聯合包裹運送服務公司 (UPS) 2021 Q4 法說會逐字稿

Good morning. My name is Steven, and I will be your facilitator today. I would like to welcome everyone to the UPS Investor Relations Fourth Quarter 2021 Earnings Conference Call. (Operator Instructions)

早上好。我的名字是史蒂文，今天我將成為您的主持人。我想歡迎大家參加 UPS 投資者關係 2021 年第四季度收益電話會議。 （操作員說明）

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

現在我很高興將發言權交給我們的主持人，投資者關係官 Scott Childress 先生。先生，地板是你的。

Good morning, and welcome to the UPS Fourth Quarter 2021 Earnings Call. Joining me today are Carol Tomé, our CEO; and Brian Newman, our CFO.

早上好，歡迎參加 UPS 2021 年第四季度財報電話會議。今天加入我的是我們的首席執行官 Carol Tomé；和我們的首席財務官 Brian Newman。

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 expectation for the future performance or operating results of our company. These statements are subject to risks and uncertainties, which are described in our 2020 Form 10-K, subsequently filed Form 10-Qs and other reports we file with, or furnished to, the Securities and Exchange Commission. These reports, when filed, are available on the UPS Investor Relations website and from the SEC.

在開始之前，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，並表達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 2020 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給證券交易委員會的其他報告。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。

For the fourth quarter of 2021, GAAP results include a noncash after-tax mark-to-market pension charge of $14 million and after-tax transformation and other charges of $45 million. The after-tax total for these items is $59 million, an impact to fourth quarter 2021 EPS of $0.07 per diluted share.

對於 2021 年第四季度，GAAP 業績包括 1400 萬美元的非現金稅後按市值計價的養老金費用以及 4500 萬美元的稅後轉型和其他費用。這些項目的稅後總額為 5900 萬美元，對 2021 年第四季度每股攤薄收益的影響為 0.07 美元。

The mark-to-market pension charge of $14 million represents losses recognized outside of a 10% corridor on company-sponsored pension and postretirement plans. Additional detail regarding year-end pension charges are included in the appendix of our fourth quarter 2021 earnings presentation that will be posted to the UPS Investor Relations website later today.

1400 萬美元的按市值計價養老金費用代表在公司贊助的養老金和退休後計劃的 10% 走廊之外確認的損失。有關年終養老金費用的其他詳細信息包含在我們將於今天晚些時候發佈到 UPS 投資者關係網站的 2021 年第四季度收益報告的附錄中。

Unless stated otherwise, our comments will refer to adjusted results, which exclude year-end pension charges and transformation and other charges. The webcast of today's call, along with the reconciliation of non-GAAP financial measures, is available on the UPS Investor Relations website. Following our prepared remarks, we will take questions from those joining us via the teleconference. (Operator Instructions)

除非另有說明，否則我們的評論將參考調整後的結果，其中不包括年終養老金費用和轉型及其他費用。 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指標的對賬。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, Scott, and good morning. What an incredible year it's been at UPS. Let me begin by recognizing the efforts of our amazing UPSers, 534,000 strong around the world. Not only did our team once again provide industry-leading service during peak, but over the last year, we delivered 1.1 billion COVID-19 vaccine doses, with 99.9% on-time service. I'm so very proud of our team and what we've accomplished.

謝謝你，斯科特，早上好。在 UPS 度過了多麼不可思議的一年。讓我首先承認我們驚人的 UPS 員工的努力，他們在全球擁有 534,000 名員工。我們的團隊不僅在高峰期再次提供了行業領先的服務，而且在過去一年中，我們交付了 11 億劑 COVID-19 疫苗，服務準時率達 99.9%。我為我們的團隊和我們所取得的成就感到非常自豪。

The external environment is challenging due to the ongoing impacts of the pandemic, labor tightness, upstream supply chain jams and rising inflation. But inside our better, not bigger framework, we are maniacal about controlling what we can control. We are laser-focused on improving revenue quality, reducing our cost to serve and allocating capital in a disciplined fashion. This is enabling us to move faster and to be more agile so that we capture the best opportunities in the market, enhance the customer experience and continuously improve our financial performance.

由於大流行、勞動力緊張、上游供應鏈堵塞和通脹上升的持續影響，外部環境充滿挑戰。但是在我們更好的，而不是更大的框架內，我們對控制我們可以控制的東西非常狂熱。我們專注於提高收入質量，降低我們的服務成本，並以有紀律的方式分配資金。這使我們能夠更快、更敏捷地行動，從而抓住市場上的最佳機會，增強客戶體驗並不斷改善我們的財務業績。

Looking at the fourth quarter, our results exceeded our expectations, driven by improved revenue quality across all 3 of our business segments and significant gains in productivity. Consolidated revenue rose 11.5% from last year to $27.8 billion, and operating profit grew 37.7% from last year to $4 billion. This is the highest quarterly operating profit in the company's history.

展望第四季度，我們的業績超出了我們的預期，這得益於我們所有三個業務部門的收入質量提高以及生產力的顯著提高。綜合收入較去年增長 11.5% 至 278 億美元，營業利潤較去年增長 37.7% 至 40 億美元。這是公司歷史上最高的季度營業利潤。

And for the full year 2021, our business delivered record financial results. Consolidated revenue increased 15% to reach $97.3 billion, and operating profit totaled $13.1 billion, 50.8% higher than last year. We generated $10.9 billion in free cash flow, more than double the amount generated in the prior year. And diluted earnings per share were $12.13, an increase of 47.4%. In a moment, Brian will provide more detail about our financial results.

在 2021 年全年，我們的業務實現了創紀錄的財務業績。合併收入增長 15%，達到 973 億美元，營業利潤總計 131 億美元，比去年增長 50.8%。我們創造了 109 億美元的自由現金流，是去年的兩倍多。每股攤薄收益為 12.13 美元，增長 47.4%。稍後，Brian 將提供有關我們財務業績的更多詳細信息。

At our June Investor and Analyst Day, I said intent is not a strategy and vision without action is just a dream. At UPS, we are acting on our customer-first, people-led, innovation-driven strategy as we transform nearly every aspect of our business.

在我們六月的投資者和分析師日，我說意圖不是戰略，沒有行動的願景只是一個夢想。在 UPS，我們正在實施客戶至上、以人為本、創新驅動的戰略，我們幾乎改變了業務的方方面面。

Starting with Customer First. As we've discussed, we are focused on growing in the parts of the market that value our end-to-end network, including B2B, healthcare, SMBs and large enterprise accounts. In 2021, our SMB average daily volume grew 18% and represented 26.8% of our total U.S. volume, putting us on track to achieve our 2023 target of more than 30%.

從客戶至上開始。正如我們所討論的，我們專注於在重視我們的端到端網絡的市場部分中發展，包括 B2B、醫療保健、中小型企業和大型企業客戶。 2021 年，我們的 SMB 日均交易量增長了 18%，占美國總交易量的 26.8%，使我們有望實現 2023 年超過 30% 的目標。

Our Digital Access Program, or DAP, makes it easy for SMBs to access UPS services, and it's an important driver of our SMB growth. In 2020, I challenged the team to turn DAP into a $1 billion business. In 2021, DAP generated $1.3 billion in revenue. Looking ahead, we expect DAP to reach more than $2 billion in 2022 as we add new partners and expand to additional countries.

我們的數字訪問計劃 (DAP) 使中小型企業能夠輕鬆訪問 UPS 服務，它是我們中小型企業增長的重要推動力。 2020 年，我挑戰團隊將 DAP 變成 10 億美元的業務。 2021 年，DAP 創造了 13 億美元的收入。展望未來，隨著我們增加新的合作夥伴並擴展到更多國家，我們預計 DAP 將在 2022 年達到超過 20 億美元。

SMB opportunities outside of the U.S. are tremendous. And in the fourth quarter, our international SMB revenue growth rate was 18%. As we expand DAP, grow with SMBs across Europe and introduce new partnerships, we expect to gain overall SMB revenue share faster than the market growth.

美國以外的中小企業機會是巨大的。第四季度，我們的國際中小企業收入增長率為 18%。隨著我們擴展 DAP、與歐洲的中小企業一起成長並引入新的合作夥伴關係，我們預計整體中小企業收入份額的增長速度將快於市場增長。

Healthcare is another market we are focused on. And in 2021, our Healthcare portfolio reached more than $8 billion in revenue. Here, we serve complex customers with our global footprint of healthcare facilities and cold chain solutions. Our healthcare expertise and end-to-end solutions are unmatched in the industry, and we are well on our way to hitting our $10 billion revenue target for 2023.

醫療保健是我們關注的另一個市場。 2021 年，我們的醫療保健產品組合收入超過 80 億美元。在這裡，我們通過遍布全球的醫療設施和冷鏈解決方案為複雜的客戶提供服務。我們的醫療保健專業知識和端到端解決方案在業內是無與倫比的，我們正朝著 2023 年 100 億美元的收入目標邁進。

And amid the bottlenecks and uncertainty, our Supply Chain Solutions group is providing customer supply chain flexibility and resiliency through alternative routings and solutions. Demand for forwarding products continued to be strong in the fourth quarter. In fact, ocean shipments were up double digits and container rates remain elevated in the market.

在瓶頸和不確定性中，我們的供應鏈解決方案小組通過替代路線和解決方案為客戶供應鏈提供靈活性和彈性。第四季度對貨代產品的需求持續強勁。事實上，海運量增長了兩位數，市場上的集裝箱運價仍然很高。

Now from an experience perspective, Customer First is about providing a frictionless end-to-end customer experience. We are attacking the biggest pain points first and, over the last several months, have rolled out improvements to the digital experience in pickup, claims and ups.com.

現在從體驗的角度來看，客戶至上是關於提供無摩擦的端到端客戶體驗。我們首先解決了最大的痛點，並且在過去幾個月中，我們對取貨、理賠和 ups.com 的數字體驗進行了改進。

You may not know this, but we generate over $9 billion in gross revenue annually from transactions on our global website. We redesigned the U.S. site in 2021 and saw site visits grow 100-fold, with an equally impressive growth in monthly page views, up from 10,000 in January to 600,000 in December.

