聯合包裹運送服務公司 (UPS) 2024 Q1 法說會逐字稿

Good morning. My name is Stephen Day, and I will be your conference facilitator today. I would like to welcome everyone to the UPS Investor Relations First Quarter 2024 Earnings Conference Call. (Operator Instructions)

早安.我叫史蒂芬‧戴 (Stephen Day)，今天我將擔任你們的會議主持人。歡迎大家參加 UPS 投資者關係 2024 年第一季財報電話會議。 （操作員說明）

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

現在我很高興將發言權交給東道主 PJ 先生。吉多，投資者關係官。先生，地板是你的了。

Good morning, and welcome to the UPS First Quarter 2024 Earnings Call. Joining me today are Carol Tome, our CEO; Brian Newman, our CFO; and a few additional members of our executive leadership team. 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 2023 Form 10-K and other reports we file with or furnished to the Securities and Exchange Commission.

早上好，歡迎參加 UPS 2024 年第一季財報電話會議。今天加入我的是我們的執行長 Carol Tome；布萊恩紐曼，我們的財務長；以及我們執行領導團隊的一些其他成員。在開始之前，我想提醒您，我們今天發表的一些評論是聯邦證券法範圍內的前瞻性陳述，涉及我們對公司未來業績或經營業績的預期。這些陳述存在風險和不確定性，這些風險和不確定性在我們向美國證券交易委員會提交或提供的 2023 年 10-K 表格和其他報告中進行了描述。

These reports when filed, are available on the UPS Investor Relations website and from the SEC. Unless stated otherwise, our discussion refers to adjusted results for the first quarter of 2024 GAAP results include a total charge of $110 million, or $0.13 per diluted share, comprised of after-tax transformation and other charges of $75 million and a noncash after-tax impairment charge of $35 million, driven by plans to consolidate certain acquired brands within our health care portfolio.

這些報告提交後可在 UPS 投資者關係網站和 SEC 上取得。除非另有說明，我們的討論指的是2024 年第一季GAAP 業績的調整後業績，包括1.1 億美元的總費用，或稀釋後每股0.13 美元，其中包括7500 萬美元的稅後轉型和其他費用以及非現金稅後費用由於計劃將某些收購的品牌整合到我們的醫療保健產品組合中，減值費用為 3500 萬美元。

A reconciliation to GAAP financial results is available on the UPS Investor Relations website and also available in the webcast of today's call. Following our prepared remarks, we will take questions from those joining us via the teleconference. (Operator Instructions) And now I'll turn the call over to Carol.

UPS 投資者關係網站上提供了 GAAP 財務業績的調節表，也可在今天電話會議的網路廣播中查看。在我們準備好的發言之後，我們將透過電話會議回答與會人員的問題。 （操作員說明）現在我將把電話轉給卡羅爾。

Thank you, PJ, and good morning. Let me begin by thanking UPSers for doing what they do better than anyone, and that's deliver industry-leading service. Through the first quarter, UPSers continue to execute our strategy by focusing on growth and efficiency and exemplified our purpose of moving our roll forward by delivering what matters. Moving to our results. The first quarter turned out as we expected, starting with a decline in average daily volume.

謝謝你，PJ，早安。首先，我要感謝 UPS 員工，他們比任何人都做得更好，那就是提供業界領先的服務。在第一季度，UPS 員工繼續執行我們的策略，專注於成長和效率，並體現了我們透過提供重要的服務來推動業務發展的目標。轉向我們的結果。第一季的結果正如我們預期的那樣，首先是日均交易量下降。

U.S. average daily volume, or ADV, declined year-over-year, but the rate of decline slowed as the quarter progressed, ending with March down less than 1%. And on a sequential basis, the ADV decline rate in the first quarter showed marked improvement compared to the fourth quarter of 2023. This improving performance is primarily due to the efforts of our sales team to win and pull through new volume into our network. Outside of the U.S., the ADV decline rate also improved sequentially compared to the fourth quarter of last year and we saw pockets of export growth in certain markets in lane.

美國日均交易量（ADV）年減，但隨著季度的進展，下降速度放緩，截至 3 月下降幅度不到 1%。從環比來看，第一季的ADV 下降率與2023 年第四季相比顯著改善。 。在美國以外，與去年第四季相比，ADV 下降率也較上季有所改善，我們看到某些市場的出口出現成長。

For the first quarter, consolidated revenue was $21.7 billion, a decline of 5.3% versus last year. Operating profit was $1.7 billion, down 31.5% compared to last year due, for the most part, to higher labor costs associated with the first year of our Teamsters contract. Consolidated operating margin was 8%. Our operating profit performance was a bit better than we expected due to higher productivity.

第一季綜合營收為 217 億美元，較去年下降 5.3%。營業利潤為 17 億美元，比去年下降 31.5%，這在很大程度上是由於我們的卡車司機合約第一年相關的勞動力成本上升。綜合營業利益率為 8%。由於生產力提高，我們的營業利潤表現比我們預期的要好一些。

At our Investor and Analyst Day last month, we shared our 3-year targets and how we intend to reach them under our better and bolder approach. We are reimagining our network through Network of the Future, and we are leaning into the parts of the market that value our end-to-end integrated network. For example, we recently announced that UPS will become the primary air cargo provider for the United States Postal Service.

在上個月的投資者和分析師日上，我們分享了我們的三年目標以及我們打算如何透過更好、更大膽的方法來實現這些目標。我們正在透過未來網路重新構想我們的網絡，並且我們正在向重視我們的端到端整合網路的市場部分傾斜。例如，我們最近宣布 UPS 將成為美國郵政服務的主要航空貨運提供者。

Under this contract, we will move most of the USPS air cargo within the United States. The USPS air cargo business fits beautifully with our strategy to grow our B2B business. To win, we put together an innovative and differentiated solution that leverages our integrated network and existing assets. The USPS air cargo business will contribute to top line growth and be accretive to consolidated and U.S. domestic operating margins.

根據這份合同，我們將在美國境內運輸大部分 USPS 空運貨物。 USPS 航空貨運業務與我們發展 B2B 業務的策略完美契合。為了贏得勝利，我們利用我們的整合網路和現有資產，整合了創新和差異化的解決方案。 USPS 航空貨運業務將有助於收入成長，並增加綜合利潤和美國國內營運利潤。

Brian will share more details, including what to expect during the transition period and where this will show up in our financial reporting. Moving to our strategic update. Through our customer-first people-led innovation-driven strategy, we are investing to grow in the premium parts of the market and drive efficiency. Let me give you a few recent examples.

布萊恩將分享更多細節，包括過渡期間的預期以及這將出現在我們的財務報告中。轉向我們的策略更新。透過我們以客戶為先、以人為本的創新驅動策略，我們正在投資以發展高端市場並提高效率。讓我舉幾個最近的例子。

Starting with customer first. Through our on-demand network, we are expanding our addressable market with capabilities like no box, no label returns through Happy Returns and the convenience of our more than 5,200 UPS store locations. During the first quarter, our overall returns volume in the U.S. increased 1.4% and Happy Returns more than quadrupled its ADV in the first quarter. Returns are attractive to us for a couple of reasons.

從客戶至上開始。透過我們的按需網絡，我們正在透過 Happy Returns 實現無箱、無標籤退貨等功能以及 5,200 多個 UPS 門市的便利性來擴大我們的潛在市場。第一季度，我們在美國的整體退貨量成長了 1.4%，Happy Returns 第一季的日均銷售額增加了四倍多。回報對我們來說很有吸引力，原因有幾個。

First, they are typically B2B movements and as a result, drive pickup and delivery density. Second, our frictionless offering creates customer loyalty and repeat business. We are also expanding our addressable market with capabilities like big and bulky deliveries through Roadie. In the first quarter, we launched RoadieXD, which adds cross-dock capabilities to RoadieXL. Our cross dock solution brings the digital and physical together for long zone deliveries of bulky items such as grills and furniture that do not fit in the UPS small package network.

首先，它們通常是 B2B 移動，因此會提高取貨和配送密度。其次，我們的無摩擦服務可以創造顧客忠誠度和回頭客。我們也透過 Roadie 進行大宗貨物交付等功能來擴大我們的潛在市場。在第一季度，我們推出了 RoadieXD，它為 RoadieXL 添加了跨碼頭功能。我們的交叉轉運解決方案將數位和實體結合在一起，適用於不適合 UPS 小包裹網路的大型物品（例如烤架和家具）的長區域交付。

This is enabling us to unlock additional revenue opportunities in the highly fragmented $60 billion big and bulky market in the U.S. It's still early days but this is a large opportunity for us to grow quality revenue and profit and serve the needs of our customers. As we laid out at our Investor Day, our long-term target is to grow our U.S. SMB volume penetration to 40%. DAP, our digital access program is 1 of the tools we will use to reach this target. Recently, we enhanced our DAP pricing capabilities by launching a solution we call fast lane. With fast lane, we can optimize rates and target attractive volume growth whether it be by partner, by product or by customer segment, all of which can drive revenue per piece growth.

這使我們能夠在美國高度分散、價值600 億美元的龐大市場中釋放額外的收入機會。並滿足客戶的需求。正如我們在投資者日所闡述的那樣，我們的長期目標是將美國中小企業的銷售滲透率提高到 40%。 DAP，我們的數位存取計劃，是我們用來實現這一目標的工具之一。最近，我們透過推出稱為快速通道的解決方案來增強我們的 DAP 定價能力。透過快速通道，我們可以優化費率並瞄準有吸引力的銷售成長，無論是按合作夥伴、按產品還是按客戶群，所有這些都可以推動每件收入的成長。

We can even target volume growth by geography to drive density. Prior to fast lane, rate and other adjustments in depth could take months. Now we can make them in a matter of days or even hours. In terms of results, in the first quarter, DAP revenue grew by 3% year-over-year. And in 2024, we expect to generate over $3 billion in global DAP revenue.

