聯合包裹運送服務公司 (UPS) 2026 Q1 法說會逐字稿

Good morning. My name is Matthew, and I will be your facilitator today. I'd like to welcome everyone to the UPS first-quarter 2026 earnings conference call. (Operator Instructions) It is now my pleasure to turn the floor over to your host, Mr. PJ Guido, Investor Relations Officer. Sir, the floor is yours.

早安。我叫 Matthew，今天將擔任各位的主持人。歡迎各位參加 UPS 2026 年第一季財報電話會議。(接線員指示) 現在我很榮幸把會議交給本次會議主持人、投資人關係主管 PJ Guido 先生。先生，舞台交給您。

Good morning, and welcome to the UPS First Quarter 2026 Earnings Call. Joining me today are Carol Tome, our CEO; Brian Dykes, our CFO; and a few additional members of our executive leadership team.

早安，歡迎參加 UPS 2026 年第一季財報電話會議。今天與我一同出席的有我們的執行長 Carol Tome、財務長 Brian Dykes，以及其他幾位執行領導團隊成員。

Before we begin, I want to remind you that some of the comments we'll make today are “forward-looking statements” 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 2025 Form 10-K and other reports we file with or furnish to the Securities and Exchange Commission. These reports, when filed, are available on the UPS Investor Relations website and from the SEC.

在開始之前，我想提醒各位，我們今天的部分評論屬於「前瞻性陳述」，並涉及我們對公司未來績效或營運結果的預期。這些陳述受到風險與不確定性的影響，相關內容已在我們的 2025 年 Form 10-K 以及我們向美國證券交易委員會提交或提供的其他報告中說明。這些報告在提交後，可於 UPS 投資人關係網站以及 SEC 取得。

Unless stated otherwise, our discussion refers to adjusted results. For the first quarter of 2026, GAAP results include after-tax transformation charges of $42 million or $0.05 per diluted share. A reconciliation of non-GAAP adjusted amounts to GAAP financial results is available in today's webcast materials. These materials are also available on the UPS Investor Relations website. Following our prepared remarks, we will take questions from those joining us via the teleconference. (Event Instructions)

除非另有說明，我們的討論均指調整後（adjusted）結果。就 2026 年第一季而言，GAAP 結果包含稅後轉型費用 4,200 萬美元，或每股稀釋後盈餘 0.05 美元。非 GAAP 調整後金額與 GAAP 財務結果之調節表，已收錄於今日網路直播資料中。這些資料亦可於 UPS 投資人關係網站取得。在我們的準備發言結束後，將開放透過電話會議加入的與會者提問。(活動指示)

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

接下來我把電話會議交給 Carol。

Thank you, PJ, and good morning. Let me start by saying how incredibly proud I am of UPSers around the world. This past quarter brought significant external challenges from volatile global markets to rising fuel costs. Even so, our team stayed focused, pushed our transformation forward, and upheld the exceptional service our customers rely on. The first quarter of 2026 marked a critical transition period for our company, one in which we needed to flawlessly execute several major strategic actions, and we delivered.

謝謝你，PJ，早安。首先我要說，我對全球 UPS 同仁感到無比自豪。過去這一季外部挑戰顯著，從波動的全球市場到燃油成本上升。即便如此，我們的團隊仍保持專注、推動轉型向前，並維持客戶所倚賴的卓越服務。2026 年第一季是公司關鍵的轉換期，我們必須把幾項重大策略行動執行到位，而我們做到了。

First, we further reduced non-nutritive Amazon volume by an average of 500,000 pieces per day and closed 23 additional buildings. Second, under our new agreement, we shifted a portion of our Ground Saver volume back to the USPS for last mile delivery. Third, we launched a voluntary driver buyout program we called Driver Choice, through which we will reduce roughly 7,500 full-time driver positions. Interest in the program was extremely strong and ultimately exceeded our expectations.

第一，我們進一步降低非營養性（non-nutritive）的 Amazon 貨量，平均每日減少 50 萬件，並額外關閉 23 處營運據點。第二，依據我們的新協議，我們將部分 Ground Saver 貨量在最後一哩配送上轉回由 USPS 承運。第三，我們推出名為 Driver Choice 的自願性司機買斷方案，藉此將減少約 7,500 個全職司機職位。該方案的參與意願非常強烈，最終超出我們的預期。

Based on these actions and more, we are firmly on track to achieve our $3 billion cost-out target for the year. Further, we began scaling back leased aircraft as we retired our MD11 fleet and took delivery of new 767s, and we continue to capitalize on trade lane shifts resulting from last year's trade policy changes. It's a dynamic environment. But even against that backdrop, our underlying business performed exceptionally well.

基於上述以及更多行動，我們正穩健朝向達成今年 30 億美元的成本削減目標。此外，隨著我們退役 MD11 機隊並接收新的 767，我們開始縮減租賃飛機規模；同時也持續把握去年貿易政策變動所帶來的航線（trade lane）轉移機會。這是一個充滿變動的環境。但即便在這樣的背景下，我們的核心業務表現依然非常出色。

In the first quarter, consolidated revenue reached $21.2 billion, with consolidated operating profit of $1.3 billion and an operating margin of 6.2%. Across our segments, performance was strong. In the US, revenue quality remained high with revenue per piece up 6.5% compared to the same period last year. Our international business delivered solid top line momentum, growing revenue by $167 million or 3.8% year-over-year and our Supply Chain Solutions businesses more than doubled operating profit versus last year.

第一季合併營收達 212 億美元，合併營業利益為 13 億美元，營業利益率為 6.2%。各事業部門的表現都很強勁。在美國，營收品質維持高水準，每件收入（revenue per piece）較去年同期成長 6.5%。我們的國際業務展現穩健的營收動能，年增 1.67 億美元或 3.8%；而供應鏈解決方案業務的營業利益較去年增加逾一倍。

Our results were considerably better than our financial plan and targets. But it's worthwhile calling out that while we planned for it, our first quarter performance deviated from seasonal norms due to certain cost pressures that Brian will detail. These pressures are largely behind us. We expect to return to consolidated revenue and operating profit growth and expand operating margin in the second quarter of this year.

我們的結果明顯優於財務計畫與目標。但值得指出的是，儘管我們已納入規劃，第一季表現仍因某些成本壓力而偏離季節性常態，Brian 稍後會詳細說明。這些壓力大多已經過去。我們預期今年第二季將回到合併營收與營業利益成長，並擴大營業利益率。

Last year, we launched the most extensive US network reconfiguration in our company history by targeting a 50% reduction in the volume we deliver for Amazon by June of 2026. With roughly two months to go, we are comfortably in the home stretch of this initiative. Our actions are moving us toward a more profitable US small package business with the back half of 2026 expected to be the inflection point.

去年，我們啟動公司史上最全面的美國網路重整，目標是在 2026 年 6 月前將我們為 Amazon 配送的貨量降低 50%。距離目標僅剩約兩個月，我們已穩健進入這項計畫的最後衝刺階段。我們的行動正推動美國小包裹業務走向更高獲利，並預期 2026 年下半年將成為轉折點。

With that as context, let me outline our priorities and how we intend to deliver revenue growth and margin improvement going forward. Our number one priority is to move the right packages and the right mix of volume through our network. The market has changed, and we're adapting to it. We're overturning the old industry assumption that scale alone drives profitability. Instead, we're focused on premium segments like SMB, B2B and complex healthcare.

在此背景下，我來說明我們的優先事項，以及未來我們將如何實現營收成長與利潤率改善。我們的首要任務，是讓正確的包裹與正確的貨量組合在我們的網路中流動。市場已經改變，我們也正在因應調整。我們正在推翻過去業界「規模本身就能帶來獲利」的假設。相反地，我們聚焦於高端（premium）領域，例如中小企業（SMB）、企業對企業（B2B）以及複雜的醫療保健物流。

Our strategy is working. We're seeing favorable mix improvements with SMB and B2B volume, representing a larger share of total US volume and premium customer wins are driving meaningful revenue per piece growth. How are we winning? We're winning through innovative and differentiated capabilities like RFID labeling at customer locations, end-to-end cold chain solutions, Roadie for same-day and big and bulky deliveries, Happy Returns for boxless labelless returns and much more. And that's only a part of our growth story because we're also doing a better job of retaining and growing our existing customers.

我們的策略正在奏效。我們看到 SMB 與 B2B 貨量組合持續改善，占美國總貨量的比重提高；同時，高端客戶的贏單正推動每件收入顯著成長。我們如何取勝？我們透過創新且差異化的能力取勝，例如在客戶端導入 RFID 標籤、端到端冷鏈解決方案、Roadie 提供當日與大型/超大件配送、Happy Returns 提供免箱免標退貨等，還有更多。而這只是我們成長故事的一部分，因為我們也更有效地留住並擴大既有客戶。

In the US, we saw a meaningful reduction in churn through the first quarter. Our customer-first strategy focuses on what matters most and that’s speed, ease and reliability. And while we're discussing capabilities, let me highlight DAP, our digital access program. DAP gives us access to over 8 million SMBs and in the first quarter, we generated $1.2 billion in global DAP revenue, marking the second quarter in a row of delivering DAP revenue over $1 billion. As we drive revenue growth, we'll also drive profit growth with margin improvement coming from higher productivity.

在美國，我們在第一季看到客戶流失（churn）明顯下降。我們的以客為先策略聚焦於最重要的要素，也就是速度、便利與可靠性。談到能力，我也想特別強調 DAP，也就是我們的數位接入計畫（digital access program）。DAP 讓我們能觸及超過 800 萬家 SMB；第一季我們的全球 DAP 營收達 12 億美元，連續第二季 DAP 營收超過 10 億美元。在推動營收成長的同時，我們也將推動獲利成長，而利潤率改善將來自更高的生產力。

We already run the industry's most efficient integrated network and with expanded automation and robotic deployments, we will make the network even more productive and adaptable. That added agility will create the strategic capacity we need to fuel premium volume growth over the long term. Growing premium volume is not just a US strategy. It's a global strategy.

