聯合包裹運送服務公司 (UPS) 2026 Q2 法說會逐字稿

Good morning. My name is Matthew, and I'll be your facilitator today. I'd like to welcome everyone to the UPS second-quarter 2026 earnings conference call. (Operator Instructions)

早安。我叫 Matthew，今天將擔任各位的主持人。歡迎各位參加 UPS 2026 年第二季財報電話會議。（接線員指示）

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

現在我很榮幸把會議交給本次主持人——投資人關係主管 PJ Guido 先生。先生，時間交給您。

Good morning, and welcome to the UPS second-quarter 2026 earnings call. Joining me today are Carol Tomé, our CEO; Brian Dykes, our CFO; and a few additional members of our executive leadership team.

早安，歡迎各位參加 UPS 2026 年第二季財報電話會議。今天與我一同出席的有：我們的執行長 Carol Tomé、財務長 Brian Dykes，以及其他幾位高階管理團隊成員。

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影響，相關內容已載於我們的 2025 年 Form 10-K 及其他向美國證券交易委員會（SEC）提交或提供的報告中。這些報告在提交後，可於 UPS 投資人關係網站及 SEC 取得。

Unless stated otherwise, our discussion refers to adjusted results. For the second quarter of 2026, GAAP results included after-tax transformation charges of $891 million, or $1.05 per diluted share, consisting primarily of employee separation costs associated with workforce reduction initiatives from our recently completed Driver Choice Program.

除非另有說明，我們的討論均以調整後結果為準。就 2026 年第二季而言，GAAP 結果包含稅後轉型費用 8.91 億美元，或每股稀釋後盈餘 1.05 美元，主要由與我們近期完成的「Driver Choice Program」相關之人力縮減計畫所產生的員工離職成本構成。

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.

非 GAAP 調整後金額與 GAAP 財務結果之調節表已包含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。

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

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.

現在，我把電話會議交給 Carol。

Thank you, PJ, and good morning.

謝謝你，PJ，早安。

18 months ago, we announced our Amazon glide down and network reconfiguration plan. Today, I'm pleased to say we executed that plan exactly as designed while continuing to deliver the industry-leading service that sets UPS apart. I want to thank our UPSers for their extraordinary work throughout this period. And I also want to thank our partners at Amazon for collaborating with us on what was truly a complex undertaking.

18 個月前，我們宣布了 Amazon 業務逐步下滑（glide down）與網路重整計畫。今天，我很高興地表示，我們完全依照設計精準執行該計畫，同時持續提供使 UPS 脫穎而出的業界領先服務。我要感謝所有 UPS 同仁在這段期間的卓越付出。我也要感謝 Amazon 的合作夥伴與我們協作，完成這項確實相當複雜的任務。

Over that period, we executed a deliberate structural reset of our US business. Specifically, we eliminated approximately 2 million pieces per day of lower-quality Amazon volume. We reconfigured and further automated our US network for higher return opportunities. And we removed approximately $4.5 billion of related expense, with more to come as we finish out 2026.

在這段期間，我們對美國業務進行了審慎且有計畫的結構性重置。具體而言，我們每天剔除了約 200 萬件品質較低的 Amazon 貨量。我們為了更高的報酬機會，重新配置並進一步自動化美國網路。同時，我們削減了約 45 億美元的相關費用；隨著我們完成 2026 年的收尾工作，後續還會有更多節省。

I'm incredibly proud of what we have accomplished. But this reconfiguration was never the destination; it was the foundation. We now have a leaner, more automated, more agile network that will deliver operating leverage as volume grows. And importantly, incremental volume today carries materially better economics than before because of the structural changes we've made.

我對我們所達成的成果感到無比自豪。但這次重整從來不是終點，而是基礎。我們現在擁有更精實、更自動化、更敏捷的網路，隨著貨量成長將帶來營運槓桿。更重要的是，由於我們所做的結構性變革，如今新增貨量的經濟效益明顯優於以往。

Our second-quarter financial results demonstrate the successful execution of key initiatives and the strength of our underlying business. Consolidated revenue was $22.8 billion, an increase of 7.6% versus last year. Consolidated operating profit was $2.1 billion, an increase of 12% versus last year. And consolidated operating margin was 9.2%, a year-over-year increase of 40 basis points and up 300 basis points from the first quarter of this year.

我們第二季的財務結果展現了關鍵計畫的成功執行，以及我們核心業務的韌性。合併營收為 228 億美元，較去年成長 7.6%。合併營業利益為 21 億美元，較去年成長 12%。合併營業利益率為 9.2%，年增 40 個基點，且較今年第一季提升 300 個基點。

While fuel price volatility in the second quarter drove higher fuel revenue and corresponding fuel costs, our fuel surcharge mechanisms functioned as designed, covering the increase in fuel expense. All three segments contributed to our strong second-quarter revenue performance. And underscoring the strength of the quarter, US Domestic delivered meaningful operating profit growth of over 20% versus last year.

雖然第二季燃油價格波動帶動燃油相關營收上升並伴隨相應的燃油成本增加，但我們的燃油附加費機制如設計般運作，足以涵蓋燃油費用的上升。三大事業部門皆對第二季強勁的營收表現有所貢獻。此外，為本季表現增添亮點的是，美國國內業務的營業利益較去年成長超過 20%。

As part of our transformation, we continued to invest in RFID and artificial intelligence, or AI. We view these technologies as the intersection of the physical and digital worlds, helping us gain efficiencies while also winning and retaining customers. Think of RFID as the eyes and ears within our network and AI as the brain.

作為我們轉型的一部分，我們持續投資 RFID 與人工智慧（AI）。我們將這些技術視為連結實體與數位世界的交會點，既能協助我們提升效率，也能贏得並留住客戶。你可以把 RFID 想像成我們網路中的眼睛與耳朵，而 AI 則是大腦。

RFID generates data from billions of package movements, while AI transforms that data into decisions, predictions, and actions. In fact, we believe RFID is the most significant package visibility advancement in a decade. We're using it to move from a scanning-based network to a sensing network, eliminating hundreds of millions of manual scans every year.

RFID 從數十億次包裹移動中產生資料，而 AI 則把這些資料轉化為決策、預測與行動。事實上，我們認為 RFID 是十年來包裹可視性最重大的進展。我們正利用它把網路從「以掃描為基礎」轉變為「以感測為基礎」，每年可消除數億次人工掃描。

We've completed deployment of RFID sensing technology across all of our U.S. delivery facilities and package cars, and now we’re moving internationally. We're also enabling our customers with RFID label printers. And every package shipped at our 5,500 UPS Stores is RFID-enabled. These capabilities are generating rich, real-time data about the packages in our network. Now pair that data with the AI-powered digital twin of our network – including all modes, facilities, vehicles,aircraft and package flow data. This strengthens our ability to dynamically adapt to changing conditions like weather delays or volume forecasts.

我們已在全美所有配送據點與包裹車完成 RFID 感測技術部署，現在正推進至國際市場。我們也為客戶提供 RFID 標籤印表機。而在我們 5,500 家 UPS Store 寄出的每一件包裹都已啟用 RFID。這些能力正在產生關於網路內包裹的豐富即時資料。接著，把這些資料與由 AI 驅動的網路數位分身（digital twin）結合——涵蓋所有運輸模式、設施、車輛、aircraft 與包裹流向資料。這將強化我們因應天候延誤或貨量預測等變動情況時的動態調整能力。

Our AI is constantly tracking network performance so it can optimize planning, routing and execution in near real time. The result is an integrated network that is even more efficient and reliable, with enhanced end-to-end visibility and an unmatched premium experience for our customers.

我們的 AI 持續追蹤網路績效，以便在近乎即時的情況下最佳化規劃、路線安排與執行。其結果是一個更有效率、更可靠的整合式網路，具備更強的端到端可視性，並為客戶提供無可匹敵的高端體驗。

As we move ahead, the next phase of our strategy is straightforward. We're fully focused on capturing premium volume, like from SMB, healthcare, and B2B customers, with a clear emphasis on revenue quality and margin expansion.

展望未來，我們策略的下一階段很明確。我們將全力聚焦於取得高價值貨量，例如來自中小企業（SMB）、醫療保健以及 B2B 客戶的貨量，並清楚強調營收品質與利潤率擴張。

Looking at SMBs, demand in the US in the second quarter was broad-based across nearly all industry sectors, delivering SMB average daily volume growth of 4.3%. SMBs continue to value the reliability of our integrated network and the capabilities we provide, including end-to-end visibility solutions, our Digital Access Program, or DAP, our UPS Stores, and box-free label-free returns.

就中小企業而言，美國第二季需求在幾乎所有產業領域皆呈現廣泛成長，帶動 SMB 平均每日貨量成長 4.3%。SMB 持續重視我們整合式網路的可靠性，以及我們提供的各項能力，包括端到端可視性解決方案、我們的 Digital Access Program（DAP）、UPS Store，以及免裝箱、免標籤退貨服務。

Speaking of DAP, it is not just for B2C e-commerce shippers. B2B e-commerce shippers also value the convenience and customer experience our DAP platform delivers. In fact, in the second quarter, we saw B2B DAP average daily volume increase 34% year over year. And in the second quarter, we generated $1.4 billion in global DAP revenue, marking the third quarter in a row of delivering DAP revenue of over $1 billion.

談到 DAP，它不僅適用於 B2C 電商寄件客戶。B2B 電商寄件客戶同樣重視我們 DAP 平台所帶來的便利性與客戶體驗。事實上，在第二季，我們看到 B2B DAP 平均每日貨量年增 34%。此外，第二季我們的全球 DAP 營收達 14 億美元，這也是連續第三季 DAP 營收超過 10 億美元。

Moving to healthcare. In the second quarter, we generated over $3 billion in healthcare revenue, achieving that milestone for the second consecutive quarter. We're already the number one provider of complex healthcare logistics solutions in the world, and we're not stopping there.