您可能不知道這一點，但我們每年通過我們全球網站上的交易產生超過 90 億美元的總收入。我們在 2021 年重新設計了美國網站，網站訪問量增長了 100 倍，月度頁面瀏覽量也同樣驚人地增長，從 1 月的 10,000 次增加到 12 月的 600,000 次。

We've got more plans to improve the ups.com experience around the world. which should lead to higher revenue and better customer satisfaction. We know it will take time to move the needle on our Net Promoter Score, which stands at 30, but we set a target of 50 and have laid out a path to get there.

我們有更多計劃來改善全球的 ups.com 體驗。這應該會帶來更高的收入和更好的客戶滿意度。我們知道要改變我們的淨推薦值（30 分）需要時間，但我們設定了 50 分的目標，並製定了實現目標的路徑。

Moving to the second element of our strategy, People Led. Here, we focus on the employee experience and making UPS a great place to work. We measure our performance by how likely an employee is to recommend others to work at UPS. When I became CEO in 2020, our likelihood to recommend metrics stood at 51% globally, and our goal is to surpass 80%. We've made great strides, gaining 10 percentage points to finish 2021 at 61%.

轉到我們戰略的第二個要素，以人為本。在這裡，我們專注於員工體驗，讓 UPS 成為一個理想的工作場所。我們通過員工推薦他人在 UPS 工作的可能性來衡量我們的績效。當我在 2020 年成為 CEO 時，我們在全球範圍內推薦指標的可能性為 51%，我們的目標是超過 80%。我們取得了長足的進步，提高了 10 個百分點，到 2021 年結束時達到 61%。

And now to the last leg of our strategic platform, Innovation Driven is at the heart of what we do. Our global smart logistics network, powered by technology developed by UPS engineers, enabled us to deliver another successful peak. It may have been our hardest peak ever. We had higher volume than we expected at the beginning of the quarter and lower volume at the end, but our sales, engineering and operating teams remained agile and pivoted with changes in global market conditions and the needs of our customers.

現在到我們戰略平台的最後一站，創新驅動是我們工作的核心。我們的全球智能物流網絡由 UPS 工程師開發的技術提供支持，使我們能夠實現另一個成功的高峰。這可能是我們有史以來最艱難的高峰。我們在本季度初的銷量比我們預期的要高，而在季末的銷量比我們預期的要低，但我們的銷售、工程和運營團隊仍然保持敏捷，並隨著全球市場條件和客戶需求的變化而變化。

We delivered excellent service levels, avoided chaos costs and improved efficiency in the network. In fact, productivity in our U.S. operations improved by 1.7% for the fourth quarter, as measured by pieces per hour. Progress on the innovation-driven element of our strategy is all about driving higher returns on invested capital.

我們提供了卓越的服務水平，避免了混亂成本並提高了網絡效率。事實上，以每小時件數衡量，我們美國業務的生產力在第四季度提高了 1.7%。我們戰略中創新驅動要素的進展是為了提高投資資本回報率。

As Brian will detail, in 2021, we reversed a multiyear downward trend in this metric and delivered a return on invested capital of 30.8%, 910 basis points above 2020. We remain disciplined in our capital allocation priorities and commitments.

正如 Brian 將詳述的那樣，在 2021 年，我們扭轉了該指標的多年下降趨勢，實現了 30.8% 的投資資本回報率，比 2020 年高出 910 個基點。我們在資本配置優先事項和承諾方面保持紀律。

In regard to capital expenditures, we are increasing our investments back into the business to drive innovation and growth. We just started the first phase of what we're calling Smart package, Smart facility, which, over time, will put RFID tags on all of our packages. This initiative will enhance customer experience while improving UPS productivity by eliminating millions of manual scans every day. Brian will share more detail on our CapEx plans during his remarks.

在資本支出方面，我們正在增加對業務的投資，以推動創新和增長。我們剛剛開始了我們所謂的智能包裹、智能設施的第一階段，隨著時間的推移，它將在我們所有的包裹上貼上 RFID 標籤。該計劃將通過消除每天數百萬次手動掃描來增強客戶體驗，同時提高 UPS 的生產力。布賴恩將在他的講話中分享更多關於我們資本支出計劃的細節。

In June, we told you we were going to target a dividend payout ratio at year-end of 50% of adjusted earnings per share, and we're doing just that. Today, the UPS Board approved a 49% increase in the quarterly dividend, from $1.02 per share to $1.52 per share. This represents the largest quarterly dividend increase in our company's history. Our strategy is building a solid foundation for our business and enabling agility. While we expect 2022 to be another challenging year, we've got momentum.

6 月，我們告訴過您，我們將在年底將股息支付率設定為調整後每股收益的 50%，我們正在這樣做。今天，UPS 董事會批准將季度股息提高 49%，從每股 1.02 美元增至每股 1.52 美元。這是我們公司歷史上最大的季度股息增長。我們的戰略是為我們的業務奠定堅實的基礎並實現敏捷性。雖然我們預計 2022 年將是又一個充滿挑戰的一年，但我們已經有了動力。

So let me end by sharing our 2022 financial goals. Building on the record results we delivered last year, we anticipate delivering our 2023 consolidated revenue and operating margin targets 1 year ahead of our plan. In 2022, consolidated revenues are expected to be about $102 billion. Operating margin is expected to be approximately 13.7%, and return on invested capital is anticipated to be above 30%. Brian will provide more details on our outlook.

最後，讓我分享一下我們的 2022 年財務目標。基於我們去年實現的創紀錄業績，我們預計將提前一年實現 2023 年的綜合收入和營業利潤率目標。 2022年，合併收入預計約為1020億美元。營業利潤率預計約為 13.7%，投資資本回報率預計將超過 30%。布賴恩將提供更多關於我們前景的細節。

I'm excited about the many opportunities in front of us. And with that, I'll turn the call over to Brian.

我對擺在我們面前的許多機會感到興奮。有了這個，我會把電話轉給布賴恩。

Thanks, Carol, and good morning. In my comments, I'll cover 3 areas, starting with our fourth quarter results, then I'll cover our full year 2021 results, including cash and shareholder returns. And lastly, I'll share our financial outlook for 2022.

謝謝，卡羅爾，早上好。在我的評論中，我將涵蓋 3 個領域，從我們的第四季度業績開始，然後我將涵蓋我們 2021 年的全年業績，包括現金和股東回報。最後，我將分享我們對 2022 年的財務展望。

In the fourth quarter, supply chain challenges and the emergence of the Omicron COVID-19 variant weighed on global economic growth. In fact, the U.S. December retail sales report came in lower than forecasted, and the inventory-to-sales ratio remained at historic lows. Despite these factors, our financial performance was better than we expected as the progress we've made executing our strategy continues to deliver strong results.

在第四季度，供應鏈挑戰和 Omicron COVID-19 變體的出現拖累了全球經濟增長。事實上，美國 12 月零售銷售報告低於預期，庫存與銷售比率仍處於歷史低位。儘管存在這些因素，但我們的財務業績仍好於我們的預期，因為我們在執行戰略方面取得的進展繼續帶來強勁的成果。

Consolidated revenue increased 11.5% to $27.8 billion. Consolidated operating profit totaled $4 billion, 37.7% higher than last year. Consolidated operating margin expanded to 14.2%, which was 270 basis points above last year. For the fourth quarter, diluted earnings per share was $3.59, up 35% from the same period last year. And full year EPS was $12.13 per diluted share, an increase of 47.4% year-over-year.

合併收入增長 11.5% 至 278 億美元。合併營業利潤總額為 40 億美元，比去年增長 37.7%。綜合營業利潤率擴大至 14.2%，比去年高 270 個基點。第四季度，每股攤薄收益為 3.59 美元，比去年同期增長 35%。全年每股攤薄收益為 12.13 美元，同比增長 47.4%。

Now let's look at our business segments. U.S. Domestic delivered outstanding fourth quarter results. Our success was driven by gains in revenue quality and productivity as well as our ability to quickly adjust our network to match capacity with the needs of our customers while providing industry-leading service. Average daily volume increased by 39,000 packages per day, or 0.2% year-over-year, to a total of 25.2 million packages per day. This was below our expectations due to the soft retail environment in December.

現在讓我們看看我們的業務部門。美國國內第四季度業績出色。我們的成功得益於收入質量和生產力的提高，以及我們能夠快速調整網絡以使容量與客戶的需求相匹配，同時提供行業領先的服務。日均處理量每天增加 39,000 個包裹，同比增長 0.2%，達到每天 2520 萬個包裹。由於 12 月零售環境疲軟，這低於我們的預期。

Regarding revenue quality, the impact of our better, not bigger approach is continuing to drive improvement in customer mix. In fact, SMB average daily volume, including platforms, grew 8.4%, outpacing the market. And in the fourth quarter, SMBs made up 25.8% of U.S. Domestic volume, up 240 basis points versus last year. Mix also shifted positively toward commercial volume as our B2B average daily volume continued to recover and was up 8.8%. B2B represented 36% of our volume compared to 33% in the fourth quarter of 2020.

關於收入質量，我們更好而不是更大的方法的影響正在繼續推動客戶組合的改善。事實上，包括平台在內的 SMB 日均交易量增長了 8.4%，超過了市場。在第四季度，中小企業占美國國內交易量的 25.8%，比去年增加了 240 個基點。隨著我們的 B2B 日均交易量繼續回升並增長 8.8%，混合業務也向商業交易量積極轉變。 B2B 占我們交易量的 36%，而 2020 年第四季度為 33%。

For the quarter, U.S. Domestic generated revenue of $17.7 billion, up 12.4%, driven by a 10.5% increase in revenue per piece. Fuel drove 380 basis points of the revenue per piece growth rate and demand-related surcharges drove 110 basis points of the growth rate increase. Revenue per piece grew across all products and customer segments, with ground revenue per piece up 10%.

本季度，美國國內的收入為 177 億美元，增長 12.4%，這得益於每件收入增長 10.5%。燃料推動了 380 個基點的單件收入增長率，而與需求相關的附加費推動了 110 個基點的增長率增長。所有產品和客戶群的每件收入均增長，每件地面收入增長 10%。

Turning to costs, total expense grew 8.1%. Fuel drove 230 basis points of the expense growth rate increase. Wages and benefits, which included market rate adjustments, drove 410 basis points of the increase. And the remaining increase in the expense growth rate was due to several factors, including higher depreciation, federal excise taxes and weakened expansion costs. Productivity improvements helped partially offset the increase in expense. For example, through our ongoing efforts to optimize our trailer loads, we eliminated over 1,000 loads per day compared to the same time period last year.

