聯合太平洋集團 (UNP) 2026 Q2 法說會逐字稿

Greetings, and welcome to the Union Pacific second-quarter 2026 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.

各位好，歡迎參加聯合太平洋 2026 年第二季財報電話會議。(接線員指示) 提醒各位，本次會議將被錄音，且今日簡報投影片已公布於聯合太平洋的網站。

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

現在很榮幸為各位介紹本次會議主持人——聯合太平洋執行長 Jim Vena 先生。謝謝您，Vena 先生。您可以開始了。

Thank you, Rob. Really appreciate it. Listen, pretty special day here today. Great day to be putting our results out for the second quarter. And it's my wife's birthday, so it's a double win. And she would have complained big time if this quarter wasn't good. So let me just highlight how it is moving forward. She might have been mean to me today.

謝謝你，Rob。非常感謝。聽著，今天真的是個特別的日子。在這麼好的日子公布我們第二季的成果。而且今天也是我太太的生日，所以是雙重勝利。如果這一季表現不好，她肯定會大大抱怨。所以我先簡單說明一下接下來的進行方式。不然她今天可能會對我很兇。

So why don't we get started? Here with me today in Omaha is our Chief Financial Officer, Jennifer Hamann; our Executive Vice President of Marketing and Sales, Kenny Rocker; and our Executive Vice President of Operations, Eric Gehringer. Good data railroad out there. Weather's good, little storm coming in, but nothing we can't handle, right, Eric?

那我們就開始吧？今天在奧馬哈與我一同出席的有：財務長 Jennifer Hamann；行銷與銷售執行副總裁 Kenny Rocker；以及營運執行副總裁 Eric Gehringer。外面鐵路營運數據很不錯。天氣也很好，雖然有點風暴要來，但沒什麼我們處理不了的，對吧，Eric？

Perfect. Now, let's review the highlights on slide 4. This morning, we reported record financial results driven by strong execution and 2% volume growth. Net income totaled $2 billion, and earnings per share after we adjust for merger costs grew to $3.41. There was a lot of in and outs as we compare our performance against last year.

完美。現在我們來看投影片 4 的重點。今天早上，我們公布了創紀錄的財務成果，主要來自強勁的執行力以及 2% 的運量成長。淨利合計 20 億美元；在調整併購成本後，每股盈餘成長至 3.41 美元。與去年相比，我們的表現中有不少因素進進出出。

Fuel was a big driver of both surcharge revenue and expense this year, and we had some one-timers we called out last year. But what's real important is when we remove all of that, we see solid core improvement in our results with growth in revenue and operating income, and we were about 10 basis points better on our operating ratio.

燃油是今年附加費收入與費用的主要驅動因素，而去年我們也提到過一些一次性項目。但更重要的是，當我們把這些因素都剔除後，可以看到核心成果有扎實改善：營收與營業利益成長，營業比率也改善了約 10 個基點。

Now, the team will walk you through the quarter in more detail, and then I'll come back and wrap it up before we go to Q&A. I'm very excited this morning on the Q&A, looking for some great, smart questions from our smart analysts and owners.

接下來團隊會更詳細帶各位回顧本季表現，之後我會回來做總結，然後進入問答。今天早上的問答我非常期待，希望我們聰明的分析師與股東能提出一些很棒、很有深度的問題。

We'll start with Jennifer and the second-quarter financials. Jennifer?

我們先請 Jennifer 介紹第二季財務表現。Jennifer？

All right. Thanks, Jim, and good morning, everyone. Let's begin with our second-quarter income statement on slide 6, where operating revenue of $6.9 billion increased 12% versus last year, and freight revenue also grew 12% to $6.5 billion. Breaking down the drivers of freight revenue, volume growth added 225 basis points. Fuel surcharge revenue added 750 basis points and increased roughly $460 million, reflecting the impact of higher year-over-year fuel prices and volume.

好的。謝謝你，Jim，各位早安。我們先看投影片 6 的第二季損益表：營業收入 69 億美元，較去年成長 12%；貨運收入也成長 12% 至 65 億美元。拆解貨運收入的驅動因素，運量成長貢獻 225 個基點。燃油附加費收入貢獻 750 個基點，約增加 4.6 億美元，反映燃油價格年增以及運量的影響。

Solid core pricing combined with business mix to drive 175 basis points of freight revenue improvement. Importantly, our quarterly pricing dollars continue to exceed inflation dollars as we compete and win business at levels that reflect the value of our rail service. I also want to call out that second-quarter business mix was a slight headwind in the quarter as growth in domestic intermodal outpaced expectations and offset the mix benefit of less international intermodal traffic.

穩健的核心定價加上業務組合，共同帶動貨運收入改善 175 個基點。重要的是，我們單季定價帶來的增額持續高於通膨增額；在競爭並贏得業務時，我們的價格水準反映了鐵路服務的價值。我也要特別指出，第二季的業務組合對本季略為不利，因為國內聯運成長超出預期，抵銷了國際聯運量較少所帶來的組合效益。

Wrapping up the topline, other revenue increased 11% to $346 million as higher volume drove increases in both subsidiary and accessorial revenue.

最後看營收上方的其他收入：成長 11% 至 3.46 億美元，主要因運量增加帶動子公司收入與附加服務收入雙雙成長。

Turning to expense, our appendix slides provide more detail as total operating expenses increased 13% to $4.1 billion, primarily from higher diesel fuel prices. Compensation and benefits expense improved 1% against last year's reported results, which included the final break person buyout agreement of $55 million. Excluding that agreement, second-quarter cost per employee increased 7%, driven by higher wage and benefit costs.

接著看費用，我們的附錄投影片提供更多細節：營業費用總額成長 13% 至 41 億美元，主要來自柴油價格上升。薪酬與福利費用相較去年公布數字改善 1%，去年包含最後一筆列車制動員（break person）買斷協議 5,500 萬美元。若排除該協議，第二季每位員工成本增加 7%，主要由更高的薪資與福利成本所致。

A key driver to offsetting wage inflation is workforce productivity, and we have delivered eight consecutive quarters of record results. Although we're confident we'll continue that productivity trend, we now expect full-year compensation per employee to increase around 6%. Fuel expense grew 63% on a 60% increase in average fuel price and 2% higher gross 10 miles. Year-over-year, our price per gallon grew from $2.42 to $3.86 and added 120 basis points to our operating ratio.

抵銷薪資通膨的關鍵驅動因素是人力生產力，而我們已連續八個季度交出創紀錄的成果。雖然我們有信心能延續這個生產力趨勢，但目前預期全年每位員工薪酬將增加約 6%。燃油費用成長 63%，主要因平均燃油價格上升 60%，以及總噸英里增加 2%。年比年來看，每加侖價格由 2.42 美元升至 3.86 美元，使營業比率增加 120 個基點。

Purchase services and material expense increased 10% due to merger-related costs as well as higher intermodal and subsidiary expenses. Despite increased volume, fewer operating equipment leases and record second-quarter cycle times drove a 7% reduction in equipment and other rents, and other expense grew 13% on higher casualty costs.

外購服務與材料費用增加 10%，原因包括併購相關成本，以及聯運與子公司費用上升。儘管運量增加，但由於營運設備租賃減少，以及第二季週轉時間創紀錄，設備與其他租金下降 7%；其他費用則因傷亡事故成本上升而增加 13%。

Income tax expense increased 29%, reflecting last year's one-time $115 million deferred state tax benefit and higher pre-tax income this year, partially offset by some good news in 2026 from state taxes. Put it all together, we had a record quarter with reported earnings per share of $3.36. Adjusted for merger costs, our earnings per share totaled $3.41 and operating ratio was 59.2%.

所得稅費用增加 29%，反映去年一次性 1.15 億美元的遞延州稅利益，以及今年稅前盈餘較高；部分被 2026 年州稅方面的一些利多所抵銷。綜合以上，我們本季創下紀錄：按公布口徑每股盈餘為 3.36 美元；調整併購成本後，每股盈餘為 3.41 美元，營業比率為 59.2%。

Turning to cash and returns and the balance sheet on slide 7. Our strong financial results carried forward into cash from operations of $5.5 billion, up 21% versus last year. Free cash flow totaled $1.8 billion after we reinvested in our network and returned an industry-leading dividend to our shareholders. We also paid down $1.5 billion of long-term debt in the first half of the year, resulting in an adjusted debt-to-EBITDA ratio of 2.5 times.

接著看投影片 7 的現金、股東回饋與資產負債表。強勁的財務成果延續到營運現金流，達 55 億美元，較去年成長 21%。在我們再投資於路網並向股東發放業界領先的股利之後，自由現金流合計 18 億美元。我們也在上半年償還 15 億美元長期負債，使調整後淨負債對 EBITDA 比率為 2.5 倍。

Turning to our outlook on slide 8, we have delivered a very strong first-half 2026 as we execute on our strategy and deliver improvement in safety, service, and operational excellence leading to carload growth. From that focused approach, we have generated reported earnings per share growth of 6% year-to-date, in line with our January outlook.

再看投影片 8 的展望：2026 年上半年我們表現非常強勁，持續執行策略，在安全、服務與營運卓越方面帶來改善，進而推動車皮裝載量成長。在這樣聚焦的做法下，我們年初至今的公布口徑每股盈餘成長 6%，符合我們 1 月的展望。

Looking to the remainder of the year, we are raising our 2026 outlook to reported EPS growth in the high single-digit range as we continue to efficiently move increased volume on our network. We also expect to continue delivering operating ratio improvement and maintain our position of industry leadership, even against ongoing margin pressure from fuel. Fuel prices remain volatile, and our recent purchases have been over $4 a gallon.

展望今年剩餘時間，我們上調 2026 年展望至：公布口徑 EPS 成長落在高個位數區間，因為我們將持續在路網上以更高效率運輸增加的運量。我們也預期將持續改善營業比率並維持業界領導地位，即使燃油帶來的利潤率壓力仍在。燃油價格仍然波動，我們近期的採購價格已超過每加侖 4 美元。

Overall, a strong first half of 2026, coupled with an improved outlook, highlight our ability to grow volumes, deliver for customers, and manage costs, a strategy that delivers value for all of our stakeholders.

整體而言，2026 年上半年表現強勁，加上展望改善，凸顯我們具備運量成長、為客戶交付成果並管理成本的能力；這是一項能為所有利害關係人創造價值的策略。

With that, I'll turn it over to Kenny.

接下來我把時間交給 Kenny。

Thank you, Jennifer, and good morning. We had a very strong second quarter as freight revenue grew 12% to $6.5 billion, and if you exclude fuel surcharge, grew 4% to $5.5 billion. Both were best ever records.

謝謝你，Jennifer，各位早安。我們第二季表現非常強勁，貨運收入成長 12% 至 65 億美元；若排除燃油附加費，則成長 4% 至 55 億美元。兩者皆創下歷史最佳紀錄。

Let's walk through the key drivers on slide 10. Starting with our bulk segment, revenue was up 7% compared to last year on a 1% decline in volume. Grain and grain products had double-digit volume growth in the second quarter, driven by strong export demand, facility expansions, and growth in renewable fuels and associated feedstocks. That resulted in record second quarter volume and revenue.

讓我們一起檢視第10頁投影片的關鍵驅動因素。先從我們的大宗（Bulk）業務來看，在運量下滑1%的情況下，營收較去年成長7%。第二季穀物及穀物製品運量呈現兩位數成長，主要受強勁出口需求、設施擴建，以及再生燃料與相關原料（feedstocks）市場成長所帶動。因此，第二季運量與營收皆創下歷史新高。

Meanwhile, coal volume was challenged by weaker natural gas prices, mild weather across our served locations, and customer downtime. These factors adversely impacted overall demand. Shifting to industrial, revenue was up 8% on a 3% increase in volume. When you exclude fuel surcharge, strong core pricing gains delivered record freight revenue and average revenue per car.

同時，煤炭運量受到天然氣價格走弱、我們服務地區天候溫和，以及客戶停工（downtime）的影響而承壓。這些因素對整體需求造成不利影響。轉到工業（Industrial）業務，營收在運量成長3%的帶動下，年增8%。若排除燃油附加費（fuel surcharge），強勁的核心定價提升帶來創紀錄的貨運營收與每車平均營收。

Petrochemicals growth was driven by improved demand and new business. In metals and minerals, volumes rose on higher domestic steel production and business development wins, more than offsetting the ongoing weakness in the export sodash market. Premium revenue for the quarter increased 21% on a 4% increase in volume and a 16% increase in average revenue per car, reflecting higher fuel surcharge, core pricing, and improved business mix.

石化產品（Petrochemicals）的成長來自需求改善與新增業務。在金屬與礦物方面，受國內鋼鐵產量提高與業務開發勝利帶動，運量上升，足以抵銷出口純鹼（sodash）市場持續疲弱的影響。本季高端（Premium）營收成長21%，其中運量成長4%，每車平均營收成長16%，反映較高的燃油附加費、核心定價提升，以及更佳的業務組合。

Domestic Intermodal delivered its fourth consecutive record quarter in both volume and revenue. It's evident our outstanding service set the foundation to grow the business. And that's exactly what we're doing. In the second quarter, private asset, rail asset, and parcel volumes were all up double-digits, benefiting from constrained truck capacity and share gains.

