽著，你們並不完美。”但歸根究底，這個數字很高。

So that's their challenge. That's why we have a marketing and sales department as they go out there and go get business. It brings you business online because we have a great service product and price it at the value that we're giving the customer.

這就是他們面臨的挑戰。這就是為什麼我們需要行銷和銷售部門，因為他們要走出去拓展業務。它能為您帶來線上業務，因為我們擁有優質的服務產品，定價合理，物有所值。

So go ahead, Kenny, any disagreement with me on that point?

肯尼，你說說看，在這點上你還有什麼不同意我的看法嗎？

Not at all. And all I want to say is absolutely the service product helps us. So we appreciate that, and we're pricing based on that service product that we're delivering.

一點也不。我只想說，這項服務產品絕對對我們有幫助。所以我們很重視這一點，我們的定價是基於我們提供的服務產品。

Chris, how do you like to work with -- for me?

克里斯，你喜歡和我一起工作嗎？

Good characterization of the service product. Appreciate it, guys.

對服務產品的描述很準確。謝謝各位。

David Vernon, Bernstein.

大衛‧佛農，伯恩斯坦。

So Kenny, a couple of months ago, UP and Norfolk put out some marketing material around enhanced collaboration in the network. I was wondering if you could maybe just talk a little bit about how those changes are being made and how that level of integration is -- would compare to maybe a post-merger world. And then if you have any comments on kind of what you're thinking about doing with the UMAX program longer term, we'd love to hear kind of some more perspective from you on that.

所以肯尼，幾個月前，UP 和諾福克發布了一些關於加強網絡內合作的營銷材料。我想請您談談這些變化是如何發生的，以及這種整合程度與合併後的世界相比如何。如果您對 UMAX 專案的長期發展有任何想法或建議，我們非常樂意聽聽您的更多見解。

Yes. So let me just first off and say we have alliances that we're working with, with all the rail players. I mean, we have the Falcon out there with Canadian National that's working well. We have the same lanes, same markets that with the CSX that we do with Norfolk and (inaudible) . So I want to make sure that's clear, and we aren't doing anything prior to the actual merger that takes place.

是的。首先我想說的是，我們與所有鐵路營運商都建立了聯盟合作關係。我的意思是，我們和加拿大國家鐵路公司合作的獵鷹號飛機運作良好。我們擁有相同的線路，相同的市場，就像我們與CSX和諾福克鐵路公司合作一樣。（聽不清楚）所以我想確保這一點很清楚，在實際合併發生之前，我們不會做任何事情。

Having said that, at the same time, yes, we are able to look at new markets out there. We talked about -- or I talked about just recently, the market into Louisville. Again, that's all aimed at over-the-road traffic that we're trying to win. We have the same approach with all the rails.

話雖如此，同時，是的，我們也能著眼於其他新市場。我們談到了——或者說我最近談到了——路易斯維爾的市場。再次強調，這一切都是為了贏得公路交通市場。我們對所有軌道都採取相同的方法。

The second thing is, and I want to be crystal clear on this. Absolutely, we want to make sure our customers have optionality. We're going to completely support UMAX. That product is a strong, viable product that our customers are utilizing the day, that's not going away, and we see it as a viable option in the marketplace.

第二件事，我想把這一點說得非常清楚。當然，我們希望確保我們的客戶擁有選擇權。我們將全力支持UMAX。該產品是一款強大的、可行的產品，我們的客戶目前正在使用，它不會消失，我們認為它是市場上可行的選擇。

Thank you very much. Thanks for the question.

非常感謝。謝謝你的提問。

Walter Spracklin, RBC Capital Markets.

沃爾特‧斯普拉克林 (Walter Spracklin)，加拿大皇家銀行資本市場部。

Thanks for the detail today. I just want to double-click a little bit on next year. And I know, Jennifer, you don't have guidance out there, but you do have that S4 document that we normally wouldn't have this time of year and the numbers are out there. They are below -- you reiterated your high single-digit, low double-digit multiyear guide today. Those numbers are notably below range.

謝謝您今天提供的詳細資訊。我只想稍微展望一下明年。我知道，珍妮弗，你們那裡沒有指導意見，但是你們有S4文件，這是我們通常在這個時候不會有的，而且數據也都在那裡。以下是——你今天重申了你的多年期高個位數、低兩位數指導方針。這些數字明顯低於預期範圍。

I guess my question here is whether you can give us some context on how we characterize what you put in that document, what's changed or what's different from the assumptions that underpin them again because you did reiterate the guide and those numbers are below Street. So I'd love to hear any color you can provide there.