我們甚至可以按地理位置確定銷售成長目標，以提高密度。在快速通道之前，費率和其他深度調整可能需要幾個月的時間。現在我們可以在幾天甚至幾小時內完成它們。從業績來看，第一季DAP營收年增3%。到 2024 年，我們預計全球 DAP 收入將超過 30 億美元。

Speaking of SMBs, over the last year, we've gained traction on improving the customer experience across 16 journeys. Take pickup. We redesigned our process and deployed new driver dispatch technology. This resulted in a 74% reduction in pickup concerns and a Net Promoter Score, or NPS, of 48 for this journey, which is an all-time high for UPS.

說到中小型企業，去年我們在 16 個旅程中改善客戶體驗方面取得了進展。取貨。我們重新設計了流程並部署了新的司機調度技術。這使得取件問題減少了 74%，該旅程的淨推薦值 (NPS) 達到 48，這是 UPS 的歷史最高值。

And for our international customers, our next-gen brokerage solution is making it easier for SMBs to navigate the ins and outs of exporting as evidenced by a 40% decline in custom brokerage holds since April of 2023. Turning to health care. We aim to become the #1 complex health care logistics provider in the world. Health care companies are innovating and so are we. Our latest example is the opening of LabPort at Worldport, our global air hub in Louisville, Kentucky.

對於我們的國際客戶來說，我們的下一代經紀解決方案使中小型企業能夠更輕鬆地了解出口的細節，自2023 年4 月以來海關經紀持有量下降40% 就證明了這一點。保健。我們的目標是成為世界第一的綜合醫療保健物流提供者。醫療保健公司在創新，我們也在創新。我們最新的例子是在肯塔基州路易斯維爾的全球航空樞紐 Worldport 開設 LabPort。

LabPort is unique. It's an end of the runway, state-of-the-art facility built specifically for lab customers. By being at Worldport, we can deliver urgent air packages to our lab customers well before the sun comes up so they can provide diagnostic results by early morning. And in terms of health care revenue, in the first quarter, revenue from our health care portfolio reached $2.6 billion.

LabPort 是獨一無二的。這是跑道的盡頭，是專門為實驗室客戶建造的最先進的設施。透過在 Worldport，我們可以在太陽升起之前向實驗室客戶提供緊急空運包裹，以便他們能夠在清晨之前提供診斷結果。在醫療保健收入方面，第一季度，我們的醫療保健組合收入達到了 26 億美元。

Outside the United States, we're continuing to enhance our network to grow our premium international business. Our most recent example is the launch of Next Day flights between Shenzhen, China and Sydney, Australia. The addition of these flights enables faster import and export movements between 11 Asian markets in Australia and now exports from Australia can even reach Europe by the next business day.

在美國以外，我們正在繼續增強我們的網絡以發展我們的優質國際業務。我們最近的例子是推出中國深圳和澳洲雪梨之間的隔日航班。這些航班的增加使得澳洲 11 個亞洲市場之間的進出口運輸更加快捷，現在澳洲的出口甚至可以在下一個工作日到達歐洲。

This enhancement further enables us to serve our customers. Particularly those that are in high-tech, manufacturing and health care as they are shifting their supply chains in response to changing international trade flows. Now let's turn to innovation driven. As we've discussed, network of the future includes physical and digital changes that will deliver benefits in the short term and the long term.

這項增強進一步使我們能夠為客戶提供服務。特別是那些高科技、製造和醫療保健領域的企業，他們正在改變供應鏈以應對不斷變化的國際貿易流。現在讓我們轉向創新驅動。正如我們所討論的，未來的網路包括實體和數位變化，這些變化將在短期和長期內帶來好處。

Smart Packaged Smart Facility, our RFID solution is a great digital example. We are moving from a scanning network to a sensing network following last year's Phase 1 deployment to our preload operations. This year, we are installing RFID readers in over 40,000 U.S. packaged cars with the balance to be completed in 2025.

智慧包裝智慧設施，我們的 RFID 解決方案是一個很好的數字範例。繼去年的第一階段部署到預先載入操作之後，我們正在從掃描網路轉向感測網路。今年，我們將在 40,000 多輛美國整車上安裝 RFID 讀取器，其餘部分將於 2025 年完成。

Packaged car readers will enable us to further reduce our missed loads which will improve efficiency and the customer experience. The physical aspect of Network of the Future has launched. And in the quarter, we continued to close sort and flow more volume into automated facilities. Most of the Phase 1 major projects we outlined during our Investor Day have begun and are in the contracting and execution phases.

打包的汽車讀卡機將使我們能夠進一步減少漏載，從而提高效率和客戶體驗。未來網路的實體部分已經啟動。在本季度，我們繼續關閉分類並將更多的數量流入自動化設施。我們在投資者日概述的大多數第一階段主要項目已經開始，並處於簽約和執行階段。

Innovation-driven is also about achieving carbon neutrality by 2050. We recently published our 22nd sustainability report, and we are well on our way to achieving our goals. In 2023, our Scope 1, 2 and 3 CO2 emissions declined 8.1% compared to 2022. We operate more than 18,000 alternative fuel and advanced technology vehicles in our roaming laboratory. And the use of alternative fuels in our ground operations reached 28.8% last year keeping us on track to achieve our target of 40% by 2025.

創新驅動也涉及 2050 年實現碳中和。 2023 年，我們的範圍 1、範圍 2 和範圍 3 二氧化碳排放量比 2022 年下降了 8.1%。去年，我們的地面營運中替代燃料的使用率達到了 28.8%，這使我們預計在 2025 年實現 40% 的目標。

Moving to our outlook. We are reaffirming our previously announced 2024 consolidated financial goals. In 2024, we expect to generate consolidated revenue ranging from approximately $92 billion to $94.5 billion and a consolidated operating margin ranging from approximately 10% to 10.6%. Versus last year, we still expect first half earnings to decline and second half earnings to grow as we lap the first year of the Teamsters contract, and we still expect to exit the year with the U.S. operating margin of 10%.

轉向我們的展望。我們重申先前宣布的 2024 年綜合財務目標。到 2024 年，我們預計將產生約 920 億美元至 945 億美元的綜合收入，綜合營業利潤率約 10% 至 10.6%。與去年相比，隨著卡車司機合約第一年的結束，我們仍然預計上半年收益將下降，下半年收益將增長，並且我們仍然預計今年美國的營業利潤率為 10%。

As we move forward, we are staying on strategy and under our better and bolder approach, we are pursuing our declaration to become the premium small package provider and logistics partner in the world.

在我們前進的過程中，我們將堅持策略，並以更好、更大膽的方式，追求成為全球優質小包裝供應商和物流合作夥伴的宣言。

With that, thank you for listening. And now I'll turn the call over to Brian.

在此，感謝您的聆聽。現在我將把電話轉給布萊恩。

Thanks, Carol and good morning. In my comments, I'll cover 4 areas. First, I'll review our first quarter results, followed by our 2024 financial outlook. Then I'll provide some comments on our business with the USPS. And lastly, I'll close with a recap of our 2026 targets. While the macro environment in the first quarter showed improvement in some areas, continued soft demand pressured all 3 parts of our business. Through the quarter, we adjusted our integrated network to match volume levels and drove out expense while maintaining industry-leading service levels.

謝謝，卡羅爾，早安。在我的評論中，我將涵蓋 4 個領域。首先，我將回顧我們第一季的業績，然後是我們 2024 年的財務展望。然後我將就我們與 USPS 的業務提供一些評論。最後，我將回顧我們的 2026 年目標。雖然第一季的宏觀環境在某些領域有所改善，但持續疲軟的需求給我們的三個業務部門帶來了壓力。在整個季度中，我們調整了整合網路以匹配數量水準並降低了費用，同時保持了業界領先的服務水準。

Moving to our financial results. Our overall quarterly performance was in line with our expectations. In the first quarter, consolidated revenue was $21.7 billion, down 5.3% compared to the first quarter of 2023. All 3 of our segments demonstrated cost agility and on a combined basis, drove down expense by $414 million in the first quarter. This enabled us to deliver $1.7 billion in consolidated operating profit and consolidated operating margin was 8%.

轉向我們的財務表現。我們的整體季度業績符合我們的預期。第一季的合併收入為 217 億美元，比 2023 年第一季下降 5.3%。這使我們能夠實現 17 億美元的綜合營業利潤，綜合營業利潤率為 8%。

Diluted earnings per share was $1.43, down 35% from the first quarter of 2023. Now let's look at our business segments. In U.S. domestic, we remain focused on controlling what we could control to improve volume growth and drive productivity. In the first quarter, average daily volume was down 3.2% year-over-year. When looking at ADV sequentially, the growth rate showed strong improvement compared to the third and fourth quarters of 2023.

稀釋每股收益為 1.43 美元，較 2023 年第一季下降 35%。在美國國內，我們仍然專注於控制我們可以控制的因素，以提高產量成長並提高生產力。第一季日均成交量較去年同期下降3.2%。在按順序查看 ADV 時，與 2023 年第三季和第四季相比，成長率顯示強勁改善。

B2B average daily volume was down 5.5% compared to the first quarter of last year primarily driven by declines in the retail and manufacturing sectors and B2B represented 41.6% of our volume. Looking at product mix, and in line with recent trends, we continue to see a shift from air to ground as customers prioritize cost savings over transit times by taking advantage of our ground services.

