聯合包裹運送服務公司 (UPS) 2022 Q1 法說會逐字稿

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

早上好。我的名字是斯蒂芬，今天我將成為您的會議主持人。我想歡迎大家參加 UPS 投資者關係 2022 年第一季度收益電話會議。 （操作員說明）

It is now my pleasure to turn the floor over to our host, Mr. Ken Cook, 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 Ken Cook 先生。先生，地板是你的。

Good morning, and welcome to the UPS' First Quarter 2022 Earnings Call. Joining me today are Carol Tome, our CEO; and Brian Newman, our CFO.

早上好，歡迎參加 UPS 2022 年第一季度財報電話會議。今天加入我的是我們的首席執行官 Carol Tome；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 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 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。這些陳述受風險和不確定性的影響，我們在 2021 年表格 10-K 和我們向證券交易委員會提交或提供的其他報告中對此進行了描述。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 first quarter of 2022, GAAP results include a net charge of $19 million or $0.02 per diluted share comprised of after-tax transformation and other charges of $43 million, offset by an after-tax gain of $24 million, resulting from the curtailment of benefits in the Canadian retirement plan. Unless stated otherwise, our comments will refer to adjusted results, which exclude pension adjustments and transformation and other charges.

對於 2022 年第一季度，GAAP 業績包括 1900 萬美元或每股攤薄收益 0.02 美元的淨費用，包括稅後轉型和 4300 萬美元的其他費用，由 2400 萬美元的稅後收益抵消，這是由於削減加拿大退休計劃中的福利。除非另有說明，否則我們的評論將指調整後的結果，不包括養老金調整和轉型等費用。

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)

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, Ken, and good morning. This is my eighth earnings call at UPS. Since I joined the company, we faced a pandemic, social unrest, political unrest, the fallout from Brexit and now a war. Through it all, I continue to be so impressed by the resiliency of UPSers and their commitment to moving our role forward by delivering what matters. I want to thank our team for their hard work and efforts in serving the needs of our customers, each other and our communities during these most trying times.

謝謝你，肯，早上好。這是我在 UPS 的第八次財報電話會議。自從我加入公司以來，我們面臨著一場流行病、社會動盪、政治動盪、英國退歐的後果，現在又是一場戰爭。通過這一切，我繼續對 UPS 員工的應變能力以及他們通過交付重要的東西來推動我們的角色前進的承諾印象深刻。我要感謝我們的團隊在最艱難的時期為滿足我們的客戶、彼此和我們的社區的需求所做的辛勤工作和努力。

Before I discuss our results, I'd like to address our situation in Ukraine. Our hearts are with the people of Ukraine, who are feeling the effects of this tragedy firsthand. We have suspended all commercial operations in Ukraine, Belarus and Russia. Where we can, we are supporting humanitarian relief efforts and our focus is on the safety of our people.

在討論我們的結果之前，我想先談談我們在烏克蘭的情況。我們的心與親身感受這場悲劇影響的烏克蘭人民同在。我們已暫停在烏克蘭、白俄羅斯和俄羅斯的所有商業運營。在力所能及的情況下，我們正在支持人道主義救援工作，我們的重點是我們人民的安全。

Putting the issues in Eastern Europe aside, as we discussed in February, we expected the macro environment to be dynamic, and it was. Our average daily volume fell short of our plan due to several external factors that Brian will detail. But we remain focused on controlling what we can control. And looking at the first quarter, we were pleased with our results. Consolidated revenue rose 6.4% from last year to $24.4 billion, and operating profit grew 12.1% from last year to $3.3 billion. Consolidated operating margin expanded to 13.6%, which was 70 basis points above last year. All of our business segments delivered operating profit growth.

撇開東歐的問題不談，正如我們在 2 月份討論的那樣，我們預計宏觀環境將是動態的，而且確實如此。由於布賴恩將詳述的幾個外部因素，我們的日均交易量低於我們的計劃。但我們仍然專注於控制我們可以控制的東西。看看第一季度，我們對我們的結果感到滿意。綜合收入較去年增長 6.4% 至 244 億美元，營業利潤較去年增長 12.1% 至 33 億美元。綜合營業利潤率擴大至 13.6%，比去年高 70 個基點。我們所有業務分部均實現營業利潤增長。

Of note, our Supply Chain Solutions businesses generated record operating profit of $481 million with a record operating margin of 11%, driven by strength in forwarding and healthcare. We continue to pivot toward opportunity. We've made tremendous progress over the last 2 years. We are leveraging the power of our data to become much more agile.

值得注意的是，在貨運和醫療保健實力的推動下，我們的供應鏈解決方案業務創造了創紀錄的 4.81 億美元營業利潤，營業利潤率達到創紀錄的 11%。我們繼續轉向機會。在過去的 2 年中，我們取得了巨大的進步。我們正在利用數據的力量變得更加敏捷。

Under our better, not bigger framework, we are investing in the capabilities that matter the most to our customers, and we are winning in the parts of the market that value our end-to-end network, like SMBs, healthcare, B2B and large enterprise accounts.

在我們更好而不是更大的框架下，我們正在投資於對我們的客戶最重要的能力，並且我們正在贏得重視我們端到端網絡的市場部分，如中小型企業、醫療保健、B2B 和大型企業企業賬戶。

How do we know we are winning? Because we've gained market share. Winning comes down to successfully executing our customer first, people-led innovation-driven strategy. Looking at customer first. This is about creating a frictionless customer experience. Here, we've made 2 significant enhancements to digitize the on-boarding experience, making it easier for SMBs to ship with us.

我們怎麼知道我們贏了？因為我們已經獲得了市場份額。成功歸結為成功執行我們的客戶至上、以人為本的創新驅動戰略。首先看客戶。這是關於創造無摩擦的客戶體驗。在這裡，我們進行了 2 項重大改進，以將入職體驗數字化，使 SMB 更容易與我們一起發貨。

The first change I'll share is for our smallest customers. In the U.S., they can now go online at ups.com, answer just 3 questions and get a contract that includes pricing. This enables them to begin shipping in under 2 minutes, instead of our old process, where they had to wait an average of 10 days to get started.

我要分享的第一個變化是針對我們最小的客戶。在美國，他們現在可以在 ups.com 上上網，只需回答 3 個問題並獲得一份包含定價的合同。這使他們能夠在 2 分鐘內開始發貨，而不是我們的舊流程，他們必須平均等待 10 天才能開始。

The second enhancement is for larger SMBs. Here, we are leveraging best-in-class technology to enhance the experience for our customers and our salespeople. We've moved from a slow, manual pricing process to a new digital platform that we call Deal Manager. This platform, which will be fully deployed to all U.S. SMB salespeople by the end of this month, operationalizes our data and applies pricing science to present the customer with the right price the first time.

第二個增強是針對較大的 SMB。在這裡，我們正在利用一流的技術來增強我們的客戶和銷售人員的體驗。我們已經從緩慢的手動定價流程轉變為一個新的數字平台，我們稱之為 Deal Manager。該平台將於本月底全面部署到所有美國 SMB 銷售人員，操作我們的數據並應用定價科學，在第一時間為客戶提供合適的價格。

For our customers, this means they no longer need to submit cumbersome sample data just to get a quote. For our salespeople, they can close deals on the spot, making them more efficient and freeing them up to spend more time selling. And because this platform uses advanced analytics, the more we use it, the smarter it becomes. It's a key building block to our dynamic pricing.

對於我們的客戶來說，這意味著他們不再需要提交繁瑣的樣本數據來獲取報價。對於我們的銷售人員，他們可以當場完成交易，提高效率，騰出更多時間進行銷售。而且由於該平台使用高級分析，我們使用它的次數越多，它就會變得越智能。這是我們動態定價的關鍵組成部分。

Our Digital Access Program, or DAP, is another important SMB growth driver. In the first quarter, we created more than 500,000 new DAP customer accounts. That's more than 3x the number of new accounts created in the first quarter of last year. What's more, near the end of the first quarter, we began shipping DAP packages that originated outside of the U.S. As of today, DAP is available in 27 countries around the world and we are continuing to add DAP partners, putting us well on our way to achieving our $2 billion DAP revenue target in 2022.

我們的數字訪問計劃 (DAP) 是另一個重要的 SMB 增長動力。在第一季度，我們創建了超過 500,000 個新的 DAP 客戶帳戶。這是去年第一季度創建的新帳戶數量的 3 倍多。更重要的是，在第一季度末，我們開始運送源自美國以外的 DAP 包裹。截至今天，DAP 已在全球 27 個國家/地區提供，我們將繼續增加 DAP 合作夥伴，讓我們順利前進以在 2022 年實現我們 20 億美元的 DAP 收入目標。

The enhancements we are making are resonating with SMB customers. In the first quarter, the U.S. SMB average daily volume growth rate, including platforms, outpaced the enterprise volume growth rate. In fact, in the first quarter, SMBs made up 28.4% of our total U.S. volume, up 140 basis points from 1 year ago.

我們所做的改進引起了 SMB 客戶的共鳴。第一季度，包括平台在內的美國 SMB 日均交易量增長率超過了企業交易量增長率。事實上，在第一季度，中小型企業占美國總交易量的 28.4%，比一年前增加了 140 個基點。

Looking at our International and Supply Chain Solutions segments, the flexibility of our network allowed us to continue delivering for our customers within a dynamic environment. In many ways, this was one of our more challenging quarters as our international small package business faced tough year-over-year comparisons and demand was negatively impacted by ongoing disruptions due to the pandemic. But at the same time, we scurried to keep up with heightened demand in our Forwarding and Healthcare businesses. No matter what came our way, we kept delivering with outstanding service levels.

