聯合包裹運送服務公司 (UPS) 2026 Q3 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 third-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 年第三季財報電話會議。（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我們的主持人——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 third-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 年第三季財報電話會議。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. Unless stated otherwise, our discussion refers to adjusted results.

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，相關內容已載於我們的 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。這些報告在提交後，可於 UPS 投資人關係網站及 SEC 取得。除非另有說明，我們的討論均指調整後（adjusted）結果。

For the third quarter of 2026, GAAP results include a net charge of $279 million, or $0.32 per diluted share, comprised of after-tax transformation strategy costs of $130 million, as well as a $182 million charge associated with a goodwill impairment in Supply Chain Solutions, partially offset by a gain on sale of MD-11 assets of $33 million. 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.

就 2026 年第三季而言，GAAP 結果包含 2.79 億美元的淨費用（net charge），或每股稀釋盈餘 0.32 美元，內容包括稅後轉型策略成本 1.30 億美元，以及供應鏈解決方案（Supply Chain Solutions）商譽減損相關費用 1.82 億美元，部分由出售 MD-11 資產的 3,300 萬美元收益抵銷。非 GAAP 調整後金額與 GAAP 財務結果之調節表，已提供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，我們將回答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.

現在我把電話交給 Carol。

Thank you, PJ, and good morning. I’d like to begin by celebrating some important milestones that demonstrate the strength of our global integrated network. This year, UPS celebrates 50 years in Europe, 40 years at our Cologne Air Hub in Germany, 35 years in Mexico, and 25 years of flying into China. These milestones represent decades of service, commitment, and progress. To UPSers across these markets and around the world, thank you for delivering for our customers, strengthening our company, and moving UPS forward every day.

謝謝你，PJ，早安。我想先慶祝幾個重要里程碑，這些里程碑展現了我們全球整合式網路的實力。今年，UPS 慶祝在歐洲營運 50 週年、在德國科隆航空樞紐 40 週年、在墨西哥 35 週年，以及飛航中國 25 週年。這些里程碑代表數十年的服務、承諾與進步。致所有在這些市場以及全球各地的 UPS 夥伴，感謝你們為客戶交付、強化公司，並每天推動 UPS 向前。

Moving to our results. The third quarter marked another quarter of strong performance that exceeded our expectations. Revenue grew across all three segments, driving consolidated revenue to $22.9 billion, up 6.7% from last year. Consolidated operating profit was $2.1 billion.

接著談我們的業績。第三季再次展現強勁表現，超出我們的預期。三大事業部門營收皆成長，帶動合併營收達 229 億美元，較去年成長 6.7%。合併營業利益為 21 億美元。

The US Domestic segment delivered its second consecutive quarter of strong year-over-year operating profit growth, increasing over 14% versus the third quarter of last year. In the US, we are now past the inflection point on several key elements of our strategy, with clear evidence in our volume, operating profit, and operating margin performance.

美國國內（US Domestic）事業部連續第二季實現強勁的年對年營業利益成長，較去年第三季提升超過 14%。在美國，我們在策略的幾個關鍵要素上已經越過拐點，從我們的貨量、營業利益與營業利益率表現中可清楚看見證據。

Average daily volume from SMB and Enterprise customers increased 1.8% year-over-year. For the second consecutive quarter, revenue per piece growth outpaced cost per piece growth, contributing to 60 basis points of year-over-year operating margin expansion in the third quarter.

來自中小企業（SMB）與企業客戶（Enterprise）的平均每日貨量年對年增加 1.8%。連續第二季，每件收入（revenue per piece）的成長超過每件成本（cost per piece）的成長，促成第三季營業利益率年對年擴張 60 個基點。

In International, we returned to year-over-year operating profit growth. For the first time since the 2025 US trade policy changes. The momentum we saw in the second quarter across the China to US, and Asia to Asia trade lanes continued in the third quarter, supported by investments we’ve made across the region. In addition, US inbound volume rebounded in September, further strengthening our third-quarter performance.

在國際（International）業務方面，我們恢復年對年營業利益成長。這是自 2025 年美國貿易政策變更以來的首次。我們在第二季於「中國至美國」以及「亞洲區內（Asia to Asia）」航線所見的動能，在第三季持續延伸，並受到我們在該區域投資的支持。此外，美國入境貨量在 9 月回升，進一步強化我們第三季的表現。

And in Supply Chain Solutions, both forwarding and logistics grew revenue year-over-year, driven by demand from customers in high tech, healthcare, manufacturing, and automotive. Taken together, these results show that our strategy is working. We’re driving more premium growth, improving revenue quality and mix, and creating greater operating leverage through a more efficient network. All of this is strengthening the underlying performance of our business.

而在供應鏈解決方案（Supply Chain Solutions）方面，貨運代理（forwarding）與物流（logistics）營收皆年對年成長，主要由高科技、醫療保健、製造與汽車產業客戶需求帶動。綜合來看，這些結果顯示我們的策略正在奏效。我們正推動更多高附加價值（premium）成長、提升營收品質與組合，並透過更有效率的網路創造更高的營運槓桿。這一切都在強化我們業務的基本面表現。

As many of you saw, in September, we announced a new global operating model. Under our new model, Matt Guffey leads our US Domestic businesses, including Small Package and growth enablers like The UPS Store, UPS Capital, Roadie, Happy Returns, and Mail Innovations. Wilfredo Ramos is responsible for International Small Package, Global Healthcare, and our Forwarding and Logistics business. Nando Cesarone drives our global network, leading global air, network automation, and surface transportation operations that power our integrated network.

如各位所見，我們在 9 月宣布了一個新的全球營運模式。在新模式下，Matt Guffey 負責領導我們的美國國內業務，包括小包裹（Small Package）以及推動成長的業務，如 The UPS Store、UPS Capital、Roadie、Happy Returns 與 Mail Innovations。Wilfredo Ramos 負責國際小包裹（International Small Package）、全球醫療保健（Global Healthcare），以及我們的貨運代理與物流業務。Nando Cesarone 推動我們的全球網路，領導全球航空、網路自動化與地面運輸營運，為我們的整合式網路提供動能。

This new model enables UPS to serve customers with greater consistency, agility, and scale. Under this approach, UPS is standardizing critical operational processes across geographies while maintaining the flexibility necessary to meet the unique needs of local markets. We believe this structure will unlock new synergies across our businesses and accelerate premium growth.

這個新模式讓 UPS 能以更一致、更敏捷且更具規模的方式服務客戶。在此作法下，UPS 正在跨地域標準化關鍵營運流程，同時保留必要的彈性，以滿足各地市場的獨特需求。我們相信，這樣的架構將釋放各業務間新的協同效益，並加速高附加價值（premium）成長。

A good example of this alignment can be seen in The UPS Store, Happy Returns, and UPS Capital. Approximately 10% of total US Small Package volume originates through The UPS Store network, and that volume has grown by roughly 6% annually since 2024. Through Happy Returns, SMB and Enterprise customers can offer consumers a convenient no-box, no-label returns experience. And every Happy Returns package flows through the UPS Small Package Network.

The UPS Store、Happy Returns 與 UPS Capital 就是這種對齊的良好例子。美國小包裹總貨量約有 10% 來自 The UPS Store 網路，而且自 2024 年以來該貨量每年約成長 6%。透過 Happy Returns，中小企業與企業客戶可為消費者提供便利的「免箱、免標籤」退貨體驗。而每一件 Happy Returns 包裹都會流經 UPS 小包裹網路。

By the end of this year, Happy Returns volume is expected to have more than tripled since we acquired them in 2023. UPS Capital extends our value proposition beyond transportation. Through solutions like UPS Secure Commerce, we use data and AI to help customers reduce fraud, protect high-value shipments, and make smarter, more informed supply chain decisions.

預期到今年年底，Happy Returns 的貨量將較我們在 2023 年收購時增加逾三倍。UPS Capital 將我們的價值主張延伸至運輸以外。透過 UPS Secure Commerce 等解決方案，我們運用數據與 AI 協助客戶降低詐欺、保護高價值貨件，並做出更聰明、更有依據的供應鏈決策。

Outside the US, we’re focused on helping customers solve increasingly complex global supply chain needs while expanding our premium B2B business. On October 15, we officially opened our new air hub at Clark International Airport in the Philippines, improving transit times across more than 1,100 trade lanes and enabling next-business-day connectivity between key markets in Asia Pacific, India, Europe, and the United States. This investment strengthens our ability to serve customers in premium global industries such as manufacturing, high tech, and healthcare.

在美國以外，我們專注於協助客戶解決日益複雜的全球供應鏈需求，同時擴大我們高附加價值的 B2B 業務。10 月 15 日，我們在菲律賓克拉克國際機場（Clark International Airport）正式啟用新的航空樞紐，改善超過 1,100 條貿易航線的運送時效，並使亞太、印度、歐洲與美國等主要市場之間可達成次一營業日（next-business-day）的連通性。這項投資強化了我們服務製造、高科技與醫療保健等高附加價值全球產業客戶的能力。

In Europe, we recently added a 129,000 square foot multifunctional facility to our network. Strategically located in Amsterdam, the facility brings freight forwarding, customs brokerage, and healthcare cold chain capabilities together under one roof. We designed this facility to support our high-value B2B customers.