談到成本，總支出增長了 8.1%。燃料推動了費用增長率的 230 個基點。包括市場利率調整在內的工資和福利推動了 410 個基點的增長。費用增長率的剩餘增長是由於幾個因素，包括更高的折舊、聯邦消費稅和疲軟的擴張成本。生產力的提高有助於部分抵消費用的增加。例如，通過我們不斷優化拖車負載的努力，與去年同期相比，我們每天減少了 1,000 多個負載。

Turning to the holiday season in the U.S. Our teams did an excellent job executing our plan and adjusting where appropriate. Early in the quarter, volume came in stronger than expected, and we quickly adjusted the network by leveraging our weekend operations, package flow technology and automated facilities. Late in the quarter, volume levels were lower than we expected as Omicron and inventory challenges negatively impacted the enterprise retail sector.

談到美國的假日季節，我們的團隊在執行我們的計劃和進行適當調整方面做得非常出色。本季度初，交易量強於預期，我們利用周末運營、包裹流技術和自動化設施迅速調整了網絡。本季度末，由於 Omicron 和庫存挑戰對企業零售業產生了負面影響，銷量水平低於我們的預期。

Again, our operators adjusted the network and, importantly, also pulled out cost. We decreased staffing levels and returned rental equipment early, which helped to lower the year-over-year operating expense growth rate. The U.S. Domestic segment delivered $2.2 billion in operating profit, an increase of $786 million or 57% compared to the fourth quarter of 2020. And operating margin expanded 340 basis points to 12.2%.

同樣，我們的運營商調整了網絡，重要的是，還降低了成本。我們減少了人員配置並提前歸還了租賃設備，這有助於降低運營費用的同比增長率。美國國內業務實現了 22 億美元的營業利潤，與 2020 年第四季度相比增加了 7.86 億美元或 57%。營業利潤率擴大了 340 個基點至 12.2%。

Moving to International. The segment delivered excellent results by focusing on revenue quality and adjusting network capacity. Because of tough year-over-year comps and COVID-19 dynamics, we anticipated a fourth quarter decline in average daily volume, which was down 4.8%. On a more positive note, product mix was favorable, with B2B average daily volume up 4.7% on a year-over-year basis. This partially offset a decline in B2C volume, which was down 18.4% compared to an increase of 104% during the same period last year.

搬到國際。該分部通過關注收入質量和調整網絡容量，取得了優異的成績。由於艱難的同比業績和 COVID-19 動態，我們預計第四季度日均交易量將下降 4.8%。更積極的一面是，產品組合有利，B2B 日均交易量同比增長 4.7%。這部分抵消了 B2C 交易量的下降，與去年同期增長 104% 相比下降了 18.4%。

In addition to tough year-over-year comps, total export average daily volume declined by 5.2% due to the decrease in volume between the U.K. and Europe arising from Brexit disruptions and from fewer flights coming out of Asia. In the fourth quarter, we operated 105 fewer flights than planned, primarily due to COVID-19.

除了艱難的同比增長外，由於英國和歐洲之間的出口量因英國脫歐中斷和從亞洲起飛的航班減少而導致出口量下降，平均每日總出口量下降了 5.2%。在第四季度，我們運營的航班比計劃少 105 次，主要是由於 COVID-19。

Despite these factors, for the fourth quarter, International revenue increased 13.1% to $5.4 billion. Revenue per piece increased 16.4%, including a 730 basis point benefit from fuel and a 340 basis point benefit from demand-related surcharges. The International segment delivered record operating profit and fourth quarter operating margin. Operating profit was $1.3 billion, an increase of 14.7%, and operating margin was 24.7%.

儘管有這些因素，第四季度國際收入增長 13.1% 至 54 億美元。每件收入增長 16.4%，其中包括 730 個基點的燃油收益和 340 個基點的需求相關附加費收益。國際部門實現了創紀錄的營業利潤和第四季度的營業利潤率。營業利潤為 13 億美元，增長 14.7%，營業利潤率為 24.7%。

Now looking at Supply Chain Solutions. The business segment delivered record fourth quarter top and bottom line results as our team executed extremely well in a challenging environment. Revenue increased to $4.7 billion, up 6.7%, despite a $789 million reduction in revenue from the divestiture of UPS Freight.

現在關注供應鏈解決方案。由於我們的團隊在充滿挑戰的環境中執行得非常出色，該業務部門在第四季度實現了創紀錄的頂線和底線業績。儘管剝離 UPS Freight 導致收入減少了 7.89 億美元，但收入仍增至 47 億美元，增長 6.7%。

Looking at the key performance drivers. Forwarding revenue was up 37.9% and operating profit more than doubled as global market demand remained strong and capacity stayed tight. International Air Freight kilos increased 3.3%. And in Ocean Freight, volume growth on the Transpacific Eastbound Lane, our largest trade lane, grew 7.8%, which was more than twice the market growth rate.

查看關鍵性能驅動因素。由於全球市場需求保持強勁且運力保持緊張，貨運收入增長 37.9%，營業利潤翻倍以上。國際空運公斤數增長 3.3%。在海運方面，我們最大的貿易航線跨太平洋東行航線的貨運量增長了 7.8%，是市場增長率的兩倍多。

Within Forwarding, our truckload brokerage unit grew revenue and profit by double digits, driven by revenue quality initiatives and strong cost management. And our Healthcare portfolio delivered strong profits in the fourth quarter, led by pharma and medical device customers.

在 Forwarding 內部，在收入質量計劃和強大的成本管理的推動下，我們的卡車貨運經紀部門的收入和利潤實現了兩位數的增長。在製藥和醫療器械客戶的帶動下，我們的醫療保健產品組合在第四季度實現了強勁的利潤。

In the fourth quarter, Supply Chain Solutions generated strong operating profit of $456 million and delivered an operating margin of 9.7%. Walking through the rest of the income statement, we had $173 million of interest expense. Other pension income was $267 million. And lastly, our effective tax rate came in at 22%.

第四季度，Supply Chain Solutions 創造了 4.56 億美元的強勁營業利潤，營業利潤率為 9.7%。瀏覽損益表的其餘部分，我們有 1.73 億美元的利息支出。其他養老金收入為 2.67 億美元。最後，我們的有效稅率為 22%。

Now let me comment on our full year 2021 results. Starting at the consolidated level, revenue increased $12.7 billion to $97.3 billion. We reduced our cost to serve through a combination of nonoperating cost reductions, along with improved productivity. We grew operating profit by $4.4 billion, an increase of 50.8%, finishing the year at $13.1 billion. Operating margin was 13.5%, an increase of 320 basis points. And for context, this is the highest consolidated operating margin we've had in 14 years.

現在讓我評論一下我們 2021 年的全年業績。從合併層面開始，收入增加了 127 億美元，達到 973 億美元。我們通過降低非運營成本以及提高生產力來降低服務成本。我們的營業利潤增長了 44 億美元，增長了 50.8%，全年達到 131 億美元。營業利潤率為 13.5%，增加了 320 個基點。就上下文而言，這是我們 14 年來最高的綜合營業利潤率。

We increased our ROIC to 30.8%, an increase of 910 basis points. We generated $10.9 billion of free cash flow, an increase of 114% over 2020, and we strengthened the balance sheet by paying off $2.55 billion of long-term debt. And we reduced our pension liabilities by $7.8 billion, which improved our debt-to-EBITDA ratio to 1.9 turns compared to 3.6 last year. And we returned over $3.9 billion of cash to shareholders through dividends and share buybacks.

我們將投資回報率提高到 30.8%，增加了 910 個基點。我們產生了 109 億美元的自由現金流，比 2020 年增長了 114%，我們通過償還 25.5 億美元的長期債務加強了資產負債表。我們將養老金負債減少了 78 億美元，將我們的債務與 EBITDA 比率從去年的 3.6 提高到了 1.9。我們通過股息和股票回購向股東返還了超過 39 億美元的現金。

Now for a few full year highlights for the segments. In U.S. Domestic, operating profit was up 62.7%, an increase of $2.6 billion, to reach $6.7 billion for the full year. And we expanded operating margin to 11.1%, a year-over-year increase of 340 basis points.

現在是這些細分市場的一些全年亮點。在美國國內，營業利潤增長 62.7%，增加 26 億美元，全年達到 67 億美元。我們將營業利潤率擴大至 11.1%，同比增長 340 個基點。

International grew operating profit by $1.2 billion, ending the year at a record $4.7 billion in profit. And operating margin was 24.2%, an increase of 200 basis points. And Supply Chain Solutions increased operating profit by $649 million, up 61.3%, and delivered operating margin of 9.8%, 280 basis points above 2020.

International 的營業利潤增長了 12 億美元，年末利潤達到創紀錄的 47 億美元。營業利潤率為24.2%，增加了200個基點。供應鏈解決方案的營業利潤增加了 6.49 億美元，增長了 61.3%，營業利潤率為 9.8%，比 2020 年高出 280 個基點。

2021 was an outstanding year for UPS, which brings us back to our outlook for 2022. Global GDP is expected to grow 4.2%. We are continuing to pay close attention to and manage through several external factors, including COVID-19, inflationary pressures, upstream supply chain constraints and labor shortages. As a result, we expect the environment to remain dynamic in 2022.

2021 年對 UPS 來說是傑出的一年，這讓我們回到了對 2022 年的展望。全球 GDP 預計將增長 4.2%。我們將繼續密切關注和管理多個外部因素，包括 COVID-19、通脹壓力、上游供應鏈限制和勞動力短缺。因此，我們預計 2022 年環境將保持活力。

Most importantly, within this backdrop, we will focus on controlling what we can control and continuing to advance our strategic initiatives. And as Carol stated, we expect to deliver our 2023 consolidated financial targets 1 year early.

最重要的是，在這種背景下，我們將專注於控制我們可以控制的東西，並繼續推進我們的戰略舉措。正如卡羅爾所說，我們希望提前 1 年實現 2023 年的綜合財務目標。

So looking at 2022, on a consolidated basis, revenues are expected to be about $102 billion, which takes into account the divestiture of UPS Freight. Additionally, consolidated operating margin is expected to be approximately 13.7%.