B2B 日均交易量較去年第一季下降 5.5%，主要是由於零售和製造業下降，B2B 占我們交易量的 41.6%。從產品組合來看，根據最近的趨勢，我們繼續看到從空中到地面的轉變，因為客戶透過利用我們的地面服務來優先考慮節省成本而不是運輸時間。

Compared to the first quarter of 2023, total air average daily volume was down 8.3%, ground declined 2.3%. And within ground, SurePost volume grew 10.8%. For the quarter, U.S. domestic generated revenue of $14.2 billion, down 5%. Revenue per piece was relatively flat year-over-year. Looking at the key drivers, base rates increased the revenue per piece growth rate by 240 basis points. This was offset by a couple of factors. First, changes in customer and product mix due to growth in SurePost combined with changes in package characteristics, decreased the revenue per piece growth rate by 180 basis points.

與 2023 年第一季相比，日均航空總量下降 8.3%，地面總量下降 2.3%。在地面範圍內，SurePost 交易量增加了 10.8%。本季美國國內收入為 142 億美元，下降 5%。每件收入同比相對持平。從主要驅動因素來看，基本費率使每件收入成長率提高了 240 個基點。這被幾個因素抵消了。首先，SurePost 的成長導致客戶和產品結構的變化，加上包裹特性的變化，導致每件收入成長率下降了 180 個基點。

And second, changes in fuel prices decreased the revenue per piece growth rate by 90 basis points. Turning to cost. Total expense was down 0.8% or $104 million in the first quarter. Union wage rates increased 13% driven by the contractual increase that went into effect last August. Leveraging technology and the agility of our integrated network, we took several actions, which more than offset the increase in compensation. We leveraged Total Service Plan and Network Planning Tools to reduce total operational hours by 6.6%, which was more than the decline in average daily volume.

其次，燃料價格的變化使每件收入成長率降低了 90 個基點。轉向成本。第一季總費用下降 0.8%，即 1.04 億美元。去年 8 月生效的合約加薪推動工會薪資上漲 13%。利用技術和整合網路的敏捷性，我們採取了多項行動，足以抵消薪資的增加。我們利用全面服務計畫和網路規劃工具，將總營運時間減少了 6.6%，超過了每日平均交易量的降幅。

We closed 18 sorts and reduced operational resources by 4.8% compared to last year. We lowered block hours by 15.2% versus last year. We reduced management and support staff by approximately 5,400 positions year-over-year. In addition, we reduced purchase transportation by 17%, primarily from our continued optimization efforts. And lastly, lower fuel costs contributed to the decrease in total expense.

與去年相比，我們關閉了 18 個分類，營運資源減少了 4.8%。與去年相比，我們將封鎖時間減少了 15.2%。我們比去年同期減少了約 5,400 個管理和支援人員職位。此外，我們還減少了 17% 的採購運輸，這主要歸功於我們持續的優化工作。最後，較低的燃料成本導致總費用下降。

The U.S. Domestic segment delivered $839 million in operating profit, down 43.6% compared to the first quarter of 2023 and operating margin was 5.9%. Moving to our International segment. The macro environment remained challenged, primarily in Europe and Asia. However, volume growth in the Americas region showed early signs of near-shoring. In the first quarter, international total average daily volume was down 5.8% year-over-year.

美國國內業務實現營業利潤 8.39 億美元，較 2023 年第一季下降 43.6%，營業利益率為 5.9%。轉向我們的國際部分。宏觀環境仍面臨挑戰，主要是在歐洲和亞洲。然而，美洲地區的銷售成長顯示出近岸外包的早期跡象。一季度，國際日均總成交量較去年同期下降5.8%。

About 2/3 of the decline came from lower domestic average daily volume, which was down 8.1%, driven primarily by declines in Canada and major markets in Europe. On the export side, average daily volume declined 3.6% year-over-year primarily due to weak manufacturing activity in Europe. In Asia, export average daily volume was down 4.8%, which was an improvement from the fourth quarter of 2023. Within Asia, export volume on the China to U.S. lane increased 12.8% and showed steady growth for the second consecutive quarter.

約 2/3 的下降來自國內日均成交量下降，下降了 8.1%，主要是由於加拿大和歐洲主要市場的下降。出口方面，每日均出口量較去年同期下降 3.6%，主要是因為歐洲製造業活動疲軟。在亞洲，日均出口量下降4.8%，較2023年第四季有所改善。

More than offsetting the overall decline in Asia, nearshoring became evident as export average daily volume in the Americas region increased 3.8%. This was led by SMB customers in Canada and Mexico, leveraging our cross-border ground service. In the first quarter, international revenue was $4.3 billion, down 6.3% from last year, primarily due to the decline in volume. Revenue per piece increased 2% and included a number of moving parts.

美洲地區的日均出口量增加了 3.8%，近岸外包變得明顯，這不僅抵消了亞洲整體下滑的影響。這是由加拿大和墨西哥的中小企業客戶利用我們的跨國地面服務所主導的。第一季度，國際營收為 43 億美元，比去年下降 6.3%，主要是由於銷量下降。每件收入成長了 2%，其中包括許多移動部件。

Strong base pricing drove a 360 basis point increase in the revenue per piece growth rate. A decline in fuel surcharge revenue, combined with a stronger U.S. dollar negatively impacted the revenue per piece growth rate by 80 basis points. And finally, lower demand-related surcharge revenue decreased the revenue per piece growth rate by 80 basis points.

強勁的基本定價推動每件營收成長率提高了 360 個基點。燃油附加費收入下降，加上美元走強，對每件收入成長率產生了 80 個基點的負面影響。最後，與需求相關的附加費收入下降使每件收入成長率下降了 80 個基點。

In the first quarter, total international expense was down $163 million, a decline of 4.4%. Similar to previous quarters, we leveraged the agility of our integrated network to reduce block hours by 6.6%. Operating profit in the International segment was $682 million, down $124 million year-over-year. Operating margin in the first quarter was 16%. Now looking at Supply Chain Solutions, in the first quarter, revenue was $3.2 billion, down 5.3% year-over-year.

第一季度，國際總費用減少 1.63 億美元，降幅為 4.4%。與前幾季類似，我們利用整合網路的敏捷性將區塊時間減少了 6.6%。國際部門的營業利潤為 6.82 億美元，年減 1.24 億美元。第一季營業利益率為 16%。現在來看看供應鏈解決方案，第一季營收為 32 億美元，年減 5.3%。

Looking at the key drivers within forwarding, market rates in international airfreight continue to drive down top line revenue. On the ocean side, excess market capacity continued to pressure market rates and drove a decrease in revenue despite volume growth. And our truckload brokerage unit continued to face soft demand and market rate pressures. Logistics delivered revenue growth and increased operating profit driven by gains in health care. In the first quarter, Supply Chain Solutions generated operating profit of $226 million, down $32 million year-over-year and an operating margin of 7%. Walking through the rest of the income statement, we had $195 million of interest expense.

從貨運代理的主要驅動因素來看，國際空運的市場價格持續壓低營收。在海洋方面，儘管銷量有所增長，但市場容量過剩繼續對市場價格構成壓力，並導致收入下降。我們的整車經紀部門持續面臨需求疲軟和市場利率壓力。在醫療保健收益的推動下，物流帶來了收入成長和營業利潤增加。第一季度，供應鏈解決方案實現營業利潤 2.26 億美元，年減 3,200 萬美元，營業利潤率為 7%。瀏覽損益表的其餘部分，我們有 1.95 億美元的利息支出。

Our other pension income was $67 million and our effective tax rate for the first quarter was 26.8%. Now let's turn to cash and shareholder returns. In the first quarter, we generated $3.3 billion in cash from operations. Free cash flow for the period was $2.3 billion. We finished the quarter with strong liquidity and no outstanding commercial paper. Also in the first quarter, UPS rewarded shareowners with $1.3 billion in dividends. Turning to our outlook.

我們的其他退休金收入為 6,700 萬美元，第一季的有效稅率為 26.8%。現在讓我們轉向現金和股東回報。第一季度，我們從營運中產生了 33 億美元的現金。該期間的自由現金流為 23 億美元。本季末，我們的流動性強勁，沒有未償還的商業票據。同樣在第一季度，UPS 向股東獎勵了 13 億美元的股息。轉向我們的展望。

As Carol mentioned, we are reaffirming our 2024 consolidated financial targets. For the full year 2024, on a consolidated basis, revenues are expected to range between $92 billion and $94.5 billion, and we expect to generate a consolidated operating margin ranging from approximately 10% to 10.6%. Looking at the shape of the year. In the first half of the year, we expect consolidated operating profit to be down between 20% and 30%. And in the back half of the year, we expect volume and revenue growth to accelerate as we lap the diversion we experienced as a result of our labor negotiations.

正如卡羅爾所提到的，我們重申 2024 年綜合財務目標。 2024 年全年，在合併基礎上，營收預計在 920 億美元至 945 億美元之間，我們預計合併營業利潤率約為 10% 至 10.6%。看當年的形狀。今年上半年，我們預計綜合營業利潤將下降 20% 至 30%。今年下半年，隨著勞資談判造成的轉移，我們預期銷售和營收成長將加速。

Additionally, our labor cost growth rate will drop substantially. We will also see the majority of the $1 billion in savings from Fit to Serve. We still expect revenue per piece to outperform cost per piece. And lastly, in U.S. domestic, we expect to exit the year at a 10% operating margin. Looking at cash flow and capital spending. For the full year in 2024, we still expect capital expenditures to be within our target of around 5% of revenue or $4.5 billion. We're reviewing certain aspects of our pension strategy, and so we expect free cash flow to be within a range of approximately $5.9 billion to $6.7 billion before reflecting any pension contributions.