在歐洲，我們近期在網路中新增了一座 129,000 平方英尺的多功能設施。該設施策略性地坐落於阿姆斯特丹，將貨運代理、報關代理（customs brokerage）與醫療保健冷鏈能力整合於同一屋簷下。我們設計此設施是為了支援我們的高價值 B2B 客戶。

Before we turn to peak, let me highlight our third quarter performance in two important growth areas: Healthcare and SMBs. First, healthcare revenue exceeded $3 billion for the third consecutive quarter, with year-over-year growth in every segment. Second, SMBs, including platforms, represented 35.1% of total US volume in the third quarter, up approximately 240 basis points from last year.

在我們轉向談論旺季之前，先強調第三季在兩個重要成長領域的表現：醫療保健與中小企業（SMB）。首先，醫療保健營收連續第三個季度超過30億美元，且各細分領域皆呈現年增成長。其次，中小企業（SMB）（含平台業務）在第三季占美國總量的35.1%，較去年提升約240個基點。

In the US, SMB average daily volume grew 3.7% year-over-year, driven by continued momentum in our Digital Access Program, known as DAP. And Global DAP revenue reached $1.4 billion. Importantly, the DAP mix continued to shift toward more premium volume. For the first time, air services and ground commercial represented nearly 30% of total DAP volume in the third quarter.

在美國，中小企業（SMB）平均每日量（ADV）年增3.7%，主要受惠於我們的數位接入計畫（Digital Access Program，DAP）持續動能帶動。且全球DAP營收達14億美元。重要的是，DAP的組合持續轉向更高端的貨量。第三季，航空服務與地面商業貨量首次合計占DAP總量近30%。

Turning to the holiday season. US consumers remain resilient, and the outlook for holiday demand is strong. Industry forecasts for holiday online retail sales project an average increase of approximately 9% compared to last year. A little over 100 US customers account for approximately 80% of our peak surge.

接著談假期旺季。美國消費者仍具韌性，假期需求展望強勁。產業對假期線上零售銷售的預測，較去年平均增加約9%。略多於100家美國客戶約占我們旺季增量的80%。

And based on their forecast, we expect average daily volume to increase approximately 25% from the third quarter to the fourth quarter. That sequential increase is consistent with last year. However, fourth quarter US average daily volume is expected to be lower year-over-year, reflecting the deliberate actions we took earlier in the year to reduce Amazon volume.

根據他們的預測，我們預期平均每日量將從第三季到第四季增加約25%。此一季增幅度與去年一致。然而，第四季美國平均每日量預期將低於去年同期，反映我們在年初採取的有意措施以降低亞馬遜貨量。

As we head into peak, our network is more automated, more efficient, and better positioned than ever to handle the holiday surge. We’ll add variable capacity where needed, but the investments we’ve made in our network enable us to operate with fewer vehicle rentals and aircraft leases, and nearly 70% of all packages will flow through an automated process.

隨著我們進入旺季，我們的網路更自動化、更有效率，且比以往任何時候都更能因應假期高峰。我們會在需要之處增加可變產能，但我們對網路的投資使我們能以更少的車輛租賃與飛機租賃來營運，且近70%的包裹將透過自動化流程流轉。

As we’ve discussed, we are moving from a scanning to a sensing network. Our RFID capabilities are increasing productivity with little to no scanning while improving package visibility and on-time delivery. By the end of the year, we expect to have delivered more than 4 billion RFID-enabled packages.

如同我們先前討論的，我們正從「掃描」網路轉向「感測」網路。我們的RFID能力在幾乎不需掃描或完全不需掃描的情況下提升生產力，同時改善包裹可視性與準時送達。到今年年底，我們預期已投遞超過40億件具RFID功能的包裹。

Beyond being ready operationally, we’re also finding new ways to make the holiday experience better for our customers. We recently launched Protected Delivery, which adds an extra layer of security for high-value shipments by requiring a PIN before the package is released. We’re adding a little holiday spirit with special holiday-themed express packaging. In short, we are ready for peak.

除了營運準備就緒之外，我們也在尋找新方法，讓客戶的假期體驗更好。我們近期推出「受保護投遞」（Protected Delivery），透過在交付包裹前要求輸入PIN碼，為高價值貨件增加額外一層安全防護。我們也推出特別的節慶主題快遞包裝，增添一些節日氣氛。總之，我們已準備好迎接旺季。

And while on-time service is important every day of the year, it matters even more during peak. When our customers are counting on us to deliver for their customers. We’ve been the industry leader in on-time service during peak for the past eight years. And with our network, our know-how, and the commitment of UPSers, we’re ready to make it nine.

雖然準時服務一年365天都很重要，但在旺季更為關鍵。因為我們的客戶仰賴我們為他們的客戶完成交付。過去八年，我們一直是旺季準時服務的產業領導者。憑藉我們的網路、專業能力，以及UPS員工（UPSers）的承諾，我們已準備好把紀錄延續到第九年。

As I wrap up, let me share our updated outlook for the year. We expect the momentum we’ve built to continue, giving us the confidence to raise our full-year outlook. For the full year 2026, we now expect consolidated revenue of approximately $92.6 billion and consolidated operating profit of approximately $8.75 billion. Brian will provide more details on our outlook in a moment..

在我結語之前，分享我們對今年的最新展望。我們預期已建立的動能將持續，讓我們有信心上調全年展望。針對2026年全年，我們目前預期合併營收約926億美元，合併營業利益約87.5億美元。Brian稍後將就我們的展望提供更多細節。.

Real change takes courage. It takes courage to pivot when the path you’ve been on is familiar. It takes courage to make difficult choices when you know there will be pain along the way, and it takes conviction to stay the course before the results are fully visible. We’ve experienced all of that, but now we’re seeing the strategy come to life.

真正的改變需要勇氣。當你走在一條熟悉的道路上，要轉向需要勇氣。當你知道一路上會有痛苦，仍要做出艱難選擇需要勇氣；而在成果尚未完全顯現之前仍堅持方向，則需要信念。我們都經歷過這些，但現在我們正看到策略開始落地開花。

We’re seeing the proof points in our business, and we’re proving something we believed in from the beginning. Better is truly better than bigger. We still have work to do, but we’ve moved through an important inflection point. We know where we’re going. We have momentum behind us, and I couldn’t be more confident in the future we’re building for UPS.

我們在業務中看到了驗證點，也證明了我們從一開始就相信的一件事。「更好」確實勝過「更大」。我們仍有工作要做，但我們已跨越一個重要的拐點。我們知道要往哪裡去。我們背後有動能，我對我們為UPS打造的未來從未如此有信心。

Our performance over the last two quarters demonstrates that our premium growth strategy is working, positioning us to return to revenue, operating profit, and EPS growth for the full year 2026. With momentum building, we expect continued progress ahead.

過去兩個季度的表現顯示，我們的高端成長策略正在奏效，使我們有望在2026年全年重回營收、營業利益與每股盈餘（EPS）成長。隨著動能持續累積，我們預期未來仍將持續取得進展。

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

以上，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 two areas, starting with our third quarter results, then I’ll review our outlook for the full year, including capital allocation and our expectations for the fourth quarter.

謝謝你，Carol，各位早安。今天早上我將涵蓋兩個部分：先從第三季業績開始，接著回顧全年展望，包括資本配置以及我們對第四季的預期。

Our results in the third quarter demonstrate that our strategy is translating into stronger financial performance. By growing premium volume, improving revenue quality, and running a more efficient network, we are strengthening the underlying performance of the business. In the quarter, revenue growth was strong in all three segments, and we delivered operating profit and margin expansion in our small package businesses.

第三季的結果顯示，我們的策略正轉化為更強勁的財務表現。透過提升高端貨量、改善營收品質，以及營運更有效率的網路，我們正在強化業務的基本面表現。本季三大事業部門的營收成長皆強勁，且我們在小包裹業務實現營業利益與利潤率擴張。

In the third quarter, consolidated revenue was $22.9 billion, an increase of 6.7%, and operating profit was $2.1 billion. Consolidated operating margin was 9%, and diluted earnings per share were $1.69. Our third quarter results included gains from asset sales, partially offset by related expenses. On a net basis, these items were not a significant driver of the outperformance versus our expectations.

第三季合併營收為229億美元，成長6.7%，營業利益為21億美元。合併營業利益率為9%，稀釋後每股盈餘為1.69美元。我們第三季結果包含資產出售收益，部分被相關費用抵銷。以淨額計，這些項目並非我們表現優於預期的重要驅動因素。

Looking at the segments. in the US, our strategy is delivering results. We grew premium volume, improved revenue quality, and converted that growth into higher operating profit and expanded operating margin. For the quarter, year-over-year average daily volume growth from SMB and enterprise customers exceeded our expectations, increasing by more than 200,000 pieces per day.

來看各事業部門。在美國，我們的策略正在帶來成果。我們提升高端貨量、改善營收品質，並將該成長轉化為更高的營業利益與擴大的營業利益率。就本季而言，來自中小企業（SMB）與企業客戶的平均每日量（ADV）年增超出我們預期，每日增加超過20萬件。

When looking at ground, SMB and Enterprise customers increased ground ADV by 2.1% versus the third quarter of last year, and air average daily volume from SMB and Enterprise customers was flat year-over-year.

就地面業務而言，中小企業（SMB）與企業客戶的地面平均每日量（ADV）較去年第三季增加2.1%；而來自中小企業與企業客戶的航空平均每日量則與去年同期持平。

Looking at total ADV in the US, it was down 3.3% versus the third quarter of last year, reflecting the deliberate actions we took earlier in the year to reduce Amazon volume. Demand from SMB customers was strong, with average daily volume up 3.7% year-over-year, with growth coming from nearly all industries, including healthcare.