國內聯運（Domestic Intermodal）在運量與營收方面，連續第四季創下單季新高。很明顯，我們卓越的服務為業務成長奠定了基礎。而這正是我們正在做的事。第二季，私有資產（private asset）、鐵路資產（rail asset）與包裹（parcel）運量皆呈兩位數成長，受惠於卡車運能吃緊以及市占提升。

Our buffer resources allowed us to respond quickly to increased customer demand. International intermodal volume was down 14% versus last year. However, we saw improvement as we closed out the quarter, driven by stronger West Coast import volumes. In automotive, results were positive despite market softness due to strong business development results.

我們的緩衝資源（buffer resources）使我們能快速回應客戶需求增加。國際聯運（International intermodal）運量較去年下滑14%。不過，隨著季度接近尾聲，我們看到改善，主要由西岸進口運量走強所帶動。在汽車（Automotive）方面，儘管市場偏弱，因業務開發成果強勁，整體表現仍為正向。

Looking ahead on slide 11. Grain and grain products is positioned for further second-half growth driven by strong export demand, ongoing business development, and new facility openings. I'm excited about AGP's new export facility that opens next week in Grays Harbor, Washington. We also see continued upside from growing renewable fuels and feedstock markets supported by greater policy certainty.

展望第11頁投影片。在強勁出口需求、持續業務開發，以及新設施啟用的帶動下，穀物及穀物製品有望在下半年進一步成長。我對AGP位於華盛頓州格雷斯港（Grays Harbor）的新出口設施於下週啟用感到非常振奮。我們也看到再生燃料與原料市場成長帶來的持續上行空間，而這些市場受惠於政策確定性提高的支持。

In coal, elevated inventory and lower natural gas prices will make for a challenging second-half. We will continue to watch this market closely, but Eric and his team have proven they can quickly flex to handle shifts in volume. Business wins are also helping to offset some of the market-driven declines.

在煤炭方面，庫存偏高與天然氣價格較低將使下半年充滿挑戰。我們將持續密切關注此市場，但Eric與其團隊已證明能迅速彈性調整，以因應運量變化。業務勝利也正協助抵銷部分由市場因素導致的下滑。

Moving to industrial, we still see a south housing market. But we remain firmly focused on winning new business and outperforming industrial production. We expect continued strength in metals, growth from industrial development efforts, and increased petrochemicals from customer wins like the startup of CPChem that I mentioned last quarter.

再看工業（Industrial）業務，我們仍看到疲弱的房市。但我們依然堅定聚焦於贏得新業務，並且表現優於工業生產。我們預期金屬業務將持續強勁、工業開發帶來成長，且在客戶勝利的帶動下石化產品將增加，例如我在上季提到的CPChem啟動投產（startup）。

And wrapping up with premium, we expect domestic intermodal to continue to perform very well, supported by over-the-road conversions and our service products. International intermodal will fully lap last year's tariff volatility in August, and we expect volume to be positive in the second-half. And for automotive, we expect new business to offset market weakness.

最後談到高端（Premium）業務，我們預期國內聯運將在公路轉運（over-the-road conversions）與我們的服務產品支持下，持續表現非常出色。國際聯運將在8月完全跨越（fully lap）去年關稅波動的比較基期，我們預期下半年運量將轉為正成長。至於汽車業務，我們預期新增業務將抵銷市場疲弱。

So while we're proud of the record second quarter, the team is focused on capturing the opportunities ahead. Our approach does not change. Price for the service we provide invest for growth and keep winning new business.

因此，儘管我們為創紀錄的第二季感到自豪，團隊仍專注於把握前方的機會。我們的方法不會改變。為我們提供的服務定價、投資以促進成長，並持續贏得新業務。

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

接下來我把時間交給Eric。

Thank you, Kenny, and good morning. We delivered record second quarter operating performance, ran a fluid network, and improved safety, all while handling 2% more volume. It all starts with safety, and both employee and derailment rates improved versus their respective three-year rolling averages, highlighting the team's dedication to critical safety rule compliance and human factor prevention initiatives.

謝謝你，Kenny，大家早安。我們交出創紀錄的第二季營運表現，維持網路運行順暢並提升安全，同時處理了多2%的運量。一切從安全開始。員工事故率與出軌率相較各自的三年滾動平均皆有所改善，凸顯團隊對關鍵安全規範遵循與人因預防（human factor prevention）計畫的投入。

Moving to slide 13. We provided exceptional service as freight car velocity increased 5% to 231 miles per day and set a second quarter record. Train speed increased 3% and terminal dwell improved 7% as we tied our first quarter record of 19.7 hours, our third straight quarter below 20 hours. Both the intermodal and manifest service performance indices finished at 95%.

請看第13頁投影片。我們提供卓越服務，貨車周轉速度（freight car velocity）提升5%至每日231英里，並創下第二季紀錄。列車速度提升3%，終端停留時間（terminal dwell）改善7%，追平第一季19.7小時的紀錄，且已連續第三季低於20小時。聯運與零擔（manifest）服務績效指數皆以95%作收。

Demonstrating our ability to execute on the fundamentals and effectively utilize our buffer of resources. This enabled the team to support double-digit domestic intermodal growth at very high service levels. And remember, this bar only gets harder for us as it resets based on monthly best, which we achieved in 2025. Opportunities remain to improve, and we are committed to providing consistent reliable service while growing with our customers.

這展現了我們執行基本功的能力，以及有效運用緩衝資源的成效。因此，團隊得以在極高服務水準下，支援國內聯運兩位數成長。請記得，這個門檻只會對我們越來越高，因為它會依據每月最佳表現重新設定，而我們已在2025年達成。仍有改善空間，我們承諾在與客戶共同成長的同時，提供一致且可靠的服務。

Moving to slide 14. Our key efficiency metrics reflect our commitment to operational excellence, as we delivered record workforce productivity, record train length, and record fuel consumption. The team is relentlessly focused on identifying opportunities to further enhance service, productivity, and efficiency across the network by first executing on the fundamentals, then implementing new technologies, and finally, investing prudently back into the railroad.

請看第14頁投影片。我們的關鍵效率指標反映對營運卓越的承諾：我們創下人力生產力新高、列車長度新高，以及燃油消耗（fuel consumption）新高。團隊持續不懈地尋找機會，以提升全網路的服務、生產力與效率：先把基本功做到位，再導入新技術，最後審慎地再投資於鐵路。

Locomotive productivity of 142 improved 1% as the average active fleet decreased 1% against 2% higher gross ton miles. We successfully onboarded incremental volume by leveraging existing train starts, demonstrating strong asset utilization and efficiency. Our fuel consumption rate improved 1% as we continue to benefit from fuel conservation initiatives and locomotive technology and modernization investments. Workforce productivity increased 5% on 2% higher volume. Our active train, engine, and yard workforce decreased 2%, demonstrating our discipline and remaining more than volume variable.

機車生產力（Locomotive productivity）為142，提升1%，因平均在役車隊（active fleet）下降1%，但總噸英里（gross ton miles）增加2%。我們透過運用既有開車班次（train starts），成功承接新增運量，展現強勁的資產利用與效率。燃油消耗率改善1%，我們持續受惠於節油措施以及機車技術與現代化投資。在人力方面，運量增加2%帶動人力生產力提升5%。我們在役的列車、機務與調車場人力下降2%，展現我們的紀律，且仍保持高於運量的變動彈性。

Finally, train length grew 2% versus last year, driven by continued optimization of the transportation plan and reduced train starts. Closing the quarter, we delivered on the fundamentals, while growing volumes and effectively serving our customers. We have the capacity to grow while continuing to improve safety and service.

最後，列車長度較去年增加2%，主要由運輸計畫持續最佳化與減少開車班次所帶動。在季度結束時，我們在落實基本功的同時，提升運量並有效服務客戶。我們具備成長產能，並能在持續改善安全與服務的同時擴張。

As Kenny's outlook has improved, we've been agile and re-examined our base resources and buffer, aligning both to support growth. We're also continuing to make strategic capacity investments, including the Houston Complex, Pacific Northwest Siding Extensions, and Sunset Double Track Projects. The operating team is demonstrating daily that we are ready to grow with our customers while delivering the service we sold them.

隨著Kenny對前景的看法改善，我們保持敏捷，重新檢視基礎資源與緩衝配置，並使兩者一致以支援成長。我們也持續進行策略性產能投資，包括休士頓園區（Houston Complex）、太平洋西北側線延伸（Pacific Northwest Siding Extensions），以及Sunset複線（Double Track）專案。營運團隊每天都在證明：我們已準備好與客戶一同成長，同時交付我們向客戶承諾的服務。

With that, I'll turn it back over to Jim.

接下來我把時間交回給Jim。

Thank you, Eric, Kenny, Jennifer. Why don't we turn to slide 16. Before we get to your questions, I'd like to quickly summarize what you've heard and provide an update on our merger with Norfolk Southern. As the team walked through, we had a very strong second quarter as volumes, pricing, and operational efficiency drove record financial results. The network continues to be very fluid, and our buffer of resources is supporting broad-based growth.

謝謝你，Eric、Kenny、Jennifer。我們來看第16頁投影片。在進入各位提問之前，我想先快速總結各位剛聽到的重點，並更新我們與Norfolk Southern的合併進度。如同團隊所說明的，在運量、定價與營運效率的推動下，我們第二季表現非常強勁，帶來創紀錄的財務成果。網路運行持續順暢，而我們的緩衝資源正支援全面性的成長。

Looking ahead, we are prepared to meet increased customer demand with best-in-class safety, service, and operational excellence. For our 2026 outlook, we are raising to full-year reported EPS growth in the high-single-digit range. As to the status of our merger with Norfolk Southern, first we met a very important milestone when the Surface Transportation Board accepted our application as complete on May 28. And on Monday, we will meet another important milestone when we complete the supplemental information asked from the Board.

展望未來，我們已準備好以同級最佳的安全、服務與營運卓越，來滿足客戶需求的增加。就我們對 2026 年的展望而言，我們將全年「已申報」每股盈餘（EPS）成長預期上調至高個位數區間。至於我們與諾福克南方（Norfolk Southern）合併案的進度，首先，我們在 5 月 28 日達成一項非常重要的里程碑：美國地面運輸委員會（Surface Transportation Board）已接受我們的申請並認定資料完整。而在週一，我們將完成委員會要求補充的資訊，屆時也會達成另一項重要里程碑。

As you'll see when you read it, we've carefully answered each of the Board's questions. We've also taken the opportunity to further improve the competitive nature of our merger through an expansion of committed gateway pricing. Among several other voluntary commitments. This is in addition to the merger benefits of seamless single-line service, better reliability, lower costs, and greater competition against trucks and other railroads.

如同你在閱讀時會看到的，我們已審慎地逐一回覆委員會的每個問題。我們也把握機會，透過擴大承諾的閘道（gateway）定價，進一步提升本次合併的競爭性。以及其他數項自願性承諾。此外，這些承諾也建立在合併所帶來的效益之上，包括無縫的一線式（single-line）服務、更佳的可靠性、更低的成本，以及對卡車與其他鐵路公司更強的競爭力。

Also yesterday, we announced that we reached a merger settlement agreement with the railroad I used to work for, Canadian National. I said from day one that our merger will create a stronger railroad industry that delivers better service for customers. Our agreement with CN, Canadian National reinforces those commitments. Our merger is unprecedented and deserves a careful review. We've done our homework.

另外就在昨天，我們宣布已與我過去任職的鐵路公司——加拿大國家鐵路（Canadian National，CN）——達成合併和解協議。我從第一天就說過，我們的合併將打造更強健的鐵路產業，為客戶提供更好的服務。我們與 CN（加拿大國家鐵路）的協議，進一步強化了這些承諾。我們的合併案前所未有，值得被審慎檢視。我們已做足功課。

Now versus almost one year ago when we first announced our plans to merge, we have even more conviction that our transaction is in the public interest and will deliver benefits for our stakeholders, especially our customers. The case for our transcontinental railroad is clear, and we're ready to go.

相較於將近一年前我們首次宣布合併計畫時，如今我們更堅信這筆交易符合公共利益，並將為我們的利害關係人——尤其是客戶——帶來效益。我們打造橫貫大陸鐵路的理由非常清楚，我們已準備就緒。

With that, Rob, we're ready to take questions.

那麼，Rob，我們準備好開始回答問題。

Thank you. We'll now begin the question-and-answer session. (Operator Instructions)

謝謝。我們現在開始問答環節。(接線員指示)

Ken Hoexter, Bank of America. Good morning, Ken.

美國銀行（Bank of America）的 Ken Hoexter。早安，Ken。

Hey, good morning, Jim. I guess a two-parter, one, a little confusion on the $0.14 fuel gain. Is that just all upside from fuel and the pricing? Maybe if, Jen, you could just delve into that a little bit. And then if you can expand on the commercial agreement with CN, the access to the EJ&E, maybe talk about what that gives you and what you're giving up on the network down south.

嗨，早安，Jim。我想問兩個部分：第一，關於 0.14 美元的燃油收益有點困惑。那是否完全是燃油與定價帶來的上行？也許 Jen 你可以再深入說明一下。第二，能否再多談談與 CN 的商業協議、對 EJ&E 的使用權；也請談談這對你們帶來什麼，以及你們在南方網路上讓出了什麼。

Jennifer, why don't you --?

Jennifer，要不你來--？

Yeah, Ken, on the fuel piece, we were just calling out the fact that it did have the 120 basis point headwind to our operating ratio mathematically. But then when you look at the difference between expense and surcharge, the benefit there was the $0.14.