我們已經營運著業界最高效率的整合式網路；隨著自動化與機器人部署的擴大，我們將使網路更具生產力與適應性。這種更高的敏捷性將創造我們長期推動高端貨量成長所需的策略性產能。成長高端貨量不只是美國的策略。這是一項全球策略。

In International, we're speeding up our ground network in Europe to win premium commercial volume. And in Asia, we recently opened a major expansion of our Incheon airport hub in South Korea. And in Taiwan, we opened our largest and most advanced logistics center in the region. We're speeding up our services across Asia Pacific as well as to, and from Europe further enabling global supply chains, particularly in the manufacturing, high tech and healthcare sectors, all premium sectors. Speaking of healthcare, it remains a top priority growth engine for UPS.

在國際業務方面，我們正加速歐洲的地面網路，以贏得高端商業貨量。在亞洲，我們近期完成南韓仁川機場樞紐的大規模擴建。在台灣，我們啟用了本區域規模最大、最先進的物流中心。我們也正在加速亞太區內，以及往返歐洲的服務，進一步強化全球供應鏈，特別是在製造、高科技與醫療保健等高端產業。談到醫療保健，它仍是 UPS 最優先的成長引擎之一。

We built a world-class, end-to-end logistics network to handle the most complex time- and temperature-sensitive healthcare products. And these capabilities are enabling us to win. In fact, our global healthcare portfolio has gained market share every year since 2021. And in the first quarter of this year, we generated our first $3 billion healthcare revenue quarter ever, with all three of our segments delivering year-over-year revenue growth.

我們打造了世界級、端到端的物流網路，能夠處理最複雜、對時間與溫度高度敏感的醫療保健產品。而這些能力正使我們持續勝出。事實上，自 2021 年以來，我們的全球醫療保健產品組合每年都在提升市占率。並且在今年第一季，我們首次創下單季 30 億美元的醫療保健營收，且三個事業部門皆實現營收年增。

As I wrap up, we've now had three quarters in a row of performance exceeding our expectations. As we look to the balance of the year, there are a few external factors that we are watching that could impact demand, especially higher fuel costs stemming from the conflict in the Middle East, and US consumer confidence, which is at historic lows. But these external pressures won't deter us. As we reach the finish line on our Amazon glide down and complete our network reconfiguration, costs will continue to come out, premium volume will continue to strengthen, and we will return to revenue and profit growth with higher operating margins and stronger returns on invested capital. Today, we are reaffirming 2026 consolidated financial goals. For the year, we expect to generate consolidated revenue of approximately $89.7 billion, and a consolidated operating margin of approximately 9.6%.

在我做結語之際，我們已連續三個季度的表現超出我們的預期。展望今年剩餘期間，我們正關注幾項可能影響需求的外部因素，尤其是源自中東衝突而導致的燃油成本上升，以及處於歷史低點的美國消費者信心。但這些外部壓力不會阻擋我們。隨著我們在 Amazon 業務滑降（glide down）上接近終點並完成網路重配置，成本將持續下降，高端（premium）貨量將持續走強，我們將以更高的營運利潤率與更強的投入資本報酬率，重回營收與獲利成長。今天，我們重申 2026 年合併財務目標。就全年而言，我們預期合併營收約為 897 億美元，合併營運利潤率約為 9.6%。

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

那麼，感謝各位的聆聽。接下來我把電話會議交給 Brian。

Thank you, Carol, and good morning, everyone. This morning, I'll cover our first quarter results. Then I'll give an update on the Amazon glide down and our network reconfiguration and cost-out efforts. I'll wrap up with our financial outlook for the remainder of 2026.

謝謝你，Carol，各位早安。今天早上，我將說明我們第一季的業績。接著我會更新 Amazon 業務滑降以及我們的網路重配置與成本削減（cost-out）工作進展。最後，我會說明 2026 年剩餘期間的財務展望。

Moving to our results. Execution across our business was strong with results coming in above our expectations. Starting with our consolidated performance. In the first quarter, revenue was $21.2 billion, and operating profit was $1.3 billion. Consolidated operating margin was 6.2% and diluted earnings per share were $1.07.

接著看我們的業績。我們在各項業務的執行力強勁，成果高於我們的預期。先從合併表現開始。第一季營收為 212 億美元，營運利益為 13 億美元。合併營運利潤率為 6.2%，稀釋後每股盈餘為 1.07 美元。

Now moving to our segment performance. US Domestic remained focused on revenue quality while executing our Amazon glide down and network reconfiguration initiative. These strategic actions drove SMB average daily volume growth and strong year-over-year revenue per piece growth. For the quarter, total US average daily volume was down 8% versus the first quarter of last year. Nearly two-thirds of the decline came from the glidedown of Amazon volume and our deliberate actions to remove lower-yielding e-commerce volume from our network. Total air average daily volume was down 8.9% year-over-year including the glidedown of Amazon volume. Ground average daily volume was down 7.9% compared to the first quarter of 2025.

接著看各事業部門表現。美國國內（US Domestic）在執行 Amazon 業務滑降與網路重配置計畫的同時，仍持續聚焦於營收品質。這些策略性行動帶動中小企業（SMB）日均量（ADV）成長，並帶來強勁的單件營收年增。本季美國總日均量較去年第一季下降 8%。其中近三分之二的降幅來自 Amazon 貨量的滑降，以及我們刻意將較低收益的電商貨量自網路中移除的行動。包含 Amazon 貨量滑降在內，空運日均量年減 8.9%。地面運輸日均量較 2025 年第一季下降 7.9%。

Moving to customer mix. SMB average daily volume increased 1.6% year-over-year, driven by high-tech, healthcare and automotive customers. In the first quarter, SMBs made up 34.5% of total US volume marking the highest SMB penetration in our history. Looking at B2B, while average daily volume was down 5.1% year-over-year, it represented 45.2% of our total US volume which was a 140 basis point improvement versus the first quarter of last year and was our highest first quarter B2B penetration in six years. Our continued focus on revenue quality and a more premium US volume mix has delivered several consecutive quarters of product and customer mix improvement, reinforcing that our strategy is working.

接著看客戶組合。在高科技、醫療保健與汽車客戶帶動下，中小企業（SMB）日均量年增 1.6%。第一季 SMB 佔美國總貨量的 34.5%，創下我們歷史最高的 SMB 滲透率。就 B2B 而言，雖然日均量年減 5.1%，但其佔美國總貨量的 45.2%，較去年第一季提升 140 個基點，並創下六年來第一季最高的 B2B 滲透率。我們持續聚焦營收品質並提升更高端的美國貨量組合，已帶來連續數季的產品與客戶組合改善，進一步證明我們的策略正在奏效。

Moving to revenue. For the first quarter, US domestic generated revenue of $14.1 billion. This was a decrease of 2.3% year-over-year against an ADV decline of 8% with strong revenue per piece growth of 6.5%, largely offsetting lower volume. Breaking down the components of the 6.5% revenue per piece improvement.

接著看營收。第一季美國國內營收為 141 億美元。在日均量（ADV）下降 8% 的情況下，營收年減 2.3%；但單件營收強勁成長 6.5%，在很大程度上抵銷了較低的貨量。以下拆解單件營收 6.5% 改善的構成。

Base rates and package characteristics increased the revenue per piece growth rate by 340 basis points. Customer and product mix improvements increased the revenue per piece growth rate by 200 basis points. The remaining 110 basis point increase was due to changes in fuel price.

基本費率與包裹特性使單件營收成長率增加 340 個基點。客戶與產品組合改善使單件營收成長率增加 200 個基點。其餘 110 個基點的增加則來自燃油價格變動。

Turning to cost. In the first quarter, total expense in US domestic was nearly flat. While we delivered higher productivity and continue to make progress on the Amazon glidedown, those benefits were partially offset by short-term cost pressures in the first quarter.

接著看成本。第一季美國國內總費用幾乎持平。雖然我們提升了生產力並持續推進 Amazon 業務滑降，但第一季的短期成本壓力抵銷了部分效益。

As Carol mentioned, these included temporary third-party lease expense to cover capacity constraints from retiring our fleet of MD11 aircraft, transition costs and excess operational staffing related to ground saver, and the combination of inclement weather costs and higher casualty expense.

如 Carol 所提，這些包括：為因汰換 MD11 機隊所造成的運能限制而採用的臨時第三方租賃費用、與 ground saver 相關的轉換成本與多餘的營運人力配置，以及惡劣天候成本與更高的理賠（casualty）費用的組合影響。

Combined, these pressures totaled about $350 million in additional expense for the first quarter. Cost per piece in the first quarter increased 9.5% year-over-year. The US Domestic segment delivered $565 million in operating profit and operating margin was 4%, including a 250 basis point negative impact from the short-term cost pressures. These cost pressures are largely behind us as we move into the final months of the execution of our Amazon glidedown and network reconfiguration initiative.

合計而言，這些壓力使第一季額外增加約 3.5 億美元費用。第一季單件成本年增 9.5%。美國國內事業部門營運利益為 5.65 億美元，營運利潤率為 4%，其中短期成本壓力帶來 250 個基點的負面影響。隨著我們進入 Amazon 業務滑降與網路重配置計畫執行的最後幾個月，這些成本壓力大多已經過去。

Moving to our International segment. In the first quarter, revenue grew across all regions, driven by strong revenue quality and our focus on premium markets. Plus, we saw signs of recovery in trade length shifts stemming from the 2025 trade policy changes. Additionally, with the onset of the conflict in the Middle East, we adjusted our network and continued to serve our global customers throughout the first quarter. In the first quarter, total international average daily volume declined 6%.

接著看國際事業部門。第一季各區域營收皆成長，主要受惠於強勁的營收品質以及我們對高端市場的聚焦。此外，我們也看到因 2025 年貿易政策變動所引發的貿易距離（trade length）轉移出現復甦跡象。另外，隨著中東衝突爆發，我們調整了網路，並在第一季持續服務全球客戶。第一季國際總日均量下降 6%。

International domestic ADV decreased 6.6% compared to last year, led by a decline in Europe, that was partially offset by growth in Canada. Like in the US, we saw improvement in customer mix with SMB penetration reaching over 60%. On the export side, average daily volume in the first quarter decreased 5.5% year-over-year led by declines on US destination lanes resulting from the pull forward of purchases in the first quarter of last year, spurred by changes in trade policy.