就美國總平均每日量（ADV）而言，較去年第三季下降3.3%，反映我們在年初採取的有意措施以降低亞馬遜貨量。中小企業（SMB）客戶需求強勁，平均每日量年增3.7%，成長來自幾乎所有產業，包括醫療保健。

In the quarter, SMBs represented a record of 35.1% of total US volume. Our B2B customer mix is becoming more diversified, with healthcare, high tech, manufacturing, and automotive representing a larger share of total US volume. This is a deliberate shift we have been working toward. More premium volume from industries and customers that deliver better overall economics.

本季中小企業（SMB）占美國總量的35.1%，創下紀錄。我們的B2B客戶組合正變得更加多元化，醫療保健、高科技、製造業與汽車產業占美國總量的比重提高。這是我們一直努力推動的有意轉型。來自能帶來更佳整體經濟效益之產業與客戶的更高端貨量。

Moving to revenue. In the third quarter, US Domestic generated $14.9 billion in revenue, an increase of 4.5% year-over-year, overcoming the 3.3% decline in average daily volume. Revenue per piece increased 6.1% compared to the third quarter of last year, with about half the growth coming from base rates and customer mix improvements, with higher fuel rates contributing to the rest.

接著談營收。第三季，美國國內業務營收為149億美元，年增4.5%，克服了平均每日貨量年減3.3%的不利因素。每件營收較去年第三季成長6.1%，約一半的成長來自基本費率與客戶組合改善，其餘則由較高的燃油費率所貢獻。

Turning to cost. In the third quarter, total expense in US Domestic increased 3.9% versus the third quarter of last year, with the increase primarily coming from fuel and purchased transportation. Also in the third quarter, we wrapped up the final phase of the Driver Choice Program with approximately 1,500 participants exiting the company, mostly at the end of the quarter.

接著談成本。第三季，美國國內業務總費用較去年第三季增加3.9%，增幅主要來自燃油與外購運輸。同樣在第三季，我們完成了「司機選擇計畫」（Driver Choice Program）的最後階段，約有1,500名參與者離開公司，多數發生在季末。

In the third quarter, the growth in revenue per piece was 60 basis points higher than the growth in cost per piece, continuing the positive spread between the two and reflecting our focus on revenue quality and productivity delivered by our network reconfiguration efforts. The US Domestic segment delivered over $1 billion in operating profit, a 14.3% increase from last year. Operating margin was 7%, an increase of 60 basis points compared to the third quarter of last year.

第三季，每件營收的成長率比每件成本的成長率高出60個基點，延續兩者之間的正向差距，並反映我們對營收品質的重視，以及透過網路重整所帶來的生產力提升。美國國內業務部門的營業利益超過10億美元，較去年增加14.3%。營業利益率為7%，較去年第三季提升60個基點。

Moving to our International segment. In the third quarter, International delivered strong revenue growth and returned to year-over-year operating profit growth for the first time in six quarters. While total international average daily volume declined 8.7% compared to the third quarter of last year, primarily due to geopolitical tensions. Our improved financial results were driven by strong revenue quality and a favorable geographic mix.

接著看國際業務部門。第三季，國際業務實現強勁的營收成長，並在連續六個季度後首次恢復年對年營業利益成長。儘管國際整體平均每日貨量較去年第三季下滑8.7%，主要受地緣政治緊張影響。我們改善的財務表現主要由強勁的營收品質與有利的地理組合所驅動。

Volume trends strengthened as the quarter progressed, with the year-over-year rate of decline improving each month, and September volume finishing well above July levels. Inbound US volume, which represents many of our most profitable trade lanes, returned to year-over-year growth in September, and Asia-to-Asia export volume increased for the third consecutive quarter, up 8.4% in the third quarter compared to last year.

隨著季度推進，貨量趨勢轉強，年對年下滑幅度每月皆改善，9月貨量結束時明顯高於7月水準。美國入境貨量（Inbound US volume）代表我們許多最具獲利性的貿易航線，於9月恢復年對年成長；而亞洲區內（Asia-to-Asia）出口貨量連續第三季增加，第三季較去年成長8.4%。

International generated $5 billion in revenue, an increase of 7.1% year-over-year. Revenue growth was driven by a 15% year-over-year increase in revenue per piece, with around half of the increase coming from fuel rates. Our fuel surcharges helped offset higher fuel expense in the quarter and preserve operating profit. Operating profit in the international segment was $746 million, an increase of $55 million year-over-year. International operating margin in the third quarter was well above our expectations at 14.9% and slightly above the third quarter of last year.

國際業務營收為50億美元，年增7.1%。營收成長主要由每件營收年增15%所帶動，其中約一半的增幅來自燃油費率。我們的燃油附加費有助於抵銷本季較高的燃油費用並維持營業利益。國際業務部門營業利益為7.46億美元，年增5,500萬美元。第三季國際業務營業利益率為14.9%，大幅高於我們的預期，且略高於去年第三季。

Moving to SCS. Supply Chain Solutions delivered strong revenue growth year-over-year, driven by a focus on premium volume from high-tech, healthcare, manufacturing, and automotive customers. Total Supply Chain Solutions revenue was $3 billion, an increase of $459 million versus last year. Forwarding revenue increased 17.5% year-over-year, driven by higher rates in international air freight and ocean freight. And, ocean also grew shipments in the quarter.

接著看SCS。供應鏈解決方案（Supply Chain Solutions）年對年營收強勁成長，主要受惠於聚焦來自高科技、醫療保健、製造與汽車客戶的高價值貨量。供應鏈解決方案總營收為30億美元，較去年增加4.59億美元。貨運代理（Forwarding）營收年增17.5%，主要由國際空運與海運較高費率所帶動。此外，海運本季出貨量亦有所成長。

Logistics revenue increased 17.2% year-over-year, driven by strong growth in healthcare logistics, partially offset by a decline in our Mail Innovations business. UPS Digital, which includes Roadie and Happy Returns, delivered revenue growth of nearly 50% compared to the third quarter of 2025. In the third quarter, Supply Chain Solutions generated an operating profit of $274 million and operating margin was 9.2%. As a reminder, SCS’s third quarter 2025 results included a $330 million gain from a sale leaseback transaction.

物流（Logistics）營收年增17.2%，主要由醫療保健物流的強勁成長所帶動，但部分被我們Mail Innovations業務的下滑所抵銷。UPS Digital（包含Roadie與Happy Returns）相較於2025年第三季，營收成長近50%。第三季，供應鏈解決方案的營業利益為2.74億美元，營業利益率為9.2%。提醒一下，SCS在2025年第三季的結果包含一筆來自售後回租交易（sale leaseback transaction）的3.30億美元收益。

Lastly, looking at cash and liquidity. Year-to-date, we’ve generated $6 billion in cash from operations and free cash flow of $4.2 billion, which includes one-time payments for the Driver Choice Program. We ended the third quarter with $6.8 billion in cash on the balance sheet and no outstanding commercial paper. So far this year, UPS has paid $4.1 billion in dividends.

最後，談現金與流動性。年初至今，我們已產生60億美元的營運現金流，以及42億美元的自由現金流，其中包含司機選擇計畫的一次性付款。第三季結束時，資產負債表上的現金為68億美元，且沒有未償還的商業本票。截至目前為止，今年UPS已支付41億美元股利。

In the third quarter, we successfully issued $1.3 billion in debt to refinance a maturity and to complete a pension contribution of $450 million of UPS bonds to our pension asset portfolio. The contribution of UPS bonds to the pension further strengthened the plan’s funded status and supported our pension investment strategy of reducing volatility.

第三季，我們成功發行13億美元債務，用於再融資一筆到期債務，並完成將4.50億美元的UPS債券作為退休金提撥，納入我們的退休金資產投資組合。將UPS債券提撥至退休金進一步強化了計畫的資金提撥狀況（funded status），並支持我們降低波動性的退休金投資策略。

Moving to our 2026 financial outlook. At the beginning of the year, we laid out a plan that contemplated a meaningfully stronger second half, including a fourth quarter that targeted revenue and operating profit growth, operating margin expansion, and EPS growth. Our third quarter performance exceeded our expectations and gives us greater confidence in the trajectory we established at the start of the year. As a result, we are raising our fourth quarter revenue and operating profit expectations and lifting our full-year outlook.

接著談我們對2026年的財務展望。年初時，我們提出一項計畫，預期下半年將顯著轉強，包括第四季以營收與營業利益成長、營業利益率擴張以及每股盈餘（EPS）成長為目標。我們第三季的表現優於預期，讓我們對年初所建立的發展軌跡更具信心。因此，我們上調第四季營收與營業利益的預期，並提高全年展望。

Starting with full-year 2026, we now expect consolidated revenue of approximately $92.6 billion and consolidated operating profit of approximately $8.75 billion. This implies full-year diluted earnings per share of approximately $7.28. And for the fourth quarter, we now expect consolidated revenue of approximately $25.7 billion, up approximately 5% year-over-year, and consolidated operating profit of approximately $3.3 billion.

先從2026年全年來看，我們目前預期合併營收約為926億美元，合併營業利益約為87.5億美元。這意味著全年稀釋後每股盈餘約為7.28美元。至於第四季，我們目前預期合併營收約為257億美元，年增約5%，合併營業利益約為33億美元。

Now let’s look at our expectations for the segments in the fourth quarter. Starting with US Domestic, we expect revenue to be up approximately 3% year-over-year in the fourth quarter, driven by revenue per piece and premium volume growth. We expect an operating margin of approximately 10.5%.

