聯合包裹運送服務公司 (UPS) 2019 Q3 法說會逐字稿

Good morning.

早上好。

My name is Steven, and I will be your conference facilitator today.

我的名字是史蒂文，今天我將成為您的會議主持人。

At this time, I would like to welcome everyone to the UPS Investor Relations Third Quarter 2019 Earnings Conference Call.

在這個時候，我想歡迎大家參加 UPS 投資者關係 2019 年第三季度收益電話會議。

(Operator Instructions)

（操作員說明）

It is now my pleasure to turn the floor over to your host, Mr. Scott Childress, Investor Relations Officer.

現在我很高興將發言權交給您的主持人，投資者關係官 Scott Childress 先生。

Sir, the floor is yours.

先生，地板是你的。

Good morning, and welcome to the UPS Third Quarter 2019 Earnings Call.

早上好，歡迎參加 UPS 2019 年第三季度財報電話會議。

Joining me today are David Abney, our CEO; Brian Newman, our CFO who joined us in September; Richard Peretz, our former CFO; Kate Gutmann, our Chief Sales and Solutions Officer; along with our Chief Operating Officer, Jim Barber; our Chief Information and Engineering Officer, Juan Perez; and Scott Price, our Chief Strategy and Transformation Officer.

今天加入我的是我們的首席執行官 David Abney； Brian Newman，我們的首席財務官，於 9 月加入我們；我們的前首席財務官 Richard Peretz；我們的首席銷售和解決方案官 Kate Gutmann；與我們的首席運營官 Jim Barber 一起；我們的首席信息和工程官 Juan Perez；和我們的首席戰略和轉型官 Scott Price。

Before we begin, I want to review the safe harbor language.

在開始之前，我想回顧一下安全港語言。

Some of the comments we'll make today are forward-looking statements and address our expectations for the future performance or operating results of our company.

我們今天將發表的一些評論是前瞻性陳述，旨在滿足我們對公司未來業績或經營業績的預期。

These statements are subject to risk and uncertainty which are described in detail in our 2018 Form 10-K and other reports filed with the Securities and Exchange Commission.

這些陳述受到風險和不確定性的影響，這些風險和不確定性在我們提交給證券交易委員會的 2018 年 10-K 表格和其他報告中有詳細描述。

These reports are available on the UPS Investor Relations website and from the SEC.

這些報告可在 UPS 投資者關係網站和美國證券交易委員會獲得。

During the quarter, UPS recorded a pretax charge of $63 million or $0.06 per share on an after-tax basis.

在本季度，UPS 的稅前費用為 6,300 萬美元，即稅後每股 0.06 美元。

The charges are primarily from transformation-related activities, with the majority split between the U.S. Domestic and International segments.

這些費用主要來自與轉型相關的活動，其中大部分來自美國國內和國際部門。

In the prior year period, UPS recorded a pretax charge for transformation cost of $97 million or $0.09 per share on an after-tax basis.

在上一年期間，UPS 記錄的轉型成本稅前費用為 9700 萬美元或稅後每股 0.09 美元。

The webcast of today's call along with the reconciliation of non-GAAP financial measures are available on the UPS Investor Relations website.

UPS 投資者關係網站上提供了今天電話會議的網絡廣播以及非公認會計原則財務措施的對賬。

Unless stated otherwise, discussions today will refer to adjusted financial results.

除非另有說明，否則今天的討論將涉及調整後的財務業績。

Webcast users can submit live questions during the call.

網絡直播用戶可以在通話期間提交實時問題。

We will attempt to answer questions of a long-term strategic nature.

我們將嘗試回答具有長期戰略性質的問題。

(Operator Instructions)

（操作員說明）

Thank you.

謝謝你。

And now I'll turn the call over to David.

現在我將把電話轉給大衛。

Good morning, everyone.

大家，早安。

Today, I'm going to provide highlights from the quarter and discuss several of the exciting industry-first solutions we've recently announced.

今天，我將提供本季度的亮點，並討論我們最近宣布的幾個令人興奮的行業首創解決方案。

Then Jim will outline our actions for a successful peak and Richard and Brian will cover the financial details.

然後 Jim 將概述我們為成功登頂而採取的行動，Richard 和 Brian 將介紹財務細節。

In fact, I'd like to welcome Brian Newman to the call as our CFO.

事實上，我想歡迎 Brian Newman 作為我們的首席財務官參加電話會議。

He brings broad international business experience and I'm very happy he has joined UPS.

他帶來了廣泛的國際業務經驗，我很高興他加入了 UPS。

I also want to thank Richard for his numerous outstanding contributions over his 38-year career with UPS.

我還要感謝 Richard 在 UPS 的 38 年職業生涯中做出的眾多傑出貢獻。

Rich is staying through the remainder of the year to ensure a smooth transition.

Rich 將在今年餘下的時間裡保持平穩過渡。

Now turning to the results.

現在轉向結果。

Again this quarter, we're reporting strong performance in a dynamic environment.

本季度，我們再次報告了在動態環境中的強勁表現。

Our transformation investments continue to deliver benefits driven by our highly efficient and expanding global network, our focus on targeted growth from the most attractive opportunities and solid execution of our initiatives.

我們的轉型投資繼續通過我們高效且不斷擴大的全球網絡、我們專注於從最具吸引力的機會和我們的舉措的穩健執行中實現目標增長而帶來收益。

Our innovative solutions are differentiating UPS from others in the industry.

我們的創新解決方案使 UPS 有別於業內其他公司。

As a result, consolidated revenue grew 5% and operating profit grew more than 20%, creating strong operating leverage and the highest quarterly operating profit in the company's history.

因此，合併收入增長 5%，營業利潤增長超過 20%，創造了強大的經營槓桿和公司歷史上最高的季度營業利潤。

Margins expanded in all 3 segments, a testament to the quality of our strategies and disciplined execution.

所有 3 個部分的利潤率均有所擴大，這證明了我們戰略的質量和嚴格的執行。

Our integrated network is running well and widespread adoption of next-day delivery is an excellent fit with our expanding air and ground capabilities.

我們的綜合網絡運行良好，廣泛採用次日達服務非常適合我們不斷擴大的空中和地面能力。

As you are aware, trade uncertainty continues to create macro challenges for businesses.

如您所知，貿易不確定性繼續給企業帶來宏觀挑戰。

We're working closely with our customers to help them adjust while also making the most efficient use of our assets.

我們正在與客戶密切合作，幫助他們進行調整，同時最有效地利用我們的資產。

Here in the U.S., the consumer continues to drive the economy with strong retail, healthcare and e-commerce sales, bolstered by solid consumer economic conditions.

在美國，消費者繼續以強勁的零售、醫療保健和電子商務銷售推動經濟增長，這得益於穩健的消費者經濟狀況。

Our strategy is resonating with customers despite the slowdown in the industrial sector as evidenced by B2B volume growth in other sectors for the fourth consecutive quarter.

儘管工業領域放緩，但我們的戰略仍能引起客戶的共鳴，其他領域的 B2B 交易量連續第四個季度增長就是明證。

We are benefiting from the improved SMB customer mix and expect it will continue as we prepare for another record peak season.

我們正在從改善的中小企業客戶組合中受益，並預計隨著我們為另一個創紀錄的旺季做準備，這種情況將繼續下去。

We have recently announced several new capabilities and solutions that support our strategic growth imperatives: Small and medium-sized businesses, international growth markets, e-commerce and healthcare.

我們最近宣布了幾項支持我們戰略增長需求的新功能和解決方案：中小企業、國際增長市場、電子商務和醫療保健。

In the healthcare and life sciences area, I'm pleased to introduce UPS Premier, a new technology-enabled healthcare shipping solution.

在醫療保健和生命科學領域，我很高興向大家介紹 UPS Premier，這是一種採用新技術的醫療保健運輸解決方案。

We're adding next-generation on-package sensors and special tracking technology to provide pinpoint location information on each package.

我們正在添加下一代包裹傳感器和特殊跟踪技術，以提供每個包裹的精確位置信息。

In addition, we have a priority handling program for these shipments that further improves reliability.

此外，我們為這些貨物製定了優先處理程序，進一步提高了可靠性。

The sensor technologies and special handling plans provide a high-value solution for great visibility and special contingency actions for critical packages.

傳感器技術和特殊處理計劃為關鍵包裹的高可見性和特殊應急行動提供了高價值的解決方案。

E-commerce and the rise of online marketplaces and platforms offers boundless opportunities for customers and for UPS.

電子商務以及在線市場和平台的興起為客戶和 UPS 提供了無限的機會。

B2C and B2B sellers of all sizes benefit from the convenience of platforms to reach customers and manage their business.

各種規模的 B2C 和 B2B 賣家都受益於平台的便利性，可以接觸客戶並管理他們的業務。

Through our digital access program, we're making it easier for SMBs to use UPS services by embedding our shipping solutions directly into the leading e-commerce platforms.

通過我們的數字訪問計劃，我們將我們的運輸解決方案直接嵌入領先的電子商務平台，從而使中小型企業更容易使用 UPS 服務。

On these platforms, our customers are already hosting websites, managing orders, fulfillment and other tasks.

在這些平台上，我們的客戶已經在託管網站、管理訂單、履行和其他任務。

For example, we just announced a new agreement with Stamps.com, where UPS is presented as a preferred shipping partner to their more than 700,000 customers.

例如，我們剛剛宣布與 Stamps.com 達成一項新協議，在該協議中，UPS 成為其 700,000 多名客戶的首選運輸合作夥伴。

We have a presence on many other platforms and have more to come.

我們在許多其他平台上都有存在，並且還會有更多。

This strategy will enable UPS to increase our market share of high-quality B2C and B2B e-commerce packages.

這一戰略將使 UPS 能夠增加我們在高質量 B2C 和 B2B 電子商務包裹方面的市場份額。

As you have seen in recent media coverage, UPS Flight Forward became the first company to receive full Part 135 standard approval from the FAA to operate a commercial drone network.

正如您在最近的媒體報導中所看到的，UPS Flight Forward 成為第一家獲得美國聯邦航空局第 135 部分標準批准運營商用無人機網絡的公司。

We are working to quickly scale and just announced a new healthcare campus delivery program at the University of Utah in partnership with Matternet.

我們正在努力快速擴大規模，剛剛宣布與 Matternet 合作在猶他大學開展一項新的醫療校園交付計劃。

We will transport samples, specimens and other cargo via drone instead of using couriers.

我們將通過無人機而不是使用快遞運輸樣品、標本和其他貨物。

This new deployment is similar to our initial program launched at WakeMed in North Carolina.

這一新部署類似於我們在北卡羅來納州 WakeMed 啟動的初始計劃。

In another Flight Forward development, we're also partnering with CVS Health to establish other drone delivery use cases involving deliveries to residential locations.

在另一個 Flight Forward 開發中，我們還與 CVS Health 合作建立其他涉及向住宅地點交付的無人機交付用例。

Together, we will define and implement shipping solutions for urgent deliveries, including pharmaceutical or other CVS Health merchandise.