因此，考慮到 UPS Freight 的剝離，到 2022 年，綜合收入預計約為 1020 億美元。此外，綜合營業利潤率預計約為 13.7%。

In U.S. Domestic, we anticipate revenue growth of around 5.5%, with revenue per piece growing faster than volume. We expect pricing in the industry to remain firm and will continue to price based on the value we provide to our customers. As a result, we anticipate Domestic operating margin will expand around 50 basis points in 2022. Lastly, in the U.S., we expect to deliver an incremental revenue-to-profit conversion percentage in the low 20s for the full year.

在美國國內，我們預計收入增長約為 5.5%，每件收入的增長速度快於銷量。我們預計該行業的定價將保持堅挺，並將繼續根據我們為客戶提供的價值定價。因此，我們預計 2022 年國內營業利潤率將擴大約 50 個基點。最後，在美國，我們預計全年收入與利潤的轉化率將提高到 20 多歲。

Moving to the International segment. We expect to continue growing faster than the market. Revenue growth is anticipated to be approximately 7.7%, with volume growing slightly faster than revenue. More specifically, we expect to grow fastest in our transborder ground products. Additionally, we expect international demand-related surcharges to remain elevated in 2022. Pulling it all together, operating profit in the International segment is expected to increase around 5% and operating margin is anticipated to be around 23.6%.

轉移到國際部分。我們預計將繼續以快於市場的速度增長。收入增長預計約為 7.7%，銷量增長略快於收入。更具體地說，我們預計我們的跨境地面產品增長最快。此外，我們預計與國際需求相關的附加費將在 2022 年保持較高水平。綜合來看，國際業務部門的營業利潤預計將增長 5% 左右，營業利潤率預計為 23.6% 左右。

In Supply Chain Solutions, we expect revenue to be around $17 billion, driven by continued strong growth in Healthcare and elevated demand in Forwarding. However, we expect ocean surcharge rates to moderate below 2021 peak levels. Therefore, we expect operating profit to be down from what we reported in 2021.

在供應鏈解決方案方面，我們預計收入將達到 170 億美元左右，這主要得益於醫療保健業務的持續強勁增長和貨運需求的增加。然而，我們預計海洋附加費率將低於 2021 年的峰值水平。因此，我們預計營業利潤將低於我們在 2021 年報告的水平。

Operating margin is expected to be about 9.4%. And for modeling purposes, below the line, we anticipate $1.2 billion in other pension income, partly offset by $665 million in interest expense. The full year net impact is expected to be around $570 million, which can be spread evenly across the quarters.

營業利潤率預計約為 9.4%。出於建模目的，在該線以下，我們預計其他養老金收入為 12 億美元，部分被 6.65 億美元的利息支出所抵消。全年淨影響預計約為 5.7 億美元，可在各個季度平均分配。

Now let's turn to full year 2022 capital allocation. As we discussed at last year's Investor and Analyst Day, we've transitioned to a disciplined and programmatic approach to capital expenditures. In line with the CapEx range we shared then, we expect 2022 capital expenditures to be about 5.4% of revenue or $5.5 billion. These investments will continue to improve overall network efficiency and move us further down the path to achieving our 2050 carbon-neutral goals.

現在讓我們轉向 2022 年全年的資本配置。正如我們在去年的投資者和分析師日所討論的那樣，我們已經過渡到一種有紀律和程序化的資本支出方法。根據我們當時分享的資本支出範圍，我們預計 2022 年的資本支出約為收入的 5.4% 或 55 億美元。這些投資將繼續提高整體網絡效率，並使我們在實現 2050 年碳中和目標的道路上走得更遠。

About 60% of our capital spending plan will be allocated to growth projects and about 40% to maintenance. Let me give you a few project highlights. We have 30 delivery centers and 2 automated hub projects planned to be delivered this year. Combined, these projects will enable us to drive greater efficiency by better balancing sort capacity with delivery capacity.

我們約 60% 的資本支出計劃將用於增長項目，約 40% 用於維護。讓我給你一些項目亮點。我們計劃今年交付30個交付中心和2個自動化樞紐項目。結合起來，這些項目將使我們能夠通過更好地平衡分揀能力和交付能力來提高效率。

We will purchase over 3,700 alternative fuel vehicles this year, including around 425 arrival electric delivery vehicles to be deployed in the U.S. and in Europe. We will take delivery of 2 new 747-8 aircraft in 2022, which adds international capacity and will make predelivery payments on the 19 Boeing 767 freighters that we announced in December. The 767s are planned to enter our fleet between 2023 and 2025. And lastly, across these projects and others, our annual capital expenditures will again include over $1 billion of investments that support our carbon-neutral goals.

今年我們將購買超過 3,700 輛替代燃料汽車，其中包括約 425 輛將在美國和歐洲部署的電動送貨車。我們將在 2022 年接收 2 架新的 747-8 飛機，這增加了國際運力，並將為我們在 12 月宣布的 19 架波音 767 貨機支付預交付款。 767 計劃在 2023 年至 2025 年間進入我們的機隊。最後，在這些項目和其他項目中，我們的年度資本支出將再次包括超過 10 億美元的投資，以支持我們的碳中和目標。

Now let's turn to our expectations for cash and the balance sheet. We expect free cash flow of around $9 billion, including our annual pension contributions, which are equal to our expected service costs. As Carol mentioned, the Board has approved a dividend per share of $1.52 for the first quarter, which represents a 49% increase in our dividend.

現在讓我們轉向我們對現金和資產負債表的預期。我們預計自由現金流約為 90 億美元，包括我們的年度養老金繳款，這與我們預期的服務成本相等。正如卡羅爾所說，董事會已批准第一季度每股股息為 1.52 美元，這意味著我們的股息增加了 49%。

We are planning to pay out around $5.2 billion in dividends in 2022, subject to Board approval. We expect to buy back at least $1 billion of our shares, and we'll evaluate additional opportunities as the year progresses. We expect diluted share count to be about 880 million shares throughout the year. Finally, our effective tax rate is expected to be around 23%.

我們計劃在 2022 年支付約 52 億美元的股息，但須經董事會批准。我們預計將回購至少 10 億美元的股票，並且隨著時間的推移，我們將評估更多機會。我們預計全年稀釋後的股票數量約為 8.8 億股。最後，我們的有效稅率預計在 23% 左右。

In closing, the strategic and financial progress we've made in 2021 delivered consistent returns and created strong momentum as we entered 2022. We remain laser-focused on continuously improving our financial performance by enhancing revenue quality, reducing our cost to serve and staying disciplined on capital allocation.

最後，我們在 2021 年取得的戰略和財務進展帶來了持續的回報，並在我們進入 2022 年時創造了強勁的勢頭。我們仍然專注於通過提高收入質量、降低服務成本和保持紀律來持續改善我們的財務業績關於資本配置。

Thank you. And operator, please open the lines.

謝謝你。接線員，請打開線路。

Thank you. Our first question will come from the line of Jordan Alliger of Goldman Sachs.

謝謝你。我們的第一個問題將來自高盛的 Jordan Alliger。

Obviously, you guys did a really good job on domestic profit per package in the fourth quarter, and you gave some good color for 2022. Can you talk a little bit more about how you're thinking about the revenue per piece, cost per piece and maybe what some of the key drivers are in 2022 around productivity?

顯然，你們在第四季度的國內單件利潤方面做得非常好，並且為 2022 年提供了一些不錯的顏色。你能多談談你是如何考慮每件收入和每件成本的嗎或許 2022 年圍繞生產力的一些關鍵驅動因素是什麼？

Jordan, thanks for the questions. So in 2022, we're thinking ADV, it will probably be in the low single digits, 1.5%. Revenue, we're expecting to be 5.5%. As we think about that, SMB mix will continue to grow, probably about 150 basis points. So slightly lower than the growth trajectory we saw in 2021, but continue to push. And that drives benefit on the revenue side. Demand surcharges are likely to be fairly flattish, and then fuel is likely not as high as we saw in 2021.

喬丹，謝謝你的提問。所以在 2022 年，我們正在考慮 ADV，它可能會處於低個位數，即 1.5%。收入，我們預計為 5.5%。當我們考慮到這一點時，SMB 組合將繼續增長，可能約為 150 個基點。因此略低於我們在 2021 年看到的增長軌跡，但會繼續推動。這推動了收入方面的利益。需求附加費可能相當平穩，然後燃料可能不會像我們在 2021 年看到的那樣高。

The rate, as you know, most of our contracts are locked in for multiyear contracts. So those rates are in place, driving the 5.5% revenue growth. On the productivity side, we're going to build on the momentum we saw in Q4. Carol talked about the pieces per hour productivity over 1.5%, very, very favorable. We'll continue those trends and continue to take non-op costs out of the business. So we feel good about the margin expansion of 50 basis points in the -- into 2022.

如您所知，我們的大多數合同都鎖定在多年合同中。因此，這些費率已經到位，推動了 5.5% 的收入增長。在生產力方面，我們將在第四季度看到的勢頭基礎上再接再厲。 Carol 談到每小時的件數生產率超過 1.5%，非常非常有利。我們將繼續這些趨勢，並繼續將非運營成本從業務中剔除。因此，我們對到 2022 年利潤率擴大 50 個基點感到滿意。

And maybe just a little more color on the productivity initiatives. Nando's doing -- and the team are doing a great job there. He's identified 10 key productivity initiatives in 2022, running anywhere from improving cube utilization, and we've already seen some good movement there, but we've got more to do, to basically making sure that we are adhering to our operating standards across the network.

也許只是在生產力計劃上增加一點色彩。 Nando 正在做——而且團隊在那裡做得很好。他確定了 2022 年的 10 項關鍵生產力計劃，從提高立方體利用率開始，我們已經看到了一些良好的進展，但我們還有更多工作要做，基本上確保我們在整個領域都遵守我們的運營標準網絡。

Further, we've got more non-op cost reductions, don't we? And that's all part of our productivity initiatives. So we feel very good about our ability to leverage expenses as we move into 2022.

此外，我們還有更多的非運營成本降低，不是嗎？這都是我們生產力計劃的一部分。因此，隨著我們進入 2022 年，我們對自己利用開支的能力感到非常滿意。

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

我們的下一個問題來自德意志銀行的 Amit Mehrotra。

Congrats on the results. I guess, I had a 2-parter, if I could. Just talking about productivity, Carol, in the Domestic business through the lens of packages per direct labor hour. Everybody is trying to figure out where the end point -- or not the end point, but the potential is for domestic margins. And if we look at it through the number of packages per direct labor hour, where are you on that metric?