好的，Ken，關於燃油的部分，我們只是指出從數學上來看，它對我們的營運比率（operating ratio）造成了 120 個基點的不利影響。但當你比較費用與燃油附加費（surcharge）之間的差異時，帶來的淨效益就是 0.14 美元。

Okay. And on the Canadian National announcement yesterday, it was in 2 parts. The one part was something that we knew that we wanted to make sure, and we said it right from the start and when we looked at with the merger that we needed to do something. And we told the Surface Transportation Board twice that we never wanted to take control and get over 50%, in fact, we called meetings at the TRRA and the other railroads didn't show up. But at the end of the day, the nice part about the deal is that clears that up as far as ownership, the Kansas City terminal and TRRA.

好的。至於昨天關於加拿大國家鐵路的宣布，分成兩個部分。第一部分是我們一開始就知道必須確保的事情；從一開始、以及在評估合併時我們就說過，我們需要做些安排。我們也兩次向美國地面運輸委員會表示，我們從未想要取得控制權或持股超過 50%；事實上，我們還在 TRRA 召開會議，但其他鐵路公司沒有出席。但歸根結底，這筆交易的好處在於，就所有權層面而言，釐清了堪薩斯城終端與 TRRA 的問題。

It also allows Canadian National to come over between St. Louis, just east of St. Louis, the Kansas City and give optionality to the customers in area because we would have ended up with the 2 rail lines that we use in directional, and we would have had another one. So we thought it was prudent for us not to be too concentrated.

這也讓加拿大國家鐵路能在聖路易斯（就在聖路易斯以東）、堪薩斯城之間進入，為該區域客戶提供更多選擇；因為我們原本最終會擁有兩條我們以方向性方式使用的鐵路線，並且還會再多一條。因此我們認為，避免過度集中是審慎之舉。

Ken, that was the only part of the company where we have a significant overlap, and that was a pretty small area when you take a look at the entire railroad. So with Canadian National, we've got an MOU that takes care of that. And then we also talked about -- and it goes with our commitment to keep every gateway open. And Canadian National says, listen, can we figure out a way to get into Mexico to be able to move traffic and use -- we could still use Chicago if we wanted to, but we want to be clear that we could use a priority location that they find better to be able to have access in the Mexico, and we worked out a deal. And for that, we said, listen, we want better access through Chicago, east, west.

Ken，那是公司唯一存在顯著重疊的部分；若看整體鐵路網，那其實是相當小的一塊區域。因此與加拿大國家鐵路之間，我們有一份備忘錄（MOU）來處理這件事。接著我們也談到——這與我們承諾保持每個閘道（gateway）都開放一致。而加拿大國家鐵路表示：「我們能否想辦法進入墨西哥，以便運輸貨量並使用——我們仍可選擇使用芝加哥，但我們希望能明確地使用一個他們認為更好的優先地點，以取得進入墨西哥的通道。」於是我們談成了一個方案。作為交換，我們表示：「我們希望在芝加哥能有更好的通行權，涵蓋東向與西向。」

And sometimes people look at things in the short term, et cetera, long term, and they don't understand.

有時候人們只從短期等角度看事情，長期來看，他們就不理解。

Listen, I've worked in Chicago and I worked at Canadian National, where it took us longer to get a train from the north side of Chicago to the south side of Chicago where our terminal was than it did to run it from Prince Rupert to the northern part of Chicago. So any time a railroad can figure out a way to be able to run much more seamless east west to make interchange connections or run-through trains. That's what we've done. It's a win-win. It's a win for Union Pacific.

聽著，我在芝加哥工作過，也在加拿大國家鐵路工作過；當時我們把一列火車從芝加哥北側開到芝加哥南側、也就是我們終端所在的位置，所花的時間，竟然比從魯珀特王子港（Prince Rupert）一路跑到芝加哥北部還久。所以只要任何一家鐵路公司能想出辦法，讓東西向運行更順暢，無論是為了交接（interchange）連結，或是開行直通列車（run-through trains）。這正是我們所做的。這是雙贏。這對聯合太平洋（Union Pacific）是利多。

And it's also a great position for Canadian National. I think it's a deal that is going to help both of us be able to increase traffic from both of us because of what we're able to take off the roads and move more of that on the rail. So Ken, maybe you didn't want that much detail, but I just gave it to you, okay?

對加拿大國家鐵路來說也同樣是很好的布局。我認為這筆交易將幫助我們雙方增加貨量，因為我們能把更多運輸從公路上移轉到鐵路上。所以 Ken，也許你不需要這麼多細節，但我還是都告訴你了，好嗎？

No, I appreciate it. Have a great birthday dinner tonight. Thanks, Jim.

不，我很感謝。祝你今晚生日晚餐愉快。謝謝，Jim。

You bet. If I'm good, I'll take her out. Or if she's good, I'll take her out. If not, we're just ordering in McDonald's, okay?

當然。如果我表現好，我就帶她出去吃。或者如果她表現好，我就帶她出去吃。如果都不乖，那我們就叫麥當勞外送，好嗎？

Chris Wetherbee, Wells Fargo.

富國銀行（Wells Fargo）的 Chris Wetherbee。

Good morning, guys. Good morning. So maybe sticking on that topic, I guess I just wanted to kind of see if you could expand a little bit on how you think this plays out both from like a revenue synergy perspective. I think there's initially an initial thought in the initial merger agreement, there was some concessions baked in several hundred million dollars of potential concession. So maybe thinking about this agreement that you've constructed and how it may influence some of the revenue synergies and concession numbers?

各位早安。早安。那也許延續這個主題，我想請你們再多談一點：你們認為這件事在營收協同（revenue synergy）的角度會如何發展。我記得在最初的合併協議中，內含了一些讓步（concessions）的假設，可能有數億美元規模的潛在讓步。所以想請教，你們現在建構的這份協議，可能會如何影響營收協同與讓步金額的估計？

And then maybe a bigger picture, is this the first of what could be multiple of these types of arrangements? I guess how do you feel about the receptivity of the rest of the rail industry? This is a big move coming from potential opposition to agreement to get on board with the deal. Just want to get a sense of how you see the landscape right now.

另外從更宏觀的角度，這會不會只是多項此類安排中的第一個？你們如何看待鐵路產業其他公司的接受度？這是一個很大的轉變——從可能的反對到達成協議、轉而支持這筆交易。想請你們談談目前你們所看到的整體態勢。

Yes. Listen Chris, I won't get into too much detail of some other discussions we've had. But I'll tell you that if people are reasonable, we are more than willing to come and this one is a reasonable expansion for Canadian National, and it's great for Union Pacific. As far as the impact, listen, we knew we were going to have to do that. We see this as for both of us a growth story, not a limiting factor on business.

是的。Chris，聽著，我不會把我們之前其他一些討論講得太細。但我可以告訴你，只要大家講理，我們非常願意來做，而這對加拿大國家鐵路（CN）而言是合理的擴張，對聯合太平洋（Union Pacific）也很棒。至於影響，聽著，我們知道我們必須這麼做。我們把這視為對我們雙方都是一個成長故事，而不是對業務的限制因素。

So this will not impact what we're doing. Remember, we're still going to have to have them operate on our railroad to get to Mexico. So it's not like -- and what it does is it makes them much more competitive against the Canadian Pacific, Kansas City. So they're able to originate out of Canada and compete head on and sell a direct link. And we see that as them being able to grow more business and not be less and that we should be able to get more revenue on trackage or whatever else that we do and how we finalize the deal. So it's a real positive, Chris.

所以這不會影響我們正在做的事。記住，他們仍然必須在我們的鐵路上運行才能到墨西哥。所以這並不是說——而它所做的是讓他們在對上加拿大太平洋—堪薩斯城（Canadian Pacific Kansas City）時更具競爭力。因此他們能夠從加拿大發運，正面競爭並銷售一條直接連結。而我們認為這會讓他們能夠成長更多業務而不是更少，且我們應該能在路權費（trackage）或我們做的其他事情上取得更多收入，取決於我們如何把交易定案。所以這是非常正面的，Chris。

Yes. And I would just say a big part of it, which is addressing the 3 to 2, 2 to 1 as well as access into Kansas City was all part of what we knew we were probably going to have to do something to address that. So all part of our thinking.

是的。我還想說，其中很大一部分——也就是處理3對2、2對1，以及進入堪薩斯城的通行——都是我們知道可能必須做些事情來回應的內容。所以這都在我們的思考之中。

Perfect. Thanks for the time. Appreciate it.

完美。謝謝你撥冗。感激不盡。

Have a good one, Chris.

祝你一切順利，Chris。

Walter Spacklin, RBC.

Walter Spacklin，RBC。

Thanks very much. Good morning. And I know, Jim, as you mentioned you worked a lot on the EJ&E when -- certainly when we first met and some of the loop arounds and efficiencies you get and as you translate into the TransCon solution is quite compelling. Curious if whether when you were talking to CN, does this open the avenue now for more cooperation with CN? Or is this something, okay, we've addressed this now with CN, let's move on to any of the other railroads? Just curious whether you're seeing this as, okay, that's 1 player we've addressed and now we move on? Or is there avenue for further opportunities with CN that might have come up in the conversations?

非常感謝。早安。而且我知道，Jim，正如你提到的，你在EJ&E上投入很多——當然是在我們第一次見面時——以及一些環線繞行與你所獲得的效率，並且當你把它轉化到TransCon方案時，確實相當有說服力。我好奇的是，當你和CN談的時候，這是否現在為與CN更多合作打開了道路？還是說，好的，我們現在已經把這件事和CN處理完了，接下來就轉向其他鐵路公司？只是好奇你是否把這看作：好，這是我們已經處理的一個玩家，然後我們就往前走？或者在對話中是否出現了與CN進一步合作機會的途徑？

So listen, let's start with fundamentally. We would have never been able to get to this kind of deal with Canadian National if it wasn't because of going through the merger, okay? So that's the problem with people. Anybody thinking that it's easy to make a deal with another railroad or another company is Walter, pretty tough, okay? So it was the merger that drove this, and it was something that helped us and helped Canadian National, it truly is a win-win. I'm not sure what the next step is, okay? I really don't.

聽著，我們先從根本談起。如果不是因為走過併購流程，好嗎？我們根本不可能和加拿大國家鐵路達成這種交易。這就是人們的問題。任何人以為跟另一家鐵路公司或另一家公司做交易很容易——Walter——其實非常難，好嗎？所以是這次併購促成了這件事，而這也同時幫助了我們與加拿大國家鐵路，確實是雙贏。至於下一步是什麼，好嗎？我真的不知道。

Would I like to make -- the problem we have is because we do not have a whole bunch of overlap. We've basically dealt with our 2 to 1 and 3 to 2 customers even, there isn't a lot else that we need to give up. Like what is it that you give, you give access to somebody around Nashville. Well, we'd like access to different part -- to Florida, further South in Jacksonville. So at the end of the day, it's going to be difficult, but we're always open to have discussions.

我想要做——我們的問題在於，因為我們沒有太多重疊。我們基本上已經處理了我們的2對1與3對2客戶，甚至也處理了，因此也沒有太多其他需要讓出的。比如你要給什麼？給某人繞過納什維爾的通行權嗎？那我們會想要進入不同的地方——到佛羅里達、更往南到傑克遜維爾。所以歸根結底會很困難，但我們一向願意進行討論。

We really are. And if something happens, and I love our relationship with Canadian National, but I'll tell you, they don't give me any difference because I know their railroad. I'll be honest. They're tough negotiators, son of a gun, okay? I was hoping I didn't have to give them that much access into Mexico. But at the end of the day, they're tough negotiators. They're smart. But I like that. That's what you want, Walter, is just to be able to move the deal forward together.

我們真的願意。如果有事情發生——而且我很喜歡我們與加拿大國家鐵路的關係——但我告訴你，他們不會對我手下留情，因為我了解他們的鐵路。我坦白說。他們是很難纏的談判者，真是的，好嗎？我原本希望不必給他們那麼多進入墨西哥的通行權。但到最後，他們就是很強硬的談判者。他們很聰明。但我喜歡這樣。你想要的就是這個，Walter——能夠一起把交易往前推進。

And if there's other things that we can figure out how to do, we'll do that. We really will. But I don't see a whole bunch of things that are sitting on the platter. And Walter, because I think you've met my wife, you know I'm -- I would never take her out for a burger, okay? Sometimes like having a joke, like the chance of me having a marriage for 43 years like I have or 44 years and take her out for a burger for a birthday, that would not work out good, okay?

如果還有其他事情我們能想出辦法來做，我們會做的。我們真的會。但我看不到有一大堆事情就擺在盤子上。而且Walter，因為我想你見過我太太，你知道我——我絕不會帶她去吃漢堡，好嗎？有時候開個玩笑：像我這樣結婚43年或44年，還在她生日帶她去吃漢堡，那肯定不會有好下場，好嗎？

McDonald's is not on the menu. Got it.

麥當勞不在菜單上。了解。

We're in Omaha. It should be like a nice stake from Omaha. I'm telling you. A nice from a farm out in Iowa or Nebraska, I'm looking forward to it tonight.

我們在奧馬哈。應該來一份奧馬哈的上等牛排。我跟你說。來一份從愛荷華或內布拉斯加農場出來的好牛排，我今晚很期待。

It might play out a bit better. Okay, thanks again Jim.

