聯合包裹運送服務公司 (UPS) 2024 Q3 法說會逐字稿

Good morning.

早安.

My name is Gregg Alexander, and I will be your facilitator today.

我的名字是格雷格·亞歷山大，今天我將擔任你們的協調員。

I would like to welcome everyone to the UPS third quarter 2024 earnings conference call.

歡迎大家參加 UPS 2024 年第三季財報電話會議。

All lines have been placed on mute to prevent any background noise, and after the speakers' remarks, there will be a question-and-answer period.

所有線路均已靜音，以防止任何背景噪音，演講者發言後，將有一個問答時間。

Any analyst that wants to ask a question, now is the time to press one, then zero, on your keypad.

任何想要提問的分析師，現在都可以在鍵盤上按 1，然後按 0。

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

現在我很高興將發言權交給東道主投資者關係官 PJ Guido 先生。

Sir, the floor is yours.

先生，地板是你的了。

Good morning, and welcome to the UPS third quarter 2024 earnings call.

早上好，歡迎參加 UPS 2024 年第三季財報電話會議。

Joining me today are Carol Tome, our CEO; Brian Dykes, our CFO; and a few additional members of our executive leadership team.

今天加入我的是我們的執行長 Carol Tome； Brian Dykes，我們的財務長；以及我們執行領導團隊的一些其他成員。

Before we begin, I want to remind you that some of the comments we'll make today are forward-looking statements within the federal securities laws and address our expectations for the future performance or operating results of our company.

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。

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.

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.

這些報告提交後可在 UPS 投資者關係網站和 SEC 上取得。

Unless stated otherwise, our discussion today refers to non-GAAP adjusted results.

除非另有說明，我們今天的討論指的是非公認會計準則調整後的結果。

For the third quarter of 2024, GAAP results included an after-tax net gain of $36 million or $0.04 per diluted share comprised of a $152 million gain from the divestiture of our Coyote Logistics business, net of transformation strategy costs of $116 million.

2024 年第三季度，GAAP 業績包括稅後淨收益 3,600 萬美元，即每股攤薄收益 0.04 美元，其中包括剝離 Coyote Logistics 業務帶來的 1.52 億美元收益，扣除 1.16 億美元的轉型戰略成本。

Transformation strategy costs consisted of after-tax costs of $81 million related to our Fit to Serve program and $35 million related to our Transformation 2.0 program.

轉型策略成本包括與 Fit to Serve 計畫相關的 8,100 萬美元稅後成本和與 Transformation 2.0 計畫相關的 3,500 萬美元。

Additional detail on our transformation costs and initiatives as well as a reconciliation of non-GAAP adjusted amounts to GAAP financial results is available in today's webcast material.

有關我們的轉型成本和計劃的更多詳細信息，以及非 GAAP 調整金額與 GAAP 財務業績的調節表，請參閱今天的網絡廣播材料。

These materials will also be available on the UPS Investor Relations website.

這些資料也將在 UPS 投資者關係網站上提供。

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

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。

(Operator Instructions).

（操作員說明）。

Please ask only one question so that we may allow as many as possible to participate.

請只提出一個問題，以便我們允許盡可能多的人參與。

You may rejoin the queue for the opportunity to ask an additional question.

您可以重新加入隊列以獲得提出其他問題的機會。

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

現在我將把電話轉給卡羅爾。

Thank you, PJ, and good morning.

謝謝你，PJ，早安。

On our last earnings call, we said that the second quarter would not only be the bottom, but a turning point for our performance and that we would return to revenue and profit growth in the third quarter, which we did.

在我們上次的財報電話會議上，我們表示第二季度不僅是我們業績的底部，而且是我們業績的轉折點，我們將在第三季度恢復收入和利潤增長，我們確實做到了。

I would like to recognize and thank UPSers for their hard work and efforts.

我要感謝 UPS 員工的辛勤工作和努力。

Their relentless focus on driving productivity while ensuring excellent customer service allowed us to deliver these results.

他們不懈地致力於提高生產力，同時確保卓越的客戶服務，使我們能夠取得這些成果。

In the third quarter, we faced a macro environment that was slightly worse than we expected.

第三季度，我們面臨的宏觀環境略差於我們的預期。

In the US, online sales slowed and manufacturing activity was lower than we anticipated.

在美國，線上銷售放緩，製造業活動低於我們的預期。

This slowdown in manufacturing activity was also true outside of the US as we continue to see lower industrial production weigh on volume in certain geographies.

美國以外地區的製造業活動也出現放緩，因為我們持續看到工業生產下降對某些地區的銷售造成壓力。

But the macro environment didn't prevent us from growing revenue and profit.

但宏觀環境並沒有阻止我們收入和利潤的成長。

As we leaned into the parts of the market that value our end-to-end network, and we drove expense leverage through ongoing productivity initiatives.

當我們深入到重視我們的端到端網路的市場部分時，我們透過持續的生產力計劃來提高費用槓桿。

In the third quarter, our consolidated revenue was $22.2 billion, an increase of 5.6% versus last year.

第三季度，我們的綜合營收為 222 億美元，比去年成長 5.6%。

Consolidated operating profit was $2 billion, up 22.8% from last year and consolidated operating margin was 8.9%.

綜合營業利潤為 20 億美元，比去年增長 22.8%，綜合營業利益率為 8.9%。

In the US, this was the second consecutive quarter of average daily volume growth and it was our highest year-over-year ADV growth rate since the first quarter of 2021.

在美國，這是每日平均交易量連續第二季成長，也是我們自 2021 年第一季以來最高的日年成長率。

In International, average daily volume growth finished flattish and continue the upward momentum we've seen since the first quarter of this year.

在國際市場，日均交易量成長持平，並延續了今年第一季以來的上升勢頭。

And in SCS, air and ocean forwarding contributed to strong revenue growth.

在南海，空運和海運為收入的強勁成長做出了貢獻。

Looking at the US.

看看美國。

During the quarter, we focused on growing certain pockets of commercial business and grew B2B volume by nearly 1% compared to last year.

本季度，我們專注於發展某些商業業務，B2B 業務量比去年增長了近 1%。

One of the areas of commercial focus was retail B2B.

商業重點領域之一是零售 B2B。

Our B2B roots are in retail.

我們的 B2B 根源在於零售業。

In fact, we delivered merchandise to over 20,000 retail outlets across the country.

事實上，我們向全國 20,000 多家零售店交付商品。

To serve these customers, we offer a store replenishment with delivery windows solution that provides retailers daily inventory replenishment within a two hour window.

為了服務這些客戶，我們提供了帶有送貨窗口的商店補貨解決方案，該解決方案為零售商在兩小時內提供每日庫存補貨。

Within this solution, we also provide visibility to the number of packages scheduled to be delivered.

在此解決方案中，我們還提供了計劃交付的包裹數量的可見性。

Our store replenishment solution, along with our RFID technology, enables retailers to reduce stock outs and more efficiently run their receiving operations.

我們的商店補貨解決方案結合我們的 RFID 技術，使零售商能夠減少缺貨並更有效地經營其收貨業務。

This is just one example of how our customer-focused capabilities are enabling us to win new commercial volume.

這只是我們以客戶為中心的能力如何幫助我們贏得新的商業量的一個例子。

Now that US volume is flowing back into our network, we have heightened our attention to revenue quality with a focus on the segments of the market we want to serve.

現在美國的流量正在回流到我們的網絡，我們更加關注收入質量，重點關注我們想要服務的細分市場。

You will recall that in the second quarter, we saw an unexpected surge of short zone, lightweight e-commerce packages flow into our network.

您可能還記得，在第二季度，我們看到短區域、輕量級電子商務包裹意外激增地流入我們的網路。

In the third quarter, we responded strategically adjusting our pricing and optimizing our operating plans on a portion of this business.

第三季度，我們對部分業務進行了策略性調整定價和優化營運計畫。

Further, we increased our focus on matching our pricing to the quality and attributes of the service we provide.

此外，我們更加重視將我們的定價與我們提供的服務的品質和屬性相匹配。

We did this by leveraging the power of pricing science through our pricing architecture of tomorrow or AOT technology.

我們透過未來的定價架構或 AOT 技術，利用定價科學的力量來做到這一點。

Our revenue per piece growth rate improved in the third quarter from what we reported in the second quarter, and we expect this trend to continue.

我們第三季的每件營收成長率比第二季報告有所改善，我們預計這種趨勢將持續下去。

On the cost side, our team did an excellent job of managing expenses across the board.

在成本方面，我們的團隊在全面管理費用方面做得非常出色。

As it relates to our two major cost-out initiatives, we are continuing to deliver solid results.

由於它與我們的兩項主要成本削減計劃相關，因此我們將繼續取得紮實的成果。

Fit to Serve, which was designed to optimize and rightsize our management structure is slightly ahead of forecast.

「Fit to Serve」旨在優化和調整我們的管理結構，略超於預期。

And with Network of the Future, so far this year, we've completed 45 operational closures, including nine full buildings that have been shut down.

透過“未來網路”，今年到目前為止，我們已經完成了 45 個營運關閉，其中包括 9 個已全部關閉的建築。

I'd like to give you a brief update on our customer first, people led, innovation driven strategy, starting with customer first.

我想向您簡要介紹我們的客戶至上、以人為本、創新驅動的策略，從客戶至上開始。

As we discussed, we have a goal to become the number one complex healthcare logistics provider in the world.

正如我們所討論的，我們的目標是成為世界第一的複雜醫療物流提供者。

To that end, we said we would pursue certain inorganic opportunities and we have.

