聯合包裹運送服務公司 (UPS) 2022 Q3 法說會逐字稿

Good morning. My name is Stephen, and I will be your facilitator today. I would like to welcome everyone to the UPS Investor Relations Third Quarter 2022 Earnings Conference Call. (Operator Instructions)

早上好。我的名字是斯蒂芬，今天我將成為你的主持人。我想歡迎大家參加 UPS 投資者關係 2022 年第三季度收益電話會議。 （操作員說明）

It is now my pleasure to turn the floor over to your host, Mr. Ken Cook, Investor Relations Officer. Sir, the floor is yours.

現在我很高興將發言權交給您的主持人，投資者關係官 Ken Cook 先生。先生，地板是你的。

Good morning, and welcome to the UPS third quarter 2022 earnings call. Joining me today are Carol Tome, our CEO; Brian Newman, our CFO; and a few additional members of our executive leadership team.

早上好，歡迎參加 UPS 2022 年第三季度財報電話會議。今天加入我的是我們的首席執行官 Carol Tome；我們的首席財務官 Brian Newman；以及我們執行領導團隊的其他一些成員。

Before we begin, I want to remind you that some of the comments we'll make today are forward-looking statements within the federal securities laws and address our expectations for the future performance or operating results of our company. These statements are subject to risks and uncertainties, which are described in our 2021 Form 10-K, subsequently filed Form 10-Qs and other reports we file with or furnish to the Securities and Exchange Commission. These reports, when filed, are available on the UPS Investor Relations website and from the SEC.

在我們開始之前，我想提醒您，我們今天將發表的一些評論是聯邦證券法中的前瞻性陳述，並解決了我們對公司未來業績或經營業績的預期。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的 2021 年 10-K 表格中進行了描述，隨後提交了 10-Q 表格以及我們向證券交易委員會提交或提供的其他報告。這些報告在提交後可在 UPS 投資者關係網站和美國證券交易委員會獲得。

Unless stated otherwise, our discussion refers to adjusted results. For the third quarter of 2022, GAAP results include after-tax transformation and other charges of $27 million or $0.03 per diluted share. A reconciliation to GAAP financial results is available on the UPS Investor Relations website, along with the webcast of today's call.

除非另有說明，否則我們的討論是指調整後的結果。對於 2022 年第三季度，GAAP 業績包括稅後轉型和其他 2700 萬美元或攤薄後每股 0.03 美元的費用。 UPS 投資者關係網站以及今天電話會議的網絡廣播提供了對 GAAP 財務結果的對賬。

Following our prepared remarks, we will take questions from those joining us via the teleconference. (Operator Instructions)

在我們準備好的發言之後，我們將通過電話會議回答那些加入我們的人的問題。 （操作員說明）

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

現在我將把電話轉給卡羅爾。

Thank you, Ken, and good morning. I'd like to begin by thanking all UPSers for their hard work and dedication to service. I'm proud of the unstoppable spirit of UPSers everywhere and how they leverage the agility of our global integrated network to deliver outstanding service for our customers and strong results for our shareowners.

謝謝你，肯，早上好。首先，我要感謝所有 UPS 員工的辛勤工作和對服務的奉獻。我為各地 UPS 員工不可阻擋的精神以及他們如何利用我們全球綜合網絡的敏捷性為我們的客戶提供卓越的服務並為我們的股東提供強勁的業績而感到自豪。

In the third quarter, the global economy softened, especially outside the United States. International and freight forwarding volumes were challenged, but we quickly responded. We adjusted our network to match volume levels and continue to win in the most attractive parts of the market.

第三季度，全球經濟疲軟，尤其是美國以外的地區。國際和貨運代理量受到挑戰，但我們迅速做出了回應。我們調整了我們的網絡以匹配數量水平，並繼續在市場上最具吸引力的部分取勝。

For the third quarter, consolidated revenue rose 4.2% from last year to $24.2 billion, and operating profit grew 6% to $3.1 billion. Consolidated operating margin expanded to 13%, a 20 basis point improvement from last year. This was our highest third quarter consolidated operating margin in 15 years.

第三季度，綜合收入同比增長 4.2% 至 242 億美元，營業利潤增長 6% 至 31 億美元。綜合營業利潤率擴大至 13%，比去年提高 20 個基點。這是我們 15 年來最高的第三季度綜合營業利潤率。

Turning to our strategic update. The execution of our customer first, people-led, innovation-driven strategy has fundamentally improved to nearly every aspect of our business, causing better revenue quality, higher operating margins and improved bottom line results. Building on the strong foundation created by our better not bigger approach, we are moving to the next phase of our strategic framework, better and bolder.

轉向我們的戰略更新。我們的客戶至上、以人為本、創新驅動的戰略的執行從根本上改善了我們業務的幾乎每個方面，帶來了更好的收入質量、更高的運營利潤率和更好的底線結果。在我們更好而不是更大的方法所創造的堅實基礎上，我們正在進入我們戰略框架的下一階段，更好、更大膽。

What do we mean by better and bolder? First, the better part of our framework is not changing. We will continue to focus on growing value share, improving the customer experience and driving higher productivity from the assets we own. Bolder is about moving faster to grow in our targeted market segment. It's also about combining digital solutions with our global integrated network to create more value for our customers and new revenue opportunities for UPS.

我們所說的更好和更大膽是什麼意思？首先，我們框架中更好的部分沒有改變。我們將繼續專注於增加價值份額、改善客戶體驗並從我們擁有的資產中提高生產力。 Bolder 是關於在我們的目標細分市場中更快地發展。它還涉及將數字解決方案與我們的全球綜合網絡相結合，為我們的客戶創造更多價值並為 UPS 創造新的收入機會。

We plan to combine the capabilities of our strong standalone digital services, including Roadie, Coyote, delivery solutions, UPS Capital and our partnership with CommerceHub, to create a powerful offering of logistics as a service. And when we combine logistics as a service with our integrated physical network, we believe we will be unstoppable. We will share more detail about better and bolder in the coming quarters, but let me give you 2 examples of what we are doing.

我們計劃結合我們強大的獨立數字服務的功能，包括 Roadie、Coyote、交付解決方案、UPS Capital 以及我們與 CommerceHub 的合作夥伴關係，以創建強大的物流即服務產品。當我們將物流即服務與我們的綜合物理網絡相結合時，我們相信我們將勢不可擋。我們將在接下來的幾個季度分享更多關於更好和更大膽的細節，但讓我舉兩個例子來說明我們正在做什麼。

On our second quarter earnings call, I introduced our upstream delivery density solution. Here we are building a digital platform that goes upstream to look at orders, in other words packages, at the shopping cart level. We then match this new order with other orders that have the same delivery day commitment, which creates delivery density. We've gone live with one customer, and we're delighted with the results we've seen. In fact, we're currently onboarding several new customers to the platform.

在我們的第二季度財報電話會議上，我介紹了我們的上游交付密度解決方案。在這裡，我們正在構建一個數字平台，該平台可以在購物車級別查看訂單，也就是包裹。然後，我們將這個新訂單與具有相同交貨日期承諾的其他訂單進行匹配，從而創建交貨密度。我們已經與一位客戶一起上線，我們對所看到的結果感到高興。事實上，我們目前正在為該平台招募幾位新客戶。

Another example of better and bolder is our pending acquisition of Bomi Group, whose network of health care facilities in Europe and Latin America and expertise in cold chain will help accelerate growth in complex health care. Along with our recent expansion of UPS Premier in Europe, we are on track to generate at least $10 billion in health care revenue in 2023.

另一個更好、更大膽的例子是我們即將收購的 Bomi Group，其在歐洲和拉丁美洲的醫療設施網絡和冷鏈專業知識將有助於加速復雜醫療保健的增長。隨著我們最近在歐洲擴展 UPS Premier，我們有望在 2023 年創造至少 100 億美元的醫療保健收入。

Now let's look at the 3 legs of our strategy, starting with customer first. Customer first is about creating a frictionless customer experience targeted at the parts of the market where we want to grow, including SMBs, health care, international and certain large enterprise accounts. Given global economic softening, we are convinced that a relentless focus on customer first matters now more than ever before. And we believe our strategy is working because we've continued to gain share.

現在讓我們看看我們戰略的 3 條腿，從客戶至上開始。客戶至上是針對我們想要發展的市場部分創造無摩擦的客戶體驗，包括中小企業、醫療保健、國際和某些大型企業客戶。鑑於全球經濟疲軟，我們相信，對客戶至上的不懈關注現在比以往任何時候都更加重要。我們相信我們的戰略正在奏效，因為我們繼續獲得份額。

For example, we are leveraging our time in transit and visibility advantages in Europe to win. In fact, we grew Europe export volume in the third quarter. Another example is the growth we are seeing in our digital access program, or DAP. In the third quarter, we grew U.S. SMB average daily volume, including platforms, by 1.9%, and SMBs made up 28.3% of our total U.S. volume in the quarter, an increase of 90 basis points from last year.

例如，我們正在利用我們在歐洲的運輸時間和能見度優勢來取勝。事實上，我們在第三季度增加了歐洲的出口量。另一個例子是我們在數字訪問計劃或 DAP 中看到的增長。第三季度，包括平台在內的美國 SMB 日均交易量增長了 1.9%，SMB 佔該季度美國總交易量的 28.3%，比去年增加了 90 個基點。

DAP continues to add partners and revenue. With more than 3 million merchants shipping with DAP in the first 9 months of this year, we generated over $1.6 billion in DAP revenue, and we expect to exceed our $2 billion DAP revenue target in 2022.

DAP 繼續增加合作夥伴和收入。今年前 9 個月有超過 300 萬商戶使用 DAP 發貨，我們創造了超過 16 億美元的 DAP 收入，我們預計將在 2022 年超過我們 20 億美元的 DAP 收入目標。

Moving to the people-led part of our strategy, our people are our most valuable assets, and it's important to us that every UPSer views our company as a great place to work. We know that when we take care of our people, they will take care of our customers.