祝賀結果。我想，如果可以的話，我有一個 2-parter。卡羅爾，從每直接工時的包裹角度談國內業務的生產力。每個人都在試圖找出終點在哪裡——或者不是終點，但潛力在於國內利潤。如果我們通過每個直接工時的包裹數量來查看它，那麼您在該指標上的位置是什麼？

How much further improvement do you think that's there through the CapEx that you're allocating to technology? Just give us a little bit -- that may give us a little bit of a hint into what the further margin opportunities in 2022. And just as a follow-up, I was hoping you can also update us on the Amazon exposure as you typically do when you close out the year.

您認為通過您分配給技術的資本支出可以進一步改善多少？給我們一點信息——這可能會給我們一點提示，讓我們了解 2022 年的進一步利潤機會。作為後續行動，我希望你也能像往常一樣向我們更新亞馬遜的曝光率當你結束這一年時做。

Sure. Well, I'm super excited about the productivity opportunities we have inside of our business. We're pretty good at what we do, but we can be even better. I think at the third quarter earnings call, we talked a lot about inside operations and how we're going about automating our inside operations. We have about 140,000 people inside of our operations. And through automatic bagging, automatic label application, robotic induction into the small sorts, there's a way to really drive productivity inside of the buildings.

當然。好吧，我對我們在業務內部擁有的生產力機會感到非常興奮。我們很擅長我們所做的事情，但我們可以做得更好。我認為在第三季度財報電話會議上，我們談了很多關於內部運營以及我們如何實現內部運營自動化的問題。我們的運營部門有大約 140,000 人。通過自動裝袋、自動標籤應用、機器人感應進入小類，有一種方法可以真正提高建築物內的生產力。

We also have an opportunity with the RFID project that we've just kicked off, Smart package, Smart facility. You can imagine our pre-loaders are manually scanning every package. That's 20 million-plus packages a day that are being manually scanned. That manual scan will disappear with the Smart package, Smart facilities. So the opportunities are endless in many ways.

我們也有機會參與我們剛剛啟動的 RFID 項目，智能包裝，智能設施。您可以想像我們的預加載器正在手動掃描每個包。每天有超過 2000 萬個包裹需要手動掃描。手動掃描將隨 Smart 包 Smart 設備一起消失。因此，在許多方面機會是無窮無盡的。

To your question about where will the U.S. margin go? We have told you our goal is 12%. Let us get there. We'll ring the bell, and then we'll reset it.

關於美國保證金將去哪裡的問題？我們已經告訴過您我們的目標是 12%。讓我們到達那裡。我們會按鈴，然後我們會重置它。

As it relates to Amazon. As we talked to you at the end of the third quarter, Amazon's revenue surged with us during 2020 as a result of the pandemic. At the third quarter, their revenue as a percent of our total is trending more like what we experienced in 2019. And that's held true for the entire year. Amazon's revenue as a percent of our total for the year was 11.7% compared to 11.6% in 2019.

因為它與亞馬遜有關。正如我們在第三季度末與您交談的那樣，由於大流行，亞馬遜的收入在 2020 年與我們一起飆升。在第三季度，他們的收入占我們總收入的百分比趨勢更像我們在 2019 年所經歷的。全年都是如此。亞馬遜今年的收入占我們總收入的百分比為 11.7%，而 2019 年為 11.6%。

Our next question comes from the line of Allison Poliniak of Wells Fargo.

我們的下一個問題來自富國銀行的 Allison Poliniak。

I want to ask a little bit about International, a lot of moving parts there right now. You did talk about some SMB opportunity growth, and I know there's some white space that you're going after. Your margin for '22 is certainly trending above that sort of '23 target.

我想問一些關於國際的問題，現在那裡有很多活動的部分。您確實談到了一些 SMB 機會增長，我知道您正在追求一些空白。您在 22 年的利潤率肯定會高於 23 年的目標。

Could you maybe help us understand the evolution of the International business? I know, as their charges come off potentially, and through that, revenue quality focus versus that white space opportunity that you have there?

您能否幫助我們了解國際業務的演變？我知道，隨著他們的收費可能下降，並且通過這種方式，收入質量重點與您在那裡擁有的空白機會？

Well, we're thrilled with our International business. And it's been challenging there because of COVID, and they've done a master of a job of working through that. And the profitability is, as you point out, Allison, above where we thought we would be when we put together our 3-year target.

好吧，我們對我們的國際業務感到非常興奮。由於COVID，那裡一直充滿挑戰，而且他們已經完成了一項工作。正如您所指出的，艾莉森的盈利能力高於我們制定 3 年目標時的預期水平。

So as we look to 2022, we anticipate that the ADV will actually grow faster than the revenue because of geo and mix changes. The team is really leaning into transborder Europe, excited about what we can do there. We do that, as you know, in an asset-light fashion, which is very value-nutritive for our company. We're also liking the opportunity to grow our Asian flights. And as you know, we added 2 new large freighters to help grow that space.

因此，展望 2022 年，我們預計由於地域和組合變化，ADV 實際上的增長速度將超過收入。該團隊確實傾向於跨界歐洲，對我們在那裡可以做的事情感到興奮。如您所知，我們以輕資產的方式做到這一點，這對我們公司來說非常有價值。我們也很高興有機會發展我們的亞洲航班。如您所知，我們增加了 2 艘新的大型貨機以幫助擴大該空間。

Brian, anything you want to add?

布賴恩，你有什麼要補充的嗎？

Well, I think, as we think about growing faster than the market, Carol, the DRS, we see is remaining elevated. There's been a lot of challenges on the passenger side with the Asia lane. So we expect, Allison, those surcharges to remain elevated this year. So while there's an 80 basis point decline in margin year-over-year, 23.6 is actually ahead of where we thought we'd be in terms of the journey here. So the team is doing a terrific job.

好吧，我認為，當我們考慮增長速度超過市場時，我們看到的 DRS Carol 仍然處於高位。亞洲航線的乘客方面存在很多挑戰。所以我們預計，艾莉森，這些附加費今年將保持高位。因此，雖然利潤率同比下降了 80 個基點，但 23.6 個基點實際上超出了我們認為的水平。所以團隊做得非常好。

And I was remiss in not mentioning DAP. We've had such success with the DAP here in the United States. And we're taking our DAP platform outside the United States, which will be a driver of growth.

我沒有提到行動黨是失職的。我們在美國的民主行動黨取得瞭如此成功。我們正在將我們的 DAP 平台帶到美國以外的地區，這將成為增長的驅動力。

Our next question comes from the line of Ken Hoexter of Bank of America.

我們的下一個問題來自美國銀行的 Ken Hoexter。

Carol and Brian, obviously a great quarter, and great job in following through on the better, not bigger. So my question is just on the pricing. Brian, you mentioned kind of most are locked into contracts. It sounded like it's multiyear contracts. Maybe dig into the sustainability of pricing growth, you hit 10% of domestic. You start lapping those double-digit growth levels as we entered '22. Maybe you can talk about your thoughts there.

卡羅爾和布賴恩，顯然是一個很棒的季度，並且做得更好，而不是更大。所以我的問題只是關於定價。布賴恩，你提到的大多數都被鎖定在合同中。聽起來像是多年的合同。也許挖掘定價增長的可持續性，你達到了國內的 10%。當我們進入 22 年時，你開始超越那些兩位數的增長水平。也許你可以在那裡談談你的想法。

And then just to wrap that up, peak was just so different this year. Is there something we should think about in the year ahead just because maybe costs were better because the network was flatter? So how should we think about the impact for next year?

然後總結一下，今年的巔峰時期是如此不同。我們是否應該在未來一年考慮一些事情，僅僅是因為網絡更平坦，成本會更好？那麼我們應該如何看待明年的影響呢？

Yes, Ken, happy to talk about the revenue quality. It's been a hallmark of our success and I think underpinning the better, not bigger. Look, I think Carol said at the investor conference, if we did one thing, which was get the SMB mix up to 30%, that would basically deliver our 12% domestic margin. We were at 26.8% at the close of last year. We have plans to grow that by 150 basis points. We're investing in capability. We're very confident in our ability to do that. So I like the sustainability from an SMB mix perspective.

是的，肯，很高興談論收入質量。這是我們成功的標誌，我認為這是更好的基礎，而不是更大的基礎。聽著，我認為 Carol 在投資者大會上說過，如果我們做一件事，就是讓 SMB 混合比例達到 30%，那基本上可以實現我們 12% 的國內利潤率。去年年底，我們的股價為 26.8%。我們計劃將其增長 150 個基點。我們正在投資能力。我們對我們做到這一點的能力非常有信心。所以我喜歡從 SMB 混合的角度來看的可持續性。

As you think about rate in the contracts, we're pushing around 60% in terms of renegotiating contracts. So there's still mileage there to go from a sustainability standpoint. So overall, demand surcharges were elevated last year. So we're not counting in the plan too much from an increase there. So I think we feel not only is '22 in good shape, but we've got room to run in '23 and beyond.

當您考慮合同中的費率時，我們在重新談判合同方面推動了大約 60%。因此，從可持續性的角度來看，還有很長的路要走。因此，總體而言，去年的需求附加費有所提高。因此，我們並沒有從那裡的增加中過多地計入計劃。因此，我認為我們不僅覺得 22 年狀態良好，而且我們還有空間在 23 年及以後運行。

And the small package market is expected to grow about 5% in 2022. There is additional capacity being added, but not enough that's going to create surplus. So the environment supports firm pricing as we look to 2022.

預計到 2022 年，小包裝市場將增長約 5%。增加了額外的產能，但還不足以產生過剩。因此，在我們展望 2022 年時，環境支持堅定的定價。

Todd Fowler of KeyBanc Capital Markets.

KeyBanc 資本市場的 Todd Fowler。

Congratulations on the strong results. Brian, I was curious if maybe you would share some of the shape of your expectations, particularly for U.S. Domestic. I know that the comparisons are difficult in the first half of the year. But there's the expectation that you're going to see that low single-digit volume growth pretty consistently. And any directional comments on the expectations for that 50 basis points of margin improvement?