我想問的是，您能否給我們一些背景信息，說明我們如何看待您在文件中寫的內容，哪些內容發生了變化，或者與支撐這些內容的假設有何不同，因為您再次重申了該指南，而這些數字低於華爾街的預期。所以我很想聽聽你們能提供的任何資訊。

So thank you, Walter, for that. One of the things that is, I think, stated very explicitly in the [S4] is that those numbers are not guidance. Those are our guidelines and those are particularly when you look at the out years, they are what I would call unstressed financials. I mean, we're looking at market indicators. We're looking at kind of run rates, those types of things.

所以，謝謝你，沃特。我認為，[S4] 中非常明確地指出，這些數字並非指導性訊息。這些是我們的指導原則，特別是從未來幾年來看，這些就是我所說的無壓力財務狀況。我的意思是，我們正在關注市場指標。我們正在研究運行率之類的指標。

It is by no means what I would call a detailed look talking with Kenny's team about where are you getting new customer wins, where are you getting greater penetration. It's not doing a deep dive with Eric's team to say, with that business overlaid, how can you drive greater productivity. And I could take you on through the west. So it's directional, certainly, but it's also something that didn't include merger costs when you think about particularly some of the 2025 numbers, considered that we were still doing share repurchases. So it's directional. But beyond that, I would not try to extrapolate from that S4 numbers.

這絕對不是我所說的與肯尼的團隊進行詳細討論，了解你們在哪裡贏得新客戶，在哪裡提高市場滲透率。這不是要和艾瑞克的團隊進行深入探討，看看在現有業務基礎上，如何提高生產力。我可以帶你一路向西。所以這當然具有方向性，但考慮到我們當時仍在進行股票回購，尤其是在考慮 2025 年的一些數據時，它也沒有包括合併成本。所以它是有方向性的。但除此之外，我不會嘗試根據 S4 的數據來推論。

Richa Harnain, Deutsche Bank.

Richa Harnain，德意志銀行。

So Jim, you said that no one is really talking about this world-class quarter. I guess after that, a couple of people did, but maybe we can tie a bow on it. This past quarter results were pretty remarkable. You managed 12% EPS growth with virtually no volume help. Labor productivity continues to be a strong driver.

吉姆，你說過沒有人真正談論這個世界級的街區。我想在那之後，有幾個人這麼做了，但也許我們可以就此打住。上個季度的業績相當出色。在幾乎沒有銷售成長的情況下，你們實現了 12% 的每股盈餘成長。勞動生產力仍然是強勁的驅動力。

I think you had like another 3.5% drop in headcount. You're coming out ahead on comp per employee. I think (inaudible), you said 3% for the year. And last quarter, you guided at 3.5%. Eric, you talked about the overall records and various measures of productivity.

我認為你們的員工人數又下降了3.5%。以員工人均薪資計算，你們的方案更划算。我想（聽不清楚），你說的是全年3%。上個季度，你們的預期收益率為 3.5%。艾瑞克，你談到了整體記錄和各種生產力指標。

But I think is this really the pricing lever starting to kick in Jennifer that you've talked about in earnest in the past around repricing contracts like (inaudible) the work you're doing to reflect the good service you guys are introducing. And if yes, what inning are we in there? And then just like why shouldn't the high end of your long-term high single-digit to low double-digit EPS target be more appropriate, especially into 2026. Again, that 12% on 0% volume growth really stands out.

但我認為，珍妮弗，你過去曾認真地談到過重新定價合同，而現在，這真的是定價槓桿開始發揮作用了嗎？ （聽不清楚）你正在努力體現你們推出的優質服務。如果答案是肯定的，那我們現在進行到第幾局了？那麼，為什麼你的長期高個位數到低兩位數 EPS 目標的上限不應該更合適呢？尤其是在 2026 年。再次強調，在銷量零成長的情況下，殖利率卻達到了 12%，這確實非常突出。

Thanks. You did a great job summarizing our quarter and some of our very strong results. When we laid out our targets back in September of last year, we put some baseline macroeconomic numbers that underpin that. And we said that if we reach those numbers from a macro standpoint, we expect it to be kind of at the low end. So at the high single kind of range and that it would take a better macro environment to be at the double-digit side.