為此，我們說過我們將尋求某些無機機會，而我們確實做到了。

Last month, we entered into an agreement to acquire Frigo-Trans, a move that will enhance our end-to-end temperature-sensitive healthcare capabilities across Europe.

上個月，我們簽訂了收購 Frigo-Trans 的協議，此舉將增強我們在歐洲的端到端溫度敏感醫療保健能力。

Today, 80% of pharmaceuticals in Europe require temperature-controlled transportation.

如今，歐洲 80% 的藥品需要溫控運輸。

Frigo-Trans offers pan-European cold chain transportation as well as temperature controlled and time-critical freight forwarding capabilities.

Frigo-Trans 提供泛歐冷鏈運輸以及溫度控制和時間緊迫的貨運代理能力。

Plus Frigo-Trans has temperature-controlled warehousing capabilities with every temperature from cryopreservation, which is minus 196 degrees Celsius to ambient, which is about 25 degrees Celsius.

此外，Frigo-Trans 還具有溫控倉儲功能，從低溫保存（負 196 攝氏度）到常溫（約 25 攝氏度）的各種溫度。

We are targeting to close the Frigo-Trans acquisition in first quarter of next year.

我們的目標是在明年第一季完成對 Frigo-Trans 的收購。

Complex Healthcare Logistics is a growing business for us and we're continuing to invest in the capabilities needed to accelerate growth.

複雜的醫療保健物流對我們來說是一項不斷成長的業務，我們將繼續投資於加速成長所需的能力。

We have dedicated healthcare facilities in 36 countries and provide specialized handling and visibility to our customers through our UPS Premier product.

我們在 36 個國家設有專門的醫療保健設施，並透過 UPS Premier 產品為客戶提供專業的處理和視覺性。

In the third quarter, we generated $2.5 billion in consolidated healthcare revenue which contributed to revenue growth across all three segments.

第三季度，我們產生了 25 億美元的綜合醫療保健收入，為所有三個細分市場的收入成長做出了貢獻。

Shifting to International.

轉向國際。

In time for the holidays, we've made several enhancements.

趁著假期，我們進行了許多改進。

In September, we expanded residential Saturday delivery to the eight largest markets in Europe without an additional charge.

9 月份，我們將週六住宅送貨範圍擴大到歐洲八個最大的市場，且不收取額外費用。

This enhancement meets our customers' need for speed and we now provide a superior service offering.

這項增強功能滿足了客戶對速度的需求，我們現在提供優質的服務。

Further, we sped up deliveries to over 35 countries across Asia, Africa and the Middle East.

此外，我們也加快了向亞洲、非洲和中東超過 35 個國家的交付速度。

And to meet the expected demand for this year's peak holiday season, we added over 200 flights connecting Asia to Europe and the US.

為了滿足今年假期旺季的預期需求，我們新增了 200 多個亞洲至歐洲和美國的航班。

Quickly touching on DAP, our digital access program.

快速了解我們的數位存取計劃 DAP。

DAP continues to deliver strong SMB growth in both B2B and B2C segments.

DAP 繼續在 B2B 和 B2C 領域為中小企業帶來強勁成長。

In the first nine months of this year, we generated $2.3 billion in global DAP revenue and we expect to deliver over $3 billion in GAAP revenue for the full year.

今年前 9 個月，我們在全球 DAP 收入中創造了 23 億美元，預計全年 GAAP 收入將超過 30 億美元。

As you know, we have been onboarding our new air cargo business with the United States Postal Service.

如您所知，我們一直在與美國郵政服務合作開展新的航空貨運業務。

During the third quarter, our network planning team worked closely with the USPS to ensure the transition progressed smoothly and it did.

在第三季度，我們的網路規劃團隊與 USPS 密切合作，確保過渡順利進行，而且確實如此。

As of October 1, all contracted USPS air cargo business has been fully onboarded.

截至10月1日，所有簽約的USPS航空貨運業務已全面啟動。

And we expect this business to deliver strong, consistent revenue at an attractive margin.

我們預計這項業務將以有吸引力的利潤率提供強勁、穩定的收入。

Moving to People Led.

轉向以人為本。

Since our founding, we've had a culture of driving safe work practices.

自成立以來，我們一直擁有推動安全工作實踐的文化。

And by using new technology and tools, we've seen a dramatic improvement in the number of injuries and accidents.

透過使用新技術和工具，我們看到傷害和事故的數量顯著減少。

For example, in the US, this year, we've had our best auto safety results in 10 years.

例如，在美國，今年我們取得了十年來最好的汽車安全成績。

The advances in safety were achieved through innovative driver education and training, like our Integrad driver training schools.

安全方面的進步是透過創新的駕駛員教育和培訓實現的，例如我們的綜合駕駛員培訓學校。

This focus on safety enables driver achievements like our Circle of Honor which recognizes drivers with 25 years or more of driving without an accident.

這種對安全的關注使駕駛員能夠取得像我們的榮譽圈這樣的成就，該榮譽表彰具有 25 年或以上駕駛經驗而沒有發生事故的駕駛員。

Today, our Circle of Honor has grown to nearly 10,000 drivers.

如今，我們的榮譽圈已發展到近 10,000 名司機。

Now let's turn to Innovation Driven which this call is all about the peak holiday season.

現在讓我們轉向創新驅動，這個電話會議主要是關於假日旺季的。

This year's holiday season has only 17 shipping days between Black Friday and Christmas Eve.

今年的假期期間，黑色星期五和平安夜之間只有 17 個運輸日。

We haven't seen such a compressed peak since 2019.

自 2019 年以來，我們從未見過如此壓縮的峰值。

We do peak better than anyone, And with six years in a row of industry-leading service, we're confident our plans and execution will make that seven.

我們確實比任何人都更能達到巔峰，並且連續六年提供行業領先的服務，我們相信我們的計劃和執行將達到七年。

To prepare, we've been collaborating with our customers on daily volume expectations and the timing of their promotions while our customers are still expecting a good holiday selling season.

為了做好準備，我們一直在與客戶合作確定每日銷售預期和促銷時間，同時我們的客戶仍然期待良好的假期銷售季節。

Recently, shippers have tempered their volume expectations.

最近，托運人降低了他們的數量預期。

In any case, we'll be ready to deliver and will leverage our network planning tools and other proven technologies to control first how the volume comes in; second, how to flow more volume to our automated facilities, And third, how to adjust the network to operate as efficiently as possible.

無論如何，我們都將做好交付準備，並將利用我們的網路規劃工具和其他經過驗證的技術來首先控制流量的進入方式；第二，如何讓更多流量流向我們的自動化設施，第三，如何調整網路以盡可能有效率地運作。

And talking about efficiency, this year on our peak day, which is December 18, In the US, we expect to deliver 2 million more packages than we did on peak day last year but we'll do it at a higher productivity rate.

說到效率，今年在我們的高峰日，即 12 月 18 日，在美國，我們預計將比去年高峰日多交付 200 萬個包裹，但我們將以更高的生產率來做到這一點。

This will be possible due to efficiency improvements we've made over the years and the use of seasonal support drivers, many of which are experienced part-time UPSers who work inside our facilities.

這之所以成為可能，是因為我們多年來提高了效率，並使用了季節性支援司機，其中許多司機是在我們設施內工作的經驗豐富的兼職 UPS 員工。

To sum it up, we're ready to deliver another successful peak.

總而言之，我們已經準備好迎接另一個成功的高峰。

Moving to our financial outlook.

轉向我們的財務前景。

We continue our better, not bigger approach, enhanced by some bold moves.

我們將繼續採取更好而不是更大的方法，並透過一些大膽的舉措得到加強。

The addition of the USPS Air Cargo business and the divestiture of Coyote, are recent examples.

最近的例子是美國郵政航空貨運業務的增加和 Coyote 的剝離。

With these moves, we eliminated a highly volatile truckload brokerage business and added air cargo volume that is predictable and margin positive.

透過這些舉措，我們消除了波動性大的整車經紀業務，並增加了可預測且利潤率為正的航空貨運量。

Looking at our consolidated revenue outlook.

看看我們的綜合收入前景。

In the third quarter, we increased our emphasis on revenue quality, resulting in a guide down of certain volume, which we expect will continue into the fourth quarter.

第三季度，我們更加重視收入質量，導致銷售出現一定程度的下降，我們預計這種情況將持續到第四季度。

Given our third quarter results, our latest peak volume expectations and adjusting for the impact of the Coyote disposition, we now expect consolidated revenue of approximately $91.1 billion for the year and are lifting our consolidated operating margin target to approximately 9.6%.

考慮到我們第三季的業績、最新的峰值銷售預期以及對 Coyote 處置影響的調整，我們現在預計今年的合併收入約為 911 億美元，並將我們的合併營業利潤率目標提高至約 9.6%。

Brian will provide more details.

布萊恩將提供更多細節。

So with that, thank you for listening.

那麼，謝謝您的聆聽。

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

現在我將把電話轉給布萊恩。

Thank you, Carol, and good morning, everyone.

謝謝你，卡羅爾，大家早安。

This morning, I will cover our third quarter results, review our capital allocation for the year, and then I'll wrap up by providing additional detail for our fourth quarter and full year financial outlook.

今天早上，我將介紹我們的第三季業績，回顧我們今年的資本分配，然後我將提供有關我們第四季度和全年財務前景的更多詳細資訊。

Starting with our results.

從我們的結果開始。

In the third quarter, we returned to revenue and profit growth the first time in two years.

