Werner Enterprises Inc (WERN) 2023 Q1 法說會逐字稿

Good afternoon, and welcome to the Werner Enterprises First Quarter 2023 Earnings Conference Call. (Operator Instructions) The speakers for today are Derek Leathers, Chairman, President and CEO; John Steele, retiring CFO; Chris Wikoff, recently appointed CFO; and Chris Neil, SVP of Pricing and Strategic Planning. (Operator Instructions) Please note, this event is being recorded. I would now like to turn the call over to Chris Neil. Please go ahead.

下午好，歡迎參加維爾納企業 2023 年第一季度收益電話會議。 （操作員說明）今天的演講者是董事長、總裁兼首席執行官 Derek Leathers；約翰·斯蒂爾 (John Steele)，即將退休的首席財務官； Chris Wikoff，最近被任命為首席財務官； Chris Neil，定價和戰略規劃高級副總裁。 （操作員說明）請注意，正在記錄此事件。我現在想把電話轉給克里斯·尼爾。請繼續。

Earlier today, we issued our earnings release with our first quarter results. The release and a supplemental presentation are available in the Investors section of our website at werner.com. Today's webcast is being recorded and will be available for replay later this evening.

今天早些時候，我們發布了第一季度業績的收益報告。該新聞稿和補充演示文稿可在我們網站 werner.com 的投資者部分獲取。今天的網絡廣播正在錄製中，將於今晚晚些時候重播。

Please see the disclosure statement on Slide 2 of the presentation as well as the disclaimers in our earnings release related to forward-looking statements. Today's remarks contain forward-looking statements that may involve risks, uncertainties and other factors that could cause actual results to differ materially.

請參閱演示文稿幻燈片 2 上的披露聲明以及我們的收益發布中與前瞻性聲明相關的免責聲明。今天的言論包含前瞻性陳述，可能涉及風險、不確定性和其他可能導致實際結果出現重大差異的因素。

The company reports results using non-GAAP measures, which we believe provides additional information for investors to help facilitate the comparison of past and present performance. A reconciliation to the most directly comparable GAAP measures is included in the tables attached to the earnings release and in the appendix of the slide presentation.

該公司使用非公認會計準則衡量標準報告業績，我們認為這為投資者提供了更多信息，有助於比較過去和現在的業績。與最直接可比的公認會計準則衡量標準的調節包含在收益發布所附的表格和幻燈片演示文稿的附錄中。

Now, I would like to turn the conference over to Derek.

現在，我想把會議交給德里克。

Thank you, Chris, and good afternoon. On our fourth quarter earnings call, we shared our expectation that freight conditions in the first half of 2023 would be challenging and competitive. We anticipated first quarter freight would be soft due to seasonality, inventory destocking and the impact of the Fed's monetary policies to control cost inflation. Freight in January was soft, but better than expected. As February progressed, freight began to moderate. And in March, it took a step down in contrast to the strengthening we typically see during the month.

謝謝你，克里斯，下午好。在第四季度財報電話會議上，我們預計 2023 年上半年的貨運狀況將充滿挑戰和競爭。我們預計，由於季節性、庫存去庫存以及美聯儲控製成本通脹的貨幣政策的影響，第一季度貨運將疲軟。一月貨運疲軟，但好於預期。隨著二月的進展，貨運開始放緩。 3月份，與我們通常在該月看到的走強形成鮮明對比的是，它有所下降。

Our primary focus entering first quarter was operational execution. We leaned into the strength of our dedicated fleet, which performed well through superior customer service and fleet efficiency resulting in solid financial results. As anticipated, the One-way Truckload and Logistics were challenged by overall market conditions with less freight available and increased price competition. This was in contrast to the first quarter a year ago, when we benefited from an unusually strong freight market with consistent project opportunities.

進入第一季度我們的主要關注點是運營執行。我們依靠專業車隊的優勢，通過卓越的客戶服務和車隊效率表現良好，從而實現了穩健的財務業績。正如預期的那樣，單程卡車裝載和物流受到整體市場狀況的挑戰，可用貨運量減少，價格競爭加劇。這與一年前第一季度形成鮮明對比，當時我們受益於異常強勁的貨運市場和持續的項目機會。

In addition, we faced broader industry issues, including higher insurance and claims, and supplies and maintenance. Higher driver and nondriver pay in a moderating freight and rate market also pressured first quarter earnings. Over the last several years, we've built a business model design to perform better in both good and less desirable freight markets. Our large and durable dedicated fleet in our diversified One-Way Truckload business and our growing and increasingly diversified Logistics segment provide us with a more resilient portfolio of complementary services and industry verticals.

此外，我們還面臨更廣泛的行業問題，包括更高的保險和索賠、供應和維護。在貨運和費率市場放緩的情況下，司機和非司機的工資上漲也給第一季度的盈利帶來壓力。在過去的幾年裡，我們建立了一種商業模式設計，以便在良好和不太理想的貨運市場中表現更好。我們多元化的單程卡車裝載業務以及不斷發展和日益多元化的物流部門擁有龐大而耐用的專用車隊，為我們提供了更具彈性的互補服務和垂直行業組合。

Over this period, we grew our dedicated One-Way business in a very difficult operating environment, which, along with contributions from recent acquisitions, contributed to 9% year-over-year revenue growth.