祝賀你取得了不錯的成績。布賴恩，我很好奇你是否會分享一些你的期望，特別是對於美國國內。我知道上半年比較難。但是人們期望你會看到相當一致的低個位數增長。對利潤率提高 50 個基點的預期有何方向性評論？

Yes, Todd, happy to. So as we think about volume, revenue and profit in the Domestic business for 1H and 2H, I would tell you that revenue is going to be fairly balanced, maybe a little bit higher than the 5.5% in the second half, right around, or slightly lower. So you can count on 5.5-ish as a good metric for the first and the second half in terms of growth rates.

是的，托德，很高興。因此，當我們考慮 1H 和 2H 國內業務的數量、收入和利潤時，我會告訴你，收入將相當平衡，可能略高於下半年的 5.5%，大約，或者稍低一點。因此，就增長率而言，您可以將 5.5-ish 視為上半年和下半年的一個很好的指標。

And actually, the operating margin of 11.6%, I think that's a good number for you to hold for 1H and 2H because that's -- from a planning perspective, we're also fairly balanced. Might be a little bit softer volume in the first half of the year as we came out of the low retail sales report coming in December. Omicron obviously had a little bit of impact going into January. But overall, low single digit for the full year, we feel good about.

實際上，營業利潤率為 11.6%，我認為這是一個很好的數字，你可以持有 1H 和 2H，因為從規劃的角度來看，我們也相當平衡。由於我們從 12 月份的低零售銷售報告中走出來，上半年的銷量可能會稍微疲軟。 Omicron 顯然在 1 月份產生了一些影響。但總的來說，全年的低個位數，我們感覺很好。

And Brian, I feel terrible. We didn't answer Ken's questions about peak expectations. We just talked about pricing. So maybe we should talk a little bit about peak because I don't want to lose the opportunity to just give a shout-out to the team for operating in such a really interesting environment, where our volume was higher at the beginning of the quarter than we expected and lower at the end.

還有布賴恩，我感覺很糟糕。我們沒有回答 Ken 關於峰值期望的問題。我們剛剛談到了定價。所以也許我們應該談談高峰，因為我不想失去機會為團隊在這樣一個非常有趣的環境中運營而大喊大叫，我們的交易量在本季度初更高比我們預期的還要低。

Our team showed incredible agility to adjust to the market demands. And that's what you should expect going forward, incredible agility. We have built technology that is surpassed in the industry, that allows us to react day by day to what we're seeing in the marketplace. We also have a different attitude, I think. That we're not going to just keep vehicles and planes and people in place, hoping that the volume will come. We're going to react to the market, and that really drove productivity.

我們的團隊在適應市場需求方面表現出令人難以置信的敏捷性。這就是你應該期待的，令人難以置信的敏捷性。我們已經建立了業內超越的技術，使我們能夠每天對我們在市場上看到的情況做出反應。我想，我們也有不同的態度。我們不會只是讓車輛、飛機和人員留在原地，希望數量能來。我們將對市場做出反應，這確實提高了生產力。

The other aspect of peak this year, as we look forward, that may not materialize next year, we don't think it will, is the slowdown in December retail sales. That was a function of Omicron and the low inventory-to-sales ratio and so many other factors. We would expect peak next year from a revenue mix to be more like what we've seen in the past, which is more enterprise business. So hopefully, those 2 dynamics are helpful as you think about peak of 2022.

今年高峰的另一個方面，正如我們所期待的，明年可能不會實現，我們認為不會實現，是 12 月零售銷售放緩。這是 Omicron 和低庫存與銷售比率以及許多其他因素的作用。我們預計明年收入組合的峰值將更像我們過去看到的那樣，更多的是企業業務。因此，希望這兩種動態在您考慮 2022 年的高峰時會有所幫助。

Ravi Shanker of Morgan Stanley.

摩根士丹利的拉維·尚克。

So it looks like compensation and benefits as a percentage of revenue dropped about 45%, which is your lowest level in a while. I know some of that is obviously a benefit from your recent automation initiatives, but also, we are in a very inflationary labor environment. So would love your view on how that trends into '22 and '23.

所以看起來薪酬和福利佔收入的百分比下降了大約 45%，這是你一段時間以來的最低水平。我知道其中一些顯然是從您最近的自動化計劃中受益的，而且，我們處於一個非常通貨膨脹的勞動力環境中。所以會喜歡你對這種趨勢如何進入 22 和 23 年的看法。

Yes. Go ahead, please, Carol.

是的。請繼續，卡羅爾。

No, go ahead.

沒有，繼續。

Ravi, look, the trends on comp and benefit, we don't see anything extraordinary. Obviously, from a management compensation standpoint, delivering the targets, et cetera, will fluctuate in terms of the stock comp, et cetera. But we're looking to manage from a management compensation.

拉維，看，薪酬和福利的趨勢，我們沒有看到任何特別之處。顯然，從管理層薪酬的角度來看，實現目標等會隨著股票薪酬等因素而波動。但我們希望從管理層薪酬中進行管理。

Carol talked about agility. We're trying to think through from a field perspective how do we manage the labor cost. We have a good handle on the union piece in terms of contractual rates, and then we're pulsing MRAs as needed.

Carol 談到了敏捷性。我們試圖從現場的角度思考如何管理勞動力成本。我們在合同費率方面對工會部分有很好的處理，然後我們會根據需要進行 MRA。

And there are just a couple of nuances in the quarter when you look at the year-over-year performance. Remember, last year, we had an impairment because of Freight. So that was on the different line, that was on the other expense line. But up on the comp and benefit line, Freight had a [$245] million impact year-on-year, didn't it? So you've got to back the Freight noise out to understand the real performance in comp and benefits.

當您查看同比表現時，本季度只有幾個細微差別。請記住，去年，我們因貨運而受到損害。所以那是在不同的線上，那是在另一條支出線上。但在薪酬和福利方面，貨運同比產生了 [2.45 億美元] 的影響，不是嗎？因此，您必須消除貨運噪音，才能了解薪酬和收益的真實表現。

Chris Wetherbee of Citigroup.

花旗集團的克里斯·韋瑟比。

Maybe just a follow up on pricing. So if you could just sort of give us an update on where you are in terms of the book of business in terms of domestic repricing? And then maybe how much you think you'll be getting in 2022? And if you can give us some help around the magnitude of some of these rate increases, I think it would be helpful.

也許只是對定價的跟進。所以，如果您能告訴我們您在國內重新定價方面的業務賬簿方面的最新情況嗎？然後也許你認為你會在 2022 年得到多少？如果你能就其中一些加息幅度給我們一些幫助，我認為這會很有幫助。

And then just want to understand also just kind of on the comment about Omicron impacting December volume activity. Is that in the rearview? Do you feel like you've kind of reaccelerated back to what you'd expect to be somewhat normal levels for this time of the year? Just want to get a sense of how that's playing out.

然後只是想了解關於 Omicron 影響 12 月交易量活動的評論。是在後視鏡嗎？您是否覺得自己已經重新加速回到了一年中這個時候所期望的正常水平？只是想了解這是如何進行的。

Yes, happy to comment further on the pricing side. So as we look at '22, the composition of the roughly 4% RPP growth, rate is going to be about 40% of that. As I think I mentioned, we're about 60% the way through with contract renegotiations. Mix will be another 30%, and then fuel will actually contribute about 30%. They're all levers that we pull with respect to revenue management.

是的，很高興在定價方面進一步發表評論。因此，當我們查看 22 年時，大約 4% 的 RPP 增長的構成，比率將是其中的 40% 左右。正如我想我提到的，我們已經完成了約 60% 的合同重新談判。混合將再佔 30%，然後燃料實際上將貢獻約 30%。它們都是我們在收入管理方面拉動的槓桿。

And in terms of current trends, the first week of January, I'm like, where are the customers? Everybody seemed to be at home because of Omicron, but the business has come back roaring. So we're feeling really good about the guidance that we've just given.

就當前趨勢而言，一月的第一周，我想，客戶在哪裡？由於 Omicron，每個人似乎都在家，但業務又恢復了繁榮。因此，我們對剛剛提供的指導感覺非常好。

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。

And you mentioned 60-40 is the right split for growth to maintenance. How would that split look if we thought about domestic versus international?

你提到 60-40 是增長到維持的正確分割。如果我們考慮國內與國際，這種分裂會是什麼樣子？

And just as a follow-up to that, if you could talk a little bit about how you're thinking about growing capacity in the domestic network longer term. I'm just wondering, if we think about a post-COVID world where supply chains are reorganizing, maybe a little bit more B2B growth, is the network ready for that kind of demand?

作為對此的後續行動，如果您能談談您如何考慮長期增加國內網絡的容量。我只是想知道，如果我們考慮一個供應鏈正在重組的後 COVID 世界，可能會有更多的 B2B 增長，那麼網絡是否為這種需求做好了準備？

Yes, David, happy to comment. So as you think about the CapEx domestically, we're going to have about -- of the $1.3 billion increase in CapEx from '21 to '22, 75% of that's going to go into car positions. We've got sortation capacity and tech automation, which Carol was referencing earlier. About 25% will be increasing the amount of vehicles and IT investments. So that's a relative split from a largely a domestic point of view.

是的，大衛，很高興發表評論。因此，當您考慮國內的資本支出時，我們將有大約 13 億美元的資本支出從 21 年到 22 年增加，其中 75% 將用於汽車領域。我們有分揀能力和技術自動化，Carol 之前提到過。大約 25% 將增加車輛和 IT 投資的數量。所以從國內的角度來看，這是一個相對的分歧。

And in terms of capacity going forward, we're not just relying on capital. We're enhancing the weekend service to provide additional cap capacity, smoothing the days of the week. But we are putting 60% of our capital spend in 2022. The $5.5 billion is going towards growth. We're bringing on 30 delivery centers. We actually have 50 coming online, but 30 in the year. And then we've got a big hub -- regional hub in Pennsylvania coming on as well.

就未來的產能而言，我們不僅僅依靠資本。我們正在加強週末服務以提供額外的上限容量，從而使一周中的日子更加順暢。但我們將在 2022 年投入 60% 的資本支出。55 億美元將用於增長。我們將引進 30 個交付中心。我們實際上有 50 個上線，但今年有 30 個。然後我們有了一個大樞紐——賓夕法尼亞州的區域樞紐也即將到來。

And as we think about the future, we, really, over the past 18 months, have really worked to optimize our network and feeling good about that. That gives us the confidence in our ability to grow into the future and add capacity that will be nutritive to the return on capital and to the bottom line. But as Brian said, for our plans for '22, we are well set to handle the volume that will come our way.