國際國內（International domestic）日均量較去年下降 6.6%，主要由歐洲下滑所致，但部分被加拿大的成長所抵銷。與美國相同，我們看到客戶組合改善，SMB 滲透率提升至超過 60%。在出口方面，第一季日均量年減 5.5%，主要由以美國為目的地的航線下滑所致；這反映去年第一季因貿易政策變動而引發的提前採購（pull forward）。

US imports in total were down 16.4% year-over-year led by a 22.5% ADV decline from Europe to the US. The China to the US Lane, which is our most profitable trade lane was lower by 18.3% compared to last year. But as we have said before, with changes in trade policies, we see that trade doesn't stop, it moves somewhere else, and we continue to see volume growth in other parts of the world.

美國進口總量年減 16.4%，其中以歐洲至美國的日均量下降 22.5% 為主。中國至美國航線是我們最具獲利性的貿易航線，較去年下降 18.3%。但如我們先前所說，隨著貿易政策變動，貿易不會停止，而是轉移到其他地方；我們也持續看到世界其他地區的貨量成長。

Turning to revenue. In the first quarter, International generated revenue of $4.5 billion, up 3.8% from last year, driven by strong revenue per piece growth Operating profit in the International segment was $551 million, down $103 million year-over-year, primarily due to trade policy changes. International operating margin in the first quarter was 12.1%.

接著看營收。第一季國際事業部門營收為 45 億美元，較去年成長 3.8%，主要受惠於強勁的單件營收成長。國際事業部門營運利益為 5.51 億美元，年減 1.03 億美元，主要由貿易政策變動所致。第一季國際營運利潤率為 12.1%。

Looking at Supply Chain Solutions. Supply Chain Solutions made strong progress during the first quarter, highlighted by the doubling of operating profit year-over-year, driven by improvements across business units. In the first quarter, revenue was $2.5 billion, lower than last year by $176 million.

來看供應鏈解決方案（Supply Chain Solutions）。供應鏈解決方案在第一季取得強勁進展，亮點是營業利益年增一倍，主要受惠於各業務單位的改善所帶動。第一季營收為25億美元，較去年減少1.76億美元。

Logistics revenue was down year-over-year, driven by lower revenue in Mail Innovations. This was partially offset by revenue growth in Healthcare Logistics, reflecting market conditions, Air and Ocean Forwarding revenue was down year-over-year. And UPS Digital, which includes Roadie and Happy Returns, delivered another consecutive quarter of revenue growth, with revenue up 19.9% compared to the first quarter of 2025.

物流營收年減，主要因 Mail Innovations 營收下降所致。此一影響部分被醫療保健物流（Healthcare Logistics）營收成長所抵銷，反映市場狀況；空運與海運承攬（Air and Ocean Forwarding）營收亦較去年下滑。而 UPS Digital（包含 Roadie 與 Happy Returns）再度連續一季實現營收成長，營收較2025年第一季成長19.9%。

In the first quarter, Supply Chain Solutions generated operating profit of $206 million, an increase of $108 million year-over-year. Operating margin was 8.1%, up 450 basis points compared to last year. Lastly, looking at cash. In the first quarter, we generated $2.2 billion in cash from operations.

第一季，供應鏈解決方案創造營業利益2.06億美元，年增1.08億美元。營業利益率為8.1%，較去年提升450個基點。最後，來看現金。第一季，我們由營運活動產生22億美元現金。

Now let me provide an update on our Amazon glidedown, cost out and network reconfiguration efforts from the first quarter. Starting with variable cost. Total operational hours paced down with volume in the first quarter, and we're on track to reach our 2026 reduction target of 25 million hours versus last year.

接下來我將更新第一季我們在 Amazon 業務下滑（glidedown）、成本削減（cost out）以及網路重配置方面的進展。先從變動成本談起。第一季總作業工時隨著貨量下降而同步下行，我們正按計畫在2026年達成相較去年減少2,500萬工時的目標。

Looking at semi variable costs. By the end of the quarter, we reduced operational positions by nearly 25,000 compared to the first quarter of last year. In addition, the Driver Choice program that we initiated during the quarter is expected to reduce full-time driver positions by approximately 7,500 over time, putting us firmly on target to reach our reduction goal of 30,000 operational positions this year.

再看半變動成本。截至季末，我們的作業職位較去年第一季減少近25,000個。此外，我們於本季啟動的 Driver Choice 計畫，預期將隨時間推進再減少約7,500個全職司機職位，使我們穩步朝今年減少30,000個作業職位的目標前進。

And moving to our fixed cost bucket, we completed the closure of 23 buildings during the first quarter. We are planning to close an additional 27 buildings this year, most of which will be closed in the second quarter. We are pleased with the progress that we are making on our Amazon glidedown and network reconfiguration initiative and are on track to achieve our targeted $3 billion in savings in 2026.

接著看固定成本項目，我們在第一季完成關閉23棟建物。今年我們計畫再關閉27棟建物，其中多數將於第二季關閉。我們對 Amazon 業務下滑與網路重配置計畫的進展感到滿意，並正按計畫在2026年達成30億美元的節省目標。

Moving to our 2026 financial outlook. While the macroeconomic environment is different now compared to our expectations at the beginning of the year, we have been quick to adjust to the changing conditions and we're continuing to closely monitor the broader impacts across the global economy.

接下來談2026年財務展望。雖然目前的總體經濟環境與年初預期不同，但我們已迅速因應變化，並持續密切監測對全球經濟更廣泛的影響。

As Carol stated, we are reaffirming our full-year 2026 consolidated financial target. We are on track to generate revenue of approximately $89.7 billion with an operating margin of approximately 9.6% and diluted earnings per share expected to be about flat to 2025.

如 Carol 所述，我們重申2026年全年合併財務目標。我們正按計畫實現約897億美元營收、約9.6%的營業利益率，稀釋後每股盈餘預期與2025年大致持平。

The conflict in the Middle East in March drove an immediate spike in fuel costs. Our fuel surcharges are linked to published fuel benchmarks and adjust with fuel prices on a weekly basis. And we expect these surcharges to provide coverage as fuel prices continue to fluctuate.

3月中東衝突導致燃油成本立即飆升。我們的燃油附加費與公開發布的燃油基準連動，並會依燃油價格按週調整。我們預期在燃油價格持續波動之際，這些附加費將提供相應的覆蓋。

Now let me add color on the segment. Looking at US domestic, full-year 2026 revenue is still expected to be approximately flat year-over-year. We expect ADV to be down mid-single digits year-over-year due to our actions with Amazon which will be offset by a strong revenue per piece growth rate in the mid-single digits. Full year operating margin is still expected to be flat to 2025.

現在我補充各事業部門的細節。先看美國國內（US domestic），2026年全年營收仍預期年比約持平。由於我們對 Amazon 的相關措施，預期日均量（ADV）將年減中個位數百分比；此影響將由每件收入（revenue per piece）中個位數百分比的強勁成長所抵銷。全年營業利益率仍預期與2025年持平。

Looking at the second quarter of this year compared to the first quarter, the USPS transition has been completed. The Amazon glidedown and network reconfiguration will wrap up by the end of June. We are leasing fewer replacement aircraft to 767 deliveries continue, and premium volume is expected to further improve mix. As a result, we expect revenue to be up low single digits and operating margin to be between 7.5% and 8.5%.

比較今年第二季與第一季，USPS 轉換已完成。Amazon 業務下滑與網路重配置將於6月底前收尾。隨著767交付持續進行，我們租賃的替代飛機更少，且高端貨量（premium volume）預期將進一步改善組合。因此，我們預期營收將呈低個位數成長，營業利益率介於7.5%至8.5%。

Moving to the International segment and starting with the full year. We still anticipate revenue growth in the low single digits year-over-year, driven by a solid increase in revenue per piece. Operating margin in the International segment is expected to be in the mid-teens.

接著看國際（International）事業部，先從全年開始。我們仍預期營收年增低個位數百分比，主要由每件收入的穩健提升所帶動。國際事業部的營業利益率預期落在十位數百分比的中段（mid-teens）。

Looking specifically at International in the second quarter, we will lap tough comparisons from changes in trade policy, benefit from normal seasonal uplift and continue to realize savings from our air network cost actions. As a result, we expect low single-digit revenue growth and an operating margin between 13% and 14%.

就第二季的國際業務而言，我們將面對因貿易政策變動所造成的高基期比較，同時受惠於正常的季節性回升，並持續實現空運網路成本措施帶來的節省。因此，我們預期營收低個位數成長，營業利益率介於13%至14%。

And in Supply Chain Solutions for the full-year 2026, we still expect revenue to be up high single digits, which includes revenue from our Andlauer acquisition and operating margin in SCS is expected to be in the low double digits. Looking at the second quarter, we expect momentum from the first quarter to continue, and we expect revenue in SCS to be up low single digits year-over-year and operating margin between 9.5% and 10.5%.

至於供應鏈解決方案（Supply Chain Solutions）在2026年全年，我們仍預期營收將年增高個位數百分比，其中包含我們收購 Andlauer 所帶來的營收；SCS 的營業利益率預期為低雙位數百分比。展望第二季，我們預期第一季的動能將延續，SCS 營收預期年增低個位數百分比，營業利益率介於9.5%至10.5%。

Now let's turn to our expectations for cash and the balance sheet. Capital expenditures are still expected to be about $3 billion, and we plan to make our annual pension contribution of $1.3 billion. We expect free cash flow to be approximately $5.5 billion, including onetime payments for the Driver Choice program.

現在談談我們對現金與資產負債表的預期。資本支出仍預期約30億美元，我們也計畫進行年度13億美元的退休金提撥。我們預期自由現金流約55億美元，其中包含 Driver Choice 計畫的一次性付款。

Lastly, we are still planning to pay out around $5.4 billion in dividends in 2026, subject to Board approval. As we near completion of our Amazon glidedown and network reconfiguration initiative, we will enter the second half of this year with a more agile and more automated network. Our focus is on premium volume and revenue quality and will grow in the best parts of the market. Taken together, these actions set us up for operating margin expansion and greater operational agility.