轉向我們戰略的以人為本的部分，我們的員工是我們最寶貴的資產，對我們來說，每個 UPS 員工都將我們的公司視為一個理想的工作場所，這一點很重要。我們知道，當我們照顧好員工時，他們也會照顧好我們的客戶。

Recently, UPS reached contract extension agreements with the Independent Pilots Association and our aircraft maintenance technicians. Both contracts continued to reward these UPSers with industry-leading pay and benefits and will help ensure the company's future success.

最近，UPS 與獨立飛行員協會和我們的飛機維修技術人員達成了合同延期協議。這兩份合同繼續以行業領先的薪酬和福利獎勵這些 UPS 員工，並將有助於確保公司未來的成功。

And we are making other changes to improve our employee experience and satisfaction. For example, through what we call our operator experience program, we recently worked with our U.S. drivers to create individual lives' dispatch plans, giving them more choice over the hours they work.

我們正在做出其他改變，以改善我們的員工體驗和滿意度。例如，通過我們所謂的操作員體驗計劃，我們最近與我們的美國司機合作制定個人生活調度計劃，讓他們在工作時間上有更多選擇。

We also automated tasks and reorganized our operations team to improve work-life balance for our operating supervisors. And for our management employees globally, we are evaluating our overall pay mix composition. While total compensation compares favorably with the market, we may have some opportunities to rework the pay mix to make our compensation even more attractive.

我們還自動化了任務並重組了我們的運營團隊，以改善我們的運營主管的工作與生活平衡。對於我們全球的管理人員，我們正在評估我們的整體薪酬組合構成。雖然總薪酬與市場相比是有利的，但我們可能有一些機會重新調整薪酬組合，以使我們的薪酬更具吸引力。

Now to the last leg of our strategy, innovation-driven, this is about driving more productivity from the assets we own. Our integrated network is the best in the industry, but we are leveraging data and technology to make it even smarter, more automated and more efficient.

現在到我們戰略的最後一站，創新驅動，這是關於從我們擁有的資產中提高生產力。我們的集成網絡是業內最好的，但我們正在利用數據和技術使其更加智能、自動化和高效。

In the third quarter, our productivity improvements continued to deliver benefits. In the U.S., we optimize trailer loads by eliminating nearly 1,000 loads per day compared to the third quarter of last year, and we successfully managed hours in line with volume level.

在第三季度，我們的生產力改進繼續帶來效益。在美國，與去年第三季度相比，我們通過每天減少近 1,000 個負載來優化拖車負載，並且我們成功地根據數量水平管理小時數。

We also launched total service plan, which is about running a predictable on-time network. Execution is going as planned. And as of last week, our on-time [computer] departures and arrivals improved 6.5% compared to last year, reducing idle time in the network.

我們還推出了全面服務計劃，即運行可預測的準時網絡。執行正在按計劃進行。截至上週，我們的 [計算機] 準時出發和到達與去年相比提高了 6.5%，減少了網絡中的空閒時間。

Additionally, this month, we completed the initial rollout of our smart package, smart facility, which enables RFID label technology in 101 buildings in our network. Further, we opened our eighth regional hub in the United States. Located in Harrisburg, Pennsylvania, this 800,000 square foot automated hub provides significant processing horsepower to better serve the Northeast corridor and helps enable greater network flexibility across the U.S.

此外，本月，我們完成了智能包裝、智能設施的初步推出，它在我們網絡中的 101 座建築物中啟用了 RFID 標籤技術。此外，我們在美國開設了第八個區域中心。這個佔地 800,000 平方英尺的自動化樞紐位於賓夕法尼亞州哈里斯堡，提供強大的處理能力，可以更好地服務於東北走廊，並有助於在美國實現更大的網絡靈活性。

This hub is also home to UPS' largest natural gas fueling station within our network. This fueling station will remove 8 million gallons of diesel fuel per year. That's equivalent to removing more than 17,000 gasoline-powered passenger cars from the road.

這個樞紐也是我們網絡中 UPS 最大的天然氣加氣站的所在地。這個加油站每年將減少 800 萬加侖的柴油燃料。這相當於從道路上拆除了 17,000 多輛汽油動力乘用車。

Turning to peak. For the last 4 holiday season, UPS has been the industry leader in on-time delivery performance, and we intend for that to continue. This outperformance doesn't happen by accident. We built our integrated network to flex with volume. And our investments in our people, automation, and technology enable greater agility. To prepare for peak, we made enhancements to all of the areas of our business that delivered a great peak last year.

轉為巔峰。在過去的 4 個假日季節，UPS 一直是準時交付表現的行業領導者，我們打算繼續保持這種狀態。這種出色的表現並非偶然。我們建立了我們的集成網絡以適應數量。我們對員工、自動化和技術的投資可以提高敏捷性。為了迎接高峰，我們對去年實現高峰的所有業務領域進行了改進。

Let me share a few details about our peak plans for this year, starting with volume. This year, we anticipate our volumes will peak later in December compared to last year, as we expect consumers will return to more pre-pandemic shopping behaviors.

讓我分享一下我們今年的高峰計劃的一些細節，從數量開始。今年，我們預計與去年相比，我們的銷量將在 12 月晚些時候達到峰值，因為我們預計消費者將恢復到大流行前的更多購物行為。

While we will continue to use technology to match daily capacity with customer demand, we're also optimizing air and ground volume to make room for new customers where we can add the most value. While we will have a peak, as Brian will detail, overall volume in the fourth quarter is expected to decline from last year due to contractual agreements.

雖然我們將繼續使用技術來使每日容量與客戶需求相匹配，但我們也在優化空氣和地面容量，為新客戶騰出空間，我們可以增加最大的價值。正如布賴恩將詳述的那樣，雖然我們將迎來一個高峰，但由於合同協議，第四季度的總銷量預計將比去年下降。

In terms of labor, we'll bring on more than 100,000 seasonal hires this year. Related to hiring, we're ahead of where we were this time last year. One reason is because we've made the digital hiring process even faster and easier this year. We've also improved training for our new driver helpers, which shortens the amount of time from hire to dispatched. Newly hired driver helpers can complete training on their phones and begin work on day 1. Bottom line, we are ready to deliver another successful peak.

在勞動力方面，我們今年將帶來超過 100,000 名季節性員工。在招聘方面，我們領先於去年這個時候。一個原因是因為我們今年讓數字招聘流程變得更快、更容易。我們還改進了對新司機助手的培訓，從而縮短了從僱用到派遣的時間。新僱用的司機助手可以在他們的手機上完成培訓並在第一天開始工作。最重要的是，我們已準備好再次成功實現高峰。

Let me end by reaffirming our 2022 targets of consolidated revenue of around $102 billion, consolidated operating margin of about 13.7% and return on invested capital greater than 30%. In the face of a very dynamic macro environment, we are demonstrating more agility than ever before. We are focused on controlling what we can control.

最後，我重申一下我們 2022 年的目標，即合併收入約為 1020 億美元，合併營業利潤率約為 13.7%，投資資本回報率超過 30%。面對一個非常動態的宏觀環境，我們展示了前所未有的敏捷性。我們專注於控制我們可以控制的東西。

And under our better and bolder framework, we are combining digital capabilities with our global integrated network to continue winning in the most attractive parts of the market, driving operational excellence and delivering best-in-class service for our customers.

在我們更好、更大膽的框架下，我們正在將數字能力與我們的全球綜合網絡相結合，以繼續在最具吸引力的市場領域贏得勝利，推動卓越運營並為我們的客戶提供一流的服務。

So thank you for listening, and now I'll turn the call over to Brian.

感謝您的收聽，現在我將把電話轉給 Brian。

Thanks, Carol, and good morning. In my comments, I'll cover 4 areas, starting with the macro environment, then our third quarter results. Next, I'll cover cash and shareowner returns. And lastly, I'll wrap up with some comments on our outlook for the rest of the year.

謝謝，卡羅爾，早上好。在我的評論中，我將涵蓋 4 個領域，從宏觀環境開始，然後是我們的第三季度業績。接下來，我將介紹現金和股東回報。最後，我將對今年剩餘時間的展望發表一些評論。

In the third quarter, the macro environment remained dynamic. In the U.S., we continue to see crosscurrents driven by the strong job market and healthy consumer spending, despite higher inflation and interest rates.

三季度，宏觀環境依然充滿活力。在美國，儘管通脹和利率上升，但我們仍然看到強勁的就業市場和健康的消費者支出推動了逆流。

Internationally, the macro environment weakened more than we expected due to high inflation, volatile energy prices, lockdowns in Asia and the war in Eastern Europe. We responded quickly to the changing market conditions by leveraging the agility of our global integrated network to provide excellent service to our customers and deliver our bottom line commitments to shareowners.

在國際上，由於高通脹、波動的能源價格、亞洲的封鎖和東歐的戰爭，宏觀環境比我們預期的更弱。我們利用我們全球綜合網絡的敏捷性，為客戶提供優質服務，並向股東兌現我們的底線承諾，從而對不斷變化的市場條件做出快速反應。

In the third quarter, consolidated revenue increased 4.2% to $24.2 billion. Consolidated operating profit totaled $3.1 billion, 6% higher than last year. Consolidated operating margin expanded to 13%, which was 20 basis points above last year. For the third quarter, diluted earnings per share was $2.99, up 10.3% from the same period last year.

第三季度，綜合收入增長 4.2% 至 242 億美元。合併營業利潤總額為 31 億美元，比去年增長 6%。綜合營業利潤率擴大至 13%，比去年高出 20 個基點。第三季度，每股攤薄收益為 2.99 美元，比去年同期增長 10.3%。

Now let's look at our business segments. In U.S. Domestic, our revenue quality efforts and the execution of our planned cost initiatives drove third quarter results above our expectations. In the third quarter, average daily volume was down 1.5% versus the same time period last year, but the growth rate was an improvement over the first half of 2022, as new volume from the record number of wins we had in the second quarter came into the network.

現在讓我們看看我們的業務部門。在美國國內，我們的收入質量努力和計劃成本計劃的執行推動第三季度業績超出我們的預期。第三季度，日均成交量較去年同期下降 1.5%，但增速較 2022 年上半年有所改善，因為我們在第二季度的創紀錄獲勝數量出現了新的成交量進入網絡。

In the third quarter, the gap between year-over-year B2C and B2B average daily volume growth rates narrowed, as we lapped more normalized consumer shopping behaviors. B2C average daily volume declined 2.2% driven by contractual agreements we reached with certain enterprise customers.