接著談醫療保健。第二季我們創造超過 30 億美元的醫療保健營收，連續第二季達成此一里程碑。我們已是全球複雜醫療保健物流解決方案的第一大供應商，而我們不會就此止步。

Demand for cold chain logistics is accelerating, and to further strengthen our global cold chain capabilities, we have added 27 temperature-controlled cross-dock facilities to our network. These facilities are designed specifically for fast, precise transfers of complex healthcare products between air and ground services while maintaining strict temperature control. We are the only carrier that provides end-to-end solutions for complex healthcare with our own assets, ensuring complete control, visibility, and best-in-class service.

冷鏈物流需求正在加速成長，為進一步強化我們的全球冷鏈能力，我們已在網路中新增27處溫控交叉轉運（cross-dock）設施。這些設施設計專為在空運與地面運輸服務之間，對複雜的醫療保健產品進行快速、精準的轉運，同時維持嚴格的溫度控制。我們是唯一一家以自有資產提供複雜醫療保健端到端解決方案的承運商，確保全程掌控、可視性，以及同級最佳的服務。

Looking at our industrial and automotive customers, they continue to operate in a complex environment shaped by shifting trade patterns, evolving regulations, and ongoing supply chain disruption. We're helping them navigate these complexities by combining the strength of our integrated network and RFID-enabled visibility with additional new capabilities.

就我們的工業與汽車客戶而言，他們仍在一個複雜的環境中營運，該環境受到貿易型態轉變、法規演進，以及供應鏈持續中斷所影響。我們透過結合整合式網路的優勢、RFID賦能的可視性，以及新增的能力，協助他們因應這些複雜情勢。

Here, we're expanding North American air freight services between the US and Mexico, and we've launched a dedicated team of over 300 specialists with deep expertise in the supply chain needs of automotive and industrial manufacturing customers. These enhancements allow us to bring customers the right solutions, whether it's for a time-critical part, a cross-border shipment, or to assist when they are making a broader supply chain shift.

在此，我們正擴大美國與墨西哥之間的北美空運貨運服務，並成立一支超過300人的專責團隊，成員對汽車與工業製造客戶的供應鏈需求具備深厚專業。這些強化措施使我們能為客戶提供合適的解決方案，無論是時間敏感的零件、跨境貨件，或是在客戶進行更廣泛的供應鏈轉移時提供協助。

The second quarter marks the fourth straight quarter of delivering results that exceeded our expectations. Going forward, our number one priority remains moving the right packages and the right mix of volume through our network. This is as true for the US as it is for the rest of our businesses. I'm pleased with the growth we've seen in our forwarding business as they have been focused on driving premium volume.

第二季是我們連續第四個季度交出超出預期的成果。展望未來，我們的首要任務仍是讓正確的包裹與正確的貨量組合在我們的網路中流動。這一點對美國業務與我們其他所有業務同樣適用。我很高興看到我們的貨運代理（forwarding）業務成長，因為他們一直專注於推動高價值貨量。

And outside the US, our team has done a magnificent job of managing through trade lane shifts. As trade policy changes and volume in trade moves, UPS has been there to support. Encouragingly, we are seeing momentum on the China to US lane, which returned to year-over-year growth beginning in May.

而在美國以外，我們的團隊在因應航線（trade lane）轉移方面表現出色。隨著貿易政策變動與貿易量移轉，UPS始終在場提供支援。令人鼓舞的是，我們看到中國至美國航線的動能回升，並自5月起恢復年對年成長。

As we enter the second half of the year, we've got momentum, even in the face of external factors that could influence our results like war and fuel price volatility. Based on our year-to-date results, today, we are raising our full-year 2026 consolidated revenue outlook to approximately $91.2 billion. We are raising our consolidated operating profit expectation to approximately $8.65 billion and lifting our diluted earnings per share guidance to approximately $7.22. Brian will provide more details in a moment.

進入下半年，我們具備動能，即使面對可能影響我們業績的外部因素，例如戰爭與燃油價格波動。基於年初至今的表現，我們今天將2026年全年合併營收展望上調至約912億美元。我們將合併營業利益預期上調至約86.5億美元，並將稀釋後每股盈餘（EPS）指引上調至約7.22美元。Brian稍後會提供更多細節。

With the foundational groundwork now in place, we are excited about the opportunities that lie ahead.

在基礎工作已就緒之際，我們對未來的機會感到振奮。

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

因此，感謝各位收聽。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 second-quarter results. Then, I'll give an update on our Amazon glide down and network reconfiguration efforts. Finally, 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，我將說明我們第二季的業績。接著，我會更新我們的Amazon業務逐步下滑（glide down）以及網路重配置的進展。最後，我將以2026年剩餘期間的財務展望作結。

Turning to our results. Our performance in the second quarter reflected excellent execution across our businesses, especially in US Domestic where we completed our Amazon glide down and related network reconfiguration efforts as planned. Further, and as Carol mentioned, our results reflected fuel price volatility during the second quarter, stemming from the conflict in the Middle East, which drove an outsized increase in both revenue and expense relative to our expectations.

回到我們的業績。第二季的表現反映出我們各項業務的卓越執行，尤其是在美國國內業務方面，我們如期完成了Amazon業務逐步下滑及相關的網路重配置工作。此外，如Carol所提及，我們的業績也反映了第二季燃油價格波動，該波動源自中東衝突，導致營收與費用相較於我們預期出現不成比例的上升。

While higher fuel prices were a positive to revenue, the corresponding increase in expense meant that the net impact to consolidated operating profit dollars was modest. In the second quarter, consolidated revenue was $22.8 billion, and operating profit was $2.1 billion. Consolidated operating margin was 9.2%, and diluted earnings per share were $1.76.

雖然較高的燃油價格對營收有正面影響，但相應的費用增加意味著對合併營業利益金額的淨影響有限。第二季合併營收為228億美元，營業利益為21億美元。合併營業利益率為9.2%，稀釋後每股盈餘為1.76美元。

Moving to our segment performance. In the US, we continued our focus on revenue quality and growth in the premium parts of the market as we concluded our Amazon glide down in the second quarter. For the quarter, total US average daily volume was down 3.3% versus the second quarter of last year. Total air average daily volume was down 2.3% year over year. Excluding Amazon, total air ADV increased 1.2% year over year, driven by SMB and healthcare customers.

接著看各事業部門表現。在美國，隨著我們於第二季完成Amazon業務逐步下滑，我們持續聚焦於營收品質，以及在市場高價值區塊的成長。本季美國總平均每日貨量（ADV）較去年第二季下降3.3%。總空運平均每日貨量年對年下降2.3%。若排除Amazon，空運總ADV年對年增加1.2%，主要由中小企業（SMB）與醫療保健客戶帶動。

Ground average daily volume was down 3.5% compared to the second quarter of 2025, with most of the decline attributable to our planned Amazon glide down. Notably, when adjusting for Amazon and actions taken on other lower yielding volume, average daily volume grew year over year in the second quarter, underscoring the improvements we're making through the execution of our strategy.

地面運輸平均每日貨量較2025年第二季下降3.5%，其中大部分下滑可歸因於我們按計畫進行的Amazon業務逐步下滑。值得注意的是，若調整排除Amazon以及對其他低收益貨量所採取的措施，第二季平均每日貨量年對年反而成長，凸顯我們透過策略執行所帶來的改善。

That improvement was also reflected in our customer mix. SMB average daily volume increased 4.3% year over year, with growth from nearly all industries, led by high-tech and healthcare. In the second quarter, SMBs made up 34.5% of total US volume, an increase of 250 basis points compared to the second quarter of last year.

這項改善也反映在我們的客戶組合上。SMB平均每日貨量年對年增加4.3%，幾乎所有產業皆有成長，其中以高科技與醫療保健領先。第二季SMB占美國總貨量的34.5%，較去年第二季提高250個基點。

And looking at B2B, while average daily volume was down 3.2% year over year, the rate of decline was 190 basis points better compared to the first quarter, with bright spots in the high-tech and automotive sectors. In the second quarter, B2B represented 43.8% of our total US volume.

再看B2B，雖然平均每日貨量年對年下降3.2%，但相較第一季，下滑幅度改善了190個基點，其中高科技與汽車產業表現亮眼。第二季B2B占我們美國總貨量的43.8%。

Moving to revenue. In the second quarter, US Domestic generated $14.9 billion, an increase of 6% year over year, with both SMB and enterprise customers contributing to the increase. Growth in revenue per piece was strong and increased 9.3% compared to the second quarter of last year. More than half of the growth in revenue per piece was driven by healthy base rates and customer mix improvements, with fuel contributing the remainder of the increase.

接著看營收。第二季，美國國內業務創造149億美元營收，年對年成長6%，SMB與大型企業客戶皆對成長有所貢獻。單件營收（revenue per piece）成長強勁，較去年第二季提高9.3%。單件營收成長超過一半來自健康的基本費率與客戶組合改善，其餘增幅則由燃油因素貢獻。

Turning to cost. In the second quarter, total expense in the US Domestic increased 4.9%, with more than half of the increase coming from fuel and purchase transportation. Strong base rate growth and increased productivity in our reconfigured network contributed to revenue per piece growing 130 basis points faster than the cost per piece growth rate, demonstrating the operating leverage we expected from our network reconfiguration.

再看成本。第二季，美國國內業務總費用增加4.9%，其中超過一半的增幅來自燃油與外購運輸（purchase transportation）。強勁的基本費率成長，以及在重配置後網路中提升的生產力，使單件營收成長速度比單件成本成長率快130個基點，展現我們從網路重配置中預期取得的營運槓桿。

The US Domestic segment delivered $1.2 billion in operating profit, a 21% increase year over year and more than double the operating profit delivered in the first quarter of this year. Operating margin was 8%, which was an increase of 100 basis points compared to the second quarter of last year and a 400-basis-point increase from the first quarter of this year.