第三季度，我們兩年來首次恢復營收和利潤成長。

Looking at our consolidated performance, in the third quarter, we generated $22.2 billion in revenue, an increase of 5.6% compared to the third quarter of last year, with all three of our business segments delivering revenue growth.

從我們的綜合業績來看，第三季我們實現了222億美元的收入，比去年第三季成長了5.6%，我們的三個業務部門都實現了營收成長。

Consolidated operating profit was $2 billion, an increase of 22.8% versus the third quarter of 2023 and consolidated operating margin was 8.9%, an increase of 120 basis points compared to the third quarter of last year.

綜合營運利潤為 20 億美元，較 2023 年第三季成長 22.8%，綜合營運利潤率為 8.9%，較去年第三季成長 120 個基點。

Diluted earnings per share was $1.76, up 12.1% from the third quarter of 2023.

稀釋後每股收益為 1.76 美元，較 2023 年第三季成長 12.1%。

Now let's look at our business segment.

現在讓我們看看我們的業務部門。

In the US domestic segment, our performance in the third quarter was driven by two factors.

在美國國內市場，我們第三季的業績受到兩個因素的推動。

First was strong volume growth, the highest growth rate we've seen in more than three years.

首先是銷售量的強勁成長，這是我們三年多來看到的最高成長率。

And second was excellent cost management, which resulted in a year-over-year decrease in cost per piece of 4.1%.

其次是優秀的成本管理，導致單件成本較去年同期下降 4.1%。

The US average daily volume or ADV increased 6.5% compared to the third quarter of 2023.

與 2023 年第三季相比，美國每日平均交易量 (ADV) 成長了 6.5%。

Looking at product mix in the third quarter, Ground average daily volume increased 8.9% and total air average daily volume was down 6.3%.

從第三季的產品結構來看，地面日均貨量成長8.9%，空中日均貨量下降6.3%。

We continue to see customers shifting down from air to ground and some ground volume is shifting down to SurePost.

我們繼續看到客戶從空中轉移到地面，並且一些地面流量正在轉移到 SurePost。

Within Ground, SurePost volume levels rightly compared to the second quarter, driven by growth in our digital access program.

在 Ground 範圍內，SurePost 的銷售量與第二季相比，受到我們數位存取計畫成長的推動。

While SurePost volume comes at a lower revenue per piece, given the enhancements we've made to our matching algorithm, we were able to redirect more SurePost packages into our network, driving delivery density.

雖然 SurePost 數量的每件收入較低，但考慮到我們對匹配演算法所做的增強，我們能夠將更多 SurePost 包裹重定向到我們的網路中，從而提高投遞密度。

For the quarter, B2B average daily volume was up 0.8% year over year, increasing for the first time in two years.

本季度，B2B 日均交易量年增 0.8%，兩年來首次成長。

Growth was driven by SMBs, which had an increase in B2B average daily volume of 3.8%.

成長是由中小企業推動的，其中 B2B 日均交易量成長了 3.8%。

B2C average daily volume increased 11% year over year and made up 58.3% of our volume, a slight downward shift from the second quarter.

B2C 日均交易量較去年同期成長 11%，占我們交易量的 58.3%，較第二季略有下降。

In terms of customer mix, we saw ADV growth from both enterprise and SMB customers.

在客戶結構方面，我們看到企業和中小企業客戶的 ADV 都在成長。

SMBs made up 29.4% of total US volume in the third quarter.

第三季度，中小企業占美國總交易量的 29.4%。

For the quarter, US domestic generated revenue of $14.5 billion, up 5.8% compared to last year, driven by strong volume growth.

在銷售強勁成長的推動下，本季美國國內營收達 145 億美元，較去年成長 5.8%。

As expected, US domestic revenue per piece was down year over year.

正如預期的那樣，美國國內每件收入年減。

In the third quarter, revenue per piece declined 2.2% year over year but showed a 40 basis point sequential improvement from the second quarter.

第三季度，每件營收年減 2.2%，但較第二季較上季增加 40 個基點。

Breaking down the components.

分解組件。

First, we took actions to address revenue quality which translated into higher base rate.

首先，我們採取行動解決收入品質問題，這轉化為更高的基本費率。

In the quarter, base rates increased the revenue per piece growth rate by 170 basis points.

本季度，基本費率使每件營收成長率提高了 170 個基點。

Second, the combination of product mix, lighter weights, and shorter zones decreased the revenue per piece growth rate by 300 basis points.

其次，產品組合、更輕的重量和更短的區域相結合，使每個收入成長率降低了 300 個基點。

And finally, we experienced a 90 basis point decline in the revenue per piece growth rate due to the combination of changes in customer mix and fuel.

最後，由於客戶結構和燃料的變化，我們的每件收入成長率下降了 90 個基點。

Turning to costs.

轉向成本。

As you will recall, the cost of our new labor contract was front-end loaded.

您可能還記得，我們​​新的勞動合約的成本是前端加載的。

As of the end of July, we lapped the first year of the contract and for the quarter, union wage rate growth slowed to 5.2% year over year.

截至 7 月底，我們完成了合約的第一年，本季工會薪資成長率年減至 5.2%。

Productivity is a virtuous cycle at UPS, and in the third quarter, we took several actions to drive productivity.

在 UPS 中，生產力是一個良性循環，在第三季度，我們採取了多項行動來提高生產力。

Through our Network of the Future initiative, this year, we've completed 45 operational closures, contributing to an 8% improvement in pieces per workforce hour.

透過我們的「未來網路」計劃，今年我們已經完成了 45 個業務關閉，使每個工時的件數減少了 8%。

While 8% might not seem like a big number, that translated into an efficiency gain of 11 million hours.

雖然 8% 看起來似乎不是一個大數字，但這意味著 1100 萬小時的效率提升。

Production improvements, including total service plan, offset 50% of the union wage increase, and we continue to see positive trends in our safety performance, which contributed to lower expense.

包括整體服務計劃在內的生產改進抵消了工會薪資成長的 50%，而且我們繼續看到安全績效的正面趨勢，這有助於降低費用。

The US domestic segment delivered $974 million in operating profit a 46.5% increase compared to the third quarter of 2023, and the operating margin was 6.7%, a year-over-year increase of 180 basis points.

美國國內業務實現營業利潤9.74億美元，較2023年第三季成長46.5%，營業利益率為6.7%，較去年同期成長180個基點。

Moving to our International segment.

轉向我們的國際部分。

In the third quarter, our International business grew revenue and operating profit and expanded operating margin for the first time in nearly three years.

第三季度，我們的國際業務收入和營業利潤成長，營業利潤率近三年來首次擴大。

This performance was driven by strength in exports in 13 of our top 20 export countries.

這項業績是由 20 個最大出口國家中 13 個國家的出口強勁推動的。

Total International average daily volume growth continued its sequential improvement trend from the second quarter and was about flat to last year.

國際日均成交量總量成長延續了第二季的環比改善趨勢，與去年基本持平。

In the third quarter, international revenue was $4.4 billion, up 3.4% from last year, with all regions growing revenue year over year.

第三季國際營收為44億美元，較去年成長3.4%，所有地區營收均較去年同期成長。

International revenue per piece increased 2.5%, driven by strong base pricing and the positive impact of region and product mix.

由於強勁的基本定價以及地區和產品組合的正面影響，每件國際收入成長了 2.5%。

Touching on costs.

談到成本。

Total International expense was relatively flat year over year, which was achieved by optimizing our network and our ongoing cost management efforts.

國際總費用較去年同期相對持平，這是透過優化我們的網路和持續的成本管理工作來實現的。

Operating profit in the International segment was $792 million, an increase of 17.3% year over year.

國際部門營業利潤為7.92億美元，較去年同期成長17.3%。

Operating margin in the third quarter was 18%, ending 220 basis points from a year ago.

第三季營業利益率為 18%，較去年同期上升 220 個基點。

Moving to Supply Chain Solutions.

轉向供應鏈解決方案。

In the third quarter, revenue was $3.4 billion, up 8% year over year.

第三季營收為34億美元，年增8%。

Looking at the key drivers.

看看關鍵的驅動因素。

Air and ocean forwarding revenue was up 15.1% driven by strong market demand out of Asia.

受亞洲強勁市場需求的推動，空運和海運收入成長了 15.1%。

Logistics delivered revenue growth, driven primarily by the impact of the MNX acquisition and onboarding of USPS Air Cargo contributed to revenue growth in SCS.

物流收入成長主要得益於 MNX 收購的影響，以及 USPS Air Cargo 的加入推動了 SCS 的營收成長。

Partially offsetting these gains was weaker performance at Coyote, our truckload brokerage business and the completion of the sale in mid-September.

我們的整車經紀業務 Coyote 的業績疲軟以及 9 月中旬完成的出售部分抵消了這些收益。

In the third quarter, Supply Chain Solutions generated operating profit of $217 million, down $58 million year over year, primarily driven by our efforts to configure our air network as we onboarded the USPS Air Cargo business.

第三季度，供應鏈解決方案實現營業利潤 2.17 億美元，年減 5,800 萬美元，這主要是由於我們在加入 USPS 航空貨運業務時努力配置我們的航空網絡。

Now that we have fully onboarded this volume, we expect it to generate consistent revenue and we expect an attractive margin on a consolidated basis.

現在我們已經完全啟動了這項業務量，我們預計它將產生持續的收入，並且我們預計合併後的利潤率具有吸引力。

For SCS, operating margin in the third quarter was 6.4%.

SCS第三季營業利益率為6.4%。

Walking through the rest of the income statement.