第三季度，隨著消費者購物行為更加常態化，B2C 和 B2B 日均交易量增長率的同比差距縮小。由於我們與某些企業客戶達成的合同協議，B2C 日均交易量下降了 2.2%。

B2B average daily volume was down 0.5% year-over-year due to declines in manufacturing volumes, which was partially offset by growth in retail B2B driven by returns volume. In the third quarter, B2B represented 42.8% of our volume, which was up slightly from the 42.4% in the same period last year.

由於製造量下降，B2B 日均交易量同比下降 0.5%，這部分被退貨量推動的零售 B2B 增長所抵消。第三季度，B2B 占我們交易量的 42.8%，略高於去年同期的 42.4%。

Looking at customer mix. The execution of our strategy is continuing to drive improvement. In the third quarter, we grew SMB average daily volume, including platforms, 1.9%, and SMBs made up 28.3% of our total U.S. Domestic volume in the quarter, an increase of 90 basis points from 1 year ago.

看客戶組合。我們戰略的執行將繼續推動改進。第三季度，我們的 SMB 日均交易量（包括平台）增長了 1.9%，SMB 佔該季度美國國內總交易量的 28.3%，比一年前增加了 90 個基點。

For the quarter, U.S. Domestic generated revenue of $15.4 billion, up 8.2%. Revenue per piece increased 9.8%, more than offsetting the decline in volume. Our revenue quality efforts continue to deliver results. In the third quarter, about 1/3 of the revenue per piece growth rate increase came from continued strength in base pricing. Another 1/3 of the revenue per piece growth rate increase came from changes in fuel price per gallon, and the final 1/3 came from the combination of mix and our fuel pricing actions.

本季度，美國國內收入為 154 億美元，增長 8.2%。每件收入增長 9.8%，抵消了銷量下降的影響。我們的收入質量努力繼續取得成果。第三季度，約 1/3 的單件收入增長率增長來自於基礎定價的持續走強。另外 1/3 的單件收入增長率增長來自每加侖燃料價格的變化，最後 1/3 來自組合和我們的燃料定價行動的結合。

Turning to costs. Total expense grew 7%. Wages and benefits contributed about 310 basis points of the increase driven by the annual increase for our Teamster employees that went into effect in August. Fuel drove 220 basis points of the expense growth rate increase due primarily to the rise in price per gallon compared to last year. And the remaining variance was driven by multiple factors, including maintenance and depreciation.

轉向成本。總支出增長 7%。工資和福利貢獻了大約 310 個基點的增長，這是由 8 月生效的 Teamster 員工的年度增長推動的。燃料推動費用增長率增長 220 個基點，這主要是由於每加侖價格與去年相比上漲。剩餘的差異是由多種因素驅動的，包括維護和折舊。

Cost in U.S. Domestic came in as we expected due to our planned productivity initiatives, which drove our cost per piece growth rate to be lower in the third quarter than it was in the second quarter and partially offsetting wage and benefit increases. We are continuing to see the benefits of our cube utilization and other productivity efforts, including total service plan, which launched on July 11. I'll share more about our productivity initiatives in a moment.

由於我們計劃的生產力計劃，美國國內的成本如我們預期的那樣出現，這推動我們第三季度的單件成本增長率低於第二季度，並部分抵消了工資和福利的增長。我們將繼續看到我們的立方體利用率和其他生產力努力的好處，包括 7 月 11 日推出的全面服務計劃。稍後我將分享更多關於我們的生產力計劃的信息。

To sum it up, revenue growth was above expense growth, which created positive operating leverage for the seventh consecutive quarter. The U.S. Domestic segment delivered $1.7 billion in operating profit, an increase of $272 million or 19.2% compared to the third quarter of 2021, and operating margin expanded 100 basis points to 11%.

綜上所述，收入增長高於費用增長，連續第七個季度創造了正的經營槓桿。美國國內業務實現營業利潤 17 億美元，與 2021 年第三季度相比增加 2.72 億美元或 19.2%，營業利潤率擴大 100 個基點至 11%。

Moving to our International segment. The global macro environment continued to soften, but we remained agile and flexed our network in response to changing market conditions and delivered excellent service to our customers. At the beginning of the quarter, we expected the international average daily volume growth rate to improve compared to the first half of 2022, and it did. However, it did not improve as much as we anticipated due to continued macro softening. In the third quarter, international average daily volume was down 5.2%.

轉到我們的國際部分。全球宏觀環境繼續疲軟，但我們保持敏捷並靈活調整網絡以應對不斷變化的市場條件，為客戶提供優質服務。在本季度初，我們預計國際日均交易量增長率將比 2022 年上半年有所改善，而且確實如此。然而，由於宏觀經濟持續疲軟，它並沒有像我們預期的那樣改善。第三季度，國際日均交易量下降 5.2%。

Total export average daily volume declined 0.6% on a year-over-year basis. China export volume declined due to lockdown and disruptions to manufacturing output. In response, we quickly adjusted the network and canceled 75 China and Hong Kong origin flights and rerouted 27 flights to other gateways in support of our customers.

日均出口總量同比下降 0.6%。由於封鎖和製造業產出中斷，中國出口量下降。對此，我們迅速調整網絡，取消了75個中港始發航班，將27個航班改道至其他關口，以支持我們的客戶。

These changes enabled us to move volume for our customers where it was available, maintain high levels of service and achieve a payload utilization of over 98% on our Asia outbound intercontinental flights in the third quarter.

這些變化使我們能夠在第三季度為我們的客戶轉移可用量，保持高水平的服務，並在我們的亞洲出境洲際航班上實現超過 98% 的有效載荷利用率。

Looking at Europe. We continue to win on our speed and service advantages at strong revenue quality, despite softer market conditions. We grew transborder average daily volume 2.6%, and total Europe export average daily volume grew 0.6% in the third quarter.

放眼歐洲。儘管市場環境疲軟，但我們繼續以強勁的收入質量贏得速度和服務優勢。第三季度，我們的跨境日均出口量增長 2.6%，歐洲總出口日均出口量增長 0.6%。

In the third quarter, international revenue increased 1.7% to $4.8 billion, which included a negative currency impact of $335 million and a fuel benefit of $363 million. Revenue per piece increased 6.4%, which included the fuel and currency impacts I just covered and a 510 basis point increase from the combination of product mix and revenue quality actions we took.

第三季度，國際收入增長 1.7% 至 48 億美元，其中包括 3.35 億美元的負面貨幣影響和 3.63 億美元的燃料收益。每件收入增長了 6.4%，其中包括我剛剛介紹的燃料和貨幣影響，以及我們採取的產品組合和收入質量行動的組合增加了 510 個基點。

Operating profit in the International segment was $1 billion, which included an $82 million negative impact from currency. There was no year-over-year impact from fuel on international operating profit. Operating margin in the third quarter was 20.9%, which was down from the same period last year due to the delevering of our fixed costs and the impact of a stronger U.S. dollar.

國際部門的營業利潤為 10 億美元，其中包括 8200 萬美元的貨幣負面影響。燃料對國際營業利潤沒有同比影響。受固定成本去槓桿和美元走強影響，第三季度營業利潤率為 20.9%，較去年同期有所下降。

Now looking at Supply Chain Solutions. Our teams continue to navigate a dynamic macro environment in the third quarter and did an excellent job serving our customers and managing costs to deliver year-over-year operating margin expansion. In the third quarter, revenue was $4 billion, down $268 million year-over-year, which included a $92 million negative impact from currency.

現在關注供應鏈解決方案。我們的團隊在第三季度繼續在動態的宏觀環境中駕馭，並在為客戶服務和管理成本方面表現出色，以實現營業利潤率的同比增長。第三季度收入為 40 億美元，同比下降 2.68 億美元，其中包括 9200 萬美元的貨幣負面影響。

Looking at the key drivers. In freight forwarding, declines in volume and market rates reduced revenue and operating profit. However, the team was able to effectively manage buy/sell spreads and continued supporting our customers.

查看關鍵驅動程序。在貨運代理方面，數量和市場價格的下降降低了收入和營業利潤。但是，該團隊能夠有效地管理買賣價差並繼續為我們的客戶提供支持。

Within Forwarding, our truckload brokerage unit delivered strong operating profit growth driven by revenue quality initiatives, and Logistics delivered strong top and bottom line growth driven by our complex health care business from cold chain, clinical trials and medical device customers.

在 Forwarding 方面，我們的整車經紀部門在收入質量計劃的推動下實現了強勁的營業利潤增長，而在我們來自冷鏈、臨床試驗和醫療器械客戶的複雜醫療保健業務的推動下，物流實現了強勁的營收和利潤增長。

In the third quarter, Supply Chain Solutions generated operating profit of $459 million and delivered a record third quarter operating margin of 11.5%, an increase of 100 basis points over last year.

第三季度，Supply Chain Solutions 創造了 4.59 億美元的營業利潤，第三季度營業利潤率達到創紀錄的 11.5%，比去年增加了 100 個基點。

Walking through the rest of the income statement, we had $177 million of interest expense. Our other pension income was $297 million, and our effective tax rate for the third quarter was 21%, which was better than we expected due primarily to discrete items.

瀏覽損益表的其餘部分，我們有 1.77 億美元的利息支出。我們的其他養老金收入為 2.97 億美元，第三季度的有效稅率為 21%，這比我們預期的要好，主要是由於離散項目。

Let's turn to cash and shareholder returns. Year-to-date, we've generated $10.8 billion in cash from operations, and free cash flow was $8.5 billion. And so far this year, UPS has paid $3.8 billion in dividends and completed $2.2 billion in share buybacks.

讓我們轉向現金和股東回報。年初至今，我們從運營中產生了 108 億美元的現金，自由現金流為 85 億美元。今年到目前為止，UPS 已經支付了 38 億美元的股息，並完成了 22 億美元的股票回購。

Now I'll make a few comments regarding our outlook. According to IHS, full year global GDP is expected to grow 2.8%, and U.S. GDP is expected to grow 1.7%. Both are lower than their forecast at the beginning of the year.