接著看看我們對第四季各部門的預期。先從美國國內業務開始，我們預期第四季營收年增約3%，主要由每件營收與高價值貨量成長所帶動。我們預期營業利益率約為10.5%。

In terms of peak, the market outlook for strong holiday demand that Carol discussed, combined with the forecasts we have from our largest customers, gives us confidence in a strong peak season. We expect the momentum we’ve seen with SMB and enterprise customers to continue as seasonal volumes ramp up in line with last year.

就旺季而言，Carol所提到的市場對強勁假期需求的展望，加上我們從最大客戶取得的預測，讓我們對旺季表現強勁充滿信心。我們預期在中小企業（SMB）與企業客戶所看到的動能將持續，隨著季節性貨量增加，將與去年水準一致。

Peak volumes will move through our most automated, efficient, and flexible network in history. And while we are ready for the holiday surge, what matters most is the service we deliver. We’ve been the industry leader in on-time service during peak for the past eight years, and we intend to make it nine.

旺季貨量將透過我們史上最自動化、最高效率且最具彈性的網路運行。雖然我們已為假期高峰做好準備，但最重要的是我們所提供的服務。過去八年，我們在旺季準時送達服務方面一直是業界領導者，我們打算把紀錄延續到第九年。

Turning to international in the fourth quarter. We expect a similar macro environment to the third quarter, and we expect the strong inbound US volume we saw in September to continue. With that backdrop, we expect fourth quarter revenue in international to be up approximately 7% and operating margin of approximately 20%. In Supply Chain Solutions, in the fourth quarter, we expect revenue to be up nearly 13% and operating margin to be approximately 12.2%.

接著看第四季的國際業務。我們預期總體環境將與第三季相近，並預期9月所見的強勁美國入境貨量將延續。在此背景下，我們預期第四季國際業務營收年增約7%，營業利益率約為20%。在供應鏈解決方案方面，我們預期第四季營收將成長近13%，營業利益率約為12.2%。

Lastly, for modeling purposes, in total below the line in the fourth quarter, we expect approximately $190 million in expense, and we expect the tax rate to be approximately 23% in the fourth quarter.

最後，就建模目的而言，在第四季的線下項目合計，我們預期費用約為1.90億美元，且我們預期第四季稅率約為23%。

Turning to our expectations for cash in the balance sheet. For the full year 2026, we now expect free cash flow to be approximately $6.1 billion. Which includes payments made for the Driver Choice program. Our free cash flow expectation is higher than we originally anticipated due to the outperformance of the business and the pension contribution we made using UPS bonds.

接著談談我們對資產負債表中現金的預期。就2026年全年而言，我們目前預期自由現金流約為61億美元。其中包含為「Driver Choice」計畫所支付的款項。由於業務表現優於我們原先預期，以及我們使用UPS債券進行的退休金提撥，我們對自由現金流的預期高於原先估計。

Capital expenditures are still expected to be about $3 billion. We are still planning to pay out around $5.4 billion in dividends in 2026, subject to Board approval, and we expect the tax rate for the full year to be approximately 23%.

資本支出仍預期約為30億美元。我們仍計畫在2026年支付約54億美元股利（須經董事會核准），且我們預期全年稅率約為23%。

As we close out 2026, our business is performing the way we intend it to perform, grow premium volume, operate a more automated, integrated network, and drive operating profit growth. The momentum we’re building across the business positions us to deliver a strong fourth quarter and an industry-leading peak.

在我們結束2026年之際，我們的業務正如我們所期望的方式運作：成長高價值貨量、營運更自動化且整合的網路，並推動營業利益成長。我們在整體業務上建立的動能，使我們有條件交出強勁的第四季表現，以及業界領先的旺季表現。

Looking ahead to 2027, the new global operating model Carol discussed will help us move faster, unlock additional efficiencies, and more fully leverage the strength of the UPS network to support profitable growth over the long term.

展望2027年，Carol所談到的新全球營運模式將幫助我們加快行動、釋放更多效率，並更充分運用UPS網路的優勢，以支持長期的獲利性成長。

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

接下來，接線員，請開放提問線路。

(Operator Instructions) Ari Rosa, Citigroup.

(接線員指示) Ari Rosa，花旗集團。

Congratulations on some strong results here. Brian, I wanted to ask you about free cash flow expectations. I love seeing the improvement in the guide on free cash flow. If we think about the Driver Choice Program and take those costs out, it would imply a big step up or maybe not big, but solid step-up in free cash flow for 2027, recognizing you guys haven't given guidance yet for the year ahead.

恭喜你們交出相當強勁的成果。Brian，我想請教你們對自由現金流的預期。我很樂見你們在自由現金流指引上的改善。如果我們考量「Driver Choice」計畫並把那些成本扣除，這將意味著2027年的自由現金流會有一個很大的躍升——或許不算非常大，但會是相當扎實的提升——同時也理解你們尚未提供明年的年度指引。

Just give some indication on kind of how you're thinking about what free cash flow could look like or what the magnitude of that step-up could look like for 2027 and just safety around the dividend or coverage of the dividend?

能否請你稍微說明一下，你們如何思考2027年自由現金流可能的樣貌，或那個躍升幅度大概會是什麼量級？另外，股利的安全性或股利覆蓋率方面如何看？

Sure, Ari. Thank you for the question. Yes, so we did step up free cash flow. Remember, part of that is the business performance, which a business is performing better than our initial expectations. Part of it is also the pension contribution in the form of bonds rather than cash which is good for our pension plan. It was also very good for our issuance. We had a very successful issuance in the quarter.

當然可以，Ari。謝謝你的提問。是的，我們確實上調了自由現金流。請記得，其中一部分來自業務表現，也就是業務表現優於我們最初的預期。另一部分也來自我們以債券而非現金形式進行的退休金提撥，這對我們的退休金計畫是有利的。這對我們的發行也非常有利。我們在本季的發行非常成功。

As you think about how that rolls into next year, you're absolutely right. The Driver Choice cash requirement goes away, which will drive an improvement in free cash flow. Depending on how we fund the pension, we may then have to offset the $450 million in there. And then obviously, look, we've always talked about the fundamental driver of free cash flow is getting the domestic margin start moving in the right direction. I think we're showing the structural changes that we're putting in place are getting us there. That's helping to drive a free cash flow improvement in the second half and will help us as we go into 2027, where we expect free cash flow to continue to move up and improve our dividend coverage as we grow back into the dividend payout ratio that we've talked about for a long time.

當你思考這如何延續到明年時，你說得完全正確。「Driver Choice」的現金需求將消失，這會推動自由現金流改善。視我們如何為退休金籌資而定，我們可能需要抵銷其中的4.50億美元。然後很明顯地，你看，我們一直都在談，自由現金流的根本驅動因素，是讓美國國內業務的利潤率開始朝正確方向移動。我認為我們正在展現我們所推動的結構性變革正帶領我們達成這點。這有助於推動下半年自由現金流改善，並將在我們邁入2027年時持續提供助力；我們預期自由現金流將持續上升，並在我們逐步回到我們長期以來所談的股利支付率的過程中，改善股利覆蓋率。

So clearly Ari, our dividend is safe and secure.

所以很明確地說，Ari，我們的股利是安全且穩健的。

Very helpful. Can you remind us quickly what the magnitude of the Driver Choice spend is there for this year?

非常有幫助。你能快速提醒我們一下，今年「Driver Choice」支出的規模大概是多少嗎？

$1.4 billion this year.

今年是14億美元。

Chris Wetherbee, Wells Fargo.

Chris Wetherbee，富國銀行。

Maybe kind of a big picture question, Carol, you noted kind of getting through some of the big initiatives that you've been working on. And then maybe getting to a sort of better opportunity for consistent growth over the longer term. I guess, if we could zoom out, I know it's a little early to talk about '27, but what do you see as the growth algorithm for UPS as we go forward? Now that the glide down is done, you're focusing on B2B, pricing is good. Kind of how do we think about all of that? And what does it mean for earnings growth over the long term?

也許是一個較宏觀的問題，Carol，你提到你們正在完成一些一直在推動的大型計畫。接著可能會迎來一個在更長期能夠持續成長的更好機會。我想，如果我們把視角拉遠一點，我知道現在談2027年還稍早，但你認為UPS未來的成長算法（growth algorithm）會是什麼？現在下滑期已經結束，你們聚焦B2B，定價也不錯。我們該如何看待這一切？而這對長期的獲利成長意味著什麼？

Let's start with the addressable market. As we think about our addressable market, we actually think about it from manufacturing floor to the front door because we serve that entire supply chain as One UPS and if you then roll that up to what we think is addressable, it's about $922 billion. Now clearly, we're focused on the premium side of that addressable market. So around the world, the premium opportunity is about $535 Billion. And then, here in the United States, if we just want to narrow it down to the premium opportunity here in the United States, it's about $150 billion.

先從可服務市場談起。當我們思考可服務市場時，我們其實是從製造工廠的產線到消費者家門口來看，因為我們以「One UPS」的方式服務整條供應鏈；如果把這整體加總，我們認為可服務的市場規模約為9,220億美元。當然，我們聚焦在這個可服務市場中的高價值（premium）部分。因此在全球範圍內，高價值機會約為5,350億美元。而在美國，如果我們只把範圍縮小到美國的高價值機會，約為1,500億美元。

So you can see there's a lot of market for us to grow in to. And the mathematical equation of what this means for our earnings is that we expect volume growth. We expect our RPP to grow faster than our cost per piece so that we have margin expansion. We expect that not only in the United States, but we expect that in our international small package business as well.