縱觀我們的國際和供應鏈解決方案部門，我們網絡的靈活性使我們能夠在動態環境中繼續為客戶提供服務。在許多方面，這是我們更具挑戰性的季度之一，因為我們的國際小包裝業務面臨嚴峻的同比比較，並且需求受到大流行造成的持續中斷的負面影響。但與此同時，我們急忙跟上我們的貨運和醫療保健業務不斷增長的需求。無論我們遇到什麼問題，我們始終以出色的服務水平提供服務。

Moving to People Led. As previously announced, in the quarter, we realigned our executive leadership team. First, Nando Cesarone, who has been leading our U.S. operations since 2020 assumed additional responsibility for U.S. sales and parts of engineering. This change gets us even closer to the customer, helping us better go-to-market as 1 UPS and enabling our teams to move even faster to unlock value for our customers and our shareowners.

轉向以人為本。正如之前宣布的那樣，在本季度，我們重新調整了我們的執行領導團隊。首先，自 2020 年以來一直領導我們美國業務的 Nando Cesarone 承擔了美國銷售和部分工程的額外責任。這一變化讓我們更加貼近客戶，幫助我們作為 1 UPS 更好地進入市場，並使我們的團隊能夠更快地行動，為我們的客戶和股東釋放價值。

Second, Kate Gutmann assumed a new role, leading both the International and Supply Chain Solutions segments in addition to our Healthcare business. This allows us to better serve our global customers with our full range of services and provides opportunity for synergies in both revenue and cost.

其次，Kate Gutmann 擔任了新角色，除了我們的醫療保健業務外，還領導國際和供應鏈解決方案部門。這使我們能夠更好地為我們的全球客戶提供全方位的服務，並為收入和成本方面的協同效應提供機會。

Finally, we have an external search underway for our new Chief Digital and Technology Officer. I'm delighted with the candidates that have surfaced for this role and hope to fill the position soon. Which brings us to innovation-driven. This is about driving higher returns from the capital we deploy. Here, we are continuing to leverage the technology investments we've made to power our global Smart Logistics Network.

最後，我們正在外部尋找我們新的首席數字和技術官。我對已經出現擔任該職位的候選人感到高興，並希望盡快填補該職位。這將我們帶到了創新驅動。這是為了從我們部署的資本中獲得更高的回報。在這裡，我們將繼續利用我們所做的技術投資來為我們的全球智能物流網絡提供動力。

Throughout the quarter, we leveraged our network planning tools, automated facilities and other technologies to optimize the network and run it with greater agility. These efforts, coupled with a laser focus on revenue quality, contributed to a 90 basis point improvement in U.S. operating margin year-over-year.

在整個季度中，我們利用我們的網絡規劃工具、自動化設施和其他技術來優化網絡並以更高的敏捷性運行它。這些努力，再加上對收入質量的高度關注，使美國的營業利潤率同比提高了 90 個基點。

As we've discussed, we've turned productivity into a virtuous cycle at UPS. We have started the rollout of our RFID technology that we call Smart Package, with the intent of completing 100 centers in 2022. This year, we will also begin the implementation of automated bagging, automated label application and robotic small store induction, all this to drive increased productivity.

正如我們所討論的，在 UPS，我們已將生產力轉化為良性循環。我們已經開始推出我們稱之為 Smart Package 的 RFID 技術，目標是在 2022 年完成 100 個中心。今年，我們還將開始實施自動裝袋、自動標籤應用和機器人小商店感應，這一切都是為了推動生產力的提高。

As an innovation-driven company, we are marching down the path toward our goal of being carbon neutral by 2050. Here is one example. We have 2 data centers that drive our global integrated network. These data centers are now powered 100% by renewable energy sources.

作為一家創新驅動型公司，我們正朝著到 2050 年實現碳中和的目標前進。這裡有一個例子。我們有 2 個數據中心來驅動我們的全球集成網絡。這些數據中心現在 100% 由可再生能源供電。

To give you some context, the power used to run these 2 data centers is the equivalent of the electricity needed to run 5,000 homes for 1 year. As we look ahead, we think the macro environment will be very dynamic, but we see many positives inside our business. We continue to deliver high service levels. We are gaining market share. We are more agile today than when I on-boarded, and we are focused on controlling what we can control to achieve the financial targets we've laid out.

為您提供一些背景信息，用於運行這 2 個數據中心的電力相當於運行 5,000 個家庭一年所需的電力。展望未來，我們認為宏觀環境將充滿活力，但我們在業務中看到了許多積極因素。我們繼續提供高水平的服務。我們正在獲得市場份額。今天的我們比我入職時更加敏捷，我們專注於控制我們可以控制的內容，以實現我們制定的財務目標。

Brian will share the details regarding our outlook, but let me end by reaffirming our 2022 consolidated financial goals. In 2022, we expect to generate about $102 billion in revenue, consolidated operating margin of approximately 13.7%. And we expect return on invested capital to be greater than 30%. We are confident in our outlook and our financial condition. As a result, we are increasing our share repurchases for 2022, taking the target up to $2 billion for the year.

布賴恩將分享有關我們前景的細節，但最後讓我重申我們的 2022 年合併財務目標。到 2022 年，我們預計將產生約 1020 億美元的收入，合併營業利潤率約為 13.7%。我們預計投資資本回報率將超過 30%。我們對我們的前景和財務狀況充滿信心。因此，我們正在增加 2022 年的股票回購，將全年目標提高到 20 億美元。

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

現在我將把電話轉給布賴恩。

Thanks, Carol, and good morning. In my comments, I'll cover 4 areas. Starting with the macro environment, then our first quarter results. Next, I'll cover cash and shareowner returns. And lastly, I'll provide an update on our financial outlook for 2022.

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，然後是我們的第一季度業績。接下來，我將介紹現金和股東回報。最後，我將提供我們 2022 年財務展望的最新信息。

As Carol mentioned, external factors resulted in a challenging operating environment in the first quarter. Early in January, Omicron negatively impacted retail sales and pressured volumes. The impact of Omicron subsided in February and volume growth turned slightly positive. Then late in the quarter, the combination of record-high inflation, a surge in energy prices, COVID-19 lockdowns in Asia and geopolitical uncertainty resulted in our consolidated volume growth rates turning negative. Despite these external factors, we remain agile and delivered strong first quarter results by continuing to execute our strategy and quickly adjusting our network to match capacity with the needs of our customers.

正如卡羅爾所說，外部因素導致第一季度的經營環境充滿挑戰。 1 月初，Omicron 對零售銷售產生了負面影響，並令銷量承壓。 Omicron 的影響在 2 月消退，成交量增長略微轉正。然後在本季度末，創紀錄的高通脹、能源價格飆升、亞洲 COVID-19 封鎖和地緣政治不確定性導致我們的綜合銷量增長率變為負數。儘管存在這些外部因素，我們仍然保持敏捷，並通過繼續執行我們的戰略并快速調整我們的網絡以使容量與客戶的需求相匹配，從而實現了強勁的第一季度業績。

In the first quarter, consolidated revenue increased 6.4% to $24.4 billion. Consolidated operating profit totaled $3.3 billion, 12.1% higher than last year. Consolidated operating margin expanded to 13.6%, which was 70 basis points above last year. For the first quarter, diluted earnings per share was $3.05, up 10.1% from the same period last year.

第一季度，綜合收入增長 6.4% 至 244 億美元。合併營業利潤總額為 33 億美元，比去年增長 12.1%。綜合營業利潤率擴大至 13.6%，比去年高 70 個基點。第一季度，每股攤薄收益為 3.05 美元，比去年同期增長 10.1%。

Now let's look at our business segments. U.S. Domestic delivered strong first quarter results. Our success was driven by continued gains in revenue quality and by leveraging the agility of our network to control cost. We had planned for volume to be down slightly in the first quarter based on volume projections from a few of our largest customers. We expected to fill this gap with other enterprise volume, but market conditions did not support and our volume was lower than planned. Total average daily volume in the U.S. was down 3% or 611,000 packages per day versus the first quarter of last year, driven by a 7.4% decline in residential volume.

現在讓我們看看我們的業務部門。美國國內第一季度業績強勁。我們的成功得益於收入質量的持續提高以及利用我們網絡的敏捷性來控製成本。根據我們一些最大客戶的銷量預測，我們計劃在第一季度略微下降銷量。我們希望用其他企業的量來填補這一空白，但市場條件並不支持，我們的量低於計劃。與去年第一季度相比，美國的日均總包裹量下降了 3%，即每天 611,000 個包裹，原因是住宅數量下降了 7.4%。

Looking back to March 2021, stimulus checks arrived at many U.S. households and contributed to difficult year-over-year comps in the first quarter of this year. The decline in residential deliveries included a reduction in SurePost volume of about 312,000 packages per day. The decrease in residential volume was partially offset by a 3.6% increase in B2B average daily volume, with growth from both enterprise and SMB customers.

回顧 2021 年 3 月，刺激性支票到達了許多美國家庭，並在今年第一季度造成了艱難的同比增長。住宅交付量的下降包括 SurePost 每天約 312,000 個包裹的數量減少。住宅交易量的下降被 B2B 日均交易量增長 3.6% 部分抵消，企業和 SMB 客戶均實現增長。

In the first quarter, B2B represented 43% of our volume, which was up from 40% in the first quarter of 2021. Even within the current environment, the execution of our strategy is continuing to drive improvement in customer mix. In the first quarter, SMB average daily volume, including platforms, was up 1.9% and SMBs made up 28.4% of U.S. domestic volume, an increase of 140 basis points over last year.