我們將共同為緊急交付定義和實施運輸解決方案，包括藥品或其他 CVS Health 商品。

These solutions leverage the speed and point-to-point delivery capabilities of our Flight Forward drone delivery network.

這些解決方案利用了我們 Flight Forward 無人機交付網絡的速度和點對點交付能力。

This is an important expansion as CVS Health is the first retail partner for UPS Flight Forward's programs.

這是一個重要的擴展，因為 CVS Health 是 UPS Flight Forward 計劃的第一個零售合作夥伴。

UPS is also working with AmerisourceBergen to utilize drones for delivery of pharmaceutical supplies on hospital campuses served by the company.

UPS 還與 AmerisourceBergen 合作，利用無人機在該公司服務的醫院校園內運送藥品。

We're pleased to help AmerisourceBergen develop improved operating efficiency and timeliness among other benefits realized by drone deliveries.

我們很高興幫助 AmerisourceBergen 提高運營效率和及時性，以及無人機交付帶來的其他好處。

We have also begun a new program with Kaiser Permanente to develop drone delivery operations at several of their hospital campuses.

我們還與 Kaiser Permanente 開始了一項新計劃，在他們的幾個醫院園區開發無人機送貨業務。

Together, we will identify solutions to improve patient outcomes and increase overall operational efficiency.

我們將共同確定改善患者治療效果和提高整體運營效率的解決方案。

We envision UPS drones offering innovative delivery solutions for many industries.

我們設想 UPS 無人機為許多行業提供創新的交付解決方案。

Again, more to come.

再說一次，還有更多。

Through our investments, we're strengthening our core business as demonstrated by our operating results.

通過我們的投資，我們正在加強我們的核心業務，正如我們的經營業績所證明的那樣。

These actions also further position us to accelerate performance.

這些行動還進一步使我們能夠加快績效。

Before I turn the call over to Jim to discuss peak, I want to make a few comments.

在我將電話轉給 Jim 討論峰值之前，我想發表一些評論。

This morning, we announced that Jim Barber, our Chief Operating Officer, has decided to retire at the end of this year.

今天早上，我們宣布我們的首席運營官 Jim Barber 已決定在今年年底退休。

Jim and his team will maintain our strong focus on several UPS transformation projects and will guide our peak efforts.

Jim 和他的團隊將保持我們對幾個 UPS 轉型項目的高度關注，並將指導我們的最高工作。

He has served UPS for 35 years.

他為 UPS 服務了 35 年。

And like many of our people, he rose through the ranks to an important leadership position.

和我們的許多人一樣，他一路晉升到重要的領導職位。

He has made tremendous contributions during his many domestic and global assignments.

他在許多國內和全球任務中做出了巨大的貢獻。

I wish Jim a happy and healthy retirement.

祝吉姆退休後健康快樂。

And now I'll turn the call over to Jim.

現在我將把電話轉給吉姆。

Thank you, David.

謝謝你，大衛。

UPS presented many exceptional opportunities that led to remarkable experiences over the course of these 35 years.

在這 35 年中，UPS 提供了許多非凡的機會，這些機會帶來了非凡的體驗。

I've made enduring relationships with many global customers and have enjoyed working with many exceptional UPS people who have become lifelong friends.

我與許多全球客戶建立了持久的關係，並且很享受與許多優秀的 UPS 人員一起工作，他們已經成為終生的朋友。

I've also had the great fortune to be involved with extraordinary philanthropic causes that make the world a better place.

我也有幸參與了讓世界變得更美好的非凡慈善事業。

All these experiences have shaped who I am.

所有這些經歷塑造了我。

I will be forever grateful to past and current UPS partners who guided me, worked alongside me and gave their best effort to expand and sustain this wonderful company.

我將永遠感謝過去和現在的 UPS 合作夥伴，他們指導我、與我一起工作並儘最大努力擴展和維持這家出色的公司。

UPS has a great future ahead.

UPS 前景廣闊。

That being said, our focus is on putting our customers first, engaging our dedicated people and creating value for our shareholders, so that brings me to peak 2019 and our plan to handle another record holiday season with great service and great operating performance.

話雖如此，我們的重點是把客戶放在第一位，讓我們敬業的員工參與進來，為我們的股東創造價值，這樣我才能在 2019 年達到頂峰，我們計劃以優質的服務和出色的經營業績來處理另一個創紀錄的假日季節。

We are very confident that our plans will enable us to successfully executed peak again like last year.

我們非常有信心，我們的計劃將使我們能夠像去年一樣成功地再次實現高峰。

Our global strategy is focused in 3 key areas: Implementation of the proven tools and best practices from last year, full utilization of our expanded network capacity and deeper collaboration with customers for joint development of daily volume expectations.

我們的全球戰略集中在 3 個關鍵領域：實施去年經過驗證的工具和最佳實踐、充分利用我們擴展的網絡容量以及與客戶進行更深入的合作以共同製定每日交易量預期。

We expect another record peak season barring any unforeseen weather events.

我們預計，除非發生任何不可預見的天氣事件，否則會出現另一個創紀錄的旺季。

Retail sales are forecast to grow more than 5% and online holiday retail sales are likely to reach a new high.

預計零售額增長5%以上，網上假日零售額有望再創新高。

Our network operations are running extremely well with industry-leading on-time performance and excellent operating efficiency gains, giving us great momentum as we move into the holiday season.

我們的網絡運營運行得非常好，準點率行業領先，運營效率提升也非常出色，為我們進入假期旺季提供了強勁動力。

We had a highly successful peak last year.

去年我們取得了非常成功的高峰。

It was well-planned and cleanly executed.

它計劃周密，執行得很乾淨。

We are building on that approach but have even more assets to reinforce our confidence in dependable performance.

我們正在建立這種方法，但擁有更多資產來增強我們對可靠性能的信心。

Since last peak, we've taken delivery of 9 new aircraft with 2 more on the way in support of growing demand for our air services.

自上次高峰以來，我們已經接收了 9 架新飛機，另外還有 2 架在途中，以支持對我們航空服務不斷增長的需求。

We will have added another nearly 5 million square feet of highly automated facilities, including another 400,000 pieces per hour of automated sort capacity.

我們將再增加近 500 萬平方英尺的高度自動化設施，包括每小時 400,000 件的自動化分揀能力。

About 2/3 of that sort capacity is already online and operational, compared to last year, when almost all of our new capacity came online in the fourth quarter.

與去年相比，大約 2/3 的此類產能已經上線並投入運營，去年我們幾乎所有的新產能都在第四季度上線。

We also improved the ground network, widening the reach of our next-day ground capabilities and speeding transit times in key lanes.

我們還改進了地面網絡，擴大了我們次日地面能力的覆蓋範圍，並加快了關鍵車道的運輸時間。

And we expanded the use of technology, providing our expert planning and operating teams with enhanced tools to improve execution and efficiency.

我們擴大了技術的使用，為我們的專家規劃和運營團隊提供了增強的工具，以提高執行力和效率。

In addition, to help support the expected increase in package volume, we are adding about 100,000 seasonal employees and have shortened their ramp-up time with enhanced mobile training.

此外，為了幫助支持預期的包裹量增長，我們將增加約 100,000 名季節性員工，並通過加強移動培訓縮短了他們的上崗時間。

We expect the holiday shipping season to start the week of Thanksgiving then rise sharply during Cyber week and remain heavy through Christmas.

我們預計假日航運旺季將從感恩節那週開始，然後在網絡週期間急劇上升，並在聖誕節期間保持沉重。

We are also planning for heavy returns volume following Cyber week and then again after Christmas through mid-January.

我們還計劃在網絡週之後以及聖誕節之後到 1 月中旬再次進行大量退貨。

Overall during peak 2019, we expect a greater than 5% increase in daily global deliveries above last year.

總體而言，在 2019 年高峰期間，我們預計全球每日交付量將比去年增加 5% 以上。

Plus, we estimate we'll deliver more than 32 million packages per day around the world, an increase of more than 50% over our regular daily volume.

此外，我們估計我們每天將在全球範圍內遞送超過 3200 萬個包裹，比我們的常規每日數量增加 50% 以上。

What's more, due to e-commerce structural changes, air volume continues to grow at near-historic levels.

更重要的是，由於電子商務結構的變化，空氣量繼續以接近歷史的水平增長。

And we expect demand to be strong during peak as next-day delivery increasingly becomes the new standard for B2C and B2B e-commerce.

我們預計，隨著次日達日益成為 B2C 和 B2B 電子商務的新標準，高峰期需求將強勁。

Our preparations also include deeper collaboration with our customers.

我們的準備工作還包括與客戶進行更深入的合作。

Our joint forecasting process which runs throughout peak helps us identify planned and unplanned daily ground and air volume.

我們在整個高峰期運行的聯合預測過程有助於我們識別計劃內和計劃外的每日地面和空氣量。

Then we align it with available network capacity for increased utilization and operating efficiency.

然後我們將其與可用網絡容量相匹配，以提高利用率和運營效率。

It is a proven approach from 2018 that we know improves service to our customers and helps them take advantage of our network flexibility.

從 2018 年開始，我們知道這是一種行之有效的方法，可以改善對客戶的服務並幫助他們利用我們的網絡靈活性。

In summary, we are ready to deliver another successful peak season.

總之，我們已準備好迎接另一個成功的旺季。

Our Smart Global Logistics Network, enabled by our advanced technology and run by talented UPSers worldwide, is in top form.

我們的智能全球物流網絡由我們先進的技術支持並由全球有才華的 UPS 運營，處於最佳狀態。

And we are fully committed to providing high-quality service for all customers and delivering healthy financial returns to our shareowners.

我們完全致力於為所有客戶提供高質量的服務，並為我們的股東帶來健康的財務回報。

Now I'll turn it over to Richard to discuss our results.

現在我將把它交給 Richard 來討論我們的結果。

Thanks, Jim, and good morning, everyone.

謝謝，吉姆，大家早上好。

UPS delivered solid performance in the quarter reflecting significant progress on our initiatives.

UPS 在本季度取得了穩健的業績，反映出我們的舉措取得了重大進展。

This morning, I'll review a summary of our third quarter results and Brian will discuss our outlook.

今天早上，我將回顧我們第三季度業績的摘要，布賴恩將討論我們的前景。

For the company, operating profit grew more than 20% on 5% revenue increase.

對於公司而言，營業利潤在收入增長 5% 的基礎上增長了 20% 以上。

Operating margin expansion was substantial, up 150 basis points.

營業利潤率大幅增長，增長了 150 個基點。

Our results are an indication that our strategy and investments are improving the fundamentals of the business, especially in the U.S. What's more, the strategic growth and cost management actions we are taking are helping to offset the headwinds from a weakening global economic environment and slower U.S. industrial production.

我們的結果表明，我們的戰略和投資正在改善業務的基本面，尤其是在美國。此外，我們正在採取的戰略增長和成本管理行動有助於抵消全球經濟環境疲軟和美國經濟放緩帶來的不利影響。工業生產。

Now let's turn to review each of the segments.