美國國內事業部門交出12億美元的營業利益，年對年成長21%，且超過今年第一季營業利益的兩倍。營業利益率為8%，較去年第二季提高100個基點，並較今年第一季提高400個基點。

Moving to our International segment. In the second quarter, we delivered strong top-line growth with all regions generating year-over-year expansion, driven by strong revenue quality. In the second quarter, total International average daily volume declined 5.8%, led by domestic declines in Europe.

接著看國際事業部門。第二季，在強勁的營收品質帶動下，我們實現強勁的營收成長，各區域皆呈現年對年擴張。第二季國際總平均每日貨量下降5.8%，主要由歐洲的國內貨量下滑所致。

On the export side, average daily volume in the second quarter decreased 4.2% year over year. However, and importantly, we returned to volume growth on the China-US trade lane as we lapped the elimination of de minimis exemption for Chinese imports in May. Additionally, Asia-to-Asia export volume increased 13.6% compared to last year, enabled by our recent investments in the region.

在出口方面，第二季平均每日貨量年減 4.2%。然而且重要的是，隨著我們在 5 月跨過取消中國進口「小額免稅（de minimis）豁免」的比較基期，中美貿易航線的貨量已恢復成長。此外，在我們近期於該區域的投資帶動下，亞洲區內（Asia-to-Asia）出口貨量較去年成長 13.6%。

Turning to revenue. We saw an improvement in geographic mix during the second quarter as trade lanes began to rebalance, particularly in Asia. As a result, International generated $5 billion in revenue, an increase of 12.5% year over year. Revenue growth was driven by an 18.9% year-over-year increase in revenue per piece, with a little more than half coming from fuel.

接著談營收。第二季隨著貿易航線開始重新平衡，特別是在亞洲，我們看到地理組合有所改善。因此，國際業務創造 50 億美元營收，年增 12.5%。營收成長主要由單件營收年增 18.9% 所帶動，其中略多於一半來自燃油因素。

Operating profit in the International segment was $623 million, down $59 million year over year. International operating margin in the second quarter was 12.4%, which includes a 120-basis-point year-over-year negative impact from fuel.

國際事業部營業利益為 6.23 億美元，較去年同期減少 5,900 萬美元。第二季國際營業利益率為 12.4%，其中包含燃油造成的年減 120 個基點的負面影響。

Looking at Supply Chain Solutions, for the second quarter in a row, Supply Chain Solutions delivered strong operating profit growth year over year, driven by improvements across multiple business units. In the second quarter, revenue was $2.9 billion, an increase of $207 million versus last year.

再看供應鏈解決方案（Supply Chain Solutions），連續第二季繳出強勁的營業利益年增，主要由多個業務單位的改善所驅動。第二季營收為 29 億美元，較去年增加 2.07 億美元。

Forwarding increased revenue 8.1% year over year, driven by higher rates in international airfreight. Logistics revenue increased 4.3% year over year, driven by strong growth in healthcare logistics, partially offset by our mail innovations business. And UPS Digital, which includes Roadie and Happy Returns, delivered revenue growth of over 30% compared to the second quarter of 2025.

貨運代理（Forwarding）營收年增 8.1%，主要受國際空運較高運價帶動。物流（Logistics）營收年增 4.3%，主要由醫療保健物流的強勁成長帶動，但部分被我們的郵件創新業務所抵銷。而 UPS Digital（包含 Roadie 與 Happy Returns）相較 2025 年第二季，營收成長超過 30%。

In the second quarter, Supply Chain Solutions generated operating profit of $291 million, an increase of $79 million year over year. Operating margin was 10.2%, up 220 basis points compared to last year and the third quarter in a row of year-over-year operating margin expansion.

第二季，供應鏈解決方案創造 2.91 億美元營業利益，年增 7,900 萬美元。營業利益率為 10.2%，較去年提升 220 個基點，且已連續第三季出現營業利益率年增擴張。

Lastly, looking at cash and liquidity. Year to date, we've generated $3.1 billion in cash from operations and free cash flow of $1.6 billion, which includes the one-time payments made in the second quarter for the Driver Choice Program. We ended the second quarter with $4.7 billion in cash on the balance sheet and no outstanding commercial paper. And so far this year, UPS has paid $2.7 billion in dividends.

最後，談現金與流動性。年初至今，我們已產生 31 億美元營運現金流，以及 16 億美元自由現金流，其中包含第二季為「司機選擇計畫（Driver Choice Program）」支付的一次性款項。第二季末資產負債表上的現金為 47 億美元，且無未償還商業本票。截至目前今年，UPS 已支付 27 億美元股利。

Now before moving to our outlook, let me share the progress we made in the first half of the year from our Amazon glide down and related network reconfiguration efforts. Starting with variable costs, total operational hours moved down with volume in the first half of the year.

在進入展望之前，我先分享我們在今年上半年就 Amazon 業務逐步下滑（glide down）以及相關網路重整所取得的進展。先從變動成本來看，上半年總作業工時隨貨量下降而降低。

Looking at semi-variable costs, we finished down nearly 30,000 operational positions compared to the first half of last year. This includes reductions from our Driver Choice Program, with approximately 80% of participants departing the company in the second quarter. In our fixed cost bucket, we closed 45 buildings in the first half of the year, with several additional closures planned in the back half of the year.

再看半變動成本，我們相較去年上半年減少了近 30,000 個作業職位。其中包含來自司機選擇計畫的縮減，約 80% 的參與者在第二季離開公司。在固定成本方面，我們上半年關閉了 45 棟營運據點，且下半年仍規劃進一步關閉數個據點。

Our engineering and operations teams executed the Amazon glide down exceptionally well, and we're pleased to have successfully completed this part of our strategy. We are seeing significant value from these efforts as well as from our broader network reconfiguration and efficiency reimagined initiatives. As a result, we still expect to deliver approximately $3 billion in related benefits in 2026.

我們的工程與營運團隊在執行 Amazon 業務逐步下滑方面表現極為出色，我們也很高興已成功完成這一策略部分。我們正從這些努力，以及更廣泛的網路重整與「效率再想像（efficiency reimagined）」計畫中看到顯著價值。因此，我們仍預期在 2026 年可帶來約 30 億美元的相關效益。

Moving to our 2026 financial outlook. As we discussed, we entered the year expecting a clear distinction between the first and second half. Given our strong first-half results, which exceeded our expectations, we are increasing our full-year 2026 outlook. We now expect consolidated revenue of approximately $91.2 billion and consolidated operating profit of approximately $8.65 billion. This implies full-year diluted earnings per share of approximately $7.22. As a reminder, third-quarter 2025 diluted earnings per share included a $0.30 benefit from sale leaseback transactions.

接著談 2026 年財務展望。如同我們先前討論的，我們在年初預期上、下半年會有明顯差異。鑑於上半年強勁表現且超出我們預期，我們上調 2026 全年展望。我們目前預期合併營收約 912 億美元，合併營業利益約 86.5 億美元。這意味著全年稀釋後每股盈餘約為 7.22 美元。提醒一下，2025 年第三季稀釋後每股盈餘包含售後回租（sale leaseback）交易帶來的 0.30 美元收益。

Now, let me add some color on the segments. Starting with US Domestic, we expect full-year 2026 revenue of approximately $60 billion, up 1% year over year, and an operating margin of approximately 7.5%. Looking at the third quarter, we expect average daily volume to decline by mid-single digits, reflecting a seasonal decline as well as the impact of this year's Amazon glide down, which completed in June.

接下來我補充各事業部的細節。先從美國國內（US Domestic）開始，我們預期 2026 全年營收約 600 億美元，年增 1%，營業利益率約 7.5%。就第三季而言，我們預期平均每日貨量將下滑中個位數百分比，反映季節性下滑以及今年 Amazon 業務逐步下滑（已於 6 月完成）的影響。

We expect revenue to be approximately flat year over year and a third-quarter operating margin of approximately 7%. Lastly, in the back half of the year, we expect a US Domestic operating margin of approximately 8.8%, reflecting year-over-year margin expansion in both the third and fourth quarters.

我們預期營收與去年同期大致持平，第三季營業利益率約 7%。最後，在下半年，我們預期美國國內營業利益率約 8.8%，反映第三季與第四季皆將出現營業利益率年增擴張。

Turning to the International segment and starting with the full year, we anticipate revenue growth in the mid-single digits year over year, driven by strong revenue per piece growth. Operating margin in the International segment is expected to be in the mid-teens. We expect a similar performance in the third quarter with revenue up mid-single digits, driven by strong revenue per piece. And we expect the operating margin to be between 13% and 14%.

再看國際事業部，先從全年來看，我們預期營收年增為中個位數百分比，主要由單件營收的強勁成長帶動。國際事業部營業利益率預期落在十幾%的中段。我們預期第三季表現相近，營收年增中個位數百分比，亦由單件營收強勁所驅動。並預期營業利益率介於 13% 至 14%。

Lastly, in Supply Chain Solutions, we expect full-year 2026 revenue growth in the high-single digits, driven by growth in Forwarding and Healthcare logistics. We expect full-year operating margin to be between 10% and 11%. In the third quarter, we expect Supply Chain Solutions revenue growth in the low-double digits year over year and operating margin between 10% and 11%.

最後，在供應鏈解決方案方面，我們預期 2026 全年營收年增為高個位數百分比，主要由貨運代理與醫療保健物流成長帶動。我們預期全年營業利益率介於 10% 至 11%。第三季方面，我們預期供應鏈解決方案營收年增為低雙位數百分比，營業利益率介於 10% 至 11%。

Turning to our expectations for cash and the balance sheet. For the full year 2026, capital expenditures are still expected to be about $3 billion, and we plan to complete our pension contribution of $1.3 billion. We expect free cash flow to be approximately $5.5 billion, which includes the payments for the Driver Choice Program I mentioned earlier.