瀏覽損益表的其餘部分。

We had $230 million of interest expense, our other pension income was $68 million, and our effective tax rate for the third quarter was approximately 21%.

我們的利息支出為 2.3 億美元，其他退休金收入為 6,800 萬美元，第三季的有效稅率約為 21%。

Now let's turn to cash and capital allocation.

現在讓我們轉向現金和資本配置。

So far this year, we generated $6.8 billion in cash from operations and free cash flow of $4 billion, including our annual pension contribution of $1.4 billion.

今年到目前為止，我們的營運現金為 68 億美元，自由現金流為 40 億美元，其中包括每年 14 億美元的退休金繳款。

We refinanced $1.5 billion in current maturities year-to-date, and we finished the quarter with strong liquidity and no outstanding commercial paper.

年初至今，我們為目前到期的債券進行了 15 億美元的再融資，本季末我們的流動性強勁，沒有未償還的商業票據。

So far this year, UPS has paid $4 billion in dividends.

今年到目前為止，UPS 已支付了 40 億美元的股息。

And lastly, we've completed our targeted $500 million share repurchase program in the third quarter, which brings us to our outlook.

最後，我們在第三季完成了 5 億美元的股票回購計劃，這讓我們得出了我們的展望。

In July, we provided an update to our full year financial targets based on global economic forecast and our performance in the first half of the year.

7月，我們根據全球經濟預測和上半年業績，更新了全年財務目標。

Now looking ahead at the full year, we have updated our outlook to reflect three things.

現在展望全年，我們更新了展望以反映三件事。

First, our third quarter results and a focus on revenue quality; second, the sale of Coyote, and finally, new softer peak volume forecast from our customers.

首先，我們第三季的業績以及對收入品質的關注；其次，Coyote 的銷售，最後是我們客戶的新的軟峰銷售預測。

At the consolidated level, we now expect full year revenue of approximately $91.1 billion.

在合併層面，我們現在預計全年營收約為 911 億美元。

Due to our focus on revenue quality, coupled with the efficiency of our integrated network and our ability to manage costs, we are lifting our consolidated operating margin expectation to approximately 9.6% to align with these new volume and revenue expectations.

由於我們對收入品質的關注，加上我們綜合網路的效率和我們管理成本的能力，我們將綜合營業利潤率預期提高至約 9.6%，以符合這些新的銷售和收入預期。

Now looking at the segments in the fourth quarter.

現在來看看第四季的細分市場。

Starting with US Domestic.

從美國國內開始。

We expect the combination of both volume and revenue per piece growth to increase revenue by 1.5% in the fourth quarter.

我們預計，銷量和單件收入的成長相結合將使第四季度收入成長 1.5%。

We expect to generate a fourth quarter operating margin of approximately 9.5% and we now expect the operating margin in semi slightly higher than 10%.

我們預計第四季的營業利潤率約為 9.5%，目前我們預期半成品的營業利潤率略高於 10%。

Looking at International, we expect the positive volume momentum we've experienced throughout the year will continue.

就國際而言，我們預計全年所經歷的積極銷售動能將持續下去。

With that in mind, we expect fourth quarter revenue growth to be up mid-single digits year over year, and we still expect around a 20% operating margin in the fourth quarter.

考慮到這一點，我們預計第四季度營收成長將年增中個位數，並且我們仍然預計第四季度營業利潤率約為 20%。

In Supply Chain Solutions, we expect revenue in the fourth quarter of around $3.3 billion, which takes into consideration the disposition of Coyote, and we expect to generate an operating margin of approximately 9%.

在供應鏈解決方案方面，我們預計第四季的營收約為 33 億美元，考慮到 Coyote 的處置，我們預計將產生約 9% 的營業利潤率。

Turning to capital allocation.

轉向資本配置。

For the full year in 2024, we expect free cash flow to be around $5.1 billion after the $1.4 billion pension contribution we made to fund annual service costs.

2024 年全年，我們預計在繳納 14 億美元退休金用於支付年度服務成本後，自由現金流將約為 51 億美元。

Capital expenditures are expected to be about $4 billion.

資本支出預計約40億美元。

We plan to pay around $5.4 billion in dividends, subject to Board approval, and lastly, we expect the tax rate for the full year to be between 23% and 23.5%.

我們計劃支付約 54 億美元的股息，但須經董事會批准。

With that, operator, please open the lines for questions.

那麼，接線員，請打開提問線路。

David Vernon, Bernstein.

大衛‧佛農，伯恩斯坦。

So when we think about the ramp here from 3Q into 4Q, the operating profit guidance sort of suggests close to a 50% bump from 3Q to 4Q.

因此，當我們考慮從第三季到第四季的成長時，營業利潤指引似乎顯示從第三季到第四季成長了近 50%。

Brian, maybe can you walk us through some of the drivers of what makes that look realistic?

Brian，也許你可以向我們介紹一些讓這一切看起來更現實的驅動因素嗎？

And then as you think about those drivers taking hold, how does that affect sort of the shape of profitability as we carry into 2025?

然後，當您考慮這些驅動因素時，這會對 2025 年的獲利能力產生何種影響？

Sure.

當然。

Thank you, David, and I appreciate the question.

謝謝你，大衛，我很欣賞這個問題。

And yes, we do have an increase from Q3 to Q4 on the profit side.

是的，我們的利潤確實從第三季到第四季有所成長。

And really, it's driven by a couple of things.

事實上，它是由幾件事驅動的。

One, as we mentioned, this focus on revenue quality and the moves that we've made to drive revenue improvement both through pricing policy as well as the take rates that we're seeing on HDS coupled with the acceleration of Fit to Serve and Network of the Future and just the productivity initiatives give us the incremental bump over the normal seasonality.

一，正如我們所提到的，這種關注是對收入品質的關注，以及我們透過定價政策以及我們在 HDS 上看到的採用率以及 Fit to Serve 和 Network 的加速來推動收入改善所採取的舉措未來的發展以及生產力措施使我們比正常的季節性增加。

We feel very confident in both of those, and we're seeing them actually start to come through in the third quarter and early in the fourth quarter on the revenue side.

我們對這兩個方面都非常有信心，我們看到它們實際上在第三季和第四季初開始在收入方面實現。

And you can see from our cost performance, we feel that Fit to Serve and NOF is sticking very well.

從我們的性價比可以看出，我們認為 Fit to Serve 和 NOF 堅持得很好。

And how that could affect sort of into 2025?

這會對 2025 年產生什麼影響？

Yes, yes.

是的，是的。

And so as we roll through '24, you can see that we've raised the consolidated margin.

因此，當我們滾動到 24 年時，您可以看到我們提高了合併利潤率。

We do expect the domestic margin to be around 9.5%.

我們預計國內利潤率將在 9.5% 左右。

And now we do expect to exit the year higher than slightly higher than the 10% that we guided to before.

現在我們預計今年退出時的成長率將略高於我們先前指引的 10%。

We'll come back to you as we get through peak on '25, but we want to close our peak first.

當我們度過 25 年的高峰時，我們會再聯繫您，但我們希望首先結束我們的高峰。

Brian Ossenbeck, JPMorgan.

布萊恩‧奧森貝克，摩根大通。

Maybe can you expand a little bit more on the softness you're seeing into peak season?

也許您可以進一步擴展一下您在旺季看到的疲軟情況嗎？

What type of themes and concerns maybe you're hearing from the customers as they sort of dialed down their expectations on volume?

當客戶降低對音量的期望時，您可能會從他們那裡聽到什麼類型的主題和擔憂？

And maybe within that, a broader comment on the pricing and the surcharges thinking if you're getting more pushback on that or seeing more trade downs at this point?

也許在這之中，對定價和附加費進行更廣泛的評論，想一想你是否會在這一點上受到更多的阻力或看到更多的交易下跌？

Well, I'll start with the customer feedback.

好吧，我將從客戶回饋開始。

We work with a little over 100 of our customers who represent 60% of the volume in our network, but 85% of the peak surge.

我們與 100 多個客戶合作，這些客戶占我們網路中流量的 60%，但也佔高峰的 85%。

So we develop operating plans for each of these customers, and these plans have been in process now for months.

因此，我們為每個客戶制定了營運計劃，這些計劃已經進行了幾個月。

As the year has progressed, they continue to tighten up their forecast, and we just received their last forecast on October 2nd.

隨著時間的推移，他們繼續收緊預測，我們剛剛在 10 月 2 日收到了他們的最後一次預測。

And their forecasts have been tempered and we believe it's driven by a couple of factors.

他們的預測有所調整，我們認為這是由幾個因素驅動的。

First, external forecast for the holiday season have come in.

首先，外部對假期的預測已經到來。

In fact, the forecast for ESMO in the fourth quarter is now about 3%.

事實上，目前ESMO第四季的預測約為3%。

Early in the year, it had been about 5%.

今年年初，這一比例約為 5%。

If you look at just the peak part of the holiday season, forecasts are all over the board, candidly, from a low of 2% to a high of 11%, and SMB Global has been at about 3.5%.

如果你只看假期季節的高峰部分，坦白說，預測都是全面的，從最低的 2% 到最高的 11%，而 SMB Global 的成長率約為 3.5%。

Part of this, we believe, is influenced by the tight compressed peak period.

我們認為，部分原因是受到高峰期緊縮的影響。

There are only 17 shipping days between Thanksgiving and Christmas.

感恩節和聖誕節之間只有 17 個運輸日。

And what forecasters and some of our customers are saying is because of the tightness of the shipping season that many customers will go into a store to complete their holiday purchases.