那樣可能效果會好一點。好的，再次感謝你，Jim。

Jonathan Chappell, Evercore ISI.

Jonathan Chappell，Evercore ISI。

Thank you. Good morning. Hey, Jim. Jennifer, shifting gears away from the merger for a second. You raised the EPS guide versus 3 months ago while also raising the outlook for your most important cost line item with the cost per employee. So can you help us kind of solve them for where the majority of the upside is coming from? Is that volumes running better than expected? Is it surcharge tailwind benefiting more than you thought in 2H, more productivity and other line items? How do we kind of rectify those two changes?

謝謝。早安。嗨，Jim。Jennifer，先把話題從併購轉開一下。你們相較於3個月前上調了EPS指引，同時也上調了你們最重要的成本項目——每位員工成本——的展望。所以你能否幫我們釐清一下，大部分上修的動能主要來自哪裡？是運量表現優於預期嗎？是附加費（surcharge）的順風在下半年（2H）帶來的助益比你原先想的更大、或是更多生產力與其他項目？我們要如何把這兩個變動對起來？

Yes. I mean I think you kind of answered your own question there a little bit, Jonathan. It really is a number of different things. Certainly, when you hear Kenny talk and look at his outlook in terms of how the business is performing and what we see the opportunity for the second half of the year, it's stronger than we thought it was coming into the year, which is great news, and we feel very bullish about that. And then you see how Eric and his team are handling that increased volume.

是的。我的意思是，我覺得你多少已經回答了你自己的問題，Jonathan。確實是好幾個不同因素的綜合。當然，當你聽Kenny談、並看他對業務表現的展望，以及我們看到下半年機會時，情況比我們年初預期的更強，這是很好的消息，我們對此非常看多。然後你也看到Eric和他的團隊如何應對這些增加的運量。

Doing it very efficiently in a very cost-efficient manner and giving a great service product to support our customers as they're growing their business. So it's all of those things, and we feel great about it. It's a great setup for the first half and looking forward to a strong second half.

以非常有效率、非常具成本效益的方式來處理，並提供優質的服務產品，以支援我們的客戶在其業務成長時的需求。所以就是所有這些因素，我們對此感覺非常好。上半年是一個很好的開局，也期待下半年會很強勁。

David Vernon, Bernstein.

David Vernon，Bernstein。

Hey, good morning, guys. Thanks for fitting me in here. So I'm going to try to squeeze 2 into here because you guys are quick on the next question, Mike. The first question is really around the outlook for the second half. Kenny, you sound pretty positive about everything except coal, which sounds like a throwback to the last decade. I wanted to ask if you're seeing any sort of broadening of industrial demand outside of anything related to sort of data center construction, anything that you're seeing in the economic tealeaves that would tell you that we are starting to see some broader industrial recovery kind of building up?

嘿，各位早安。謝謝讓我插進來提問。所以我會盡量在這裡塞進兩個問題，因為你們下一題接得很快，Mike。第一個問題主要是關於下半年的展望。Kenny，你聽起來對除了煤炭以外的所有事情都相當正面；煤炭聽起來倒像是回到上個十年的情境。我想請問，你們是否看到與資料中心建設相關以外的工業需求有任何擴散？從你們觀察到的經濟跡象來看，是否顯示我們開始看到更廣泛的工業復甦正在醞釀？

And then the second question would be around the Falcon service, right? So how does this agreement sort of change that? Or is CN going to be running some of its own trains? Like how does -- or is that totally separate from what you guys announced today? Thank you.

第二個問題是關於 Falcon 服務，對吧？那這項協議會如何改變那個服務？或者 CN 會不會自己開行一些列車？也就是說，這跟你們今天宣布的內容之間是怎麼關聯的——還是說那完全是兩回事？謝謝。

Yes. So the first question, we look at car orders, and we're at 100% fulfilling those. And those are up slightly. And so yes, if you look at it broadly -- if you look at the car orders, and I'm talking across the board, there is some slight uptick that's there. You're also seeing that in the momentum that we talked about.

是的。第一個問題，我們看車輛訂單（car orders），目前我們是 100% 交付履約。而且那些訂單略有上升。所以是的，如果你從更廣的角度來看——看車輛訂單，我指的是全面性的——確實有一些輕微的上揚。你也會在我們提到的動能中看到這點。

On the industrial side, that's largely a lot of our Carlyle business, where we've had record average revenue per car, candidly, a record revenue that's there. So that's encouraging to us as we move and turn into the second half. And then there are some things that we're doing to make our life a lot better. So you look at grain and grain products. We've got a few more facilities that are coming online, some that are export, some that are domestic, automotive is not a great overall macro area, but we won new business to go out and compete in that area.

在工業端，這很大一部分來自我們的 Carlyle 業務；坦白說，我們的每車平均營收創下紀錄，也有創紀錄的營收表現。因此，當我們邁入並轉進下半年時，這讓我們感到鼓舞。另外，我們也在做一些事情，讓我們的營運狀況更好。例如你看穀物與穀物產品。我們有幾個新設施即將上線，有些是出口用，有些是內銷用；汽車整體宏觀環境並不算好，但我們在那個領域贏得了新業務，得以出去競爭。

So a little bit of a macro bump on the industrial side, but also we're balancing that and supplementing that by winning new business.

所以工業端有一點宏觀面的回升，但同時我們也透過贏得新業務來平衡並補強。

I think the second question was around the Falcon. Our Falcon product with CN is going well. The service product is strong. Eric, you've really helped us on and see in there. So as we look at Mexico again, and you can see the numbers in Mexico, we've done well in Mexico, and we see that occurring as we go through.

我想第二個問題是關於 Falcon。我們與 CN 的 Falcon 產品進展良好。這個服務型產品很強。Eric，你在那裡確實幫了我們很多，也讓我們看得更清楚。所以當我們再看墨西哥，你也能從墨西哥的數字看出來，我們在墨西哥做得不錯，而且我們看到這種情況會持續發生。

Kenny, sorry for interrupting you. You guys should talk about -- we talked about open gateways and the Balkan was through Chicago, but we have no problem with making sure that the other railroads come to our network and move the way that customers want it to move.

Kenny，不好意思打斷你。你們應該談一下——我們談過開放式閘道（open gateways），而 Balkan 是經由芝加哥，但我們完全不介意確保其他鐵路公司能進入我們的網路，並以客戶希望的方式來運輸。

So when we think about the Falcon, it is independent of this. And to Jim's point, our commitment as part of the merger, which has remained unchanged and will remain unchanged is full access to all the active interchange points. And when some people think about that, they underestimate when I say interchange points, they think of places like Chicago and New Orleans, which are obviously incredibly important to us and all the other railroads, but just remember that every single day, there's 260 interchange points across the Union Pacific network as we sit here today. So we're really committing to that 260 open interchanges just like they were yesterday, just like they were a month ago, and that's going to remain that because to Jim's point, our partnerships with all of the railroads are incredibly important. When you consider 40% of our volume every day is interchange to another railroad or received by us from another railroad.

所以當我們談 Falcon 時，它與這件事是獨立的。而且呼應 Jim 的觀點，作為合併的一部分，我們的承諾一直沒有改變、也將不會改變：所有現行的交接點（interchange points）都將完全開放使用。有些人談到這點時，會低估我所說的交接點；他們想到的是芝加哥和紐奧良這類地方，這些當然對我們和所有其他鐵路公司都極其重要，但請記得，就在今天我們坐在這裡，聯合太平洋（Union Pacific）網路每天有 260 個交接點。因此，我們真正承諾的是這 260 個開放交接點：就像昨天一樣、就像一個月前一樣，而且會持續如此；因為如 Jim 所說，我們與所有鐵路公司的合作夥伴關係極其重要。當你想到我們每天有 40% 的運量是與另一家鐵路公司交接，或由另一家鐵路公司交給我們。

Stephanie Moore, Jefferies.

Stephanie Moore，Jefferies。

Morning, Stephanie.

早安，Stephanie。

Hi, good morning. Thank you, guys.

嗨，早安。謝謝各位。

I guess I wanted to maybe ask a bigger picture question here for whoever on the team would like it. But I wanted to ask a little bit about just maybe the industrialization theme that we're seeing across the US and maybe that means a bit more domestic manufacturing and maybe less imports coming on to the West Coast. So can you maybe frame how you think the network is positioned to handle what could be a pretty big medium-term theme here over the next 5, 10 years? Thanks.

我想我可能想問一個更宏觀的問題，團隊裡任何人都可以回答。我想問一下，我們在美國看到的「工業化」主題——可能意味著更多國內製造，可能也意味著進入西岸的進口更少。所以你們能否說明一下，你們認為這個網路如何定位，以因應未來 5 到 10 年可能相當重大的中期趨勢？謝謝。

So Kenny, why don't you talk about what you see with all the construction, different products, hot markets, cooler markets real quick. And then Eric talk about the railroad and how it is.

Kenny，你先快速談談你看到的各種建設、不同產品、熱絡市場與較冷卻市場。然後 Eric 再談談鐵路本身以及它的狀況。

Yeah. Stephanie, you're really asking about what we call our industrial development area where we're either expanding at a plant or locating a new customer on our network, and that pipeline has remained strong. And we've seen a lot of new customers come on to our network. I talked about AGP, which is a grain customer. But then we've also seen it with Hyundai Steel that's bringing on new production here in the US into the Gulf. That pipeline is strong, and we see it show up in other areas.

好。Stephanie，你問的其實是我們所稱的工業開發領域：不論是在既有工廠擴建，或是在我們網路上導入新客戶，那條管線一直維持強勁。而且我們看到很多新客戶加入我們的網路。我提過 AGP，那是一個穀物客戶。但我們也看到 Hyundai Steel 把新的產能帶到美國，在墨西哥灣地區投產。那條管線很強，我們也看到它在其他領域浮現。

Someone talked a little bit earlier about the data centers, but we're seeing really good strength really good pipeline. We're converting that at a great rate. We're seeing a robust number of RFI, I mean, in our opportunity to compete in that area. And so we're bullish, and we're excited about that. We've been able to convert on that.

有人稍早提到資料中心，但我們看到非常好的強度、非常好的案源管線。我們以很高的轉換率把它轉成實際業務。我們看到大量的 RFI（資訊徵詢），也就是我們在該領域競爭的機會。所以我們看多，也對此感到興奮。我們已經能在這方面成功轉換。

And then Stephanie, as far as the railroad's ability to handle it, we are and we remain poised to be able to handle that growth. You saw that a couple of examples here recently. You go back to last year with a 33% increase in international intermodal, and we handled it. We handled it well. Then you look at what's happened in the domestic intermodal market, which credit to Kenny and his team have done a great job bringing that growth to our railroad.

另外 Stephanie，就鐵路承載能力而言，我們已經、也仍然準備好能夠承接那樣的成長。你最近也看到幾個例子。回到去年，國際聯運（international intermodal）成長 33%，我們承接住了。而且我們承接得很好。再看國內聯運市場發生的事——這要歸功於 Kenny 和他的團隊，他們把成長帶到我們的鐵路上，做得非常出色。

And you've seen us handle that exceptionally well, especially when you see 5% increases on car velocity in a period of the year where historically, no matter how many years you go back, we actually would degrade by about 15 to 20 miles per day. But 50 days into the summer, we haven't had any degradation, and we don't plan to have any degradation.

你也看到我們處理得非常好，特別是當你看到車輛速度（car velocity）提升 5%，而在一年中這個時段，歷史上不管你往回看多少年，我們通常都會惡化大約每天 15 到 20 英里。但進入夏季 50 天了，我們沒有任何惡化，而且我們也不打算出現任何惡化。

Now that really tells you that the fundamentals of the railroad is strong. Every single metric I gave this quarter, last quarter, the quarter before that indicate that we're not only strong, but we continue to make more progress.

這其實告訴你鐵路的基本面很強。我這一季、上一季、再上一季提供的每一項指標都顯示，我們不僅強勁，而且持續取得更多進展。

Now on the capacity side, to be able to handle that and you used examples like the West Coast and Mexico, think about what we've been doing, and this is not a new thing. We've always invested in our capital and invested that into the railroad prudently. So whether you're thinking about the more than $125 million we've invested in our Houston complex, whether you think about our continued work to finish double-tracking the Sunset route from Yuma all the way to Tucson so that we're actually double track all the way to El Paso. And even on the bulk side and the manifest side, when you think about our siding construction projects and siding extension projects up in the Pacific Northwest and across Iowa, we are poised.

再談到產能面，要能承接這些成長，而你舉了西岸和墨西哥的例子，想想我們一直在做的事——而且這不是新事情。我們一向都審慎地投資資本，並把資本投入鐵路。所以不論你想到我們在休士頓園區投資超過 1.25 億美元，或想到我們持續推進把 Sunset 路線從尤馬（Yuma）一路到圖森（Tucson）完成雙線化，讓我們實際上一路雙線到埃爾帕索（El Paso）。甚至在散貨（bulk）與零擔（manifest）方面，當你想到我們在太平洋西北地區以及愛荷華州各地的會車線（siding）新建與延長專案，我們都已蓄勢待發。

We'll continue to be poised, and we'll continue to maintain a buffer so that when unexpected growth comes because of all of Kenny's team's hard work, we can bring it on to the railroad with an immediate yes to our customer.