第一季度，B2B 占我們交易量的 43%，高於 2021 年第一季度的 40%。即使在當前環境下，我們戰略的執行仍在繼續推動客戶組合的改善。第一季度，包括平台在內的中小企業日均交易量增長 1.9%，中小企業占美國國內交易量的 28.4%，比去年增加 140 個基點。

For the quarter, U.S. domestic generated revenue of $15.1 billion, up 8%, which included the benefit of one additional operating day. Revenue per piece increased 9.5%, more than offsetting the volume decline in the first quarter. Together, fuel surcharges and base rates drove 820 basis points of the revenue per piece improvement, with mix contributing the rest of the growth. Additionally, revenue per piece grew across all products and customer segments with ground revenue per piece up 8.4%.

本季度，美國國內產生的收入為 151 億美元，增長 8%，其中包括一個額外營業日的收益。每件收入增長 9.5%，抵消了第一季度的銷量下降。燃油附加費和基準費率共同推動了每件收入的 820 個基點的增長，其餘的增長貢獻了混合動力。此外，所有產品和客戶群的每件收入均增長，每件地面收入增長 8.4%。

Turning to costs. Total expense grew 6.9%. Total payroll and benefits, which included market rate adjustments, drove 390 basis points of the increase, and fuel drove 230 basis points of the expense growth rate increase. The remaining expense growth rate increase was driven by multiple factors, including weekend expansion and depreciation.

轉向成本。總支出增長 6.9%。包括市場利率調整在內的總工資和福利推動了 390 個基點的增長，燃料推動了費用增長率的 230 個基點。剩餘費用增長率的增長是由包括週末擴張和折舊在內的多種因素推動的。

The investments we've made in our automated facilities, coupled with our productivity improvement initiatives, enabled us to eliminate more than 1,300 trailer loads per day compared to the same period last year, which contributed to the positive operating leverage in the quarter. The U.S. Domestic segment delivered $1.7 billion in operating profit, an increase of $242 million or 16.5% compared to the first quarter of 2021. And operating margin expanded 90 basis points to 11.3%.

與去年同期相比，我們對自動化設施進行的投資，加上我們的生產力改進計劃，使我們能夠每天減少 1,300 多輛拖車負載，這有助於本季度的積極運營槓桿。美國國內業務實現了 17 億美元的營業利潤，與 2021 年第一季度相比增加了 2.42 億美元或 16.5%。營業利潤率擴大了 90 個基點至 11.3%。

Looking outside of the U.S., let me start by providing some information on our direct exposure to Ukraine, Belarus and Russia. Revenue from these 3 countries represented less than 1% of our consolidated revenue in 2021. While the direct financial impact is not material to our business, we are closely monitoring the broader impacts across the global economy.

在美國以外的地方，讓我首先提供一些關於我們直接接觸烏克蘭、白俄羅斯和俄羅斯的信息。 2021 年，來自這 3 個國家/地區的收入不到我們合併收入的 1%。雖然直接的財務影響對我們的業務並不重要，但我們正在密切關注對全球經濟的更廣泛影響。

Moving to our International segment performance. By leveraging the agility of our global network and focusing on revenue quality, International executed well in a challenging global market, navigating through increases in global inflation, a war and COVID-19 disruptions.

轉向我們的國際部門表現。通過利用我們全球網絡的敏捷性並專注於收入質量，國際在充滿挑戰的全球市場中表現出色，在全球通脹上升、戰爭和 COVID-19 中斷的情況下導航。

In contrast to the U.S., we plan for international volume to grow in the first quarter, and it did not. Total average daily volume was down 256,000 packages per day or 6.7% in the first quarter. Part of the decline was due to tough comps from 1 year ago. When looking at performance on a 2-year stack basis, total international average daily volume was up 16.4%.

與美國相比，我們計劃在第一季度實現國際銷量增長，但事實並非如此。第一季度的日均總包裹量每天下降 256,000 件或 6.7%。下降的部分原因是一年前的艱難比賽。在以 2 年堆棧為基礎查看性能時，國際平均每日總交易量增長了 16.4%。

In the first quarter of 2022, international domestic average daily volume was down 10.1%, representing nearly 80% of the decrease in international volume. Total export average daily volume declined 2.9% due to a combination of factors, including COVID-19 lockdowns in Asia. In response, we adjusted the network and we're able to keep our operations moving in Asia and at the same time, shifted capacity where it was needed to serve our customers globally.

2022年第一季度，國際國內日均交易量下降10.1%，佔國際交易量下降近80%。受亞洲 COVID-19 封鎖等多種因素的綜合影響，日均出口總量下降了 2.9%。作為回應，我們調整了網絡，我們能夠繼續在亞洲開展業務，同時將產能轉移到需要為全球客戶提供服務的地方。

For example, average daily volume on the Europe to U.S. lane grew 10.7%. In the first quarter, international revenue increased 5.8% to $4.9 billion. Revenue per piece increased 10.5%, including a 710 basis point benefit from fuel and a 680 basis point benefit from revenue quality and mix, offset by a 340 basis point negative impact due to a stronger U.S. dollar. Operating profit was $1.1 billion, an increase of 2.7%. And operating margin was 23%, down 70 basis points year-over-year.

例如，歐洲到美國航線的日均貨運量增長了 10.7%。第一季度，國際收入增長 5.8% 至 49 億美元。每件收入增長 10.5%，其中包括來自燃料的 710 個基點的收益和來自收入質量和組合的 680 個基點的收益，被美元走強帶來的 340 個基點的負面影響所抵消。營業利潤為 11 億美元，增長 2.7%。營業利潤率為 23%，同比下降 70 個基點。

Now looking at Supply Chain Solutions. In the first quarter, the segment delivered record operating profit in a dynamic environment. Revenue increased to $4.4 billion, up 2% despite the divestiture of UPS Freight, which accounted for $767 million of Supply Chain Solutions revenue in the first quarter of 2021.

現在關注供應鏈解決方案。第一季度，該部門在動態環境中實現了創紀錄的營業利潤。儘管 UPS Freight 剝離了 2021 年第一季度供應鏈解決方案收入的 7.67 億美元，但收入仍增至 44 億美元，增長 2%。

Looking at the key performance drivers. Forwarding revenue was up 25% and operating profit more than doubled by managing the buy-sell spreads, while global market demand continued to outpace supply. Our teams did an outstanding job helping our customers manage through this challenging market.

查看關鍵性能驅動因素。通過管理買賣價差，貨運收入增長了 25%，營業利潤增加了一倍以上，而全球市場需求繼續超過供應。我們的團隊在幫助我們的客戶管理這個充滿挑戰的市場方面做得非常出色。

Within forwarding, our truckload brokerage unit delivered strong operating profit growth driven by revenue quality initiatives. And our healthcare business delivered record revenue and operating profit results in the first quarter, led by pharma, clinical trials and lab customers. In the first quarter, Supply Chain Solutions generated an operating profit of $481 million and delivered a record operating margin of 11%, 180 basis points above last year.

在貨運方面，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。在製藥、臨床試驗和實驗室客戶的帶動下，我們的醫療保健業務在第一季度實現了創紀錄的收入和營業利潤。第一季度，Supply Chain Solutions 創造了 4.81 億美元的營業利潤，並實現了創紀錄的 11% 的營業利潤率，比去年高出 180 個基點。

Walking through the rest of the income statement, we had $174 million of interest expense. Other pension income was $298 million. And lastly, our effective tax rate in the first quarter came in at 21.5%, flat to last year and lower than planned due to discrete items. For the full year in 2022, we expect our effective tax rate to be around 23%.

瀏覽損益表的其餘部分，我們有 1.74 億美元的利息支出。其他養老金收入為 2.98 億美元。最後，我們第一季度的有效稅率為 21.5%，與去年持平，並且由於離散項目而低於計劃。對於 2022 年全年，我們預計我們的有效稅率將在 23% 左右。

Now let's turn to cash and shareowner returns. We are continuing to generate strong cash flow from our disciplined focus on capital allocation and bottom-line results. In the first quarter, we generated $4.5 billion in cash from operations. Free cash flow for the period was $3.9 billion, a 5.5% increase year-over-year.

現在讓我們轉向現金和股東回報。我們將繼續通過對資本配置和底線結果的嚴格關注，產生強勁的現金流。第一季度，我們從運營中產生了 45 億美元的現金。該期間的自由現金流為 39 億美元，同比增長 5.5%。

And in the first quarter, UPS distributed $1.3 billion in dividends and completed $260 million in share buybacks, which brings us to our outlook for the remainder of 2022. According to IHS, GDP expectations for the full year have been lowered from previous forecasts. Global GDP is now expected to grow 3.2% and U.S. GDP is expected to grow 3%. And the macro environment is expected to be bumpy for the remainder of 2022.

在第一季度，UPS 分配了 13 億美元的股息並完成了 2.6 億美元的股票回購，這使我們對 2022 年剩餘時間的展望有了進一步的了解。根據 IHS 的數據，全年 GDP 預期已低於之前的預測。全球 GDP 現在預計增長 3.2%，美國 GDP 預計增長 3%。預計 2022 年剩餘時間的宏觀環境將崎嶇不平。

We are continuing to pay close attention to macro elements, including COVID-19, upstream supply chain constraints, inventory and inflationary pressures and the geopolitical environment. Despite this backdrop, we are reaffirming our consolidated financial targets for 2022, driven by our results in the first quarter and the momentum we are seeing in the second quarter.

