US Xpress Enterprises Inc (USX) 2022 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by. My name is Brent, and I will be your conference operator today. At this time, I would like to welcome everyone to the U.S. Xpress Enterprises Inc. Fourth Quarter Earnings Conference Call. (Operator Instruction]

女士們，先生們，謝謝你們的支持。我叫布倫特，今天我將擔任你們的會議接線員。此時，歡迎大家參加美國 Xpress Enterprises Inc. 第四季度財報電話會議。 （操作員說明]

It is my pleasure to turn today's call over to Mr. Matt Garvie, Vice President of Investor Relations. Sir, please go ahead.

我很高興將今天的電話轉給投資者關係副總裁 Matt Garvie 先生。先生，請繼續。

Thank you, operator, and good afternoon, everyone. Welcome to the U.S. Xpress Fourth Quarter 2022 Earnings Call. Eric Fuller, U.S. Xpress's President and CEO, will lead our call today, joined by Eric Peterson, our CFO, who will discuss our financial results.

謝謝接線員，大家下午好。歡迎來到美國 Xpress 2022 年第四季度財報電話會議。 U.S. Xpress 總裁兼首席執行官 Eric Fuller 將主持我們今天的電話會議，我們的首席財務官 Eric Peterson 將加入討論我們的財務業績。

Our discussion today includes forecasts and other information that are considered forward-looking statements. While these statements reflect our current outlook, they are subject to a number of risks and uncertainties that can cause actual results to differ materially. These risk factors are described in U.S. Xpress' most recent Form 10-K filed with the SEC. We undertake no duty or obligation to update our forward-looking statements.

我們今天的討論包括預測和其他被視為前瞻性陳述的信息。雖然這些陳述反映了我們當前的展望，但它們受到許多風險和不確定性的影響，這些風險和不確定性可能導致實際結果存在重大差異。 U.S. Xpress 最近向美國證券交易委員會提交的 10-K 表格中描述了這些風險因素。我們不承擔更新前瞻性陳述的責任或義務。

During today's call, we will discuss certain non-GAAP measures, which we believe can be useful in evaluating our performance. The presentation of this additional information should not be considered in isolation or as a substitute for results prepared in accordance with U.S. GAAP. A reconciliation of these non-GAAP measures to the most comparable GAAP measure can be found in our earnings release.

在今天的電話會議中，我們將討論某些非 GAAP 指標，我們認為這些指標有助於評估我們的業績。不應孤立地考慮提供此附加信息或替代根據美國公認會計原則編制的結果。在我們的收益發布中可以找到這些非 GAAP 措施與最具可比性的 GAAP 措施的調節。

As a reminder, a replay of this call will be available on the Investors section of our website. We also have posted an updated supplemental presentation to accompany today's discussion on our website at investor.usxpress.com. We will be referencing portions of this supplement as part of today's call.

提醒一下，本次電話會議的重播將在我們網站的投資者部分提供。我們還在我們的網站 investor.usxpress.com 上發布了更新的補充演示文稿，以配合今天的討論。我們將在今天的電話會議中引用本補充文件的部分內容。

And with that, I'd like to turn the call over to Eric Fuller.

有了這個，我想把電話轉給埃里克富勒。

Thank you, Matt, and good afternoon, everyone. Today, I'd like to discuss high-level results across our business in the fourth quarter. What gives me confidence that we are moving in the right direction and following Eric Peterson's financial commentary on the quarter, I will provide our current outlook for the freight market.

謝謝你，馬特，大家下午好。今天，我想討論第四季度我們整個業務的高水平結果。是什麼讓我相信我們正朝著正確的方向前進，並且根據埃里克彼得森對本季度的財務評論，我將提供我們目前對貨運市場的展望。

2022 was a year of transition for U.S. Xpress, as we executed our realignment plan, transitioned our OTR operations back to a more traditional model focused on ensuring freight is delivered on time and in a cost-effective manner for our customers, and recently transitioned all truckload and brokerage operations under one leader, just in harness. The heavy lifting associated with our realignment plan is complete, and we began to see cost savings in the fourth quarter from the actions we have taken since early September.

2022 年是 U.S. Xpress 轉型的一年，因為我們執行了我們的調整計劃，將我們的 OTR 運營轉變回更傳統的模式，專注於確保按時並以具有成本效益的方式為我們的客戶交付貨物，並且最近過渡了所有一個領導下的卡車裝載和經紀業務，就在駕馭之下。與我們的調整計劃相關的繁重工作已經完成，我們從 9 月初以來採取的行動開始在第四季度看到成本節省。

Overall, I was pleased with the progress we made in our OTR division, and with our cost takeout initiatives from our realignment plan. Improvement in underlying metrics, including fleet availability, service level and utilization give me the confidence that we are moving in the right direction.

總的來說，我對我們在 OTR 部門取得的進展以及我們從調整計劃中削減成本的舉措感到滿意。基礎指標的改進，包括車隊可用性、服務水平和利用率，讓我相信我們正朝著正確的方向前進。

From a financial results perspective, our spot market exposure more than offset these operational gains and cost savings from our realignment plan. Conversations with our customers continue to evolve. Our back to the basics message and our progress to date continue to resonate well with them, and has been instrumental in helping to add some incremental load volume despite the weak freight market. Feedback from our customers indicate that many are still working through some level of inventory destocking.

從財務結果的角度來看，我們的現貨市場敞口遠遠抵消了我們重組計劃帶來的這些運營收益和成本節約。與客戶的對話不斷發展。我們回歸基本的信息和我們迄今為止的進展繼續與他們產生良好的共鳴，並且在貨運市場疲軟的情況下幫助增加了一些增量負載量。我們客戶的反饋表明，許多客戶仍在通過某種程度的庫存去庫存化工作。

Our pipeline of OTR freight opportunities is extremely robust, and we expect to make meaningful progress reducing our spot market exposure, as we navigate through bid season and begin to service new awards. Our customer base is heavily focused on industry-leading companies and defensive segments of the economy, including discount retail, consumer nondurables and retail grocery, which positions us well in the current market. The value we deliver for our customers is evident from the fact that many of our top customers have partnered with us for a decade or longer, and use more than one of our service offerings.

我們的 OTR 貨運機會管道非常強大，我們希望在我們度過投標季節並開始為新獎項提供服務時，在減少現貨市場風險方面取得有意義的進展。我們的客戶群主要集中在行業領先的公司和防禦性經濟領域，包括折扣零售、非耐用消費品和零售雜貨，這使我們在當前市場中處於有利地位。我們為客戶提供的價值顯而易見，因為我們的許多頂級客戶已與我們合作十年或更長時間，並使用我們提供的服務不止一種。

Our business development team continues to proactively add new logos to our customer base, and we're excited to support these new customers and demonstrate the value proposition of partnering with U.S. Xpress every day.