所以你可以看到，我們有很大的市場空間可以成長。而這對我們獲利的數學方程式意義在於：我們預期貨量成長。我們預期每件收入（RPP）的成長速度會快於每件成本，從而帶來利潤率擴張。我們不僅預期在美國如此，也預期在我們的國際小包裹業務同樣如此。

Then in Supply Chain Solutions in our forwarding business, as you saw, we had good growth, really solid growth in the third quarter with our forwarding business up 17%. If you look at the drivers of that, it was really in the premium space. Healthcare as well as high tech. And with the explosion of data center growth here in our country, the logistics opportunities are enormous. In fact, we estimate the logistics opportunities associated with data centers alone, is $15 billion. And to bring that real for the United States. In the third quarter, our high-tech small package business grew 30% year-on-year. Now on a small base, but 30% year-on-year.

接著在供應鏈解決方案（Supply Chain Solutions）的貨運代理（forwarding）業務方面，如你所見，我們在第三季有不錯的成長，貨運代理業務年增17%，成長相當扎實。若看其驅動因素，主要來自高價值領域。包括醫療保健以及高科技。隨著我國資料中心成長的爆發，物流機會非常龐大。事實上，我們估計僅資料中心相關的物流機會就有150億美元。再把它具體化到美國市場。第三季，我們的高科技小包裹業務年增30%。雖然基期較小，但仍是年增30%。

So the mathematical equation is set for us to continue to drive earnings. We're not going to give guidance today. We're going to do that at the end of the fourth quarter, like we always do. But the mathematical equation, given the addressable market we have, gives us really a solid foundation to grow earnings. And I should add one more thing. We're doing it on a network that is so much more efficient than it was. And with our new global operating model, we're going to make it even more efficient.

因此，這個數學方程式已經具備，讓我們能持續推動獲利成長。我們今天不會提供指引。我們會像一貫做法一樣，在第四季結束時提供。但就我們所擁有的可服務市場而言，這個數學方程式為我們的獲利成長提供了非常扎實的基礎。我還要再補充一點。我們是在一個效率遠高於以往的網路上做到這些。而透過我們新的全球營運模式，我們將讓它變得更有效率。

David Vernon, Bernstein.

David Vernon，Bernstein。

So Brian, I wanted to maybe dig in a little bit on the carryover from the cost programs and efficiency efforts. And Carol, I'd love to hear your thoughts here, too. But if we're looking at sort of second half margins, around 8.9%. I think that, that should be a base for 2027. I'm just wondering, as you think about the follow-through from all the cost actions you've taken, how does that set you up for incremental margins looking forward? I'm just trying to get a sense for -- I'm trying to see if you can help us put some guardrails around what the incremental profit outlook should look after all this noise from Amazon is behind us.

所以 Brian，我想也許可以再深入一點談談成本計畫與效率提升措施所帶來的延續效應。Carol，我也很想聽聽你的看法。不過如果我們看下半年利潤率，大約 8.9%。我認為那應該可以作為 2027 年的基準。我只是想知道，當你們思考已採取的所有成本行動後續落地的效果時，這會如何讓你們在未來的增量利潤率（incremental margins）上更有利？我只是想掌握一下——我想看看你們能否幫助我們在亞馬遜帶來的這些雜音過去之後，替增量獲利展望劃出一些界線（guardrails）。

Yes. So Dave, -- so I absolutely believe that the changes that we're making are driving durable margin improvement here. These are structural, right? And I start with the volume base. In the third quarter, our core volume, the volume outside of Amazon grew nearly 2%, as Carol mentioned, and I said 200,000 pieces day. That is structurally different volume than what we have been growing with over the last several years. That's going to provide a better foundational base, not just for revenue quality, but also to help us drive a better cost per piece outcome.

是的。所以 Dave——我完全相信我們正在推動的變革，正在帶來可持續的利潤率改善。這些是結構性的，對吧？我先從量的基礎談起。第三季，我們的核心貨量——也就是亞馬遜以外的貨量——如 Carol 提到的，成長了接近 2%，我也提到約每天 20 萬件。這與過去幾年我們所成長的貨量結構有本質上的不同。這將提供更好的基礎，不僅提升營收品質，也能幫助我們把每件成本（CPP）做得更好。

The second piece, as you mentioned, we've completed now the network reconfiguration. We finalized the Driver Choice program in the third quarter. We've completed the building restructurings, and we've had the hours come down commensurately with the volume. So we're on track for that completion of that program. That's going to drive this structurally better margin improvement than we saw in the third quarter and gave us the confidence to improve our fourth quarter guide.

第二點，如你所提到的，我們現在已完成網路重整（network reconfiguration）。我們在第三季完成了 Driver Choice 計畫。我們已完成據點/建物重整，也讓工時隨貨量相應下降。因此我們正按計畫完成該項計畫。這將帶來比第三季所見更結構性、更好的利潤率改善，也讓我們有信心上調第四季指引。

We expect that to carry over. Those are structural changes. And look, and as we talked about, this kind of range of 50 to 100 basis points spread between RPP and CPP will help us continue to drive improvement in the margin as we go forward.

我們預期這會延續下去。這些都是結構性變革。而且你看，正如我們討論過的，RPP 與 CPP 之間約 50 到 100 個基點的差距區間，將有助於我們在未來持續推動利潤率改善。

On the productivity side, it's a virtuous cycle here at UPS. Yes, we had a lot of Amazon specific-related activity that we have delivered. But there's more to do on the productivity side, and I'll narrow and look at just our RFID initiative.

在生產力方面，UPS 這裡是一個良性循環。是的，我們已交付了許多與亞馬遜特定相關的工作。但在生產力提升上還有更多可以做的，我先聚焦在我們的 RFID 計畫。

Here, as you know, we're moving from a scanning to a sensing network, which is eliminating billions of scans and driving productivity, not just inside our operations but with our drivers. We are moving, as you know, upstream to put the RFID labeling at the customer location, which is good for the customer because it expands the visibility of their chain of control.

在這裡，如你所知，我們正從「掃描」網路轉向「感測」網路，這能消除數十億次掃描並提升生產力，不僅在我們的作業內部，也包括我們的司機端。我們也正如你所知，往上游推進，將 RFID 標籤貼附移到客戶端據點完成；這對客戶有利，因為能擴大其控管鏈（chain of control）的可視性。

It's also good for us because it reduces the amount of confusion over missed pickups and that sort of thing. We have RFID labeling at the customer location in 315 customer locations. It's about 3 million packages a day. That's growing to 6 million packages next year. So that initiative is working very, very well. And we'll continue to look at ways to drive automation and productivity in our worldwide network.

這對我們也有利，因為能降低漏取件（missed pickups）等狀況造成的混亂。我們已在 315 個客戶據點導入客戶端 RFID 貼標。目前約每天 300 萬件包裹。明年將成長到每天 600 萬件。因此這項計畫運作得非常、非常好。我們也會持續尋找方法，在全球網路中推動自動化與生產力提升。

Tom Wadewitz, UBS.

Tom Wadewitz，UBS。

And yes, it's nice to see the traction on some of the initiatives on the volume side in general. Wanted to ask you about kind of how much visibility you have to that. So kind of specifically, SMB volume growing I think you were saying SMB and enterprise or B2B, that’s growing as well. So is that something that you say, okay, if we see that in a you can extend that into first half next year? Or just kind of visibility on that piece?

是的，很高興看到在整體貨量面的一些計畫開始見到成效。我想問的是，你們對這部分的能見度大概有多少。更具體來說，中小企業（SMB）貨量在成長，我想你剛才也說 SMB 和企業客戶或 B2B 也在成長。那這是否是你們會說，好，如果我們看到這樣的趨勢，就可以把它延伸推估到明年上半年？或者說，對這一塊的能見度如何？

And then, I guess, when we think about like CPP versus RPP next year, do you assume that you get kind of let's say, 3% base price and then you get some favorable mix on top of that, like a point of mix on top? Just trying to think about the kind of what keeps you above CPP next year and what are the pieces?

另外，我想，當我們思考明年的 CPP 相對於 RPP 時，你們是否假設可以取得例如 3% 的基礎價格（base price）提升，然後再加上一些有利的組合（mix），例如再多 1 個百分點的組合效益？我只是想理解，明年是什麼因素讓你們能維持 RPP 高於 CPP，以及各個構成要素是什麼？

Well, I'll start with the visibility and the growth opportunities for us. So we were very pleased with the growth that we saw in enterprise and SMB customers in the third quarter, and we expect to see that in the third quarter and into next year. Why? Well, one reason is our churn has shown dramatic improvement. Our team is doing an excellent job of keeping the volume that we have by meeting our customers where they need us to be.

好，我先從能見度與我們的成長機會談起。我們對第三季在企業與 SMB 客戶看到的成長感到非常滿意，而且我們預期這樣的趨勢會延續到明年。為什麼？其中一個原因是，我們的流失率（churn）已出現顯著改善。我們的團隊在留住既有貨量方面做得非常出色，因為我們能在客戶需要我們的地方提供服務。

We're also growing into new opportunities by, first, understanding what the needs are of those industry segments and meeting those customers where they need us to be. And most importantly, I think, is that the consumer is resilient. It's really interesting to look at what's happening with the consumer spend. It's a bit of a K curve for sure. If you have assets you're spending, if you don't, you're stretched. But as long as the employment rate stays fairly stable, and it appears to be fairly stable in our country, consumers are going to spend because they have assets.