謝謝。你對我們本季的業績和一些非常亮眼的成果做了很好的總結。去年九月我們訂定目標時，設定了一些支撐這些目標的基本宏觀經濟數據。我們說過，從宏觀角度來看，如果我們達到這些數字，我們預計它會處於較低水平。所以，在高個位數範圍內，需要更好的宏觀環境才能達到兩位數。

Unfortunately, a lot of those macro indicators, I called out the housing starts and the auto sales on the call have actually gotten a little bit worse.

不幸的是，我在電話會議上提到的許多宏觀指標，例如房屋開工量和汽車銷售量，實際上都略有惡化。

The good thing about UP and our great franchise is and the way that we are running today and the way that we're executing on the fundamentals is we're being very agile. We're taking advantage of every opportunity that comes our way, and we're pushing ourselves daily. And whether it's improving on the safety front, whether it's driving greater service, working with our customers to drive more value to them and then pricing for that value. What you're seeing is us executing on all of those fronts and the end result is great financial results. And so that's our mindset. That's what we're going to keep doing.

UP 和我們偉大的特許經營體系的優勢在於，我們今天的運作方式以及我們對基本原則的執行方式，都體現了我們的靈活性。我們正在抓住每一個機會，並且每天都在鞭策自己。無論是提高安全性，還是提供更好的服務，與客戶合作為他們創造更多價值，然後根據這種價值定價。你們現在看到的是我們所有這些方面都在有效執行，最終取得了良好的財務表現。這就是我們的心態。我們將繼續這樣做。

But there is a macro backdrop that underpins that, that we're fighting against a little bit right now, which is, Kenny, say, it's kind of year three to our improvement. And we're going to keep pushing. But we also have to do that within the context of where the economy is at and how we're performing against that.

但有一個宏觀背景支撐著這一切，而我們現在正在與之抗爭，那就是，肯尼，說，這算是我們進步的第三年了。我們將繼續努力。但我們也必須結合當前的經濟狀況以及我們自身的表現來考慮這個問題。

Thank you very much for the question. Appreciate it.

非常感謝您的提問。謝謝。

Bascome Majors, Susquehanna.

巴斯科姆少校，薩斯奎哈納。

One for Jennifer here. You've got a little over $2 billion of debt maturities between now and the first half of '27, call it, $10 billion to $15 billion in debt to raise to fund the deal when it hopefully is approved and closes. And you don't have a potential on financing. So you're on the hook to go through to that no matter how the capital markets play out between now and then. And so how do you think about sort of hedging your bets on managing the balance sheet for that capital need between now and in 2027.

給詹妮弗的。從現在到 2027 年上半年，你們有超過 20 億美元的債務到期，所以，如果交易獲得批准並完成，你們需要籌集 100 億至 150 億美元的債務來為交易提供資金。而且你也沒有融資潛力。所以無論從現在到那時資本市場如何發展，你都必須堅持到底。那麼，您認為應該如何權衡利弊，在2027年之前管理好資產負債表，以滿足當前的資本需求呢？

If you could just kind of walk us through debt pay down and do it all at once versus kind of opportunistically chip away at that over time, I think that would be helpful.

如果您能一步一步地指導我們如何償還債務，並且一次性還清，而不是隨著時間的推移一點一點地慢慢償還，我認為這會很有幫助。

So Bascome, thanks for that question. So there's a number of things that we're looking at and planning towards over the next year as we progress through the application period and move towards having the merger approved. You mentioned paying down debt. We're certainly going to do that as debt comes due, that is our intent. We'll do that with the available cash that we're generating.

巴斯科姆，謝謝你的提問。因此，在接下來的申請階段，我們將著眼於許多方面，並計劃在未來一年內推進合併審批流程，最終獲得批准。你提到了償還債務。我們肯定會在債務到期時償還，這是我們的計劃。我們將利用現有現金來完成這項工作。

We'll also be looking at because, to your point, when the day comes, we're going to need to come up with that cash. So what are the different levers that we can pull to protect ourselves on the interest rate side, what can we do in terms of facilities to be ready to be able to access the cash because when you look at the calendar and you consider different blackout windows, et cetera, we were not going to be able to control exactly when that timing is. So we're planning for that. We're making sure that we have the cash available to us to close that, working closely with our bank groups and feel very good about the plans that we have underway there.