現在，我將對我們的前景發表一些評論。根據 IHS 的數據，全年全球 GDP 預計增長 2.8%，美國 GDP 預計增長 1.7%。兩者都低於年初的預測。

We are continuing to pay close attention to macro elements, including lockdowns in Asia, inflationary pressures, the health of the consumer and the geopolitical environment. Needless to say, the macroeconomic environment is much different now versus our expectations when we started the year. But by controlling what we can control, quickly adjusting the network to match changes in volume levels and delivering excellent service to our customers, we are still on track to deliver our full year financial targets.

我們將繼續密切關注宏觀因素，包括亞洲的封鎖、通脹壓力、消費者健康和地緣政治環境。不用說，現在的宏觀經濟環境與我們年初時的預期大不相同。但是，通過控制我們可以控制的內容、快速調整網絡以適應交易量水平的變化並為我們的客戶提供優質服務，我們仍有望實現全年財務目標。

We expect consolidated revenues to be around $102 billion. Consolidated operating margin is expected to be about 13.7%, and return on invested capital is anticipated to be above 30%.

我們預計合併收入約為 1020 億美元。合併營業利潤率預計約為 13.7%，投資資本回報率預計將超過 30%。

Now let me give a little color on the fourth quarter. Starting with U.S. Domestic, we anticipate fourth quarter 2022 revenue growth of around 4.5% driven by strong revenue quality, and we expect fourth quarter operating margin to expand year-over-year to around 12.4%.

現在讓我對第四節進行一些說明。從美國國內開始，我們預計 2022 年第四季度的收入增長約為 4.5%，這是由強勁的收入質量推動的，我們預計第四季度的營業利潤率將同比增長至 12.4% 左右。

Looking at peak in the U.S., we expect peak volume to come in heavier later in the peak period, and we have one additional delivery day compared to last year, which gives us more flexibility.

看看美國的高峰期，我們預計高峰期後期的高峰期會更重，而且與去年相比，我們有一個額外的交貨日，這給了我們更大的靈活性。

As you update your models for U.S. Domestic, there are a few things to keep in mind. We anticipate the average daily volume growth rate will be lower in the fourth quarter of 2022 than in the third quarter due to contractual agreements we have reached with certain enterprise customers.

在為美國國內更新模型時，需要記住一些事項。由於我們與某些企業客戶達成的合同協議，我們預計 2022 年第四季度的日均銷量增長率將低於第三季度。

Second, we expect increases in wage and benefit rates will be higher than the same time period last year due to the annual increase our Teamster employees received in August.

其次，由於我們的 Teamster 員工在 8 月份獲得的年度增長，我們預計工資和福利率的增長將高於去年同期。

And third, we are continuing to execute our productivity initiatives to help offset wage and benefit rate increases.

第三，我們將繼續執行我們的生產力計劃，以幫助抵消工資和福利率的增長。

Our biggest productivity initiative is total service plan, which is performing as planned. Since the launch on July 11, we've improved our driver dispatch timeliness by 13%. This is about getting our drivers out of the building on time, which creates a more predictable environment for our employees and better service for our customers.

我們最大的生產力計劃是按計劃執行的總體服務計劃。自 7 月 11 日推出以來，我們已將司機調度及時性提高了 13%。這是為了讓我們的司機準時離開大樓，從而為我們的員工創造一個更可預測的環境，並為我們的客戶提供更好的服務。

Also in regard to productivity in the third quarter, we brought on additional automation in the network prior to peak, including automated bagging, robotic small sort induction and autonomous [irreg] vehicles.

同樣在第三季度的生產力方面，我們在高峰之前在網絡中引入了額外的自動化，包括自動裝袋、機器人小型分類感應和自動 [irreg] 車輛。

As a result of all these efforts, we expect the U.S. Domestic fourth quarter 2022 cost per piece growth rate to be lower than it was in the third quarter of 2022.

由於所有這些努力，我們預計美國國內 2022 年第四季度的單件成本增長率將低於 2022 年第三季度的水平。

Moving to international. We expect revenue in the fourth quarter of 2022 to be relatively flat to the fourth quarter of last year. We anticipate our share growth and revenue quality initiatives will offset the weaker macroeconomic environment and negative currency impacts. And we expect international operating margin to increase sequentially in the fourth quarter of 2022 to around 21.5% as we continue to respond to market changes with agility.

走向國際。我們預計 2022 年第四季度的收入將與去年第四季度相對持平。我們預計我們的股票增長和收入質量計劃將抵消疲軟的宏觀經濟環境和負面的貨幣影響。我們預計，隨著我們繼續靈活應對市場變化，國際營業利潤率將在 2022 年第四季度環比增長至 21.5% 左右。

In Supply Chain Solutions, we expect revenue in the fourth quarter to be above $4 billion as we partially offset declines in the air and ocean freight forwarding revenue, with continued growth in logistics and our health care business.

在供應鏈解決方案方面，我們預計第四季度的收入將超過 40 億美元，因為我們部分抵消了空運和海運代理收入的下降，物流和我們的醫療保健業務持續增長。

Operating margin for Supply Chain Solutions in the fourth quarter of 2022 is expected to be around 11.4%, as we continue to effectively manage the buy/sell spreads in a dynamic environment.

供應鏈解決方案在 2022 年第四季度的營業利潤率預計約為 11.4%，因為我們繼續在動態環境中有效地管理買賣價差。

Turning to capital allocation for the full year. In 2022, we expect free cash flow to be above $9 billion, including pension contributions to fund annual service costs. Capital expenditures are now expected to be about $5 billion, which is $500 million less than our original plan. The largest driver of the variance is the result of our decision to lease certain facilities, instead of purchasing them. This approach enables us to maintain higher levels of agility and further improve our overall capital structure.

轉向全年的資本配置。到 2022 年，我們預計自由現金流將超過 90 億美元，包括用於支付年度服務成本的養老金繳款。現在預計資本支出約為 50 億美元，比我們最初的計劃少 5 億美元。差異的最大驅動因素是我們決定租賃某些設施而不是購買它們的結果。這種方法使我們能夠保持更高水平的敏捷性並進一步改善我們的整體資本結構。

We plan to pay out around $5.2 billion in dividends, subject to Board approval. We have repaid $2 billion in debt this year as planned, including $1 billion in October. We expect to complete at least $3 billion in share repurchases for the year. And lastly, we expect the tax rate for the full year to be around 22%.

我們計劃支付約 52 億美元的股息，但須經董事會批准。我們今年已按計劃償還了 20 億美元的債務，其中包括 10 月份的 10 億美元。我們預計今年將完成至少 30 億美元的股票回購。最後，我們預計全年的稅率將在 22% 左右。

Before I wrap up, last week, we announced our U.S. general rate increase. The 2023 increase will be 6.9%, reflecting the value of the services we offer and cost inflation in the market. The details have been posted to ups.com.

在我結束之前，上週，我們宣布了美國普遍加息。 2023 年將增長 6.9%，反映了我們提供的服務的價值和市場成本膨脹。詳細信息已發佈到 ups.com。

Executing our strategy under better not bigger has led to a greater agility across our business and stronger financial performance. Our move to better and bolder enables future growth in revenue and margin.

在更好而不是更大的情況下執行我們的戰略，使我們的業務更加靈活，財務業績更加強勁。我們邁向更好、更大膽的舉措能夠實現未來收入和利潤率的增長。

By combining the strength of our physical network with new digital capabilities, we will continue providing excellent service to our customers, win in the most attractive parts of the market, increase the efficiency of our operations and create value for our shareowners.

通過將我們的物理網絡優勢與新的數字能力相結合，我們將繼續為我們的客戶提供卓越的服務，在最具吸引力的市場中獲勝，提高我們的運營效率並為我們的股東創造價值。

Thank you. And operator, please open the lines.

謝謝你。接線員，請打開線路。

(Operator Instructions) Our first question will come from the line of Allison Poliniak of Wells Fargo.

（操作員說明）我們的第一個問題來自富國銀行的 Allison Poliniak。

Just want to talk to the total service plan and some of the automation you put through. Brian, I think you had talked to $300 million of productivity. It sounds like you're on your path there.

只想談談整體服務計劃和您實施的一些自動化。布賴恩，我認為你談到了 3 億美元的生產力。聽起來你在你的路上。

Do we start to see that accelerate into Q4? Are these trending better than maybe you would have thought originally? Just any color there.

我們是否開始看到這種加速進入第四季度？這些趨勢是否比您最初想像的要好？那裡隨便什麼顏色。

Allison, so we had talked about driving productivity of about $300 million in the back half of the year. A little more than half of that is going to come in the fourth quarter relative to the third quarter, and TSP is one of the largest drivers of that.

艾莉森，所以我們談到了在今年下半年推動大約 3 億美元的生產力。相對於第三季度，其中一半多一點將在第四季度出現，而 TSP 是其中最大的推動力之一。

We're actually on track, and we're seeing the system running more on time. I called out in my prepared remarks 13% increase in terms of the efficiency in the drivers. So the idle time is decreasing, and we're very pleased with the performance.

我們實際上正在走上正軌，並且我們看到系統運行得更加準時。我在準備好的評論中呼籲將司機的效率提高 13%。所以空閒時間正在減少，我們對性能非常滿意。

Maybe just a little more color there. Our overtime hours were down 1 million hours in the quarter. Our bench has dropped from 29% to 20%, and we reduced fluctuations in driver pay days by 39%. So the plan is working, and we just got started with it on July 3.

也許只是多一點顏色那裡。本季度我們的加班時間減少了 100 萬小時。我們的替補席位從 29% 下降到 20%，我們將司機工資天數的波動減少了 39%。所以這個計劃正在奏效，我們剛剛在 7 月 3 日開始實施。

Our next question will come from the line of Amit Mehrotra of Deutsche Bank.