我們的業務開發團隊繼續積極地為我們的客戶群添加新徽標，我們很高興能夠支持這些新客戶並展示每天與 U.S. Xpress 合作的價值主張。

Turning to our Truckload segment; we generated truckload revenue net of fuel of $397 million, a sequential decrease of approximately $5 million. primarily due to the spot market rates declining sequentially. Consistent with what we said on our third quarter earnings call, we exited the fourth quarter with a fleet that was approximately the same size as at which we exited the third quarter. We will continue to be focused on improving the mix and profitability at our current fleet size.

轉向我們的卡車裝載部分；扣除燃料後，我們的卡車收入淨額為 3.97 億美元，環比減少約 500 萬美元。主要是由於現貨市場利率連續下降。與我們在第三季度財報電話會議上所說的一致，我們在第四季度結束時的機隊規模與我們在第三季度結束時的機隊規模大致相同。我們將繼續專注於改善我們目前機隊規模的組合和盈利能力。

Turning to our OTR division; in the fourth quarter, although peak didn't materialize, we continue to make progress driving accountability through our OTR fleet. Our service levels continue to improve. Our percentage of empty miles decreased, and we continue to improve the overall quality of our OTR professional drivers, as sourcing qualified professional drivers continues to ease.

轉向我們的 OTR 部門；在第四季度，雖然峰值沒有實現，但我們繼續通過我們的 OTR 機隊推動問責制取得進展。我們的服務水平不斷提高。我們的空載里程百分比有所下降，並且我們繼續提高 OTR 專業司機的整體素質，因為採購合格的專業司機的難度不斷加大。

Exiting the fourth quarter, the structure and discipline has been implemented into our fleet operations, and we are seeing the benefit of this in our current utilization levels. While we still expect some modest incremental improvement utilization from these efforts, to meaningfully improve our utilization, we need to add more freight to our network. As I mentioned earlier, our ability to service the freight we do get from our customers at a high level is critical to adding more contracted freight.

第四季度結束後，結構和紀律已經實施到我們的車隊運營中，我們在當前的利用率水平上看到了這樣做的好處。雖然我們仍然期望這些努力能夠適度地提高利用率，但為了有意義地提高我們的利用率，我們需要向我們的網絡增加更多的貨運量。正如我之前提到的，我們為客戶提供高水平貨運服務的能力對於增加更多合同貨運至關重要。

Turning to our Dedicated division; our Dedicated division exited the year with another strong quarter. This service offering continues to resonate well with customers due to its unique value proposition, which includes exceptionally high service levels. As we said last quarter, we want to work closely with our customers to identify additional opportunities, where our dedicated offering is a good fit for them. For 2023, we are targeting approximately 2,800 tractors in this fleet, but could increase that depending on customer needs.

轉向我們的專用部門；我們的專用部門以另一個強勁的季度結束了這一年。由於其獨特的價值主張（包括極高的服務水平），該服務產品繼續與客戶產生良好的共鳴。正如我們上個季度所說，我們希望與客戶密切合作，以確定更多機會，我們的專用產品非常適合他們。到 2023 年，我們的目標是在該車隊中擁有大約 2,800 台拖拉機，但可能會根據客戶需求增加數量。

Turning to brokerage; our Brokerage segment generated revenue of $78 million, and sequentially, performance was similar in the fourth quarter compared to the third quarter. Adding more freight to our network will not only benefit our assets, but should also benefit the top line and brokerage. Our margin performance has benefited from a lower capacity acquisition cost, with gross margins of 20% plus for the last 3 quarters.

轉向經紀；我們的經紀部門產生了 7800 萬美元的收入，第四季度的業績與第三季度相似。向我們的網絡增加更多貨運不僅有利於我們的資產，而且也有利於頂線和經紀業務。我們的利潤率表現得益於較低的產能購置成本，過去 3 個季度的毛利率超過 20%。

In addition, margins in the fourth quarter benefited from some project capacity that we provided customers, which helps contribute to our 92% operating ratio in the quarter. In the first quarter of 2023, we could see some margin pressure, as we won't have the benefit of this project work.

此外，第四季度的利潤率得益於我們為客戶提供的一些項目產能，這有助於我們在本季度實現 92% 的運營率。在 2023 年第一季度，我們可能會看到一些利潤壓力，因為我們不會從這個項目工作中受益。

Looking ahead to 2023, I am confident that we are moving in the right direction as our operational issues were concentrated in our OTR division. We spent much of 2022 putting the building blocks in place to correct these issues. As I said earlier, the heavy lifting has been completed with fleet ops, and we are seeing improvement in our underlying metrics, including service level, driver availability, percentage of empty miles and utilization. The market remains challenging, but it will turn. And when it does, we expect our financial results to reflect the work we put into the business in 2022.

展望 2023 年，我相信我們正朝著正確的方向前進，因為我們的運營問題集中在我們的 OTR 部門。我們在 2022 年的大部分時間裡都在構建模塊以糾正這些問題。正如我之前所說，車隊運營已經完成了繁重的工作，我們看到我們的基本指標有所改善，包括服務水平、司機可用性、空轉里程百分比和利用率。市場仍然充滿挑戰，但它會轉變。屆時，我們希望我們的財務業績能夠反映我們在 2022 年為業務所做的工作。

With that, I'd like to turn the call over to Eric Peterson.

有了這個，我想把電話轉給埃里克彼得森。

Thank you, Eric, and good afternoon, everyone. This afternoon, I would like to discuss our financial performance in the fourth quarter as well as capital allocation priorities and provide some financial guidance before turning the call back to Eric to provide our freight market outlook.

謝謝埃里克，大家下午好。今天下午，我想討論我們第四季度的財務業績以及資本配置優先事項，並提供一些財務指導，然後再將電話轉回 Eric 以提供我們的貨運市場展望。

Turning to our performance in the fourth quarter; we generated revenue, excluding fuel surcharge of $475.2 million, a decrease of 0.5% compared to the third quarter of 2022. Consistent with the last few quarters, we are focused on the sequential progress of the business, and therefore, my commentary will focus on comparisons to the third quarter of 2022, unless noted otherwise.

談談我們在第四季度的表現；不包括燃油附加費，我們創造了 4.752 億美元的收入，與 2022 年第三季度相比下降了 0.5%。與過去幾個季度一樣，我們關注業務的連續進展，因此，我的評論將集中在與 2022 年第三季度的比較，除非另有說明。

Turning to adjusted operating loss; total adjusted operating loss was $5.7 million, a sequential improvement of $15.8 million compared to the third quarter. Sequentially, our spot market exposure was a headwind that could not be overcome by our significant cost reductions executed this year and our improved results in both dedicated and brokerage.