我們將持續保持準備就緒，並且會持續維持一個緩衝，以便當因為Kenny團隊的辛勤努力而出現意外的成長時，我們能夠立即把它導入鐵路運輸，並對客戶立刻給出肯定的答覆。

Yeah. And just one last thing to add there, Stephanie. So you've heard us talk about our pipeline of industrial projects where you're -- and Kenny mentioned the RFIs. We've got about 200 of those in the pipeline today. It's a very strong pipeline. So we feel very bullish about our opportunity to continue to grow there.

是的。另外再補充最後一點，Stephanie。你也聽到我們談到工業專案的案源管線，你們——Kenny也提到了RFI（資訊徵詢）。我們目前管線裡大約有200個。這是一個非常強勁的管線。因此我們對於在那裡持續成長的機會感到非常樂觀。

Perfect. Thank you very much, Stephanie.

太好了。非常感謝你，Stephanie。

Tom Wadewitz, UBS.

UBS的Tom Wadewitz。

Good morning, Tom.

早安，Tom。

Yeah, good morning, Jim. Congratulations on this deal with CN. That seems like a really nice step forward for you in terms of making the case with STB. I wanted to ask you just for a little more kind of understanding on how you would view that deal. So can you give us any kind of framing of, let's say, 3 to 2, 2 to 1 customers, when you consider the customers on St. Louis to Kansas City or in St.

是的，早安，Jim。恭喜你們與CN的這筆交易。看起來這在向STB提出論述方面，對你們而言是相當不錯的一大步。我想請你再多幫我們理解一下你們如何看待這筆交易。所以當你們考量聖路易斯到堪薩斯市，或在聖路易斯地區的客戶——例如所謂3到2、2到1的客戶——就你們正在取得的接入而言，那一群體到底有多大？

Louis area that or getting access to, how large is that group? Is that like 5 customer facilities? Is that like 50? Is there any way to kind of frame that?

是像5個客戶設施那樣的規模？還是像50個？有沒有什麼方式可以大致框定一下？

And then I guess the other component would just be their access to your line on Memphis to Eagle Pass. Would you expect CN to compete with you on business to and from Mexico? Or is that like, Hey, this is going to really enable them to compete with CP on business, it's more like, call it, Eastern Canada to Mexico. Just want to see if you could give us a little bit more perspective on kind of the -- how meaningful it is and how you think it affects the competition?

然後我想另一個面向是他們接入你們孟菲斯到鷹關（Eagle Pass）這段線路。你們預期CN會在往返墨西哥的業務上與你們競爭嗎？還是說，這其實會讓他們更能與CP在業務上競爭，更像是所謂加拿大東部到墨西哥的路徑？只是想看看你能否再多給我們一些觀點：它到底有多重要，以及你認為它如何影響競爭態勢？

Okay. The new deal is Canada and to Mexico. So it's not competitive with us. It's good for both of us and allows them to sell it. Second is, as far as the number of 3 to 2 and 2 to 1, it's in the application, Tom.

好的。這個新協議是加拿大到墨西哥。所以它不會與我們形成競爭。這對我們雙方都有利，也讓他們可以去銷售這個方案。第二，至於3到2與2到1的數量，Tom，申請文件裡都有。

It's absolutely a small number, less than out of the thousands of customers we have, we're talking about a couple of handfuls. If that, Jennifer, what's the exact number? I don't want to put the wrong number out because it's been a brick and moving --

那絕對是很小的數字；在我們成千上萬的客戶之中，我們談的是少數幾個而已。如果真要說的話，Jennifer，確切數字是多少？我不想講錯，因為這一直在變動——--

Yeah, the two to one is three or four, and the three to two, I think, is low 30s.

是的，2到1是三或四個；3到2我記得是30出頭。

So that's it. So out of all our customers. And we said that we would fix the 2:1, and we have a remedy even for the 3:2s, which truly is -- let's get serious. If somebody has 2 plus a truck or 2, they should be competitive. But we want to make sure that there's no question about leaving every optionality that people have.

就這樣。所以在我們所有客戶之中。而且我們也說過會解決2:1的問題；即便對3:2，我們也有補救方案。這其實——說真的——如果有人有兩家以上加上卡車，或兩家，他們就應該具備競爭力。

Tom, I'll take exception to one thing on yours. It's pretty straightforward. This merger doesn't need a lot of help, okay? And I've been pretty adamant about this. And what people are missing is when you give customers a seamless single point railroad that can move things a larger -- longer distance that is automatically makes the thing less expensive for the customer and more competitive against any other product that's out there.

Tom，你有一點我得提出不同看法。這其實很直接。這個合併案不需要太多「幫忙」，好嗎？而我對此一直相當堅定。大家忽略的是：當你給客戶一條無縫、單一窗口的鐵路，能把貨物運得更遠——更長距離——它自然就會讓客戶成本更低，並且相對於市場上任何其他產品更具競爭力。

So people want to make noise about whether we need to help this. I think the CN deal, the Canadian National deal is great for both of us with EJ&E and Mexico and then within the piece, but we're talking a small number of customers. This is a growth deal. We see taking trucks off the road to go across the US faster and take things that are right now going through cities and less fuel-efficient, more greenhouse gas, impacting roads that, of course, everybody knows trucks do not pay their full share of the construction and capital costs on the interstate system while we pay for all ours, but we want to put them on our railroad.

所以有人想拿「我們是否需要幫它一把」來大做文章。我認為CN交易、加拿大國家鐵路這筆交易，對我們雙方都很好，涵蓋EJ&E與墨西哥，以及其中的部分；但我們談的客戶數量很少。這是一筆成長型交易。我們看到的是：把卡車從公路上移走，讓貨物更快橫跨美國，並把目前正穿越城市、燃油效率較差、溫室氣體排放較高、也對道路造成影響的運輸，轉到鐵路上——當然大家都知道，卡車並沒有為州際公路系統的建設與資本成本支付其應負的全部份額，而我們的基礎設施成本則是全額自付——但我們希望把這些貨放到我們的鐵路上。

So this is truly more compelling today than we looked at it than ever before. And you can see because it only touches -- think about that, less than 10 customers go 2 to 1. This is truly an end-to-end that wins. We think we have a strong case. People, they can write stories that aren't factual.

因此，今天這件事比我們以往任何時候看起來都更具說服力。而且你也看得到，因為它只影響——想想看——少於10個客戶會從2變成1。這真的是一個端到端、雙贏的方案。我們認為我們的論述很有力。有些人可以寫一些不符合事實的故事。

Can say whatever they want, the facts are pretty clear. So got me going a little bit this morning.

他們想怎麼說都可以，但事實非常清楚。所以今天早上有點把我講激動了。

Tim, do you think you get a shipper agreement as well? Are you optimistic on that?

Tim，你覺得你們也會拿到托運人協議嗎？你對此樂觀嗎？

Sorry, you broke up on the one piece. What did he say?

抱歉，你剛剛那一段斷斷續續的。他說什麼？

No, I'm just I'm saying like -- yes, you got to see agreement with CN, do you think it'll announce some kind of big shipper agreements as well or maybe not for a while?

沒有，我是說——是的，你們已經看到與CN的協議了；你覺得也會宣布某種大型托運人協議嗎？還是可能要等一段時間？

Listen, we talk to our customers all the day, and we have set a number of customers that -- and -- how do we move ahead? How do we make sure that they understand how it is and how they can win in the marketplace. So yes, we're not going to announce them because they're private deals. But at the end of the day, absolutely, we've been talking to a lot of customers.

聽著，我們每天都在和客戶溝通，而且我們已經鎖定了一些客戶——以及——我們要怎麼往前推進？我們要怎麼確保他們理解這件事，以及他們如何能在市場上勝出。所以是的，我們不會宣布，因為那是私下的交易。但歸根結底，當然，我們一直在和很多客戶談。

I sent the letter to our top 50 customers saying, if you have any questions about the business that we're doing together, and I sent it to the CEOs. Here's my phone number. Give me a call of text me, and we'll get the teams together to go through detail so you understand what the benefits are. I had a meeting on Monday with one of the big shippers here in the Midwest. And they're not going to come out and he told me black and white.

我寄了一封信給我們前50大客戶，對象是他們的CEO，說如果你們對我們共同在做的業務有任何問題，這是我的電話號碼。打給我或傳簡訊給我，我們就把團隊集合起來，把細節走一遍，讓你了解好處是什麼。我在週一和中西部這裡的一家大型托運人開了會。而他不會站出來，而且他很明白地告訴我。

He says, listen, I'm not going to come out to support it because -- the other people have not -- worry about what they might say and do if I do. But at the end of the day, says, I see the advantage. If we're moving pulse products from the Southeast US to the west, which they are, they would -- they see the seamless. So customers, absolutely.

他說，聽著，我不會出面支持，因為——其他人還沒有——我擔心如果我這麼做，他們可能會說什麼、做什麼。但到最後，他說，我看得到優勢。如果我們把豆類等脈衝作物產品從美國東南部運到西部——他們確實在做——他們會——他們看得到那種無縫衔接。所以客戶方面，絕對是。

And thanks for the question, it got me to fill in all the gaps of what I haven't been able to say this morning. So I appreciate it.

也謝謝你的問題，這讓我把今天早上還沒能說的部分都補齊了。所以我很感謝。

Thank you, Jim.

謝謝你，Jim。

Brian Ossenbeck, JPMorgan.

Brian Ossenbeck，摩根大通（JPMorgan）。

Morning, Brian.

早安，Brian。

Hey, good morning, Jim. Good morning, team. Thanks for taking the question. Maybe just one real quick for Jennifer then a couple for Jim. Jennifer, the comp per head up 6%. I mean, typically, you have good visibility on that to start the year. It continues to move up a bit. Just wanted to see what the driver was for that?

嗨，早安，Jim。各位團隊早安。謝謝讓我提問。我想先很快問 Jennifer 一題，然後再問 Jim 兩題。Jennifer，人均薪酬上升了 6%。我的意思是，通常你們在年初對這個會有很好的能見度。但它還是持續又往上走了一點。想請教一下，主要驅動因素是什麼？

And then, Jim, you mentioned or hinted that there'll be some, I guess, improvements expanding of the CGP and a couple of other, I guess, voluntary enhancements, if you're going to call them that, that we'll see on Monday. I wanted to see if you could get a little bit more granular on that, give us a little bit of a preview of what to expect. And then, of course, had a couple of decisions out yesterday. One that was interesting, just the trackage rights, the reciprocal switching with UP going back to Lake Charles. Is that anything that you think sets the precedent as you start to work towards the merits review of the transaction on the merits?

然後，Jim，你提到或暗示週一我們會看到一些改善，我想是 CGP 的擴充，以及另外幾項（如果你要這麼稱呼的話）自願性的強化措施。我想看看你能不能再更具體一點，先給我們一點預告，讓我們知道可以期待什麼。另外，當然昨天也出了幾項裁決。其中一個很有意思的是關於路權（trackage rights），也就是與 UP 的互惠轉轍（reciprocal switching）回到 Lake Charles 的那件事。你認為這是否會在你們開始推進交易實質審查（merits review）時，形成任何先例？

So real quick on the STB, listen, I think they were very prudent when they came out with the decisions. And basically, they just said the that there are certain things that were in place that just make sense. And you can't just automatically ask for access for nothing on somebody else's property. It would be like somebody setting up a coffee shop and go into Starbucks and saying, I want to set up a coffee shop in Starbucks because I drove by the place. That doesn't make a particle of sense, and that's what the STB said.

先很快回應一下 STB。聽著，我認為他們在發布這些裁決時非常審慎。基本上，他們只是說，有些既有安排本來就合理。你不能只是自動要求在別人的資產上免費取得進入權。這就像有人開了一家咖啡店，跑去星巴克說：我想在星巴克裡面也開一家咖啡店，因為我路過看到這個地方。這完全說不通，而 STB 也就是這麼說的。

So we're very happy.

所以我們非常高興。

Now are we happy with every decision? No. They want us to put out detailed information on employees. And you think about we're going -- we've given it that every law firm that covers every person that might want to comment on this deal. So at the end of the day, are we happy with that one?

那我們對每一項裁決都滿意嗎？不。他們希望我們提供關於員工的詳細資訊。你想想看——我們等於要把這些資訊交給每一家律所，涵蓋所有可能想對這筆交易發表意見的人。所以到最後，我們對那一項滿意嗎？

I'm not because it impacts people's lives. And I always worry about that and how it impacts our employees. But overall, I think it's a clear win for Union Pacific that our position was correct in how things were done with the 3 cases. So on that, that's where I am with it. Jennifer?

我不滿意，因為這會影響人們的生活。我一直都會擔心這件事，以及它對我們員工的影響。但整體而言，我認為這對 Union Pacific 是一個明確的勝利，因為我們在這 3 個案件的處理方式上立場是正確的。所以就這點而言，我的看法就是如此。Jennifer？

Yeah. On the comp per employee piece, Brian, it really is wage inflation and benefits. So really, the part that's been a little bit hotter than we were expecting coming into the year is on the health and welfare side. You're right. The wage inflation is known.

是的。關於人均薪酬這一塊，Brian，主要就是薪資通膨與福利成本。所以，年初我們原本預期會比較溫和、但實際上偏熱的部分，是健康與福利（health and welfare）這一端。你說得對。薪資通膨是已知的。

Just as a reminder, we had the 4% for the first half of the year and effective July 1, we now have 75% increase in terms of the unionized wages. So good healthy increases there. And that's where we're just running a little bit hot.