接著談我們對現金與資產負債表的預期。就 2026 全年而言，資本支出仍預期約 30 億美元，且我們計畫完成 13 億美元的退休金提撥。我們預期自由現金流約 55 億美元，其中包含我先前提到的司機選擇計畫相關支付。

Lastly, we are still planning to pay out around $5.4 billion in dividends in 2026, subject to Board approval. The successful completion of the Amazon glide down and related network reconfiguration marks an important inflection point for UPS, setting us up to deliver consolidated revenue and operating profit growth and expand operating margin.

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。成功完成 Amazon 業務逐步下滑及相關網路重整，標誌著 UPS 的重要轉折點，使我們得以推動合併營收與營業利益成長，並擴大營業利益率。

As we move into the next chapter of growth, our focus is on growing premium, high-quality volume around the world, leveraging the full strength of our portfolio of solutions. With the power of our integrated global network enabling us, we are well positioned to deliver sustainable, profitable growth and create long-term shareowner value.

隨著我們邁入下一個成長篇章，我們的重點是運用我們解決方案組合的完整實力，在全球擴大高價值、高品質的貨量。在整合式全球網路的強大能力支持下，我們具備良好條件以實現可持續且具獲利性的成長，並創造長期股東價值。

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

以上，接線員，請開放提問線路。

(Operator Instructions) Jordan Alliger, Goldman Sachs.

(接線員指示) Jordan Alliger，高盛。

Yeah, hi. Good morning. Thanks for the time. With the Amazon drawdown done, you've given some good color for the third quarter and for the full year 2026. Just sort of curious, can you maybe go into a little bit more on your confidence level around the structural change on Domestic margin and what that could mean from a longer-term Domestic margin perspective? Is there a bogey you'd like to see over the next couple of years? Thanks.

是的，您好。早安。感謝撥冗。在亞馬遜（Amazon）量縮已告一段落後，你們也對第三季以及2026全年提供了不錯的說明。我有點好奇，能否再多談一些你們對於美國國內（Domestic）利潤率結構性變化的信心程度，以及從更長期的國內利潤率角度來看，這可能意味著什麼？未來幾年你們希望達到的目標（bogey）是什麼？謝謝。

Well, let's start -- Jordan, thank you very much for the question. Let's just start with automation in our US business. By the end of the second quarter, 68.5% of the volume in our US business was flowing through an automated building compared to 64% one year ago. We know that the cost per piece in an automated building is about 28% lower than a non-automated building. So that gives us confidence in the productivity that we should continue to deliver going forward.

好的，我們先從這裡開始——Jordan，非常感謝你的提問。我們先談美國業務的自動化。截至第二季末，我們美國業務有68.5%的貨量是透過自動化場站處理，相較一年前的64%有所提升。我們知道，自動化場站的單件成本（cost per piece）約比非自動化場站低28%。因此，這讓我們對未來持續交付生產力提升充滿信心。

Brian, maybe you want to talk about the algorithm?

Brian，你要不要談談演算法？

I will. And I think, Carol, in addition to the automation you mentioned, I think it's important that we recognize that we've also brought down the capacity as we've been declining the Amazon volume. So if you go and you look at where we started at the beginning of 2024, Carol mentioned we've removed 2 million pieces a day of lower-yielding volume from the network.

我來說。而且我認為，Carol，除了你提到的自動化之外，也很重要的是我們要認知到：隨著我們下調亞馬遜貨量，我們也同步降低了產能。所以如果你回頭看2024年初我們的起點，Carol提到我們已經從網路中移除了每日200萬件、收益率較低的貨量。

We will have eliminated 50 million hours through the course of last year and, this year, nearly 78,000 operational positions that were associated with that volume, and we'll close nearly 150 buildings. That brings down the structural cost of the network that you're starting to see show up in the margin and gives us a lot of confidence that we can pull that through in the second half.

我們在去年全年將削減5,000萬工時，而今年將削減近7.8萬個與該貨量相關的營運職位，並將關閉近150個場站。這降低了網路的結構性成本，你也開始看到它反映在利潤率上，並讓我們非常有信心能在下半年把這些效益完全落地。

So as you think about as we go forward, we continue to see really strong pricing in our US business. And we think about base pricing in this kind of 250- to 350-basis-point range, which is about where we are this quarter. And we also see cost per piece coming down as we rightsize the network with the new structural target.

因此，當你思考我們接下來的走勢時，我們持續看到美國業務的定價非常強勁。我們所說的基礎定價大約在250到350個基點的區間，這也大致就是本季的水準。同時，隨著我們依照新的結構性目標調整網路規模，單件成本也在下降。

So Jordan, I think the way to think about it is about 50 to 100 basis points spread between RPP and CPP will help us drive margin accretion in our US businesses and going forward. We do that by leaning into premium segments of the market to maintain that base pricing and RPP benefit and leveraging a now more efficient network in the US to drive operating leverage.

所以Jordan，我認為可以這樣理解：每件收入（RPP）與每件成本（CPP）之間約50到100個基點的差距，將有助於推動我們美國業務的利潤率擴張，並在未來持續發酵。我們透過加碼市場中的高端（premium）區隔來維持基礎定價與RPP的優勢，同時運用如今更有效率的美國網路來帶動營運槓桿。

Thank you.

謝謝。

Scott Group, Wolfe Research.

Wolfe Research的Scott Group。

Hey, thanks. Good morning. So it seems like Domestic margin improvement moderates a little bit in Q3, then reaccelerates again in Q4. Maybe just give a little more color to sort of talk about that.

嗨，謝謝。早安。看起來美國國內（Domestic）利潤率改善在第三季稍微放緩，然後在第四季又再度加速。能否多給一些說明，談談這背後的原因？

And then Carol, just bigger picture, in your opening comments, you talked about gaining -- going after SMB and B2B share. I think FedEx would probably say the same thing in terms of what they're trying to do. So how do you see the share dynamic, the competitive dynamic evolving if that's what both of us are looking to do?

另外Carol，從更宏觀的角度，你在開場談到要爭取——要去搶中小企業（SMB）與企業對企業（B2B）的市占。我想FedEx大概也會說他們在做同樣的事。如果我們雙方都在做這件事，你怎麼看市占動態、競爭態勢會如何演變？

Sure. So first, Scott, if you think about the sequentials between Q2 to Q3, it's really normal seasonality. So we're still in that 50- to 100-basis-point RPP to CPP spread. It's consistent with where we set out at the beginning of the year.

好的。首先Scott，如果你看第二季到第三季的季比變化，這其實就是很正常的季節性。所以我們仍維持在RPP相對CPP約50到100個基點的差距。這與我們年初設定的方向一致。

And if you take a step back and think about our original guide, we had anticipated an earnings decline in the first half and an earnings increase in the second half. When you normalize for the sale leaseback transactions in the third quarter of last year, we're now in mid-teens EPS growth in both the third quarter and the fourth quarter.

如果你再退一步看我們最初的指引，我們原本預期上半年獲利下滑、下半年獲利回升。若將去年第三季的售後回租（sale leaseback）交易影響做正常化調整，我們現在在第三季與第四季的EPS成長都落在十幾%的中段（mid-teens）。

So it was a robust guide to begin with. The first-half performance gives us a lot of confidence that we can hit that, and Domestic is just going to perform under normal seasonality as we go into Q3 and Q4.

所以一開始的指引就相當強勁。上半年的表現讓我們很有信心能達成，而美國國內（Domestic）在進入第三季與第四季時，將會依照正常季節性表現。

As it relates to how are we going to gain share, our focus on growing our company is to retain the customers we have and then bring new customers into our network by differentiating with new enabling capabilities. And those capabilities include things like, well, owning the end-to-end solution for healthcare customers. We are the only carrier that owns our assets along that complex healthcare supply chain. That gives us control and visibility and separates us from the competition.

至於我們要如何取得市占，我們成長的重點是：先留住既有客戶，然後透過差異化的新賦能能力（enabling capabilities）把新客戶帶進我們的網路。這些能力包括，例如為醫療保健客戶提供端到端解決方案。我們是唯一一家在複雜的醫療供應鏈上擁有自有資產的承運商。這讓我們具備控制力與可視性，並使我們與競爭對手區隔開來。

But it's not just in complex healthcare logistics which, by the way, is pretty [growthy] for us. It's in other areas too. So if you think about RFID and the initiative that we launched now a few years ago, Scott, it's really starting to take traction. We now have RFID-enabled capabilities at the customer location, in other words, the point of origin, covering over 2.2 million pieces per day.

但不只是在複雜醫療物流——順帶一提，這對我們而言是相當具成長性的領域。也在其他領域。所以如果你想到RFID以及我們幾年前啟動的那項計畫，Scott，它現在真的開始取得進展。我們目前在客戶端地點，也就是起運點（point of origin），已具備RFID賦能能力，覆蓋每日超過220萬件。

And let me tell you what that means for the customer. I'm going to give you a story to make it real for you. We recently converted a high-end jeweler from a competitor into our network because of RFID at the origin. Why? Because at the previous carrier's location, they had to have security guards watch every scan occur as packages were being loaded on to the package carrier vehicle.

我來告訴你這對客戶意味著什麼。我講個故事讓你更有感。我們最近因為在起運點導入RFID，把一家高端珠寶商從競爭對手那裡轉到我們的網路。為什麼？因為在前一家承運商的作業點，他們必須安排保全人員在包裹裝上包裹承運車輛時，監看每一次掃描。

At our location, we don't need security guards any longer, and they have visibility from the point of origin to the point of destination. That allowed us to win that high-end jeweler. These enabling capabilities are differentiating. They're sticky. Where we have RFID at the point of origin, we have seen no churn. It's a really powerful way to grow.