我們的下一個問題將來自德意志銀行的 Amit Mehrotra。

Congrats on the results. I just -- I guess, I had a quick two-parter. Carol, can you talk about market share trends? UPS has obviously been investing in time in transit. I think you said, when we met after Labor Day, that UPS is maybe at parity or better on 17 of the top 25 lanes in the U.S., so obviously, there's some room for improvement there.

祝賀結果。我只是 - 我想，我有一個快速的兩部分。 Carol，你能談談市場份額趨勢嗎？ UPS 顯然一直在投資運輸時間。我想你說過，當我們在勞動節後見面時，UPS 在美國前 25 條車道中的 17 條可能處於同等或更好的水平，所以顯然，那裡還有一些改進的空間。

But can you just talk about what you're seeing on market share trends, both driven by what you're investing in times in transit and, obviously, some of the challenges in your direct competitor?

但是，您能否談談您對市場份額趨勢的看法，這既是由您在運輸時間上的投資所驅動的，也是由您的直接競爭對手面臨的一些挑戰所驅動的？

And then Brian, there's obviously a lot of uncertainty beyond our borders. You have a massive -- your road business -- over-the-road business, ground business in Europe, the international profits have held in there remarkably well. There's obviously some cracks and concerns on that market. Can you just talk about your confidence in being able to kind of maintain this level of earnings cadence in the international business given all the uncertainty out there?

然後是布賴恩，顯然在我們的邊界之外還有很多不確定性。你有一個龐大的 - 你的公路業務 - 在歐洲的公路業務，地面業務，國際利潤在那裡保持得非常好。該市場顯然存在一些裂縫和擔憂。鑑於存在所有不確定性，您能否談談您對能夠在國際業務中保持這種水平的盈利節奏的信心？

Well, starting with the question on market share, a big turning point for our company is when we invested in fastest ground ever, improving our time in transit. And yes, we are advantaged or at parity in 17 of the top 25 markets. We offer 7-day residential service, Saturday pickup for our business customers. So this has made a significant difference in our business.

好吧，從市場份額的問題開始，我們公司的一個重要轉折點是我們投資有史以來最快的地面，改善我們的運輸時間。是的，我們在前 25 個市場中的 17 個市場中處於優勢地位或處於同等地位。我們為我們的商業客戶提供 7 天的住宿服務，週六取貨。因此，這對我們的業務產生了重大影響。

And if you look at it through the lens of market share, just looking at SMB in the United States, we've seen that we've grown both revenue and ADB market share ahead of our competitors. And when we look at it through the lens of enterprise, we've grown revenue share. So we're delighted with the share gains that we've sustained in the United States.

如果你從市場份額的角度來看它，只要看看美國的 SMB，我們就會發現我們的收入和亞行市場份額都超過了我們的競爭對手。當我們從企業的角度來看它時，我們的收入份額增加了。因此，我們對我們在美國持續的份額增長感到高興。

But the share gains continued outside of the United States as well. Super pleased of the time in transit advantage that we have in Europe, and what that's meant for share gains in Europe despite the very uncertain market.

但在美國以外的市場份額也繼續上漲。非常高興我們在歐洲擁有的運輸時間優勢，以及儘管市場非常不確定，這對歐洲的份額增長意味著什麼。

Yes, Amit. In terms of the international side, it is a challenging macro environment out there, but we expect total volume levels in Q4 will actually be higher than Q3, improving utilization from an ADB perspective. Growth rates, we expect to improve. We're looking to win share in Europe, execute on the initiatives to grow the U.S. export lane, which, going into the peak season is helpful.

是的，阿米特。在國際方面，宏觀環境充滿挑戰，但我們預計第四季度的總量水平實際上將高於第三季度，從亞行的角度來看，利用率會有所提高。增長率，我們預計會有所改善。我們希望在歐洲贏得份額，執行擴大美國出口通道的舉措，這對進入旺季很有幫助。

So there are lots of cost initiatives that Kate and the team are executing real time. I think you saw that in sort of the flexibility with taking down flights in Asia and rerouting to where the customer needs were. So we feel great about the agility of the international business.

因此，Kate 和團隊正在實時執行許多成本計劃。我認為你看到了在亞洲取消航班並重新安排到客戶需要的地方的靈活性。因此，我們對國際業務的敏捷性感到非常滿意。

Our next question will come from the line of Chris Wetherbee of Citi.

我們的下一個問題將來自花旗的 Chris Wetherbee。

And I want to look a little ahead to 2023 and maybe think a little bit more on the cost side. Obviously, the macro is challenging. As you noted, there's crosscurrents in the U.S., but it seems like we're in a decelerating demand trend. So wanted to get a sense of sort of the big picture initiatives you guys are working on from a cost perspective in 2023.

我想稍微展望一下 2023 年，或許在成本方面多考慮一下。顯然，宏觀是具有挑戰性的。正如您所指出的，美國存在逆流，但似乎我們正處於需求減速趨勢中。因此，我想從 2023 年的成本角度了解你們正在開展的大計劃。

And I think I've asked you this before, but as you think out to '23, assuming we are in a more cautious sort of potentially negative volume environment, are we still confident that we have the ability to sort of grow the domestic margins as well as domestic profit next year?

我想我之前問過你這個問題，但是當你想到 23 年的時候，假設我們處於一種更加謹慎的潛在負銷量環境中，我們是否仍然有信心有能力提高國內利潤率以及明年的國內利潤？

Well, maybe I'll start with just a philosophical approach to building a plan for '23, and then we can have both Brian and Nando talk about some of our cost initiatives, and Kate can join in, too.

好吧，也許我會從建立 23 年計劃的哲學方法開始，然後我們可以讓布賴恩和南多討論我們的一些成本計劃，凱特也可以加入。

So first, this is a very interesting time to be building a financial plan because there is so much uncertainty. There's economic uncertainty, there is geopolitical uncertainty. We do have a contract that's coming up for renewal next year as well.

因此，首先，這是製定財務計劃的一個非常有趣的時期，因為存在很多不確定性。有經濟不確定性，有地緣政治不確定性。我們確實有一份合同，明年也將續簽。

So there's a lot of uncertainty, but here's our philosophical approach to building the plan. One, we're going to stay on strategy because we believe that we should invest through whatever comes our way, so that we can continue to improve the customer experience as well as the employee experience. So we're going to stay on strategy.

所以有很多不確定性，但這是我們制定計劃的哲學方法。一，我們將堅持戰略，因為我們相信我們應該通過任何方式進行投資，以便我們能夠繼續改善客戶體驗以及員工體驗。所以我們將繼續保持策略。

We're going to build more agility into our plan than we've seen before, and I would say we're pretty agile today. Well, we're going to -- we have to be able to turn on a dime, and so we're going to build agility into the plan.

我們將在我們的計劃中建立比以前更多的敏捷性，我想說我們今天非常敏捷。好吧，我們要——我們必須能夠打開一角錢，所以我們要在計劃中建立敏捷性。

We're going to build a plan of conservatism because if you're too optimistic, then your expenses are too high and then there's a whole bunch of wood you have to chop to get those expenses out.

我們將製定一個保守的計劃，因為如果你過於樂觀，那麼你的開支就會太高，然後你必須砍掉一大堆木頭才能把這些開支拿出來。

So we'll plan conservatively, and we'll factor into the plan some of the challenges that will come our way as a result of higher interest rates and what that may mean to our (inaudible) pension.

因此，我們將保守地進行計劃，並將由於更高的利率以及這可能對我們的（聽不清的）養老金意味著什麼而在計劃中考慮到一些挑戰。

But I'm super excited about what I'm seeing in terms of momentum on the productivity initiatives inside of the business. And if I could just talk about one, and then I'll turn it over to Brian and the team to talk. About a year ago, we talked to you about smart package, smart facility and how we were going to introduce RFID labeling onto our packages. We said we'd get it done this year in about 100 of our buildings. We did. It's live now in 101 of our buildings.

但我對我所看到的企業內部生產力計劃的勢頭感到非常興奮。如果我能談談一個，然後我會把它交給布賴恩和團隊來討論。大約一年前，我們與您討論了智能包裝、智能設施以及我們將如何在包裝上引入 RFID 標籤。我們說今年我們會在大約 100 座建築物中完成這項工作。我們做到了。它現在在我們的 101 棟建築中使用。

Let me share with you some of the results that we're seeing because this is pretty cool. On average, 1 out of every 400 packages is misloaded onto a package car. That means that it cannot be delivered because it's misloaded. It has to come back into the center, go through the sorting process again and get reloaded the next day for delivery.

讓我與您分享我們看到的一些結果，因為這非常酷。平均而言，每 400 個包裹中就有 1 個被錯誤裝載到包裹車上。這意味著它無法交付，因為它被錯誤加載。它必須回到中心，再次進行分揀過程，並在第二天重新裝載以進行交付。

Talk about productivity bleed-out. That is not a good way to operate a business. With RFID labels, we now see that the misloads are 1 in 800, moving to 1 in 1,000, which is Six Sigma levels.

談論生產力流失。這不是經營企業的好方法。使用 RFID 標籤，我們現在看到錯誤裝載為 800 分之一，移動到 1,000 分之一，即 6 Sigma 水平。

So as I think about how we're going to invest through, we are definitely going to invest in accelerating smart package, smart facility because of the benefits that we're seeing inside of our business.

因此，當我考慮我們將如何進行投資時，我們肯定會投資於加速智能包裝、智能設施，因為我們在業務內部看到了好處。

And it's not just the misloads, although it's pretty cool. Imagine the elimination of all those manual scans by our pre-loaders every day. It's pretty doggone exciting. So what are the productivity initiatives that we're working on?

這不僅僅是錯誤加載，雖然它很酷。想像一下，我們的預加載器每天都消除了所有這些手動掃描。這是非常令人興奮的。那麼我們正在開展的生產力計劃是什麼？

So Carol, thanks. And I just go back to this control what we can control, and a lot will happen with the macros on the top line. But we had guided to a 13.7% on the UPS operating profit margin. Embedded underneath that was a 12% domestic margin and a 21.5% international.

所以卡羅爾，謝謝。我只是回到這個我們可以控制的控制，頂行的宏會發生很多事情。但我們已將 UPS 的營業利潤率引導至 13.7%。隱藏在其中的是 12% 的國內利潤率和 21.5% 的國際利潤率。

So Nando and the team have got a lot of initiatives from total service plan to what Carol talked about, smart package, smart facility, pushing out automation.