此外，我們的勞動成本成長率將大幅下降。我們還將看到 Fit to Serve 節省的 10 億美元中的大部分。我們仍然預計每件收入將超過每件成本。最後，在美國國內，我們預期今年的營業利益率為 10%。看看現金流和資本支出。對於 2024 年全年，我們仍然預期資本支出將在佔收入約 5% 或 45 億美元的目標之內。我們正在審查退休金策略的某些方面，因此我們預計在反映任何退休金繳款之前，自由現金流將在約 59 億美元至 67 億美元的範圍內。

Now let me share more detail about servicing air cargo for the USPS. This is good business for us, and we are moving quickly to begin onboarding this cargo. We will leverage our integrated network and existing assets, and we expect the majority of the volume will fit within our current U.S. domestic daytime flight operations. Our operators and engineers are already planning the network to support the complete transition to UPS in the third quarter.

現在讓我分享有關為 USPS 航空貨運提供服務的更多詳細資訊。這對我們來說是一筆好生意，我們正在迅速行動，開始裝運這批貨物。我們將利用我們的綜合網路和現有資產，預計大部分數量將適合我們目前的美國國內日間航班營運。我們的操作員和工程師已經在規劃網絡，以支援在第三季度完全過渡到 UPS。

In terms of financial reporting, the revenue and expense associated with USPS air cargo will show up in the SCS other line in our financial reporting. Adding the USPS air cargo volume to our existing network will result in a higher share of the network cost being allocated to SCS, indirectly benefiting our U.S. domestic segment. We expect to see a benefit to operating margins this year at both the consolidated level and within the U.S. Domestic segment.

在財務報告方面，與 USPS 航空貨運相關的收入和費用將顯示在我們財務報告中的 SCS 其他行中。將 USPS 航空貨運量添加到我們現有的網路中將導致更高份額的網路成本分配給 SCS，間接使我們的美國國內業務受益。我們預計今年的綜合營運利潤率和美國國內業務的營運利潤率都會有所提高。

To wrap up, we are also reaffirming our 3-year consolidated revenue and operating margin targets we put forth at our March Investor and Analyst Day. Specifically, we aim to grow revenue to be between $108 billion and $114 billion by 2026. The high end of the range includes inorganic opportunities, primarily in health care and international. Additionally, we expect to expand our consolidated operating margin to more than 13% by 2026, which includes expanding our domestic operating margin to at least 12%. And I'll note that the USPS volume is consistent with our better and bolder approach to grow in the parts of the market that leverage our integrated network, and it gives us a strong start to our 2026 targets.

最後，我們也重申了我們在三月投資者和分析師日提出的 3 年綜合收入和營業利潤率目標。具體來說，我們的目標是到 2026 年將收入成長到 1,080 億美元至 1,140 億美元。此外，我們預計到 2026 年，我們的綜合營業利潤率將擴大到 13% 以上，其中包括將我們的國內營業利潤率擴大到至少 12%。我要指出的是，USPS 的業務量與我們在利用我們的綜合網路的部分市場中實現更好、更大膽的成長方式是一致的，它為我們實現 2026 年目標提供了良好的開端。

With that, thank you, and operator, please open the lines.

謝謝您，接線員，請開通線路。

(Operator Instructions) Our first question will come from the line of Brandon Oglenski of Barclays.

（操作員說明）我們的第一個問題將來自巴克萊銀行的布蘭登·奧格倫斯基（Brandon Oglenski）。

This is Eric Morgan on for Brandon. I just wanted to ask about the guidance in the first half. I know you mentioned 1Q kind of coming in line with your expectations, but you did call out the 40% decline expectation at the Investor Day. So just wondering if anything happened late in the quarter that drove EBIT above your expectations in the first quarter? And then are there anything negative going on in 2Q that led you to maintain the first half guidance rather than raise it similar to the 1Q beat?

這是布蘭登的艾瑞克摩根。我只是想問一下上半年的指導。我知道您提到第一季符合您的預期，但您確實在投資者日提到了 40% 的下降預期。因此，我想知道本季末是否發生了任何事情導致第一季的息稅前利潤超出您的預期？那麼，第二季是否有任何負面因素導致您維持上半年指引，而不是像第一季那樣提高指引？

Morgan, it's Brian. Happy to take this one. Look, our guidance for the first half of the year remains the same, declining in profit down 20% to 30%. So that's consistent. I did call out at the tail end of the quarter, expected minus 40%. I said consistently that Q1 would be the tougher quarter in the first half of the year. There were 2 elements that contributed to beating that 40%. One, on the top line, we did see positive volume momentum going into the end of the quarter. In fact, the last couple of weeks were basically breakeven from a volume perspective. I think the last week was about 0% thereabout.

摩根，是布萊恩。很高興接受這個。看，我們上半年的指導維持不變，利潤下降20%至30%。所以這是一致的。我確實在季度末預測了負 40%。我一直說第一季將是上半年最艱難的季度。有兩個因素促成了超過 40%。第一，在最重要的方面，我們確實看到季度末出現了積極的銷售勢頭。事實上，從成交量的角度來看，過去幾週基本上是損益平衡的。我認為上週的比例約為 0%。

So sequentially, we were seeing improved volume. But the bigger component was just some cost trading between April and March, things like occupancy and maintenance cost shift in terms of when they hit the P&L between March and April. So no change from a guide perspective, still down 20% to 30%, some cost timing at the end of the quarter there, but the positive was the trajectory of volume momentum.

因此，我們連續看到成交量有所改善。但更大的組成部分只是 4 月至 3 月之間的一些成本交易，入住率和維護成本等因素會隨著 3 月至 4 月期間達到損益表的時間而改變。因此，從指導的角度來看沒有變化，仍然下降了 20% 到 30%，在季度末存在一些成本時機，但積極的是成交量勢頭的軌跡。

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

我們的下一個問題將來自 Amit Mehrotra。

Carol, Brian, can you just provide a bit more details on the contribution margins associated with the USPS contract. This was a 0 margin business that your direct competitor and somewhat surprisingly is now moving from your direct competitor to you. It kind of harkens back to kind of pre-2020 when UPS was less price disciplined. And so can you just wage concerns that this wasn't one on price and just talk a little bit in more detail.

卡羅爾、布萊恩，您能否提供有關與 USPS 合約相關的邊際貢獻的更多詳細資訊。這是一項零利潤業務，您的直接競爭對手現在正從您的直接競爭對手轉移給您，這有點令人驚訝。這有點讓人回想起 2020 年之前的情況，當時 UPS 的價格紀律較少。因此，您可以只是擔心這不是價格問題，而是更詳細地討論一下。

I know you're obviously raising some block hours to fund -- to service this volume. But what other costs do you kind of expect to bring on to service this $1 billion, $1.5 billion of incremental revenue.

我知道你們顯然正在籌集一些區塊時間來資助——以服務這個數量。但是，為了服務這 10 億美元、15 億美元的增量收入，您預計還會帶來哪些其他成本？

Well, thanks very much for your question, Amit, and we're delighted to have won the air cargo business from USPS. Our team put together an innovative solution using our integrated network. And as in contrast to traditional hub-and-spoke models, we don't have to run all of the air volume through our main air hub at Worldport. Of course, we will use Worldport, but we will also use our regional gateways. That allows for splits to occur outside of the network, so they'll be built in origin and then we will bypass the main hub and go point to point.

嗯，非常感謝您的提問，阿米特，我們很高興贏得了 USPS 的航空貨運業務。我們的團隊利用我們的整合網路整合了創新的解決方案。與傳統的輪輻式模式相比，我們不必透過世界港的主要航空樞紐來運行所有的風量。當然，我們會使用 Worldport，但我們也會使用我們的區域網關。這允許分裂發生在網路之外，因此它們將在原點構建，然後我們將繞過主集線器並點對點。

This is an integrated solution that's very different than I think the former provider offered. We also will use all of the assets of our integrated network, and that will allow us to actually optimize block hours. Now in terms of the investments that we need to make to services volume, we have plenty of space on our existing aircraft. So we won't be purchasing any aircraft. We will be hiring some pilots but less than 200 pilots, and we factored all of that into the cost model that we built.

這是一個整合的解決方案，與我認為以前的提供者提供的非常不同。我們還將使用我們整合網路的所有資產，這將使我們能夠真正優化區塊時間。現在，就我們需要對服務量進行的投資而言，我們現有的飛機上有足夠的空間。所以我們不會買任何飛機。我們將僱用一些飛行員，但少於 200 名飛行員，我們將所有這些因素納入了我們建造的成本模型中。

So this will be margin accretive. It will be EPS accretive beginning in year one and through the life of the contract.

因此，這將增加利潤。從第一年開始直至合約有效期內，每股收益都會增加。

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

我們的下一個問題將來自瑞銀集團的湯姆·瓦德維茨（Tom Wadewitz）。

I wanted to see Brian or Carol, if you could walk through what are the key pieces of the 2Q versus 1Q ramp in EBIT. And then I guess the same thing for second half. Obviously, you've got Fit to Serve as a significant cost benefit 2Q versus 1Q. But I think just trying to figure out how much of the improvement sequentially is based on volume that you have visibility to and how much would be based on anticipation of improvement in the broader parcel market kind of macro improvement.

我想見見布萊恩或卡羅爾，請您詳細介紹第二季與第一季息稅前利潤成長的關鍵部分。然後我想下半場也會發生同樣的事情。顯然，與第一季相比，第二季的「適合服務」具有顯著的成本效益。但我認為，只是想弄清楚有多少連續改善是基於您能看到的數量，以及有多少是基於對更廣泛的包裹市場宏觀改善的預期。

Tom, happy to take that. So listen, from a Q1 to Q2 perspective, the shape, if we look at the U.S., we would expect marginal growth from a volume perspective, which relative to past trends, normally, Q1 steps down to Q2 from an absolute volume level. So by maintaining that will be a natural accretion from an EBIT perspective. The big component, though, full year on a run rate basis, the Fit to Serve program will generate $1.3 billion in savings and we're ramping that up in Q2. So that will be a big driver as well as we think about it.