在我們的作業點，他們不再需要保全人員，而且能從起運點到目的地（point of destination）全程可視。這讓我們贏得了那家高端珠寶商。這些賦能能力具有差異化。客戶黏著度很高。在我們於起運點導入RFID的地方，我們沒有看到任何流失（churn）。這是一個非常有力的成長方式。

But it doesn't stop with RFID. It also is our returns approach, leveraging our 5,500 UPS stores, our box-less, label-less return capability with Happy Returns which, as we said in our prepared remarks, has seen great growth, our focus on B2B and defined operating plans for that customer, and more. So these enabling capabilities are differentiating and will allow us to grow.

但不只止於RFID。也包括我們的退貨策略：運用我們5,500家UPS門市、Happy Returns提供的免箱（box-less）、免標籤（label-less）退貨能力——正如我們在事先準備的講稿中所說，這部分成長非常亮眼——以及我們對B2B的聚焦、針對該類客戶制定明確的營運計畫等等。因此，這些賦能能力具有差異化，並將使我們得以成長。

Tom Wadewitz, UBS.

UBS的Tom Wadewitz。

Hi. Yeah, good morning. So I wanted to ask Brian if you could offer some thoughts on cost per piece trend in second half and 2027. So you've had strong execution on resizing the network. I just want to get your sense on kind of how you think that plays out. And then, how should we think about mix as a factor when we look at, let's say, 2027? You kind of talk about 250 to 300 basis points of price. Is that -- do you put a point or two of mix on top of that, just given your focus on the kind of premium verticals and packages, SMB that are probably generating higher revenue per piece? Thank you.

嗨。是的，早安。我想請Brian談談下半年以及2027年的單件成本（cost per piece）趨勢。你們在網路規模調整上執行得很到位。我想了解你對這件事後續如何展開的看法。另外，當我們看例如2027年時，應該如何把組合（mix）視為一個因素？你提到大約250到300個基點的價格（price）提升。考量你們聚焦於高端垂直領域與包裹、以及SMB等可能帶來更高每件收入的業務，你會不會在此之上再加上一到兩個點的組合貢獻？謝謝。

Yeah. Thanks, Tom, for the question. So first, let me hit -- I think what's really important is to think about the RPP, CPP spread. So let me talk a little bit about that as we transition from the first half to the second half, because we will be -- as we go from first half to second half, we are wrapping some pretty material changes that we made in pricing last year.

是的。謝謝你，Tom，提出這個問題。所以首先，讓我先談——我認為真正重要的是思考 RPP 與 CPP 的差距（spread）。因此，當我們從上半年過渡到下半年時，我想稍微談一下這點，因為——隨著我們從上半年走到下半年，我們正在消化（wrap）去年在定價上所做的一些相當重大的變動。

So we are actually going to see both numbers come down a little bit. So we were 9.3% in second quarter for RPP in the US. About half of that was fuel and about half of it was base pricing and mix. That will come down closer to 4% to 4.5% as we wrap some of those impacts from last year. On a two-year stack, it still shows really strong pricing.

所以我們實際上會看到這兩個數字都會小幅下降。所以我們在美國第二季的 RPP 是 9.3%。其中大約一半來自燃油，另一半來自基礎定價與組合（mix）。隨著我們消化去年部分影響，這將下降到更接近 4% 到 4.5%。以兩年疊加（two-year stack）來看，定價仍然顯示非常強勁。

The same dynamic happens in CPP. So as we brought down the cost in the network, we expect CPP to come down as well, so we'll maintain that 50- to 100-basis-point spread. As we roll forward, like we said, that unit cost differential to drive operating leverage is our focus as we go into 2027. We will still continue to have an impact of Amazon as we wrap into the first half of 2027 and comp that volume out.

CPP 也會出現相同的動態。因此，隨著我們降低網路中的成本，我們預期 CPP 也會下降，這樣我們就能維持 50 到 100 個基點的差距。如同我們所說，隨著我們往前推進，為了帶動營運槓桿而維持單位成本差異，是我們邁向 2027 年的重點。當我們進入 2027 年上半年並將該量能做同比比較（comp that volume out）時，Amazon 的影響仍會持續存在。

But we do expect some product mix benefit, as you say. So yeah, the base pricing plus 50 to 100 basis points of product mix is a reasonable expectation as we go forward. And we'll really be focusing on maintaining that unit cost spread to drive operating leverage.

但如你所說，我們確實預期會有一些產品組合的利多。所以是的，往後看，基礎定價再加上 50 到 100 個基點的產品組合，是合理的預期。而我們將真正專注於維持那個單位成本差距，以帶動營運槓桿。

Chris Wetherbee, Wells Fargo.

Chris Wetherbee，富國銀行。

Yeah. Hey, thanks. Good morning, guys. In the last quarter, you gave the Amazon percent of revenue. I know it wasn't a year-end number, but I was wondering if you could maybe offer that, considering we're kind of at the end of the glide down. And then maybe zooming out a little bit, sort of with what you have left of that part of your portfolio, how do we think about the growth profile of that versus maybe the rest of the opportunity for top-line growth for you as you think out beyond '26, maybe '27, '28? Thank you.

是的。嘿，謝謝。各位早安。上一季你們提供了 Amazon 佔營收的百分比。我知道那不是年終數字，但我想知道你們是否可以再提供一次，因為我們差不多已經到下滑（glide down）的尾聲了。然後再把視角拉遠一點，就你們在投資組合中剩下的那一部分而言，我們該如何看待它的成長輪廓，相較於你們其他營收成長機會？當你們把時間拉到 26 年之後，可能 27、28 年時，該怎麼思考？謝謝。

Well, Chris, Amazon is and will continue to be an important customer to UPS. As a percent of our total revenue, Amazon made up 9%. That's down about 100 basis points from a year ago and certainly down from the peak, which was over 13% during the COVID year. As we think about going forward, it's all about optimizing the volume that comes into our network, and we are working together as partners to make that happen.

Chris，Amazon 是、也將持續是 UPS 的重要客戶。以我們總營收的占比來看，Amazon 佔 9%。這比一年前下降約 100 個基點，也確實低於高峰期——在 COVID 那一年高峰超過 13%。展望未來，重點在於最佳化進入我們網路的貨量，而我們正以合作夥伴的身分共同努力來達成。

Ken Hoexter, Bank of America.

Ken Hoexter，美國銀行。

Hey, great. Good morning. And Carol, just to maybe follow up on that a little bit, just what do you think, or Brian, I guess, what are the thoughts on ground growth underlying now now that you're at the end of the program? Do you reassess with Amazon on your future in terms of where you stand now in that 9%? And if International is normalizing now with Asia volume, should we see the margins return to upper-teens, mid-teens? Where do you think International pans out as well? Thanks.

嘿，很好。早安。Carol，或我想應該問 Brian，延續剛才的話題，在你們已經走到計畫尾聲之後，對於目前地面（ground）成長的底層趨勢，你們怎麼看？你們是否會就未來與 Amazon 重新評估，尤其是你們目前在那個 9% 的位置？另外，如果國際業務隨著亞洲貨量正在正常化，我們是否應該看到利潤率回到十幾%的高段或中段？你們認為國際業務最終會落在什麼水準？謝謝。

Well, as I mentioned, Ken, we're going to optimize the volume with Amazon, and that will be across the various modes that we serve them today. From a margin perspective outside the United States, we're very encouraged by the trends that we're seeing, aren't we, Brian?

Ken，如我提到的，我們會與 Amazon 最佳化貨量，而且會涵蓋我們目前為他們提供服務的各種運輸模式。就美國以外的利潤率而言，我們對目前看到的趨勢非常受到鼓舞，對吧，Brian？

That's right. So we do start to see momentum in some really important trade lanes in International, and that momentum is going to carry through as we get into the back half. We're seeing volume recover as trade lanes settle. Also, in the back half of this year, we have the wrap of the elimination of global de minimis in September that drives a pretty big year-over-year comp benefit.

沒錯。因此，我們開始在國際業務一些非常重要的貿易航線上看到動能，而這股動能會在我們進入下半年時延續。隨著貿易航線趨於穩定，我們看到貨量正在回升。另外，今年下半年，我們會迎來 9 月全球小額豁免（global de minimis）取消的消化效應，這會帶來相當大的年對年可比（comp）利多。

I would also say our International businesses can perform a little bit better than seasonality because of the volume momentum we have going into the fourth quarter, especially with surge fees and peak fees that we typically see in the market. So we're positive there.

我也想說，我們的國際業務表現可能會略優於季節性，因為我們帶著貨量動能進入第四季，尤其是市場上通常會出現的加急費（surge fees）與旺季費（peak fees）。所以我們對此持正面看法。

And I would say, just to add to Carol's point on the US, Ken, we're going to see volume growth ex-Amazon in the back half of this year across all segments. So we talked about SMB, but we will see volume growth in the back half of this year.

另外，我想補充 Carol 對美國的觀點，Ken，今年下半年我們將在所有業務部門看到不含 Amazon（ex-Amazon）的貨量成長。所以我們談到 SMB，但今年下半年我們確實會看到貨量成長。

Thanks, Brian.

謝謝，Brian。

David Vernon, Bernstein.

David Vernon，Bernstein。

Hey. Good morning, guys. So Carol, I wanted to ask you about some of the competition issues around Amazon. We continue to hear both from investors in some of the conversations in the industry about Amazon being a little bit more aggressive from an enterprise shipping perspective and wanting to kind of go after directly some of your customers.

嘿。各位早安。Carol，我想問你一些關於 Amazon 周邊的競爭議題。我們持續從投資人以及產業對話中聽到，Amazon 在企業端運輸（enterprise shipping）方面變得更具進攻性，並且想要直接爭取你們的一些客戶。

I'm just wondering if you guys are seeing that in the day-to-day. And then more broadly, as you think about dealing with that potential inevitability or occurrence if it's going to happen, how do you think about responding to that?