所以 Nando 和他的團隊有很多舉措，從整體服務計劃到 Carol 談到的智能包裝、智能設施、推出自動化。

Nando, do you want to offer a little bit of color?

Nando，你想提供一點顏色嗎？

Yes, sure. So I'll just quickly discuss the total service plan. And while we kicked that off mid-July, we are building muscle, and it's also allowing us to look at other activities that occur within the network that aren't perfectly aligned with that -- the total service plan.

是的，當然。因此，我將快速討論整體服務計劃。雖然我們在 7 月中旬開始了這項工作，但我們正在鍛煉肌肉，這也讓我們能夠查看網絡中發生的其他與此不完全一致的活動——整體服務計劃。

And so as we start to refine those areas, such as our administrative and clerical areas for packages that are undeliverable and other activities that were closely linked to things like cube utilization, where quality becomes much easier to first visualize and then improve the cost structure as a result.

因此，當我們開始完善這些領域時，例如無法交付的包裹的行政和文書領域以及與立方體利用率等密切相關的其他活動，其中質量變得更容易首先可視化，然後改進成本結構結果。

And then I think one of the bigger unlocks for us is to really manage our demand through day of week, and we start to flatten the demand curve for the week. We see some really impressive cost results there as we start to achieve some of those moves.

然後我認為對我們來說更大的解鎖之一是在一周中的每一天真正管理我們的需求，我們開始使一周的需求曲線變平。當我們開始實現其中一些舉措時，我們在那裡看到了一些非常令人印象深刻的成本結果。

So we'll give you our thoughts on '23 when we release our fourth quarter earnings call because we're still in the middle of building the plan, but we've got a lot of initiatives underway. It doesn't stop just in the United States, but there's some interesting initiatives underway outside of the United States, too.

因此，當我們發布第四季度財報電話會議時，我們會告訴你我們對 23 年的想法，因為我們仍在製定計劃的過程中，但我們有很多舉措正在進行中。它不僅在美國停止，而且在美國以外也有一些有趣的舉措正在進行中。

Kate?

凱特？

Yes, absolutely. For international, as you can imagine, the complexity of it, we are all about matching the network through demand. And in some markets, that's very good because of the record competitive wins we're having. As you heard Brian talk about shifting 27 of our flights to Europe for that export growth at the same time, in the moment, pulling on the throttle when we saw the lockdowns for energy in China and pulling down the 75 flights that didn't match with demand.

是的，一點沒錯。對於國際，你可以想像，它的複雜性，我們都是通過需求匹配網絡。在某些市場，這非常好，因為我們獲得了創紀錄的競爭勝利。正如您聽到布萊恩談到將我們的 27 個航班同時轉移到歐洲以實現出口增長一樣，此刻，當我們看到中國的能源封鎖並取消了 75 個不匹配的航班時，我們立即踩油門有需求。

But on top of that, we run a significant ground network in Europe, for instance, and it's all about utilization on the ground in the trailers to cut back on trailers. And we've cut hundreds of trailers by driving the highest production rates within that cube, so that you get more. You sweat the asset of the feeder network and therefore reduce cost of rentals as well as drivers and trailers, all the while maintaining best-in-class, on-time service performance at 98%.

但最重要的是，例如，我們在歐洲運營著一個重要的地面網絡，這一切都是為了減少拖車的地面利用率。我們通過在該立方體內驅動最高生產率來削減數百輛拖車，以便您獲得更多。您可以利用支線網絡的資產，從而降低租金以及司機和拖車的成本，同時將一流的準時服務性能保持在 98%。

And it's resonating with customers. I mentioned the growth. We're seeing, again, that competitive win that we expect to play out in the upcoming quarters as well.

它引起了客戶的共鳴。我提到了成長。我們再次看到我們期望在接下來的幾個季度中取得的競爭性勝利。

Our next question will come from the line of Tom Wadewitz of UBS.

我們的下一個問題將來自瑞銀的 Tom Wadewitz。

Yes. Congratulations on the strong results. Wanted to see if you could offer some thoughts about sensitivity to lower international air freight rates. I think your comment on 3Q sounds like currency was a bigger effect. I don't think you mentioned the impact of lower rates.

是的。祝賀你取得了不錯的成績。想看看您是否可以對降低國際空運運費的敏感性提出一些想法。我認為您對 3Q 的評論聽起來像是貨幣產生了更大的影響。我認為你沒有提到較低利率的影響。

But how should we think about that impact on international margin if international airfreight rates keep falling? Does that flow through to your international export? Or do you have some resiliency relative to that?

但是，如果國際空運價格持續下降，我們應該如何考慮對國際利潤率的影響呢？這會流向您的國際出口嗎？或者你有一些相對的彈性？

And then also if you kind of look back at, I think, at your analyst meeting and you had talked about, I don't know if it was 21% or 21.5%, but some type of a margin level where you say after the belly space capacity comes back, this is what we get to. So a couple of questions for you on international margin.

然後，如果你回顧一下，我認為，在你的分析師會議上，你談到過，我不知道是 21% 還是 21.5%，但你說的某種類型的保證金水平腹部空間容量回來了，這就是我們得到的。所以有幾個關於國際保證金的問題。

So Tom, from a service perspective, Kate and the team are doing an outstanding job in terms of managing the international freight. The air freight decline over the rates that you mentioned, those will bleed through a bit, but the reality is the margin in the third quarter, it was really all about 80%-plus was due to currency and then some of it on the U.S. export lane, which we don't control as much.

所以湯姆，從服務的角度來看，凱特和團隊在管理國際貨運方面做得非常出色。空運運費下降超過你提到的費率，這些會流失一點，但現實是第三季度的利潤率，實際上是 80% 以上，這是由於貨幣，然後是美國的一部分。出口通道，我們沒有太多控制。

So that's where we delevered. We expect that volume to go up in the fourth quarter. So we'll be able to pass some of the leverage through. So I think we have a line of sight to manage that.

這就是我們去槓桿的地方。我們預計該數量將在第四季度上升。因此，我們將能夠通過一些槓桿。所以我認為我們有一個視線來管理它。

Our international margin will increase sequentially Q3 to Q4, and part of that is because of the great work that Kate and team are doing to move off of charter on to brown fields. Brown fields are just a better economic equation for us, and we're utilizing the aircraft that we own, which will certainly help that margin pressure.

我們的國際利潤將在第三季度到第四季度連續增加，其中部分原因是凱特和團隊正在做的偉大工作，將包機轉移到棕地。棕地對我們來說只是一個更好的經濟等式，我們正在利用我們擁有的飛機，這肯定會有助於緩解利潤壓力。

In terms of what a good operating margin is for international, well, we love what we've got. We want to continue to grow it. So Kate has declared that we're going to be #1 in the premium international logistics market. So that means higher margins.

就國際業務的良好營業利潤率而言，我們喜歡我們所擁有的。我們希望繼續發展它。所以凱特宣布我們將成為高端國際物流市場的第一名。所以這意味著更高的利潤率。

Our next question will come from the line of Brian Ossenbeck of JPMorgan.

我們的下一個問題將來自摩根大通的 Brian Ossenbeck。

So Carol, just wanted to get your thoughts on durability of pricing in the industry, especially U.S. Domestic. Is there a longer-term trend here to reset expectations around service levels, as you kind of alluded to, coming from historical thought process that shipping is supposed to be free? And maybe you can offer some comments around price elasticity in some of your target markets and if you see any demand destruction yet.

所以 Carol，只是想了解一下你對行業定價持久性的看法，尤其是美國國內。這裡是否存在一種長期趨勢來重新設定對服務水平的期望，正如你所暗示的那樣，來自航運應該是免費的歷史思維過程？也許你可以就你的一些目標市場的價格彈性發表一些評論，如果你還看到任何需求破壞。

And then, Brian, just a quick one. You don't want to give too much on 2023, but it's hard to ignore the move on interest rates. So maybe you can just -- back on pensions, both above the line when it comes to U.S. Domestic margins and perhaps overall sensitivity for the whole company.

然後，布賴恩，只是一個快速的。你不想在 2023 年付出太多，但很難忽視利率的變化。所以也許你可以 - 回到養老金，無論是在美國國內利潤率方面還是在整個公司的整體敏感性方面都高於線。

So in terms of pricing durability, value is defined by what a customer is willing to pay, and the customer is willing to pay for the service that we provide. So the new business that we've won and we've been winning new business has come in at very, very solid revenue quality.

因此，就定價的持久性而言，價值是由客戶願意支付的費用來定義的，並且客戶願意為我們提供的服務付費。因此，我們贏得的新業務以及我們一直在贏得新業務的收入質量非常非常穩定。

Now as I look back over the past several years, from 2019 to now, we've grown our RPP in the United States by 23%. And we did that through a number different ways by renegotiating on longer-term contracts, by leaning into the parts of the market that really value our end-to-end network through some demand surcharges, a little bit of help from fuel. It's been a real success story.

現在回顧過去幾年，從 2019 年到現在，我們在美國的 RPP 增長了 23%。我們通過多種不同的方式實現了這一點，重新談判了長期合同，通過一些需求附加費，向真正重視我們端到端網絡的市場部分傾斜，燃料的一點幫助。這是一個真正的成功故事。

We've also driven productivity during that time frame, but the margin expansion has been really driven by the RPP growth.

在此期間，我們還提高了生產力，但利潤率擴張實際上是由 RPP 增長推動的。

Looking ahead, we will continue to have RPP growth. You heard Brian talk about the GRI that we just announced. But there will be more of a balance between RPP and productivity to enable our margin expansion going forward.

展望未來，我們將繼續保持 RPP 增長。你聽過 Brian 談到我們剛剛宣布的 GRI。但 RPP 和生產力之間將有更多的平衡，以使我們的利潤率能夠繼續擴大。

We think that's just the right thing to do. In fact, as we continue to drive productivity inside of our business, we're willing to give some of that back to our customers through a revenue share, because why not?