當我們考慮未來時，在過去的 18 個月裡，我們真的一直在努力優化我們的網絡，並且對此感覺良好。這使我們對自己的成長能力充滿信心，並增加了對資本回報和底線有益的能力。但正如布賴恩所說，對於我們 22 年的計劃，我們已經準備好應對即將到來的數量。

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

我們的下一個問題將來自 Tom Wadewitz。

Yes. Carol, I think you said let us hit the 12% margin first, and then we'll kind of get back to you. So I'm not looking for an update on that target, but I wondered if you could offer some kind of directional thoughts on when you get to 2023. Do you shift the mix of focus to more volume growth or more revenue growth and less focus on margin improvement?

是的。 Carol，我想你說過讓我們先達到 12% 的利潤率，然後我們會回复你。所以我不是在尋找有關該目標的更新，但我想知道您是否可以就何時到 2023 年提供一些方向性的想法。您是否將重點轉向更多的銷量增長或更多的收入增長和更少的關注利潤率改善？

Or do you think that you continue with what I'd characterize as a pretty balanced approach in terms of revenue growth and margin? And then, I guess, if I can sneak in another one. On the Amazon mix, do you expect that percent of revenue to go down or to be kind of stable?

還是您認為您會繼續採用我認為在收入增長和利潤率方面相當平衡的方法？然後，我想，如果我能偷偷溜進去另一個。在亞馬遜的組合中，您預計收入的百分比會下降還是會保持穩定？

So as we -- if we think about longer-term margin, I'd really like to get to that 12% number before we talk about longer-term margin. A year ago, we said on this call, and we said we would have a double-digit operating margin in the U.S. And the reaction was, "I don't think you're going to do that." Well, we showed that we could. Let us get to the 12% number, and then we'll come back and tell you where we think we're going to take the company.

因此，當我們考慮長期利潤率時，我真的很想在談論長期利潤率之前達到 12% 的數字。一年前，我們在電話會議上說，我們將在美國擁有兩位數的營業利潤率。反應是，“我認為你不會那樣做。”好吧，我們證明了我們可以。讓我們得到 12% 的數字，然後我們會回來告訴你我們認為我們將把公司帶到哪裡。

On the Amazon percentage of total revenue, it's totally a function of where the growth comes from. We have a great relationship with Amazon. And we have mutually agreed about the volume that we should take and the volume that they should keep that works best for both companies. And so as we continue to lean into SMBs and healthcare and B2B, you're going to see shifting of penetrations, and we'll report that out to you as the time goes by.

在亞馬遜佔總收入的百分比上，這完全取決於增長的來源。我們與亞馬遜的關係很好。我們已經就我們應該採取的數量和他們應該保持的數量達成了一致，這對兩家公司都是最有效的。因此，隨著我們繼續向中小型企業、醫療保健和 B2B 傾斜，您將看到滲透率的變化，我們會隨著時間的推移向您報告。

Our next question will come from the line of Brandon Oglenski of Barclays.

我們的下一個問題將來自巴克萊銀行的 Brandon Oglenski。

I guess, I don't want to focus too much on Amazon, but if I look at your average yield performance throughout the year, up double digits. And I think, just back-of-the-envelope math here, your largest customer revenue would have been about flat year-on-year. Is there anything to suggest that maybe there was upwards of like a 10% volume shift to their internal network, Carol, off that last comment there?

我想，我不想過多地關注亞馬遜，但如果我看看你全年的平均收益率表現，就會達到兩位數。而且我認為，僅粗略計算，您最大的客戶收入將與去年同期持平。是否有任何跡象表明，他們的內部網絡 Carol 的交易量可能發生了 10% 以上的轉移，而不是那裡的最後一條評論？

So I will just tell you that their revenue grew with us in 2021.

所以我只想告訴你，他們的收入在 2021 年與我們一起增長。

Our next question will come from the line of Scott Group of Wolfe Research.

我們的下一個問題將來自沃爾夫研究的斯科特集團。

So I understand you don't want to talk about the U.S. margin targets, but maybe talk consolidated. If we're getting there a year early, how do you think about 2023? And then, Carol, sorry, I've got some background noise. So you finished the year with around $10 billion of cash, $9 billion of free cash flow this year, $5 billion of dividend, why not more buyback?

所以我知道你不想談論美國的利潤率目標，但也許會談論合併。如果我們提前一年到達那裡，您如何看待 2023 年？然後，Carol，對不起，我有一些背景噪音。所以你今年結束時有大約 100 億美元的現金，今年有 90 億美元的自由現金流，50 億美元的股息，為什麼不進行更多的回購呢？

So Scott, it's Brian. I'm happy to take that. Our return to shareholders in '21 was $3.9 billion. If you take the dividend and the buyback, that's going up to $6.2 billion this year. That's a 59% increase, pretty healthy.

所以斯科特，是布賴恩。我很樂意接受。 21 年我們對股東的回報是 39 億美元。如果你接受股息和回購，今年將達到 62 億美元。那是 59% 的增長，非常健康。

That said, we've declared a dividend. We told you to put $1 billion in your model for share repo. We do have authorization from the Board, and we do have ample cash, should we want to get back into the market. So I would tell you, take the $1 billion as a placeholder, and we'll update you as we go forward.

也就是說，我們已經宣布了股息。我們告訴你在你的股票回購模型中投入 10 億美元。如果我們想重新進入市場，我們確實獲得了董事會的授權，並且我們確實有充足的現金。所以我會告訴你，把 10 億美元作為一個佔位符，我們會在前進的過程中更新你。

I would say it's the floor. The authorization that's remaining is $4.5 billion.

我會說這是地板。剩下的授權是 45 億美元。

Our next question will come from the line of Duane Pfennigwerth of Evercore ISI.

我們的下一個問題將來自 Evercore ISI 的 Duane Pfennigwerth。

I appreciate the detailed segment guidance. But I wanted to get your thoughts on inflation as you look at the balance of the year. Do you expect consistent trends from first half to second half? Or should we be thinking about a lower cost per package and lower required revenue per package growth to achieve the same margin expansion outcome at some point this year?

我很欣賞詳細的細分指導。但是，當您查看今年的餘額時，我想了解您對通貨膨脹的看法。您預計上半年到下半年的趨勢一致嗎？還是我們應該考慮降低每個包裝的成本和降低每個包裝增長所需的收入，以在今年的某個時候實現相同的利潤率擴張結果？

From an inflation standpoint, I think we would look for higher growth in the first half of the year versus the second half of the year. So as you think about cost per piece in the U.S., in particular, which is sort of 3-plus percent, I would expect that number to be higher in 1H and slightly lower in 2H, with a few moving pieces.

從通貨膨脹的角度來看，我認為我們會在今年上半年尋找比下半年更高的增長。因此，當您考慮美國的每件成本時，尤其是 3% 以上，我預計該數字在 1H 時會更高，在 2H 時會略低，並且有一些移動部件。

And I wonder if I could get a second one on returns, not returns on capital, which are great, but within the context of e-commerce returns. How big of a business is that for you? And can you talk about growth of that service within the context of your biggest enterprise customers?

我想知道我是否可以獲得第二個回報，而不是資本回報，這很好，但在電子商務回報的背景下。這對你來說有多大的生意？您能談談在您最大的企業客戶背景下該服務的增長嗎？

Well, we've been public on our holiday return estimate, 60 million packages, and we're well on our way of meeting that number. Broadly speaking, we've got a really great return process for our largest customer, where recipients of packages from that customer can take them to a UPS Store, and we'll ship them back. It's a great experience.

好吧，我們已經公開了我們的假期退貨估計，6000 萬個包裹，我們正在努力實現這個數字。從廣義上講，我們為我們最大的客戶提供了一個非常好的退貨流程，該客戶的包裹收件人可以將它們帶到 UPS 商店，我們會將它們運回。這是一次很棒的經歷。

And as you know, we have over 5,000 UPS Store locations. Think about the UPS Store as just an extension of our network. I'm very excited about what we might be able to do with that asset. It's working for us really well now, but we can do even more with that asset.

如您所知，我們擁有 5,000 多個 UPS 商店。將 UPS 商店視為我們網絡的延伸。我對我們可以用該資產做些什麼感到非常興奮。它現在對我們非常有效，但我們可以使用該資產做更多的事情。

Our next question will come from the line of Jeff Kauffman of Vertical Research Partners.

我們的下一個問題將來自 Vertical Research Partners 的 Jeff Kauffman。

Congratulations. And again, thank you also for all that detail on the division outlooks. Carol, I want to focus a little bit on ESG here. You mentioned $1 billion of CapEx into carbon-neutral investments. You mentioned the 3,700 alternative fuel vehicles that you'll be bringing on next year.

恭喜。再次感謝您提供有關部門前景的所有詳細信息。 Carol，我想在這裡稍微關註一下 ESG。您提到了 10 億美元的資本支出用於碳中和投資。您提到了明年將推出的 3,700 輛替代燃料汽車。

Right now, customers are choosing based on scarcity. But eventually, that's going to change. And no doubt, the ESG conversations with your customers are picking up as well. Where are you ahead of the curve in terms of where you want to be right now on ESG? And where is there more work needed to be done?

現在，客戶正在根據稀缺性進行選擇。但最終，這種情況會改變。毫無疑問，與您的客戶的 ESG 對話也在升溫。就您現在希望在 ESG 上所處的位置而言，您處於領先地位？還有哪些地方需要做更多的工作？

Well, this is part of our core values and has been part of our core values for a long, long time. And we look at -- for example, our automotive equipment is a rolling laboratory. We have 13,000 vehicles today that are powered by some sort of an alternative fuel. And we are continuing to invest in that, as you heard from Brian.

嗯，這是我們核心價值觀的一部分，並且長期以來一直是我們核心價值觀的一部分。我們看看——例如，我們的汽車設備是一個滾動實驗室。今天，我們有 13,000 輛汽車由某種替代燃料提供動力。正如您從 Brian 那裡聽到的那樣，我們將繼續在這方面進行投資。

We've set forth measurable goals and milestones along the way to our goal of being carbon-neutral by 2050. And some of the investments that we're making today are enabling that. The aircraft, for example, that we are buying from Boeing are more energy efficient. The automobiles that we're buying are more energy efficient. And of course, we're moving to all-renewable energy to power our buildings.