我們也透過新的機會來成長：首先，理解各產業區隔的需求，並在客戶需要我們的地方滿足他們。而我認為最重要的是，消費者具韌性。觀察消費支出正在發生的事情非常有意思。確實有點像 K 型曲線。如果你有資產，你就在花錢；如果沒有，你就會感到吃緊。但只要就業率維持相對穩定——而在我們國家看起來確實相當穩定——消費者就會支出，因為他們有資產。

And that, of course, is an important part of how you grow volume is to make sure that consumers are spending. So it's the capabilities that we are investing in, the reduction in churn and a good consumer environment gives us confidence about the visibility to grow.

而這當然是你如何推動貨量成長的重要一環：確保消費者在支出。因此，我們正在投資的能力、流失率的降低，以及良好的消費環境，讓我們對成長能見度更有信心。

Now in terms of the spread.

接著談到這個差距（spread）。

On the RPP CPP spread, I think you’re thinking about it right. You’ll notice that over the course of this year, the RPP level has been coming down, and we’ve always talked about the components of RPP, right? In the third quarter, it was 6.1% growth, about half of it was fuel, the other half is base rate and mix, right?

關於 RPP 與 CPP 的差距，我認為你的思考方向是對的。你會注意到，今年以來 RPP 的水準一直在下降，而我們也一直在談 RPP 的構成要素，對吧？第三季是 6.1% 的成長，其中大約一半來自燃油，另一半來自基本費率（base rate）與組合（mix），對吧？

As we wrap the Amazon declines, that mix benefit will come down, and it’ll normalize to something that’s closer to historic levels. However, we continue to see a strong pricing environment. We announced our GRI earlier this week, that’s consistent with prior years. We continue to see the ability to price for the value that we provide to our customers in these premium segments, as Carol had outlined.

當我們把亞馬遜貨量下滑的影響消化完後，那個組合效益會下降，並回歸到更接近歷史水準的常態。不過，我們仍持續看到強勁的定價環境。我們本週稍早宣布了 GRI（一般費率調整），與往年一致。我們仍然看到，在這些高端（premium）區隔中，我們有能力就提供給客戶的價值進行定價，正如 Carol 所概述的。

And so, we expect to continue to get that kind of 200 to 300 basis points base rate pricing and mix benefit as we go forward. Because while we’re not declining Amazon volumes, we are still growing premium volume, which helps to drive a positive product and customer segment mix going forward, just at a slower pace than what we’ve seen in the last 18 months.

因此，展望未來，我們預期仍能持續取得約 200 到 300 個基點的基本費率定價與組合效益。因為即使我們不再出現亞馬遜貨量下滑，我們仍在成長高端貨量，這有助於推動產品與客戶區隔的正向組合，雖然速度會比過去 18 個月所見更慢一些。

Scott Group, Wolfe Research.

Scott Group，Wolfe Research。

So I just want to make sure I'm getting a big picture message on margin, right? So if you look, US margins for the last three years, they've been sort of right around 7.5%. It sounds like you think we're going to see margin improvement next year.

所以我只是想確認一下，我對於利潤率（margin）的整體訊息理解正確，對吧？如果你看過去三年美國的利潤率，大概都在 7.5% 左右。聽起來你認為我們明年會看到利潤率改善。

I just want to understand, like, are there big opportunities for margin improvement? Like can we break out of this range and could we get back to, can we ever get back to like a double-digit margin? Or should we look at Q4, you're saying US margins are going to be up 30 basis points or so? Is that sort of the right magnitude of margin improvement to think about sort of going forward?

我只是想了解，例如，利潤率改善是否有很大的機會？例如我們能否突破這個區間，是否有可能回到、能不能回到像是兩位數的利潤率？或者我們應該看第四季，你是說美國利潤率大概會上升 30 個基點左右？這是否就是你認為未來利潤率改善的大致幅度？

So it's Scott. So we absolutely think that we will be able to show steady improvement in margin as we move forward. What you see going from Q2 to Q3 and into Q4 is consistent margin improvement year-over-year. as we lap into next year and we get past a lot of the noise on Amazon, yes, look, this kind of 50 to 100 basis points spread in RPP and CPP is going to help us continue to drive consistent margin improvement. There are no step changes, but we will be moving up out of the range as we continue to improve the business mix and drive productivity, and with some of the initiatives Carol outlined.

所以我是 Scott。我們絕對認為，隨著我們往前推進，將能展現利潤率的穩定改善。你從第二季到第三季、再到第四季所看到的，是一致的年對年利潤率改善。當我們進入明年、並且度過 Amazon 相關的許多雜音之後，是的，你看，RPP 與 CPP 之間這種 50 到 100 個基點的差距，將有助於我們持續推動一致的利潤率改善。不會有跳躍式的變化，但隨著我們持續改善業務組合、提升生產力，以及 Carol 所概述的一些措施，我們會逐步走出目前的區間、往上提升。

So that's the way you should think about it is every year improving margin, every year improving the margin. No, go from 7.5% to 10% in a year, but every year, improve the margin because we're going to continue to lean into premium, the premium opportunity is big. We're going to continue to drive productivity. So every year, margins should get better.

所以你應該這樣看：每一年改善利潤率、每一年改善利潤率。不會在一年內從 7.5% 直接到 10%，但每一年都要改善利潤率，因為我們會持續加碼高端（premium），高端機會很大。我們也會持續推動生產力提升。所以每一年，利潤率都應該會變得更好。

And I think, Scott, the level of discipline that we've created around the business on what volume it was right for our network and important for us. and the pricing associated with that volume will allow us to drive consistent margin improvement as we go through the next several years.

而且我認為，Scott，我們在業務上建立的紀律——哪些量（volume）對我們的網路是合適的、對我們是重要的——以及與該等量相對應的定價，將使我們在未來幾年能夠推動一致的利潤率改善。

Ken Hoexter, Bank of America.

Ken Hoexter，美國銀行。

Great. Maybe just following up on some of the questions. Your thoughts on inflection to volumes, when do you expect them to turn positive? I guess, do we still carry the negative comps of the Amazon through the first half? And should we then -- Brian, it sounds like from your last answer, you see underlying pure pricing continuing?

很好。也許接續一些問題追問一下。你對於貨量（volumes）何時出現轉折、何時預期轉為正成長，有什麼看法？我想，我們是否仍會在上半年承受 Amazon 的負向可比（negative comps）？然後我們是否應該——Brian，聽起來從你上一個回答，你看到底層的純定價（pure pricing）仍會持續？

And then, I guess, I don't know if you want to impact that, it sounds like your international margins are actually accelerating, right? I think you said over 20%. So instead of gradual, that sounds like a bigger step up on the international side. So maybe some thoughts on all those.

另外，我想，我不確定你是否想談談這點：聽起來你們的國際利潤率其實正在加速，對吧？我記得你說超過 20%。所以相較於逐步改善，國際端聽起來像是更大幅度的躍升。所以也請分享一下對這些的看法。

Yes, sure. So on the volume, Ken, I think -- look, we will have the wrap of the Amazon volume on the consolidated -- on the top line volume number until we get through the second half of next year. But focus on the core volume growth, right? We had nearly 2% core volume growth in the third quarter. We expect that to continue going into the fourth quarter, and we will continue to grow that core volume, the prices we're leaning in as we go through 2027.

好的，當然。關於貨量，Ken，我認為——你看，在合併口徑——在營收端的總貨量數字上，我們會一直受到 Amazon 貨量的比較基期影響，直到明年下半年結束。但請把焦點放在核心貨量成長，對吧？我們第三季核心貨量成長接近 2%。我們預期第四季會延續這個趨勢，而且我們會持續擴大核心貨量；在我們一路走到 2027 年的過程中，我們也會持續推進我們所採取的定價。

On the pricing, absolutely, look, we've talked about it's a constructive pricing environment. As I mentioned, we published our GRI that's been consistent with prior years. And we continue to show this 200 to 300 basis points base pricing and mix improvement, and we expect that to continue to go forward, no matter how fuel moves around, right?

在定價方面，絕對是——你看，我們談過這是一個有利的定價環境。如我提到的，我們發布的 GRI 與往年一致。而且我們持續展現 200 到 300 個基點的基礎定價與組合（mix）改善；我們預期未來也會持續，不管燃油價格如何波動，對吧？

On the international side, look, I think we had a -- we had always contemplated a step-up going into the fourth quarter. It's driven by -- look, we have a peak in international as well. It's not quite 25%, but it's close to 20%, a step up in volume. And that creates a surge in demand and related demand surcharges that help us improve the margins as we go into the fourth quarter, right? But structurally, look, I think if you look at what we're doing both on the international side and in the domestic side, better revenue quality, more efficient networks are helping us to drive consistent margin improvement.

在國際方面，你看，我認為我們——我們一直預期第四季會有一個躍升。這主要是因為——你看，我們國際業務也有旺季。雖然不到 25%，但接近 20%，貨量會有一個階梯式上升。這會帶來需求的激增，以及相關的需求附加費（demand surcharges），幫助我們在進入第四季時改善利潤率，對吧？但從結構面來看，你看，我認為不論是國際端還是國內端，我們正在做的事情——更好的營收品質、更有效率的網路——都在幫助我們推動一致的利潤率改善。

Well, if we look at our international business, and there's a chart posted on the website that shows volume trends by month, you can see what happened in July. When the de minimis exemption was eliminated in Europe, the volume had a sharp decline. But every month following, it's gotten better. And we actually are seeing growth in the most profitable trade lanes, which is China, US, Asia to Asia. So that is also helping drive the international margin in the fourth quarter.