最後，我們仍計畫在2026年支付約54億美元股利，惟須經董事會核准。隨著 Amazon 業務下滑與網路重配置計畫接近完成，我們將以更敏捷、更加自動化的網路進入今年下半年。我們將聚焦於高端貨量與營收品質，並在市場中最具吸引力的區塊成長。綜合而言，這些行動將使我們具備擴大營業利益率與提升營運敏捷性的條件。

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

以上，接線員，請開放提問線路。

(Operator Instructions)

（接線員指示）

Tom Wadewitz, UBS.

Tom Wadewitz，瑞銀（UBS）。

So I wanted to ask you a question about the kind of ramp from 1Q to 2Q. You were a bit -- I think in early March, you pointed to kind of 4% to 5% 1Q margin. You were at the lower end of that. I know you identified, I think, kind of $350 million total transitional costs. How do you think about that like the key pieces of that ramp and just visibility to that versus what you might have had in terms of visibility to that ramp a month ago or two months ago? So I don't know if that kind of a little lower 1Q margin reduces visibility or if you say, hey, that was just kind of transitional.

我想問一個關於從第一季到第二季的爬坡（ramp）的問題。你們在3月初時曾提到第一季利益率大約在4%到5%。你們落在該區間的較低端。我知道你們提到過，我想是大約3.5億美元的總過渡成本（transitional costs）。你們如何看待這個爬坡的關鍵構成，以及對此的能見度，相較於一個月前或兩個月前你們對這個爬坡的能見度有何不同？所以我不確定第一季利益率稍低是否降低了能見度，或你們會說，嘿，那只是過渡性的影響。

And then how does fuel factor into the kind of 2Q versus 1Q? Is there some tailwind that you consider? Or is that something you don't factor in but could give you a little support? So really just to kind of how do we think about the key levers, 2Q versus 1Q.

另外，燃油在第二季相對第一季的影響如何？你們是否認為會有一些順風（tailwind）？或者你們不把它納入考量，但它可能會提供一些支撐？所以主要是想了解，我們該如何看待第二季相對第一季的關鍵槓桿。

Sure. Thanks for the question. So yes, let me make a couple of points on the impacts on the first quarter. So first, if you think inside the quarter, right, relative to the 4% margin, we incurred incremental weather and casualty costs that was more than what we had initially expected when we were setting the guide in and where we were in March. That was about 70 basis points, which gets us kind of towards the higher end of the range that we laid out.

當然。謝謝你的提問。是的，讓我就第一季的影響說幾點。首先，如果你看第一季內部的情況，相較於4%的利潤率，我們承擔了額外的天候與事故（casualty）成本，這高於我們在制定指引以及3月時的原先預期。這大約是70個基點，使我們大致落在先前所提供區間的較高端。

Second, when you go from first quarter to second quarter, there's really two components, right? We have normal seasonal uplift, right, from first quarter to second quarter. The other part is if you think about that weather and casualty, those are behind us, right? The aircraft leases, as Carol and I have both mentioned, we continue to take deliveries. So the incremental costs associated with those is coming down. And we've now completed the ground saver outsourcing. So a lot of that transitional costs that we incurred in the first quarter now comes out. And so that helps you bridge from first quarter to second quarter.

第二，從第一季到第二季，主要有兩個組成部分。我們有正常的季節性回升，也就是從第一季到第二季的季節性上揚。另一部分是，如果你想到天候與事故，那些已經過去了。至於飛機租賃，如同Carol和我都提過的，我們仍在持續接收交付。因此，與此相關的增量成本正在下降。而且我們現在已完成Ground Saver外包。所以第一季所發生的許多過渡性成本現在會消退。因此，這有助於你理解從第一季到第二季的銜接。

On fuel, look, we reaffirmed our guide. We are not updating for fuel at this point. Fuel didn't have a material impact in the first quarter because really the ramp in prices happened late in the quarter and as we've gone into April. Look, we manage fuel through fuel surcharges. So even though we have a large airline, we're very different than passenger airlines and our industry operates very differently.

關於燃油，請看，我們重申了我們的指引。目前我們不會因燃油而更新。燃油在第一季沒有造成重大影響，因為價格上漲主要發生在季末，並延續到我們進入4月之後。我們透過燃油附加費來管理燃油。所以即使我們有大型航空業務，我們也與客運航空公司非常不同，而且我們的產業運作方式也很不一樣。

And so our fuel surcharge indexes protect us from impact to profit, right? Now there could be revenue impact to that, but there will also be offsetting expense. What we don't know is how long the high prices could persist. And then what happens, which relative to oil prices and commodity prices around the world where we actually procure.

因此，我們的燃油附加費指數能保護我們的獲利不受影響。當然，這可能會對營收造成影響，但也會有相對應的費用抵銷。我們不知道高油價會持續多久。以及接下來會發生什麼，尤其是相對於全球油價與商品價格、以及我們實際採購的地區而言。

So we feel confident in the profit number based on the protection our indexes will provide and our surcharges, but it's not appropriate for us to update until we have further clarity on how long this will last.

所以，基於我們的指數保護與附加費機制所提供的防護，我們對獲利數字有信心；但在我們對這種情況會持續多久有更清楚的判斷之前，我們不適合更新。

It's just too early in terms of the conflict. Clearly, there's a benefit right now to the top line, not so much on the bottom line because we're just covering our costs. But it's too early in the conflict to predict what fuel might mean for the rest of the year. So we're going to stay close to it, and we're going to manage through it as carefully as we can, but we didn't want to lift because it's just too early.

就這場衝突而言，現在還太早。很明顯，目前對營收端有好處，但對獲利端不太是，因為我們基本上只是覆蓋成本。但在衝突仍處於早期階段時，要預測燃油對今年剩餘時間意味著什麼還太早。所以我們會密切關注，並盡可能謹慎地加以管理，但我們不想上調，因為現在真的還太早。

Scott Group, Wolfe Research.

Scott Group，Wolfe Research。

So just following up there, I get we don't know where fuel is going to end up, but in a higher fuel price environment where you guys are also raising the surcharge schedules, like should we assume that there is some sort of profit benefit from the higher fuel environment?

我只是接著追問一下，我理解我們不知道燃油最後會走到哪裡，但在燃油價格較高的環境下，你們也在提高附加費費率表，那我們是否應該假設在較高燃油環境下會有某種獲利上的好處？

And then maybe just, Carol, let's just take a step back, like big picture, like we're going to end up in the 7% and 8% range on US margin this year. Help us think about where that can go over the next couple of years? We get through the Amazon glidedown, maybe we start to see a little bit of wage inflation start to kick in again next year. But where do you think margins can start to go over the next couple of years here?

另外也許，Carol，我們退一步看大方向：今年美國業務利潤率大概會落在7%到8%的區間。請幫我們思考，未來幾年這個水準可能走向哪裡？我們度過Amazon業務下滑（glidedown）之後，也許明年又會開始看到一些薪資通膨再度出現。但你認為未來幾年利潤率可能會往哪個方向走？

Sure. So let me talk quickly about the fuel. So Scott, as I mentioned before, look, the prices have spiked very quickly. It will have a revenue impact, but we also have associated costs. So we don't see this as a windfall in the near term. And again, depending on how long it lasts, it could have a revenue impact, but there could ultimately be a demand impact. So again, as Carol said, it's just too early to speculate on what the ultimate implications of it could be. We'll monitor it. And as we know more, we'll update

好的。我先快速談一下燃油。Scott，如我先前提到的，價格上漲得非常快。這會對營收造成影響，但我們也有相對應的成本。所以短期內我們不認為這會帶來意外之財。而且同樣地，取決於它持續多久，它可能會影響營收，但最終也可能影響需求。所以如Carol所說，現在要推測其最終影響仍然太早。我們會持續監控。當我們掌握更多資訊時，我們會更新。

And Scott, we brought you all through a lot over the past almost 18 months, but we did it deliberately because it frees us to focus in on the market that we want to serve and serve them better than anybody else. And that includes SMB and B2B and healthcare. And with those premium markets, and the productivity that Nando and his team are driving in our business, there's an opportunity for continued margin expansion.

Scott，過去將近18個月我們帶大家走過很多事情，但我們是刻意這麼做的，因為這讓我們能把重心放在我們想服務的市場，並且比任何人都做得更好。這包括SMB、B2B以及醫療保健。在這些高端市場，以及Nando和他的團隊在業務中推動的生產力之下，我們有機會持續擴大利潤率。

This is the year of inflection. So the back half of the year will look considerably different than the first half of the year. And as we exit this year, we have an opportunity to grow US margins in a meaningful way with a spread between RPP and CPP. So at the end of the year, we'll give you a sense of what we think '27 will look like, but it's going to be much better than '26 based on what we're seeing in the underlying health of the business.

今年是轉折之年。所以今年下半年看起來會與上半年非常不同。當我們走出今年時，憑藉RPP與CPP之間的差距，我們有機會以有意義的幅度提升美國業務利潤率。因此在年底，我們會讓大家了解我們認為'27年會是什麼樣子；但根據我們看到的業務基本面健康狀況，'27年會比'26年好得多。

We're winning in the right markets. Our churn is declining. And all of this leads to stickiness with the customers that we want to serve with the right revenue quality coupled, with great productivity. Our hub productivity is the best has been in 20 years, just to put a point on it. We now have automated 67.5% of our buildings almost on our way to 68%. And we know that cost per piece on an automated building is 28% lower than the cost per piece of nonautomated buildings. So there's some really good underlying trends here in the domestic business.

我們正在正確的市場中取勝。我們的流失率正在下降。這些都帶來了黏著度：與我們想服務的客戶建立更穩固的關係，具備正確的營收品質，再加上卓越的生產力。我們的樞紐（hub）生產力是20年來最佳，我特別強調這一點。我們現在已將67.5%的場站自動化，幾乎快到68%。我們知道，自動化場站的單件成本比非自動化場站低28%。因此，國內業務有一些非常好的基本趨勢。

And then outside the United States, we can't ignore that because our business performed better than we thought in the first quarter due to the great work of Kate and her team who also are leaning into the premium segments of the market. Brian called out that we grew SMB penetration in the international business, we did. It's now 62%.