提醒一下，上半年我們是 4%，而自 7 月 1 日起，工會化薪資的調升幅度現在是 75%。所以那邊有相當健康的增幅。而我們就是在那方面稍微偏熱地在跑。

So per employee, we're up, but how is the productivity remind everybody.

所以人均是上升了，但生產力表現如何？提醒大家一下。

Yes, absolutely. So when you think about some of the numbers that I reported in my prepared comments, they start to give you some perspective, but I have the benefit to be able to peel that back and see at the ground level exactly what's happening. And so to Jennifer's point, while we are running hot on that, we've seen continued progress on the productivity side. You don't grow train length to almost 9,900 feet by chance. If you think about it, not that long ago, we were at 7,500 feet.

是的，當然。當你看我在事先準備的發言中報告的一些數字，它們能提供一些視角；但我也有優勢能把它拆開來看，從第一線層級了解究竟發生了什麼。所以呼應 Jennifer 的重點，雖然那邊成本偏熱，但我們在生產力方面持續看到進展。列車長度能拉到接近 9,900 英尺，絕不是碰巧。你想想，不久之前我們還在 7,500 英尺。

So our 2% gain is on a very large gain over the last 5 years, and we don't see a stop to that. I often get asked, can you make it to 10,000 feet. We got the team here at Union Pacific that takes challenges like that very seriously and looks for safe opportunities for us to be able to do that.

所以我們這 2% 的提升，是建立在過去 5 年非常大的提升基礎上，而且我們看不到它會停止。我常被問：你們能做到 10,000 英尺嗎？我們 Union Pacific 的團隊非常認真看待這類挑戰，並尋找安全的機會讓我們能做到。

Now when you look down even deeper into our terminals and you look at line of road with our wage increases, right, our challenge that we take on every year, we focus on every quarter, every week, is to offset as much wage inflation as possible. And you can see how we've done that. You can see that when you're increasing car velocity and you're running at 231 miles per day, you're dropping your recrew rate to 4.5%. We did that in the quarter. That's 2 whole points better than it was last year.

再往下看更細，當你深入我們的場站（terminals），看我們的路線營運（line of road），在薪資調升之下——對，我們每年都承擔的挑戰、每一季每一週都在聚焦的，就是盡可能抵銷薪資通膨。而你可以看到我們是怎麼做到的。當你把車輛速度（car velocity）提升、每天跑到 231 英里，同時把重派率（recrew rate）降到 4.5%，你就能看見。我們在本季做到了。這比去年整整好 2 個百分點。

And I can go on and on. Terminal dwell being down 7%, run through dwell down being down 8%. It's all those things that our team in the operating department with the support of the rest of the company do every single day, and I could not be more proud of them, mostly because they're perpetually dissatisfied, always looking for more opportunities and we're going to offset as much inflation as we possibly can. And our track record demonstrates we do that quite well.

我還可以一直講下去。場站停留時間（terminal dwell）下降 7%，直通停留時間（run through dwell）下降 8%。這些都是我們營運部門的團隊在公司其他部門支援下每天都在做的事；我對他們感到無比自豪，主要是因為他們永遠不滿足，總是在找更多機會，而我們會盡可能抵銷通膨。而我們的過往紀錄也證明，我們做得相當好。

You know what, you had a third question in there sorry, a subpart. What was the third part?

你知道，你剛剛其實還有第三個問題，抱歉，是個子題。第三部分是什麼？

Thank you for that humoring me there. Yes, I think just to give us all a preview of what to expect on the supplemental because it sounds like there might be a couple of additional things you went above and beyond the initial list.

謝謝你剛剛配合我一下。是的，我想請你先讓我們預覽一下補充資料（supplemental）大概會有哪些內容，因為聽起來你們可能在最初的清單之外，又多做了幾項額外的事情。

I was hoping you forgot that piece, okay, when I asked you, but bottom line is, there's a whole bunch of detail in there. What the expansion does is we actually -- we went out and talked to our customers, and the feedback we received was, would you guys examine, and we went to detail with a lot of them to say, listen, it will help us being able to just because -- and I've always talked about distances is your enemy, if you try to route things the wrong way.

我本來希望你忘了那一段，好吧，既然你問了——重點是，裡面有一大堆細節。這次擴充的作法是：我們其實——我們出去跟客戶談了，而我們收到的回饋是：你們能不能檢視一下……我們也跟很多客戶深入討論，說，聽著，這會幫助我們，因為——我一直都說距離是你的敵人，如果你用錯方式去繞行路由。

So the bottom line is, when we went through that, we'll see it in the application. We've expanded it because of what our customers gave us a feedback. Again, we don't see that as a negative because the more you can open up some of those things to make sure the optionality is there, we get more business out of it. And it's about growth. So Eric, I thought Eric was going to give you a real quick -- our productivity was again great, but he decided to show you the whole railroad.

所以總之，當我們把那套流程走完，你們會在申請文件（application）裡看到。我們是因為客戶給的回饋而把它擴大。同樣地，我們不認為這是負面，因為你越能開放其中一些安排、確保有選擇性（optionality），我們就能從中取得更多業務。而這關乎成長。所以 Eric——我原本以為 Eric 會很快跟你講一下——我們的生產力再次表現很棒，但他決定把整條鐵路都展示給你看。

I love it. He's starting to sound more like me, okay? Pretty soon, Eric, I don't even have to come on these calls. Between you and Kenny and Jennifer, you guys have got it. But -- so that's where we are. You'll have to wait until Monday, okay? I can't let the whole cat out of the bag.

我很喜歡。他開始聽起來更像我了，好嗎？很快，Eric，我甚至都不用上這些電話會議了。你、Kenny 和 Jennifer 之間，你們已經搞定了。不過——所以我們目前就是這樣。你得等到星期一，好嗎？我不能把整件事全都抖出來。

Understood. Thanks very much for your time.

了解。非常感謝你撥冗。

Have a good one.

祝你一切順利。

Jason Seidl, TD Cowen.

Jason Seidl，TD Cowen。

Morning, Jason. Hey, morning, Jim. Congrats on a good quarter here. I wanted to focus on 2 different things. One, I guess, I want to talk to Eric a little bit about operations. You guys doing a great job out there. How much ability do you have to take on additional freight without sort of adding much in the way of head count or other expenses, particularly on the intermodal side for both the near term and also sort of the longer term as you look at some of your forecasts that are out there for the deal?

早安，Jason。嘿，早安，Jim。恭喜這一季表現不錯。我想聚焦兩件不同的事。第一，我想跟 Eric 稍微聊一下營運。你們在現場做得很棒。在不太增加人力編制或其他費用的情況下，你們有多大的能力承接額外貨量？特別是在聯運（intermodal）這一塊，無論是短期，或是從長期來看、配合你們對這筆交易所做的一些外部預測？

And then I guess for Kenny, how should we think about pricing on intermodal as it flows through your network for the remainder of the year in '27?

然後我想問 Kenny，對於今年剩餘時間到 2027 年，聯運的定價在你們網路中傳導時，我們應該怎麼看？

All right. So let me start. So you asked the question in the context of the merger. When we put in our application, we said that there would be an incremental increase in our union employees to be able to handle the revenue synergies that Kenny and the team have identified with the help of Norfolk Southern. But don't be surprised by the fact that when we look at that, we didn't start in that place.

好。那我先開始。你是在合併的脈絡下問這個問題。我們在提交申請時表示，為了處理 Kenny 和團隊在 Norfolk Southern 協助下所辨識出的營收綜效，工會員工人數會有增量增加。但別因為我們這樣看就感到意外；我們一開始並不是從那個起點出發的。

You start from the place of -- we know our transportation plan, and we know our network and Norfolk Southern knows their transportation plan and their network and you look first for where do you have latent capacity within your existing train starts.

我們是從這個起點出發——我們了解自己的運輸計畫，也了解自己的網路；Norfolk Southern 也了解他們的運輸計畫與網路；你會先去找：在既有的列車開行（train starts）之中，哪裡還有潛在產能。

Now you've seen our history over the last 4 to 5 years, we've done an exceptional job of being able to utilize latent capacity. So you always want to look there first. From there, we then overlay the new volume that's coming on to the railroad, and we have to add some train starts. Now we've been clear with that, and it's in the application that those train starts involve trains that are going to go from L.A., generally speaking, from L.A. to Chicago, I'm not --

你也看到我們過去 4 到 5 年的歷史，我們在運用潛在產能方面做得非常出色。所以你永遠會先從那裡看起。接著，我們再把新增的貨量疊加到鐵路上，然後就必須增加一些列車開行。我們對此一直講得很清楚，申請文件裡也有寫：那些列車開行大致上會是從洛杉磯出發，通常是從洛杉磯到芝加哥，我不--

I don't want the other railroads to listen in though.

不過我不希望其他鐵路公司也在旁聽。

I know Jason, he's afraid I'm giving away the secret recipe. That sauce is our people. And we will make sure that we have the appropriate number of people to make sure we run the railroad but also do it in a volume variable way.

我知道 Jason，他怕我把祕密配方講出來。那個醬汁就是我們的人。我們會確保有適當的人力，既能確保鐵路營運順暢，也能以隨量變動的方式來做。

And that last person part is you're not going to see people grow at the same level.

而最後那個「人」的部分是：你不會看到人力以同樣的幅度成長。

Listen, Eric, I love it. But son of a gun, I thought you were getting pretty soon you were going to say how we start people, what our terminal time is and how we got that down. I'm not giving that. Would you stop for God's sake, Kenny?

聽著，Eric，我很喜歡。但天啊，我還以為你很快就要講到我們怎麼安排人員開工、我們的場站作業時間是多少、以及我們怎麼把它降下來。我不會講那個。拜託你停一下，Kenny？

I'm not giving that.

我不會講那個。

Would you stop for God's sake. Kenny, Eric --

拜託你停一下。Kenny，Eric--

So I'll tell you, Jason, we're coming from a position of strong momentum. You heard me talk about the fourth consecutive quarter of record volume. So we already have that momentum. And Eric just talked about it. He's given us a strong service product that we sell.

所以我跟你說，Jason，我們是站在強勁動能的位置上。你聽到我提到連續第四季創下量的紀錄。所以我們本來就已經有那個動能。而 Eric 剛剛也談到了。他給了我們一個強而有力、可供銷售的服務產品。

And because we're moving boxes faster, we're talking to customers about price when you're doing that and BCOs want to align with us because of that. So as we're able to quote these new rates, as the private asset folks are able to quote new rates at IMCs, we are getting a little bit more price uplift as we move throughout the year.

而因為我們讓箱子（貨櫃）移動得更快，在這種情況下我們就會跟客戶談價格；BCO（貨主）也因為這點而想跟我們對齊。所以當我們能夠報出這些新的費率、民間資產（private asset）業者也能在 IMC（聯運行銷公司）端報出新費率時，隨著年度推進，我們確實拿到了一些價格上調的幅度。

Obviously, the biggest opportunity for us will be as we enter into the next bid season, but we're pulling more containers out of the storage. Our private asset folks are doing the same thing. And on these spot moves, it's a small percentage of our business, but we are getting some of that price uplift now, but the big apple is once we get into the next bid season.

顯然，我們最大的機會會是在進入下一個投標季（bid season）時；但我們正在把更多貨櫃從堆存中拉出來。我們的民間資產業者也在做同樣的事。而在這些現貨（spot）運輸上，雖然只占我們業務的一小部分，但我們現在也正在取得一些價格上調；不過最大的果實是在我們進入下一個投標季之後。

Okay. Thank you very much. Good question. If maybe the rest of the people are on, I want to answer everybody's question, but we're going to try to be real fast because I do not want to overlap with Norfolk Southern who's coming on here at the top of the hour. So if we could ask the question, you might not get as long an answer.

好的。非常感謝。問得很好。如果其他人還在線上，我想把每個人的問題都回答到，但我們會盡量很快，因為我不想跟 Norfolk Southern 在整點開始的那場重疊。所以如果可以的話，請直接問問題，你可能不會得到那麼長的回答。

Ask me any and the team any yes and no, we'll be quick and where we go.

你問我或團隊任何是非題，我們會很快回答，然後就往下走。

Ari Rosa, Citigroup.

Ari Rosa，花旗集團。

Ari, good morning.

Ari，早安。

Hey, good morning, Jim. I'll give you a yes or no question. Just was there any discussion with the STB prior to reaching the agreement with CN? And to the extent you can give any color around kind of how it came together, whether it was you approaching CN or the other way around, it would be appreciated. Thanks.

嘿，早安，Jim。我給你一個是非題。在與 CN 達成協議之前，有沒有先跟 STB 做過任何討論？另外在你能透露的範圍內，能否說明一下大概是怎麼促成的——是你們先去找 CN，還是反過來？不勝感激。謝謝。

The answer is no with the STB and I don't know who made the first call, probably was me.

跟 STB 的答案是沒有；至於誰先打第一通電話，我也不確定，可能是我。

Okay, fair enough, thanks.

好，合理，謝謝。

That was quick, I appreciate it. Thank you.

很快，我很感謝。謝謝。

Brendan Oglenski, Barclays.

Brendan Oglenski，Barclays（巴克萊）。

Morning, Brendan.