現在讓我們來回顧一下每個部分。

We continue to see progress in the U.S. with clear gains in the top and bottom line results driven by our ability to adjust the network and anticipate changes in demand.

我們繼續在美國看到進展，在我們調整網絡和預測需求變化的能力的推動下，頂線和底線結果明顯增長。

Revenue increased nearly 10%, both next-day and deferred grew by double digits and ground revenue was up nearly 8%.

收入增長近 10%，次日和遞延收入均增長兩位數，地面收入增長近 8%。

Total volume across all products grew more than 9%.

所有產品的總銷量增長超過 9%。

Next-day volume jumped nearly 24% and deferred was not far behind, up more than 17%.

次日交易量躍升近 24%，延期交易也緊隨其後，漲幅超過 17%。

Our growth in air was diverse across multiple industries.

我們在空氣領域的增長在多個行業中是多種多樣的。

Ground volume was strong, up nearly 7%, led by retail and healthcare.

在零售和醫療保健行業的帶動下，地面交易量強勁增長近 7%。

And mix is now just over 50% residential deliveries.

混合現在剛剛超過 50% 的住宅交付。

Reported yields were a bit softer but were more than offset by a decrease in unit cost, which we'll talk about in a moment.

報告的收益率略低，但被單位成本的下降所抵消，我們稍後會談到。

The declines in yields were due to rapid adoption of faster delivery services by large e-commerce customers coupled with an increase in lighter-weight shipments with average weight per piece down about 0.5 pounds.

產量下降的原因是大型電子商務客戶迅速採用了更快的送貨服務，再加上每件平均重量下降約 0.5 磅的輕型貨物的增加。

Going forward, we expect yields to grow as our new SMB solutions pick up speed and a broader variety of customers and industries adopt this new standard.

展望未來，我們預計隨著我們新的 SMB 解決方案加快速度以及更廣泛的客戶和行業採用這一新標準，收益率將會增長。

Most importantly for the quarter, unit cost was down 2.5%, driven by productivity gains, efficiency in our new automated buildings and benefits from other transformation initiatives.

最重要的是，在本季度，單位成本下降了 2.5%，這得益於生產力的提高、我們新自動化建築的效率以及其他轉型計劃的好處。

The combination of strong revenue and enhanced cost efficiencies generated substantial bottom line results this quarter.

強勁的收入和提高的成本效率相結合，在本季度產生了可觀的底線業績。

Operating profit was up nearly 26% and operating margin expanded 130 basis points.

營業利潤增長近 26%，營業利潤率擴大 130 個基點。

As you see, domestic is performing well and we expect momentum to carry us into peak and the upcoming quarters.

如您所見，國內表現良好，我們預計勢頭將帶我們進入高峰和即將到來的幾個季度。

Looking at the International segment.

看國際部分。

International delivered good performance with operating profit increasing more than 20% to $693 million.

國際表現良好，營業利潤增長超過 20% 至 6.93 億美元。

We saw lower-than-expected benefit from currency and the business felt the effects of the softness in the global economy, both of which were partly offset by gains on a property sale for approximately $40 million which was above what we had anticipated.

我們看到貨幣帶來的收益低於預期，企業感受到了全球經濟疲軟的影響，這兩者都被高於我們預期的約 4,000 萬美元的房地產銷售收益部分抵消。

To match changes and geographic demand, we frequently made changes and adjustments to the network and our localized strategies.

為了適應變化和地域需求，我們經常對網絡和本地化策略進行更改和調整。

As a result, total export volume was flat.

結果，總出口量持平。

Asia exports continued to grow to virtually all major non-U.

亞洲對幾乎所有主要非美國的出口繼續增長。

S. regions of the world, and we grew exports within the European continent.

S. 世界各地，我們在歐洲大陸內增加了出口。

We continue to see volume weakness into and out of the U.K. and on the Asia to U.S. lane.

我們繼續看到進出英國和亞洲至美國航線的成交量疲軟。

And we had slight domestic growth overall with a number of countries increasing, including Mexico, France, Spain and notably the U.K. On a currency-neutral basis, domestic revenue per piece increased 2.3%.

總體而言，我們的國內增長略有增長，包括墨西哥、法國、西班牙和特別是英國在內的一些國家有所增長。在貨幣中性的基礎上，每件國內收入增長了 2.3%。

For exports, product and lane mix weighed on reported revenue per piece.

對於出口，產品和通道組合影響了每件報告的收入。

International operating margins expanded over 300 basis points this quarter.

本季度國際營業利潤率擴大了 300 多個基點。

Our performance was driven by the combination of successful execution, continued structural changes in the network and our ability to target growth markets.

我們的業績是由成功的執行、網絡的持續結構變化以及我們瞄準增長市場的能力共同推動的。

Now let's turn and look at Supply Chain & Freight.

現在讓我們來看看供應鍊和貨運。

The segment continued to adapt in a dynamic environment with disciplined cost control by targeting SMBs and with gains in a number of the business units.

該部門繼續適應動態環境，通過以中小型企業為目標進行嚴格的成本控制，並在多個業務部門取得收益。

Putting it all together, operating margins expanded on lower revenue and slightly lower profit.

綜上所述，營業利潤率因收入下降和利潤略有下降而擴大。

Comparisons are difficult to last year's third quarter.

很難與去年的第三季度進行比較。

As a reminder, profit grew over 33% in 2018.

提醒一下，2018 年的利潤增長了 33% 以上。

Ocean, air freight and truckload brokerage revenue were lower this quarter with gains coming from Marken and the logistics unit.

由於 Marken 和物流部門的收益，本季度海運、空運和卡車貨運經紀收入有所下降。

Logistics increased revenue more than 7% and generated solid profit, led by customers in healthcare, retail and the manufacturing sectors.

在醫療保健、零售和製造業客戶的帶動下，物流收入增長超過 7% 並產生了可觀的利潤。

On the profit side, healthcare, LTL and logistics were bright spots with Marken and UPS Freight growing profits by double digits.

在利潤方面，醫療保健、零擔運輸和物流是亮點，Marken 和 UPS Freight 的利潤增長了兩位數。

Overall, UPS delivered good performance in the third quarter.

總體而言，UPS 在第三季度表現良好。

Our investments to modernize our global network are improving our results, and momentum will continue.

我們對全球網絡現代化的投資正在改善我們的業績，而且勢頭將繼續下去。

Well, that was the last time I'll cover results.

好吧，那是我最後一次介紹結果。

What a good quarter to end on.

一個很好的季度結束。

I've had an exciting and fulfilling career here at UPS.

我在 UPS 的職業生涯令人興奮而充實。

It's surprising how quickly 38 years can go by.

令人驚訝的是，38 年過得如此之快。

It's been an honor to represent the UPS team and this great company each quarter.

很榮幸每個季度都能代表 UPS 團隊和這家偉大的公司。

The outlook for the company is bright.

公司前景一片光明。

And now I'll turn it over to Brian.

現在我將把它交給布賴恩。

Thank you, Richard, and good morning, everyone.

謝謝你，理查德，大家早上好。

I'm very grateful for the opportunity and excited about the growth prospects which UPS represents.

我非常感謝這個機會，並對 UPS 所代表的增長前景感到興奮。

I was fortunate to have gained broad experience with one global company and now I'm humbled to join UPS.

我很幸運能夠在一家全球性公司獲得廣泛的經驗，現在我很榮幸加入 UPS。

I've been very impressed by the UPS team, and I'm eager to meet our investors as I hit the road over the next few weeks.

UPS 團隊給我留下了深刻的印象，我渴望在接下來的幾週上路時見到我們的投資者。

Now I'll share the update on our cash position and outlook.

現在我將分享我們的現金狀況和前景的最新情況。

One of the hallmarks of UPS is our ability to generate cash.

UPS 的標誌之一是我們產生現金的能力。

Year-to-date, UPS has generated $5.7 billion in cash from operations and adjusted free cash flow was $3.2 billion which includes capital investments of about $4.5 billion.

年初至今，UPS 已從運營中產生了 57 億美元的現金，調整後的自由現金流為 32 億美元，其中包括約 45 億美元的資本投資。

Looking at capital expenditures.

看資本支出。

Our projects are generating greater benefits than anticipated, plus we have made gains in deploying our capital more efficiency.

我們的項目正在產生比預期更大的收益，而且我們在更有效地部署資本方面取得了收益。

Projects have been standardized and we continue to optimize procurement practices.

項目已標準化，我們將繼續優化採購實踐。

As a result, we are lowering planned CapEx by about $500 million for 2019 and again in 2020 all while maintaining our network automation targets and other transformation goals.

因此，我們將 2019 年和 2020 年的計劃資本支出降低約 5 億美元，同時保持我們的網絡自動化目標和其他轉型目標。

We are also raising our adjusted free cash flow target for 2019 to over $4 billion, predominantly driven by adjusted CapEx and working capital efficiencies.

我們還將 2019 年調整後的自由現金流目標提高到超過 40 億美元，主要受調整後的資本支出和營運資本效率的推動。

Now let's turn to shareholder returns.

現在讓我們轉向股東回報。

So far this year, UPS distributed more than $2.5 billion in dividends which represents a 5.5% increase on a per share basis over the same period last year.

今年到目前為止，UPS 已派發了超過 25 億美元的股息，相當於每股比去年同期增長 5.5%。

And we repurchased 7 million shares for $753 million.

我們以 7.53 億美元回購了 700 萬股股票。

Moving to tax.

轉移到稅收。

Our effective tax rate for the quarter came in just under 21%.

我們本季度的有效稅率略低於 21%。

As Richard discussed on the second quarter call, there were anticipated onetime benefits in the third quarter.

正如理查德在第二季度電話會議上所討論的那樣，預計第三季度會有一次性收益。

Accordingly, we anticipate our fourth quarter and full year tax rate will be between 22% and 23%.

因此，我們預計第四季度和全年的稅率將在 22% 至 23% 之間。

Turning to guidance.

轉向指導。

2019 is a year of significant progress across the segments.

2019 年是各領域取得重大進展的一年。

Transformation investments are becoming much more visible in our performance and we expect this momentum to carry forward.

轉型投資在我們的業績中變得越來越明顯，我們預計這種勢頭將繼續下去。

Looking at the fourth quarter across all the segments, we expect the U.S. consumer to remain strong and the structural shift for faster e-commerce delivery to drive elevated demand for our services offsetting the current slowdown in U.S. industrial production.

縱觀第四季度所有細分市場，我們預計美國消費者將保持強勁勢頭，加快電子商務交付的結構性轉變推動對我們服務的需求上升，抵消了當前美國工業生產放緩的影響。

This year, we added more capacity to the network.

今年，我們為網絡增加了更多容量。

All 400,000 pieces per hour of new capacity will be ready ahead of peak.

每小時 400,000 件的新產能將在高峰期前準備就緒。

As a result of our positive growth and efficiency factors, we expect strong operating profit improvement and margins to expand on a year-over-year basis.

由於我們的積極增長和效率因素，我們預計強勁的營業利潤改善和利潤率將同比擴大。

In the International segment, we continue to make network adjustments to optimize asset utilization and efficiency.