轉向調整後的經營虧損；調整後的營業虧損總額為 570 萬美元，與第三季度相比環比減少 1580 萬美元。因此，我們的現貨市場敞口是一個逆風，我們今年執行的大幅成本削減以及我們在專用和經紀業務方面的業績改善無法克服。

Our spot rates declined another $0.20 per mile sequentially, which contributed to a $0.06 per mile decrease in our overall over the road rate per mile. In addition, in our rising fuel environment, this business also has an adverse impact on our net fuel expense, as most of these spot loads don't have fuel surcharge revenue associated with them. As a result, our net fuel expense increased an additional $0.02 per mile compared to the third quarter. This combination led to an overall $7.7 million headwind to our results.

我們的即期費率每英里又下降了 0.20 美元，這導致我們每英里的整體公路費率每英里下降了 0.06 美元。此外，在我們不斷上漲的燃料環境中，這項業務也對我們的淨燃料費用產生不利影響，因為大多數這些現貨負荷沒有與之相關的燃料附加費收入。因此，與第三季度相比，我們的淨燃油費用每英里增加了 0.02 美元。這種組合給我們的業績帶來了 770 萬美元的逆風。

Spot rates continue to be at record discounts compared to the contractual rates. For illustrative purposes, had our spot rate spend at par with our contractual rates in the fourth quarter, operating income would have been better by $25.6 million. Keep in mind, we believe the headwind from our current spot market exposure is transient as one, we add more contracted loads to our network through the current bid season, which is well underway. And two, the spot market rates recover from record discounts, as compared to contractual rates.

與合同利率相比，即期利率繼續保持創紀錄的折扣。出於說明目的，如果我們在第四季度的即期匯率支出與我們的合同匯率持平，營業收入將增加 2560 萬美元。請記住，我們認為我們當前的現貨市場敞口帶來的逆風是暫時的，因為我們在當前的投標季節為我們的網絡增加了更多的合同負荷，這正在進行中。第二，與合同利率相比，現貨市場利率從創紀錄的折扣中恢復過來。

In terms of positive sequential contributions in the fourth quarter, realignment plan related cost savings totaled $8 million and included reduced office wages of $5.5 million and an additional $2.5 million in other fixed cost savings. On an annualized basis, this represents $32 million in fixed cost and savings, which compares favorably to our prior expectation of $28 million, which we disclosed on our third quarter call. In addition, incremental brokerage operating income of $2.4 million and the $0.04 per mile increase in dedicated rates, were also positives in the quarter.

就第四季度的正連續貢獻而言，與調整計劃相關的成本節省總額為 800 萬美元，其中包括減少的辦公室工資 550 萬美元和額外的 250 萬美元其他固定成本節省。按年率計算，這代表了 3200 萬美元的固定成本和節省，這比我們之前在第三季度電話會議上披露的 2800 萬美元的預期要好。此外，經紀營業收入增加 240 萬美元，專用費率每英里增加 0.04 美元，在本季度也有積極影響。

Turning to capital expenditures; for the full year, net capital expenditures, which primarily relate to tractors and trailers, was $153.1 million compared to $97 million in 2021. The year-over-year increase was due primarily to anticipated equipment deliveries in 2021, which were delivered in 2022, as well as fewer proceeds from the sale of used equipment. In our earnings supplement, we have provided a slide, which includes our net CapEx by category.

轉向資本支出；全年，主要與拖拉機和拖車有關的淨資本支出為 1.531 億美元，而 2021 年為 9700 萬美元。同比增長的主要原因是預計 2021 年的設備交付，這些設備已於 2022 年交付，以及出售舊設備的收益減少。在我們的收益補充中，我們提供了一張幻燈片，其中包括按類別劃分的淨資本支出。

Looking at the other 2 categories, both general and other, which primarily relates to renovations in our terminal network and technology, which is primarily capitalized wages from our IT development efforts decreased year-over-year.

看看其他兩個類別，一般和其他，主要與我們終端網絡和技術的改造有關，這主要是我們 IT 開發工作的資本化工資同比下降。

Our technology-related CapEx was $24.5 million, a decrease of $7.9 million compared to 2021. Keep in mind that our realignment plan, which included a meaningful reduction in the size of our IT organization, didn't commence until September. And therefore, we expect our 2023 technology-related CapEx to decline on a year-over-year basis, once again, as our leaner tech work will focus on concentrating their efforts on fewer, higher-value projects.

我們與技術相關的資本支出為 2450 萬美元，與 2021 年相比減少了 790 萬美元。請記住，我們的重組計劃直到 9 月才開始實施，其中包括大幅縮減 IT 組織的規模。因此，我們預計 2023 年與技術相關的資本支出將再次同比下降，因為我們更精簡的技術工作將專注於將精力集中在數量更少、價值更高的項目上。

For 2023, we are currently expecting net capital expenditures to be less than $75 million. Our equipment is currently in excellent condition, and the average age of our tractors is approximately 2 years old. Given our equipment is in such good condition and well maintained primarily through our in-house preventative maintenance program, we believe that we will not require significant capital expenditures during 2023. As we have said in the past, the per mile increase in maintenance costs from aging our fleet in a disciplined manner is significantly less than the incremental per mile cost of new equipment. We intend to take advantage of these to pay down debt and lower our leverage profile in 2023.

對於 2023 年，我們目前預計淨資本支出將低於 7500 萬美元。我們的設備目前狀況良好，拖拉機的平均使用年限約為 2 年。鑑於我們的設備狀況良好並且主要通過我們的內部預防性維護計劃得到良好維護，我們相信我們在 2023 年將不需要大量資本支出。正如我們過去所說的那樣，每英里的維護成本增加來自以有紀律的方式老化我們的車隊遠遠低於新設備每英里的增量成本。我們打算利用這些來償還債務並在 2023 年降低我們的槓桿率。

Turning to net debt; at the end of the fourth quarter, net debt, which we define as long-term debt, including current maturities less cash balances, was $481.9 million compared to $369.8 million at the end of 2021. Over the next year, we expect to pay down debt and decrease our leverage through our disciplined capital allocation approach, divestitures of non-core real estate assets and improved earnings as the market turns.

轉向淨債務；第四季度末，淨債務（我們定義為長期債務，包括當前期限減去現金餘額）為 4.819 億美元，而 2021 年底為 3.698 億美元。明年，我們預計將償還通過我們嚴格的資本配置方法、剝離非核心房地產資產和隨著市場的變化提高收益來降低我們的債務並降低我們的槓桿率。

After the close of the quarter and not reflected in our fourth quarter results, we sold a terminal, which was previously being leased to an unaffiliated company. The sale generated cash proceeds of $6.5 million, which we used to pay down debt.