我們將繼續密切關注宏觀因素，包括 COVID-19、上游供應鏈限制、庫存和通脹壓力以及地緣政治環境。儘管有這樣的背景，我們仍在重申我們的 2022 年綜合財務目標，這得益於我們第一季度的業績和我們在第二季度看到的勢頭。

Consolidated revenues are expected to be about $102 billion, which takes into account the divestiture of UPS Freight. Consolidated operating margin is expected to be approximately 13.7% and return on invested capital is anticipated to be above 30%.

考慮到 UPS Freight 的剝離，合併收入預計約為 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%。

We expect our path to achieve these financial targets will be different than we shared with you in February. We have proven our ability to adapt in a dynamic environment and we have many levers to pull that give us confidence in our ability to achieve our targets.

我們預計我們實現這些財務目標的途徑將與我們在 2 月份與您分享的不同。我們已經證明了我們在動態環境中適應的能力，並且我們有許多槓桿可以拉動，這使我們對實現目標的能力充滿信心。

In U.S. Domestic, our revenue guidance is not changing. We anticipate revenue growth of around 5.5%, with revenue per piece growing faster than volume. In terms of volume, however, we anticipate volume growth rates will be lower than we originally expected. The volume growth rate in the first half of the year is expected to be negative and we expect it to improve in the second half of the year. Pricing is expected to remain firm and will continue to price based on the value we provide to our customers.

在美國國內，我們的收入指導沒有改變。我們預計收入增長約 5.5%，每件收入增長快於銷量。然而，就銷量而言，我們預計銷量增長率將低於我們最初的預期。預計上半年的銷量增長率為負，我們預計下半年將有所改善。定價預計將保持堅挺，並將繼續根據我們為客戶提供的價值定價。

Lastly, in U.S. domestic, we expect operating margin to expand around 50 basis points for the full year in 2022. In international, our revenue guidance is unchanged. Revenue growth is anticipated to be approximately 7.7%, driven by revenue quality initiatives. We anticipate volume will be lower than originally planned. And given the value we offer our customers, we expect pricing to remain firm. Operating margin in the International segment is anticipated to be about 23.6%.

最後，在美國國內，我們預計 2022 年全年營業利潤率將擴大約 50 個基點。在國際市場，我們的收入指引保持不變。在收入質量計劃的推動下，收入增長預計約為 7.7%。我們預計銷量將低於原計劃。鑑於我們為客戶提供的價值，我們預計定價將保持穩定。國際部門的營業利潤率預計約為 23.6%。

In Supply Chain Solutions, our revenue expectation is unchanged at around $17 billion, driven by our healthcare portfolio and forwarding. We expect ocean rates to moderate below 2021 peak levels. Operating margin is expected to be about 9.4%. As a reminder, we will lap the sale of UPS Freight at the end of April.

在供應鏈解決方案方面，在我們的醫療保健產品組合和轉發的推動下，我們的收入預期保持不變，約為 170 億美元。我們預計海運費將低於 2021 年的峰值水平。營業利潤率預計約為 9.4%。提醒一下，我們將在 4 月底結束 UPS Freight 的銷售。

Turning to capital allocation. For the full year in 2022, we still expect free cash flow to be around $9 billion, including our annual pension contributions. Capital expenditures are still expected to be about 5.4% of revenue or $5.5 billion, which includes 2 747-8 aircraft, 2 automated hubs, more than 3,700 alternative fuel vehicles and additional technology investments, all of which will enable greater efficiency in our integrated network and move us further down the path to achieving our 2050 carbon-neutral goal. And in 2022, we are planning to pay out around $5.2 billion in dividends, subject to Board approval.

轉向資本配置。對於 2022 年全年，我們仍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。預計資本支出仍約為收入的 5.4% 或 55 億美元，其中包括 2 747-8 飛機、2 個自動化樞紐、3,700 多輛替代燃料汽車和額外的技術投資，所有這些都將提高我們綜合網絡的效率讓我們在實現 2050 年碳中和目標的道路上走得更遠。在 2022 年，我們計劃支付約 52 億美元的股息，但須經董事會批准。

Regarding debt repayment. As of today, our plan is to repay $2 billion in debt at maturity this year. Lastly, in terms of capital allocation, we are doubling the amount of cash we plan to allocate to share repurchases to $2 billion in 2022, further rewarding our shareowners.

關於償還債務。截至今天，我們的計劃是在今年到期償還 20 億美元的債務。最後，在資本配置方面，我們計劃在 2022 年將用於股票回購的現金增加一倍，達到 20 億美元，進一步回報我們的股東。

We are executing our strategy and we will remain agile as we continue to navigate the dynamic macro environment. We are laser-focused on improving revenue quality, reducing our cost to serve and disciplined capital allocation. And by controlling what we can control, we are confident in our outlook and our financial condition. Thank you.

我們正在執行我們的戰略，我們將在繼續駕馭動態的宏觀環境時保持敏捷。我們專注於提高收入質量、降低服務成本和規範資本分配。通過控制我們可以控制的東西，我們對自己的前景和財務狀況充滿信心。謝謝你。

And operator, please open the lines.

接線員，請打開線路。

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

我們的第一個問題將來自德意志銀行的 Amit Mehrotra。

Brian, what impact you'll have on RPP and domestic? I know you said 800 bps fuel plus base rates. I wanted to see if you can just give us -- just isolate the fuel piece of that. And Carol, I was hoping you can talk about the recent Amazon brought by with the prime initiative? It seems like that eats into the SMB strategy or potentially eats into the SMB strategy. Just wanted to get your thoughts on that strategy that Amazon is pursuing and the implications for UPS and also UPS' relationship with Amazon as well.

Brian，你會對 RPP 和國內產生什麼影響？我知道你說的是 800 bps 燃料加基本費率。我想看看你能不能給我們——把那塊燃料隔離開來。還有卡羅爾，我希望你能談談最近亞馬遜帶來的主要倡議？似乎這會侵蝕 SMB 戰略或可能會侵蝕 SMB 戰略。只是想了解您對亞馬遜所追求的戰略以及對 UPS 的影響以及 UPS 與亞馬遜的關係的看法。

Amit, happy to break down the fuel piece, and then I'll turn it over to Carol for the Amazon question. You sold a 9.5% RPP growth in domestic. And think of that as about 80% rate and 20% mix approximately, the mix being driven by our continued performance on the SMB side. But the split of the 80% is roughly equal. It's about half fuel and then half base pricing as you split it out.

Amit，很高興分解燃料片，然後我將把它交給 Carol 處理亞馬遜問題。您在國內銷售了 9.5% 的 RPP 增長。並將其視為大約 80% 的比率和大約 20% 的混合，這種混合是由我們在 SMB 方面的持續表現推動的。但 80% 的比例大致相等。當你把它分開時，它大約是燃料的一半，然後是基本定價的一半。

And Amit, I would just make one comment. As we think about pricing, and as we go down -- further down this journey, fuel is one component of our pricing lever. We have surcharges. We have base rate GRI. So within that, it was approximately a split between base pricing and fuel.

還有阿米特，我只想發表評論。當我們考慮定價時，隨著我們走下坡路——在這段旅程中走得更遠，燃料是我們定價槓桿的一個組成部分。我們有附加費。我們有基準利率 GRI。因此，在此範圍內，基本定價和燃料之間大約存在分歧。

Carol, did you want to take Amazon?

卡羅爾，你想收購亞馬遜嗎？

Happy to take the Amazon question. Thank you, Amit. We have a very good relationship with Amazon. They are our largest customer. And as we talked about at the end of the fourth quarter, we reached agreement with Amazon about the packages that we will take into our network and the packages that they will deliver on their behalf, and it's a mutually beneficial relationship.

很高興接受亞馬遜的問題。謝謝你，阿米特。我們與亞馬遜的關係非常好。他們是我們最大的客戶。正如我們在第四季度末談到的那樣，我們與亞馬遜就我們將進入我們網絡的包裹以及他們將代表他們交付的包裹達成協議，這是一種互惠互利的關係。

As it relates to their latest announcement, we see that as a very clever marketing play by Amazon. But just putting Amazon Prime badge on an SMB website, if the website even exists, doesn't present risk to us, we believe.

由於這與他們的最新公告有關，我們認為這是亞馬遜非常聰明的營銷手段。但是，我們相信，只要將 Amazon Prime 徽章放在 SMB 網站上，即使該網站存在，也不會給我們帶來風險。

Our next question comes from the line of Tom Wadewitz of UBS.

我們的下一個問題來自瑞銀的 Tom Wadewitz。

I wanted to ask you a little bit -- for a little bit more perspective just on the volume framework. What -- I mean I'm guessing you don't want to give us a kind of precise month by month. But what did -- if you do great, but what did March look like in terms of how much weaker? And then what does April look like?

我想問你一點——關於卷框架的更多觀點。什麼——我的意思是我猜你不想給我們一個精確的月份。但是做了什麼——如果你做得很好，但三月看起來弱了多少？那麼四月是什麼樣子的呢？

I don't know if you want to comment -- I mean, I'm asking primary land domestic package, if you want to offer international thought as well. But just kind of that volume trajectory? And how that fits into the overall outlook and expectation for the first -- second quarter?