我們認為這是正確的做法。事實上，隨著我們繼續提高業務內部的生產力，我們願意通過收入分成將其中的一部分回饋給我們的客戶，因為為什麼不呢？

If we can increase delivery density, and we're seeing some good proof in our pilots and now our live case, we'll give some of that back because we should. I think about 1/3, 1/3, 1/3, 1/3 for the customer, 1/3 for the shareholder and 1/3 for UPS.

如果我們可以提高交付密度，並且我們在我們的飛行員和現在的現場案例中看到了一些很好的證據，我們會回饋一些，因為我們應該這樣做。我認為客戶佔 1/3、1/3、1/3、1/3，股東佔 1/3，UPS 佔 1/3。

So we have not seen any demand destruction at this point because value is defined by what the customer is willing to pay for, and service matters.

因此，我們目前還沒有看到任何需求破壞，因為價值是由客戶願意支付的價格定義的，而服務很重要。

I'll pick up the second part of the question in terms of the pension, and Carol alluded to it in early answer this morning that rates are moving. And pension in '23, it's going to be determined by discount rates and asset performance actually on December 31.

我將在養老金方面提出問題的第二部分，卡羅爾在今天早上的早期回答中提到了利率正在發生變化。而 23 年的養老金，實際上將取決於 12 月 31 日的貼現率和資產表現。

So it's too early to get into specifics, but I think the gist of your question is if the year ended today, I would expect higher discount rates, would actually reduce service costs and increase off profit in the domestic business above the line.

所以現在談細節還為時過早，但我認為你的問題的要點是，如果今年年底今天結束，我預計會有更高的折扣率，實際上會降低服務成本並增加國內業務的利潤。

But that's unfortunately going to be probably more than offset by higher interest expense and lower pension income below the line. So I think net-net, in the P&L, it will be a net headwind, some favorability above the line, offset by some headwinds below the line.

但不幸的是，這可能會被較高的利息支出和較低的養老金收入所抵消。所以我認為淨淨值，在損益表中，這將是一個淨逆風，線上的一些有利因素，被線下的一些逆風抵消。

Our next question will come from the line of Ravi Shanker of Morgan Stanley.

我們的下一個問題將來自摩根士丹利的 Ravi Shanker。

A couple of questions on peak. I think you mentioned the kind of 4Q volume decline is due to some contractual agreements with enterprise customers. I think you said that in 3Q as well. Can you detail that a little bit more and maybe kind of what the kind of Amazon run rate looks like by the time you exit the year?

關於高峰的幾個問題。我認為你提到的第四季度銷量下降是由於與企業客戶的一些合同協議。我想你在第三季度也說過。你能否再詳細說明一下，也許在你退出這一年時，亞馬遜的運行率是什麼樣的？

And also just broadly on peak, why are you -- why is your peak season hiring flat when volumes are lower and your -- and then you have more automation than last year? We've seen some other kind of peak season hiring kind of be materially lower, so kind of maybe some rationale there would be great.

也只是在高峰期，你為什麼 - 為什麼你的旺季招聘量較低而你的 - 然後你比去年有更多的自動化？我們已經看到其他類型的旺季招聘數量大幅減少，所以也許有一些理由會很好。

So first on peak volume, if you go over last year, it is the easy way to think about it, between Q3 and Q4, the volume grew 25%. And then obviously, during the peak time, which is Thanksgiving through Christmas, it's even higher than that.

因此，首先是峰值銷量，如果你回顧去年，這是一個簡單的思考方式，在第三季度和第四季度之間，銷量增長了 25%。然後很明顯，在感恩節到聖誕節的高峰期，它甚至更高。

As we look to this year, we expect to see the similar surge Q3 to Q4, but maybe more in the 24% area. Why? Because we have, as we shared with you, reached agreement with our largest customer about the volume that we will take into our network and the volume that they will deliver. So it's just a function of that contractual arrangement. And what that does for us, actually, it gives us room to invite additional customers into our network and give them great service during peak, which we are doing.

展望今年，我們預計第三季度到第四季度會出現類似的激增，但在 24% 的區域可能更多。為什麼？因為正如我們與您分享的那樣，我們已經與我們最大的客戶就我們將進入我們的網絡的數量以及他們將交付的數量達成協議。所以這只是合同安排的一個功能。實際上，這對我們有什麼作用，它為我們提供了邀請更多客戶加入我們的網絡並在高峰期為他們提供優質服務的空間，我們正在這樣做。

In terms of the hiring question, Ravi, there is turnover in the numbers because we don't keep everybody that we hire. It's also just a nice round number, so I wouldn't read anything into that other than it's just a nice round number.

就招聘問題而言，拉維，數字中有人員流動，因為我們不會留住我們僱用的每個人。它也只是一個很好的整數，所以除了它只是一個很好的整數之外，我不會讀任何東西。

What I'm super pleased about is how we've changed some of our processes to make it easier to hire people into UPS for peak. For example, we have a QR code. If you open up the QR code on your phone, you can apply for a job and get a job offer in less than 30 minutes. That's way cool.

我非常高興的是我們如何改變了我們的一些流程，以便更容易僱用人員進入 UPS 以度過高峰期。例如，我們有一個二維碼。打開手機上的二維碼，不到30分鐘就可以申請工作並獲得工作offer。這太酷了。

We have shortened the time it takes to onboard a driver into our company. Last year, it was 8 weeks. This year, it's 11 days. That's way cool.

我們縮短了將司機帶入公司所需的時間。去年是8週。今年是11天。這太酷了。

We really put the pedal to the metal on our social messaging, if you will, our social campaign. So by amplifying our social messages, we saw that we had 1.4 million impressions in the month of September. That's up 60% year-on-year.

如果你願意的話，我們真的把踏板放在我們的社交信息上，我們的社交活動。因此，通過放大我們的社交信息，我們看到 9 月份的展示次數達到了 140 萬次。這比去年同期增長了 60%。

We had a very successful October job fest, and Brown Friday is coming up on November 4. We're really excited about Brown Friday. Last year, we had 85,000 applications on Brown Friday. So we're expecting a similar amount this year.

我們在 10 月舉辦了一個非常成功的工作盛會，布朗星期五將於 11 月 4 日到來。我們對布朗星期五感到非常興奮。去年，我們在布朗星期五收到了 85,000 份申請。所以我們預計今年會有類似的金額。

So we are ahead of where we were a year ago on the hiring front, feeling very good because we've got to get a lot of people in to manage the surge.

因此，我們在招聘方面領先於一年前的水平，感覺非常好，因為我們必須讓很多人參與進來來應對激增的情況。

Brian, do you want to add something?

布賴恩，你想補充點什麼嗎？

I would just add, Carol, Ravi, we're sort of executing the play. We had called -- we had guided what does it mean at the bottom line, an 11.6% full year, and that was an 11.6% 1H and 11.6% 2H. We're actually delivered the first half of the year. Obviously, a lot of changes in dynamics in the market, but we're on track to deliver an 11.7% in the back half of the year.

我想補充一下，Carol，Ravi，我們正在執行這齣戲。我們已經打電話 - 我們已經指導了底線的含義，全年為 11.6%，即 11.6% 1H 和 11.6% 2H。我們實際上是在今年上半年交付的。顯然，市場動態發生了很多變化，但我們有望在今年下半年實現 11.7% 的增長。

So net-net, Ravi, I think we're delivering what we said we would do, slightly different playbook in terms of volume price cost. But at the end of the day, executing on those contracts. It was part of the original plan.

所以 net-net，Ravi，我認為我們正在交付我們所說的我們會做的，在批量價格成本方面略有不同的劇本。但歸根結底，執行這些合同。這是原計劃的一部分。

Our next question will come from the line of Jordan Alliger of Goldman Sachs.

我們的下一個問題將來自高盛的 Jordan Alliger。

Just sort of curious on peak. I know you mentioned higher ships or maybe back towards December. Sort of what gives you confidence in that? And does that sort of imply that maybe things have started a little slower, but you're hearing from your customers that it's going to do that shift back to sort of traditional patterns -- pre-COVID patterns?

只是有點好奇。我知道你提到了更高的船隻，或者可能回到 12 月。是什麼讓你對此充滿信心？這是否意味著也許事情開始得慢了一點，但是您從您的客戶那裡聽到，它將回到某種傳統模式——COVID 之前的模式？

Remember last year,when there were all these supply chain dams, and inventory was at very low levels, everyone was saying shop early, shop early, shop early. So we just believe that the inventory levels are in much better shape than they were a year ago.

記得去年，當所有這些供應鏈大壩，庫存處於非常低的水平時，每個人都在說早點購物，早點購物，早點購物。所以我們只是相信庫存水平比一年前要好得多。

So we're going to return to a more normalized shopping pattern for peak. And if we can just talk about the tone of business, the current business, here it is, it's almost Halloween, October was good.

因此，我們將在高峰期回到更規範的購物模式。如果我們可以談談業務的基調，目前的業務，就在這裡，幾乎是萬聖節，10 月很好。

Yes. We've got an extra delivery day, Jordan, in December, so feeling good. We expect the peak to be a little bit later, and we're ready for it.

是的。喬丹，12 月，我們有一個額外的交貨日，感覺很好。我們預計高峰會稍晚一點，我們已經做好了準備。

Our next question will come from the line of Todd Fowler of KeyBanc Capital Markets.

我們的下一個問題將來自 KeyBanc Capital Markets 的 Todd Fowler。

Great. So Carol, in your prepared remarks, you talked about logistics as a service. And I was just curious if you could expand a little bit on that and kind of how you see that unfolding and if there's any external benchmarks that we should be looking at to kind of mark the progress on that.

偉大的。所以卡羅爾，在你準備好的發言中，你談到了物流即服務。我只是好奇您是否可以對此進行一些擴展，以及您如何看待這種情況的發展，以及是否有任何我們應該考慮的外部基準來標記這方面的進展。

So we're building logistics as a service, and it's very early days, but it includes components of what we've talked to you about in the past. One of the pillars of logistics as a service is improving delivery density. And as you know, we've been partnering with CommerceHub to go upstream in the cart to improve delivery density with our live used case. It's going very well, so we're adding additional customers on to that platform.