在國際部分，我們繼續進行網絡調整，以優化資產利用率和效率。

In addition, we will further grow in targeted trade lanes and within the international domestic markets.

此外，我們將在有針對性的貿易航線和國際國內市場內進一步發展。

And so we expect international operating profit to continue to grow.

因此，我們預計國際營業利潤將繼續增長。

Turning to Supply Chain & Freight.

轉向供應鍊和貨運。

We expect double-digit operating profit growth.

我們預計營業利潤將實現兩位數增長。

Gains in logistics, healthcare and UPS Freight will more than offset market headwinds in forwarding and truck load brokerage.

物流、醫療保健和 UPS Freight 的收益將足以抵消貨運代理和卡車負載經紀業務的市場逆風。

Also of note, last year, we had a drag on profit driven from the UPS Freight contract ratification process.

另外值得注意的是，去年，我們因 UPS 貨運合同批准過程而拖累了利潤。

On the whole, we have confidence in all of the factors within our control, and we expect to be well within our full year adjusted earnings per share guidance of $7.45 to $7.75.

總體而言，我們對我們控制範圍內的所有因素都充滿信心，我們預計將在我們全年調整後每股收益 7.45 美元至 7.75 美元的指導範圍內。

Despite weakening macro conditions throughout the year, we've maintained our initial guidance range.

儘管全年宏觀環境疲軟，但我們仍維持最初的指導範圍。

Our strategy and network investments are generating positive returns as evident in our profit margin gains.

我們的戰略和網絡投資正在產生正回報，這從我們的利潤率增長中可以看出。

However, our guidance is based on the continuation of current conditions.

但是，我們的指導是基於當前情況的延續。

Should external conditions deteriorate, our outlook could be negatively affected yet remain within the range.

如果外部條件惡化，我們的前景可能會受到負面影響，但仍保持在該範圍內。

I'd like to close by echoing Jim's comments.

最後，我想附和 Jim 的評論。

We are fully prepared to deliver a successful peak season with healthy returns for our shareholders and great service for our customers.

我們已做好充分準備，為我們的股東帶來可觀的回報，為我們的客戶提供優質的服務，從而實現一個成功的旺季。

Now I'll ask the operator to open the line for questions.

現在我將要求接線員打開線路以提問。

I will now turn the program back over to IRO, Mr. Scott Childress, to start our Q&A segment.

我現在將把程序轉回給 IRO，Scott Childress 先生，開始我們的問答環節。

Please go ahead, sir.

請繼續，先生。

Thank you, Steven.

謝謝你，史蒂文。

(Operator Instructions) And during the call, Richard will take questions on the actual results and Brian will take questions on our outlook.

（操作員說明）在通話期間，Richard 將就實際結果提出問題，Brian 將就我們的前景提出問題。

Our first question comes from Chris Wetherbee of Citi.

我們的第一個問題來自花旗銀行的 Chris Wetherbee。

With the efficiencies from transformation and the benefits from the SMB initiatives, do you think that cost per piece can move lower in the future?

憑藉轉型帶來的效率和 SMB 舉措帶來的好處，您認為未來單件成本會降低嗎？

Chris, this is David.

克里斯，這是大衛。

Thanks for the question.

謝謝你的問題。

And we do believe that the costs will continue to be lower than last year.

我們確實相信成本將繼續低於去年。

And it's our growth and cost initiatives are gaining momentum, it's a combination of our strategies; of our investments; of course, our automation.

這是我們的增長和成本計劃正在獲得動力，這是我們戰略的結合；我們的投資；當然，我們的自動化。

Our execution has been very good, especially this past quarter.

我們的執行力非常好，尤其是上個季度。

Our transformation initiatives and the structural changes that we're seeing with Next Day Air.

我們在 Next Day Air 中看到的轉型計劃和結構變化。

A positive operating leverage 2 quarters in a row, but this quarter, just very strong positive operating leverage.

連續兩個季度的正經營槓桿，但本季度，正經營槓桿非常強。

Our cost per unit was down 2.5%.

我們的單位成本下降了 2.5%。

You have to go back a long, long ways to see that kind of performance.

你必須回去很長很長的路要走才能看到那種表演。

And U.S. operating profit was up nearly 26% and our operating margin expanded 130 basis points.

美國的營業利潤增長了近 26%，我們的營業利潤率擴大了 130 個基點。

So very successful third quarter.

第三季度非常成功。

We have momentum, we expect it will continue, and we do believe that we will continue to have lower cost than the previous year.

我們有動力，我們預計它會繼續下去，而且我們相信我們的成本將繼續低於上一年。

Thanks for the question.

謝謝你的問題。

Our next online question will come from Allison Landry of Crédit Suisse.

我們的下一個在線問題將來自瑞士信貸的 Allison Landry。

How is the UPS network positioned to benefit from the structural shift in both short zone and next day?

UPS 網絡如何從短線和次日的結構轉變中受益？

Thanks, Allison.

謝謝，艾莉森。

UPS is positioned very well.

UPS的定位非常好。

We continue to gain the benefits from the structural change in the market and we've seen increased demand for faster e-commerce and UPS delivering positive operating leverage.

我們繼續從市場結構變化中獲益，我們看到對更快電子商務和 UPS 提供積極運營槓桿的需求增加。

Air grew double digits with Next Day Air nearly at 24% and deferred at 17%.

Air 增長兩位數，Next Day Air 增長近 24%，延期增長 17%。

And we also see our growth in e-commerce as well as broadly in healthcare, high-tech and throughout small and medium-sized businesses as well.

我們還看到了我們在電子商務以及醫療保健、高科技以及整個中小型企業的廣泛增長。

The structure change also means faster shorter-zone ground, and we have had strong ground growth of nearly 7%.

結構變化也意味著更快的短帶地面，我們的地面增長強勁，接近 7%。

Fueled by our solutions, like our leading next-day extended ground service, which is enabled by the flexibility and power of our network which Juan will talk to.

在我們的解決方案的推動下，例如我們領先的次日擴展地面服務，這是由 Juan 將與之交談的我們網絡的靈活性和強大功能實現的。

Thanks, Kate, and thanks, Allison, for the question.

謝謝，凱特，也謝謝艾莉森的問題。

We continue to work very actively on building our Smart Logistics Network.

我們將繼續非常積極地構建我們的智能物流網絡。

And I will tell you that the UPS network is really well positioned to accept multiple changes in the market as we continue to see them.

我會告訴你，隨著我們繼續看到它們，UPS 網絡非常適合接受市場的多種變化。

And that comes as a result of a number of investments we've made.

這是我們進行了大量投資的結果。

You've heard Jim and David talk some of those investments, but they all come together in the Smart Logistics Network.

您聽說過 Jim 和 David 談到了其中的一些投資，但它們都匯集在智能物流網絡中。

Additional automation in our network, that's definitely paying off, and we have additional plans to continue to enhance our automation moving forward.

我們網絡中的額外自動化，這肯定是有回報的，我們還有額外的計劃來繼續增強我們的自動化。

Capacity in our facilities is providing unprecedented flexibility to the UPS network.

我們設施的容量為 UPS 網絡提供了前所未有的靈活性。

We expect that to continue to be the case.

我們預計情況將繼續如此。

Investments in technology to improve efficiency, definitely the case, and we're not stopping there.

投資於提高效率的技術，絕對是這樣，而且我們不會止步於此。

We continue to make investments in advanced technologies that are going to continue to make the network more flexible, more capable.

我們繼續投資於先進技術，這些技術將繼續使網絡更靈活、更有能力。

So we're excited as to where we are today and where we're going in the future in adding capabilities to support the business.

因此，我們對我們今天所處的位置以及未來在增加支持業務的能力方面的發展方向感到興奮。

We have a question from the line of Mr. Tom Wadewitz of UBS.

我們有一個來自瑞銀的 Tom Wadewitz 先生的問題。

Congratulations on the strong results, in particular, the domestic program seems very good and international margin.

恭喜取得了強勁的成績，尤其是國內的節目似乎和國際的差距很大。

And just wanted to say congratulations also to Jim and Richard.

只想對吉姆和理查德表示祝賀。

You guys have had a great run at the company.

你們在公司的表現很棒。

And look forward to working with you, Brian.

期待與您合作，布賴恩。

So I guess on the domestic package improvement story, it seems like you're early on in that.

所以我想關於國內包裝改進的故事，你似乎很早就開始了。

You had, first quarter, a pretty substantial gain in domestic margin.

第一季度，您的國內利潤率獲得了相當可觀的增長。

How do you think about that going into 2020 with the kind of soft industrial but a lot momentum in your retail?

您如何看待進入 2020 年的軟工業，但您的零售業勢頭強勁？

Is it reasonable to think that you're early on in domestic package margin improvements and a lot of momentum going into next year?

認為您在國內包裝利潤率改善方面處於領先地位並且明年會有很多動力是否合理？

Or should we be somewhat cautious given the soft macro backdrop?

還是在宏觀環境疲軟的情況下我們應該謹慎一些？

Tom, I'm going to start and then Brian's going to take us into 2020 a bit.

湯姆，我要開始了，然後布賴恩會帶我們進入 2020 年。

Look, I think that as we talked about this was a pivot year for UPS and we continue to pick up pace.

看，我認為正如我們所說，這是 UPS 的關鍵年，我們繼續加快步伐。

The most recent quarter, you really have about 5 or 6 levers that are coming together here to look at -- to bring us to what David talked about in the coming comments and in his first question, and that's the leverage that we got.

在最近一個季度，您確實有大約 5 或 6 個槓桿在這裡聚集在一起查看 - 讓我們了解大衛在接下來的評論和他的第一個問題中談到的內容，這就是我們得到的槓桿。

You got transformation, that's a tailwind.

你得到了轉變，這是順風。

You have procurement, that's a tailwind.

你有採購，這是順風。

The extra capacity that we've talked about, the automation that we've talked about, You've got operational execution.

我們討論過的額外容量，我們討論過的自動化，你有運營執行。

Our operators are executing at a very, very high level.

我們的運營商正在執行非常非常高的水平。

And then the last point, I think, we continue to talk about the power of the integrated network and we're able to put the air and the ground and the international through it at the same time at these high rates, it produces what you see on this piece of paper.

最後一點，我認為，我們繼續談論綜合網絡的力量，我們能夠以如此高的速率同時讓空中、地面和國際通過它，它產生了你想要的東西見這張紙。

So it's been a great quarter for us, and Brian will talk about the future for a second.

所以這對我們來說是一個很棒的季度，布賴恩將談論未來。

Yes.

是的。

Thanks, Jim.

謝謝，吉姆。

And thanks, Tom, for the questions.

感謝湯姆的提問。

So Q3, as Jim mentioned, we saw a nice pop of 130 bps, so that was a good margin expansion.

所以第三季度，正如 Jim 提到的，我們看到了 130 個基點的大幅上漲，所以這是一個很好的利潤率擴張。

We're looking for good margins in the fourth quarter.