我不知道你是否想發表評論——我的意思是，如果你也想提供國際思想，我是在詢問初級土地國內套餐。但只是那種成交量軌跡？以及這如何適應第一 - 第二季度的整體前景和預期？

Well, I'll start, Brian, and then please join in. So Tom, as Brian mentioned, we planned for our U.S. domestic volume to decline slightly in the first quarter. We actually missed our plan by about 500,000 pieces per day. And when we started to peel back the layers of the onion to understand what happened, because there was a lot of variability in the demand, January was soft because of Omicron, then February came back and was nicely positive. And then March turned negative again and we're like, "Why?"

好吧，布萊恩，我先開始，然後請加入。所以湯姆，正如布萊恩所說，我們計劃在第一季度使我們的美國國內銷量略有下降。實際上，我們每天大約錯失計劃 500,000 件。當我們開始剝洋蔥層以了解發生了什麼時，因為需求有很大的變化，一月份因為 Omicron 而疲軟，然後二月份又回來了，而且非常積極。然後三月再次變成負面，我們就像，“為什麼？”

Well, as we looked at the impact of the stimulus, we found an aha moment. When the stimulus checks hit last year, we saw our average daily volume jump by 400,000 pieces per day. We and our customers thought we could comp that this year. But because of all of the external factors that were facing consumers, that proved to be tough.

好吧，當我們查看刺激的影響時，我們發現了一個令人驚嘆的時刻。去年刺激檢查生效時，我們看到我們的日均銷量每天增加 400,000 件。我們和我們的客戶認為我們可以在今年實現這一目標。但由於消費者面臨的所有外部因素，這被證明是艱難的。

And in fact, if you look at the performance of our SurePost product, last year, SurePost grew 35%. This year, SurePost declined in the first quarter, 10.5%. And if you look through that, you can see that 5 customers actually drove more than 60% of the year-over-year decline. And in talking to those customers, they tell us it was just too hard to comp those stimulus checks.

事實上，如果你看看我們 SurePost 產品的表現，去年，SurePost 增長了 35%。今年第一季度，SurePost 下降了 10.5%。如果你仔細觀察，你會發現 5 個客戶實際上推動了 60% 以上的同比下降。在與這些客戶交談時，他們告訴我們，要補償這些刺激檢查太難了。

So that explains what happens in the quarter. Why do we feel good about the volume going forward? Well, the comparisons get easier. And I can look at what's happening in April. Our April volume is better than our March volume. So we're trending in the right direction.

這就解釋了本季度發生的事情。為什麼我們對未來的銷量感覺良好？好吧，比較變得更容易了。我可以看看四月份發生了什麼。我們 4 月份的銷量好於 3 月份的銷量。所以我們正朝著正確的方向發展。

And then I look at the volume that's coming into the network at great revenue quality for deals that we've just cut. So over the next several months, we've got new volume coming into our business, both from enterprise customers as well as SMB customers. So we feel very good about the volume projections that are coming into our network.

然後，我查看了我們剛剛削減的交易以高收入質量進入網絡的數量。因此，在接下來的幾個月裡，我們的業務有新的交易量，來自企業客戶和 SMB 客戶。因此，我們對進入我們網絡的數量預測感到非常滿意。

Just to comment on the international volume, if I could. We thought we have export volume growth in the quarter. We did not. It really was because of the COVID rolling lockdowns in Asia. We had flight cancellations, but that it was a tough environment. In fact, we still have people who are sleeping in sleeping bags in the hub.

如果可以的話，只是對國際捲髮表評論。我們認為本季度的出口量有所增長。我們沒有。這確實是因為亞洲的 COVID 滾動封鎖。我們有航班取消，但這是一個艱難的環境。事實上，我們仍然有人在樞紐的睡袋中睡覺。

It's a tough environment there. If you back out the COVID lockdowns and some shift from air to freight, our Asia export business would have been up in the quarter. So we're going to get through this. We are convinced we're going to get through this and expect the volume to improve internationally.

那裡的環境很艱苦。如果您取消 COVID 封鎖並從空運轉向貨運，我們的亞洲出口業務將在本季度有所增長。所以我們要解決這個問題。我們相信我們會度過難關，並期待國際銷量有所改善。

Brian, what would you like to add?

布賴恩，你想補充什麼？

Carol, I think you covered it well. The only thing I would add is one point on international. We did prove agile with the COVID lockdowns in Asia as we reference. We were able to move some of that aircraft and air lift over to Europe. And as I mentioned, the Europe to U.S. airlane was up 10%. So moving the equipment despite the volume softness, I think, plays very well in the integrated network.

卡羅爾，我認為你講得很好。我唯一要補充的是國際上的一點。正如我們所提到的，我們確實在亞洲的 COVID 封鎖中證明了敏捷性。我們能夠將其中一些飛機和空運運送到歐洲。正如我所提到的，歐洲到美國的航線增長了 10%。因此，儘管音量柔和，但我認為移動設備在集成網絡中表現得非常好。

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。

Talk a little bit more in detail. I think you mentioned productivity levers a few times, you need to be agile, depending on what happens with overall demand. Can you maybe hit on a couple of those fine points? And how you could flex the network if need be, to get to your targets?

稍微詳細一點。我認為您多次提到生產力槓桿，您需要靈活，具體取決於整體需求的情況。你能找到其中的幾個要點嗎？如果需要，您如何靈活調整網絡以達到您的目標？

Sure. Happy to, Jordan. We do have cost inflation and pressures like everyone else out there, and obviously, payroll and benefits and fuel are the 2 biggest in our system. But we are driving productivity as we think about it.

當然。很高興，喬丹。我們確實像其他人一樣有成本膨脹和壓力，顯然，工資、福利和燃料是我們系統中最大的 2 個。但我們正在考慮提高生產力。

We're leveraging automated facilities. We're bringing 2 automated hubs online this year, one in Pennsylvania, one in California, and that will allow us to leverage automated bagging label applications, et cetera. Carol has talked before about the Smart Package, Smart facility. We're rolling that out in 2022. And so that will be a further driver of productivity this year as we think about it.

我們正在利用自動化設施。今年我們將上線 2 個自動化中心，一個在賓夕法尼亞州，一個在加利福尼亞州，這將使我們能夠利用自動裝袋標籤應用程序等。 Carol 之前談到過 Smart Package，Smart 設施。我們將在 2022 年推出它。因此，我們認為這將成為今年生產力的進一步推動力。

And then within the quarter, ADV was actually down 3%, as we mentioned. But hours per day, we're down 3%. So pieces per hour were basically flat. And then lastly, one of the things that the team is doing very effectively in the U.S. is the cube utilization, leveraging data to cube out the trucks, it reduced our loads per day better than the volume decline or outpaced it.

正如我們所提到的，然後在本季度內，ADV 實際上下降了 3%。但是每天的工作時間，我們下降了 3%。所以每小時的件數基本上是平的。最後，團隊在美國非常有效地做的一件事是立方體利用率，利用數據來計算卡車，它減少了我們每天的負載，而不是數量下降或超過了它。

I just want to give a shout-out to our operators in the U.S. for managing through this very choppy volume environment. To have pieces per hour flat when volume's up and down in the quarter is just as a sign of agility. And as to your question about levers, we are able to manage ours very well. If there were to be sustained volume down, and we're not counting on that. But if that were the case, then we would actually take headcount out. But now we're just managing the hours and doing a masterful job of it.

我只想向我們在美國的運營商大聲疾呼，感謝他們在這個非常不穩定的交易量環境中進行管理。當季度成交量上下波動時，每小時的件數保持不變，這只是敏捷的標誌。至於你關於槓桿的問題，我們能夠很好地管理我們的問題。如果成交量持續下降，我們不會指望這一點。但如果是這樣的話，那麼我們實際上會取消員工人數。但現在我們只是在管理時間並做得很好。

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。

So I wanted to ask on the cadence of U.S. domestic margins throughout the year. I think, Brian, previously, you've given some guidance for first half versus second half. And I'm just curious with change in the volume expectations, with what you're seeing on the pricing front, if that pushes out kind of the cadence of how we see U.S. domestic volumes trend throughout the year? Or are we going to be kind of in a more steady state and kind of reducing some of that seasonality like you've talked about in the past?

所以我想問一下全年美國國內利潤的節奏。我認為，布賴恩，之前，你已經對上半場和下半場給出了一些指導。我只是對銷量預期的變化感到好奇，你在定價方面看到了什麼，如果這會推動我們如何看待全年美國國內銷量趨勢的節奏？還是我們會像你過去所說的那樣處於一種更穩定的狀態並減少一些季節性？

Thanks, Todd. Yes, happy to talk about domestic margin. We're sticking with the guidance I had given previously, which was 11.6% domestically for the full year. And it was pretty balanced, pretty close to that, the first half and second half. We printed at 11.3% in the first quarter. We're still holding to that 11.6% for the first half, and we think the second half will look similar. So net-net, up 90 bps in the first quarter, but looking for a 60 basis point improvement in the first half.

謝謝，托德。是的，很高興談論國內利潤。我們堅持我之前給出的指導，全年國內為 11.6%。上半場和下半場非常平衡，非常接近。我們第一季度的印刷率為 11.3%。上半年我們仍保持在 11.6% 的水平，我們認為下半年看起來會相似。因此，淨淨值在第一季度上漲 90 個基點，但在上半年有望改善 60 個基點。

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。

Can you just talk about -- I think you said that the volumes would be better or positive in the second half of the year. What changes first half or second half? Is that just a comp? And then if we are in a period of more sustained volume pressure, what's the ability to maintain this level of pricing improvement and margin improvement if the volumes, I guess, stay negative for longer?