早安，Brendan。

Hey, Jim, good morning. Sorry, I haven't been on the full call here. So maybe I'm being redundant with my question, too, so you can just tell me to shut up. But in the world where truck availability and spot rates are so volatile, up like 50% in the last 6 or 9 months. I mean, doesn't this just embolden the case for transcontinental rail mergers. And I mean, congratulations on the deal CN, do you need to do more like that as well just win over more hearts and minds here.

嘿，Jim，早安。抱歉，我沒有從頭聽完整場電話會議。所以我的問題可能有點重複，你也可以叫我閉嘴。但在卡車可用性與現貨運價如此波動的情況下，過去 6 到 9 個月上漲了大概 50%。我的意思是，這不就更強化了跨洲鐵路合併的論點嗎？而且，恭喜你們跟 CN 的交易，你們是否也需要做更多類似的事，來爭取更多人的支持與認同？

And maybe that's where it is like -- is this going to close, Jim.

也許問題就在這裡——這案子會成交嗎，Jim？

This is going to -- the merger is going to close. It's just too compelling for the country. It would be a mistake for this deal not to close. We would be harming. Canada goes across the entire country, and there's a reason why they haven't applied to the Canadian equivalent to the STB to split their railroad up there, both of them because it doesn't make a particle a sense that hurts customers, hurts the country.

這會——這個合併會完成。它對這個國家來說太有吸引力了。如果這筆交易不能完成，那將是一個錯誤。我們會造成傷害。加拿大的鐵路橫跨整個國家，他們之所以沒有向加拿大相當於 STB 的機構申請把他們的鐵路拆分（兩家都沒有），是有原因的，因為那完全說不通；那會傷害客戶、傷害國家。

So this deal will close, and it will close with limited impact just because it's an end-to-end. So -- and yes, as far as I'm concerned, it's -- if there's something else with other people, we'll move ahead. Anything else I missed.

所以這筆交易會完成交割，而且因為它是端到端（end-to-end），因此影響會相對有限。所以——是的，就我而言——如果還有其他人那邊有別的事情，我們就會繼續往前推進。還有什麼我漏掉的嗎。

Jordan Alliger, Goldman Sachs.

Jordan Alliger，高盛。

I know there's a lot of moving parts on the yield front between fuel and mix and core price. But is there a way you could maybe give some thoughts at least on how you're thinking about revenue per carload, whether it be the third quarter or the second half, taking into context core price mix and the fuel impact volatile as it may be? Thanks.

我知道在收益率（yield）這一塊，燃油、組合（mix）與核心價格（core price）之間有很多變動因素。但你們是否能至少分享一些想法：你們如何看待每車皮收入（revenue per carload），不論是第三季或下半年；並在考量核心價格/組合以及燃油影響（即便其波動很大）的情況下來看？謝謝。

So let me start and then Kenny real quick talk about ex fuel the way we look at it, too, and just give an idea because we don't always split everything up particularly. Put it this way. If you remove all the noise, we actually had a 58% operating ratio, okay? So that tells you fundamentally who we are and what we're doing. We don't -- we like to -- we absolutely report the way we're supposed to report.

我先回答，然後請Kenny很快補充一下我們看待扣除燃油（ex fuel）的方式，也給大家一個概念，因為我們不一定會把所有項目都特別拆開來講。這麼說吧。如果把所有雜訊都拿掉，我們其實的營業比率（operating ratio）是58%，好嗎？這基本上就告訴你我們的本質是什麼、我們在做什麼。我們——我們喜歡——我們當然會依規定方式揭露。

But if you remove the noise from those things that are -- because fuel is an impact of 120 basis points. So you take that away from our reported, we're at 58%. So the rail road is good. Kenny, second piece?

但如果把那些雜訊拿掉——因為燃油的影響是120個基點。所以你把那個從我們揭露的數字中扣掉，我們就是58%。所以這家鐵路公司狀況很好。Kenny，第二部分？

Yes, we do look at revenue ex fuel. And let me just leave with the fact that on the service and Eric on our carload business is the SBI has oscillated between 95 and 100 depending on where it is, and we price according to that. Most times, this shows up in average revenue per car. I talked a little bit about that depending on the mix. But we're going to -- with the service that we're providing, the investments that we're making with the market where it is and the truck prices where they are, we're going to make sure that we're pricing to that value proposition.

是的，我們確實會看扣除燃油後的收入（revenue ex fuel）。我想補充的是，在服務面以及Eric提到的我們車皮業務（carload business）上，SBI會在95到100之間擺動，取決於它所在的位置，而我們會依此來定價。多數時候，這會反映在每車平均收入（average revenue per car）上。我也稍微談過，這會視組合而定。但我們會——以我們提供的服務、我們正在進行的投資、目前的市場狀況以及卡車運價的水準——我們會確保我們的定價能反映這個價值主張。

Yes. Just one quick comment on mix, though, Jordan. So as you heard me say, it was a little bit of a headwind for us in the second quarter. That surprised us a little bit just because of how strong domestic intermodal came on in the back half of the quarter. As we look then to the second half with domestic intermodal likely staying very strong and maybe some upside on the international side, we'll probably see a little bit more pressure on that mix side, but it's a great business. We're handling it well, and we look forward to the contribution that provides us.

是的。不過Jordan，關於組合我再快速補充一句。如同你聽我說的，第二季對我們來說在這方面有一點逆風。這有點出乎我們意料，主要是因為該季後半段國內聯運（domestic intermodal）表現非常強勁。展望下半年，國內聯運可能會維持很強，國際端也許還有一些上行空間，我們可能會在組合面看到更多壓力，但那是一門很好的生意。我們處理得很好，也期待它帶來的貢獻。

Listen, thank you very much, and we love the way July is running so far and you guys can all see the carloads. Thank you very much.

各位，真的非常感謝；而且我們很喜歡目前7月的運行狀況，你們也都看得到車皮量（carloads）。非常謝謝。

Bascome Majors, Stephens.

Bascome Majors，Stephens。

Bascome, how are you this morning?

Bascome，你今天早上好嗎？

Hey, Jim, how you doing? Thanks for the time here. As you look forward and get to the point on Monday where you release the next set of things that STB has asked for. Where do you think we land on in the procedural schedule where we get to the point where you see the more formalized list of demands for some of the competitors that oppose the merger. And ultimately, those -- the hearings where we discuss that live with the regulator. And just does the agreement that you've reached with the CN change the tone of that in any way that you think is meaningful or impactful for those of us watching?

嗨，Jim，你好嗎？謝謝你撥時間。展望未來，等到週一你們發布下一批STB要求的資料時，你認為在程序時程（procedural schedule）上，我們會落在什麼位置，才能走到看到那些反對合併的競爭對手更正式的要求清單（list of demands）？以及最終——那些我們與監管機關當面討論的聽證會（hearings）。另外，你們與CN達成的協議，是否在你看來會以任何有意義或具影響力的方式改變整體氛圍（tone），對於我們這些在旁觀察的人而言？

Well, I think the deal with CN clears up some of those things that we said that we needed to clear up. So that's real helpful. And it expands competitiveness coming out of Canada to Mexico and then it expands our capability to go through Chicago faster. So I love it. Not a problem there at all.

我認為與CN的協議，釐清了我們說過需要釐清的一些事情。所以這非常有幫助。而且它提升了從加拿大到墨西哥的競爭力，並且也提升了我們更快通過芝加哥的能力。所以我很喜歡。完全沒有問題。

As far as -- what was the other part of the question? Was that?

至於——問題的另一部分是什麼？是那個嗎？

The timing on hearings?

聽證會的時間點？

The timing. My Chief Legal Officer and everybody that we've hired, some of the best law firms say the statute is pretty black and white when you accept the application they have a year. So I just follow the law, right? Like if I get caught speeding out there. When I get pulled over, the police officer says to me, you know why I told you over, I go, yes, I was going 70 in the 55 Zone.

時間點。我的法務長以及我們聘請的所有人、一些最頂尖的律師事務所都說，法條相當清楚：一旦受理申請，他們就有一年的時間。所以我就是依法行事，對吧？就像我在外面超速被抓一樣。當我被攔下時，警察對我說：你知道我為什麼攔你嗎？我說：知道，我在限速55的路段開到70。

And he goes, son of a gun, you're telling me the truth. Yes, gets me off of the ticket. So I like to be honest and upfront. The statute is pretty black and white, it's clear. So we would expect the clock to have started when they accepted the application.

他說：真是的，你居然說實話。是的，結果就不開我罰單了。所以我喜歡誠實、坦率。法條相當黑白分明，很清楚。因此我們預期，時鐘應該是在他們受理申請時就開始計時。

The next step is people get the comment. So we're looking forward to that.

下一步是大家提出意見（comment）。所以我們很期待那一步。

Looking forward to finally people putting their facts in and telling us factually what it is, not some high level, whether Union Pacific has the capability to operate the system across the country and worried about this and that. So I'm looking forward to it, to tell you the truth, and let's hurry up and get this thing done. We're not going to get it done for my birthday on August 17, but I love it. Let's move ahead. Good question. Thank you very much.

也期待大家終於把事實拿出來，具體、基於事實地告訴我們到底是什麼，而不是一些高層次的說法，例如聯合太平洋（Union Pacific）是否有能力在全國營運系統、擔心這個擔心那個。所以老實說，我很期待，讓我們趕快把這件事做完。我們不會在8月17日我生日之前把它做完，但我很喜歡。讓我們往前走。好問題。非常謝謝。

Ravi Shanker, Morgan Stanley.

Ravi Shanker，摩根士丹利。

Morning.

早安。

Hi, good morning. This is Madison on for Ravi.

嗨，早安。我是Madison，代Ravi出席。

I like having you on. Okay? I can't remember the last time I talked to Ravi. I knew you were going to be on. Thank you very much.

我很高興你來參與。好嗎？我都不記得上次跟Ravi講話是什麼時候了。我就知道會是你上線。非常謝謝。

I like talking to you guys, too. I think we were just wondering how does fuel impact seasonality on numbers in the third quarter and fourth quarter and how we should be thinking about kind of like the opportunity on OR?

我也很喜歡跟你們聊。我們想問的是：燃油如何影響第三季與第四季數字的季節性（seasonality），以及我們應該如何思考營業比率（OR）方面的機會？

Yes. So in terms of fuel, I mean, it likely will continue to pressure ORs. As I mentioned, we're paying a little bit north of $4 a gallon right now. Even with that, though, we're still very confident that we're going to make margin improvement. We feel like when we look at what we see ahead for ourselves in terms of volume opportunity in terms of our continued gains from productivity and efficiency, we should be able to overcome the headwinds from the fuel.

是的。就燃油而言，我的意思是，它很可能會持續對OR造成壓力。如我提到的，我們目前每加侖支付略高於4美元。即便如此，我們仍非常有信心能做到利潤率改善（margin improvement）。我們覺得，當我們看向前方，在運量機會、以及我們在生產力與效率上持續提升所帶來的增益方面，我們應該能克服燃油帶來的逆風。

Who knows exactly how it's going to play out. So that's why we just need to be nimble, need to try to become more fuel efficient to the extent that we can. Obviously, we're already more fuel efficient than truck, and that's a benefit to us. More fuel efficient, more emissions friendly, but we'll wait and see how that plays out overall.

誰也無法確切知道最後會如何發展。所以這就是為什麼我們需要保持靈活，並在力所能及的範圍內努力提升燃油效率。顯然，我們本來就比卡車更省油，這對我們是個優勢。更省油、排放也更友善，但我們會再觀察整體會如何演變。

We always worry about is what happens with the customers.

我們一直擔心的是客戶那邊會發生什麼事。

Yes. No, true. That's a good point, Jim. I should mention that. The issue with fuel can be what that does to overall price inflation and the consumer. And if that stays high enough, long enough, that it starts to reduce demand overall.

是的。不，沒錯。這點說得很好，Jim。我應該提一下。燃油的問題在於它對整體價格通膨以及消費者會造成什麼影響。如果它維持在夠高的水準、時間又夠久，就會開始降低整體需求。

No, we haven't seen it so far.

不，我們到目前為止還沒看到。

No, we have not.

沒有，我們沒有。

But that's always a worry. And that's why I'd rather have fuel prices come down and not gather that extra revenue from fuel because we're better off having the consumer strong. So Kenny, they've been pretty strong right now.

但那始終是個擔憂。所以我寧可油價下來，也不要因為燃油而多收那點額外收入，因為消費者強勁對我們更有利。所以 Kenny，他們現在一直都很強。

They have.

確實如此。

That's a yes or no.

這是個是或否的問題。

That's a strong yes. I love it.

這是非常肯定的「是」。我喜歡。

Jeff Kauffman, Citizens Bank.

Jeff Kauffman，Citizens Bank。

Hey, good morning, Jim. Congratulations. Just terrific news. I have a question for Kenny. Kenny, the volume environment feels pretty good. Some of this, as you mentioned, is customers can't find truck capacity because of the driver shortage.

嗨，早安，Jim。恭喜。真是太棒的消息。我有個問題想問 Kenny。Kenny，目前的運量環境感覺相當不錯。其中一部分，如你提到的，是因為司機短缺，客戶找不到卡車運能。

I think some of this is customers may be diverting because of the pricing and the fuel surcharge situation. One of these is a little stickier with longer-term potential. One of these is a little more temporary. Can you talk about what you feel is just shorter-term customers scrambling to the rails?