本季度結束後，我們出售了一個終端，但並未反映在我們的第四季度業績中，該終端以前租給了一家非關聯公司。此次出售產生了 650 萬美元的現金收益，我們用它來償還債務。

Turning to liquidity; at the end of the fourth quarter, liquidity, which we define as cash plus availability under the company's revolving credit facility was $106.1 million, and we generated $43.5 million in cash from operations for the full year. Our overall liquidity position exiting the fourth quarter remained strong, providing us with ample liquidity to fund our business and serve our customers. As a reminder, we use cash generated from operations, together with our revolver to fund day-to-day operations and use separate loan financing and lease arrangements to fund our equipment obligations. In 2023, we expect cash flow and liquidity to improve, as a result of lower net CapEx, improved operating profitability and cash flows and debt repayment.

轉向流動性；第四季度末，流動性（我們定義為現金加上公司循環信貸額度下的可用性）為 1.061 億美元，我們全年從運營中產生了 4350 萬美元的現金。我們第四季度的整體流動性狀況仍然強勁，為我們提供了充足的流動性來為我們的業務提供資金並為我們的客戶提供服務。提醒一下，我們使用運營產生的現金連同我們的左輪手槍為日常運營提供資金，並使用單獨的貸款融資和租賃安排為我們的設備債務提供資金。到 2023 年，我們預計現金流和流動性將改善，因為淨資本支出降低、經營盈利能力和現金流改善以及債務償還。

Turning to guidance; to assist with your models, we expect the following: flat overall truck count as we focus on improving our mix and profitability at our current fleet size, moderate sequential improvement and utilization in our over-the-road fleet for at least the first half of the year, further sequential improvement in the second half is dependent on adding more freight to our network. In addition, for the full year, we expect the following: interest expense between 26 and $28 million and net capital expenditures of less than $75 million.

轉向指導；為了協助您的模型，我們預計會出現以下情況：卡車總數持平，因為我們專注於改善我們目前車隊規模的組合和盈利能力，至少在上半年適度改善公路車隊的利用率今年，下半年的進一步環比改善取決於為我們的網絡增加更多的貨運量。此外，對於全年，我們預計如下：利息支出在 26 至 2800 萬美元之間，淨資本支出低於 7500 萬美元。

Looking ahead to 2023, our priorities are clear; one, we must add more freight to our network to take advantage of our significant operational improvements; two, reduce our spot market exposure in our over-the-road business; and three, we must continue to manage expenses, deploy capital in a prudent manner and reduce our overall debt levels.

展望 2023 年，我們的優先事項很明確；第一，我們必須在我們的網絡中增加更多的貨運量，以利用我們顯著的運營改進；第二，減少我們在公路業務中的現貨市場風險；三是要繼續管控開支，審慎運用資金，降低整體負債水平。

With that, I'd like to turn the call back to Eric Fuller for our outlook.

有了這個，我想把電話轉回給埃里克富勒我們的展望。

Thank you, Eric. Looking out to 2023, we are anticipating a soft market for at least the first half of the year, as shippers continue to work through higher-than-usual inventory levels, and there is too much capacity in the market relative to demand. In terms of capacity, although we haven't seen evidence in the spot rate, we continue to expect smaller carriers to exit the market in the coming quarters as spot loads are less profitable, due to lower spot rates and increased delivery related costs, including higher fuel, equipment, maintenance and insurance costs.

謝謝你，埃里克。展望 2023 年，我們預計至少上半年市場會疲軟，因為托運人繼續應對高於往常的庫存水平，而且市場運力相對於需求而言過大。在運力方面，雖然我們還沒有看到即期匯率的證據，但我們繼續預計較小的承運人將在未來幾個季度退出市場，因為即期匯率較低和交付相關成本增加導致現貨裝載利潤較低，包括更高的燃料、設備、維護和保險成本。

We continue to have an easier time sourcing qualified professional drivers, and we have observed prices continue to soften in the used equipment market, both of which suggests some capacity is leaving the market, albeit slowly.

我們繼續更容易採購合格的專業司機，我們觀察到二手設備市場的價格繼續走軟，這兩者都表明一些產能正在離開市場，儘管速度很慢。

As far as how these dynamics will influence rates in 2023, there is still a lot of uncertainty about the rate environment. From our perspective, we will continue to price business in a manner that reflects the value we deliver for our customers. And we are aggressively adding more contracted freight to our network, which should help to alleviate some of the volatility in our OTR rates, as we progress through the year.

至於這些動態將如何影響 2023 年的利率，利率環境仍然存在很多不確定性。從我們的角度來看，我們將繼續以反映我們為客戶提供的價值的方式為業務定價。我們正在積極地向我們的網絡增加更多的合同貨運，這應該有助於緩解我們 OTR 費率的一些波動，因為我們在這一年中取得了進步。

In terms of 2023 priorities, we will continue to focus on what we can control, which includes: one, continuing to execute on the basics. Two, servicing our customers at a high level; and three, reducing our spot market exposure. We expect the benefits from these initiatives, combined with cost savings from our realignment plan, to positively impact our financial results as the market turns.

在2023年的優先事項上，我們將繼續把重點放在我們可以控制的事情上，其中包括：一是繼續在基礎上執行。二是高水平服務客戶；第三，減少我們的現貨市場風險。我們預計這些舉措帶來的好處，加上我們的重組計劃帶來的成本節約，將在市場轉變時對我們的財務業績產生積極影響。

And with that, operator, we are ready to take questions.

有了這個，接線員，我們準備好接受提問了。

(Operator Instructions) Your first question comes from Ken Hoexter with America.

（操作員說明）您的第一個問題來自美國的 Ken Hoexter。

So Eric, I want to talk a bit about this drive from spot to -- well, first of all, where do you see spot versus cost of operations now, right? Maybe tell us how that is relative to cash costs? And then do we fear that you're converting to contract at the bottom right? Is there a drive to say, hey, we want to get all this stuff on contract? And then do you make a push that we're just doing this to get freight on the network, and therefore, we lock in the wrong rates? Maybe walk me through that thought process, so we see how you progress in '23?

所以埃里克，我想談談這個從現場到 - 嗯，首先，你現在在哪裡看到現場與運營成本，對吧？也許告訴我們這與現金成本有何關係？然後我們是否擔心您正在轉換為右下角的合同？有動力說，嘿，我們想把所有這些東西都簽在合同上嗎？然後你是否推動我們這樣做只是為了在網絡上獲得運費，因此我們鎖定了錯誤的費率？也許讓我完成那個思考過程，讓我們看看你在 23 年的進步如何？

Sure, Ken. I mean if you look at where we started this down cycle, I mean we were in a different mode. We had a different strategy and unfortunately, we had too much exposure to spot relative to our overall truck count. And so we have gone through this period with way too much spot exposure. And if you look at the gap between spot and contracted times, it's been as much as $1 a mile. And so as we look at converting over into contracts, we can get a big pickup, even if we have to get a little bit lower than we would like, from a contract perspective.