我想知道你們在日常營運中是否有看到這種情況。更廣泛地說，當你們思考如何應對這種可能的必然性或實際發生（如果真的會發生）的情況時，你們會如何回應？

Well, David, we look at the competitive landscape broadly. There are a lot of competitors out there. And we look at the offerings that all competitors are presenting to customers and then focusing on how we are differentiating the offer that we provide.

David，我們會從更廣的角度看待競爭格局。市場上有很多競爭者。我們會檢視所有競爭者向客戶提出的方案，然後專注於我們如何讓自身提供的方案形成差異化。

And those points of differentiation, which I mentioned earlier, include our cold chain logistics capabilities, our reverse logistics capabilities, our RFID labeling capabilities and that visibility end to end, of course, time definite delivery and special operating plans. So we create relationships and partnerships with our customers to ensure that we are meeting them where they want us to be. That's an important point of differentiation.

而這些差異化要點——我先前提到過——包括我們的冷鏈物流能力、逆向物流能力、RFID 標籤能力，以及端到端的可視性；當然也包括限時送達（time definite delivery）與特殊營運方案。因此，我們與客戶建立關係與夥伴合作，確保我們能在他們希望我們出現的地方提供服務。這是一個重要的差異化點。

It's also about relationship building. We have over 300 high-impact executives who have relationships with our customers, relationships at the CEO level and at the CFO level. It's no longer just at the Chief Procurement Officer level or the Chief Supply Chain Officer level. And these relationships create an element of trust, and trust matters as competition comes knocking on the door because it does.

這也關乎關係的建立。我們有超過 300 位高影響力的主管與客戶維繫關係，包含 CEO 層級與 CFO 層級的關係。不再只是停留在採購長（Chief Procurement Officer）或供應鏈長（Chief Supply Chain Officer）層級。而這些關係會建立信任，而當競爭者上門時，信任很重要，因為競爭確實會來敲門。

So when competition comes knocking on the door, we're there to meet that competition with our enabling capabilities. I am not aware of any volume that we've lost to that competitor that you mentioned, but we're going to stay focused on this, leaning into what we're best at. And by the way, did I mention service? I should have. We continue to lead the pack in terms of on-time delivery, best in class.

所以當競爭者上門時，我們會以我們的賦能能力來迎戰。我並不知道我們有任何貨量流失到你提到的那個競爭者，但我們會持續專注於此，強化我們最擅長的領域。順帶一提，我有提到服務嗎？我應該要提。我們在準時送達方面仍然領先同業，屬於同級最佳（best in class）。

Jonathan Chappell, Evercore ISI.

Jonathan Chappell，Evercore ISI。

Thank you. Good morning. Brian, you've obviously done a lot of heavy lifting, getting the costs aligned with the Amazon glide down. If you look to the demand environment today relative to where it was 18 months ago, obviously a ton has changed with tariffs and de minimis and fuel and more, et cetera.

謝謝。早安。Brian，你顯然做了大量艱鉅的工作，讓成本與 Amazon 的逐步下滑相匹配。如果你看今天的需求環境相較於 18 個月前，顯然因為關稅、de minimis（小額免稅門檻）、燃油等等，改變非常大。

How do you feel about the capacity on the go-forward? Do you think that you're in a situation where you're rightsized on the 2H '26, '27 kind of demand outlook? Or is there more trimming or even growth that needs to be done on the capacity side just given the ebbs and flows of demand over the last 18 months?

你對未來的運能配置感覺如何？你認為就 2026 年下半年、2027 年這類需求展望而言，你們目前的規模是否已經合適（rightsized）？或者，鑑於過去 18 個月需求的起伏波動，在運能端是否還需要進一步縮減，甚至需要成長擴張？

Thanks, Jon, for the question. And first, I'd be remiss if I didn't say there are thousands of UPSers that deliver those benefits. So it wasn't just myself or the executive team. We've got a lot of people that have worked really hard to help get the network to where it is.

謝謝你，Jon，這個問題。首先，如果我不提到有成千上萬名 UPS 員工（UPSers）交付了這些成果，那就說不過去了。所以不只是我自己或管理團隊。我們有很多人非常努力，協助把網路調整到現在的狀態。

And I do think that, with your question, the capacity is in a really good place. I mentioned some of the stats of the Amazon drawdown. This is what we've been targeting. We've been targeting trying to get to an optimal capacity for the delivery volume that we anticipate having in the US. So that's kind of step one check we've gotten there.

而且我確實認為，針對你的問題，我們的運能處於非常好的位置。我提到過一些 Amazon 縮量的統計數據。這正是我們一直在鎖定的目標。我們一直在努力，讓美國的配送量所需運能達到最佳化。所以第一步，我們已經達成了。

Now, the second piece, as Carol mentioned, the automation that we put in now gives us more flexibility to scale that capacity. The automated hubs give us the ability to add throughput much faster than what we used to have to do with conventional hubs. And our network is getting much smarter about how we can scale down, not just from month to month or peak to non-peak, but even day-to-day and week to week.

接著第二部分，如 Carol 所提到的，我們現在導入的自動化讓我們在擴縮運能上更有彈性。自動化樞紐讓我們能比過去使用傳統樞紐時更快地增加處理量（throughput）。而且我們的網路在如何縮減規模方面也變得更聰明，不只是按月或旺季與非旺季調整，甚至可以做到日對日、週對週的調整。

So we feel really good about that. And we think that it aligns really well with the demand environment and what we think we'll see at peak season now that we've got a much more manageable peak with a more stable set of customers.

所以我們對此感覺非常好。而且我們認為，現在我們的旺季更可控、客戶組合也更穩定，這與需求環境以及我們對旺季的預期非常契合。

Now, I feel very good about the capacity just to put the automation percentage into perspective, because what does 68 mean? It's the equivalent year on year of 337 million more packages going through automation than we had a year ago. That creates a tremendous amount of capacity to pull more volume through.

另外，為了讓自動化比例更具體一些，因為 68% 代表什麼？這相當於與去年相比，有多達 3.37 億件包裹透過自動化處理。這為我們帶來了巨大的運能，可以拉動更多貨量通過。

And we're ready for it. We're ready for it. And as you heard -- if you ignore Amazon and the volume that we intentionally made available to the market, we actually grew our volume in the second quarter.

而我們已經準備好了。我們準備好了。而且如你所聽到的——如果你把 Amazon 以及我們刻意釋出給市場的那部分貨量先排除，其實我們在第二季的貨量是成長的。

Thank you, Carol and Brian.

謝謝你，Carol 和 Brian。

Ari Rosa, Citigroup.

Ari Rosa，花旗集團（Citigroup）。

Hi. Good morning, Carol and Brian. Maybe the automation piece is actually a good thing to continue on. I wanted to ask about something a little bit further out. It seems to me next year people are going to start talking about the Teamsters contract renegotiation. You've obviously done a lot of work to drive efficiency. Thinking about the last Teamsters contract, obviously that was the start of a number of problems that obviously resulted in having to drive efficiency and other things.

嗨。早安，Carol 和 Brian。也許自動化這一塊確實是個可以延伸的好方向。我想問一個更長期一點的問題。在我看來，明年大家會開始談論卡車司機工會（Teamsters）合約的重新談判。你們顯然做了很多工作來提升效率。回想上一份 Teamsters 合約，顯然那是一些問題的起點，最後導致必須推動效率提升以及其他措施。

How do investors get comfortable that we're not going to have similar challenges? And how are you thinking about approaching that negotiation? I know it's still a ways out, but just talk to us about how you're thinking about that and kind of the relationship with the Teamsters at this point, such that investors can get comfortable with that risk? Thanks.

投資人要如何放心，確保我們不會遇到類似的挑戰？你們打算如何看待並著手這次談判？我知道還有一段時間，但請跟我們談談你們目前對此的思考，以及現階段與 Teamsters 的關係，讓投資人能對這項風險感到安心。謝謝。

Well you’re right. The contract renewal is two years out. We are today renewing contracts with our customers that go long past 2028. So it's the relationship that we formed with our customers, the trust that we built with our customers, the confidence in our ability to manage through contract negotiations that are a long ways out, gives us the ability to continue to drive our business. And that's what we're focused on, is continuing to drive our business.

嗯，你說得沒錯。合約續約還有兩年。我們今天正在與客戶續簽的合約，期限遠遠超過 2028 年。因此，我們與客戶建立的關係、累積的信任，以及客戶對我們有能力在距離很遠的合約談判中妥善管理的信心，讓我們能夠持續推動業務。而我們專注的就是持續推動業務。

Brian Ossenbeck, JPMorgan.

Brian Ossenbeck，摩根大通（JPMorgan）。

Hey, good morning. Thanks for taking the question. Maybe two quick follow-ups for Brian here. Just thinking about the 2Q to 3Q bridge for US Domestic, I was thinking maybe it might be a little bit better than seasonal when you have the Driver Choice. Most of that was done in 2Q, the USPS smart post transition, the network reconfiguration, MD-11 leases.

嘿，早安。謝謝讓我提問。這裡可能有兩個給 Brian 的快速追問。就美國國內業務從第二季到第三季的銜接來看，我原本以為在有 Driver Choice 的情況下，可能會比季節性更好一些。其中大部分在第二季就完成了：USPS SmartPost 的轉換、網路重配置、MD-11 租賃。

So just wanted to see why we wouldn't see more of a pick-up into 3Q when all those things are fully baked in. And if you can provide a little bit of color in terms of -- sounds like the International margins may be impacted a bit by fuel which, to me, sounded like the only margin impact from fuel this quarter across the segment, so just wanted to clarify that as well. Thanks.