我們也會考慮這一點，因為正如你所說，到時候我們需要籌集這筆資金。那麼，我們可以採取哪些不同的措施來保護自己免受利率方面的影響？我們可以在融資管道方面做些什麼來做好準備，以便能夠獲得現金？因為當你查看日曆並考慮到不同的資金凍結期等等時，你會發現我們無法準確控制資金凍結期的到來時間。所以我們正在為此做準備。我們正在確保有足夠的現金來完成這筆交易，與我們的銀行集團密切合作，我們對正在進行的計劃感到非常滿意。

But then also structuring it to I think the last part of your question in a way that will allow us to quickly pay down some of that debt so that we can get back into a position when we're in the market and repurchasing shares. And we believe that we'll be able to do that sometime in year 2, which, for us, looking at it based on when we believe the transaction will be approved will be in 2028. So that's how we're looking at it. That's our plan, and we feel very comfortable about our ability to execute that.

但同時，我認為也應該按照你問題的最後一部分來安排結構，以便我們能夠快速償還部分債務，從而在進入市場並回購股票時能夠重新佔據有利地位。我們相信我們可以在第二年的某個時候做到這一點，對我們來說，根據我們認為交易獲得批准的時間來看，那將是 2028 年。這就是我們看待這個問題的方式。這就是我們的計劃，我們對執行該計劃的能力非常有信心。

Thanks for the question, Bascome.

謝謝你的提問，巴斯科姆。

Ari Rosa, Citigroup.

Ari Rosa，花旗集團。

Team, congrats on the strong network performance, really, really impressive to see UP running so well. So Jennifer, you were talking about some of the weakness in some of these macro indicators, housing starts and other things. I'm just curious to hear your perspective on kind of the overall economy, where you see risks? And specifically, I wanted to hear, is there any kind of level of deterioration in the macro that would cause you to either reassess your synergy targets for the NS or even, I mean, in kind of an extreme scenarios or any level of deterioration where you would think about walking away from the deal?

團隊，恭喜你們的網路效能表現出色，UP 運作如此流暢，真的令人印象深刻。珍妮弗，你剛才提到了一些宏觀指標的疲軟，例如房屋開工量和其他一些指標。我只是好奇想聽聽您對整體經濟狀況的看法，您認為有哪些風險？具體來說，我想聽聽，宏觀經濟是否存在某種程度的惡化，導致您重新評估NS的協同效應目標，或者，我的意思是，在某種極端情況下，或者任何程度的惡化，導致您考慮放棄這筆交易？

One of the few of us get into that gave real quick. You always have markets that are going to be up and down. We look at what the consumer overall is doing. And so far, the consumer is staying in a pretty good place. So we're very comfortable.

我們當中少數幾個很快就投入其中的人之一。市場總會有漲有跌。我們觀察消費者的整體行為。到目前為止，消費者處境還不錯。所以我們覺得很舒服。

Now there's some specific markets underneath. Automobile and parts have gone up and down, whether that's been positive or not, there's going to be changes with what's happening as far as where the production is going to happen, that's going to change. So at the end of the day, we're very comfortable and we don't see anything that changes our idea of what's possible at Norfolk Southern.

現在下面還有一些具體的市場。汽車及零件的價格一直起伏不定，無論好壞，生產地點也會隨之改變。所以歸根結底，我們非常滿意，我們認為沒有什麼能改變我們對諾福克南方鐵路公司未來發展前景的看法。

We think the merged company -- I know -- I think, personally, on the operating side, there's a lot of value that we can drive, okay, productivity and value for the combined company just because of its combined network. But why don't I let Jennifer and Kenny jump in and talk about the overall market and where you see the economy?

我們認為合併後的公司——我知道——我個人認為，在營運方面，我們可以創造很多價值，提高合併後公司的生產力和價值，只是因為合併後的網路。不如讓珍妮佛和肯尼來談談整體市場以及你們對經濟狀況的看法吧？

Yes. I mean, we're still working through our plan for 2026. But just to build on Jim's point, I mean this [$85 billion] investment we're looking to make is for the long term. That's for our generation and the generations to come. It's not based on a short-term economic play.

是的。我的意思是，我們仍在製定 2026 年的計劃。但我想補充吉姆的觀點，我們計劃進行的這筆（850億美元）投資是為了長遠發展。這是為了我們這一代以及子孫。這並非基於短期經濟考量。

And certainly, long term, I think, American industry, American manufacturing, there's just tremendous potential there. So the near term will be what it will be, and we'll work with that. As I said, we're still putting our 2026 plan together. But we will control the fundamentals of how we run our railroad, which is very productively, very efficiently and very safely.