另外在美國以外，我們也不能忽視，因為第一季我們的業務表現比預期更好，這要歸功於Kate和她的團隊的出色工作；他們也在加大力度投入市場的高端細分領域。Brian提到我們在國際業務中提升了SMB滲透率，確實如此。目前已達62%。

We also grew our B2B penetration outside the United States, now about 71%. So Kate and team are going to continue to lean into the premium part of our international small package business and we won't forget healthcare ever, because healthcare is such an important part of our growth engine it is in every segment of our business with double-digit operating margins, and we're going to continue to lean into that space in a meaningful way.

我們也提升了美國以外的B2B滲透率，目前約為71%。因此，Kate和團隊將持續聚焦我們國際小包裹業務中的高端部分；而我們也永遠不會忽略醫療保健，因為醫療保健是我們成長引擎中非常重要的一環——在我們業務的每個細分領域都是如此，且具備雙位數的營業利潤率——我們將持續以有意義的方式深耕這個領域。

And with just one more comment on that, just put a pin on it with just the changes that we're seeing in pharmaceutical companies with GLP-1 drugs and how they're going direct to consumer rather than through distributors. That's such an opportunity for us and proud to say that we lead the market in that area.

再補充一句，請特別留意：我們看到製藥公司在GLP-1藥物方面出現變化，他們正改為直接面向消費者，而不是透過經銷商。這對我們而言是很大的機會，也很自豪地說，我們在這個領域領先市場。

Chris Wetherbee, Wells Fargo.

Chris Wetherbee，Wells Fargo。

Maybe just a quick clarification question and maybe bigger picture, I guess, for the driver buyout in the second quarter, can you just give a sense of what the impact will be if there will be a benefit in 2Q from that? And then maybe zooming out a little bit. We're about a quarter away or maybe a couple of months away from the end of the Amazon glidedown, there still is a significant amount of revenue associated with that customer.

也許先問一個快速的釐清問題，再談更宏觀一點：關於第二季的司機買斷（driver buyout），你們能否說明其影響？第二季是否會因此受益？另外把視角拉遠一些。我們距離Amazon業務下滑（glidedown）結束大約只剩一季、或可能幾個月，但與該客戶相關的營收仍然相當可觀。

And I think there's been some changes, and they're always doing various things in the market. But I guess the question is, Carol, is this sort of where you want the portfolio? Do you think there is incremental work that needs to be done around that? How defensible it is? Just sort of give us a sense of how you think about that customer exposure.

我認為確實出現了一些變化，而且他們一直在市場上做各種事情。但我想問題是，Carol，這大概就是你希望投資組合呈現的樣子嗎？你覺得在這方面還需要做一些增量的工作嗎？它的可防禦性如何？請大致讓我們了解一下，你如何看待這樣的客戶曝險。

Yes. On the driver buyout, 77% of the drivers are leaving in April. So there will absolutely be a benefit in the second quarter. I don't know, Brian, if you want to dimensionalize that.

是的。就司機買斷而言，77%的司機會在四月離開。所以第二季絕對會有好處。Brian，我不確定你是否想把這個量化說明一下。

Well, and that's part of the step-up that we've got, right? So we had a roughly $150 million in transitional costs in the first quarter that starts to go away as we go to the second quarter, and it helps us with the margin improvement that we see in the second quarter and then going into the second half.

嗯，而這也是我們所說的那個階梯式上升的一部分，對吧？所以第一季我們大約有1.5億美元的過渡成本，到了第二季開始會逐步消退，這也有助於我們在第二季看到的利潤率改善，並延續到下半年。

And as it relates to the Amazon question, at the end of the first quarter, Amazon made up 8.8% of our total revenue. That's down from, it was north of 13%, not very long ago. So really pleased with how we've partnered with Amazon on this glidedown. We hold that company in very high regard. And for the volume that we have remaining with Amazon, I think we're going to get to where we want to be. We have a great return network.

至於Amazon的問題，在第一季末，Amazon占我們總營收的8.8%。這比不久前超過13%已經下降了。所以我們對於與Amazon在這個逐步下滑（glidedown）過程中的合作方式非常滿意。我們非常敬重那家公司。而就我們與Amazon剩餘的量而言，我認為我們會達到我們希望的水準。我們有很棒的退貨網路。

And as you know, returns are the nemesis of anybody who's in the e-commerce space. In fact, 19% of all e-commerce sales are returned. And so with our great reverse network. And the capabilities that we have for boxless labelless returns, that relationship with Amazon is just going to continue to grow. And it's not just returns, that certainly is a key part of it. So shout out to the team at Amazon for working with us. We're pleased where we are, and we want to continue our relationship in the nutritive way that is turning out to be.

而如你所知，退貨是任何身處電商領域者的頭號難題。事實上，所有電商銷售中有19%會被退回。因此，憑藉我們優秀的逆向物流網路，以及我們提供無盒（boxless）、無標籤（labelless）退貨的能力，與Amazon的這段關係只會持續成長。而且不只是退貨，雖然那確實是其中的關鍵部分。所以也要特別感謝Amazon團隊與我們合作。我們對目前的狀況感到滿意，也希望以目前這種互利的方式持續深化合作。

Jonathan Chappell, Evercore ISI.

Jonathan Chappell，Evercore ISI。

Brian, I want to take Tom's question and flip it to international. As Carol noted, you did much better there. You're looking for flat revenue, you did up almost 4%. Your margin was over 12%, the range was 10% to 11%, yet the 2Q guide is exactly the same. Was there something temporary in 1Q that enabled you to beat by so much relative to what you were expecting in the first week of March? And why wouldn't that upside across both margin and revenue be extrapolated going forward?

Brian，我想把Tom的問題轉到國際業務上。如Carol所提到，你們那邊表現好很多。你們原本預期營收持平，但實際成長了將近4%。你的利潤率超過12%，原先區間是10%到11%，但第二季指引卻完全一樣。第一季是否有什麼一次性或暫時性的因素，讓你們相較於三月第一週的預期大幅超標？為什麼這種在利潤率與營收兩方面的上行，不會在未來延伸推估？

And yes, we were very pleased with the performance in international. I think when you -- there's a couple of things that drove it in the first quarter. As Carol mentioned, leaning into premium segments in Europe are helping us to drive revenue quality as well as, I would say that we mentioned the decline in the China to US trade lane while it's down, it's not as bad as what it has been, right? And so I would say things were not as bad as what we expected or what they could have been. And so we are starting to see some recovery in certain trade lanes.

是的，我們對國際業務的表現非常滿意。我認為第一季有幾個因素推動了這個結果。如Carol提到，我們在歐洲加碼高端（premium）細分市場，有助於提升營收品質；另外，我們也提到中國到美國這條貿易航線的下滑，雖然仍在下降，但沒有之前那麼糟，對吧？因此我會說，情況沒有我們預期的那麼差，或也沒有可能出現的那麼差。所以我們開始在某些貿易航線看到一些復甦。

As we roll into the second quarter, remember, we're still lapping the -- May will be the lap of the Liberation Day and the China de minimis elimination which will provide some improvement in step up. And then we'll have another lap in September of the full de minimis elimination. So we do expect the improvement to persist.

進入第二季時，請記得我們仍在與去年同期比較——五月將會對應到「解放日」（Liberation Day）以及中國小額豁免（de minimis）取消的那一段，這會帶來一些階梯式改善。然後九月我們還會再對應到小額豁免全面取消的那一段。因此我們確實預期改善會持續。

The other thing that's going on in international is we are seeing some incremental costs associated with the network reconfiguration around the Middle East conflict. It has impacted flight and block hours and some of the lanes. While it's not a large demand area or delivery area, it has impacted some of the network flows that we're managing through.

國際業務另外一件正在發生的事是，我們看到一些與中東衝突相關、因網路重新配置而產生的增量成本。這影響了飛行與包機時數（block hours）以及部分航線。雖然那不是很大的需求區或配送區，但確實影響了我們正在管理的一些網路流向。

Thanks for making that point. I think that's an important point. If you look at our exposure in the Middle East, it's pretty small. Job number one was to keep our people safe. We have about 2,000 people there, and they're safe, I'm happy to say. In the first quarter, the export and import revenue was about $130 million. So it's not a lot of exposure, but we can't fly over the airspace because we can't fly over the airspace that is putting cost into the network. We want to continue to serve our customers.

謝謝你提出這點。我認為這是個重要的點。如果你看我們在中東的曝險，其實相當小。第一要務是確保我們員工的安全。我們在那裡大約有2,000名員工，我很高興地說，他們都很安全。第一季的出口與進口營收大約是1.3億美元。所以曝險不大，但我們不能飛越那片空域，因為無法飛越那片空域會把成本帶進網路之中。我們希望能持續服務我們的客戶。

The other thing we're taking a cautious outlook on is just the elimination of de minimis in Europe. That happens this summer. We don't know if it will be disruptive or not, but it's a change and we saw the disruption that happened last year with the elimination of the minutes here in the United States. So we're just watching that. But I couldn't be more happy about actually the work that our international team is doing, to drive really great revenue quality and growth.

我們另外採取較審慎看法的一點，是歐洲即將取消小額豁免（de minimis）。這會在今年夏天發生。我們不知道是否會造成干擾，但這是一項變更；而我們也看到去年美國這邊取消小額豁免時所發生的擾動。所以我們正在密切觀察。但我對我們國際團隊所做的工作感到非常滿意，他們正在推動非常好的營收品質與成長。

David Vernon, Bernstein.

David Vernon，Bernstein。

So I'd like to kind of maybe understand the pace of cost takeout. Has there been any shift in timing caused by discussions you have with the unions around the driver buyout? And then Brian, when you're thinking about the overall message you're trying to give us with guidance here, it does seem like first quarter domestic, if you give you credit for the 350 and international is performing really, really well, but we're not changing the full year.