預測者和我們的一些客戶表示，由於運輸季節的緊張，許多客戶會進入商店完成假期採購。

The consumer actually is in pretty good shape but we think there'll be some dynamics in how the consumer shops during the peak season.

消費者的狀況其實相當不錯，但我們認為消費者在旺季期間的購物方式將會發生一些變化。

So it will still be a good peak.

所以這仍然會是一個很好的峰值。

In fact, in our prepared remarks, called out that our peak day, we'll deliver 2 million more packages than we did last year.

事實上，我們在準備好的演講中指出，在高峰日，我們將比去年多遞送 200 萬個包裹。

It'll still be a good peak, but just not as dynamic as people thought at the beginning of the year.

這仍然會是一個不錯的高峰，但只是不像人們年初想的那樣充滿活力。

Whatever happens, we're prepared to handle the volume.

無論發生什麼，我們都準備好處理這個問題。

And then on the pricing surcharge.

然後是定價附加費。

We were seeing real good take rate on the pricing charge for the holiday, I should say.

我應該說，我們看到假期定價費用的接受率非常高。

And maybe Matt Guffey is here, Matt, perhaps you want to comment on the holiday surcharge.

也許馬特·加菲在這裡，馬特，也許你想對假期附加費發表評論。

Yes, absolutely.

是的，絕對是。

So first off, we're working closely in collaboration with all of our customers.

首先，我們正在與所有客戶密切合作。

Carol talked about the top 100, which are extremely important just due to the peakiness that they bring during the season.

卡羅爾談到了前 100 名，這非常重要，因為他們在賽季中帶來了巔峰。

But we've really worked -- again, we've got a good structure and a process in place where we can manage our holiday demand surcharge at the customer level, and we have a lot more flexibility to work with them as we go through the peak season.

但我們真的很努力——再說一遍，我們有一個良好的結構和流程，我們可以在客戶層面管理我們的假期需求附加費，並且在我們經歷過程中，我們可以更靈活地與他們合作旺季。

Look, at the end of it, it's all about us creating -- continuing to drive value with our customers, and to deliver a great peak.

瞧，歸根結底，這一切都是關於我們的創造——繼續與我們的客戶一起推動價值，並實現一個偉大的巔峰。

So we're staying close on the forecast, but also working very closely with them on this holiday demand surcharge.

因此，我們會密切注意預測，但也會就假期需求附加費與他們密切合作。

And we're seeing a good keep rate on that.

我們看到這方面的維持率很高。

Yes.

是的。

Very, very good keep rate, probably one of the best keep rates we've seen.

非常非常好的保留率，可能是我們見過的最好的保留率之一。

And Brian, I would just add that we're on our plan.

布萊恩，我想補充一點，我們正在按計劃進行。

If you remember, there were changes because of the compressed peak that opened the peak -- the holiday demand surcharge to a larger set of volume, right?

如果你還記得的話，之所以會出現變化，是因為壓縮了開峰高峰——假期需求附加費增加了更大的成交量，對嗎？

And that's what drives some of the incremental outperformance year over year that you're seeing.

這就是您所看到的業績逐年遞增的原因。

Chris Wetherbee, Wells Fargo.

克里斯‧韋瑟比，富國銀行。

I wanted to drill down a little bit on the cost improvement on a per-piece basis in Domestic, so down about four -- it was better than what we were looking for.

我想深入了解國內每件成本的改善情況，因此下降了大約四個 - 這比我們想要的要好。

I guess maybe -- two pieces to the question.

我想也許──這個問題有兩個部分。

How do you think about that progress potential in the fourth quarter and then maybe widening out a little bit with some of the initiatives that you're working on a bigger picture about managing the footprint as well as maybe the headcount.

您如何看待第四季度的進展潛力，然後可能會透過您正在製定的一些措施來擴大一些範圍，以管理足跡以及員工人數。

How do we think this can trend as we move into 2025?

當我們進入 2025 年時，我們認為這種趨勢會如何？

So why don't you take the fourth quarter question, and we'll turn to Nando for some thoughts.

那麼，為什麼不回答第四季的問題，我們將向 Nando 尋求一些想法。

Great.

偉大的。

Yes.

是的。

Thank you.

謝謝。

And yes, it's a great question because the cost performance in the third quarter was outstanding, right?

是的，這是一個很好的問題，因為第三季的性價比非常出色，對吧？

And I think there's a couple of dynamics that are going on.

我認為有一些動態正在發生。

As we said in our earlier remarks, we lapped the contract at the end of July, right?

正如我們之前所說，我們在七月底就完成了合同，對嗎？

So you start to see that high wage inflation that we talked about in the second quarter as being 12% now coming down to 5.2%.

因此，你開始看到我們在第二季度談到的 12% 的高薪通膨現在已降至 5.2%。

And we will now get a full clean quarter of wage inflation at a normalized level in Q4.

現在，我們將在第四季度獲得一個完全乾淨的季度薪資通膨，處於正常化水平。

But also as we mentioned, we're -- we've accelerated Fit to Serve and are now outperforming our forecast as well as you'll see from the network of the future discussion that we've closed more stores and we closed more buildings.

但也正如我們所提到的，我們已經加速了“Fit to Serve”，現在的表現超出了我們的預測，而且您將從未來討論的網絡中看到，我們已經關閉了更多商店，關閉了更多建築物。

So we're pulling that forward helps in the cost performance.

因此，我們推動這項進程有助於提高成本效益。

As we carry into Q4, we do expect to have strong cost performance.

當我們進入第四季度時，我們確實預計會有強勁的性價比。

We'll probably be up about 1% per piece which is still going to be less than our reprice growth rate, so we'll maintain a positive spread, but it will be a little bit more normal as you go through it.

我們可能每件上漲約 1%，這仍然低於我們的重新定價成長率，因此我們將保持正利差，但當你經歷它時，它會更正常一些。

Nando, do you want to talk a little bit about Network of the Future and we're looking forward?

Nando，您想談談我們期待的未來網路嗎？

Yes.

是的。

Thanks, Brian.

謝謝，布萊恩。

And look, you may be asking how are we able to have 45 operational closures and nine buildings that we've closed.

看，您可能會問我們如何能夠關閉 45 個營運場所和 9 座建築。

We are moving much more volume about 5% through our automated facilities.

我們透過自動化設施運輸的貨物量增加了約 5%。

And we're also making sure that our legacy production indices are performing the way we expect them to perform.

我們也確保我們的傳統生產指數的表現符合我們的預期。

The teams are doing an excellent job allowing us to really shrink the network and be a lot more productive.

這些團隊做得非常出色，使我們能夠真正縮小人脈並提高工作效率。

Safety, of course, helped -- and at the end of the day, it comes down to hours and people, and we were down about 11 million hours compared to the last year.

當然，安全也有所幫助——歸根結底，這取決於工作時間和人員，與去年相比，我們減少了約 1,100 萬小時。

So really just an excellent job all around.

所以這確實是一份非常出色的工作。

And the last thing I would say is there's nothing that we're overlooking.

我要說的最後一件事是我們沒有忽視任何事情。

So every piece of our business from car wash to automated dispatching we are prepared for all of it and looking and scrutinizing all of that cost and finding some good improvements there.

因此，我們的每一項業務，從洗車到自動調度，我們都做好了準備，並審視和審查所有成本，並在那裡找到一些好的改進。

All the while maintaining outstanding service levels, which is job number one for UPS.

同時保持卓越的服務水平，這是 UPS 的首要任務。

And just to put the 5% number that Nando mentioned into perspective, is talking about automated volumes through our hubs, right?

為了正確看待 Nando 提到的 5% 的數字，我們正在談論透過我們的中心實現的自動化交易量，對吧？

And we now process 63% of the volume in our hubs in some sort of an automated way.

現在，我們的中心以某種自動化方式處理 63% 的流量。

That's up five percentage points from a year ago.

比一年前增加了五個百分點。

That's pretty good.

那很好。

Absolutely.

絕對地。

And look, we've got 21 active projects here in this quarter.

看吧，本季我們有 21 個活躍項目。

You would think it's peak season.

你可能會認為現在是旺季。

Why would we take that undertaking?

我們為什麼要承擔這項任務？

We have full confidence that that's going to provide very good productivity improvements.

我們完全有信心這將帶來非常好的生產力提升。

And then next year, we're accelerating and pulling in the number of projects that we can execute in 2025.

明年，我們將加速並增加 2025 年可以執行的專案數量。

Tom Wadewitz, UBS.

湯姆‧瓦德維茨，瑞銀集團。

Yes.

是的。

Congratulations on the strong results.

祝賀取得了優異的成績。

I wanted to ask a bit about -- Carol, you started the call, I think you commented about some industrial economy weakness.

我想問一些關於卡羅爾的問題，你發起了這次電話會議，我認為你評論了一些工業經濟的弱點。

You're clearly doing some idiosyncratic things that are going well.

顯然你正在做一些進展順利的特殊事情。

How do you think about as we go into 2025, how much of margin improvement would be in your control?

您如何看待進入 2025 年時，您可以控制多少利潤率改善？

And if you don't see improvement in macro, is it reasonable to translate improvement in revenue per piece and Network of the Future, those things to margin expansion?

如果你沒有看到宏觀的改善，那麼將每件收入和未來網路的改善轉化為利潤率擴張是否合理？

Well, I think our team has done a masterful job of managing a very choppy environment over the past several years, actually.

嗯，我認為我們的團隊實際上在過去幾年裡在管理一個非常不穩定的環境方面做得非常出色。

And as we think about our business outside the United States, we saw improvement in every quarter this year.