當然，肯。我的意思是，如果你看看我們從哪裡開始這個下行週期，我的意思是我們處於不同的模式。我們有一個不同的策略，不幸的是，相對於我們的卡車總數，我們有太多的現貨。因此，我們經歷了這段曝光過多的時期。而且，如果您查看現貨時間和合同時間之間的差距，就會發現每英里高達 1 美元。因此，當我們考慮轉換成合同時，我們可以獲得很大的提升，即使從合同的角度來看，我們必須比我們想要的低一點。

So we're being selective on what contract business we're taking. We're trying to partner with people that we value from a relationship standpoint and those that we think have value long term. But we do think that switching from spot to contract will have a meaningful impact to our results in this cycle, and then will set us up to better manage our portfolio of freight and our network in the next cycle.

因此，我們正在選擇性地選擇我們所從事的合同業務。我們正在努力與我們從關係角度看重的人以及我們認為具有長期價值的人合作。但我們確實認為，從現貨轉向合同將對我們在這個週期中的結果產生有意義的影響，然後將使我們在下一個週期中更好地管理我們的貨運組合和我們的網絡。

And did you clarify how much was spot versus contract in the OTR?

您是否澄清了 OTR 中現貨與合約的價格？

Yes. Eric, I don't know if we disclose that?

是的。埃里克，我不知道我們是否會透露？

Yes. We hadn't talked about it, but what Eric just said is, at times, it was $1 per mile. But that's -- he wasn't saying that it was $1 per mile lower for the entire quarter, but just saying it reached levels as low as the dollar per mile.

是的。我們沒有談過這個，但 Eric 剛才說的是，有時是每英里 1 美元。但那是——他並不是說整個季度每英里降低 1 美元，而只是說它達到了每英里 1 美元的低水平。

No, no, I meant the mix. What -- I think in the past, you said, what, 30% of the base is spot exposed. Do you talk about what percent is spot versus contract now?

不，不，我的意思是混合。什麼——我想過去，你說過，什麼，30% 的基地暴露在外。你現在談論現貨與合約的百分比是多少？

Yes, it's approximately -- yes, I think we disclosed that in the last quarter, we said approximately 30% of that over-the-road fleet and it's slightly higher than that in the fourth quarter, but relatively consistent.

是的，大約 - 是的，我認為我們在上個季度披露了這一點，我們說了大約 30% 的公路機隊，這比第四季度略高，但相對一致。

Okay. And then, Eric, you talked about not growing the fleet. And I thought you said in your commentary, it was flat, but I thought it was up, and I'm talking OTR, right? Wasn't it up 200 sequentially in third quarter from second quarter and then another almost $200 million in the fourth quarter. So it seems like you have been growing or is your commentary that we're going to not grow it going -- I'm just trying to understand the difference there between what I'm seeing on the numbers?

好的。然後，埃里克，你談到不擴大機隊。我以為你在評論中說過，它是持平的，但我認為它是上升的，我說的是 OTR，對嗎？難道不是第三季度比第二季度連續增加了 200 美元，然後在第四季度又增加了近 2 億美元。所以看起來你一直在增長，或者你的評論是我們不會繼續增長 - 我只是想了解我在數字上看到的之間的區別？

Yes, we have our -- go ahead.

是的，我們有我們的 - 繼續。

Yes, I was going to say those are averages is what you're seeing to the average fourth quarter is higher than the average third quarter, but the exit rate of the third and the exit rate of the fourth were consistent.

是的，我要說的是這些平均值是你看到的第四季度的平均水平高於第三季度的平均水平，但第三季度的退出率和第四季度的退出率是一致的。

So that means you added and then removed. So what is that just deliveries and then you get rid of them through the quarter?

所以這意味著你添加然後刪除。那麼，這只是交付，然後您在整個季度內擺脫它們是什麼？

No. I mean if you look at how managing a truck count is, I mean when you're talking turnover anywhere from 80% to over 100%, there is -- truck count kind of moves around. It's not something that I can sit here and say we're going to be at this truck count, and we're going to stay flat to that all the way through the quarter. It moves around and it could move around as much as 150 to 200 trucks at our size. And so that's typical in any quarter, and we try to manage that inflow and outflow.

不，我的意思是，如果你看看管理卡車數量的方式，我的意思是當你談論營業額從 80% 到 100% 以上時，卡車數量會發生變化。這不是我可以坐在這裡說我們將達到這個卡車數量，並且我們將在整個季度中一直保持不變的事情。它四處移動，它可以移動多達 150 到 200 輛我們大小的卡車。因此，這在任何季度都是典型的，我們試圖管理這種流入和流出。

But if you hit, say -- for example, if you were to have a weather event or something like that, we could not get the drivers in for orientation that week, and that could greatly impact our truck count. And in some cases, a single week like that could impact your truck count by 40 or 50 trucks. And so you can have a big impact on that with some small movement. And so -- we're always trying to manage it to this level. We're not -- over the next -- last 2 quarters and going forward, we have no plans to change our truck count or try to grow or shrink. But if you look at the average on a quarterly basis, it may look like it's moving around 100 or 150, and that's just normal -- that's just normal operations.

但是，如果你遇到了，比方說，如果你遇到了天氣事件或類似的事情，那一周我們就無法讓司機參加培訓，這可能會極大地影響我們的卡車數量。在某些情況下，這樣的一周可能會使您的卡車數量減少 40 或 50 輛。因此，您可以通過一些小動作對其產生重大影響。所以——我們一直在努力將其管理到這個水平。我們不會——在接下來的——最後兩個季度和未來，我們沒有計劃改變我們的卡車數量或試圖增加或收縮。但如果你按季度查看平均值，它可能看起來在 100 或 150 左右移動，這很正常——這只是正常操作。

Got it. So that's more seated truck count, right? So you're just not counting the non-seated, is that how to look at it?

知道了。所以卡車的座位數更多，對吧？所以你只是不計算非坐著，是怎麼看的？

Well, because we're kicking that. The non-seeded, we're usually trying to -- if we don't see that we're typically trying to divest of it.

好吧，因為我們正在努力。對於非種子，我們通常會嘗試——如果我們看不到我們通常會嘗試剝離它。

Got it. And then one last one for me, just to understand the math. Eric Peterson, you were saying, we're moving kind of from CapEx, right, so reducing CapEx, but the liquidity available, but you're putting more of the -- I'm trying to understand what you were saying there, the CapEx is not -- might not be cash CapEx, it might be more leverage, but that doesn't count in your total leverage, or did I not catch that in the right way?