你能談談 - 我認為你說下半年的銷量會更好或積極。上半年或下半年有什麼變化？這只是一個補償嗎？然後，如果我們處於一個更持續的銷量壓力時期，如果銷量（我猜）長期保持負數，我們有什麼能力保持這種定價改善和利潤率改善水平？

So in terms of our confidence in the volume getting better, the comparisons do get easier, Scott, for sure. But we also are winning in the marketplace because of the service we provide. And I'm super proud of our sales team, who are out there knocking on doors, bringing back customers, some of which candidly had left us, but they love the service that we provide. They're coming in a great revenue quality, and that's very important, too.

因此，就我們對音量越來越好的信心而言，比較確實變得更容易，斯科特，當然。但我們也因為我們提供的服務而在市場上獲勝。我為我們的銷售團隊感到非常自豪，他們在那裡敲門，帶回客戶，其中一些坦率地離開了我們，但他們喜歡我們提供的服務。他們的收入質量很高，這也很重要。

So we have -- we feel very good about what we see coming into the network. And I just want to go back and talk a moment about DAP. Our DAP revenue grew over 50% in the first quarter. That platform is on fire, and we're taking it outside of the United States now, which is very exciting and I know Kate is looking forward to having DAP come to Europe. So we're well on our way to get to that $2 billion DAP target by the end of this year.

所以我們 - 我們對我們看到的進入網絡的內容感覺非常好。我只想回過頭來談談 DAP。我們的 DAP 收入在第一季度增長了 50% 以上。這個平台著火了，我們現在把它帶到美國以外的地方，這非常令人興奮，我知道凱特期待 DAP 來到歐洲。因此，我們正在朝著今年年底實現 20 億美元的 DAP 目標邁進。

In terms of sustained pricing, pricing is really a function of demand and supply, and there still is a demand and supply imbalance, particularly in certain geos around the world, where for whatever reason, be it COVID, or labor shortages, or just challenges, the service levels are there. We price for the service that we provide and are not seeing any pressure on the pricing environment right now.

在持續定價方面，定價實際上是供需的函數，並且仍然存在供需失衡，特別是在世界各地的某些地區，無論出於何種原因，無論是 COVID，還是勞動力短缺，或者只是挑戰，服務水平在那裡。我們為我們提供的服務定價，目前沒有看到定價環境有任何壓力。

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。

So Carol, as you look out in the back half of the year, can you talk to kind of what's embedded in the guide with respect to mix? And whether you're seeing any sort of pickup in B2B traction, given the fact that the FedEx ground network seems to be running at service levels, we probably haven't seen in, I don't know, 20-some-odd years?

所以 Carol，正如你在今年下半年的展望，你能談談指南中嵌入的關於混音的內容嗎？鑑於聯邦快遞地面網絡似乎在服務水平上運行這一事實，無論你是否看到 B2B 牽引力出現任何形式的回升，我們可能已經有 20 多年沒有看到了，我不知道?

Well, Brian, perhaps you want to talk more about the guidance?

好吧，布賴恩，也許你想多談談指導？

Sure. So happy to. Look, in the first quarter, our resi B2C was 57% of the mix and Commercial was 43. We had guided for the full year to a 60-40 spread, and we still think that's a pretty good number.

當然。很高興。看，在第一季度，我們的 resi B2C 佔組合的 57%，商業為 43。我們全年指導的價差為 60-40，我們仍然認為這是一個不錯的數字。

As we think about mix changes in the business, we're looking for SMB to actually grow about 150 basis points improved from a mix perspective. We saw 140 in the first quarter. So we think that 150 is a good number. So Dave, I think as you split the year, a 60-40 on the resi to comm and about 150 improvement in the SMB is probably good and still stands.

當我們考慮業務組合的變化時，我們正在尋找 SMB 從組合的角度實際增長約 150 個基點。我們在第一季度看到了 140 個。所以我們認為 150 是一個很好的數字。所以戴夫，我認為當你分開這一年時，resi to comm 的 60-40 和 SMB 的大約 150 改進可能是好的並且仍然存在。

I would say, interestingly in the SMB space, it's now split 50-50 commercial-residential. And we saw our commercial business grow almost 4% in the first quarter. So we're going to take every opportunity to win in that space as well because service matters to that customer base.

我想說，有趣的是，在 SMB 領域，它現在分為 50-50 個商業住宅。我們看到我們的商業業務在第一季度增長了近 4%。因此，我們也將抓住一切機會在該領域獲勝，因為服務對客戶群很重要。

And do you have any thoughts on where that long-term mix? Like what are you kind of designing the network to be for, say, 3 years out? Is it that 60-40 going to hold? Or like how do you think about what you want this business to look like in 3 years?

您對長期組合的位置有什麼想法嗎？例如，您打算將網絡設計為 3 年之後的用途是什麼？ 60-40還能堅持嗎？或者您如何看待您希望這家企業在 3 年後的樣子？

We want the business to be the best business that meets the needs of the customers. And so we haven't declared what that mix should be, but that's actually pretty interesting challenge for us team members at our June strategy meeting to think about what do we want to declare that mix to be.

我們希望企業成為滿足客戶需求的最佳企業。所以我們還沒有宣布這種組合應該是什麼，但這實際上是我們團隊成員在 6 月戰略會議上思考我們想要宣布這種組合的一個非常有趣的挑戰。

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, maybe to follow up on that last one. Can you just give us an update on where you think that the market sizing is when you look at the small -- the short zone rather than the long and mid-zone? Last time I think the update was in the Investor Day in 2021. Has that really changed at all given all the various puts and takes and dynamics that we've seen here unfold in the last couple of quarters?

所以卡羅爾，也許要跟進最後一個。您能否向我們介紹一下您認為市場規模在哪裡時的最新情況？上次我認為更新是在 2021 年的投資者日。考慮到我們在過去幾個季度中看到的各種看跌期權和動態，情況是否真的發生了變化？

And then for -- maybe for Brian, have you seen any price sensitivity with fuel going up so much? Have the customers started to trade down and make other adjustments given how much those prices will run-up?

然後是——也許是布賴恩，你有沒有看到燃料價格上漲如此之多對價格敏感？考慮到這些價格會上漲多少，客戶是否開始進行降價交易並進行其他調整？

So we haven't updated the market sizing in any material way since our June Investor Day. And when we do, we will certainly share that with you.

因此，自 6 月投資者日以來，我們沒有以任何實質性方式更新市場規模。當我們這樣做時，我們一定會與您分享。

And just on the -- Brian, the price sensitivity comment. No, I think, as Carol mentioned, probably the most important piece is the service we provide and with the service numbers we're printing not getting a lot of pushback on that because I think we're delivering good service.

就在--布賴恩，價格敏感性評論。不，我認為，正如 Carol 所提到的，最重要的部分可能是我們提供的服務，而且我們打印的服務編號並沒有受到很多反對，因為我認為我們提供了良好的服務。

Also, when you think about the pricing, there's a split, as I mentioned, between fuel and base rate. So we're managing holistically, but I think the pricing holding firm is probably the guide. (Operator Instructions)

此外，當您考慮定價時，正如我所提到的，燃料費率和基本費率之間存在分歧。所以我們在進行整體管理，但我認為定價控股公司可能是指導。 （操作員說明）

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。

I guess when you're thinking about the B2B, B2C mix, and I think you saw a 7% decline in residential, B2B was up for the quarter. I know 60-40 is sort of what you're looking for, for the full year. I'm guessing in the interim, it's probably more likely that we're seeing B2B grow faster than residential. And does that provide you any sort of margin tailwind when you think about sort of the outlook for the full year on the domestic side, 11.6%?

我想當你考慮 B2B、B2C 組合時，我認為你看到住宅下降了 7%，B2B 在本季度有所上升。我知道 60-40 是你想要的，全年。我猜在此期間，我們可能更有可能看到 B2B 的增長速度快於住宅。當您考慮國內全年的 11.6% 前景時，這是否為您提供了任何形式的利潤順風？

Are we expecting any sort of tailwind that you could get from pickup in B2B? And then maybe, Carol, just a little bit more finer point answer as to what you're seeing from the consumer. Just kind of curious, I know you mentioned the stimulus last year being part of that impact on volume. But are you seeing sort of anything else that might suggest either a pivot from goods to services or other deceleration in the consumer end market?

我們是否期待您可以從 B2B 的皮卡中獲得任何形式的順風？然後也許，卡羅爾，關於你從消費者那裡看到的東西，只是一個更精細的答案。有點好奇，我知道你提到去年的刺激措施是對交易量影響的一部分。但是，您是否看到其他任何可能表明從商品轉向服務或消費端市場其他減速的跡象？

So we don't have direct insight to the consumer behavior. It's more from what we're hearing from our customers who are telling us there has been a bit of a shift from goods to services. And you're probably experiencing that if you've gone on vacations. It seems like the hotels are full. All the planes are full, and people are going out to eat.

所以我們對消費者的行為沒有直接的洞察力。這更多來自我們從客戶那裡聽到的消息，他們告訴我們，從商品到服務已經發生了一些轉變。如果您去度假，您可能會遇到這種情況。好像酒店客滿了。所有的飛機都坐滿了，人們都出去吃飯了。

And, gosh, I was in Washington, D.C. last week, and the bar was hopping at midnight. So people are spending money differently than they would. But as it relates to the guidance that we've given, we feel good about the volume that's coming back into our network and the guidance that we've laid out.