所以想請教，為什麼在這些因素都完全到位（fully baked in）之後，我們不會在第三季看到更明顯的回升？另外，如果你能補充一些細節——聽起來國際業務的利潤率可能會受到燃油影響一些；對我而言，這聽起來是本季各事業部中燃油對利潤率的唯一影響，所以也想請你澄清一下。謝謝。

Yeah. So let me address your second point first. So if you think about fuel on a consolidated basis, we saw fuel surcharge revenue increase. We also saw expense increase. So it really has a minimal impact on profit.

好的。我先回應你的第二點。如果你從合併口徑來看燃油，我們看到燃油附加費收入增加。同時也看到費用增加。所以對利潤的影響其實很小。

I would say in the US, we were able to overcome that and still get to the 8% margin. On the International side, it's more impacted by fuel because you've got more air volume, you've got longer fly distances, it's a bigger proportion of the total cost base. And so while we got there on total profit dollars, you have more revenue, so you see a margin impact.

我會說在美國，我們能夠克服這個影響，仍然達到 8% 的利潤率。在國際業務方面，燃油影響更大，因為空運量更高、飛行距離更長，燃油在總成本基礎中占比更高。因此，雖然我們在總利潤金額上達標，但因為收入更高，所以你會看到利潤率受到影響。

I would also say we also had to add some block hours associated with the Middle East war. There's some cost to redirect the network, some leased aircraft costs because we can't fly into the region, things like that. So that kind of explains the International piece.

我也會補充，我們還必須因應中東戰爭增加一些飛行區塊小時數（block hours）。為了改道網路有一些成本，另外也有一些租賃飛機成本，因為我們無法飛入該區域，諸如此類。所以這大致解釋了國際業務的部分。

When we think about the second quarter to third quarter bridge, well, we laid out our initial guide at the beginning of the year. Adjusted for the sale leaseback, it's going to be a mid-teens EPS growth. I would say the first half of the year performance gives us a lot of confidence in the momentum that we're seeing that's going to help us deliver the second half of the year, and we want to make sure that we hit the numbers that we laid out. So I think it's pretty close to normal seasonality, and we feel really confident in our ability to deliver.

至於我們看第二季到第三季的銜接，我們在年初就提出了初步指引。若調整售後回租（sale leaseback）的影響，EPS 將是中十位數百分比的成長。我會說，上半年表現讓我們對目前看到的動能很有信心，這將幫助我們交付下半年的成果；同時我們也希望確保達成我們所提出的目標數字。所以我認為這與正常季節性相當接近，而我們對交付能力非常有信心。

I think the spread narrows a bit between RPP and CPP because there were some pricing actions that we took a year ago in the third quarter that aren't repeating. So there's a little bit of a year-over-year comp, but we're very excited that we're going to be expanding margin in both Q3 and Q4 in our Domestic business.

我認為 RPP 與 CPP 之間的差距會稍微縮小，因為我們在去年第三季採取了一些定價措施，今年不會重複。因此在年對年的比較上會有一點影響，但我們非常振奮，因為我們的國內業務在第三季與第四季都將擴大利潤率。

That's right.

沒錯。

Brandon Oglenski, Barclays.

Brandon Oglenski，巴克萊。

Hi. Good morning. Thanks for taking the question. Maybe we can talk a little bit about International volume trends because it does look like your Domestic business has been down quite a bit. Was there any sort of like focused reorienting of the business there? Or is this justfollow through on tariffs?

嗨。早安。謝謝讓我提問。或許我們可以談談國際貨量趨勢，因為看起來你們的國內業務下滑得相當多。那邊是否有任何針對性的業務重新調整？還是這只是關稅的延續影響？

And I guess you guys talked about volume trends moving positive in Asia. So how does the current tariff situation play into that outlook? thank you.

另外我想你們提到亞洲的貨量趨勢轉為正成長。那目前的關稅情勢如何影響這個展望？謝謝。

So if you look at our International volume, first, on the export side, as Brian mentioned and I mentioned in my prepared remarks, we saw a return to volume growth in the China-US trade lane, which is great, as well as Asia-to-Asia trade lanes, which is wonderful because we've made investments there.

如果先看我們的國際貨量，首先在出口端，如 Brian 以及我在事先準備的談話中提到的，我們看到中美航線的貨量恢復成長，這很棒；同時亞洲區內（Asia-to-Asia）的航線也表現很好，這也很令人欣慰，因為我們在那裡做了投資。

We have seen those tariffs impact volume in certain areas. Tariffs have certainly impacted volume Canada to the United States, and that's actually our largest trading partner. So we are just working through the tariff noise, if you will. And then, because of the disruption in the Middle East, we've seen some volume declines in Europe exports as well. Some of that's tariffs, but mostly it's because of the disruption in the Middle East.

我們確實看到關稅在某些區域影響了貨量。關稅明顯影響了加拿大到美國的貨量，而那其實是我們最大的貿易夥伴。所以我們正在消化關稅帶來的雜訊（如果你要這麼說的話）。另外，由於中東地區的擾動，我們也看到歐洲出口的貨量有所下滑。其中一部分是關稅，但主要原因是中東的擾動。

Domestically, we have been working on the same pivot as we have in the United States to lean into revenue quality. And we're really pleased with that because it's going to position us for good things to come.

在國內方面，我們一直在推動與美國相同的轉向策略，更加著重營收品質。我們對此非常滿意，因為這將讓我們為接下來的好發展做好定位。

Bascome Majors, Stephens.

Bascome Majors，Stephens。

Yeah. Brian, don't want to beat a dead horse on seasonality, but even if we add back the $350 million in one-time costs that you talked about in the first quarter, it still looks like the consolidated operating profit in the second half versus first half is a bit more than you've done in recent years. Could you just broad strokes, high level, kind of bridge this to what we're missing on the cost side or the revenue side that gets you comfortable with that maybe slightly more than typical momentum there? Thank you.

是的。Brian，我不想在季節性這件事上反覆追問，但即使把你提到第一季的 3.5 億美元一次性成本加回去，合併營業利益在下半年相較上半年仍看起來比你們近年來的表現更強一些。你能否用比較概括、較高層次的方式，說明一下我們在成本端或營收端可能漏看了什麼，讓你們對這個可能略高於典型水準的動能感到有把握？謝謝。

Yeah. So Bascome, if you look across the segments, Domestic and SCS are kind of following normal seasonality. Where you're seeing the improvement is in the International business. And it's really about two things, this momentum that we talked about that we see volume performing well in Asia, and we see that carrying through.

好的。Bascome，如果你看各個事業部，國內與 SCS 大致遵循正常的季節性。你看到改善的地方是在國際業務。主要是兩件事：我們談到的這股動能，也就是我們看到亞洲的貨量表現良好，而且我們預期會延續下去。

And then, remember, we're wrapping the elimination of the global de minimis exemption in September that shows a big year-over-year improvement as we get into the fourth quarter, as well as our normal kind of seasonal uplift. So Domestic and SCS will be kind of normal. International, you're going to see steady improvement as we go through the back half. It makes it look a little bit better in total.

另外，別忘了，我們在 9 月會跨過（去年）取消全球小額豁免（de minimis exemption）的基期，這會在我們進入第四季時帶來顯著的年對年改善，再加上我們正常的季節性上揚。所以國內與 SCS 會是相對正常。國際業務方面，你會看到我們在下半年一路穩步改善。因此整體看起來會好一些。

Thank you.

謝謝。

Bruce Chan, Stifel.

Bruce Chan，Stifel。

Hi. Good morning, everyone. Just going back to some of the competitive dynamics here, we understand that FedEx is spinning up a similar program to DAP. I just wanted to get your comments on what kind of threat that poses and how you think that influences your DAP growth outlook?

嗨。各位早安。回到這裡的一些競爭動態，我們了解到 FedEx 正在推出一個類似 DAP 的方案。我想請你們評論一下這會構成多大的威脅，以及你們認為這會如何影響你們對 DAP 成長的展望？

We keep adding new DAP partners to our program. It's been in place now over six years. We've had two quarters in a row of over $1 billion of growth on the platform. We've got strong relationships there. We feel very good about our offering. We've got a simple API that allows us to stand up a platform in less than a day.

我們持續為計畫新增 DAP 合作夥伴。這個計畫已經運作超過六年。我們的平台已連續兩季成長超過 10 億美元。我們在那裡有很強的合作關係。我們對自身的產品方案非常有信心。我們有一個簡單的 API，讓我們能在不到一天內就把平台建置起來。

So we always look at the competition. I don't mean to poo-poo any competition, but I feel very good about where we are and the strong relationships that we have with the various e-commerce platforms that are using our program.

所以我們一直都會關注競爭。我不是要貶低任何競爭對手，但我對我們目前的位置以及與各個使用我們方案的電商平台之間的強健關係感到非常有信心。

Ravi Shanker, Morgan Stanley.

Ravi Shanker，摩根士丹利。

Great, thanks. Morning, everyone. Just a couple here. Brian, can you confirm that whether you had any real estate gains in 2Q and maybe the run rate for that for the rest of the year?

很好，謝謝。各位早安。我有兩個問題。Brian，你能否確認一下你們在第二季是否有任何不動產處分利益，以及今年剩餘期間大概的常態水準（run rate）？

And Carol, maybe follow-up to your response on Amazon. Just to confirm the messaging there, are you saying that they're going after volumes that you guys don't necessarily want? Or are you saying there's enough room for everybody to grow in this industry? Thank you.

另外 Carol，想追問你剛才對 Amazon 的回應。我想確認一下你們的訊息：你是說他們在追求的是你們不一定想要的貨量？還是你是說這個產業有足夠空間讓大家一起成長？謝謝。

Ravi, thanks for the question. On the real estate gains, so we didn't have anything that was out of ordinary course in the quarter. As part of the Amazon drawdown plan that we included in our guide that we've been executing over the last couple of years, there's buy and sell of real estate.