知道了。然後最後一個給我，只是為了理解數學。埃里克彼得森，你是說，我們正在從資本支出中轉移，對，所以減少資本支出，但可用的流動性，但你正在投入更多 - 我試圖理解你在那裡說的話， CapEx 不是 - 可能不是現金 CapEx，它可能是更多的槓桿，但這不算在你的總槓桿中，或者我沒有以正確的方式理解它？

Yes, I'll just recap to be completely clear. What we're disclosing is that we have net CapEx -- for 2023 will be less than $75 million. And just to clarify there, too, we also have -- still have some noncore real estate assets on the market. And so to the extent we sell and execute those transactions, we'll give you another update, and it will be even lower than the $75 million we're anticipating now.

是的，我只是重述一下以完全清楚。我們披露的是我們的淨資本支出——到 2023 年將低於 7500 萬美元。還要澄清一下，我們也有 - 市場上仍有一些非核心房地產資產。因此，就我們出售和執行這些交易的程度而言，我們會給你另一個更新，它甚至會低於我們現在預期的 7500 萬美元。

Liquidity, that's where we talked -- we're really just talking about the availability in our revolver. And since our CapEx is so low, we'll generate some cash, we believe, in 2023, which will increase our overall liquidity. So same liquidity was $106 million at the end of the year. I'm saying my liquidity at the end of '23, we believe that it's going to be a number higher than that, and we won't burn through our liquidity during the year.

流動性，這就是我們談論的地方——我們實際上只是在談論我們左輪手槍的可用性。由於我們的資本支出如此之低，我們相信，到 2023 年，我們將產生一些現金，這將增加我們的整體流動性。因此，年底時相同的流動資金為 1.06 億美元。我說的是我在 23 年底的流動性，我們相信它會比那個數字更高，而且我們不會在這一年中耗盡我們的流動性。

Overall leverage, we had a challenging year in 2022, particularly in the third quarter, with over a $20 million operating loss that we believe that we're not going to have losses to that extent during 2023. So as these quarters roll off, not only will we have lower debt or earnings to be better, which will improve our overall leverage. I mean that's really our focus during the year is, is just try and get as efficient as possible with the capital that's already deployed and not throw new capital out there.

總體而言，我們在 2022 年度過了充滿挑戰的一年，尤其是在第三季度，營業虧損超過 2000 萬美元，我們相信我們在 2023 年不會出現這種程度的虧損。因此，隨著這些季度的結束，不會我們只有降低債務或收益才能更好，這將提高我們的整體槓桿率。我的意思是，我們今年真正的重點是，只是嘗試利用已經部署的資本盡可能提高效率，而不是在那裡投入新的資本。

Your next question is from the line of Ravi Shanker with Morgan Stanley.

你的下一個問題來自摩根士丹利的 Ravi Shanker。

Hey, this is Christyne on for Ravi. I also want to circle back to the spot contract mix. As you guys think about targeting more of that contract rate, is there a particular mix that you're looking to target either year-end or even longer out that you think is kind of the right balance going forward? And as you look to do that this year, any thoughts on the ability to kind of keep the contract rate either up or limit kind of how much price you have to give away to get that volume into the contract side of the business?

嘿，我是 Ravi 的 Christyne。我還想回到現貨合約組合。當你們考慮將更多的合同利率作為目標時，是否有一種特定的組合是您希望在年底或什至更長的時間內實現的，您認為這是一種正確的平衡？當你今年打算這樣做時，有沒有想過保持合同費率的能力，或者限制你必須放棄多少價格才能使該數量進入業務的合同方面？

Yes. I mean if you look at it from a mix perspective, we would like to be below 20% as a percentage of mix of the over-the-road division or around 10% overall revenue. And that's probably going to take us into that next upcycle before we can accomplish that. But that's our focus right now. It's slow and like I said, we're not just giving rate up just to get contract, we're doing it methodically, and we're doing it very targeted. And so it really -- it's going to be a slow, slow build through the next couple of quarters, until we get a more favorable market, and then that will allow us to shift the portfolio a lot quicker.

是的。我的意思是，如果你從混合的角度來看，我們希望公路部門的混合比例低於 20%，或者佔總收入的 10% 左右。在我們實現這一目標之前，這可能會讓我們進入下一個升級週期。但這是我們現在的重點。它很慢，就像我說的那樣，我們不僅僅是為了獲得合同而放棄利率，我們正在有條不紊地進行，而且我們正在非常有針對性地進行。所以它真的 - 在接下來的幾個季度裡，這將是一個緩慢的、緩慢的構建，直到我們獲得一個更有利的市場，然後這將使我們能夠更快地改變投資組合。

As it relates to rate, it really depends if we're seeing a gap of $1 a mile between spot and contract, which is not something we see every single week, but in many weeks, we have. We're willing to give up a decent amount of rate on the contract side. It just depends on the lane, and it's got to be something that's going to be a direct trade one for one. I wouldn't want to go and add a contract lane and not be able to reduce a spot lane. But if we can make that switch and it still benefits our network and hopefully benefits our network from an efficiency and utility standpoint favorably, then there's some give -- that we're willing to give on rates.

由於它與費率有關，這真的取決於我們是否看到現貨和合同之間每英里 1 美元的差距，這不是我們每週都能看到的，但在很多周內，我們都有。我們願意在合同方面放棄相當數量的費率。這只取決於車道，它必須是一對一的直接交易。我不想去添加合同通道，也不想減少現場通道。但是，如果我們能夠做出這種轉變，並且它仍然有利於我們的網絡，並且希望從效率和效用的角度有利地使我們的網絡受益，那麼就會有一些讓步——我們願意在費率上做出讓步。

I can't really say what it would be in certain lanes. I mean it could be -- we could be willing to close the gap by $0.15, $0.20, and in some cases, they may not be as much. It just really depends.

我真的不能說在某些車道上會是什麼。我的意思是它可能是——我們可能願意將差距縮小 0.15 美元、0.20 美元，在某些情況下，它們可能不會那麼多。這真的取決於。

Got it. Okay. Really appreciate the detail on that. Maybe switching gears a little bit on the utilization, if I could ask a follow-up. Just have one point of clarification, when you mentioned that the utilization has sort of improved. But if I look through the supplemental deck, it looks like the total number of miles actually declined sequentially. So is that just like a per day comment, given you call it, kind of number of holidays or an exit rate comment? Maybe you can just clarify sort of what the improved utilization comment was pointing to?

知道了。好的。真的很感謝這方面的細節。如果我可以詢問後續情況，也許可以稍微改變一下利用率。當您提到利用率有所提高時，只需澄清一點。但是，如果我查看補充甲板，看起來總英里數實際上是連續下降的。那麼，這是否就像每天評論一樣，給你打電話，假期數量或退出率評論？也許您可以澄清一下改進的利用率評論指向什麼？

Yes. This is Eric Peterson. Looking at our sequential utilization third to fourth quarter, when I look at a normal working week, we're seeing absolute improvements in our over-the-road fleet and we're doing that by managing our drivers better in availability. But if you look at the year-over-year comp, say, fourth quarter to fourth quarter, you can see that in the numbers better, where there was the same number of holidays. Yes, sequentially, the decline in utility that was driven by the calendar.