在實現到 2050 年實現碳中和的目標的過程中，我們制定了可衡量的目標和里程碑。我們今天進行的一些投資正在實現這一目標。例如，我們從波音公司購買的飛機更節能。我們購買的汽車更節能。當然，我們正在轉向使用全可再生能源來為我們的建築供電。

So you can get all of these details in our ESG report, and we're committed to reaching that carbon-neutral goal by 2050. As it relates to customer needs, wants and desires, it's starting to actually increase, particularly outside of the United States. So this isn't just good for the planet, it's good for business.

因此，您可以在我們的 ESG 報告中了解所有這些詳細信息，我們致力於到 2050 年實現碳中和目標。由於它與客戶需求、願望和願望有關，它實際上開始增加，尤其是在美國以外狀態。所以這不僅對地球有利，對商業也有利。

Our next question will come from the line of Bascome Majors of Susquehanna.

我們的下一個問題將來自 Susquehanna 的 Bascome Majors。

With the update of the operating target to the pull forward of 2023, I'm not sure how meaningful the 3-year cash flow absolute numbers were. And I understand you don't want to guide '23 early. But can you talk a little bit about if you think you have visibility into on either CapEx or cash taxes, pension funding that would impact whatever profit trend that we assume for 2023 as far as the cash flow drop-down?

隨著經營目標的更新到 2023 年的提前，我不確定 3 年現金流量絕對數字有多大意義。而且我知道您不想提前指導'23。但是，您能否談談您是否認為自己對資本支出或現金稅、養老金基金有了解，這將影響我們假設的 2023 年的任何利潤趨勢，就現金流下降而言？

Yes. I think the free cash flow, Bascome, is going to dip by about $1.6 billion, $1.7 billion from '21 to '22. So as you think about what's driving that, we had prefunded some of our service costs in 2020. So if you take that $1.7 billion out, it's relatively flattish. And I think for the moment, that's a good placeholder.

是的。我認為，從 21 年到 22 年，Bascome 的自由現金流將減少約 16 億美元，即 17 億美元。因此，當您考慮推動這一點的原因時，我們已在 2020 年預支了部分服務成本。因此，如果您取出 17 億美元，它相對平緩。我認為目前，這是一個很好的佔位符。

We're throwing off a lot of cash. We're investing in the business to drive operating margin, to improve operating cash flow. I don't see a big spike in CapEx anytime soon. If we increase CapEx, it's likely to be for automation to reduce cost, et cetera. But I don't want to get out ahead of my skis in terms of the '23 guide at this point.

我們扔掉了很多現金。我們正在對該業務進行投資以提高營業利潤率，以改善運營現金流。我認為資本支出不會很快出現大幅飆升。如果我們增加資本支出，很可能是為了自動化降低成本等等。但我現在不想在 23 年指南方面領先於我的滑雪板。

And with respect to -- would you be comfortable issuing another long-term outlook now that you've pulled forward the one from last year? Any thoughts? Is that something that we could expect early next year? Or do you think you need to get through the Teamsters' negotiation to be able to have that level of certainty? Just any thoughts on when we might hear a longer-term update would be helpful.

關於 - 既然您已經從去年推出了另一個長期展望，您是否願意發布另一個長期展望？有什麼想法嗎？這是我們可以期待明年初的事情嗎？或者你認為你需要通過Teamsters的談判才能獲得那種程度的確定性？任何關於我們何時可能會聽到長期更新的想法都會有所幫助。

Yes. It's a very fair question. If you don't know where you're going on any road, we'll get you there. So we appreciate the need to give longer-term guidance. Let us get to our targets, and then we will come back and talk to you.

是的。這是一個非常公平的問題。如果您不知道自己要去哪裡，我們會帶您到那裡。因此，我們感謝提供長期指導的必要性。讓我們達到我們的目標，然後我們會回來和你談談。

Our next question will come from the line of Jairam Nathan of Daiwa.

我們的下一個問題將來自 Daiwa 的 Jairam Nathan。

So I just wanted to kind of -- in terms of your better, but not bigger strategy, is the company done with most of the areas where you would like to peel back? Or is there more to be done there?

所以我只是想 - 就你更好但不是更大的戰略而言，公司是否完成了你想要剝離的大部分領域？或者那裡還有更多工作要做？

Oh, there's no finish line. We're just getting started in so many ways. When I think about our approach to enterprise data, I'm so excited about this initiative. Today, we have data held in a number of data pools that aren't particularly clean.

哦，沒有終點線。我們在很多方面才剛剛開始。當我想到我們處理企業數據的方法時，我對這一舉措感到非常興奮。今天，我們將數據保存在許多不是特別乾淨的數據池中。

We've just kicked off an enterprise data strategy initiative. That's going to clean up all that data, put it into 8 domains. All the consuming applications will go into the domains. We'll have one version of the truth. That's going to drive productivity like we've never seen in this company. That's just one example of things that we got underway. So there's just no finish line.

我們剛剛啟動了企業數據戰略計劃。這將清理所有數據，將其放入 8 個域中。所有消費應用程序都將進入域。我們會有一個版本的真相。這將提高我們在這家公司從未見過的生產力。這只是我們正在進行的事情的一個例子。所以沒有終點線。

Would you agree, Brian?

你同意嗎，布賴恩？

Yes. No, we're very focused on a handful of wildly important initiatives, and that's sort of running the better, not bigger playbook. And yes, there is no finish line, so a perpetual flywheel.

是的。不，我們非常專注於少數非常重要的舉措，這是在運行更好而不是更大的劇本。是的，沒有終點線，所以是永久飛輪。

And I was...

而我是...

Go ahead, Jairam.

來吧，杰拉姆。

Yes. I'm specifically referring to -- on the revenue side because if I look at your comments, you said Healthcare will be up about $2 billion in 2022 from 2021. I assume -- I think DAP was about $0.7 billion.

是的。我特別指的是——在收入方面，因為如果我看看你的評論，你說醫療保健將從 2021 年到 2022 年增加約 20 億美元。我假設——我認為 DAP 約為 7 億美元。

And then if I look at your revenue increase, it's about $5 billion. So it looks like there is some -- there's still left -- some revenue left or some areas of revenue sources where you would be peeling back and saying you're kind of getting out of the market. So I just wanted to understand, is that the right way to think about it?

然後，如果我查看您的收入增長，大約是 50 億美元。所以看起來有一些 - 仍然存在 - 一些收入或一些收入來源領域你會剝離並說你正在退出市場。所以我只是想了解，這是正確的思考方式嗎？

So don't -- we might have confused the messaging because we had some '23 numbers and some 2022 numbers. The guide we gave was for 2022. And it may not look as aggressive as you might think. But remember, there's freight sales that we are comping in '21 that will not materialize in '22. And that's about $1 billion of revenue. So there's plenty of growth for us to go get. Plenty.

所以不要 - 我們可能會混淆消息傳遞，因為我們有一些 '23 數字和一些 2022 數字。我們給出的指南是針對 2022 年的。它可能看起來不像你想像的那麼激進。但請記住，我們在 21 年推出的貨運銷售將不會在 22 年實現。這大約是 10 億美元的收入。所以我們有足夠的增長空間。很多。

Our last question will come from the line of Scott Schneeberger of Oppenheimer.

我們的最後一個問題將來自奧本海默的 Scott Schneeberger。

I'm going to ask on B2C versus B2B. Brian, how are we comparing now in that mix versus pre-COVID levels? And what's implicit in the guidance over 2022 about how you think each will play in the upcoming year?

我要問的是 B2C 還是 B2B。布賴恩，我們現在如何比較該組合與 COVID 之前的水平？在 2022 年的指導中，你認為每個人在來年的表現都暗示了什麼？

Yes, Scott, good to hear from you. We finished the fourth quarter at 64% B2C. The guide for 2021 is we'll be roughly in that 60 -- low 60s range as we go forward. So we see it in kind of a low 60s range.

是的，斯科特，很高興收到你的來信。我們在第四季度完成了 64% 的 B2C。 2021 年的指導方針是，隨著我們前進，我們將大致處於 60 歲——60 歲以下的範圍內。所以我們在 60 年代的範圍內看到它。

Yes. For the full year, it was in the low 60s, wasn't it?

是的。整年都在 60 多歲，不是嗎？

Yes.

是的。

It was 61-39. When I came to the company, the previous year, it was more like 50-50. There's been a step change in the mix. I think it's going to stay around this 61-39 area, don't you?

這是61-39。當我來到公司時，前一年，它更像是50-50。組合發生了一步變化。我認為它會留在這個 61-39 區域，不是嗎？

Agreed. Agreed.

同意。同意。

I will now turn the floor over to Mr. Brian Newman.

我現在將請布賴恩·紐曼先生髮言。

Thank you, operator. I'd just like to take a minute as we close our call to announce a change within our Investor Relations group. Scott Childress has done an excellent job leading the IR team over the last 6 years. And I've asked Scott to take on an exciting new role within the finance team, continuing to report to myself.

謝謝你，接線員。在我們結束電話會議時，我想花一點時間宣布我們的投資者關係小組的變化。在過去的 6 年裡，Scott Childress 在領導 IR 團隊方面做得非常出色。我已經請斯科特在財務團隊中擔任一個令人興奮的新角色，繼續向我自己匯報。

Scott will transition his current IR role to Ken Cook, who most of you already know. Scott and Ken have worked together over the past couple of years to ensure a seamless transition. Scott, I know I speak for the entire executive leadership team when I express our sincere gratitude to you on a job well done. I'd also like to welcome Ken into his new role.

Scott 將把他目前的 IR 角色移交給你們大多數人已經認識的 Ken Cook。 Scott 和 Ken 在過去幾年中一直合作，以確保無縫過渡。斯科特，我知道我代表整個執行領導團隊發言，感謝您的出色工作。我也想歡迎肯加入他的新角色。

So thanks for dialing in today. We look forward to talking to you all soon, and this concludes our call.

所以感謝您今天撥入。我們期待很快與大家交談，我們的通話到此結束。