湯姆，很高興接受。因此，聽聽，從第一季到第二季的角度來看，如果我們看美國，我們預計從數量角度來看會出現邊際增長，相對於過去的趨勢，通常情況下，第一季從絕對數量水準下降到第二季度。因此，從息稅前利潤的角度來看，保持這一點將是一種自然的成長。不過，最重要的部分是，以運行率計算，全年「Fit to Serve」計畫將節省 13 億美元，我們將在第二季進一步節省開支。因此，這將是我們考慮的一個重要驅動因素。

And then from a Q1 to the back half of the year, it's the same 3 components, Fit to Serve. It's the volume lift along with the drivers of RPP and then it's the labor contract lapping, which is the big piece in the back end of the year.

然後從第一季到今年下半年，都是相同的 3 個組成部分：「適合服務」。這是銷量的提升以及 RPP 的驅動因素，然後是勞動合約的完善，這是今年年底的重要部分。

And maybe just a few more comments on RPP since our RPP in the U.S. was flat in the first quarter. We expect to see RPP growth as we head towards the back half of the year. Why? Well, first of all, fuel prices were a drag on the RPP in the first quarter. The projection for fuel is that is going to increase. we are also announcing a fuel surcharge later today. So those 2 components of fuel will be a bonus to RPP as we head towards the back half.

由於我們在美國的 RPP 第一季持平，因此可能只是對 RPP 進行更多評論。我們預計，隨著下半年的到來，RPP 將出現成長。為什麼？首先，燃料價格拖累了第一季的 RPP。燃料預測將會增加。今天稍晚我們也宣布徵收燃油附加費。因此，當我們走向後半段時，這兩個燃料成分將成為 RPP 的獎勵。

We also are going to have a pretty picky peak, we anticipate for fewer operating days this year than last, which means the demand surcharge should be pretty strong this year compared to last year. And then we brought in a lot of SurePost product into our network. We're meeting our customers where they want to go we'll be anniversary-ing a lot of that in the back half of the year as well. So we don't expect -- we love SurePost by the way, but we don't expect to see the drag on the RPP I'm sure costs in the back half, like we said, in the first quarter. Any other color you'd like to provide?

我們還將遇到一個相當挑剔的高峰，我們預計今年的營運天數將比去年少，這意味著今年的需求附加費與去年相比應該相當強勁。然後我們將許多 SurePost 產品引入我們的網路。我們將在客戶想去的地方與他們會面，我們也將在今年下半年舉辦許多週年紀念活動。所以我們不希望——順便說一句，我們喜歡 SurePost，但我們不希望看到 RPP 受到拖累，我確信，正如我們所說，第一季的成本會在後半段出現。您還想提供其他顏色嗎？

I think all those that you stated, Carol, and then the volume growth, obviously, with the comps, it's going to be a big help to us.

我認為卡羅爾，你所說的所有這些，以及銷量的增長，顯然，通過比較，這將對我們有很大的幫助。

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

我們的下一個問題來自高盛的喬丹·阿利格。

Sort of curious, you mentioned some actions taken in the first quarter, like closing sorts and working on peak purchase transport, et cetera, amongst other things. Can you maybe talk to some additional actions that are helping to drive the profit uplift from here, not related to the volumes and maybe the headcount reduction.

有點好奇，您提到了第一季採取的一些行動，例如關閉訂單和處理高峰採購運輸等等。您能否談談一些有助於推動利潤提升的額外行動，這些行動與數量無關，也可能與人數減少無關。

Well, productivity is a virtuous cycle here at UPS domestically and outside of the U.S. And I just can't say enough good things about how our team is running our business. Ours are running under the volume declines, higher productivity and cube utilization packages per hour. We measure productivity in minutes, miles and packages per hour and all across the board, we're seeing record levels.

嗯，在 UPS 國內和美國以外的地區，生產力是一個良性循環。我們的運行量正在下降，生產率和每小時的立方體利用率更高。我們以分鐘、英里和每小時的包裹來衡量生產力，從整體上看，我們看到了創紀錄的水平。

One different call outs that we've been talking about this for a while is safety. Our safety stats, if you will, are the best they've been in 5 years. And of course, if you haven't run a safer business, where you don't have as many claims for Workers' Comp and auto liability. So a real shout out to our operators. And I certainly might say, why is the productivity getting better? One reason is because our turnover is down. And as people stay in place, we were just more productive. And let me throw it over Nando. Is there anything you'd like to add on the productivity side?

我們已經討論了一段時間的一個不同的呼聲是安全。如果你願意的話，我們的安全統計數據是五年來最好的。當然，如果您沒有經營更安全的企業，那麼您就沒有那麼多的工人補償和汽車責任索賠。真的要向我們的業者大聲喊叫。我當然可能會說，為什麼生產力越來越好？原因之一是我們的營業額下降了。當人們留在原地時，我們的工作效率就會更高。讓我把它扔到 Nando 身上。在生產力方面您有什麼想要補充的嗎？

No, I'm actually quite impressed with our engineers and our operators, I think, the best in the business. And we're continuing to follow our game plan that we reviewed with you at the investor conference, which is keenly focused on closing down sorts, moving volume to our automation and our automated facilities. And in fact, when I talked about pieces per headcount at our conference, we're actually up 2.7% in March. So we are pushing all of the things that help us be more productive and less reliant on labor.

不，實際上我對我們的工程師和操作員印象深刻，我認為他們是業內最好的。我們將繼續遵循我們在投資者會議上與您一起審查的遊戲計劃，該計劃的重點是關閉排序，將數量轉移到我們的自動化和自動化設施上。事實上，當我在我們的會議上談到人均件數時，我們 3 月實際上增加了 2.7%。因此，我們正在推動所有有助於提高生產力、減少對勞動依賴的事物。

And Kate, outside the United States, in your world talk about productivity.

凱特，在美國以外，在你們的世界裡談論生產力。

Yes, absolutely. It is a consistent value at UPS and something that all of us work very hard towards every day. So when you look at the major regions around the world, we're setting records on our cube utilization both on the ground and in the air. As our margins show away, we have a very good handle on expense management and as we're unlocking more of this segment growth, health care specifically, SMB around the world, it only fuels that further.

是的，一點沒錯。這是 UPS 一貫的價值觀，也是我們所有人每天都在努力實現的目標。因此，當您觀察世界各地的主要地區時，我們正在創下地面和空中立方體利用率的記錄。正如我們的利潤所顯示的那樣，我們在費用管理方面擁有非常好的控制力，並且隨著我們正在釋放更多的這一細分市場的增長，特別是醫療保健，特別是世界各地的中小企業，它只會進一步推動這一增長。

We have a question from the line of Ken Hoexter of Bank of America.

我們收到美國銀行肯‧霍克斯特 (Ken Hoexter) 發來的問題。

Just international margins were a bit lower than we expected. Just maybe thoughts on increased costs. It sounded like you threw out some impacts of near-sourcing. And then, I guess, Brian, just a clarification. You said you're moving the U.S. Postal Service or it will be listed in SCS and benefiting domestic. I just want to understand, are you shifting costs then out of domestic into SCS? Or maybe just clarify that comment there.

只是國際利潤率略低於我們的預期。也許只是考慮增加成本。聽起來你似乎排除了近採購的一些影響。然後，我想，布萊恩，只是一個澄清。你說你要轉移美國郵政服務，否則它將被列入 SCS 並惠及國內。我只是想了解，你們是否會將成本從國內轉移到 SCS？或者也許只是澄清那裡的評論。

Well, first on the international margin, I think we did a terrific job of managing costs in an environment where demand was down. There was a onetime item that we didn't call out in our prepared remarks. But if you back out that onetime item, the international margin would be 17%. The first quarter is usually our lowest margin quarter. So we anticipate that the international business and our planning for the international business to be in the high teens as we told you.

嗯，首先在國際利潤方面，我認為我們在需求下降的環境下管理成本方面做得非常出色。有一個曾經的項目我們在準備好的發言中沒有提到。但如果你取消那個一次性項目，國際利潤率將為 17%。第一季通常是我們利潤率最低的季度。因此，正如我們告訴您的那樣，我們預計國際業務和我們對國際業務的規劃將處於高水準。

And then on the tonnage in terms of USPS comes in through SCS other. But because we're using a lot of the U.S. assets, we allocate cost to that business, and that will have a positive benefit on the domestic margin.

然後就 USPS 而言的噸位通過 SCS 其他進入。但由於我們使用大量美國資產，我們將成本分配給該業務，這將對國內利潤產生正面的影響。

And can you clarify what the onetime item was there?

您能澄清一下那裡的一次性物品是什麼嗎？

It was a cleanup really in our revenue data mark, we just had some accounts we wrote off.

這確實是我們收入資料的一次清理，我們只是註銷了一些帳戶。

We have a question from the line of David Vernon of Bernstein.

我們有一個來自伯恩斯坦的大衛·弗農（David Vernon）的問題。

I got a couple of quick commercial questions for you. Can you talk about how the volume outlook outside SurePost is shaping up? I think you mentioned in a couple of pockets, the second derivative is getting better. But if you could talk about whether you feel better or worse about where volumes are going to end up in the year today versus when you started the year? That would be helpful.