我想其中一部分可能是因為定價與燃油附加費的情況，客戶正在轉移。這兩者之一比較「黏著」，有較長期的潛力。另一個則比較偏短期、較為暫時。你能談談你認為哪些只是短期內客戶因應而轉向鐵路嗎？

And then beyond intermodal, which is kind of the obvious conversion, what other rail commodities do you think you're seeing a benefit from whatever is going on in the trucking industry that's creating the shortage of capacity?

另外，除了聯運（這算是最明顯的轉換）之外，你認為還有哪些鐵路貨種，正在因卡車產業發生的運能短缺而受惠？

Yes. So one part that you did not mention is the fact that we are winning business, and we are winning over-the-road business. And that's not necessarily tied to one or the other. That's just a strong service product that we have. But yes, as you look at the overall domestic intermodal network, what's helping us out is the fact that we have different levers and optionality for our customers.

是的。所以有一個你沒有提到的部分是：我們正在贏得業務，而且我們正在贏得公路運輸的業務。而這不一定與你提到的其中一個因素直接相關。這純粹是因為我們有很強的服務產品。不過是的，當你看整體國內聯運網路時，對我們有利的是，我們能為客戶提供不同的槓桿與選擇彈性。

We've got our rail box, which we've deployed for a couple of years now. I've been talking about the number of private asset folks that we have that give our BCOs optionality. So with that strong service product, that's how we're going out and winning the business and setting aside where fuel is. And yes, to your point, there are other markets that are very strong for us. You look at what's happening in our petrochemicals market.

我們有自有的鐵路箱（rail box），這幾年已經部署了。我也一直在談我們有多少私有資產的合作方，能讓我們的 BCO（貨主）有更多選擇。因此，憑藉這個強勁的服務產品，我們才能走出去贏得業務，而不必把焦點放在燃油上。而且如你所說，還有其他市場對我們也非常強勁。你看看我們石化市場正在發生的情況。

That's been a strong uptick for us. We talked about some wins there, but that market is also strong, and we're moving a lot export. And we've invested in the Gulf for storage and transit network to support that. Same thing with our grain network we've invested and put in new facilities on the grain network. And Eric and his team has shown us that we can flex to different markets.

那對我們來說一直是很強的上升動能。我們談過在那裡的一些勝出案例，但那個市場本身也很強，我們也在運送大量出口貨。我們也在墨西哥灣地區投資了倉儲與轉運網路來支援。同樣地，我們在穀物網路也有投資，並在穀物網路上新增了設施。而 Eric 和他的團隊也向我們證明，我們可以在不同市場之間彈性調度。

Last year, it was Mexico. This year has been the Gulf, where it's the P&W, the Gulf of Mexico, we're able to flex in those markets, wins in automotive. So as you look at the overall landscape, coal is still the wildcard and I got out of the business of trying to figure out how to forecast coal a while ago, but I'm very bullish on where we sit from a demand and our ability to win new business.

去年是墨西哥。今年則是墨西哥灣，也就是 P&W、墨西哥灣那邊；我們能在那些市場中彈性調整，汽車業務也有斬獲。所以綜觀整體版圖，煤炭仍然是個變數；我很久以前就不再嘗試去預測煤炭了，但我對我們目前在需求面的位置，以及我們贏得新業務的能力，非常有信心。

Perfect. Thank you very much.

完美。非常感謝。

Harrison Bauer, Susquehanna

Harrison Bauer，Susquehanna

Harrison, good morning.

Harrison，早安。

Good morning, Jim and team. Thanks for taking my question. Jumping off Kenny's point on some of the rail assets that you're deploying. Can you walk through maybe the thought process decision and the opportunity that you have in some of your assets? Are private assets constrained right now? And then maybe how does this allow you to accrue more economics, whether through peak season surcharges or into next bid season?

早安，Jim 與團隊。謝謝讓我提問。延續 Kenny 提到你們正在部署的一些鐵路資產。你能否帶我們走一遍你們在部分資產上的思考流程、決策，以及你們看到的機會？目前私有資產是否受到限制？另外，這是否能讓你們累積更多經濟效益，例如透過旺季附加費，或延伸到下一輪投標季？

I love the way you asked that. I think you always need to price on what the market provides that you can still move the product and win. So that's the way we look at it. If we could price higher because of it, which we have then we're going to do that. As far as the assets, sure, we went from having a whole bunch of our container store to just about all of them out.

我很喜歡你這樣問。我認為你永遠都需要依市場所提供的條件來定價，同時仍能把貨運走並贏得業務。所以我們就是這樣看待的。如果因為這些因素我們可以提高價格——而我們也確實做到了——那我們就會這麼做。至於資產方面，當然，我們從原本有一大批貨櫃在庫存，變成幾乎全部都已經投入使用。

But what we're doing is we're trying to drive more productivity by being able to get the turns on them quicker so we can get more turns on there, and we see some of that. So that's what it's all about. And we've always liked to have a buffer.

但我們正在做的是，透過讓周轉更快來提升生產力，讓它們能更快完成一趟又一趟，進而增加周轉次數；我們也確實看到一些成效。所以重點就在這裡。而且我們一向喜歡保留一個緩衝。

Now we chewed up a big piece of the buffer, and we're sitting in a place where I think there's still more growth and we're not going to limit it. But of course, we're going to price and be smart about how we price so we can continue to move. Kenny, anything you want to add?

現在我們已經用掉了很大一部分緩衝，而我們目前所處的位置，我認為仍有更多成長空間，我們不會去限制它。但當然，我們會在定價上保持理性、聰明地定價，確保我們能持續運輸。Kenny，你有什麼要補充的嗎？

Yes. And I said this a little bit earlier, the private asset folks, they have ample capacity part of step new business, that's a positive for us. And you've seen some of the surcharges that we put in place for a small amount right on the customers will do that if we have to.

有。我稍早也提到，私有資產的合作方，他們有充足的運能來承接新業務，這對我們是正面的。而你也看到我們針對少部分情況對客戶加收了一些附加費；如果有需要，我們也會這麼做。

People on our railroad have capacity, right? They have extra assets. Last one, we're going to do it and get it done.

我們鐵路上的人是有運能的，對吧？他們有額外的資產。最後一點，我們會去做，並把它完成。

Rico Harnain, Deutsche Bank.

Rico Harnain，德意志銀行。

Good morning.

早安。

Good morning. Honored to be the last question. Thanks for squeezing me in. So I just wanted to clarify, maybe piggybacking off that last point and maybe like drilling down more into the intermodal commercial strategy. I'm curious how you're partnering with other IMCs? And you just said your private assets have capacity. But -- there are other IMCs you work with private assets struggling with drayage drivers. We that's a concern that's been popping up over the last couple of months?

早安。很榮幸成為最後一個問題。謝謝你們把我塞進來。我想先釐清一下，可能延續剛才最後那點，並更深入談談聯運的商業策略。我很好奇你們如何與其他 IMC（聯運行銷公司）合作？你剛才說你們的私有資產有運能。但是——你們合作的其他 IMC 的私有資產，在短途接駁（drayage）司機方面正面臨困難。這是過去幾個月一直浮現的擔憂嗎？

And how the strategy has changed and is influencing your ability to address the strong demand. We've also been hearing TransCon intermodal trends are pretty competitive. It sounds like you're doing a job getting price. Just curious if you all of that. Thank you.

以及該策略如何改變，並如何影響你們滿足強勁需求的能力。我們也一直聽到 TransCon 洲際聯運的趨勢競爭相當激烈。聽起來你們在取得價格方面做得不錯。只是好奇你們是否把這些都納入考量。謝謝。

Okay. So listen, I think it's a 2-parter. One thing about this team here is operations. and marketing were close every day to figure out exactly the question that you're asking. How do we do this?

好的。所以我想，這可以分成兩個部分。這個團隊有一點是：營運和行銷每天都緊密合作，去釐清你正在問的這個問題到底是什麼。我們要怎麼做？

And how do we make things more efficient so we can get the asset turns quicker so that we can use less assets and use that 20-plus percent capacity buffer we have on our railroad to be able to run it faster and don't kid yourself, Jennifer is in there, like a dirty shirt pushing these guys around to make sure that they're spending money the right way in the capital. So I'm going to let the team talk about this. It's the last question. but you guys don't go on for 10, 15 minutes because we need to let NS on, okay? So where do you go whenever you want.

以及我們要如何提高效率，讓資產周轉更快，這樣我們就能用更少的資產，並運用我們鐵路上 20% 以上的運能緩衝，讓它跑得更快；別自欺欺人了，Jennifer 也在裡面，像件髒襯衫一樣緊盯著、推著這些人，確保他們在資本支出上把錢花在對的地方。所以我會讓團隊來談這件事。這是最後一個問題，但你們別講個 10、15 分鐘，因為我們需要讓 NS 上線，好嗎？所以你們想從哪裡開始都可以。

Let me make this clear, because that's a great question. We're very judicious about how we supplement our capital and our containers out to the IMCs. -- we're crystal clear on the ones that have higher dwell versus the ones that have lower dwell, and we're not afraid to have difficult conversations with them about it. So if you're sitting on our box a long time, that's a problem, and we're going to address it with you.

我把話說清楚，因為這是個很好的問題。我們在如何補充資本與把我們的貨櫃配置給 IMC（聯運行銷公司）方面非常審慎——我們非常清楚哪些客戶的滯留時間（dwell）較高、哪些較低，而且我們不怕就此與他們進行艱難的對話。所以如果你們長時間占用我們的箱子，那就是問題，我們會跟你們一起處理。

You don't want to say anything, Eric.

Eric，你不想說點什麼嗎？

I think Kenny did a great job explaining about it.

我覺得 Kenny 已經把這件事解釋得很好了。

Bottom line is who we are, and this is culturally, and it's not just Eric and I, okay? Eric is a real smart guy. He's well educated, but I'm telling you, he's a railroader. Probably 5 or 6 years ago, I would have said he was an engineer or an engineering department. Now he's a railroader.

歸根結底是我們是誰——這是文化層面的——而且不只是 Eric 和我，好嗎？Eric 是個非常聰明的人。他受過良好教育，但我跟你說，他是一個鐵路人。大概在 5、6 年前，我可能會說他是工程師或在工程部門。現在他是鐵路人。

And what we do and what he's led the team and the people, the culture that we've developed from the frontline people, they're not afraid to make a mistake. We want them to push. We want them to look at what's possible, and we want to make sure we move ahead. That's who we are.

而我們所做的、以及他帶領團隊與同仁所做的——我們從第一線人員建立起來的文化——是他們不怕犯錯。我們希望他們敢衝。我們希望他們去看有哪些可能性，並確保我們持續向前。這就是我們。

And when we do that, because you can't operate a railroad that's spread out across the entire country, and think you're going to make every decision from Omaha, you have to make it locally. So I love where we are. We're clear on what we have to do. If we need to speed up something we react quick. We decide how we're going to do that.

而當我們這麼做時，因為你不可能營運一條遍布全國的鐵路，卻以為每個決策都能從奧馬哈做出；你必須在當地做決策。所以我很喜歡我們現在的狀態。我們很清楚自己必須做什麼。如果需要加快某些事情，我們反應很快。我們會決定要怎麼做。

We measure the heck out of it, and we move ahead. So listen, that's where we are. Jennifer, anything before we tie up?

我們會把它量測到極致，然後繼續往前走。所以聽著，這就是我們目前的狀況。Jennifer，在我們收尾之前，你還有什麼要補充嗎？

Yeah. The only thing I'll say is I think you split something in there at the end of your question about transcontinental pricing, transcontinental margins. Again, we have surcharges out earlier than normal on our private -- on our assets. We see very strong demand, and we're providing a great service product. So we are competing in a market that is strengthening, and we're not putting discounts into that marketplace.

有。我唯一想說的是，我覺得你在問題最後提到了一點：跨洲（transcontinental）定價、跨洲毛利。同樣地，我們針對自有——針對我們的資產——比平常更早推出附加費（surcharges）。我們看到非常強勁的需求，而且我們提供的是很棒的服務產品。所以我們是在一個正在轉強的市場中競爭，而我們不會在那個市場裡給折扣。

Well, listen, that was the last question. So why don't we just tie it up real quick. I'm going to look forward to having another discussion here in a few months, and we don't look backwards, okay? It's done. So we're delivering for this next quarter and seeing what we can do to get this merger approved quicker than slower because we think it's a benefit.

好，聽著，這是最後一個問題。所以我們就快速收尾。我期待幾個月後再進行一次討論，而且我們不回頭看，好嗎？都已經過去了。所以我們會為下一季交付成果，並看看能做些什麼，讓這項合併案更快而不是更慢地獲得核准，因為我們認為這是有益的。

We want to move ahead and return for our shareholders a high return, like we talked about where the EPS is going to be high single digit. So I'm excited about what -- where we are, what we're doing and blessed to have a team that makes my life easy. I get up in the morning, and sometimes I wonder what I'm going to do. Everyone, have a great day. Thank you very much.

我們想要繼續向前，並為股東帶來高報酬，就像我們談到的，EPS 將會是高個位數成長。所以我對——我們所處的位置、我們正在做的事——感到振奮，也很慶幸有一個讓我工作變得輕鬆的團隊。我早上起床時，有時候會想我今天要做什麼。各位，祝你們有美好的一天。非常感謝。

Thank you. This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation, and have a wonderful day.

謝謝。今天的電話會議到此結束。您現在可以掛斷電話線。感謝您的參與，祝您有美好的一天。