當我們考慮我們在美國以外的業務時，我們發現今年每個季度都有所改善。

In fact, our export business grew in the third quarter and domestic was down just slightly.

事實上，我們的出口業務在第三季有所成長，而國內業務則略有下降。

So Kate, maybe you want to talk about how you would manage the business outside the United States if the industrial production remains softish.

凱特，也許您想談談如果工業生產仍然疲軟，您將如何管理美國以外的業務。

Yes, absolutely.

是的，絕對是。

And I think the quarter was a good example of that.

我認為本季就是一個很好的例子。

The macro indicators have come down, but yet we've expanded the revenue profit and margin in the International business and posting an 8% margin.

宏觀指標下降，但我們國際業務的收入利潤和利潤率有所擴大，利潤率達到8%。

We intend to continue to run those same plays.

我們打算繼續上演同樣的戲劇。

Let me go into a few just as Nando indicated on the Domestic side.

正如 Nando 在國內方面指出的那樣，讓我談談其中的一些。

60% of our volume goes through automated hubs.

我們 60% 的交易量通過自動化中心。

And that's for the domestic and transporter of all of our large international volume market.

這適用於我們所有大型國際市場的國內和運輸商。

And then on the air side of the house, we continue to show that revenue quality matters, especially when you had on expensive assets, and we align with demand.

然後在房屋的空氣方面，我們繼續表明收入品質很重要，尤其是當您擁有昂貴的資產時，並且我們與需求保持一致。

So we had strong rep for piece for international we held our cost CPP flat and so delivered operating leverage.

因此，我們在國際市場上享有很高的聲譽，因此我們保持 CPP 成本不變，從而實現了營運槓桿。

We would continue to do that into the next year.

我們將在明年繼續這樣做。

And in markets that are soft to win, you gain share, and you gain share not by dropping price, but by actually increasing your capability.

在難以獲勝的市場中，你可以獲得份額，並且不是透過降低價格來獲得份額，而是透過實際提高你的能力來獲得份額。

And our Saturday delivery is one example of that.

我們週六的送貨就是一個例子。

We are the only carrier that offers standard Saturday delivery at no charge in these eight markets.

我們是唯一在這八個市場免費提供標準週六送貨服務的承運商。

And that's driving some nice performance isn't it, Kate?

這會帶來一些不錯的表現，不是嗎，凱特？

We started it.

我們開始了。

It really is in Europe and Canada exceeding expectations unlocking more of the customer share of wallet and in the premium spaces, too.

在歐洲和加拿大，它確實超出了預期，釋放了更多的錢包客戶份額，而且在高端領域也是如此。

So cross-border trade.

所以跨境貿易。

We're seeing growth with the expansion of our service out of Asia to Europe as well as throughout Intra Asia.

隨著我們的服務從亞洲擴展到歐洲以及整個亞洲內部，我們看到了成長。

We've made the lanes faster and as a result, that premium unlock and by the way, with revenue-per-piece growing.

我們讓通道變得更快，因此，溢價解鎖，順便說一句，每件收入也在增長。

So we feel good about the equation, and we'll definitely continue it.

所以我們對這個方程式感覺很好，我們一定會繼續下去。

I don't think I asked the question well.

我覺得我這個問題問得不好。

I actually was thinking a little bit about Domestic in terms of the margin.

事實上，我在考慮國內的利潤率方面做了一些思考。

So I think in the domestic side, productivity is a virtuous cycle here.

所以我認為在國內方面，生產力在這裡是一個良性循環。

And as Nando pointed out, there's nothing that's not under review, right?

正如 Nando 指出的那樣，沒有什麼是不經過審查的，對嗎？

Everything under review, and we continue to drive productivity that exceeds our expectations.

一切都在審查中，我們將繼續提高生產力，超越我們的預期。

Brian, anything you want to add?

布萊恩，你還有什麼要補充的嗎？

Yes.

是的。

I would just say, so if you remember, look, we've got a contract that locked up that we have known cost for the next four years for 60% of our Domestic cost structure with a focus on revenue quality and our ability to win more and win new and the places where we really want to, like you saw in the third quarter, with commercial and SMB commercial growing -- starting to grow again.

我只想說，所以如果你還記得的話，看，我們有一份合同，其中鎖定了我們已知的未來四年的成本，占我們國內成本結構的 60%，重點是收入質量和我們獲勝的能力更多並贏得新的和我們真正想要的地方，就像你在第三季度看到的那樣，隨著商業和中小企業商業的增長——開始再次增長。

We do think we have the ability to, one, continue to take action to drive retrofit ourselves as well as, as Carol said, production is a virtuous cycle with a known cost structure as we go into '25.

我們確實認為我們有能力，第一，繼續採取行動推動自身改造，正如卡羅爾所說，隨著我們進入 25 年，生產是一個良性循環，成本結構已知。

And we like that commercial business.

我們喜歡這種商業業務。

We -- it's got a more dense delivery metric associated with that in other words more packages per delivery.

我們有一個更密集的交付指標，換句話說，每次交付更多的包裹。

And one way we can win commercial is with new capabilities.

我們贏得商業的方法之一就是擁有新的功能。

We had a big win in the third quarter and the determining factor for this customer to come into our network for our RFID labels.

我們在第三季取得了巨大的勝利，這也是該客戶進入我們的 RFID 標籤網路的決定性因素。

So that's a new capability that we didn't have before.

所以這是我們以前沒有的新功能。

Conor Cunningham, Melius Research.

康納·坎寧安，Melius 研究中心。

Okay.

好的。

We'll move on.

我們會繼續前進。

Jordan Alliger, Goldman Sachs.

喬丹·阿利格，高盛。

Question for you.

向你提問。

So a little bit more on the US postal onboarding, if I could.

如果可以的話，請多介紹一下美國郵政的入門資訊。

Maybe if you could share some of the experience, I know you had the upfront step-up costs, but as it's still a few weeks in, perhaps talk about how the operations are going there?

也許您可以分享一些經驗，我知道您有前期的升級成本，但由於還需要幾週時間，也許可以談談那裡的運作情況如何？

Is it delivering on the profit levels that you had talked about?

它是否達到了您所說的利潤水平？

And just any general thoughts around how that's going to contribute going forward?

關於這將如何為未來做出貢獻的任何一般想法？

Well, as you point out, Jordan, we did have a bit of a transition in the third quarter, the USPS contract with their previous carrier expired October 1.

好吧，正如你所指出的，喬丹，我們在第三季度確實有一些過渡，美國郵政與他們之前的承運人的合約於 10 月 1 日到期。

And we didn't want to wait until October 1 to onboard that volume because peak is right around the corner.

我們不想等到 10 月 1 日才增加這一數量，因為高峰即將到來。

So we agreed with the USPS that we would operationalize this service to them, while over time, they onboarded their volume.

因此，我們與美國郵政局達成一致，我們將為他們提供這項服務，隨著時間的推移，他們的數量也會增加。

And it was over time, actually, we didn't get much wait until September.

事實上，時間已經過去了，我們並沒有等到九月。

So there was a mismatch between our operational model and the volume.

所以我們的營運模式和數量之間存在不匹配。

But now the volume is all in.

但現在音量已經全部進來了。

So the fourth quarter is going to look a lot different than the third quarter did.

因此，第四季的情況將與第三季有很大不同。

And from a performance perspective, Nando, you just met with the Postmaster General and so tell us what you said.

從績效的角度來看，Nando，您剛剛會見了郵政局長，請告訴我們您說了什麼。

Sure.

當然。

So as early as yesterday, we meet face-to-face.

所以早在昨天，我們就面對面的見面了。

And yesterday, the purpose was peak planning.

昨天的目的是高峰規劃。

So both teams face-to-face in DC. And we're working really well.

兩支球隊將在華盛頓面對面。我們工作得很好。

Professionals on both sides that have executed a very difficult plan and made it look very, very simple.

雙方的專業人士執行了一個非常困難的計劃，卻使它看起來非常非常簡單。

Feedback from the Postmaster General himself has been positive.

郵政局長本人的回饋是正面的。

And we see the resources that we've applied are in line with what we had modeled when we have accepted the business, and the contract was negotiated with the USPS.

我們發現我們應用的資源與我們接受業務時所建模的一致，並且合約是與 USPS 協商的。

So good things ahead for that contract.

這份合約的前景非常好。

And I just can't overemphasize the heavy lift here.

我怎麼強調這裡的舉重都不過分。

And in fact, it was over 50 million cubic feet that we had to take into our network in the third quarter, and there'll be more obviously in the fourth.

事實上，第三季我們必須將超過 5,000 萬立方英尺納入我們的網絡，第四季的情況會更明顯。

So job well done by our team and working with the USPS as well.

我們的團隊做得很好，並與美國郵政局合作。

Bascome Majors, Susquehanna.

巴斯科姆專業，薩斯奎哈納。

Just to follow up on another piece of the postal service relationship.

只是為了跟進另一個郵政服務關係。

Can you talk about where you are in negotiating the delivery service agreement that enables SurePost and Sunday delivery with their effort to renegotiate some of those contracts?

您能否談談您在交付服務協議談判中的進展情況，該協議使 SurePost 和周日交付成為可能，並努力重新談判其中一些合約？

And maybe along with that, what challenges does that create either on cost to serve or Sunday delivery operations, but also what opportunities might that create for your own trucks to deliver more packages in the marketplace in a world where the post office is seeking to retain more upstream business and push customers into that?