我想大概了解一下成本削減（cost takeout）的節奏。與工會就司機買斷的討論，是否造成時程上的任何變動？另外Brian，當你在思考這次指引想傳達的整體訊息時，確實看起來第一季美國國內業務——如果把那3.5億算進去——以及國際業務都表現非常非常好，但你們卻沒有調整全年。

Like is this just, well, we put the numbers out in the first quarter, and we're going to see how the year plays out, and we'll update it later? Or is something getting worse in the business that we can't see? Because I think the market's kind of hearing a beat and no raise as a beat and maybe core worse for the last half of the year. I'm just wondering if you could help me kind of understand what the messaging is here.

這是否只是：嗯，我們第一季先把數字給出來，然後看看今年怎麼走，之後再更新？還是說業務中有什麼正在惡化、但我們看不出來的地方？因為我覺得市場有點把「超預期但不上調」解讀成：雖然超預期，但可能代表下半年核心更差。我只是想請你幫我理解一下，這裡的訊息到底是什麼。

Well, maybe I'll start and then Brian, you can come in. It is early in the year to raise. The underlying business is better than we thought. If I look at the results in April, we're going to exceed the plan that we put in place. If I look at the results outside the United States, have moved from red and certain trade lanes to orange. So everything is moving in the right direction.

嗯，也許我先說，然後Brian你再補充。現在是一年之初，確實還太早上調。基本面業務比我們想的更好。如果我看四月的結果，我們將會超過我們所制定的計畫。如果我看美國以外的結果，某些貿易航線已經從紅色轉為橘色。所以一切都在往正確方向前進。

But David, it's early in the year. And there is a war in the Middle East. High gasoline prices could potentially impact demand towards the end of the year. We don't know. So instead, we want to stay with our plans, but I couldn't be more pleased with how our company is performing. There's nothing on the underlying trend that should be concerning here. It's just too early in the year to raise.

但David，現在還在年初。而且中東有戰爭。高汽油價格可能在年底對需求造成影響。我們不知道。所以我們希望先維持既定計畫，但我對公司目前的表現再滿意不過。從基本趨勢來看，沒有任何事情值得擔憂。只是現在還太早上調。

Yes. And David, I would just add to that. On the guide, Carol is absolutely right. We feel very good about the health of the underlying business. If you remember, we said SMB grew in the first quarter. We expect that to continue. We'll lap some of the actions that we took on the enterprise customers as we go through the second quarter and see growth back ex-Amazon in volume in the back half. We expect revenue ex-Amazon to grow every quarter this year. So health of the underlying business is strong. Rev per piece is strong, base pricing is strong. So we feel really good about that.

是的。David，我想再補充一下。關於指引，Carol 說得完全正確。我們對於基本面業務的健康狀況感到非常有信心。如果你還記得，我們說過 SMB 在第一季成長。我們預期這個趨勢會延續。隨著我們進入第二季，我們會逐步消化先前對企業客戶採取的一些措施所帶來的比較基期影響，並且在下半年看到剔除 Amazon 後的量能恢復成長。我們預期今年每一季剔除 Amazon 的營收都會成長。因此，基本面業務的健康狀況很強勁。每件收入（Rev per piece）很強，基礎定價也很強。所以我們對此感覺非常好。

And Carol hit on international. On the pace of cost takeout, nothing's changed, right? I think if you look at the actions that we took in the first quarter, they actually set us up to do exactly what we said we were going to do, right? We transitioned ground favor. We executed on the DCP. As Carol said, nearly 80% of those positions will be eliminated by the end of this month. We are replacing the MD11 capacity as we take delivery of the 767. So we're moving in the right direction. We're getting things behind us that are going to help us drive the margin inflection as we go into the second half.

Carol 也提到了國際業務。至於成本削減的進度，沒有任何改變，對吧？我想如果你看我們在第一季採取的行動，它們其實讓我們能夠做到我們一開始說要做的事，對吧？我們完成了地面業務的轉換（transitioned ground favor）。我們也執行了 DCP。正如 Carol 所說，這些職位中將近 80% 會在本月底前被裁撤。隨著我們接收 767，我們正在替換 MD11 的運能。所以我們正朝正確方向前進。我們正在把一些事情處理到位，這些將有助於我們在進入下半年時推動利潤率的拐點。

Brian, isn't the shape of the cost out much like the shape of the cost out last year.

Brian，這次成本削減的走勢，不就很像去年成本削減的走勢嗎？

It is very much so, right? And so you'll continue to see that improvement as we go through the course of the year.

非常像，對吧？因此，隨著我們走完整個年度，你會持續看到那樣的改善。

It accelerates as we had to do the back.

它會加速，因為我們必須做後面的部分。

Stephanie Moore, Jefferies.

Stephanie Moore，Jefferies。

Great. I wanted to maybe ask a clarification on the driver buyout program. It sounds like it ended up coming in or the involvement is either in line or slightly better than what you expected, but admittedly, there are a lot of articles out there in the news that are kind of discussing maybe a little bit less willingness to move forward with that program on the driver side. So it would be helpful if you can maybe separate fact from fiction, what you're seeing, help align expectations? Any clarification there would be helpful.

很好。我想針對司機買斷計畫請教一個釐清問題。聽起來最後的結果或參與度，與你們預期一致或略優於預期；但坦白說，新聞上有不少文章在討論，司機端似乎對推進該計畫的意願可能比較低。所以如果你們能把事實與臆測區分開來，分享你們看到的情況、協助校準市場預期，會很有幫助。任何釐清都會很有幫助。

Yes. Happy to. So when we laid out our internal plans for the driver buyout, we wanted to land on 7,500 positions. Our program was oversubscribed. So perhaps that's the basis for some of the articles. So we had more drivers applying than we could accept. We accepted the 7,500, we couldn't be more happy.

是的。很樂意。所以當我們提出司機買斷的內部規劃時，我們希望落在 7,500 個職位。我們的計畫是超額認購的。所以那可能就是一些文章的依據。也就是說，申請的司機比我們能接受的還多。我們接受了 7,500 人，我們再滿意不過了。

And Stephanie, I would say that aligns with the pace of the cost takeout that we had laid out at the beginning of the year. We feel very comfortable that we're going to get to the $3 billion as we laid out and the actions that I articulated earlier are how we're going to get there.

Stephanie，我會說這也與我們在年初所規劃的成本削減節奏一致。我們非常有信心能如同我們所說達到 30 億美元，而我先前闡述的那些行動就是我們達成目標的方式。

And you might say, well, why didn't you take more in? Well, we have to run the business. This is what we needed to run our business.

你可能會說，那為什麼不多收一些？嗯，我們必須讓業務能運作。這就是我們營運所需要的規模。

Jordan Alliger, Goldman Sachs.

Jordan Alliger，Goldman Sachs。

I wanted to come back to international. Obviously, with all the trade lane shifts and everything that's gone on, margins are below what had historically been the long-term trends. So I'm just sort of wondering, over time, can we push back into a high teens margin level what will it take to get that margin uplift again coming from international?

我想回到國際業務。顯然，隨著各種航線（trade lane）轉移以及發生的一切，利潤率低於過去長期趨勢的水準。所以我想問的是，隨著時間推移，我們是否能把利潤率推回到十幾個百分點的高檔水準？

Well, if you look at the international business, there's been a lot of movement in the trade lines. And as we've talked to, our China-US trade lane is our most profitable trade lane. We saw the margin in our APAC region down 500 basis points year-on-year. This is a moment in time because of the impact of the tariffs. This is going to normalize over time.

嗯，如果你看國際業務，航線確實有很多變動。如同我們談到的，中美航線是我們最賺錢的航線。我們看到亞太（APAC）區域的利潤率年減 500 個基點。這是因關稅影響而出現的短期現象。隨著時間推移，這會回歸正常。

And in fact, with the elimination of the IEEPA tariff and going back now to the 122 tariffs of 10%, we're actually seeing trade lanes move from red to orange yellow in the subpieces grain. So things are starting to normalize. So that means the margin will get back up.

事實上，隨著 IEEPA 關稅的取消，並且現在回到 122 項 10% 的關稅，我們確實看到在子件（subpieces）層級的顆粒度上，部分航線從紅色轉為橘黃。所以情況正在開始正常化。這也意味著利潤率會回升。

Bruce Chan, Stifel.

Bruce Chan，Stifel。

Maybe just wanted to zoom out here and get some high-level thoughts on demand and maybe what's assumed in your outlook here. We've heard from a few companies this quarter that maybe got some early indications of industrial demand recovery. Again, maybe you can just give us some high-level macro thoughts and talk about what you're seeing in terms of maybe any pockets of emerging strength by segment or geography or end market or whatever.

我想稍微拉高視角，請你們分享一些對需求的高層次看法，以及你們在這份展望中假設了什麼。我們本季聽到幾家公司提到，可能已經看到工業需求復甦的一些早期跡象。同樣地，也許你們可以給我們一些宏觀層面的看法，並談談你們看到的情況：是否在某些分部、地區或終端市場等，出現一些新興的強勢區塊。

Sure. So as I mentioned in my earlier remarks, look, we see the puts and takes on the macros, right? GDP ticked down a little bit. Industrial production ticked up a little bit. But I think you're right, we do see pockets of strength in the places where really leading in, right? So we mentioned automotive, high tech, healthcare, industrial, where we are seeing our ability to win more and take share.

當然。如同我先前的發言所提到的，你看，我們看到宏觀因素的拉鋸，對吧？GDP 小幅下滑。工業生產小幅上升。但我想你說得對，我們確實在一些我們真正領先切入的領域看到強勢區塊，對吧？所以我們提到汽車、高科技、醫療保健、工業等領域，我們在這些地方看到我們有能力贏得更多、取得市占。

We haven't seen a material shift in what we would expect for the addressable market growth in small package in the US to low single digits, but we are winning where it matters to us. As Carol mentioned, healthcare, in particular, we grew across all segments of the business, and we continue to see strong uptake in there, which is higher than the average market growth rate.

我們尚未看到美國小包裹可服務市場（addressable market）的成長預期出現重大變化，仍是低個位數成長，但我們正在我們最在意的地方贏得勝利。如 Carol 所提到，特別是在醫療保健方面，我們在業務的所有分部都實現成長，而且我們持續看到那裡的採用/需求強勁，其成長高於市場平均成長率。

On the international side, Carol hit on it, right? We're I would say that while we're still down on certain trade lanes, they are moving in the right direction, right? And in particular, we are seeing international to international origin destinations growing, right? So trade is moving in places that don't touch the US, and it's improving in places that do touch the US. So overall, I would say not a robust improvement but incremental progress.