當然，從長遠來看，我認為美國工業、美國製造業擁有巨大的潛力。所以短期內的情況只能如此，我們會適應這種情況。正如我所說，我們仍在製定 2026 年計劃。但我們將掌控鐵路營運的基本要素，使其高效、安全且高產。

Yes. I'll just say that because of our franchise, there are some natural benefits when you combine that with a strong service product to go out there and win [where that the rock] network, whether it's our petrochem network, whether it's everything that we're doing to invest in intermodal, that gives us a lot of confidence. And again, remember, we're out there trying to penetrate and create our own wins, whether it's put in new facilities on our network or going out there and selling where we've invested, we want to control what we can control.

是的。我只想說，因為我們擁有特許經營權，所以當我們將其與強大的服務產品結合起來，去贏得市場時，自然會帶來一些好處。無論是我們的石油化學網絡，還是我們為投資多式聯運所做的一切，都給了我們很大的信心。再次強調，我們要努力開拓市場，創造屬於我們自己的成功，無論是在我們自己的網路上建立新的設施，還是在我們投資的地方進行銷售，我們都想控制我們能夠控制的事情。

To Jennifer's point, we'll see what happens with how (inaudible). We'll see what happens with auto. We're excited that we've got a strong network and a strong portfolio of customers (inaudible) it will change. But once it does, we feel confident that we'll be able to capitalize on it.

正如珍妮佛所說，我們拭目以待。（聽不清楚）讓我們來看看自動擋車型會如何發展。我們很高興我們擁有強大的網路和強大的客戶群（聽不清楚），這種情況將會改變。但一旦機會出現，我們就有信心能從中獲利。

Yes. And the final point I would add is, listen, the economy is going to give us what the economy gives us. We need to also have a railroad that operates efficiently and has the capability to flex up and down properly so that we win in the marketplace at a high service level. So we want to win market share, for sure, stand-alone until we have the approval mid next year, hopefully, of the merger. I know our Chief Legal Officer is looking at me sideways right now when I sit mid next year.

是的。最後我想補充一點，聽著，經濟會帶給我們什麼，經濟會帶給我們什麼。我們也需要一條高效運作且能夠靈活調整運力的鐵路，以便我們在市場上以高水準的服務贏得勝利。所以，我們當然希望贏得市場份額，在明年年中（希望如此）獲得合併批准之前，我們將獨立運作。我知道明年年中我坐下的時候，我們的首席法務官肯定會斜眼看著我。

So that's my dream, but it could be a little bit later. But at the end of the day, that's a win on both sides for us. And that's fundamentally why -- who we are at Union Pacific. All right. Thank you very much.

這就是我的夢想，但可能還要過一段時間才能實現。但歸根結底，這對我們來說是雙贏。這就是聯合太平洋鐵路公司存在的根本原因。好的。非常感謝。

Brady Lierz, Stephens.

布雷迪·利爾茲，史蒂芬斯。

Kenny, in your fourth quarter volume outlook slide, the word business win or contract win or just really win in general is used a couple of different times. Can you help us understand what's driving these wins, particularly at a time of economic and trade uncertainty? And how does your pipeline of wins per se look as we start to turn our attention to 2026. Do you think these wins can drive volume growth in '26 even without help from the macro? Just any clarity there would be helpful.

Kenny，在你的第四季銷售展望幻燈片中，「贏得業務」、「贏得合約」或「整體上取得勝利」等字眼出現了好幾次。您能否幫助我們了解這些勝利背後的驅動因素，尤其是在當前經濟和貿易情況不明朗的情況下？那麼，當我們開始將注意力轉向 2026 年時，你們的獲勝計劃本身看起來如何？你認為即使沒有宏觀經濟的幫助，這些勝利也能在 2026 年推動銷售成長嗎？任何澄清都將不勝感激。

Yes. I appreciate that. Some of those wins are actually wins that occurred a few years ago, we're realizing them as you have plant expansions. We had a couple of plant expansions that took place in the last part of 2024 that has helped us in 2025. We've had a few this year that have come on. And some are immediate, just wins that we've gone out because we have a very strong network and the infrastructure therefore.