也許除此之外，這會在服務成本或週日送貨業務方面帶來哪些挑戰，而且在郵局尋求保留的世界中，可能會為您自己的卡車在市場上運送更多包裹創造哪些機會更多上游業務並推動客戶進入其中？

Well, thanks for the question.

嗯，謝謝你的提問。

And Matt, why don't you take on this question.

馬特，你為什麼不回答這個問題呢？

Yes.

是的。

So first off, so we -- to Nando's point, we had an opportunity to meet with the PMG yesterday.

首先，就 Nando 的觀點而言，我們昨天有機會與 PMG 會面。

We continually work to find a mutually agreeable agreement for both USPS and UPS.

我們不斷努力為 USPS 和 UPS 尋找雙方都同意的協議。

More work to be done, but we are moving very, very quickly.

還有更多工作要做，但我們的進展非常非常快。

And hopefully, we'll have this to a close in very short order.

希望我們能在很短的時間內結束這一切。

And to your question about what challenges and what opportunities, I think it's some and some.

對於你提出的關於挑戰和機會的問題，我認為是一些和一些。

And so once we get this contract agreed to, we'll show you what those some and some are, but we're confident we can work through this.

因此，一旦我們同意這份合同，我們將向您展示其中一些內容，但我們有信心能夠解決這個問題。

In the exploration, I believe you've said before it's at year-end, can you confirm roughly when we should hear more on that and what the go-forward relationship will be?

在探索中，我相信你在年底前已經說過，你能否大致確認一下我們什麼時候應該聽到更多這方面的消息以及未來的關係會是什麼？

Yes, you should hear something about it in our fourth quarter earnings.

是的，您應該在我們第四季的收益中聽到一些相關資訊。

Yes.

是的。

No impact in the fourth quarter.

第四季沒有影響。

We'll tell you more about it when we come back with the fourth quarter earnings in January.

當我們在一月份公佈第四季度收益時，我們會告訴你更多相關資訊。

Ari Rosa, Citigroup.

花旗集團的阿里·羅莎。

I was wondering if you could give us a sense of how much excess capacity you see in the network right now?

我想知道您能否讓我們了解一下您現在網路中看到的過剩容量有多少？

Just trying to understand how you're thinking about planning kind of given the weaker outlook in terms of both customer demand and also industrial production and some of the weakness in the macro.

鑑於客戶需求和工業生產前景均較疲軟，以及宏觀經濟的一些疲軟，我只是想了解您如何考慮規劃。

How do you think about kind of matching resources to that lower volume -- and do you think you're carrying excess resources right now?

您如何看待如何將資源與較低的數量相符？

So I think our team has done an excellent job of taking capacity out of the market.

所以我認為我們的團隊在釋放市場產能方面做得非常出色。

In fact the 45 million -- 45 operational closures, it's about one million ADV per day of capacity that we've taken out of the market, and we see capacity rationalization happening in other parts of the market as well.

事實上，4500 萬個——45 個營運關閉，我們從市場中剔除的產能約為每天 100 萬個 ADV，而且我們看到市場其他部分也在發生產能合理化。

Clearly, it's peak time.

顯然，現在正是高峰期。

So we're all adding resources to handle the surge in the holiday, but capacity is coming in.

因此，我們都在增加資源來應對假期激增的情況，但容量正在增加。

Scott Group, Wolfe Research.

斯科特集團，沃爾夫研究。

So how much, if any, does the new USPS contract helped the fourth-quarter US margin, just with the cost allocation?

那麼，僅透過成本分配，新的 USPS 合約對第四季度美國利潤率的幫助有多大（如果有的話）？

And then I don't -- Carol, just big picture, right?

然後我不——卡羅爾，只是大局觀，對吧？

You're now saying margins in the US in Q4 are going to be -- they'll be slightly positive.

您現在說美國第四季的利潤率將略為正值。

We've now lapped the Teamster contract.

我們現在已經完成了卡車司機合約。

Yields are now turning positive, that's good, peak season surcharges….

現在產量正轉正，這很好，旺季附加費…。

Just big picture, when do we start to see more meaningful margin improvement?

就大局而言，我們什麼時候開始看到更有意義的利潤率改善？

Does that start right away in '25 or does that take some more time?

是在 25 年立即開始還是需要更多時間？

First, why don't we address the impact to the fourth quarter.

首先，我們為什麼不解決對第四季的影響。

Sure.

當然。

Sure.

當然。

So Scott, thank you for the question.

斯科特，謝謝你的提問。

So on the USPS contract, so we put a network in place.

因此，根據 USPS 合同，我們建立了一個網絡。

It was all part of the plan.

這都是計劃的一部分。

There's no incremental impact to domestic in the fourth quarter from the USPS contract.

美國郵政合約對第四季國內業務沒有增量影響。

The cost that we -- the cost that Carol referred to was start-up costs associated with getting the contract stood up that was -- that impacted SCS doesn't impact domestic.

我們的成本——卡羅爾提到的成本是與維持合約相關的啟動成本——影響了 SCS，不會影響國內。

And in the fourth quarter, we'll see SCS go back to about 9% and Domestic to around 9.5%.

在第四季度，我們將看到 SCS 恢復到 9% 左右，國內恢復到 9.5% 左右。

So I don't think that's going to impact us there.

所以我認為這不會影響我們那裡。

No.

不。

And then in terms of when we're going to see more meaningful margin expansion, let us get through the fourth quarter and then give you our outlook for 2025.

然後，就我們何時會看到更有意義的利潤率擴張而言，讓我們先回顧一下第四季度，然後向您提供我們對 2025 年的展望。

Stephanie Moore, Jefferies.

史蒂芬妮·摩爾，杰弗里斯。

Great.

偉大的。

Thank you.

謝謝。

Good morning.

早安.

I was hoping you could talk a little bit about our Domestic RPP trends throughout the quarter.

我希望您能談談我們整個季度的國內 RPP 趨勢。

Maybe if you could talk a little bit about how they trended as the months progressed and really what this means for 4Q and your thoughts into 2025, if you have those.

也許您可以談談隨著時間的推移它們的趨勢如何，這對第四季度意味著什麼，以及您對 2025 年的想法（如果您有的話）。

Sure.

當然。

Thanks for your question, Stephanie.

謝謝你的提問，史蒂芬妮。

Yes.

是的。

So we saw positive momentum going from Q2 to Q3 and Domestic revenue per piece.

因此，我們看到從第二季到第三季以及每件國內收入的積極勢頭。

As I mentioned in my earlier remarks, really, when you think about what happened in the base rate in the second quarter, base rate added about 90 basis points of improvement to rev per piece.

正如我在之前的評論中提到的，實際上，當你考慮第二季基本利率發生的情況時，基本利率使每件轉速提高了約 90 個基點。

In the third quarter, that jumped to 170.

第三季度，這一數字躍升至 170。

Now as we translate into the fourth quarter, we actually expect rev per piece to inflect positive in the US.

現在，當我們進入第四季度時，我們實際上預計美國的每件收入將呈正值。

And that's really driven by a couple of things.

這實際上是由幾件事驅動的。

Look, we talked about actions that we're going to take around specific customers that were enabled by our architecture of tomorrow and the work that we've been doing in the most have been made to create more sensitive demand channels.

看，我們討論了我們將針對特定客戶採取的行動，這些行動是由我們未來的架構啟用的，而我們一直在做的大部分工作都是為了創建更敏感的需求管道。

DAP and AOT and the modifiers.

DAP 和 AOT 以及修飾符。

And we're leveraging those in order to make adjustments to help drive rev per piece.

我們正在利用這些來進行調整，以幫助提高每件產品的轉速。

The other thing is what we're doing on the surcharging in the GRI.

另一件事是我們在 GRI 中針對附加費所做的事情。

So we will continue to see lift as we go through the fourth quarter and into '25.

因此，隨著第四季和 25 年的到來，我們將繼續看到成長。

So look, it's a positive trajectory on rev per piece, and it's clearly an area of focus as we move from our year one to our Plus 2 strategy.

所以看，這是一個積極的每件轉速軌跡，這顯然是我們從第一年轉向 Plus 2 戰略時的一個重點領域。

And pricing Architecture of Tomorrow is really moving from the art to the science of pricing.

未來的定價架構確實正在從定價藝術轉向定價科學。

And one of the elements of this are modifiers we use modifiers that can provide discounts to our customers or modifiers that allow us to increase our price.

其中的要素之一是我們使用可以為客戶提供折扣的修飾符或允許我們提高價格的修飾符。

And I'll just give you a real-life example of what happened in the third quarter to help you understand.

我僅舉一個第三季度發生的真實例子來幫助您理解。

In the third quarter, we had a discount modifier that we adjusted basically test the elasticity.

第三季度，我們有一個折扣修正，我們調整後基本上測試了彈性。

We reduced the discount by 25 cents which increased the RPP by 12% or reduced the volume by 26%.

我們將折扣減少了 25 美分，這使得 RPP 增加了 12%，或銷量減少了 26%。

We liked that trade -- and because it's a modifier, it's not a contract that has to be reopened and renegotiated.

我們喜歡這筆交易——因為它是一種修正，它不是一份必須重新開放和重新談判的合約。

You just adjust the modifier.

您只需調整修改器即可。

And this is just one element of pricing Architecture of Tomorrow that we will use not only in the fourth quarter but in '25 and beyond.

這只是「明天的定價架構」的一個要素，我們不僅會在第四季而且會在 25 年及以後使用它。

Daniel Imbro, Stephens.

丹尼爾·因布羅，史蒂芬斯。

This is Joe Enderlin on for Daniel.