是的。這是埃里克·彼得森。看看我們第三季度到第四季度的連續利用率，當我看一個正常的工作週時，我們看到我們的公路車隊有了絕對的改善，我們正在通過更好地管理我們的司機的可用性來做到這一點。但是如果你看一下同比比較，比如說，第四季度到第四季度，你會發現數字更好，假期數量相同。是的，依次是日曆導致的效用下降。

But also, I think it's relative to the exit rate, too. So as we exited Q4 and going into Q1, we've seen significant improvement in our utility. And that's in -- what I would argue is potentially even a less favorable freight market. So we've gone from Q4 to Q1 with a significant weakness in the market, less volumes available to us, but we've actually increased utility, and I think that's a significant -- I think that shows that we've made some significant improvement in our model, and we're really set up for when the market really turns to take full advantage of the additional volume.

而且，我認為這也與退出率有關。因此，當我們退出第四季度並進入第一季度時，我們看到我們的效用有了顯著改善。這就是 - 我認為可能是一個不太有利的貨運市場。所以我們從第四季度到第一季度市場明顯疲軟，我們可以使用的數量減少了，但我們實際上增加了效用，我認為這是一個重要的 - 我認為這表明我們已經取得了一些重要的進展我們模型的改進，我們真的為市場真正轉向充分利用額外的交易量做好了準備。

Got it. That's really helpful. And maybe actually brings to a second question on the utilization front. I think in the opening remarks, you noted that the second half, any sort of further improvement in utilization in the second half would be contingent on getting some freight back into the network. Is the implication of that, the first half sequential improvement is more idiosyncratic sort of in your control, even in the context of the [spot] market. Maybe you can just kind of parse that out a little bit more for us?

知道了。這真的很有幫助。也許實際上會帶來關於利用率方面的第二個問題。我想在開場白中，你注意到下半年，下半年利用率的任何進一步改善都取決於將一些貨運重新投入網絡。這意味著，即使在 [現貨] 市場的背景下，上半年的連續改進在您的控制中也更加特殊。也許您可以為我們再多分析一下？

Yes. I think we can make some small incremental improvements on a week-by-week basis. Now how the calendar falls and all that may create some noise in a quarterly basis. But for our purposes, operationally, I see improvements on a pretty much sequential basis. And so I see us getting better. We're getting better utility. We're being able to perform with the same, if not worse conditions. And so that's made us pretty optimistic about where we're going when the market turns. But looking for some big significant increase in utility to the tune of 10% or something like that, we're going to have to wait until the market turns, before we see something to that magnitude.

是的。我認為我們可以每週進行一些小的增量改進。現在日曆如何下降以及所有這些可能會在每季度產生一些噪音。但就我們的目的而言，在操作上，我看到了幾乎連續的改進。所以我看到我們越來越好。我們的效用越來越好。我們能夠在相同甚至更差的條件下執行。因此，這讓我們對市場轉向時的發展方向非常樂觀。但是，如果要使效用大幅增加 10% 或類似幅度，我們將不得不等到市場轉向，然後才能看到如此巨大的增長。

(Operator Instructions) Your next question is from Brian Ossenbeck with JPMorgan.

（操作員說明）你的下一個問題來自摩根大通的 Brian Ossenbeck。

Eric Fuller, just to follow up on that last comment, just to make sure I understood, it sounded like you're saying conditions were actually a bit worse currently, I guess, maybe coming out of the fourth quarter. So maybe I just didn't catch that right, but either way, if you can just give us an update on kind of where things stand versus the weak peak, and your level of confidence and we might have actually seen the worst of this cycle from a demand perspective. Obviously, the recovery is still to be determined, but where do things stand right now in January?

埃里克富勒，只是為了跟進最後的評論，只是為了確保我理解，聽起來你說的是目前的情況實際上有點糟糕，我猜，可能是第四季度。所以也許我只是沒聽清楚，但不管怎樣，如果你能給我們一個最新的情況，說明情況與弱峰值的對比，以及你的信心水平，我們實際上可能已經看到了這個週期最糟糕的時期從需求的角度。顯然，復甦仍有待確定，但一月份的情況如何？

Yes. I think that comment was probably more of a seasonal type comment. Any time you're going from Q4 into that January low, you typically see a little bit of a dip. We've seen that from a volume perspective. I think if anything, things have bottomed out, I don't see it getting necessarily worse. We see that rates have kind of bottomed. We've seen that volumes and demand seems to have bottomed at this point. And so we believe that there is a market -- the market will turn and a likelihood, given macro conditions, and I think that, that's the big unknown, but given macro conditions that there's a good likelihood that we could have a turn in the second half of this year.

是的。我認為該評論可能更像是季節性評論。任何時候你從第四季度進入 1 月份的低點，你通常都會看到一點點下跌。我們已經從數量的角度看到了這一點。我認為如果有的話，事情已經觸底，我認為它不一定會變得更糟。我們看到利率已經觸底。我們已經看到，此時的銷量和需求似乎已經觸底。因此，我們相信存在一個市場——市場將會轉向，並且有可能，考慮到宏觀條件，我認為，這是一個很大的未知數，但考慮到宏觀條件，我們很有可能在今年下半年。

Demand actually is decently strong, and could get -- will get stronger when we get through the inventory correction. I think that we have some of our retailers that have over inventory. And as they work that inventory up, we'll start to see demand come back. And so as long as demand stays strong, then right now, we're also then waiting on the other side of the coin, which is supply. And the supply in the market is coming out. We are seeing supply come out. We're hearing it from a lot of different vendors.

需求實際上相當強勁，並且可能會 - 當我們完成庫存調整時會變得更強勁。我認為我們的一些零售商庫存過多。當他們增加庫存時，我們將開始看到需求回升。因此，只要需求保持強勁，那麼現在，我們也在等待硬幣的另一面，即供應。市場上的供應正在出來。我們看到供應出來了。我們從許多不同的供應商那裡聽到了它。

We're hearing from a number of people in the industry. We're hearing -- we're seeing it in our brokerage division. And so we know capacity is coming out. But unfortunately, right now, it's not coming out quick enough. I think there's a lot of what I call zombie trucking companies out there that are kind of barely staying alive and kind of making it through the day, but they're not cash flowing. And eventually, they're not going to be able to continue operating. And those guys have to come out of the market for the market really to turn. And I think that will probably happen over the next couple of quarters.