我有幾個簡單的商業問題想問你。您能談談 SurePost 以外的交易量前景如何嗎？我想你在幾個口袋裡提到過，二階導數正在變得更好。但是，您是否可以談談您對今年最終銷量與年初相比感覺更好還是更差？那會有幫助的。

And then the second question would be on SurePost, 10% demand for anything in small package is a very high number. When are you going to have a chance to maybe address pricing in that product? Because it does sound like you have what looks like a relative advantage in terms of marketing against the lower end of the e-commerce small package market?

第二個問題是在 SurePost 上，對小包裝任何東西的 10% 的需求是一個非常高的數字。什麼時候有機會解決該產品的定價問題？因為聽起來你們在針對低端電子商務小包裝市場的行銷方面確實具有相對優勢？

So from a volume mix perspective, if I look at the volume that's in our pipeline, I would say the volume that's in our pipeline is not SurePost. We've got commercial volume in our pipeline, additional enterprise volume in our pipeline. So we're going to be our customers where they want to go. But the mix is looking very different as we look ahead than it was in the first quarter. And in terms of pricing, I don't think we're going to talk pricing on this for this call but we always look for opportunities to optimize our pricing.

因此，從數量混合的角度來看，如果我查看我們管道中的數量，我會說我們管道中的數量不是 SurePost。我們的管道中有商業量，還有更多的企業量在我們的管道中。因此，我們將成為客戶想去的地方。但當我們展望未來時，這種組合看起來與第一季有很大不同。在定價方面，我認為我們不會在這次電話會議中討論定價，但我們總是尋找優化定價的機會。

And the headwind we saw from a mix perspective, Carol alluded to this but back end of the year, we are anniversary-ing a fair amount of SurePost from last peak. And so the overlaps won't drive as big of a headwind.

卡羅爾提到了我們從混合角度看到的逆風，但到了今年年底，我們距離上一個高峰期的 SurePost 已經有了一定的周年紀念日。因此，重疊不會帶來那麼大的阻力。

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

我們有一個來自斯科特的問題——我們有一個來自沃爾夫研究的斯科特小組的問題。

Brian, the second quarter guide, I guess, implies EBIT down anywhere from 10% to 30%. So any more directional color there? And then on this revenue cost allocation thing with the post office, is there any way to just quantify what the benefit is to the U.S. margin as you're doing this? And is that already sort of captured in the 10% margin comment for Q4? Or does this now take it up versus what you previously thought?

我猜，布萊恩在第二季指南中暗示息稅前利潤將下降 10% 到 30%。那麼還有更多方向性的顏色嗎？然後，在郵局的收入成本分配問題上，有沒有什麼方法可以量化您這樣做時對美國利潤率的好處？第四季 10% 的利潤率評論中是否已經體現了這一點？或者現在的情況與您之前的想法相反？

Well, maybe I'll talk about the full year guidance and then you can talk specifically about the second quarter. One of the questions may be, well, why aren't you changing your guidance now that you won this air cargo business and you say it's going to be margin accretive. We were highly confident of the range of guidance that we provided at the end of the year, and we're even more confident now but it's just too early in the year to change the guidance.

好吧，也許我會談談全年指導，然後你可以具體談談第二季。問題之一可能是，既然你贏得了這項航空貨運業務，並且你說這將增加利潤，為什麼你不改變你的指導呢？我們對年底提供的指導範圍非常有信心，現在我們更有信心，但現在改變指導還為時過早。

So once we get through the second quarter, we'll tell you what we think the back half of the year will be. On Q2 alone, why don't you talk about that?

因此，一旦我們度過了第二季度，我們就會告訴您我們對下半年的看法。就第二個問題而言，為什麼不談論這一點？

Sure. Scott, we're maintaining the first half at negative 20% to 30% from a profit perspective. So you can choose the element of the range you want to point towards. I think ADV in domestic, we're expecting Q2 to be slightly positive. RPP should be consistent with what we saw flattish in the first quarter as we move out of the headwinds from a mix perspective. And as Carol said, fuel and the PSS in the back end of the year will help us.

當然。 Scott，從利潤角度來看，我們將上半年的利潤率維持在負 20% 到 30% 的水平。所以你可以選擇你想要指向的範圍的元素。我認為國內的ADV，我們預計第二季會略有正面。隨著我們從混合角度擺脫逆風，RPP 應該與我們在第一季看到的相同情況一致。正如卡羅爾所說，今年年底的燃料和 PSS 將對我們有所幫助。

Cost per piece will get better in Q2 -- I'm sorry, in Q3 when we anniversary the cost of the labor contract, but somewhat similar from a Q2 perspective in the U.S. And then from an ADV perspective, internationally, Kate is looking to see that business improve as we sequentially move over the course of the year. So I guess I would steer you towards the 20% to 30%. We've been very consistent on that from a profit standpoint for the first half and you can squeeze it.

每件成本將在第二季度變得更好——對不起，在第三季度，當我們慶祝勞動合約成本週年紀念日時，但從美國第二季度的角度來看，有點類似。的ADV 角度來看，凱特希望隨著我們在一年中的逐步推進，業務會有所改善。所以我想我會引導你走向 20% 到 30%。從上半年利潤的角度來看，我們在這一點上一直非常一致，你可以擠壓它。

And then any thoughts on that the postal shift and the margin benefit for Q4?

那麼對第四季的郵政轉移和利潤收益有什麼想法嗎？

So this is what I'd like to do, Scott, let's get through the second quarter, and then we'll come back and give you more color. I'd like to get this going. I'd like to get some of it into the network. We've modeled it out. I want to actually see how it performs. So we'll give you more color at the end of the second quarter.

所以這就是我想做的，斯科特，讓我們完成第二季度，然後我們會回來給你更多的色彩。我想讓這件事繼續下去。我想把其中一些放到網路上。我們已經把它建模出來了。我想實際看看它的表現如何。因此，我們將在第二季末為您提供更多資訊。

We have a question from the line of Ravi Shanker of Morgan Stanley.

摩根士丹利的拉維‧尚克向我們提出了一個問題。

Carol, in your opening comments, you mentioned that returns were a good business because they were B2B. I'm a little surprised to hear that because I mean, it almost seems like a C2B type business with pretty high fragmentation in the last mile. So if you can just unpack kind of how that works through the supply chain and kind of the profit contribution of that, that would be great.

卡羅爾，在您的開場白中，您提到退貨是一項好生意，因為它們是 B2B。聽到這個消息我有點驚訝，因為我的意思是，它幾乎看起來像是一個 C2B 類型的業務，在最後一英里的碎片化程度相當高。因此，如果你能解開供應鏈的運作方式以及其利潤貢獻，那就太好了。

So we like to return business a lot. You're right, the consumers typically walks into a UPS store to start the return and we consolidate the returns at the UBS store, and they returned to the shipper. And that would be a B2B return. So if you think about -- I'll use our largest customer for an example, we have returns through our UPS stores with our largest customer. We take in thousands of returns for that customer and package it into one consolidated return that goes back to them. So that's a good business for us.

所以我們非常喜歡退貨。你是對的，消費者通常會走進 UPS 商店開始退貨，我們在 UBS 商店合併退貨，然後將他們退回給托運人。這將是 B2B 回報。因此，如果您想一想，我將以我們最大的客戶為例，我們透過 UPS 商店向我們最大的客戶退貨。我們為該客戶收集數千份退貨，並將其打包成一份合併退貨退還給他們。所以這對我們來說是一筆好生意。

And with Happy Returns, now we were able to offer the same service, which is no box, no label. Same idea, consumer walks in, they make the return, we consolidate it and return it back. That's how we think about it being a B2B business, and the margins are very attractive to us. It's density. That's one reason why the margins are so good because you get density.

透過快樂退貨，現在我們能夠提供相同的服務，沒有盒子，沒有標籤。同樣的想法，消費者走進來，他們退貨，我們將其合併並退回。這就是我們對 B2B 業務的看法，而且利潤對我們來說非常有吸引力。是密度。這就是利潤如此之高的原因之一，因為你得到了密度。

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布萊恩·奧森貝克。

Maybe one for Carol, one for Brian. Carol, can you just talk about -- I know you won't talk about too much about pricing, but you're increasing the fuel surcharge about another 50 basis points. I think that's on top of 125 in December. So just wanted to see your thoughts on how the market could absorb that with some excess capacity. And do you still feel as sort of a lever in terms of all-in pricing?

也許一份給卡蘿，一份給布萊恩。卡羅爾，你能談談嗎——我知道你不會過多談論定價，但你將燃油附加費再提高了大約 50 個基點。我認為這已經超過了 12 月的 125。所以只是想看看您對市場如何吸收一些過剩產能的想法。您是否仍覺得自己在總定價方面有某種槓桿作用？

Then for Brian, maybe you can elaborate on the pension contribution strategy. You talked about -- it sounded like maybe the cash contribution was on hold until some other options were considered. So any more thoughts on that would be helpful.

那麼Brian，也許你可以詳細說明一下退休金繳費策略。你談到——聽起來現金捐助可能會被擱置，直到考慮其他一些選擇。因此，任何對此的更多想法都會有所幫助。

So on the fuel surcharge as we look to the rest of the year, fuel prices are increasing. And this is not atypical for us to adjust our surcharge on the base of rising fuel costs. You also should know that, that doesn't impact all of our customers. Clearly, some are exempted from this. So in terms of the ability to stick, we think it will stick. And just a comment on the capacity at our investor earnings day, we said there was about $12 million ADV excess capacity in the market, and that equilibrium is about 6 million, you need about 6 million.