而且，天哪，我上週在華盛頓特區，午夜時分，酒吧里人聲鼎沸。所以人們花錢的方式與他們不同。但由於它與我們提供的指導有關，我們對回到我們網絡的數量和我們制定的指導感到滿意。

Yes. And I'll just pick up one point on the commercial. Certainly, the B2B from a density standpoint is better than the resi. So we like that. But you have to remember, SurePost was down 10%. So that's impacting the mix as well.

是的。我只想在廣告上提一點。當然，從密度的角度來看，B2B 比 resi 更好。所以我們喜歡這樣。但你必須記住，SurePost 下跌了 10%。所以這也影響了組合。

Our next question will come from the line of Helane Becker of Cowen.

我們的下一個問題將來自 Cowen 的 Helane Becker。

Just on the CapEx, which hasn't really changed from prior guidance and how you're thinking about it as a percent of revenue? How should we think about your use of automation as that CapEx? And within that use of robotics, and like cybersecurity and just protecting your customer information, so that you can continue to grow?

就資本支出而言，它與之前的指導並沒有真正改變，你如何看待它佔收入的百分比？我們應該如何看待您將自動化用作資本支出？在機器人技術的使用中，比如網絡安全，只是保護你的客戶信息，這樣你就可以繼續成長？

Helane, happy to address the CapEx. We are holding at the $5.5 billion for the year, so not coming off that. There's a little bit of timing noise in the first quarter. So it looked like we understand, but that was simply timing.

Helane，很高興解決資本支出問題。我們今年持有 55 億美元，所以不會放棄。第一季度有一點時間噪音。所以看起來我們理解了，但這只是時間安排。

As far as where we're investing, certainly putting into automation, the one area we're trying to double down in. On the technology side, some of those are OpEx versus CapEx investments. So in terms of splitting the type of investments we're making. But certainly, we are, we have 2 large automated hubs going in this year. We're looking at the Smart package, Smart facilities, So we're investing there. Whatever we can do to drive more automation is a positive thing from a cost expense standpoint.

至於我們投資的領域，當然是自動化，這是我們試圖加倍投入的一個領域。在技術方面，其中一些是運營支出與資本支出的投資。因此，在拆分我們正在進行的投資類型方面。但可以肯定的是，我們今年有 2 個大型自動化中心。我們正在研究智能包、智能設施，所以我們正在那裡投資。從成本支出的角度來看，無論我們能做些什麼來推動更多的自動化，都是一件好事。

Yes. What I've asked the team to do is to tell me how fast they can go as the capital is not going to get in the way of speed here. Automation is critically important to deliver service for our customers as well as drive productivity. Of the automation activities we have underway, be it automated label application or automated bagging or robotic sort induction. It's a headcount opportunity this year alone of 1,200 people inside our buildings, and that's going to double next year and continue to take off.

是的。我要求團隊做的是告訴我他們能跑多快，因為資本不會阻礙這裡的速度。自動化對於為我們的客戶提供服務以及提高生產力至關重要。在我們正在進行的自動化活動中，無論是自動標籤應用、自動裝袋還是機器人分類感應。僅今年我們大樓內就有 1,200 人，這是一個增加員工人數的機會，明年將增加一倍，並繼續騰飛。

So we're not going to let perfection get in the way, good enough here. We're going to go fast. As it relates to cybersecurity, that's the one budget I will not touch. We continue to invest in cyber. It's a scary time for all of us, but we are leaning in from a cyber perspective. Clearly, if you think about the challenges coming out of Eastern Europe, we have taken every system down. So we're at no risk there.

所以我們不會讓完美成為阻礙，這裡已經足夠好了。我們要快點。由於它與網絡安全有關，這是我不會涉及的一項預算。我們繼續投資於網絡。這對我們所有人來說都是一個可怕的時刻，但我們正從網絡的角度來看。顯然，如果您考慮來自東歐的挑戰，我們已經拆除了所有系統。所以我們在那裡沒有風險。

But of course, we could have attacks on our company every day, but our cyber team does a masterful job awarding off those attacks. And we're spending a lot of money to ensure that we protect our customer data, our personal information of our people and all the incredible pricing information that we have that gives us a competitive advantage.

但是，當然，我們公司每天都可能受到攻擊，但我們的網絡團隊在阻止這些攻擊方面做得非常出色。我們花費了大量資金來確保我們保護我們的客戶數據、我們員工的個人信息以及我們擁有的所有令人難以置信的定價信息，這些信息為我們提供了競爭優勢。

So knock on wood, of course, because every company is vulnerable here, but we're certainly investing in protection.

所以敲木頭，當然，因為每家公司在這裡都很脆弱，但我們肯定會投資於保護。

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

我們的下一個問題將來自美國銀行的 Ken Hoexter。

Just to clarify, Carol, Brian. If you see volumes more negative in the near term, is then there a bigger push on pricing or mix gains to get to those same margin and revenue targets? And then, I guess just a follow-up on CapEx. You only spent, I guess, $0.5 billion in the first quarter, yet you kept the CapEx at $5.5 billion. Is there increased confidence you can get the targets by year-end? Or maybe just talk about your CapEx target a bit.

澄清一下，Carol，Brian。如果您在短期內看到銷量更負，那麼是否會加大定價或混合收益以達到相同的利潤率和收入目標？然後，我想只是對資本支出的跟進。我猜你在第一季度只花了 5 億美元，但你將資本支出保持在 55 億美元。您是否有信心在年底前實現目標？或者也許只是談談你的資本支出目標。

So Ken, on the CapEx, I mentioned a minute ago that it was more timing-related in terms of the year-over-year. I think it was about $300 million decline year-over-year in the first quarter. So that basically was just timing. So that won't impact us. We'll come back in the middle of the year and relook at the full year number. But as of now, holding to the $5.5 billion in CapEx.

所以肯，關於資本支出，我在一分鐘前提到它與年同比的時間相關性更高。我認為第一季度同比下降約 3 億美元。所以這基本上只是時機。所以這不會影響我們。我們將在年中回來並重新審視全年數字。但截至目前，持有 55 億美元的資本支出。

We've freed up some capacity in our network to allow us to go out and win where in the past couple of years, it was harder because of peak gating. There's only so much volume a company like a UPS can take into the network during peak. You only have so many doors per car. You only have so many buildings.

我們已經在我們的網絡中釋放了一些容量，讓我們能夠走出去並在過去幾年中贏得勝利，因為高峰門控而變得更加困難。在高峰期，像 UPS 這樣的公司可以進入網絡的容量只有這麼多。每輛車只有這麼多門。你只有這麼多的建築物。

But because we freed up some capacity, we can actually give our customers more peak availability. That's allowing us to win with great revenue quality. So right now, we don't view that the revenue quality is at risk. And remember, there is still a demand-supply imbalance, and it's exasperated in certain parts of the country. So we are winning because of the service.

但是因為我們釋放了一些容量，我們實際上可以為我們的客戶提供更多的峰值可用性。這使我們能夠以出色的收入質量取勝。所以現在，我們不認為收入質量存在風險。請記住，供需失衡仍然存在，並且在該國某些地區被激怒了。因此，我們因服務而獲勝。

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 want to come back to the fuel issue because it looks like you guys have adjusted your fuel surcharge maybe 3 or 4x in the better part of the past year. Is there any risk that if fuel prices were to materially come down from here that, that's potentially a margin or profit headwind? And can you just tell us why adjusting surcharge so frequently is the right way to go?

我想回到燃油問題，因為看起來你們在過去一年的大部分時間裡已經將燃油附加費調整了 3 或 4 倍。如果燃料價格從這里大幅下跌，是否存在潛在的利潤或利潤逆風？您能告訴我們為什麼如此頻繁地調整附加費是正確的做法嗎？

So if we look at our fuel surcharges, as Brian mentioned, it's just part of our overall pricing algorithm. And yes, it does move off of the weekly change in the PPG index. But to that, we add a pricing modifier. So think of it no differently than a demand surcharge or a network surcharge or just a plain price.

因此，如果我們查看我們的燃油附加費，正如布賴恩所提到的，它只是我們整體定價算法的一部分。是的，它確實擺脫了 PPG 指數的每週變化。但為此，我們添加了一個定價修飾符。所以認為它與需求附加費或網絡附加費或只是一個簡單的價格沒有什麼不同。

And people are willing to pay for this because of the service we provide. If we look at the impact to our business in the first quarter for the domestic business alone, 55% of the fuel benefit came from changes in the PPG index. 45% of the benefit came from actions that we took from a pricing perspective.

由於我們提供的服務，人們願意為此付費。如果僅從國內業務來看，第一季度對我們業務的影響，55% 的燃油收益來自 PPG 指數的變化。 45% 的收益來自我們從定價角度採取的行動。

We are always thoughtful about changes in pricing, of course. We price for the services we provide. Many of our published prices, as you know, are also discounted. So I think that's something you need to keep in mind, too, as you think about are you adjusting too frequently. We price for the services we provide, and then we also look discount.

當然，我們總是會考慮價格的變化。我們為我們提供的服務定價。如您所知，我們公佈的許多價格也有折扣。所以我認為這也是你需要記住的事情，當你考慮你是否過於頻繁地調整時。我們為我們提供的服務定價，然後我們也看折扣。

But just on the discounting, if I could. We mentioned the new tool that we just introduced, which we call Deal Manager, and this is providing pricing analytics to our sales team as they go about negotiating deals. And in fact, as we looked at our pilots, 41% of our volume won and our volume rate wins or volume wins have increased from where they were trending.