我們正在尋找第四季度的良好利潤率。

But as we look out to 2020, what we're really focused on is the relationship between the revenue per piece and the cost per piece and making sure we drive that leverage.

但是當我們展望 2020 年時，我們真正關注的是每件收入與每件成本之間的關係，並確保我們推動這種影響力。

So we'll come back to you and talk more about operating margin expectations in the -- on the January call, Tom.

因此，我們將在 1 月份的電話會議上再次與您討論營業利潤率預期，湯姆。

Thanks.

謝謝。

A question from the line of David Vernon of Bernstein.

來自伯恩斯坦的大衛弗農的問題。

Looks like things are just starting to turn here.

看起來事情才剛剛開始好轉。

You're starting to get the leverage we want.

您開始獲得我們想要的影響力。

And I don't want to sound too indelicate or anything, but like why -- could you talk a little bit about the thought processes about why now is the right time to maybe step down?

而且我不想听起來太不雅或任何東西，但就像為什麼 - 你能談談關於為什麼現在可能是下台的正確時間的思考過程嗎？

And then David, could you talk a little bit about kind of what your plan is from a management standpoint and a succession standpoint as we're making some changes at the C level to make sure that the momentum we have here in some of the investment programs is going to continue into 2020 and beyond?

然後大衛，您能否從管理的角度和繼任者的角度談談您的計劃，因為我們正在 C 級別進行一些更改，以確保我們在某些投資方面的勢頭計劃是否會持續到 2020 年及以後？

This is David.

這是大衛。

We're very excited about the progress that we have made and we're going to continue to make.

我們對我們已經取得的進展感到非常興奮，我們將繼續取得進展。

And the U.S., I think a well-deserved recognition.

而美國，我認為是當之無愧的認可。

But it was due to the transformation initiatives and due to the investments that we have made, and those are going to continue.

但這是由於轉型計劃和我們所做的投資，而且這些投資將繼續下去。

I think we done an excellent job with our management team.

我認為我們的管理團隊做得非常出色。

We've got a blend of people, the long-term UPSers like Rich and Jim.

我們有各種各樣的人，像 Rich 和 Jim 這樣的長期 UPS 員工。

And then we also have brought in some very good people from the outside.

然後我們也從外面引進了一些非常好的人。

I see that continuing.

我看到這種情況還在繼續。

We have a strong bench and succession planning is something that we constantly focus on.

我們有一個強大的替補席，繼任計劃是我們一直關注的事情。

And this is a natural progression.

這是一個自然的過程。

We have many people that spend their entire years at careers in UPS, and we appreciate that.

我們有很多人在 UPS 的職業生涯中度過了他們的整個歲月，我們對此表示感謝。

And then we have others that are ready to step in, and so we're excited about those opportunities, too.

然後我們還有其他人準備介入，因此我們也對這些機會感到興奮。

So feel good about where we are.

所以對我們所處的位置感覺良好。

We have the team that will handle and that will bring transformation initiatives all the way through.

我們擁有一支可以處理的團隊，這將帶來轉型計劃。

I'm as confident as I can be about that.

我對此充滿信心。

Thanks, David, for the question.

謝謝，大衛，這個問題。

Our next question is an online question.

我們的下一個問題是在線問題。

There's a -- from multiple analysts.

有一個 - 來自多個分析師。

Can you provide an update and some color around your CapEx guidance?

您能否提供有關您的資本支出指南的更新和一些顏色？

So thanks, Scott.

所以謝謝，斯科特。

Look, UPS has been a good steward of capital.

看，UPS 一直是資本的好管家。

And if you look at the returns from an ROIC perspective, we're roughly double the industry average.

如果你從 ROIC 的角度來看回報，我們大約是行業平均水平的兩倍。

We lowered our CapEx guidance as you saw by $500 million this year and a similar amount next year.

正如您所見，我們將今年的資本支出指導下調了 5 億美元，明年也下調了類似的數額。

And I'd offer 3 points in terms of reflection.

我會在反思方面提供 3 分。

One is the reduction is due largely to efficiency gains in buildings across the network and procurement standardization.

一是減少主要是由於整個網絡的建築物的效率提高和採購標準化。

Second, the change does not affect our transformation or capacity initiatives.

其次，這種變化不會影響我們的轉型或能力計劃。

And then lastly, the CapEx reduction has enabled us to actually raise our adjusted free cash flow to north of $4 billion for 2019.

最後，資本支出的減少使我們能夠在 2019 年將調整後的自由現金流實際提高到 40 億美元以上。

And important thing here is we're just getting more done with less.

重要的是，我們只是用更少的錢完成更多的工作。

And this is what transformation was intended to do, and we're very happy to see that take place.

這就是轉型的初衷，我們很高興看到這種情況發生。

The next question will come from the line of Ken Hoexter of Bank of America.

下一個問題將來自美國銀行的 Ken Hoexter。

Jim and Richard, thank you for all your help over the years.

吉姆和理查德，感謝你們多年來的所有幫助。

And Brian, welcome.

還有布賴恩，歡迎。

Just maybe David, talk about the deceleration in the Next Day Air.

或許大衛，談談次日航空的減速。

Last year, you -- or last quarter, you were up about -- no, I'm sorry.

去年，你——或者上個季度，你漲了——不，我很抱歉。

Last year, you were up about 100,000 packages sequentially; this year, up 35,000.

去年，您連續增加了大約 100,000 個包裹；今年，增加了35,000。

So I'm wondering if is this Amazon taking some of the share back?

所以我想知道這家亞馬遜是否會收回部分份額？

Is it a deceleration in the underlying growth?

這是潛在增長的減速嗎？

And then maybe that transitions to your multiple comments on if the economy decelerates or deteriorates, is that something you're already seeing given the multitude of your commentary on that?

然後，也許這會轉變為您對經濟是否減速或惡化的多個評論，鑑於您對此的眾多評論，您是否已經看到了這一點？

Well, when it comes to -- and we'll talk about the air business first.

好吧，說到 - 我們將首先討論航空業務。

And what we're seeing is an acceleration and it's not due to the economy, although the U.S. economy is consumer-driven and it is providing a lot of opportunities.

我們看到的是加速，這不是由於經濟，儘管美國經濟是消費者驅動的，它提供了很多機會。

But when you look into this quarter, we have taken Flight to success, that's why I'm so sure because our Next Day Air volume is up 24%; our second day, or deferred, is up 17%.

但是，當您回顧本季度時，我們的 Flight 取得了成功，這就是為什麼我如此確定，因為我們的 Next Day Air 量增加了 24%；我們的第二天（或推遲）上漲了 17%。

And it's a structural change and it's more than just one customer.

這是一個結構性的變化，它不僅僅是一個客戶。

And Kate, would you like to talk a little bit about other customers?

凱特，你想談談其他客戶嗎？

Yes, absolutely.

是的，一點沒錯。

We're excited because we're seeing it e-commerce and across all segments in e-commerce, customers of all size, but that's air growth.

我們很興奮，因為我們看到了電子商務以及電子商務的所有領域，各種規模的客戶，但這是空中增長。

So the speeding is definitely occurring, whether it be 2 to 1, or ground to 2-day air mode.

所以超速肯定會發生，無論是 2 比 1，還是地面到 2 天的空中模式。

And then we're also seeing that ground short zone.

然後我們還看到了地面短區域。

So this structure change is resonating and we're seeing the benefit to operating leverage.

因此，這種結構變化引起了共鳴，我們看到了經營槓桿的好處。

I'm sorry.

對不起。

I'm not thinking -- I don't think you answered the -- I guess I'm seeing a deceleration in growth from sequential.

我不認為 - 我不認為你回答了 - 我想我看到增長從連續減速。

Is that not kind of pointed toward the economy or a customer shifting in volumes?

這不是指向經濟或客戶數量的變化嗎？

Just from 2Q to 3Q.

只是從 2Q 到 3Q。

No, I think -- this is Richard.

不，我想——這是理查德。

Obviously, you have to -- as we actually called out during the second quarter, there are different seasonalities and average volume per day impacts.

顯然，你必須——正如我們在第二季度實際所說的那樣，有不同的季節性和每天的平均交易量影響。

And we actually called out that during the second quarter, especially earlier in the quarter, your volume levels aren't the same as they are in the third quarter.

我們實際上指出，在第二季度，尤其是在本季度早些時候，您的銷量水平與第三季度不同。

And so we took advantage where we thought it was appropriate getting the right return as you see in the bottom line results.

因此，我們利用了我們認為合適的地方獲得正確的回報，正如您在底線結果中看到的那樣。

But there's going to be seasonality and opportunities from just a level of business based on how each quarter operates across the entire -- the U.S. There's just more business activity, say, in the fourth quarter than the first and more in the third than in the second.

但是，根據每個季度在整個美國的運營情況，僅從一個業務層面就會存在季節性和機會。例如，第四季度的商業活動比第一季度多，第三季度的商業活動多於第二季度。第二。

So the [seasonality] is already there.

所以[季節性]已經存在。

Our next question comes from Brian Ossenbeck at JPMorgan.

我們的下一個問題來自摩根大通的 Brian Ossenbeck。

What is some of the services and partnerships contemplated under the new digital access program?

新的數字訪問計劃計劃提供哪些服務和合作夥伴關係？

Thank you.

謝謝你。

This is Kate.

這是凱特。

We're excited about the digital access program.

我們對數字訪問計劃感到興奮。

It's a continuation of our small- and medium-sized business strategic imperative and the investments we've been making.

這是我們的中小型企業戰略必要性和我們一直在進行的投資的延續。

So just to crystallize the thought, we are investing to ensure that we enable UPS solutions and integrate them for easy shipping wherever our small- and medium-sized business sellers and -- go to sell as well as where consumers go to shop.

因此，為了明確這一想法，我們正在投資以確保我們啟用 UPS 解決方案並將它們整合起來，以便在我們的中小型企業賣家以及消費者去購物的地方輕鬆運輸。

And we have already integrated with anything of meaningful size, with marketplaces and platforms, and excited about the most recent announcement on Stamps.com.

我們已經整合了任何有意義的規模、市場和平台，並對 Stamps.com 上的最新公告感到興奮。

Just to put it into a more quantified format.

只是把它變成一個更量化的格式。

With Stamps and Shopify alone, we're actually reaching over 1 million small- and medium-sized businesses.

僅憑 Stamps 和 Shopify，我們實際上就覆蓋了超過 100 萬家中小型企業。

And there's more to come, we continue this partnership strategy.

還有更多，我們將繼續這一合作夥伴戰略。

Scott, did you want to lend a...

斯科特，你想藉一個...

I think just the core investments that we've made to the transformation program.

我認為這只是我們對轉型計劃所做的核心投資。

Some of the areas are improved time-in-transit and the announcement of our 7-day network and of course the expansion of our Access Point.

其中一些領域是改進的運輸時間和我們 7 天網絡的公告，當然還有我們接入點的擴展。

So all of these solutions fold nicely on those transformation investments, improving in our core.

因此，所有這些解決方案都很好地融入了這些轉型投資，從而改善了我們的核心。

We have a question from the line of Scott Group of Wolfe Research.