我們收到了業內許多人的來信。我們聽到 - 我們在我們的經紀部門看到它。所以我們知道容量正在出來。但不幸的是，現在，它出來的速度還不夠快。我認為有很多我稱之為殭屍卡車運輸的公司，它們勉強維持生計，勉強維持一天的生活，但它們沒有現金流。最終，他們將無法繼續運營。這些人必須退出市場，市場才能真正轉向。我認為這可能會在接下來的幾個季度發生。

Okay. Got it. So when you roll all this together, maybe some improvement in utilization bottoming out of conditions here, do you think -- in the cost savings you outlined earlier, do you have visibility to profitability for the truckload business in the first quarter? Would that take a little bit longer, maybe it's back half of the year. What are you thinking about return to profitability and the confidence around that or the conditions you need to see to really -- to turn back into the green?

好的。知道了。因此，當您將所有這些匯總在一起時，您是否認為，在您之前概述的成本節約中，您是否可以看到第一季度卡車業務的盈利能力？那會需要更長的時間嗎，也許是今年的一半。你在想什麼關於恢復盈利以及圍繞它的信心或你真正需要看到的條件 - 回到綠色？

Yes. So we have too much exposure to spot, and that creates a big headwind from a rate perspective. As we mentioned in our release, had spot rates just been equal to contracts, we would have had additional -- roughly additional $25 million in income this quarter. So that would have been very impactful, obviously, and really that rate is what's dragging us down. And so the problem is, I can't outrun that rate per se. So I think it will continue to be a drag on us, and will make profitability tough, until we get to a little bit more favorable rate market. We don't need a rate market where spot's running $1 above contract or anything like that. But if we can get to a closer to equilibrium, where spot starts to come up closer to contracts, then we can start making money.

是的。因此，我們對現貨的敞口太多，從利率的角度來看，這會造成很大的阻力。正如我們在新聞稿中提到的那樣，如果即期匯率剛好等於合同匯率，我們本季度會有額外的——大約額外 2500 萬美元的收入。顯然，這會產生非常大的影響，而且這個比率確實拖累了我們。所以問題是，我本身無法超越這個速度。所以我認為這將繼續拖累我們，並使盈利能力變得艱難，直到我們進入一個更有利的利率市場。我們不需要現貨比合約高出 1 美元或類似價格的利率市場。但如果我們能夠更接近均衡，即現貨開始接近合約，那麼我們就可以開始賺錢了。

And we're really well positioned, we've got our costs in the right place. We feel like our costs are very much in line with our peers, and we're really set up to really take off, as soon as this market takes off. But we do need a little bit of that rate to come back.

而且我們的定位非常好，我們的成本在正確的地方。我們覺得我們的成本與同行非常一致，一旦這個市場起飛，我們真的準備好真正起飛。但我們確實需要一點點的速度才能回來。

One quick follow-up for Eric Person just on the divestments, you mentioned the one that happened after the quarter. Is there a way to size what's up for sale in terms of either buildings or other pieces of the real estate? And then I think even in the slides you mentioned there's maybe some cost reduction opportunities around that as well? I don't know if that's meaningful or not, but some commentary on that would be helpful.

Eric Person 就撤資進行了快速跟進，您提到了本季度後發生的事件。有沒有辦法根據建築物或房地產的其他部分來衡量待售物品的大小？然後我認為即使在你提到的幻燈片中也可能有一些降低成本的機會？我不知道這是否有意義，但對此的一些評論會有所幫助。

Yes. If you look at our corporate headquarters, which is in Chattanooga, Tennessee, we have our main building, and then we had an auxiliary building across the street meaningful, and that's what's on the market right now, and we anticipate being able to generate some cash to pay down debt during this year. And as -- if there's a transaction and it becomes -- once it gets executed, we'll be sure to give everyone an update on that and let everyone know what we did with the funds and what that did to the liquidity and our debt levels.

是的。如果你看看我們位於田納西州查塔努加的公司總部，我們有我們的主樓，然後我們在街對面有一座有意義的輔助建築，這就是目前市場上的建築，我們預計能夠產生一些現金以償還今年的債務。而且——如果有一筆交易，它變成了——一旦它被執行，我們一定會向每個人提供最新情況，讓每個人都知道我們用這些資金做了什麼，以及這對流動性和我們的債務做了什麼水平。

And is there an expense component of that? Or is it just more cash and liquidity?

那有費用嗎？或者只是更多的現金和流動性？

Yes, the expense report -- I mean, you see where interest rates are right now. So to the extent you have a meaningful property that you're selling and we're a net debt organization, there could be a couple of million dollars a year in annualized savings in -- and on the interest line item, then property and real estate taxes, you're no longer paying, utilities you're no longer paying. And so I'd say in the grand scheme, those are probably a smaller number than the overall interest expense, but it's still a number.

是的，費用報告——我的意思是，你看到現在的利率在哪裡。因此，如果您擁有要出售的有意義的財產並且我們是一個淨債務組織，那麼每年可能會節省幾百萬美元的年化費用 - 以及利息項目，然後是財產和不動產遺產稅，你不再支付，你不再支付水電費。所以我想說，在宏偉的計劃中，這些數字可能比整體利息支出要小，但它仍然是一個數字。

And the point is on the cost savings, that's our focus now. We're not trying to build an infrastructure that can help double the revenues of where we are now. We're looking at our current footprint and trying to be as efficient as possible. And as we do that, the mindset really changes of the organization, we'll be able to, I think, continue to identify waste. And it will just be a process, maybe not big numbers from quarter-to-quarter, but the point is with the mindset, there will be a number from quarter-to-quarter of cost savings.

重點是節省成本，這是我們現在的重點。我們並沒有試圖建立一個可以幫助我們現在的收入翻倍的基礎設施。我們正在研究我們目前的足跡，並努力盡可能提高效率。當我們這樣做時，組織的心態真的發生了變化，我認為我們將能夠繼續識別浪費。這只是一個過程，也許每個季度的數字都不會很大，但關鍵在於心態，每個季度都會節省一些成本。

There are no further questions at this time. I would now like to turn the call back to Mr. Eric Fuller.

目前沒有其他問題。我現在想把電話轉回給 Eric Fuller 先生。

Great. Really appreciate everybody attending the call. We're focused, and we believe we have the plan in place to get this thing turned around. We do admittedly need a little bit of the market to help us -- but we've got the right strategy, we've got the right team and we've got a plan in place that we are executing, and we see the results. And so we're really excited to share those over the next couple of quarters, as we start to see the market turn back positive.

偉大的。非常感謝所有參加電話會議的人。我們很專注，我們相信我們已經制定了扭轉局面的計劃。誠然，我們確實需要一點市場來幫助我們——但我們有正確的戰略，我們有合適的團隊，我們有一個正在執行的計劃，我們看到了結果.因此，隨著我們開始看到市場回升，我們很高興在接下來的幾個季度分享這些內容。

So appreciate it and we'll talk next quarter.

非常感謝，我們將在下個季度討論。

Ladies and gentlemen, thank you for participating. This concludes today's conference call. You may now disconnect.

女士們，先生們，感謝你們的參與。今天的電話會議到此結束。您現在可以斷開連接。