在國際方面，Carol 已經提到，對吧？我會說，雖然我們在某些航線上仍然下滑，但它們正朝正確方向發展，對吧？尤其是，我們看到國際對國際（international-to-international）的起訖地運輸在成長，對吧？所以貿易正在轉向不接觸美國的地區，而在會接觸美國的地區也在改善。因此整體而言，我會說不是強勁復甦，但有逐步的進展。

If you look at China, Rest of the world, it's up 14% year-on-year. It's a small portion of our business, but that's an encouraging sign to see that growth rate.

如果你看中國到世界其他地區，年增 14%。這在我們的業務中占比不大，但看到這樣的成長率是個令人鼓舞的訊號。

Ari Rosa, Citigroup.

Ari Rosa，Citigroup。

Carol, you mentioned the CPP versus RPP spread -- we've seen RPP grow pretty nicely, but we've also seen CPP obviously take a pretty big step up. I'm wondering how you think about that normalizing? And when we get to a more normal level, what that can look like. Specifically, in terms of what's driving up CPP, how much of that are fixed costs that start to go away? And then on RPP how much is the pricing environment helping you versus the mix benefit that you might be realizing from the shift towards higher-yielding packages?

Carol，你提到 CPP 相對於 RPP 的差距——我們看到 RPP 成長相當不錯，但也看到 CPP 顯然大幅上升。我想知道你如何看待這個差距的正常化？以及當回到較正常的水準時，可能會是什麼樣子。具體來說，就推升 CPP 的因素而言，其中有多少是會逐步消失的固定成本？另外在 RPP 方面，有多少是定價環境在幫助你們，相對於因轉向更高收益包裹而帶來的組合（mix）效益？

Well, I'll let Brian take that.

好，那我把這題交給 Brian 來回答。

Sure and I'll start. And so thanks Ari. So look, I think getting back to this, call it, 50 to 100 basis point spread is healthy, right, for our business. And we'll be back there by the end of this year, right, is the way the year kind of sits out.

當然，我先開始。也謝謝你，Ari。所以你看，我認為回到這個所謂 50 到 100 個基點的利差，對我們的業務來說是健康的，對吧。而且依照今年的進展，我們會在今年年底回到那個水準。

When you think about what's going to drive that, one, we're taking actions to bring the network capacity in the US back in line with the volume level that's DCP, that's Amazon building consolidation. That's all the things that we've outlined. And those, for the most part, now are done or are in progress. So we feel really comfortable with our ability to get the capacity lined up in the back half.

當你思考是什麼會驅動這件事時，第一，我們正在採取行動，讓美國的網路產能回到與 DCP 的貨量水準一致，也就是 Amazon 的建倉整併。這些就是我們先前概述過的所有事項。而這些大多數現在不是已經完成，就是正在進行中。所以我們對於在下半年把產能對齊的能力感到非常有信心。

On the revenue side, look, we talked about this $250 to $350 kind of range of base pricing improvement. And we've been in that range, right? And as we've been very clear about what's mix versus fuel versus base pricing. And I think we'll continue to get that kind of base pricing increase. You do that, right, through making sure that you're selling into the segments of the market that where we can deliver value to our customers, right? SMB, B2B, healthcare, and that's where we're really leaning in and that's where we're winning.

在營收端，你看，我們談過基礎定價改善大概在 2.5 億到 3.5 億美元這個區間。而我們一直都在那個區間內，對吧？而且我們也非常清楚地說明了哪些是組合（mix）、哪些是燃油、哪些是基礎定價。我認為我們會持續取得這種基礎定價的提升。你要做到這點，對吧，就要確保你把銷售重心放在我們能為客戶交付價值的市場區隔。SMB、中小企業；B2B；醫療保健——這些就是我們真正加大投入的地方，也是我們正在贏得的地方。

So I think we do have the ability to get there in the near term and then manage that and grow in a more a more accretive manner with a more efficient network as we go into the fourth quarter of this year in '27.

所以我認為我們確實有能力在短期內達到那個水準，然後在今年第四季一路到 2027 年，以更有效率的網路，用更具增益（accretive）的方式去管理並成長。

And I know Brian called this out in his prepared remarks, but in the US, the RPP growth was driven by base rate improvement, 340 basis points. Mix improvement, 200 basis points and then about 110 basis points from fuel. And that mix improvement is coming through this leaning into the premium segment, leaning into SMBs and leaning away from, well, volume that was related to China e-commerce retailers, mostly ground favor. So that's been moved out of the network. We've offered that volume to the market so that we can focus on the premium side.

我知道 Brian 在他事先準備的講稿裡也提到這點，但在美國，RPP 的成長是由基礎費率改善所驅動，340 個基點。組合改善 200 個基點，然後燃油大約貢獻 110 個基點。而這個組合改善，來自於我們更聚焦在高端（premium）區隔、更聚焦在 SMB，同時降低——嗯——與中國電商零售商相關的貨量，主要是偏地面（ground）產品。所以那部分已經從網路中移出。我們把那部分貨量釋出給市場，讓我們可以專注在高端業務。

Ken Hoexter, Bank of America.

Ken Hoexter，美國銀行。

Carol, I guess your competitor noted it posted the strongest quarter of profitable US share gain in 20 years. You noted your churn is declining. You're seeing favorable mix improvements here, especially on the target audience SMB B2B. It sounded like your -- or Brian's answer to Bruce earlier that there's not that underlying strength that you're kind of really seeing kind of runaway here.

Carol，我想你的競爭對手提到他們創下 20 年來美國市占獲利性增長最強的一季。你提到你們的流失率（churn）正在下降。你們也看到有利的組合改善，特別是在目標客群 SMB、B2B。但聽起來你——或 Brian 先前對 Bruce 的回答是，你們並沒有看到那種底層需求強到、像是要失控式暴衝的情況。

I just want to understand, given what we're seeing in truck market on some of the rail volumes, that underlying -- is there just a delay typically in what you see economically? Are you seeing some of that pop up? I just want to understand maybe that mix or is it just what you're chasing is just different than the market now?

我只是想了解，考量我們在卡車市場、以及部分鐵路貨量上看到的狀況，那個底層——是不是通常你們看到的經濟訊號會有延遲？你們有看到一些開始浮現嗎？我想了解可能是組合的因素，還是你們追逐的需求本來就跟現在市場不一樣？

Well, let's talk about market share for a moment. If we ignore the volume that we have made available to the market, and that includes Amazon and volume from e-commerce, Chinese retailers. If we ignore that volume, we actually gained 1.2% market share growth. So we have made volume available to the market that has gone to other carriers, including our largest competitor. It has. Because we deliberately made that volume available. So if I look at the underlying business, I'm really pleased with the share that we're getting. In terms of trends --

好，我們先談一下市占。如果我們先不把我們已經釋出給市場的貨量算進來——其中包含 Amazon，以及來自電商的貨量、也就是中國零售商——如果不算那部分，我們其實市占成長了 1.2%。所以我們確實把一些貨量釋出給市場，這些貨量流向了其他承運商，包括我們最大的競爭對手。確實如此。因為我們是刻意把那部分貨量釋出的。所以如果我看的是底層業務，我對我們拿到的市占非常滿意。至於趨勢--

Yes. And Ken, I think you're right. There is a slight delay in how things move through the supply chain, through the ports, through the TLs, the LTLs and the rails into us. And like I said, I would say we see incremental momentum in our B2B business in the industrial business, part of that through capabilities, right, that we've been investing in. But part of it is through momentum. I would just say it has not been runway growth that would cause us to fundamentally change our market growth assumption for the year yet.

是的。而且 Ken，我認為你說得對。供應鏈的傳導確實會有一點延遲，從港口、到整車（TL）、零擔（LTL）以及鐵路，最後才會傳到我們這裡。就像我說的，我會說我們在 B2B 業務、工業類業務上看到一些增量動能，其中一部分來自我們投入的能力建置。但另一部分也確實是動能帶動。我只會說，這還沒有強到足以讓我們在今年就根本性地改變對市場成長的假設。

Richa Harden, Deutsche Bank.

Richa Harden，德意志銀行。

It's Richa here. So yes, trying to get a longer -- a sense of longer-term cost per package potential. Obviously, CPP pressure has been high recently influenced by your Amazon glidedown. But as you progress through this year and into next year, how could your CPP trajectory look in light of maybe more cost efficiency from automation things to offset the step-up that we're going to see in your contract, I believe, next year, if that's right? Trying to just add more to Carol, your point that 2027 should look a lot better than 2026. I'm just trying to understand like puts and takes on the CPP line.

我是 Richa。所以，是想更長期地——了解一下單件成本（CPP）的長期潛力。顯然，最近 CPP 壓力很大，受到你們 Amazon glidedown 的影響。但隨著你們今年下半年到明年持續推進，考量自動化帶來更多成本效率、用以抵消我們預期明年你們合約（我想是明年）會出現的成本跳升，你們的 CPP 走勢可能會是什麼樣子？我想補充到 Carol 的觀點：2027 應該會比 2026 好很多。我只是想理解 CPP 這條線的利多與利空因素。

And then in the spirit of longer-term potential, I just want to clarify one thing. Carol, I think you said you think margins will be back to high teens in international? Are you assuming US-China business that wasn't structurally impaired from de minimis and it should return to where it was prior in terms of overall volume? Or how do you get back to high teens. I'm just trying to understand.

另外，延續長期潛力的問題，我想釐清一件事。Carol，我想你說你認為國際業務的利潤率會回到 10% 後段（high teens）？你是否假設美中業務沒有因為 de minimis 而出現結構性受損，並且整體貨量會回到先前的水準？或者你要如何回到 10% 後段？我只是想了解。

Well, clearly, as the trade lanes normalize and we see more volume flowing through the China-US trade lane, that will help our margin. But it's not just that. We are investing in the premium opportunities where we're underpenetrated in Europe. Moving away from e-commerce, which is low margin into premium opportunities, and that's going to significantly improve our domestic margins in Europe. So it's a combination of actions that we are driving to drive back to mid to high teens in our international business. And then on the CPP potential. Brian, I'll let you take that.