Ravi，謝謝你的問題。關於不動產處分利益，我們在本季沒有任何超出日常營運範圍的事項。作為我們在指引中納入、且過去幾年一直在執行的 Amazon 縮減計畫的一部分，確實會有不動產的買賣。

There's also the offset of asset write-offs, accelerated depreciation, dilapidations. And so we had kind of planned all those in our guide, and they kind of washed. The only material transaction, and that we were very clear about calling out, were the sale leaseback transactions that we did in the third quarter of last year.

同時也會有資產沖銷、加速折舊、修繕復原（dilapidations）等項目的抵銷。因此我們在指引中已把這些都規劃進去，整體大致互相抵銷。唯一具重大性的交易，而且我們也很清楚地特別點出來的，是我們在去年第三季做的售後回租（sale-leaseback）交易。

On the competitive question, I suspect you should take your question to Amazon to ask them what volume they're going after. But if we do a side-by-side comparison, where they have strengths would be on lightweight, short-zone, urban. Where we have strengths is every other place. We're going to lean into the parts of the market that we want to grow with enabling capabilities that we will do better than anybody else.

至於競爭的問題，我猜你應該去問 Amazon 他們想追求什麼樣的貨量。但如果我們做並列比較，他們的強項會是在輕量、短區間、都會區。我們的強項則是在其他所有地方。我們會聚焦在我們想成長的市場區塊，並以我們能做得比任何人都好的賦能能力來推動。

Thank you.

謝謝。

Jeff Kauffman, Citizens Bank.

Jeff Kauffman，Citizens Bank。

Thank you very much, and congratulations on getting past some of these big drains on the system. I want to take a longer-term view, Carol, with some of the capacity changes you've made. I know we're spending about $3 billion right now, and that's been the case for the last year or two.

非常感謝，也恭喜你們度過了系統中一些重大的拖累因素。Carol，我想用更長期的角度來看你們做的一些產能調整。我知道我們目前的資本支出大約是 30 億美元，而且過去一兩年大致也是如此。

But if I go back time, spend in the $4.5 billion to $5 billion range has kind of been more normal for the business. If we look out three to five years, where do you think capital spend should settle? And with the new structure in your organization, is that going to be permanently $1 billion less than we're used to? Or are we going to have to get up to that $4.5 billion to $5 billion range at some point in time?

但如果回頭看，資本支出在 45 億到 50 億美元區間，過去似乎更像是這個業務的常態。如果把時間拉到未來三到五年，你認為資本支出應該會落在什麼水準？而且在你們新的組織架構下，這是否會永久比我們過去習慣的水準少 10 億美元？還是說在某個時間點，我們仍需要回到 45 億到 50 億美元的區間？

Well, remember, we were spending those dollars to build out a network that now we have. So we are optimizing the network that we have from a run rate, Brian --

嗯，請記得，我們當時花那些資金是為了建置我們現在擁有的網路。所以我們正在以營運費率的角度來優化我們現有的網路，Brian--

About 3.5% of revenue, Jeff. I think it's about the right level to think about.

約占營收的3.5%，Jeff。我認為這大概是合適的水準，可以這樣來看。

So as revenue grows, our capital dollars will increase, but that 3.5% is a good number for you to use.

因此，隨著營收成長，我們的資本支出金額會增加，但3.5%是個不錯的數字供你採用。

And that is a little structurally lower than it has been in the past. So whether it stays at 3% or not, yeah.

而且這在結構上比過去略低一些。所以它是否會維持在3%或不是，嗯，是的。

It is. But remember, we built out a network. We built out a global network. But when we have opportunities, trust us, we'll be investing in those. For example, we just announced that we opened up 27 cold chain cross-dock facilities. That cements our leadership position around the world for complex healthcare logistics.

是的。但請記得，我們已經建置了一個網路。我們建置了一個全球網路。但當我們看到機會時，相信我們，我們會投資在那些機會上。例如，我們剛宣布已啟用27座冷鏈交叉轉運（cross-dock）設施。這巩固了我們在全球複雜醫療保健物流領域的領導地位。

We just announced that we invested $50 million in North American airfreight to support automotive and industrial customers and their growth and some of the challenges that they're facing with given today's supply chain. We can help them. So where we see opportunities to invest for growth, we will.

我們也剛宣布在北美航空貨運投資5,000萬美元，以支援汽車與工業客戶及其成長，以及他們在當今供應鏈環境下面臨的一些挑戰。我們可以協助他們。所以在我們看到可為成長而投資的機會時，我們就會投資。

Okay. Thank you.

好的。謝謝。

Thank you.

謝謝。

Stephanie Moore, Jefferies.

Jefferies 的 Stephanie Moore。

Hi. Good morning. Thank you. I wanted to touch on peak season, maybe how peak season is shaping up so far this year. We're also seeing pretty active import activity. So would love to hear your thoughts on how it's trending versus maybe prior years. Thank you.

嗨。早安。謝謝。我想談一下旺季，可能是今年到目前為止旺季的走勢如何。我們也看到進口活動相當活躍。所以很想聽聽你們對於相較於過去幾年的趨勢看法。謝謝。

Stephanie, it is a little bit early. We're just starting to get peak season forecasts from our customers. But as we build our financial plan that supports the guidance that we just gave, we expect the volume sequentially in the United States to lift about 24% from Q3 to Q4, much like it did last year.

Stephanie，現在還稍微早了一點。我們才剛開始從客戶那裡收到旺季預測。但在我們制定支持剛才所給指引的財務計畫時，我們預期美國的量能將按季從第三季到第四季提升約24%，與去年非常相似。

And I would just add, Carol, and I think what we see from a pricing environment standpoint is that the pricing remains rational. And we think that we'll be able to price accordingly for the demand as well.

我再補充一下，Carol，我認為從定價環境的角度來看，我們看到定價仍然理性。而且我們認為也能針對需求進行相應定價。

As you know, the carriers tend to issue a holiday demand surcharge for peak, and so that certainly supports the guidance that we've given.

如你所知，承運商在旺季通常會加收假期需求附加費，因此這確實支撐了我們所提供的指引。

And Matthew, we have time for one more question.

Matthew，我們還有時間再接一個問題。

Jason Seidl, TD Cowen.

TD Cowen 的 Jason Seidl。

Hey, great. Thank you. This is Elliot Alper on for Jason. Just within healthcare logistics, you discussed the investment in the cross-dock facilities to further build out that business. Can you talk about the new capabilities some of these temp-controlled cross-docks offer to customers that maybe you couldn't do before and maybe how these investments are impacting your healthcare growth pipeline?

嘿，太好了。謝謝。我是代替 Jason 的 Elliot Alper。在醫療保健物流方面，你們談到投資交叉轉運設施以進一步擴展該業務。能否談談其中一些溫控交叉轉運點為客戶提供了哪些新的能力，是你們以前可能做不到的？以及這些投資如何影響你們醫療保健的成長案源（pipeline）？

Well, I'd be happy to give you a story, because I think this showcases the power of our network. We work with a manufacturer of vaccines who manufactures those vaccines in Belgium.

我很樂意跟你分享一個案例，因為我認為這能展現我們網路的力量。我們與一家疫苗製造商合作，他們在比利時生產疫苗。

The way the supply chain works is that when the vaccine is ready for pickup, we will pick up that vaccine in a refrigerated truck and carry it to our cold chain cross-dock facility in which that vaccine will be prepared for shipment. We then put that vaccine on a refrigerated truck and truck it over to our main European air hub in Cologne, Germany. We put the vaccine on our Browntail, and we fly it to our main air hub in Louisville, Kentucky, which we call Worldport. That vaccine is then put on a refrigerated truck and trucked over to our cold chain warehousing in Shepherdsville, Kentucky. We do that in less than 24 hours.

供應鏈的運作方式是，當疫苗準備好可提貨時，我們會用冷藏卡車提貨，並運送到我們的冷鏈交叉轉運設施，在那裡為出貨做準備。接著我們把疫苗放上冷藏卡車，運到我們位於德國科隆的歐洲主要航空樞紐。我們把疫苗裝上我們的 Browntail，並飛往我們位於肯塔基州路易維爾的主要航空樞紐，我們稱之為 Worldport。之後疫苗再被放上冷藏卡車，運到我們位於肯塔基州 Shepherdsville 的冷鏈倉儲。我們在不到24小時內完成這一切。

We own every asset that that vaccine travels against. We have complete visibility of that vaccine because of our RFID labeling, by the way, which also measures temperature control. So we make sure there's no excursion. This allows us then the capability that we can take to our healthcare logistics companies and meet them where they need us to be.

疫苗所經過的每一項資產都由我們擁有。順帶一提，因為我們的 RFID 標籤（也會量測溫度控制），我們對疫苗具有完整可視性。因此我們確保不會發生溫控偏離。這讓我們具備能力，能夠與醫療保健物流公司合作，在他們需要我們的地方提供服務。

Now with that, Kate, would you like to add anything?

那麼，Kate，你想補充什麼嗎？

Yeah, absolutely. I mean, it is a differentiated solution. All of those pallets of vaccines that Carol talked about are riding on our assets. That is a big differentiation. We're not doing handoffs with other carriers that lead to excursions or failure or impact of life. Right now, the cold chain new investment is growing double digits, and revenue per kilo is as well. So really great strength, our customers are recognizing that.

是的，當然。我的意思是，這是一個差異化的解決方案。Carol 提到的那些疫苗棧板全程都在我們的資產上運行。這是一個很大的差異化。我們不需要與其他承運商交接，避免造成溫控偏離、失效，或對生命造成影響。目前冷鏈的新投資呈現雙位數成長，每公斤收入也是如此。所以這是非常強勁的表現，我們的客戶也正在認可這一點。

Thank you, Kate.

謝謝你，Kate。

Thank you. I will now turn the floor back 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。