因此，就燃油附加費而言，展望今年剩餘時間，燃油價格將會上漲。我們根據燃油成本上漲來調整附加費的情況並不罕見。您還應該知道，這不會影響我們的所有客戶。顯然，有些人不受此限制。因此，就黏附能力而言，我們認為它會黏附。只是在我們的投資者財報日對容量進行評論時，我們說市場上有大約 1200 萬美元的 ADV 過剩容量，均衡約為 600 萬，你需要大約 600 萬。

So really, the excess capacity is around 6 million pieces a day, and we think that will be fully absorbed by 2025. Now you may say why. Well, we're part of that excess. And so we're closing sorts. We're taking capacity out of the market, and our Network of the Future initiative is capacity neutral. Also with our large competitors' consolidation efforts capacity will be leaving the market.

所以實際上，過剩產能約為每天 600 萬件，我們認為到 2025 年將被完全吸收。好吧，我們是過剩的一部分。所以我們正在結束排序。我們正在從市場中抽取容量，而我們的未來網路計劃是容量中性的。此外，隨著我們大型競爭對手的整合努力，產能將離開市場。

And then another player headquartered in Seattle was the regional, I think the capacity will be taken out of the market. So we think all that capacity will be absorbed and the pricing environment is actually very rational.

然後另一個總部位於西雅圖的參與者是區域性的，我認為產能將被撤出市場。因此，我們認為所有產能都將被吸收，定價環境實際上非常合理。

And Brian, just on your secondary question around the pension. I had quoted cash -- free cash flow ex pension of $59 million to $67 million. We do have annual service cost in the $1.4 billion range. So from a modeling perspective, you can use that as a placeholder. But the reality is we're taking a look at strategic options on pension, a little too a bit of early days to comment on that, but we'll come back later in the year and share our thinking on some of the actions and activities we're pursuing.

布萊恩，關於你關於退休金的第二個問題。我引用的現金——扣除退休金的自由現金流為 5,900 萬至 6,700 萬美元。我們每年的服務成本確實在 14 億美元左右。因此，從建模的角度來看，您可以將其用作佔位符。但現實是，我們正在研究退休金的戰略選擇，對此發表評論還為時過早，但我們將在今年晚些時候回來，分享我們對一些行動和活動的想法我們正在追求。

Yes. Our pensions are very well funded. They're over 90% funded. And it gives us an opportunity to step back on that one. You just look at our asset liability strategy, our funding strategy. So we thought we should just pause right now, take a look at it and then when we -- if we make any decisions, we'll share that with you.

是的。我們的退休金資金非常充足。他們的資金超過90%。這讓我們有機會放棄這一點。你只要看看我們的資產負債策略，我們的融資策略。所以我們認為我們現在應該暫停一下，看一下，然後當我們做出任何決定時，我們會與你們分享。

Our next question will come from the line of Conor Cunningham of Melius Research.

我們的下一個問題將來自 Melius Research 的 Conor Cunningham。

Just curious on your expectations for -- I mean, sorry, you talked a little bit about volume inflecting soon. And can you just talk about your expectations in terms of volumes as you move from first half to second half. I think previously, you were talking about flat to up 2% in the U.S. domestic market, then you came in a little bit ahead. Just trying to understand how the back half are to look outside of just comps being pretty easy.

只是對你的期望感到好奇——我的意思是，抱歉，你談到了成交量很快就會改變。您能否談談您對從上半場到下半場的交易量的期望。我認為之前，您談論的是美國國內市場持平到上漲 2%，然後您就領先了一點。只是想了解後半部分在比賽之外看起來如何，這很容易。

So from an ADV perspective in domestic, I think that's where you're headed with a little bit of a slight tick up in positive volume in the second quarter, will likely finish low single-digit decline in the first half, second half we'd expect that to be low single-digit increase.

因此，從國內日均交易量的角度來看，我認為第二季度的正成交量將略有上升，上半年可能會出現個位數的低跌幅，下半年我們會看到這一點。增幅為低個位數。

And you can look at it through various different lenses. We're building momentum ever since August, each month is basically getting sequentially better each quarter from Q3, Q4, Q1 improves. We'd expect to see slight pod volume trends in the second quarter. And then just from a comp standpoint, I mean if I go back from a trend perspective, over the last 10 years, our Q3 is generally about close to 300,000 ADV better than Q1. So even if we assume flat from a Q3 to Q1, that would be 4.5% growth.

你可以透過各種不同的視角來看待它。自 8 月以來，我們一直在積蓄勢頭，從第三季、第四季、第一季開始，每個月基本上都在逐季持續好轉。我們預計第二季的 Pod 銷量將出現小幅成長。然後，僅從比較的角度來看，我的意思是，如果我從趨勢的角度來看，在過去 10 年中，我們的第三季度通常比第一季好近 300,000 ADV。因此，即使我們假設第三季到第一季持平，成長率也將達到 4.5%。

So any way you cut it, we see the back end of the year and most important, it's the visibility on the sales pipeline that we're pulling through and the volume levels we're seeing going into Q2.

因此，無論如何，我們都會看到今年年底的情況，最重要的是，我們正在推動的銷售管道的可見性以及我們看到的進入第二季度的銷售水平。

Our next question will come from the line of Jonathan Chappell of Evercore ISI.

我們的下一個問題將來自 Evercore ISI 的 Jonathan Chappell。

Brian, you'd mentioned the $1 billion of productivity that you expected to see in the full year '24 guide. Can you just tell us where that stands after the first quarter and how we think about the cadence throughout the rest of the year? Is it front half loaded? Or is it kind of extrapolated evenly by quarter?

Brian，您提到您預計在 24 世紀全年指南中看到 10 億美元的生產力。您能否告訴我們第一季之後的情況以及我們如何看待今年剩餘時間的節奏？前面是半載嗎？還是是按季度平均推斷的？

Yes. The initiative is progressing slightly ahead of plan. Reductions began in March and will continue through Q2. We'd expect more than 80% of the resource reductions to be complete by Q2. We're on track to that $1 billion that I mentioned. And at a full annual run rate going into next year, we'd expect $1.3 billion. So there'll be some benefit early part of next year.

是的。該計劃的進展略高於計劃。削減從三月開始，並將持續到第二季​​。我們預計 80% 以上的資源削減將在第二季完成。我們正朝著我提到的 10 億美元目標邁進。以明年的全年運行率計算，我們預計將達到 13 億美元。所以明年初會有一些好處。

Our next question will come from the line of Daniel Imbro of Stephens Inc.

我們的下一個問題將來自 Stephens Inc. 的 Daniel Imbro。

I wanted to follow up on the USPS contract. Carol, the air cargo, I think, should come into your network in the fourth quarter. I think first, any business coming in sooner than that, just to clarify, and then looking at 4Q in the outlook, are there any minimum volume component to the agreement? I mean, obviously, that customer has moved a lot of freight out of the air network as it looks to save costs by using ground. It still looks like ground is cheaper out there. So how do you protect for more of that volume leaving the air cargo market into maybe slower transit time, similar to the rest of your business?

我想跟進 USPS 合約。卡羅爾，我認為航空貨運應該在第四季進入你們的網路。我認為首先，任何比這更早到來的業務，只是為了澄清，然後看看第四季度的前景，該協議是否有最低數量的組成部分？我的意思是，顯然，該客戶已經將大量貨物從空中網路中移出，因為它希望透過使用地面來節省成本。看起來地面還是比較便宜。那麼，與您的其他業務類似，您如何保護更多的航空貨運量，使航空貨運市場的運輸時間可能變慢？

Well, clearly, we want to get all the volume on boarded before peak. That's in their interest and our best interest. We will onboard the volume as we can. Our teams are in Washington, D.C. working with the postal service hand-in-hand as we build our operating plan.

嗯，很明顯，我們希望在高峰之前獲得所有的交易量。這符合他們的利益，也符合我們的最大利益。我們將盡我們所能增加該卷。我們的團隊位於華盛頓特區，在製定營運計劃時與郵政服務部門攜手合作。

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

我們的下一個問題將來自薩斯奎哈納的巴斯科姆·梅傑斯。

As you work on cash flow with the pension strategy stuff you've talked about that we might hear more about late this year, can you talk a little bit about the dividend. If you look at your payout guidance, it implies roughly $13 in earnings at the dividend level that you're paying now. Is there an opportunity to start to raise it more meaningfully before the earnings power of the business gets there? Or do you think we need to wait and get more increases like we saw this year until the business is supporting that more literally?

當您研究現金流與退休金策略方面的內容時，我們可能會在今年稍後聽到更多有關這些內容的內容，您能談談股息嗎？如果您查看您的派息指導，您會發現，按照您現在支付的股息水平，您的收益約為 13 美元。在企業獲利能力達到之前，是否有機會開始更有意義地提高它？或者您認為我們需要等待並像今年看到的那樣獲得更多成長，直到業務更切實地支持這一點？

We have a disciplined approach when it comes to capital allocation. The first use of our cash, as you know, is to invest back into our business and the second is to pay our dividend. We have a targeted dividend payout ratio of 50%. We are higher than that. It's our intent to earn back into a 50% payout ratio over time.

在資本配置方面，我們採取嚴格的方法。如您所知，我們現金的第一個用途是投資回我們的業務，第二個用途是支付股利。我們的目標股利支付率為50%。我們比那更高。我們的目的是隨著時間的推移將獲利率恢復到 50%。

We have no intent to cut the dividend just to make that math work. We're going to earn back into it and the dividend is an important part of the value proposition. So we just raised the dividend and we look to -- of course, subject to board approval, we look to raise the dividend every year. Any color you'd like to add here?

我們無意僅為了讓數學發揮作用而削減股息。我們將從中獲利，而股利是價值主張的重要組成部分。因此，我們剛剛提高了股息，我們希望——當然，在董事會批准的情況下，我們希望每年提高股息。您想在此處添加任何顏色嗎？

Just, Carol, this year marks the 15th consecutive year we've increased the dividend, and we're committed to a stable and growing dividend. So we will earn back into that, but certainly committed to it.