我們有一個來自沃爾夫研究斯科特集團的問題。

Can you clarify -- just because I haven't heard it, can you clarify what the actual CapEx guidance is for this year and next year?

你能澄清一下——因為我還沒有聽說過，你能澄清一下今年和明年的實際資本支出指導嗎？

And then on the U.S. margin side, I know we're not guiding to 2020 margins yet, but do you have maybe some longer-term thoughts on where you think U.S. margins can go once we get through sort of the full few years of transformation?

然後在美國利潤率方面，我知道我們還沒有指導到 2020 年的利潤率，但是你是否有一些長期的想法，一旦我們經歷了整整幾年的轉型，你認為美國的利潤率會走向何方?

Scott, we're going to take one of those questions, so please make sure it's only a single question for...

斯科特，我們將回答其中一個問題，所以請確保這只是一個問題......

So form -- it's Brian.

所以形式 - 它是布賴恩。

From a CapEx perspective, we had guided for this year and next to be 8.5% to 10% in terms of sales -- in terms of revenue as -- CapEx as a percentage of rev.

從資本支出的角度來看，我們指導今年和明年的銷售額為 8.5% 至 10% - 就收入而言 - 資本支出佔轉速的百分比。

So within that guidance, what we -- if you take it from the midpoint, we're guiding down $500 million in 2019 and a similar amount in 2020.

因此，在該指導範圍內，如果您從中點開始，我們將在 2019 年減少 5 億美元，並在 2020 年減少類似的金額。

Our next online question comes from Scott Schneeberger of Oppenheimer.

我們的下一個在線問題來自 Oppenheimer 的 Scott Schneeberger。

In International Package, can you offer some perspectives on the trend that you're seeing in the services and across the globe?

在 International Package 中，您能否就您在服務和全球範圍內看到的趨勢提供一些觀點？

Scott, it's Jim.

斯科特，是吉姆。

So a couple of things that are probably worth talking about.

所以有幾件事可能值得討論。

First of all, you've heard from everybody on the call about some of the changing trade dynamics.

首先，您在電話會議上從每個人那裡聽到了一些不斷變化的貿易動態。

It's certainly effect, if you want to call, the premium versus non-premium.

如果您想調用，溢價與非溢價肯定會產生影響。

We see it all as a premium service offering.

我們將其視為優質服務產品。

And what I think from an export perspective, and Richard talked about it, you've got a lot of lanes growing across this world.

從出口的角度來看，我認為，理查德談到了這一點，你在這個世界上有很多車道在增長。

There's a couple of power lanes that are slowing down.

有幾個電源線正在減速。

And when that happens, we've got to adjust.

當這種情況發生時，我們必須進行調整。

You also heard we'll lean into domestic, where our ground networks have great capabilities.

您還聽說我們將向國內傾斜，我們的地面網絡具有強大的能力。

And then we backstop that with an operating leverage state of mind, when all 3 business units in this kind of dynamic are able to create operating leverage, then we do that and we continue forward and grow the business with some of the factors that we're talking about here.

然後我們以經營槓桿的心態來支持這一點，當這種動態中的所有 3 個業務部門都能夠創造經營槓桿時，我們就會這樣做，我們會繼續前進，並利用我們的一些因素來發展業務。在這裡再談。

So we're pretty proud of it.

所以我們對此感到非常自豪。

It will grow again and we will continue.

它會再次增長，我們將繼續。

If you look at our historic rates over the last 2, 5 and 10 years, we're proud of the premium, and it will continue to grow in the future as trade dynamics allow it.

如果您查看我們過去 2 年、5 年和 10 年的歷史費率，我們為溢價感到自豪，並且在貿易動態允許的情況下，它在未來將繼續增長。

So I appreciate the question.

所以我很欣賞這個問題。

We have a question from the line of Allison Landry.

我們有一個來自 Allison Landry 的問題。

So last quarter, you talked a little bit about leveraging the U.S. Post Office.

所以上個季度，你談到了利用美國郵局。

I was wondering if you could provide an update on that and where you see those trends going.

我想知道您是否可以提供有關這方面的最新信息以及您看到這些趨勢的發展方向。

How much capacity you think that could free up in your network?

您認為可以在您的網絡中釋放多少容量？

Thanks for the question.

謝謝你的問題。

This is David.

這是大衛。

And yes, there's a couple instances that we can talk about.

是的，我們可以討論幾個例子。

The first is from a weekend delivery, we talked about that one of our options will be using SurePost on enhanced Saturday and also on Sundays.

第一個來自周末交付，我們談到我們的一個選項將在增強的周六和周日使用 SurePost。

So we see good indications there.

因此，我們在那裡看到了良好的跡象。

We also see opportunities.

我們也看到了機會。

When you talk -- and this combines with another question that we received from the web, is the fact that the UPU and the changes that have been made there and how that affects the Postal Service and how it affects us.

當您發言時——這與我們從網絡收到的另一個問題相結合，即萬國郵聯和在那裡所做的更改以及它如何影響郵政服務以及它如何影響我們的事實。

And obviously, we applaud the administration for their efforts to modernize the UPU's terminal dues and structure.

顯然，我們讚賞政府為實現萬國郵聯終端會費和結構現代化所做的努力。

What it does is it raises the floor and it opens opportunities for American SMBs to grow.

它所做的是提高了底線，並為美國中小企業提供了發展機會。

And of course, that falls right into our worldwide economy expansion and our SMB initiatives.

當然，這正好屬於我們的全球經濟擴張和我們的 SMB 計劃。

So we do have a unique relationship with the Postal Service.

因此，我們確實與 Postal Service 有著獨特的關係。

We're a supplier, they're a supplier, and we're competitors at the same time.

我們是供應商，他們是供應商，我們同時也是競爭對手。

We do believe there's ways that we can leverage their network for last mile delivery, at the same time, add additional capabilities to our own.

我們確實相信我們可以利用他們的網絡進行最後一英里的交付，同時為我們自己的網絡添加額外的功能。

Thank you.

謝謝你。

Our next online question is coming from Chris Wetherbee of Citi.

我們的下一個在線問題來自花旗的 Chris Wetherbee。

Can you provide an update on your hub automation initiatives?

您能否提供有關您的集線器自動化計劃的更新？

Will you reach 80% of eligible volume in 2019?

您會在 2019 年達到 80% 的合格銷量嗎？

Yes.

是的。

Thanks, Chris, for that question.

謝謝，克里斯，這個問題。

We definitely continue to work very actively on our automation and facility modernization efforts.

我們肯定會繼續非常積極地致力於我們的自動化和設施現代化工作。

By the end of 2019, we're definitely on track to be right below 80% of our U.S. ground-eligible volume to be processed through automation.

到 2019 年底，我們肯定將通過自動化處理的美國地面合格數量的 80% 以下。

And the plans are for 2020 to get to 85%.

計劃在 2020 年達到 85%。

So we continue to be on track with that.

因此，我們將繼續走上正軌。

As you heard earlier, we -- this year, we have 20 new or retrofit automated facilities going online.

正如您之前所聽到的，我們——今年，我們有 20 個新的或改造的自動化設施上線。

And above and beyond that, by the way, we're also putting on, we're almost done with all of them now, about 7 additional automated small sorts across the facility.

順便說一句，除此之外，我們還安裝了，我們現在幾乎已經完成了所有這些，大約 7 個額外的自動化小型分類在整個設施中。

Each and every one of those keeps adding overall processing capacity to the network.

每一個都不斷增加網絡的整體處理能力。

And it goes back to the question that was asked earlier, all these automation keeps adding network flexibility to provide all these different types of services and capabilities to our customers.

回到之前提出的問題，所有這些自動化都在不斷增加網絡靈活性，以便為我們的客戶提供所有這些不同類型的服務和功能。

So we're well on track to hit our targets and we definitely have the commitment of the organization to continue to make the right investments to get there.

因此，我們在實現目標方面進展順利，而且我們肯定有組織承諾繼續進行正確的投資以實現目標。

Thank you.

謝謝你。

We'll now take a live question from the line of Mr. Chris Wetherbee as well with Citi.

現在，我們將接受 Chris Wetherbee 先生以及花旗銀行的現場提問。

I wanted to ask about some of the comments you made earlier in the year about double-digit growth and the operating profit of all the segments.

我想問一下你今年早些時候對兩位數增長和所有部門的營業利潤發表的一些評論。

Is there still -- are those targets still good as we think about through the last quarter of the year?

仍然存在 - 正如我們在今年最後一個季度所考慮的那樣，這些目標仍然很好嗎？

And if they have changed a little bit, can you talk a little bit about the factors that might have impacted them?

如果它們發生了一些變化，你能談談可能影響它們的因素嗎？

This is Richard, and I'll start the question and then Jim will talk about the business units.

我是理查德，我將開始提問，然後吉姆將談論業務部門。

But overall, we expect the total enterprise to have operating profit growth in the double digits.

但總體而言，我們預計整個企業的營業利潤將實現兩位數的增長。

At this point, each of the business units have plans in place that was set at the beginning of the year.

此時，每個業務部門都制定了年初制定的計劃。

And you saw what we've done in the last quarter in the international and domestic and we expect the momentum to continue.

你看到了我們在上個季度在國際和國內所做的事情，我們預計這種勢頭將繼續下去。

And in the supply chain, we also, as we called out during my talk, that there were some year-over-year comps that's going to continue to show good improvement in operating profit.

在供應鏈中，正如我們在演講中所說的那樣，我們也有一些同比增長將繼續顯示出營業利潤的良好改善。

So it's Jim, I would just -- I say agree with that.

所以是Jim，我只是- 我同意這一點。

I mean obviously, you've seen the quarter now, we've got 1 quarter to go.

我的意思是，很明顯，你已經看到了這個季度，我們還有 1 個季度要走。

You've seen what we reaffirmed today.

你已經看到了我們今天重申的內容。

And then ultimately, it's a situation of is it a little bit of a different year than when we started, no question about that.

然後最終，這是一個與我們開始時有點不同的年份，毫無疑問。

But the double-digit is clearly still in sight.

但兩位數顯然還在眼前。

And then we move on to 2020.

然後我們繼續前進到 2020 年。

So it's about all the factors.

所以它是關於所有因素的。

And this operating leverage is real key for us to be able to make it in all 3 business units, and that's what we plan to produce in peak.

這種運營槓桿是我們能夠在所有 3 個業務部門中實現這一目標的真正關鍵，這就是我們計劃在高峰期生產的東西。

So appreciate it.

所以欣賞它。

We've got another online question here, it's from multiple analysts.

我們這裡還有另一個在線問題，來自多位分析師。

Can you give some color around your global procurement that you highlighted?

您能否為您強調的全球採購提供一些顏色？

And please discuss if -- how that's filling out into the transformation initiatives that you discussed at the conference?

請討論一下，如果——這將如何填充您在會議上討論的轉型計劃？

So I'll take the first part of that and then kick it over to Scott from transformation prospective.