是的。我很感激。有些勝利實際上是幾年前取得的，隨著工廠的擴建，我們正在逐步實現這些勝利。我們在 2024 年下半年進行了幾次工廠擴建，這對我們 2025 年的發展很有幫助。今年我們已經有幾位新成員加入了。有些勝利立竿見影，我們之所以能夠取得勝利，是因為我們擁有非常強大的網路和基礎設施。

The other part of that, and we've talked about and I talked a little bit about it at the Investor Day is that the team has done a really good job of adding new facilities onto our network. In some markets that are mature, like the grain markets, you call it, over the last couple -- few years, 20 new facilities on the renewable side over the last few years, 18 different facilities. So that's how we're creating that value. That's how we're creating that revenue. As we look ahead and look at the pipeline, is still a strong pipeline as we look at the facilities that are set up to come on and expand. So that's encouraging to us.

另一方面，我們已經討論過，我在投資者日上也稍微談到過，團隊在為我們的網路添加新設施方面做得非常出色。在一些成熟的市場，例如糧食市場，在過去幾年裡，再生能源方面新增了 20 個設施，18 個不同的設施。這就是我們創造價值的方式。這就是我們創造收入的方式。展望未來，縱觀整個管道系統，從已建成並準備投入使用和擴建的設施來看，管道系統仍然強勁。這對我們來說是個鼓舞人心的消息。

Thank you very much.

非常感謝。

Thank you. This will conclude our question-and-answer session. I'll turn the call back over to Mr. Vena for closing comments.

謝謝。我們的問答環節到此結束。我將把電話轉回給維納先生，請他作總結發言。

Great. Listen, Rob, thank you very much. Pretty exciting times here at Union Pacific. I love the fundamentals of what everybody delivered and then I have to give our team the accolades. It's not one person.

偉大的。羅布，非常感謝你。聯合太平洋鐵路公司現在真是令人興奮的時刻。我非常欣賞大家所展現的基本素質，因此我必須對我們的團隊表示讚揚。這並非一人所為。

It's the entire team that delivers and operationally on the marketing sales, I know I like pushing Kenny, but he does need to go get us more business. But at the end of the day, and Jennifer and the entire team and what everybody has done.

是整個團隊共同努力才取得成果，在行銷和銷售方面，我知道我喜歡督促肯尼，但他確實需要為我們爭取更多業務。但歸根結底，要感謝珍妮佛和整個團隊，感謝每個人所做的一切。

So what's some key dates and what we see coming up. Fourth quarter is what the fourth quarter is, we'll deliver as good a quarter as we possibly can with everything that's in the mix, and we've talked about that. And next year, truly, we have an opportunity to put together a franchise with the great team over at Norfolk Southern. I've spoken to [Mark George] a few times. We need to legally keep it high level.

那麼，有哪些關鍵日期呢？接下來我們會看到什麼？第四季就是第四季度，我們會盡最大努力，考慮到所有因素，盡可能地做出最好的成績，我們也討論過這個問題。明年，我們確實有機會與諾福克南方鐵路公司的優秀團隊一起組建一支特許經營團隊。我和馬克喬治談過幾次。我們需要依法將其維持在高水準。

I never tell them what to do. But at the end of the day, they're focused, they're on it. They know what they have to do, generate cash and be able to run a real good railroad so that we can show everybody what the combined railroad is going to look like to win, and we're very excited about that.

我從不告訴他們該怎麼做。但歸根結底，他們很專注，他們全力以赴。他們知道自己該做什麼，創造現金流，並能夠運營一條真正優秀的鐵路，這樣我們就可以向所有人展示合併後的鐵路會是什麼樣子，從而贏得勝利，我們對此感到非常興奮。

So next big date is November 14, special meeting and with our shareholders and see where the boat comes in. We're very confident that the vote will come in to support this. There's no reason shareholders will have any problem with it.

所以下一個重要日期是11月14日，我們將召開特別股東大會，看看情況如何。我們非常有信心，投票結果會支持這項提議。股東應該不會對此有任何異議。

So with that, let's tie up this call, fantastic job by our team. Thank you very much for the good questions. And I apologize for the length of my answers, but I was ready to go this morning, okay? And you could tell by where I was at. So November 14, I'm sure we -- you can listen in or ask us questions once we put out where the vote ended up.

那麼，我們就到此結束這通通話吧，我們團隊做得非常出色。非常感謝您提出的好問題。我的回答可能有點長，對此我深表歉意，但我今天早上已經準備好了，好嗎？從我當時所處的位置就能看出來。所以，11月14日，我相信我們——一旦我們公佈投票結果，你們就可以收聽或向我們提問。

Thank you very much, everyone. Have a great day.

非常感謝大家。祝你有美好的一天。

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

女士們、先生們，感謝各位的參與。今天的電話會議到此結束。現在您可以斷開線路了，祝您有美好的一天。