如果我們看國際業務，網站上有一張圖表顯示按月的貨量趨勢，你可以看到 7 月發生了什麼。當歐洲取消小額豁免（de minimis exemption）時，貨量出現明顯下滑。但之後每個月都在改善。而且我們其實看到在最有利潤的航線（trade lanes）出現成長，也就是中國、美國，以及亞洲到亞洲。因此這也在推動第四季的國際利潤率。

And as we look to next year, we expect the international margin to continue to grow. We've said, Brian, the mid-teens, mid-to high teens range. The right range for the international margin as the trade length start to settle down a bit, and we're hoping that that's actually.

而展望明年，我們預期國際利潤率會持續成長。我們說過，Brian，是在十幾%的中段，也就是中十幾%到高十幾%的區間。隨著貿易航線開始稍微穩定下來，這會是國際利潤率的合理區間，而我們希望那其實是。

Jordan Alliger, Goldman Sachs.

Jordan Alliger，高盛。

Just sort of thinking bigger picture about those high-value verticals or you've been talking about focused on SMB, healthcare, B2B, can you remind perhaps how you sort of think about the growth in each category over the next several years? And then on B2B, I don't know if you mentioned explicitly, we come close to getting to an inflection on that front?

從更宏觀的角度來看這些高價值垂直領域（high-value verticals），或你們一直在談聚焦於 SMB、醫療保健、B2B，你能否提醒一下，你們如何看待未來幾年各類別的成長？另外在 B2B 方面，我不確定你是否有明確提到，我們是否接近在那一端出現轉折點（inflection）？

So the growth rates do vary by the verticals. So if we can take healthcare, their projected growth rate in complex healthcare logistics is around 6% per year. If we take data centers, I mentioned a $15 billion opportunity, the numbers are crazy. It's like supposed to double, its supposed to double, we'll see. But the opportunity sets are large. Automotive is highly dependent upon, well, a number of factors, of course. But it should grow faster than GDP, and that's an area that we've been investing in as well.

各垂直領域的成長率確實不同。以醫療保健來說，複雜醫療物流的預估成長率大約是每年 6%。如果看資料中心，我提到過一個 150 億美元的機會，數字很驚人。據說會翻倍、會翻倍，我們再看看。但機會集合（opportunity sets）很大。汽車則高度取決於——當然，取決於多種因素。但它應該會比 GDP 成長更快，而這也是我們一直在投資的領域。

Matt, is there anything you want to add to the growth rate opportunities?

Matt，你有沒有想補充關於成長率機會的部分？

Look, just a couple of things. I think Carl hit on data centers. And I think -- look, we continue to see that market be have had accelerated growth even outpaced some of what we've seen in traditional small package. The one highlight, I think, is, look, we're very well positioned in this data center. It's very complex. These are complex needs across the supply chain, where our network, the resiliency of our network is perfectly fit to be able to handle it to Carol's point from factory floor to the front door because it's multimodal and across all geos. So we're in a really good position.

你看，就幾點補充。我認為 Carl 談到了資料中心。而且我認為——你看，我們持續看到該市場呈現加速成長，甚至超過我們在傳統小包裹（traditional small package）所看到的一些成長。我想強調的一點是：你看，我們在這個資料中心領域的定位非常好。它非常複雜。這些是在供應鏈各環節的複雜需求；以我們的網路、網路的韌性，完全契合能夠處理這些需求，正如 Carol 所說，從工廠端到前門交付，因為它是多式聯運（multimodal）且涵蓋所有地理區域（geos）。所以我們處於非常有利的位置。

On the SMB front, we're continuing to see the same growth rates that Brian and Carol highlighted, I do think it's worth noting where we're capturing growth and it's not just volume growth within SMBs, but on our digital access program, we're capturing premium growth. So when you think about commercial and you think about also air volume, we're seeing that premium air volume coming in those higher growth markets.

在 SMB 方面，我們持續看到 Brian 和 Carol 所強調的相同成長率。我確實認為值得指出的是我們在哪裡捕捉到成長：不僅是 SMB 內部的量增，我們在數位存取計畫上也在捕捉高價值（premium）成長。因此，當你思考商業（commercial）以及空運量時，我們看到在那些成長較快的市場中，高價值空運量正在進來。

Bascome Majors, Stephens.

Bascome Majors，Stephens。

Carol, going back to your real change takes courage commentary earlier, certainly, the commentary from you and Brian after shows you getting the fruits of your labor into next year on the difficult decisions you've had to make over the last two years. As you look out over the next two, what courage requiring decisions do you think UPS needs to make? And how do the strategic moves you've made in recent months and quarters put you in a position of strength when you make those decisions?

Carol，回到你先前提到的「真正的改變需要勇氣」那段評論，當然，你和 Brian 在會後的說法顯示，你們在過去兩年所做的艱難決策，其成果正在延伸到明年。展望接下來兩年，你認為 UPS 需要做出哪些需要勇氣的決策？而你們在最近幾個月與幾個季度所採取的策略性行動，如何讓你們在做出這些決策時處於更有利的地位？

Well, Bascome, thank you. And I suspect in your question, there's a question about our Teamster contract. It's important to note that, that comes up for renegotiation or it expires, if you will, on August 1, 2028. So that's a ways out, but it is in the next couple of years. Just as a reminder, we invited Teamsters into our company over 100 years ago. And our approach has always been to have a constructive relationship with Teamster leadership. And we really do try to do that.

Bascome，謝謝你。我猜你的問題裡也包含了對我們 Teamster（卡車司機工會）合約的疑問。重要的是要指出，該合約將在 2028 年 8 月 1 日到期，或說屆時會進入重新談判。所以那還有一段時間，但確實是在未來幾年之內。提醒一下，我們在 100 多年前就邀請 Teamsters 進入我們公司。而我們一貫的做法都是與 Teamster 領導層維持建設性的關係。我們也確實努力做到這一點。

In fact, if you go to the Driver Choice program that we offered earlier this year, which was offered to buy drivers out so they could go on to retirement. Teamster leadership was pretty vocal about their displeasure with that program. I think principally because it was so well oversubscribed. And we worked with Teamster leadership and came together on a mutually satisfactory outcome. And that certainly is our approach going forward.

事實上，如果你看我們今年稍早推出的 Driver Choice 計畫——該計畫是提供買斷方案，讓司機可以選擇退休——Teamster 領導層對這個計畫相當公開地表達不滿。我認為主要原因是申請人數遠超預期、嚴重超額認購。而我們與 Teamster 領導層合作，最終達成了雙方都滿意的結果。這也確實是我們未來一貫的做法。

I will tell you something that I think is interesting. Except for our Founder, Jim Casey, I believe I will be the only CEO who has negotiated two Teamster contracts. And from that, I think it gives me a distinct advantage because there are many lessons learned from the 2023 contract negotiation. And I'm not going to go into all those lessons learned with you today. But those lessons learned, position us for that contract negotiation that will happen in 2028.

我想分享一件我覺得很有意思的事。除了我們的創辦人 Jim Casey 之外，我相信我會是唯一一位談判過兩份 Teamster 合約的 CEO。因此，我認為這給了我一個明顯的優勢，因為 2023 年的合約談判帶來了許多經驗教訓。我今天不會把所有這些經驗教訓逐一展開。但這些經驗教訓，讓我們能為 2028 年將發生的合約談判做好準備。

Brandon Oglenski, Barclays.

Brandon Oglenski，Barclays。

I want to come back to B2B trends in the quarter. I'm not sure if you guys addressed that what your volumes were specifically? And then maybe more broadly about competition because I think Amazon has obviously made a very big public push here with pricing going up. Are you seeing incremental competition for those premium verticals?

我想回到本季的 B2B 趨勢。我不確定你們是否有具體說明你們的量（volume）到底是多少？另外更廣泛地談談競爭，因為我認為 Amazon 顯然在這裡做了非常大的公開推進，且價格在上調。你們是否看到在那些高價值（premium）的垂直領域出現新增的競爭？

On the B2B side, we didn't disclose what the volume trends were, but they were actually down year-on-year, with 60% of the decline was Amazon related. So I'm really pleased with the underlying performance in B2B.

在 B2B 方面，我們沒有揭露量的趨勢細節，但實際上年對年是下滑的，其中 60% 的下滑與 Amazon 有關。因此，我對 B2B 的基本面表現感到非常滿意。

And Brian, is there anything you want to call out?

Brian，你有什麼想補充強調的嗎？

I would just say, look, the other important component of B2B that we don't talk about a lot, but I think it's really important because it hits both our SMB and our B2B strategy is really around DAP, right? Our DAP program continues to grow tremendously. It's going to be $1.3 billion in the US, $1.4 billion globally in the quarter. And we're now 30% B2B and air, right, in the DAP program. So it's not only a driver for us to hit a different customer segment, but it's also a driver for us to continue to grow premium product mix in that customer segment.

我只想說，B2B 還有另一個我們不常談、但我認為非常重要的組成部分，因為它同時影響我們的 SMB 與 B2B 策略，那就是 DAP，對吧？我們的 DAP 計畫持續大幅成長。本季在美國將達到 13 億美元，全球則是 14 億美元。而在 DAP 計畫中，我們現在有 30% 來自 B2B 與空運（air）。所以它不僅驅動我們觸及不同的客戶族群，也驅動我們在該客群中持續提升高價值產品組合（premium product mix）的成長。

From a competitive perspective, from a first more pricing perspective, it seems like the pricing environment’s rational amongst all competitors. It seems very rational. As it relates to Amazon itself, first of all, we have a really interesting relationship with Amazon because they’re a customer, they’re a supplier, and they are a competitor.