因此，我們正在將物流作為一種服務來構建，這還處於早期階段，但它包含了我們過去與您討論過的內容的組成部分。物流即服務的支柱之一是提高交付密度。如您所知，我們一直在與 CommerceHub 合作，在購物車中向上游發展，以通過我們的實時用例提高交付密度。進展非常順利，因此我們正在向該平台添加更多客戶。

The second pillar of logistics as a service is improving visibility end to end. And we've talked to you about this in the past. I think we called it Project Evolve or Project Symphony, but it really is providing visibility from the manufacturer all the way to the end distribution point; so that's part of logistics as a service.

物流即服務的第二個支柱是提高端到端的可見性。我們過去曾與您討論過這個問題。我認為我們將其稱為 Project Evolve 或 Project Symphony，但它確實提供了從製造商一直到最終分發點的可見性；所以這是物流即服務的一部分。

The third pillar is providing financial solutions. We do that today through UPS Capital, where we had a very robust insurance product. We're looking at adding some additional financial products to that filler. We then move to, I will say, advanced capabilities, which is including technology to help you understand how to optimize your supply chain, the warehousing fulfillment or shipping.

第三個支柱是提供金融解決方案。我們今天通過 UPS Capital 做到了這一點，在那裡我們擁有非常強大的保險產品。我們正在考慮為該填充物添加一些額外的金融產品。然後，我會說，我們轉向高級功能，其中包括幫助您了解如何優化供應鏈、倉儲履行或運輸的技術。

And then lastly, while we have a very good returns business, we think we could have a robust reverse logistics business, and all of this will be powered by technology. So the way to measure this in the future will be in a number of different ways. But basically, this is going to create new revenue streams for us.

最後，雖然我們有非常好的退貨業務，但我們認為我們可以擁有強大的逆向物流業務，所有這些都將由技術驅動。因此，未來衡量這一點的方式將有多種不同的方式。但基本上，這將為我們創造新的收入來源。

So as we build this out, we will put these new revenue streams into our plans, and then we will share those with you. And then you can hold us accountable to those plans.

因此，當我們建立這個計劃時，我們會將這些新的收入來源納入我們的計劃，然後我們將與您分享。然後你可以讓我們對這些計劃負責。

Our next question will come from the line of David Vernon of Bernstein.

我們的下一個問題將來自伯恩斯坦的大衛弗農的話。

Two quick ones for me. Brian, you mentioned, you quantified the productivity tailwind sort of accelerating into the fourth quarter. Should we be expecting that same sort of order of magnitude productivity on the domestic side as we go through the next couple of quarters here, as you annualize the impact of the total service plan and the RFID tracking and that kind of stuff?

給我兩個快速的。布賴恩，你提到過，你量化了第四季度加速的生產力順風。當我們在這裡度過接下來的幾個季度時，我們是否應該期待國內方面的同樣數量級的生產力，因為您將總體服務計劃和 RFID 跟踪等的影響進行年度計算？

Just wondering whether how much of that is sensitive to overall volume levels or should we expect that same sort of dollar value on productivity in the first half of next year.

只是想知道其中有多少對整體銷量水平敏感，或者我們是否應該期望明年上半年的生產力具有同樣的美元價值。

And then with respect to the union agreements you guys have reached with the pilots and the machinists, can you talk a little bit about kind of the level of adjustments that were made there and whether there's any read across to the broader negotiation for next year?

然後關於你們與飛行員和機械師達成的工會協議，你能談談在那裡進行的調整程度以及明年更廣泛的談判是否有任何解讀？

Happy to take the cost question. So look, the momentum with Nando and the team, they're really just getting started. We saw CPP growth about 20 -- about double digit in the first half. That will be high single digit in the second half of the year.

很高興接受成本問題。所以看，南多和球隊的勢頭，他們真的才剛剛開始。我們看到 CPP 增長約 20 - 上半年約為兩位數。這將是今年下半年的高個位數。

We would probably expect to see that trajectory continue to next year. I don't want to get ahead of my skis though, so we'll come out at the end of the fourth quarter and give you some guidance for RPP and CPP for next year.

我們可能希望看到這種軌跡會持續到明年。不過，我不想超越我的滑雪板，所以我們會在第四季度末出來，給你一些關於明年 RPP 和 CPP 的指導。

We were pleased with the contract extensions that we had both with our pilots as well as our aviation mechanics. The terms of those contract extensions were in line with the longer-term financial plans that we had already built, so we felt very good about that.

我們對我們的飛行員和航空機械師的合同延期感到滿意。這些合同延期的條款符合我們已經制定的長期財務計劃，所以我們對此感覺很好。

But more importantly, with the percentage of the UPSers who voted in favor of the contract extension, I was delighted with that. It exceeded our expectations, and it speaks volumes to the relationships that we have with our employees and the fact that these are really great jobs. So the only read-through to the upcoming Teamsters contract negotiation would be that we've got a great relationship with our employees, and these are great jobs.

但更重要的是，鑑於投票贊成延長合同的 UPS 員工的百分比，我對此感到高興。它超出了我們的預期，充分說明了我們與員工之間的關係以及這些工作確實很棒的事實。因此，對即將到來的 Teamsters 合同談判的唯一解讀是，我們與員工的關係很好，這些都是很棒的工作。

Our next question will come from the line of Bruce Chan of Stifel.

我們的下一個問題將來自 Stifel 的 Bruce Chan。

Just want to touch on equipment and capacity quickly. Brian, you mentioned higher maintenance costs. Is that just a function of inflation? Or is that fleet age, too? And if it's fleet age, when do you think that starts to normalize?

只是想快速接觸設備和容量。布賴恩，你提到了更高的維護成本。這只是通貨膨脹的一個函數嗎？或者那也是艦隊時代？如果是艦隊時代，你認為什麼時候開始正常化？

And then maybe just to follow up quickly on the aircraft fleet side. You had some other providers out there that are looking to reduce capacity. Any plans for you to do the same as we look at [reducing] in '23?

然後也許只是在機隊方面快速跟進。您還有其他一些供應商正在尋求減少容量。有什麼計劃讓你像我們在 23 年看到的 [減少] 一樣做同樣的事情嗎？

So from a maintenance perspective, we've actually gone to a very systematic, programmatic approach and gone out with multiyear. On the airline, for example, we now have a 10-year maintenance program to manage the fleet age of the equipment. It is going up in terms of age. And we factor that in on more of a normalized run rate over the next decade.

因此，從維護的角度來看，我們實際上採用了一種非常系統的、程序化的方法，並且採用了多年。例如，在航空公司，我們現在有一個為期 10 年的維護計劃來管理設備的機齡。它隨著年齡的增長而上升。我們將其更多地考慮到未來十年的標準化運行率。

Okay. And then just as far as capacity on the fleet side, any plans to reduce or you're going to keep things fairly static?

好的。然後就機隊方面的容量而言，是否有減少的計劃，或者您將保持事情相當穩定？

So right now, we announced some recent acquisitions with Boeing, and so we have the next several years outlined. We'll remain fluid on that as we track volumes and shift the aircraft around.

所以現在，我們宣布了最近與波音公司的一些收購，因此我們概述了未來幾年。當我們跟踪數量和轉移飛機時，我們將保持流動性。

I guess part of the advantage of having an aging fleet is that we can retire if need be.

我想擁有老化機隊的部分優勢是我們可以在需要時退休。

That's right.

這是正確的。

But the best news is actually replacing the aircraft with better energy-efficient aircraft and more -- and actually take our cost down.

但最好的消息實際上是用更節能的飛機等替代飛機——實際上降低了我們的成本。

As we set down some of the MD11s from a sustainability standpoint, that's a positive thing. And from an operating -- productivity standpoint, that's also a positive thing. So that's part of the overall strategy that we've run over the next 10 years.

當我們從可持續發展的角度製定一些 MD11 時，這是一件好事。從運營——生產力的角度來看，這也是一件好事。因此，這是我們在未來 10 年實施的總體戰略的一部分。

Our final question will come from the line of Stephanie Moore of Jefferies.

我們的最後一個問題將來自 Jefferies 的 Stephanie Moore。

I wanted to touch on the upstream delivery density pilot, Carol, that you mentioned. Maybe if you could share any KPIs from that pilot, what you saw that gave you confidence to expand it with other customers and kind of what we should be looking for in terms of the eventual rollout of that platform.

我想談談你提到的上游交付密度試點 Carol。也許如果您可以分享該試點的任何 KPI，您所看到的讓您有信心與其他客戶一起擴展它，以及在該平台的最終推出方面我們應該尋找的東西。

Yes. So it's still early days, Stephanie, but we're pleased with what we're seeing. We were in pilot, then we went live with one of our customers, and we started to see good matches. But to get that 1/10 improvement in delivery density, you really need a 5% match. And we weren't seeing 5%.

是的。所以現在還為時尚早，斯蒂芬妮，但我們對所看到的感到滿意。我們處於試點階段，然後我們與一位客戶一起上線，我們開始看到很好的比賽。但是要使交付密度提高 1/10，您確實需要 5% 的匹配。我們沒有看到 5%。

So what we just did is we increased the whole time. We had been holding the orders in the cart for an hour. We increased the whole time to 6 hours. And now we're starting to see it creep up to that 5% match.

所以我們剛剛做的是我們增加了整個時間。我們已經在購物車中保留了一個小時的訂單。我們將整個時間增加到 6 小時。現在我們開始看到它爬升到 5% 的匹配率。

That's cool because the 5% match, then if you translate it out to our opportunity set, that's a 1/10 improvement in delivery density, which is a $300 million value unlock. So early, early days, but really like what we're seeing.

這很酷，因為 5% 匹配，然後如果您將其轉化為我們的機會集，則交付密度提高了 1/10，這是價值 3 億美元的解鎖。這麼早，很早，但真的很像我們所看到的。

Excellent. All right. Well, thanks, everybody, for joining us today. We look forward to talking to you all next quarter, and that concludes our call.

出色的。好的。嗯，謝謝大家，今天加入我們。我們期待在下個季度與大家交談，我們的電話就此結束。