但如果可以的話，只是打折。我們提到了我們剛剛介紹的新工具，我們稱之為 Deal Manager，它在我們的銷售團隊進行交易談判時為他們提供定價分析。事實上，當我們查看我們的試點項目時，我們贏得了 41% 的交易量，我們贏得的交易量或贏得的交易量比他們的趨勢有所增加。

The discounting is lower in 41% of the volume wins than it had been using our old pricing science. So science rules in many ways when it comes to pricing. You asked a lot of questions here about elasticity and what are you doing with pricing, science really rules here as we think about providing the best overall equation for our customers.

與使用我們舊的定價科學相比，41% 的成交量獲勝的折扣更低。因此，在定價方面，科學在許多方面都有規律。你在這裡問了很多關於彈性的問題，以及你在定價方面做了什麼，當我們考慮為我們的客戶提供最佳的整體方程式時，科學在這裡真的很重要。

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。

I just wanted to dig a little deeper on international. I think the original guidance in Jan-Feb was that intra-Europe volumes will improve. And we did see that kind of coming below expectations in the first quarter. So what are you thinking right now on that?

我只是想更深入地了解國際。我認為 1 月至 2 月的最初指導是歐洲內部交易量將有所改善。我們確實看到第一季度這種情況低於預期。那你現在在想什麼？

So from an intra-Europe perspective, obviously, there's been a lot of dislocation with the conflict over there. And -- but as Carol mentioned at the top of the call, we've had actually planned for volume growth internationally and it came down. So we continue to monitor the COVID situation lockdowns in Asia, the European geopolitical conflict and we'll continue to manage from a volume perspective. But we anticipate the second quarter to look somewhat like the first quarter from a volume perspective.

所以從歐洲內部的角度來看，很明顯，那裡的衝突造成了很多混亂。而且 - 但正如卡羅爾在電話會議頂部提到的那樣，我們實際上已經計劃在國際上實現銷量增長並且它下降了。因此，我們將繼續監控亞洲的 COVID 封鎖情況、歐洲地緣政治衝突，我們將繼續從數量的角度進行管理。但我們預計，從數量的角度來看，第二季度看起來有點像第一季度。

So would you -- is the plan to offset the volume -- lower volume with mix of price?

那麼，您是否會 - 是否計劃抵消數量 - 降低數量和價格組合？

Well, I think we did that in the first quarter. We were down 70 basis points on a margin perspective. And I think the full year guide was we're down 60 basis points. So we were basically trending in line with our full year guide in the first quarter to do exactly what you just said.

好吧，我認為我們在第一季度就做到了。從利潤率的角度來看，我們下跌了 70 個基點。而且我認為全年指南是我們下降了 60 個基點。因此，我們基本上按照第一季度的全年指南趨勢，完全按照您所說的去做。

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

我們的下一個問題將來自奧本海默的 Scott Schneeberger。

Carol, in this inflationary environment, obviously, managing cost is important. I know it's a big focus of yours. Now that we're about 1/3 of the way through the year. Any update on how you're progressing on the $500 million of cost savings, maybe some discussion of a little bit more in-depth on how the RFID is improving there and cube utilization and package selection time? Any metrics there? Are you -- and is there upside opportunity there with assume -- presumably an enhanced focus?

Carol，在這種通貨膨脹的環境下，管理成本顯然很重要。我知道這是你的一個重點。現在我們已經完成了一年的 1/3。關於您在節省 5 億美元成本方面取得進展的任何最新情況，也許會更深入地討論 RFID 如何改進那里以及立方體利用率和包裝選擇時間？那裡有任何指標嗎？您是否 - 並且假設有上行機會 - 可能是一個增強的焦點？

So the $500 million cost opp target related to what we call non-ops or overhead. And we initially had a $1 billion target, of which we delivered $500 million last year, we're going to do it again this year. So that's tracking as we laid out, very proud of the team for that.

因此，5 億美元的成本 opp 目標與我們所說的非運營或開銷相關。我們最初的目標是 10 億美元，其中我們去年交付了 5 億美元，今年我們將再次這樣做。這就是我們制定的跟踪，為此團隊感到非常自豪。

When you introduce technology, it can free up a lot of manual activities and we're really all about putting our resources where they -- where we can get the highest return. As it relates to the RFID technology, boy, we were worried about putting it in this year because of supply chain jams, but we were able to procure all the batteries and labels that we need. So we will get it up this year before peak at 100 of our centers.

當你引入技術時，它可以釋放大量的手動活動，我們真的要把我們的資源放在他們可以得到最高回報的地方。由於它與 RFID 技術有關，男孩，由於供應鏈堵塞，我們擔心今年將其投入使用，但我們能夠採購到我們需要的所有電池和標籤。因此，我們將在今年達到 100 個中心的峰值之前啟動它。

And what this will do long term for us, it looks pretty powerful. Wave one alone, it will eliminate all the manual scans done by our pre-loaders. If that doesn't drive productivity, I don't know what will. And it will avoid all the missorts. When a package gets missorted and it goes into the wrong package car, that's not a very good experience for our customer. And it actually just a drag on productivity. So really excited about where that's going to take us long term and the project is on track.

從長遠來看，這對我們有什麼好處，它看起來非常強大。單獨一波，它將消除我們的預加載器完成的所有手動掃描。如果這不能提高生產力，我不知道會怎樣。它將避免所有的錯誤。當包裹被錯誤分類並進入錯誤的包裹車時，這對我們的客戶來說不是一個很好的體驗。它實際上只是對生產力的拖累。從長遠來看，這將帶我們走向何方，並且該項目正在走上正軌，所以真的很興奮。

Nando's also driving what he calls total service, which is running this network, which was designed for perfection -- at perfection. We haven't been there for lots of reasons, COVID and all kinds of reasons. But it's very powerful because if you think about just delays in traffic or delays leaving the package centers, it can cost hundreds of millions of dollars if we're late. So running the network for the way it was designed is powerful and Nando's just kick this off and we'll be bringing you up to speed along this initiative as we go along.

Nando 還推動了他所謂的全面服務，它運行著這個網絡，它是為完美而設計的——完美。我們沒有去過那裡有很多原因，COVID和各種原因。但它非常強大，因為如果您僅考慮交通延誤或離開包裹中心的延誤，如果我們遲到，可能會造成數億美元的損失。因此，按照設計的方式運行網絡是強大的，Nando 剛剛開始，我們將在我們進行的過程中讓您跟上這一舉措的步伐。

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

我們的最後一個問題將來自摩根士丹利的 Ravi Shanker。

This is Christyne McGarvey on for Ravi. Maybe just going back to some of the B2C, B2B commentary from earlier in the call, but maybe I can ask it in a slightly different way. I think last week, there was a Wall Sheet Journal article about e-commerce gains kind of that we saw through the pandemic. At least as a percentage of overall retail had been normalizing pretty sharply, would be curious if you guys are seeing something similar? And if not, maybe you can just touch on your thoughts on how much of those e-commerce gains you think will be permanent versus kind of reverting to trend line?

這是 Ravi 的 Christyne McGarvey。也許只是回到電話會議早些時候的一些 B2C、B2B 評論，但也許我可以用稍微不同的方式問它。我想上週，有一篇關於我們在大流行中看到的電子商務收益的 Wall Sheet Journal 文章。至少作為整體零售的百分比已經非常迅速地正常化，如果你們看到類似的東西會很好奇嗎？如果沒有，也許您可以談談您認為電子商務收益中有多少是永久性的，而不是恢復到趨勢線？

Well, look, I applaud the retail stores who are doing a masterful job of offering buy online, pick-up in-store; buy online, return in-store, come to my store, come to my store, come to my store because if they don't get traffic into their store, well, they'll deliver to that fixed cost and then we'll have to close stores.

好吧，看，我為那些在提供在線購買和店內提貨方面做得非常出色的零售商店鼓掌。在線購買，在店內退貨，到我的商店，到我的商店，到我的商店，因為如果他們的商店沒有流量，那麼他們將按固定成本交付，然後我們將擁有關閉商店。

So I admire what they're doing. But there's still been a permanent shift in customer preferences. Customers want to shop when, where and how they want to shop and they want their packages delivered to them when, where and how they want them. It might be inside of the store, it might be at their home or at their workplace or at a consolidated pickup point.

所以我很佩服他們的所作所為。但客戶偏好仍然存在永久性轉變。客戶希望在他們想要購物的時間、地點和方式購物，並且他們希望在他們想要的時間、地點和方式將包裹交付給他們。它可能在商店內，可能在他們的家中或在他們的工作場所或在綜合取貨點。

So we're not going to see the kind of growth that we experienced during COVID, clearly, but e-commerce sales will continue to grow. We want to serve that customer, but we also want to serve the commercial customer because that's a very good customer for us. So while we may have set a 60-40 mix, this mix is going to go where the volume is, and we will lean into that growth appropriately.

因此，很明顯，我們不會看到我們在 COVID 期間經歷的那種增長，但電子商務銷售將繼續增長。我們想為那個客戶服務，但我們也想為商業客戶服務，因為這對我們來說是一個非常好的客戶。因此，雖然我們可能已經設定了 60-40 的組合，但這種組合會隨著數量的增長而變化，我們將適當地傾向於這種增長。

I would now like to turn the conference back over to our host, Mr. Ken Cook.

我現在想把會議轉回給我們的東道主 Ken Cook 先生。

Excellent. Thanks, everybody, for joining today, and have a great day.

優秀的。謝謝大家今天的加入，祝您有美好的一天。