從競爭角度來看，先就定價而言，看起來所有競爭者的定價環境都相當理性。看起來非常理性。至於 Amazon 本身，首先，我們與 Amazon 的關係很有意思，因為他們既是客戶、也是供應商，同時也是競爭對手。

As we look at Amazon shipping, we haven’t seen any measurable or meaningful impact to our business since the announcement they made earlier this summer. I suspect there are several reasons for that. Our networks are just different. They have a linear network. We provide reverse logistics. Their ground offer is two to five days reliable delivery. We have ground guarantees. We’re just a different network. So we’re not really seeing any impact into our business as we sit today.

就我們觀察 Amazon 的運輸業務而言，自從他們在今年夏初發布公告以來，我們尚未看到對我們業務造成任何可衡量或有意義的影響。我猜原因有幾個。我們的網路本來就不同。他們是線性網路（linear network）。我們提供逆向物流（reverse logistics）。他們的地面服務承諾是 2 到 5 天的可靠配送。我們的地面服務有時效保證（ground guarantees）。我們就是不同的網路。因此，就目前而言，我們並沒有看到對我們業務造成任何影響。

Now, of course, we’ll pay attention to them. We pay attention to all competitors. But right now, we like the volume trends that we’re seeing in our underlying business.

當然，我們會持續關注他們。我們會關注所有競爭對手。但就目前而言，我們對核心業務所呈現的量的趨勢感到滿意。

Brian Ossenbeck, JPMorgan.

Brian Ossenbeck，JPMorgan。

Maybe first a follow-up for Carol, just on the underlying volume trends in the business. I think you mentioned peak the bigger shippers are up sort of similar quarter-to-quarter into the holidays, but the rest were down. It sounded like most of that was Amazon driven. So maybe you can talk about the ex-Amazon, ex-big peakers and what that looks like for a more, I guess, granular view on the peak season.

也許先給 Carol 一個追問，關於業務的基本量的趨勢。我想你提到，旺季時較大的出貨客戶在進入假期前，季對季的表現大致上升幅相近，但其他客戶則是下滑。聽起來其中大部分是由 Amazon 所驅動。所以也許你可以談談剔除 Amazon、再剔除那些大型旺季客戶之後的情況，從而更細緻地看旺季（peak season）的狀況。

And then would love to hear if Nando’s on the call, assuming he is. I think it was mentioned there’s some more benefits from a global network. I’m assuming there’s not really much structurally that would change with new leadership, but would be interested in hearing maybe some new processes or efficiencies that you’re looking to drive there under the new structure. Thank you.

另外也很想聽聽 Nando 是否在線上，假設他在的話。我想剛才提到全球網路帶來更多效益。我猜在新領導之下，結構上不會有太多改變，但我也想了解在新架構下，你們是否在推動一些新的流程或效率提升。謝謝。

Of course. So if I was confusing with my comments, I apologize. As we look at the volume in the fourth quarter, we have 100 customers that make up most of the surge and the -- based on their projections, we expect to see a 25% lift in ADV from Q3 to Q4. But remember, we're wrapping the Amazon glide down. So total ADV will be down just slightly in the fourth quarter. But if you back out Amazon, it's growing.

當然。如果我剛才的評論讓你覺得困惑，我先致歉。我們看第四季的量時，有 100 位客戶構成了大部分的尖峰增量；根據他們的預測，我們預期 ADV（平均每日量）將從第三季到第四季提升 25%。但請記得，我們正在承接 Amazon 逐步下滑（glide down）的比較基期。因此，第四季的總 ADV 只會小幅下滑。但如果把 Amazon 剔除掉，是在成長的。

Do you want to give any more color?

你想再補充一些細節嗎？

Yes. Brian, just to put some context to it. Total ADV, down1.3%. Sequentially, we're going up 4 million pieces a day from Q3 to Q4, which is a similar shape to what we've had last year and prior peaks. Now what I would say that I think is super exciting from an UPS standpoint. When we look at peak, we actually see the opportunity to deliver a great peak, right? Because by bringing down the water level on some difficult volume, right? It means that we are renting less trailers, leasing less aircraft. We're hiring, we're not having to hire and train as many people in such a short time period. So it's going to allow us to deliver a great peak for our customers, a great service peak and a great cost peak.

是的。Brian，我先補充一些背景。總ADV下降1.3%。按季來看，我們從第三季到第四季每天增加400萬件，這個走勢與去年以及先前高峰期的型態相近。我想說的是，從UPS的角度來看，這點非常令人振奮。當我們看待旺季時，我們其實看到有機會把旺季做得很出色，對吧？因為把一些較難處理的貨量「水位」降下來，對吧？這代表我們租用的拖車更少、租賃的飛機更少。我們仍在招募，但不必在短時間內招募並訓練那麼多人。因此，這將讓我們能為客戶交出一個很棒的旺季表現——服務面很棒、成本面也很棒的旺季。

And before we turn it over to Nando, I just want to say how -- thrilled I am to have Nando in this new role. There's no finer operator to be running the global network. So Nando?

在把時間交給Nando之前，我只想說——我非常高興Nando擔任這個新職務。要負責營運全球網路，沒有比他更出色的營運人才了。所以，Nando？

Yes. Thanks for the question. And look, having spent the majority of my career overseas. I can put the two pieces together. So when you think about the United States four years ago, we had redesigned the entire transportation network into zones and made sure that we were working on service issues or productivity issues upstream as opposed to taking those penalties in our transportation network.

是的。謝謝你的提問。你看，我職涯大部分時間都在海外。我可以把這兩個部分串起來看。所以當你回想四年前的美國，我們把整個運輸網路重新設計成分區（zones），並確保我們是在上游就處理服務問題或生產力問題，而不是在運輸網路中承受那些代價。

Since then, we've overlaid our total service plan. And I just want to give you an example of what we do here in the US in terms of trying to improve productivity that we haven't taken overseas or exported yet. One of them is RFID. We actually don't scan 1.9 million packages a day that are being delivered to our customers through our RFID technology. Those targets will continue, and we're going to take the good from international but good from the US network and put them together.

從那之後，我們又疊加了整體服務計畫。我想舉個例子，說明我們在美國為提升生產力所做、但尚未帶到海外或輸出出去的做法。其中之一是RFID。我們透過RFID技術，實際上每天有190萬件包裹在送達客戶時不需要掃描。這些目標會持續推進，我們也會把國際業務的優點與美國網路的優點結合起來。

And what will -- that will build us a really strong backbone from an efficiency point of view that will allow us to cater to local customers with their last mile delivery. So right now, though, it's here and now, what's available. We're looking for quick wins, and we're building out that strategy as we move forward.

而這——將從效率角度為我們建立一個非常強健的骨幹，使我們能以最後一哩配送來滿足在地客戶需求。不過現在重點是立刻、當下可用的東西。我們在尋找快速見效的成果，並在往前推進的同時逐步建構那套策略。

I think, Nando, you've termed it to be a single intelligent transportation utility. I love that vision.

我想，Nando，你把它稱作「單一智慧運輸公用事業」。我很喜歡這個願景。

That's exactly where we're going to go. And if you take what's happening in the US and we're talking a lot about cost, cost per piece and RPP, since we've implemented the automation, some of the technologies and the different structure in terms of structural, we actually can grow volume, and we're growing less resources as we grow the volume. So that is a recipe for improved margins and we look forward to what we can create globally on those same fronts.

這正是我們要前進的方向。如果你看美國正在發生的事，我們談了很多成本、單件成本以及RPP；自從我們導入自動化、部分技術，以及在架構上的不同設計之後，我們其實可以在增加貨量的同時，用更少的資源來支撐成長。因此，這就是提升利潤率的配方，我們也期待在全球同樣的面向上能創造出什麼成果。

And Matthew, we have time for one more question.

Matthew，我們還有時間再問最後一題。

Jonathan Chappell, Evercore ISI.

Jonathan Chappell，Evercore ISI。

Brian, from the $3 billion of cost savings, $1.8 billion through September. I know it was supposed to be back half loaded, but with 40% for the last quarter and especially a peak quarter, we're expecting kind of typical seasonality. Is it still kind of line of sight slam dunk? Or is there a chance that if peaks better than expected and some resources are required for that,That some of that $1.2 million of the final piece of that savings puzzle slips into the beginning of next year.

Brian，關於30億美元的成本節省，截至9月已完成18億美元。我知道原本預期下半年比重較高，但最後一季要占40%，而且又是旺季季度，我們也預期會有典型的季節性。這件事仍然算是「看得到、十拿九穩」嗎？還是有可能如果旺季表現優於預期、需要投入一些資源，導致最後那一塊節省拼圖中的120萬美元有部分會延後到明年初才實現？

No, we feel comfortable with it, Jonathan, because a lot of it is related to the hours that ramp down with the Amazon volume. Remember, this was all about the volume that was leaving the network. As those hours exit, that volume comes out. That was always going to be weighted to the last quarter of the target, and we feel comfortable.

不，我們對此很有把握，Jonathan，因為其中很大一部分與Amazon貨量下降所帶來的工時下滑有關。記得，這整件事都是圍繞著離開網路的貨量。當那些工時退出時，那些貨量也會退出。這本來就會在目標中偏重於最後一季，我們很有信心。

Additionally, the driver buyout, the roughly 1,500 people finished exiting at the end of the third quarter, so you get the full wrap of that. Then obviously all the buildings now exited. So we feel comfortable with the $3 billion objective.

另外，司機買斷方案方面，大約1,500人已在第三季末完成離職，因此你會看到完整的效益反映。然後很明顯，所有的建物現在也都已退出。所以我們對30億美元的目標感到有把握。

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

謝謝。我現在把會議交回給主持人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。