我是丹尼爾的喬恩德林。

Just wanted to ask another one actually on revenue per piece.

只是想問另一個人實際上每件的收入。

One of your peers noted increased price competition in the market.

您的一位同行指出市場價格競爭加劇。

Just are you seeing any of that today?

今天你看到這些了嗎？

And then do you think we felt peak trade down pressures yet?

那麼您認為我們是否已經感受到了貿易下行壓力的頂峰？

So I'll start on the price pressure.

所以我將從價格壓力開始。

Look, we sit in a very price competitive industry, but we think it's very rational, right?

看，我們處於一個價格競爭非常激烈的行業，但我們認為這是非常理性的，對吧？

And when you look bid for bid and product to product it is very rational.

當你查看競價和產品對產品時，你會發現這是非常理性的。

We know we have to win on capabilities, and that's where we continue to add.

我們知道我們必須依靠能力取勝，這就是我們不斷增強的能力。

With every customer every day, it's -- you got to deliver service to do it.

每天面對每一位客戶，你必須提供服務才能做到這一點。

It starts with us with service and then we add incremental capabilities like RFID to win where we really want to win most.

我們從服務開始，然後添加 RFID 等增量功能，以贏得我們真正想贏得的勝利。

And I pointed out as Carol mentioned, we've had big enterprise commercial wins through that.

我指出，正如卡羅爾所提到的，我們透過這一點贏得了大型企業商業勝利。

We also have seen commercial now grow nearly 1% for the first time this year as we really started to catch that from the contract, that's been a big momentum point.

我們也看到商業今年首次成長近 1%，因為我們真正開始從合約中抓住這一點，這是一個很大的動力點。

And then specifically, SMB Commercial growing 3.8%.

具體來說，中小企業商業成長了 3.8%。

Those sorts of things allow -- the capabilities that we have allow us to win more and win new in those areas that help drive the rev per piece growth despite a very competitive price environment.

這些事情使我們擁有的能力使我們能夠在這些領域贏得更多並贏得新的勝利，儘管價格環境競爭非常激烈，但有助於推動每件轉速的成長。

Brandon Oglenski, Barclays.

布蘭登·奧格倫斯基，巴克萊銀行。

Congrats on growth for the first time in a couple of years here.

恭喜這裡幾年來首次增長。

Good to see.

很高興看到。

Carol, I think you mentioned something about enterprise customers.

卡羅爾，我想你提到了一些關於企業客戶的事情。

And I know in the past, you talked about glide down.

我知道過去你有談過下滑。

So can you just put that in context as you head into 2025?

那麼，在進入 2025 年時，您能將這一點放在具體的背景中嗎？

And then just very quickly on Fit to Serve, I didn't get it, but is that going to incrementally deliver in the fourth quarter?

然後很快就“適合服務”，我沒有明白，但這會在第四季度逐步實現嗎？

So first on the customer glide down, we have, as you know, been in a glide down arrangement with our largest customer, and they continue to be our largest customer.

因此，首先在客戶下滑方面，如您所知，我們一直與我們最大的客戶進行下滑安排，他們仍然是我們最大的客戶。

I think it's fair to say that we have seen them drive a lot of the reduction in our air volume.

我認為可以公平地說，我們已經看到它們在很大程度上減少了我們的風量。

In fact, if I look at the third quarter performance, 100% of the decline in air volume was down about 6.5%, is it attributable to the largest customers.

事實上，如果我看第三季的業績，100%的下降，風量下降了大約6.5%，是否歸因於最大的客戶。

So they, like many, trading down from air to ground and in their case a little bit of ground out to their own network.

因此，他們和許多人一樣，從空中到地面進行交易，在他們的情況下，還有一點地面到他們自己的網路。

But we're fine with that because it creates opportunity for us to grow in other areas.

但我們對此感到滿意，因為這為我們在其他領域的發展創造了機會。

And then looking ahead?

然後展望未來？

Yes.

是的。

And then on the Fit to Serve point, yes, so -- we do expect about $70 million incremental to go to about $350 million in the fourth quarter.

然後，在「適合服務」這一點上，是的，我們確實預計第四季度將增加約 7,000 萬美元，達到約 3.5 億美元。

And we've seen a great progress with that program.

我們已經看到該計劃取得了巨大進展。

Ken Hoexter, Bank of America.

肯‧霍克斯特，美國銀行。

This is Adam Roszkowski on for Ken Hoexter.

我是亞當‧羅斯科斯基 (Adam Roszkowski)，替補肯‧霍克斯特 (Ken Hoexter)。

You noted in the release that you are expanding the scope of the Fit to Serve initiative, which previously came for a reduction of about 12,000 position.

您在新聞稿中指出，您正在擴大「適合服務」計劃的範圍，此前該計劃是為了減少約 12,000 個職位。

Could you just expand on what that means?

您能詳細說明一下這意味著什麼嗎？

Is there -- has that potentially accelerated this quarter?

本季這種情況是否有可能加速？

And just any thoughts on how you would expand the scope and what you would target there.

以及關於如何擴大範圍和目標的任何想法。

So you're just asking for a status update on Fit to Serve.

因此，您只是要求了解「適合服務」的狀態更新。

Sure.

當然。

Yes.

是的。

On Fit served, as we said, we have pulled forward incremental savings opportunities.

正如我們所說，在 Fit 服務上，我們已經提前了增量儲蓄機會。

We are -- we hit the full run rate that we expected.

我們達到了預期的滿載運轉率。

We will have some incremental benefit as we wrap into the fourth quarter, but we're continuing forward with it as planned.

當我們進入第四季度時，我們將獲得一些增量收益，但我們將繼續按計劃推進。

And to your question, do you have additional opportunities.

對於你的問題，你還有其他機會嗎？

We are an opportunity-rich company.

我們是一家機會豐富的公司。

And as you heard from Nando, we're looking at all opportunities to drive a better experience for our customer and actually higher productivity.

正如您從 Nando 那裡聽到的那樣，我們正在尋找一切機會為我們的客戶帶來更好的體驗，並實際提高生產力。

Gregg, we have time for one more question.

格雷格，我們還有時間再問一個問題。

Ravi Shanker, Morgan Stanley.

拉維‧尚克，摩根士丹利。

So maybe just a follow-up on the holiday side.

所以也許只是假期方面的後續行動。

I think you announced a pretty big step-up in your hiring for the first time in many years.

我認為您多年來首次宣布了相當大的招募力度。

I know it's a compressed earnings peak season.

我知道這是一個壓縮的獲利旺季。

But what's the logic beyond that if you're seeing a little bit of a reduction in customer experience or expectations on volumes here, how do you think of squaring that?

但是，如果您發現這裡的客戶體驗或銷售預期略有下降，那麼除此之外的邏輯是什麼，您認為如何解決這個問題？

And is there like a minimum surcharge bogey you guys need to kind of put extra costs?

你們需要支付額外費用嗎？

So last year, we announced that we were hiring 100,000 for the peak holiday season, and our ADV declined 7.4%.

所以去年，我們宣佈在假期旺季招募 10 萬名員工，而我們的 ADV 下降了 7.4%。

This year, we announced that we're hiring 125,000 and our ADV will be positive.

今年，我們宣布將招募 125,000 名員工，並且我們的 ADV 將為正值。

So it's not out of the realm of reason though that we should hire more people this year than we did last year.

因此，今年我們應該比去年僱用更多的人，這並不是不合理的。

But this is what you need to know.

但這是你需要知道的。

We will hire what we need for peak regardless of where the volume actually ends up, we're not going to overhire for peak.

我們將僱用高峰期所需的人員，無論數量實際最終達到哪裡，我們都不會在高峰期過度聘用。

We will hire what we need.

我們將僱用我們需要的人。

And what we've done over time, Ravi, is we've added this amazing capability where within just a few -- less than an hour, just a few minutes, we can actually get a job offer out or we can rescind a job offer.

拉維，隨著時間的推移，我們所做的是我們添加了這種驚人的功能，在短短幾個小時內，不到一個小時，幾分鐘之內，我們實際上可以得到一份工作機會，或者我們可以撤銷一份工作提供。

So we can flex up or flex down the way we need to.

所以我們可以按照需要的方式向上或向下彎曲。

And Nando, would you like to add anything?

Nando，您想補充什麼嗎？

Yes.

是的。

I would just say the number also includes a favorable employee mix.

我只想說這個數字還包括有利的員工組合。

So this year, we're adding -- we're going to increase our helper teams with our drivers by about 10%.

因此，今年，我們將增加約 10% 的司機助理團隊。

That's not a small number.

這可不是一個小數目。

So big percentage of our volume will be delivered by helpers, seasonal helpers that can deliver at Christmas time, and we've amped that up and make sure that we've got every position optimized -- and that is the number, as Carol had said, and we're going to deliver a great peak season.

我們的銷量中有很大一部分將由助手交付，季節性助手可以在聖誕節期間交付，我們已經加大了力度，並確保我們已經優化了每個位置- 這就是數字，正如卡羅爾所說的那樣說，我們將提供一個出色的旺季。

Thank you, Gregg.

謝謝你，格雷格。

This concludes our call.

我們的通話到此結束。

Thank you all for joining, and have a great day.

感謝大家的加入，祝您有美好的一天。

Ladies and gentlemen, this concludes your conference for today.

女士們、先生們，今天的會議到此結束。

Thank you for your participation and for using AT&T teleconference.

感謝您的參與和使用 AT&T 電話會議。

You may now disconnect.

您現在可以斷開連線。