因此，我將採取其中的第一部分，然後將其從轉型的角度交給 Scott。

We spend roughly $25 billion a year in global procurement, and we're going through multiple waves of the coverage negotiations.

我們每年在全球採購上花費大約 250 億美元，而且我們正在經歷多輪覆蓋談判。

We are seeing benefits, as evidenced in the margin expansion.

正如利潤率擴張所證明的那樣，我們看到了好處。

And we're continuing to see big pushes in DSO and DPO.

我們繼續看到 DSO 和 DPO 的大力推動。

So Scott, do you want to hit the transformation side?

所以斯科特，你想打轉型嗎？

Yes.

是的。

We launched the procurement capability and grew out basically category by category.

我們推出了採購能力，基本是逐類成長起來的。

We're now fully implemented and I think you see the results of that, not only in terms of the operating expense that is covered and the ability to support the lower -- reduced cost per piece in the U.S., but also the announcement that our ability in CapEx to be able to overall operate more efficiently and continue to do 100% of our transformation programs with less CapEx.

我們現在已完全實施，我認為您會看到其結果，不僅體現在所涵蓋的運營費用和支持美國降低的每件成本的能力方面，而且還宣布我們的資本支出的能力能夠更有效地整體運營，並繼續以更少的資本支出完成我們 100% 的轉型計劃。

We have a question from the line of Jack Atkins of Stephens.

我們有一個來自斯蒂芬斯的傑克阿特金斯的問題。

I guess just to go back to the macro for a moment, just to ask the question directly.

我想只是回到宏觀一會兒，直接問問題。

But David or Jim, are you seeing anything in your business or leading indicators within your business that make you more or less concerned about the direction of the U.S. or global economy?

但是大衛或吉姆，您是否看到您的業務或業務中的領先指標讓您或多或少地關注美國或全球經濟的方向？

Just any thoughts there I think would be very helpful just given your role in the global supply chain.

考慮到您在全球供應鏈中的角色，我認為任何想法都會非常有幫助。

Okay.

好的。

This is David, and I'll certainly talk about it.

這是大衛，我一定會談論它。

The global economy remains in growth mode, it's just at a slower pace.

全球經濟仍處於增長模式，只是速度較慢。

And risk are more acute and global industrial production has lowered.

而且風險更加嚴重，全球工業生產已經下降。

And we're watching closely to see these trade developments.

我們正在密切關注這些貿易發展。

At the same time, though, that we see the softness, we continue to gain and execute on opportunities as is evidenced by our International results and our domestic results.

然而，與此同時，我們看到了疲軟，我們繼續獲得併抓住機會，正如我們的國際業績和國內業績所證明的那樣。

It's the flexibility of our strategy and our network.

這是我們戰略和網絡的靈活性。

A good example of that is we had one of our new large aircraft, 747-8, that was scheduled to operate from China to the U.S. We looked at changing trade flows.

一個很好的例子是我們有一架新的大型飛機 747-8，它計劃從中國飛往美國。我們研究了不斷變化的貿易流。

We moved it from China to Europe.

我們把它從中國搬到了歐洲。

And those are the kinds of proactive steps that we will take.

這些是我們將採取的積極措施。

We also had to realize, there are some rays of sunshine that are coming across the horizon.

我們還必須意識到，有一些陽光正在穿過地平線。

If you compare what we're seeing about Brexit now to the last quarter, the fact that there's been some negotiations between Ireland and the U.K. and between the U.K. and EU.

如果你將我們現在看到的關於英國退歐的情況與上一季度進行比較，愛爾蘭與英國之間以及英國與歐盟之間已經進行了一些談判。

It's still to unfold, but we'll see this Phase 1 negotiations between the U.S. and China, there are some rays of sunshine there, too, that we're looking at.

它仍在展開，但我們將看到美國和中國之間的第一階段談判，那裡也有一些陽光，我們正在關注。

Much more to be developed.

還有很多要開發的。

The important thing is regardless of those macroeconomic conditions, we have the flexibility and the agility of our network to meet our customers' needs and we're confident we will continue to do so.

重要的是，無論這些宏觀經濟條件如何，我們的網絡都具有靈活性和敏捷性，可以滿足客戶的需求，我們相信我們將繼續這樣做。

Thank you for the question.

感謝你的提問。

We're going to take an online question from Tom Wadewitz of UBS.

我們將回答瑞銀的湯姆·韋德維茨的在線問題。

How does your expanded drone delivery capabilities fit into the strategies that you've got for growth?

您擴展的無人機交付能力如何適應您的增長戰略？

As David mentioned in his introduction, we are the first to receive the FAA Part 135.

正如大衛在他的介紹中提到的，我們是第一個收到 FAA 第 135 部分的人。

We are the first and still only fully certified drone airline in the United States.

我們是美國第一家也是唯一一家獲得完全認證的無人機航空公司。

We actually began investing in drones several years ago, since our very first residential trial flight actually in February of 2017.

實際上，自 2017 年 2 月我們的第一次住宅試飛以來，我們幾年前就開始投資無人機。

We are moving fast.

我們正在快速行動。

We're quickly scaling, building on the WakeMed program.

我們正在快速擴展，建立在 WakeMed 計劃的基礎上。

We have announced yesterday University of Utah, a similar campus.

我們昨天宣布了猶他大學，一個類似的校園。

But we see greater opportunity beyond that.

但除此之外，我們看到了更大的機會。

We've announced then 3 partnerships: CVS, Kaiser Permanente and AmerisourceBergen.

我們宣布了 3 個合作夥伴關係：CVS、Kaiser Permanente 和 AmerisourceBergen。

In partnership with those companies, we are looking for new services and solutions.

通過與這些公司合作，我們正在尋找新的服務和解決方案。

We are very excited about the opportunity, and we see much more to come in this area as we progress.

我們對這個機會感到非常興奮，隨著我們的進步，我們看到這個領域會出現更多。

Thank you.

謝謝你。

Yes.

是的。

This Flight Forward and this drone strategy, this is just indicative of our transformation initiatives, that we're going to charge forward with new technologies.

這次飛行和無人機戰略，這只是表明我們的轉型計劃，我們將用新技術衝鋒陷陣。

And we're now taking a backseat to anyone.

我們現在讓任何人都退居二線。

We've made to clear from the start.

我們從一開始就明確了。

But the fact that we've already made 1,500 commercial flights, we're doing it on a day in, day out basis.

但事實上，我們已經進行了 1,500 次商業航班，我們每天都在這樣做。

And you're going to continue to hear much, much more from us.

您將繼續聽到我們的更多信息。

So really want to commend Scott and his team, but this is UPS embracing the future, and we're very excited about it.

所以真的很想讚揚斯科特和他的團隊，但這是 UPS 擁抱未來，我們對此感到非常興奮。

We'll take a question from the line of Jack Atkins of Stevens.

我們將從史蒂文斯的傑克阿特金斯的台詞中提出一個問題。

I'm sorry.

對不起。

My questions have been asked -- answered.

我的問題已經被問到——回答了。

We'll move on to the line of Mr. Scott Schneeberger of Oppenheimer.

我們將繼續討論奧本海默的 Scott Schneeberger 先生的路線。

Congratulations Jim and Richard and Brian.

祝賀吉姆、理查德和布賴恩。

David or Jim, it seemingly -- and for peak season, a condensed calendar, a much shorter period between Thanksgiving and Christmas Eve.

似乎是大衛或吉姆——對於旺季來說，這是一個精簡的日曆，感恩節和平安夜之間的時間要短得多。

Just wondering if you could discuss how you feel you're prepared to face that challenge heading into this year.

只是想知道您是否可以討論一下您準備如何迎接今年的挑戰。

And what you've learned from years past and how you're prepared for this condensed calendar.

以及您從過去幾年中學到的東西，以及您如何為這份精簡的日曆做好準備。

Yes.

是的。

I would love to talk about it.

我很想談談它。

We've got a lot of momentum going to peak.

我們有很大的動力要達到頂峰。

It is a shorter peak season, there's no doubt about it.

這是一個較短的旺季，這是毫無疑問的。

But that didn't just happen over the last few weeks, right?

但這不僅僅發生在過去幾週，對吧？

I mean we've known that for years, and so the capacity that we've added for the past couple of years, we've added 5 million square feet, we've added 400,000 packages an hour capacity over the last 2 years.

我的意思是我們多年來都知道這一點，因此我們在過去幾年中增加的容量，我們增加了 500 萬平方英尺，在過去兩年中，我們每小時增加了 400,000 個包裹的容量。

And whether it's Jim or Juan, we can talk a little bit more about the peak network in just a second.

而且無論是吉姆還是胡安，我們都可以在短短一秒鐘內多談一點高峰網絡。

But the fact that we have the buildings in place, we have the plans to hire the people and the fact that we've got momentum, feel really good about that.

但事實上，我們有建築物，我們有僱用人員的計劃以及我們有動力的事實，對此感覺非常好。

Then.

然後。

Yes.

是的。

And thank you, David.

謝謝你，大衛。

Another couple of points here.

這裡還有幾點。

We continue to refine our delivery models to improve our overall capacity.

我們將繼續完善我們的交付模式，以提高我們的整體能力。

This year, we will be using an extended, more impactful personal vehicle driver model across the network that will add capacity for delivery.

今年，我們將在整個網絡中使用擴展的、更具影響力的個人車輛駕駛員模型，這將增加交付能力。

In addition to that, the investments we continue to make on technology, like ORION navigation, will make a significant impact in the way that we're going to manage delivery capacity this year because that type of technology just adds additional efficiencies to the way that we complete our deliveries.

除此之外，我們繼續對技術（如 ORION 導航）進行的投資將對我們今年管理交付能力的方式產生重大影響，因為這種技術只會為運輸方式增加額外的效率。我們完成我們的交付。

So to David's point, capacity in our facilities, combined with capacity on the delivery side, puts us in a really good position to execute well.

因此，就大衛而言，我們設施的產能，加上交付方面的產能，使我們處於一個非常好的位置，可以很好地執行。

We're going to take an online question.

我們要回答一個在線問題。

This question comes from Amit over at Deutsche Bank.

這個問題來自德意志銀行的 Amit。

He wants to ask about UPS' relationship with Amazon and the company's ability to lean into Amazon volume.

他想詢問 UPS 與亞馬遜的關係以及該公司在亞馬遜銷量方面的能力。

Yes, this is David.

是的，這是大衛。

I will say that years ago, we made the decision to lean into e-commerce and there is no doubt about that, and at the time that I think others were considering or had other plans.

我會說，幾年前，我們做出了向電子商務傾斜的決定，這是毫無疑問的，當時我認為其他人正在考慮或有其他計劃。

When we say lean in though, we're talking about across the e-commerce ecosystem.

當我們說精益時，我們談論的是整個電子商務生態系統。

So it is small and midsized businesses, it's other e-tailers and retailers and that includes Amazon, but it is not specific to any 1 company.

所以它是中小型企業，它是其他電子零售商和零售商，包括亞馬遜，但它並不特定於任何一家公司。

When it comes to dealing with large customers that have a lot of volume and that they do some in-sourcing themselves, is really in how you negotiate the deal and how you structure the contract and how you set your pricing that you can help influence the behavior that you want to drive.