只是，卡羅爾，今年是我們連續第 15 年增加股息，我們致力於穩定且不斷增長的股息。因此，我們會從中獲利，但肯定會致力於此。

And I feel to respond to Daniel's question about minimum levels within the USPS contract. I'd like to throw that over to Matt. Matt, could you answer the question?

我想回答丹尼爾關於美國郵政合約中最低水準的問題。我想把它交給馬特。馬特，你能回答這個問題嗎？

Yes, absolutely. So thank you, Carol. First off, yes, we do set minimums in the contract. As we built this, we identified a win-win for both the USPS and for us. It's just imperative that, one, we not only have it on the protection for our side and our business on what we're bringing on but also for the USPS because we want to make sure, as Carol mentioned, that we're onboarded before peak season, and we're bringing this on as quickly as possible, and we're working collectively with them.

是的，一點沒錯。謝謝你，卡羅爾。首先，是的，我們確實在合約中設定了最低限度。在構建此項目時，我們確定了 USPS 和我們的雙贏。至關重要的是，第一，我們不僅要保護自己和我們的業務，而且還要保護美國郵政局，因為正如卡羅爾所提到的，我們希望確保我們在之前就已經加入旺季，我們正在盡快實現這一點，並且我們正在與他們共同努力。

Nando and the team have done a great job with their operational team. And to Carol's point, we're meeting with them every week in D.C. to continue to onboard that volume to make sure it's a smooth transition.

Nando 和他的團隊在營運團隊方面做得非常出色。對於卡羅爾來說，我們每週都會在華盛頓與他們會面，並繼續增加該卷，以確保順利過渡。

Stephanie Moore of Jefferies.

傑富瑞集團的史蒂芬妮·摩爾。

I wanted to touch back on the volume commentary. If you can maybe discuss in your eyes, what drove the improvement as the quarter progressed and your expectations into 2Q. How much of this was from kind of actions within your own control? And then at the same time, maybe areas where the underlying environment is improving some over kind of what we've experienced over the last year. And in that case, where you've seen that improvement in the macro.

我想回顧一下卷的評論。如果您可以在您的眼中討論一下，是什麼推動了本季的進展以及您對第二季的期望。其中有多少是由於您自己控制範圍內的行為造成的？同時，也許潛在環境正在比我們去年經歷的情況有所改善。在這種情況下，你會看到宏觀的改進。

Well, I give a shout out to our sales team. the improving volume trends are in large part due to their hard work and efforts. You may recall at the beginning of the year, we said the growth in the market wasn't going to be very growthy this year. So the fact said, we're able to see sequential improvement in the magnitude that we're seeing is really because of our sales team. We are winning new. We are gaining additional penetration of existing customers. We are meeting customers where they want us to be. And our sales team will continue to do that around the world.

好吧，我要向我們的銷售團隊大聲喊叫。銷量的成長趨勢在很大程度上歸功於他們的辛勤工作和努力。您可能還記得，在年初，我們說過今年市場的成長不會很大。所以事實表明，我們能夠看到我們所看到的連續改善的幅度實際上是因為我們的銷售團隊。我們正在贏得新的勝利。我們正在進一步滲透現有客戶。我們正在客戶希望我們去的地方與他們會面。我們的銷售團隊將繼續在世界各地這樣做。

And that's one reason that we're confident in the volume projection of (inaudible) this year.

這就是我們今年（聽不清楚）銷售預測充滿信心的原因之一。

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

我們的下一個問題將來自 Stifel 的 Bruce Chan。

Carol, just back to your DAP comment from the beginning of the call. I know that's big part of your SMB growth efforts. You said you grew 3% in the first quarter. And I can't help but notice that that's materially (inaudible) said the plan was over $3 billion and then at the Investor Day, you said materially over $3 billion. So I just want to know if there's something happening that's driving a slower growth outlook for DAP.

卡羅爾，回到行動黨在電話會議開始時的評論。我知道這是您的中小企業發展努力的重要組成部分。你說第一季成長了3%。我不禁注意到，您說該計劃實質上（聽不清楚）超過 30 億美元，然後在投資者日，您說實質上超過 30 億美元。所以我只想知道是否發生了一些事情導致行動黨的成長前景放緩。

Yes. Thanks for the question. And I think I got it, you broke up a bit, but it's generally about DAP. So last year, in the first quarter, our DAP revenue grew 51% and our volume grew 61%. So we didn't expect to repeat that kind of growth in the first quarter of this year. And so we were very pleased with how the DAP portfolio performed in the first quarter because it was in line with our expectations.

是的。謝謝你的提問。我想我明白了，你們分手了一點，但這通常是關於行動黨的。去年第一季度，我們的 DAP 營收成長了 51%，銷量成長了 61%。因此，我們預計今年第一季不會重複這種成長。因此，我們對 DAP 投資組合在第一季的表現非常滿意，因為它符合我們的預期。

We had anticipated a slower growth in the first quarter because there were a couple of our partners that we were working on amending the teens and fees. So we expected the growth rate to be slower and then to pick up as we move into the second quarter and the rest of the year. The projections for the DAP around the world, and we're seeing great growth outside the United States, by the way. The projections for the DAP portfolio by the end of the year is in excess of $3 billion.

我們預計第一季的成長會放緩，因為我們的一些合作夥伴正在努力修改青少年和費用。因此，我們預計，隨著進入第二季和今年剩餘時間，成長率將放緩，然後加快。民主行動黨在世界各地的預測，順便說一句，我們看到美國以外地區的巨大增長。預計到今年底，DAP 投資組合將超過 30 億美元。

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斯科特·施內伯格（Scott Schneeberger）。

Carol, could you give us an update on your SMB progress. Curious how you're trending towards the long-term target domestically? And then also, how does international compare? You've spoken in the past about making nice progress there. Just curious, how does that compare to domestic right now? And what type of aspiration can you achieve longer term?

卡羅爾，您能為我們介紹一下您的 SMB 進度嗎？想知道您在國內的長期目標的趨勢如何？然後，國際比較如何？您過去曾說過在那裡取得了良好的進展。很好奇，現在和國內相比怎麼樣？您可以長期實現什麼類型的願望？

Yes. So we're right now at about 29% as of the end of the first quarter. And as we look towards the end of this year, we should be over 30% in the low 30s. So we're trending nicely. And Kate, outside the United States how's SMB performing?

是的。截至第一季末，我們目前的成長率約為 29%。展望今年年底，我們的比例應該會超過 30%，在 30 多歲左右。所以我們的趨勢很好。 Kate，SMB 在美國以外的表現如何？

Yes. Our history outside the U.S. is in SMB. So we have a 62% share of SMB, and this is now where we're implementing debt. So we're only going further. As Carol said, our DAP program and small package around the world is resonating with our SMB shippers as they look for ease and access. So that's excellent. And then I'll just also say in our freight business, we have a DAP like service, which is our forwarding hub, and it's actually well ahead of plan as well. So SMBs are showing that they really need access through the digital platforms, and it's resonating very well.

是的。我們在美國以外的歷史是在中小企業領域。因此，我們擁有 62% 的中小企業份額，這就是我們現在實施債務的地方。所以我們只會走得更遠。正如卡羅爾所說，我們在世界各地的 DAP 計劃和小包裹與我們的中小企業托運人產生了共鳴，因為他們尋求便利和便利。所以這很好。然後我還要說，在我們的貨運業務中，我們有類似 DAP 的服務，這是我們的轉運中心，而且它實際上遠遠超出了計劃。因此，中小型企業表明他們確實需要透過數位平台進行訪問，並且引起了很好的共鳴。

It's Stephen, we have time for one more question.

我是史蒂芬，我們還有時間再問一個問題。

Our last question will be a follow-up from the line of David Vernon of Bernstein.

我們的最後一個問題將是伯恩斯坦的戴維·弗農 (David Vernon) 的後續問題。

I just wanted to ask about -- you mentioned the pricing environment being kind of rational. Could you elaborate on how effective the GRI has been this year? What's the stick rate there? And as you think about the underlying performance in domestic yields ex some of the mix headwinds, could you talk a little bit about the trajectory or the rate of change through the quarter?

我只是想問一下——你提到定價環境是合理的。能否詳細說明今年 GRI 的成效如何？那裡的貼現率是多少？當您考慮國內收益率的基本表現（排除一些混合阻力）時，您能否談談本季的軌跡或變化率？

Yes, Dave, we had expected about a 50% keep rate. We saw a 240 -- roughly 250 basis points in the first quarter. So generally in line with expectations. We'd expect that base rate to continue over the course of the year. I think Carol hit on a couple of the key points around the other elements of pricing. There's a fuel piece. There's PSS in the back -- in the peak season and then there's the mix component that we've been talking about the focus on commercial on SMB and health care.

是的，戴夫，我們預計保留率約為 50%。第一季我們看到了 240 至大約 250 個基點。所以整體上符合預期。我們預計這一基本利率將在今年持續下去。我認為卡羅爾談到了定價其他要素的幾個關鍵點。有一個燃料塊。後面有 PSS——在旺季，然後是我們一直在談論的混合部分，重點是中小企業和醫療保健的商業。

So all those things combined give us confidence that we'll deliver a low single digit from an RPP second half of the year.

因此，所有這些因素加在一起讓我們有信心，我們將在今年下半年實現較低個位數的 RPP。

I will now turn the floor back over to our host, Mr. PJ Guido. Please go ahead, sir.

現在我將把發言權交還給我們的主人 PJ Guido 先生。請繼續，先生。

Thank you, Stephen. This concludes our call. Thank you for joining, and have a good day.

謝謝你，史蒂芬。我們的通話到此結束。感謝您的加入，祝您有美好的一天。