嗯，很明顯地，隨著航線（trade lanes）正常化、我們看到更多貨量流經中國—美國這條航線，這會有助於我們的利潤率。但不只是如此。我們正在投資於我們在歐洲滲透率不足的高端機會。從低毛利的電商轉向高端機會，這將顯著改善我們在歐洲的國內利潤率。所以這是一系列行動的組合，推動我們的國際業務回到 10% 中後段到後段的水準。至於 CPP 的潛力，Brian，我把這題交給你。

Sure. And I think even if you look into the back half of this year, our CPP gets down into the low single digits, right? And as Carol said, while we've been going through the network reconfiguration, we have been eliminating some of the less productive older buildings that require more maintenance. We have been heavily investing in automation that drives a much more efficient and agile network that should allow us to keep CPP in the low single digits. And then have that 50 to 100 basis point spread because we've got a more healthy customer mix and grow from there. That's a healthy business that can drive growth and profit improvement for us.

好的。我想即使你看今年下半年，我們的 CPP 會降到低個位數（low single digits），對吧？而且如 Carol 所說，在我們進行網路重整配置的過程中，我們已經淘汰了一些生產力較低、較老舊且需要更多維護的建物。我們也大幅投資自動化，打造更有效率、更敏捷的網路，這應該能讓我們把 CPP 維持在低個位數。然後因為我們有更健康的客戶組合，就能維持 50 到 100 個基點的利差，並在此基礎上成長。這是一門健康的生意，能為我們帶來成長與獲利改善。

And with our new outsourced relationship with the USPS, we'll be able to drive density upon the delivery, and that's a real way to lower the cost per piece is to improve the density per delivery. And as you know, we've just kind of completed the ramp up. So now we're going to start to see some benefits from that move.

另外，透過我們與 USPS 新的外包合作關係，我們將能在投遞端提升密度，而降低單件成本的一個真正方法，就是提高每次投遞的密度。而如你所知，我們剛完成爬坡（ramp up）。所以現在我們將開始看到這項調整帶來的一些效益。

Okay. Just in the offset from the contract with the Teamsters and how is that going to influence CPP in the back half of '27?

好的。就與卡車司機工會（Teamsters）合約的抵銷部分而言，這將如何影響 2027 年下半年的 CPP？

Well, I'll tell you one thing. We have a lot fewer employees in our company than we had when we started this work. So that helps on the CPP management next year.

嗯，我先告訴你一件事。我們公司現在的員工人數，比我們開始做這項工作時少了很多。所以這對明年 CPP 的管理是有幫助的。

Brian Ossenbeck, J.P Morgan.

Brian Ossenbeck，摩根大通（J.P. Morgan）。

Maybe just two sort of quick follow-ups. Just on mix shift, I understand the increasing percentage of mix for SMB and B2B, but it looks like B2B volume in absolute was down 5%. I don't know if you can provide some color as to why that occurred and what might be moving forward here? And then, Carol, just on the transition for the USPS, it sounds like it's done, maybe not everything went back to them in terms of final mile delivery.

也許再追問兩個很快的問題。關於組合轉移（mix shift），我理解 SMB 和 B2B 的組合占比在提高，但看起來 B2B 的絕對量下滑了 5%。不知道你能否補充一些原因，以及未來可能的走向？另外，Carol，關於 USPS 的轉換，聽起來已經完成了，但似乎在最後一哩配送方面並不是所有內容都回到他們那邊。

Can you give a little bit more color on that and also just how you expect to manage their own fuel surcharge, which was kind of a big headline. They never really had one in the past. So I don't know if that's something you can pass through as well with that program.

你能再多補充一些細節嗎？另外也想請教你預期要如何管理他們自己的燃油附加費（fuel surcharge），這曾是個很大的新聞標題。他們過去其實從來沒有這個。所以我不確定在那個方案下，這是否也是你們可以轉嫁（pass through）的項目。

So in the first quarter, we tendered about 977,000 ADV to the USPS, which was about 44% of our ground paper product. It was a ramp because we had to work through dual labeling and some work that we had to do to transition. So it was a ramp up, really pleased with how we exited. And as we look to the second quarter, we'll be tendering around $1.5 million, something like that.

第一季我們向 USPS 交運（tendered）約 977,000 的 ADV，約占我們地面紙本產品（ground paper product）的 44%。這是一個爬坡過程，因為我們必須處理雙重標籤以及一些轉換所需的工作。所以確實是在逐步拉升，我們對於期末的狀態非常滿意。展望第二季，我們將交運大約 150 萬件左右，差不多是這個量級。

So that's moving the way we thought it would. In terms of their interesting surcharge that they put in, which appears to be a temporary surcharge, not entirely sure. It's not appropriate for us to talk about how we manage pricing by customer, but I will say the postal system tends to set the floor for the economy product, which is actually pretty good for the whole industry if they're raising prices.

所以進展如同我們原先預期。至於他們加上的那個有趣的附加費，看起來可能是暫時性的附加費，但我們也不完全確定。我們不便談論如何按客戶管理定價，但我可以說，郵政系統往往會為經濟型產品設定底價；如果他們在漲價，對整個產業其實是相當有利的。

That's right. And Brian, on your question around B2B, the B2B volume decline was really driven by some of the intentional actions that we took last year. And part of it is Amazon, part of the Amazon volume that we're exiting through AFN is delivered to commercial addresses. There's other stuff that was returns for Chinese e-commerce and some other things that we're moving through. We'll cycle through that as we go through the second quarter. And again, we see strength in the underlying B2B business where we're winning on capability.

沒錯。Brian，關於你提到的 B2B，B2B 量的下滑主要是由我們去年採取的一些刻意行動所驅動。其中一部分與 Amazon 有關，我們透過 AFN 退出的部分 Amazon 量是送往商業地址。另外還有一些是中國電商的退貨以及我們正在調整處理的其他項目。我們在第二季會逐步消化這些基期影響。再說一次，我們看到基礎的 B2B 業務仍然強勁，因為我們在能力面上持續贏得業務。

And that may sound a little curious that a retailer would be a B2B, but it's the way that we think about our customer segmentation. If it's a return to store or return to a physical building, we're going to do that as a business transaction, even though the payee, if you will, the customer who's paying us might be a retailer.

這聽起來可能有點奇怪：零售商怎麼會算 B2B？但這就是我們看待客戶分群的方式。如果是退回門市或退回實體建築，我們會把它視為一筆企業對企業的交易，即使付費方（如果你要這麼說）—也就是付錢給我們的客戶—可能是一家零售商。

Matthew, we have time for one more question.

Matthew，我們還有時間再問最後一題。

Ravi Shanker, Morgan Stanley.

Ravi Shanker，摩根士丹利（Morgan Stanley）。

Carol, there’s reports that you and your peer have applied for tariff refunds through the portal. Can you just tell us your understanding of how that will work kind of when that might come through? And also, what happens next? Do you get to keep the tariffs? Or do you have to pass them through to the end customers?

Carol，有報導指出你和同業已透過入口網站申請關稅退費。你能否談談你對這個流程如何運作、以及大概何時可能入帳的理解？另外，接下來會怎麼處理？你們可以保留這些關稅嗎？還是必須把它轉嫁／退還給終端客戶？

Well, thanks for the question, Ravi. This is a complicated matter for sure. I'm going to zoom out just to talk about the IEEPA tariffs in total. So last year, since the tariffs have been initiated, the Customs Border Protection processed $53 million IEEPA-related entries and collected $166 billion in tariffs.

謝謝你的問題，Ravi。這確實是一個很複雜的議題。我先拉高一點層次，談 IEEPA 關稅整體情況。去年自關稅啟動以來，美國海關與邊境保護局（CBP）處理了 5,300 萬筆與 IEEPA 相關的報關項目（entries），並徵收了 1,660 億美元的關稅。

For us, we processed $16 million IEEPA-related entries and remitted over $5 billion to the US. Treasury. Ravi, we are just a pass-through. We collect and we remit to the government. So now that the tariffs have been deemed refundable, we are working with the Customs Border Protection to apply for those refunds.

就我們而言，我們處理了 1,600 萬筆 IEEPA 相關的報關項目，並向美國財政部（Treasury）繳交了超過 50 億美元。Ravi，我們只是代收代付（pass-through）。我們負責收取並繳交給政府。因此，既然這些關稅已被認定可退還，我們正與 CBP 合作申請退費。

Our approach is to work with the US government and not to sue the US government. We have applied for the refunds pursuant to the guidelines from the Customs Border Protection. Interestingly, they are not going first in, first out, but actually last in. So it's for the tariffs that have happened this year.

我們的做法是與美國政府合作，而不是起訴美國政府。我們已依據 CBP 的指引提出退費申請。有趣的是，他們不是採先進先出，而是後進先出。所以是針對今年發生的關稅。

For us, it means applying for tariffs for 2.5 million entries, a little under $500 million. We are making those applications started on April 20. We are making those applications today. We think it's going to take some time before the treasury remits money to us. But as soon as we get that money, we're going to remit it right back to our customer.

對我們來說，這代表要針對 250 萬筆報關項目申請關稅退費，金額略低於 5 億美元。我們從 4 月 20 日開始提出這些申請。我們今天也仍在提出這些申請。我們認為財政部把款項匯給我們之前，可能需要一些時間。但我們一收到這筆錢，就會立刻把它匯回給我們的客戶。

Yes, that's a really important point. And I think, as Carol mentioned, we are purely a pass-through, so we don't expect that this will have an impact on our financial statements.

是的，這點非常重要。而且我想如 Carol 所提，我們純粹是代收代付，所以我們不預期這會對我們的財務報表造成影響。

Thank you. I will now turn the floor over to your host, Mr. PJ Guido.

謝謝。我現在把時間交回給主持人 PJ Guido 先生。

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

謝謝你，Matthew。本次電話會議到此結束。感謝各位參與，祝各位有美好的一天。