當涉及到與大量客戶打交道並且他們自己進行一些內包採購時，實際上取決於您如何談判交易，如何構建合同以及如何設定價格，您可以幫助影響你想要驅動的行為。

But the real key to e-commerce, and you can see it in our innovative solutions that we just rolled out with the digital access program and the way we're expanding worldwide economy, is helping small and midsized companies worldwide compete with the big retailers and e-tailers.

但電子商務的真正關鍵，您可以在我們剛剛推出的數字訪問計劃以及我們正在擴大全球經濟的方式推出的創新解決方案中看到它，正在幫助全球中小型公司與大型零售商競爭和電子零售商。

And that is the key to our success and that's what we're driven to lean into more than in any other areas.

這就是我們成功的關鍵，也是我們比其他任何領域都更努力的方向。

So e-commerce is here to stay, we've embraced it, and we've got a head start and we will continue it.

所以電子商務將繼續存在，我們已經接受了它，我們已經有了一個良好的開端，我們將繼續它。

So thank you for the question.

所以謝謝你的問題。

We'll take our question form the line of Amit Mehrotra of Deutsche Bank.

我們將從德意志銀行的 Amit Mehrotra 提出問題。

I just wanted to understand the year-on-year improvement in domestic margins.

我只是想了解國內利潤率的同比增長。

Some of that I would imagine just reflects the operational penalties you had last year reflecting the facility buildout.

我想其中一些只是反映了您去年因設施擴建而受到的運營處罰。

So just would domestic margins have expanded excluding some of those onetime related costs next -- last year?

那麼，如果不包括一些一次性相關成本，那麼國內利潤率是否會擴大呢——去年呢？

And just given that dynamic, would we expect the pace of year-on-year expansion to maybe moderate next year because you don't have those tailwinds from the operational penalties?

鑑於這種動態，我們是否預計明年同比擴張的步伐可能會放緩，因為您沒有受到運營處罰的不利影響？

Yes, so this is Richard.

是的，這就是理查德。

And I think the first thing to remind you is this year and last year, we opened up, as David said, 5 million square feet in each year.

我想首先要提醒你的是今年和去年，正如大衛所說，我們每年開放 500 萬平方英尺。

So the operating penalties for this year in 2019 are about the same as they were in 2018.

因此，2019 年今年的運營處罰與 2018 年大致相同。

So the margin improvement was directly related to better efficiency gains in the new buildings as well as opening those buildings earlier, which we called out in the first quarter, what we would have so much of it open in the second and third quarter.

因此，利潤率的提高與新建築的效率提高以及這些建築的更早開放直接相關，我們在第一季度就提出了這一點，我們將在第二季度和第三季度開放這麼多。

And Jim mentioned almost 2/3 of it is opened as of today, last year, it was at the end of the year.

吉姆提到，截至今天，幾乎 2/3 已開業，去年是在年底。

That's part of it.

這是其中的一部分。

Part of it is the improvement in the productivity and the operation execution in the U.S. business, and that's inherent in the numbers.

部分原因是美國業務的生產力和運營執行力的提高，這是數字所固有的。

Earlier, someone asked about fourth quarter cost and we said we would continue to see improvement.

早些時候，有人問到第四季度的成本，我們說我們會繼續看到改善。

But you have to remember, the percentage improvement differs by seasonality, it differs by things that are happening inside the business because we also are seeing a different kind of packages and we're growing more e-commerce and slightly less industrial because of what the macro is doing.

但是您必須記住，百分比的改善因季節性而異，因業務內部發生的事情而異，因為我們也看到了不同類型的包裹，我們正在發展更多的電子商務，而工業則略有減少，因為宏正在做。

But most importantly, it's all falling to the bottom line and we expect that to continue.

但最重要的是，這一切都在下降，我們預計這種情況會繼續下去。

Let me add one thing to it.

讓我添加一件事。

I think it hasn't come up as much as I think it's important, is that we talked about the structural change in the air network.

我認為它沒有像我認為的那麼重要，因為我們談到了空中網絡的結構變化。

David talked about some of the aircraft.

大衛談到了一些飛機。

Remember, we bought -- the whole strategy was to bump and roll bigger aircraft back through the network.

請記住，我們購買了——整個策略是通過網絡撞擊和滾動更大的飛機。

We brought big aircraft back to the U.S. to help us handle this.

我們將大型飛機帶回美國來幫助我們處理這個問題。

And the real fact is that this record air volume we're handling in this integrated network is being put away beautifully.

真正的事實是，我們在這個集成網絡中處理的創紀錄的風量正在被精美地收起。

And that's the secret to the margins, is when they run together like they are and the operators take care of it and Worldport does a great job, the margins come.

這就是利潤的秘訣，當他們像他們一樣一起運行並且運營商照顧它並且 Worldport 做得很好時，利潤就來了。

So that's where we kind of see the whole thing coming together getting ready for peak.

所以這就是我們看到整個事情正在為高峰做好準備的地方。

We're going to take one more online question.

我們將再回答一個在線問題。

This question comes from Ben Hartford of R.W. Baird.

這個問題來自 R.W. Baird 的 Ben Hartford。

Your SMB products are making progress, but yields continue to move lower.

您的 SMB 產品正在取得進展，但產量繼續下降。

Can you give us some color around the mix in those yield headwinds?

在這些收益逆風中，你能給我們一些關於混合的顏色嗎？

Yes, absolutely.

是的，一點沒錯。

This is Kate.

這是凱特。

Thanks, Ben.

謝謝，本。

I'll separate the 2 a bit.

我將 2 分開一點。

SMB, we are seeing solid momentum.

SMB，我們看到了強勁的勢頭。

You've heard the innovative solutions, My Choice for business, early traction.

您已經聽說過創新解決方案、My Choice for business、早期牽引力。

Every day, hundreds of enrollments.

每天都有數百人報名。

And just as a point, 40% increase month-over-month, of 2 months in and on track.

同樣重要的是，在 2 個月的時間裡，環比增長了 40%。

So our solutions are resonating with SMB.

因此，我們的解決方案與 SMB 產生了共鳴。

Then separately tied to the yield question, do note that with the structure changes occurring in the market, we are seeing a lighter-weight product as many SKUs are being added to the shorter zone and also next day-type delivery, whether on -- in the air or on the ground.

然後單獨與產量問題相關聯，請注意，隨著市場結構的變化，我們看到了重量更輕的產品，因為許多 SKU 被添加到較短的區域以及次日型交付，無論是在 -在空中或地面上。

But as I noted before, air growth is occurring broadly and across our small- and medium-sized businesses, healthcare, high-tech.

但正如我之前提到的，空氣增長正在廣泛地發生在我們的中小型企業、醫療保健、高科技領域。

And operating leverage is the answer that Jim just noted, that is the score at the end of the game, and that's what we've posted.

運營槓桿是 Jim 剛剛指出的答案，即遊戲結束時的得分，這就是我們發布的內容。

We have a question from the line of David Ross of Stifel.

我們有一個來自 Stifel 的 David Ross 的問題。

Thank you for squeezing me in before Jack Atkins again.

謝謝你再次在傑克阿特金斯面前擠我。

I've got a question on comments you made that I find interesting, that next day is becoming the new standard for B2B and B2C.

我有一個關於你提出的我覺得有趣的評論的問題，第二天將成為 B2B 和 B2C 的新標準。

We've heard mostly about the next day growth in the B2C world.

我們大多聽說過 B2C 世界的第二天增長。

How much of that 24% year-over-year growth in the quarter do you think came from B2C versus B2B?

您認為本季度 24% 的同比增長中有多少來自 B2C 與 B2B？

And any other color on the B2B growth in next day?

第二天 B2B 增長的任何其他顏色？

So thanks so much.

非常感謝。

This is Kate, I'll take that question.

我是凱特，我會回答這個問題。

I'll start first of all with our B2B growth overall, 3.4%.

我將首先從我們的 B2B 整體增長 3.4% 開始。

And that's despite some of the economic slowdown with industrial production.

儘管工業生產出現了一些經濟放緩，但仍然如此。

So we do see solid air growth in high-tech and healthcare.

因此，我們確實看到高科技和醫療保健領域的強勁增長。

And some of the examples would be distribution to hospitals and in e-commerce.

其中一些例子是分發給醫院和電子商務。

Also there's a returns component that is B2B.

還有一個返回組件是 B2B。

The returns don't tend to be in the air.

回報往往不會懸而未決。

But on the healthcare and high-tech side, we are seeing B2B growth, and our solutions continue to enable our customers to move faster and it's resonating.

但在醫療保健和高科技方面，我們看到了 B2B 的增長，我們的解決方案繼續使我們的客戶能夠更快地行動並引起共鳴。

Now what gets lost in the mix is many of our large B2C shippers are also B2B shippers.

現在在混合中丟失的是我們的許多大型 B2C 托運人也是 B2B 托運人。

And so that's having a big effect there.

所以這在那裡產生了很大的影響。

But this trend is not just to the end consumer.

但這種趨勢不僅僅針對最終消費者。

I mean it is absolutely B2B at the same time.

我的意思是它絕對同時是 B2B。

We just probably don't talk about it as much.

我們可能只是不怎麼談論它。

I will now turn our conference back over to Mr. Childress.

我現在將把我們的會議轉回給 Childress 先生。

Please go ahead, sir.

請繼續，先生。

Thank you very much, Steven.

非常感謝你，史蒂文。

And David, closing comments?

大衛，結束評論？

I will.

我會。

UPS is making significant progress as you've heard in executing our strategies, especially in the U.S. And I would like to call out George Willis, the President of our U.S. Operations, and his team as they have worked with Jim and the rest of the management committee and have really implemented these initiatives that we've asked them to do.

正如您所聽到的，UPS 在執行我們的戰略方面取得了重大進展，尤其是在美國。我想請我們美國業務總裁 George Willis 和他的團隊，因為他們與 Jim 和其他人一起工作管理委員會，並真正實施了我們要求他們做的這些舉措。

These transformation initiatives have turned our results around.

這些轉型舉措扭轉了我們的業績。

They're improving efficiency and they're enabling these new innovative solutions that we've covered the last couple of earnings calls.

他們正在提高效率，並且正在啟用我們在最近幾次財報電話會議上介紹的這些新的創新解決方案。

And they're just going to continue to be an important part of the future.

他們將繼續成為未來的重要組成部分。

We see growth opportunities regardless of the environment around us in both in the U.S. and internationally.

無論在美國還是在國際上，無論我們周圍的環境如何，我們都看到了增長機會。

And in summary, we expect another successful peak season for our customers and our shareholders.

總之，我們預計我們的客戶和股東將迎來又一個成功的旺季。

And we will continue to accelerate initiatives to move forward fast and just do it at an ever-faster pace.

我們將繼續加快舉措，以更快的速度向前邁進。

And thank you for joining us today.

感謝您今天加入我們。

Appreciate it.

欣賞它。