在此期間，我們在非常困難的運營環境中發展了專門的單向業務，加上最近收購的貢獻，貢獻了 9% 的同比收入增長。

I want to sincerely thank the 14,000-plus talented Werner team members for staying true to our core values and delivering on our unrelenting strategy to safely provide superior service to our customers.

我要真誠地感謝 14,000 多名才華橫溢的 Werner 團隊成員，他們忠於我們的核心價值觀，並堅持不懈地實施我們的戰略，安全地為我們的客戶提供優質服務。

Now let's move to Slide 3. I'm delighted to formally introduce and welcome our new CFO, Chris Wikoff. After an extensive search process over the last several months, we hired our top candidate. Chris joined Werner 2 weeks ago and has hit the ground running. Chris is the right CFO for Werner at this exciting time in our history. He's an accomplished and strategic financial leader with over 20 years of corporate finance and business transformation experience with large public and private companies in the technology and telecommunications industries.

現在讓我們轉到幻燈片 3。我很高興正式介紹並歡迎我們的新任首席財務官 Chris Wikoff。經過過去幾個月的廣泛搜索過程，我們聘請了我們的最佳候選人。克里斯於兩週前加入維爾納，並立即開始工作。在我們歷史上這個激動人心的時刻，克里斯是沃納的合適首席財務官。他是一位卓有成就的戰略財務領導者，在技術和電信行業的大型上市和私營公司擁有 20 多年的企業融資和業務轉型經驗。

Chris shares our company values and he brings to Werner our growth mindset and a deep skill set in technology, operational processes, treasury, capital markets, M&A and Investor Relations. We expect a smooth CFO transition as our retiring CFO, John Steele, Chris Neil, and our entire leadership team are working closely with Chris in his new role. Welcome aboard, Chris.

Chris 與我們公司有著相同的價值觀，他為 Werner 帶來了我們的成長心態以及技術、運營流程、財務、資本市場、併購和投資者關係方面的深厚技能。我們期望首席財務官能夠順利過渡，因為我們即將退休的首席財務官約翰·斯蒂爾 (John Steele)、克里斯·尼爾 (Chris Neil) 以及我們的整個領導團隊都在擔任新職務時與克里斯密切合作。歡迎加入，克里斯。

Thank you, Derek. Great to be here and to be part of the Werner team.

謝謝你，德里克。很高興來到這裡並成為維爾納團隊的一員。

Coming into the role, I was highly optimistic about the strengths of Werner, including deep management experience, significant reach and a scale of 1 of the largest truckload carriers in North America. Werner has a history of operational excellence, a strong balance sheet and steady growth and results such as a double-digit annual revenue and adjusted earnings growth over the last 3 years, combined with adjusted operating margin expansion that nearly doubled in the last 6 years.

在擔任這一職務時，我對維爾納的優勢非常樂觀，包括豐富的管理經驗、巨大的影響力以及北美最大的卡車運輸公司之一的規模。 Werner 擁有卓越運營的歷史、強勁的資產負債表和穩定的增長和成果，例如過去 3 年兩位數的年收入和調整後盈利增長，以及過去 6 年幾乎翻倍的調整後營業利潤率擴張。

In addition to these competitive strengths, Werner also has an outstanding and diverse culture. While that is a very compelling combination as an outsider, I have to say I'm even more excited now after being part of this great company for 2 weeks. Werner is well positioned for the future, and I look forward to building upon past success as a premier trucking and logistics business and partnering with Derek and the leadership team towards continued shareholder value.

除了這些競爭優勢之外，維爾納還擁有優秀且多元化的文化。雖然作為一個局外人來說這是一個非常引人注目的組合，但我不得不說，在加入這家偉大公司兩週後，我現在更加興奮。沃納 (Werner) 為未來做好了充分的準備，我期待在過去作為一流卡車運輸和物流企業的成功基礎上再接再厲，並與德里克 (Derek) 和領導團隊合作，實現持續的股東價值。

I also want to take the opportunity to thank John for all the work that he has done over his long and amazing tenure at Werner as CFO. It has been a very smooth transition so far, and that's a testament to the great organization that is in place. I'm enjoying working with John during this time, and I appreciate his commitment and partnership in the final mile of his legendary career.

我還想藉此機會感謝約翰在維爾納擔任首席財務官的漫長而令人驚嘆的任期內所做的所有工作。到目前為止，過渡非常順利，這證明了現有的出色組織。我很享受在這段時間與約翰一起工作，我感謝他在他傳奇職業生涯最後一英里的承諾和合作。

Over the past 2 weeks of assimilating into Werner I have been listening, learning and meeting with associates and leadership across the organization. I'm gaining greater understanding of the business operations, industry and clients as well as increasing familiarity with the financial performance, outlook of the business and opportunities in the markets and verticals where we compete.

在融入沃納的過去兩周里，我一直在傾聽、學習並與整個組織的同事和領導層會面。我對業務運營、行業和客戶有了更多的了解，並對財務業績、業務前景以及我們競爭的市場和垂直領域的機會越來越熟悉。

I look forward in the coming weeks and months to engage with many of you in the investor community, while further establishing a report and cadence with the Werner associates and business leaders.

我期待在未來幾周和幾個月內與投資者社區中的許多人進行接觸，同時進一步與沃納同事和商業領袖建立報告和節奏。

With that, I'll turn the presentation back to Derek to cover our first quarter financial highlights.

接下來，我將把演講轉回德里克，介紹我們第一季度的財務亮點。

Thanks. Let's move to Slide 5. In the first quarter, revenues increased 9%, adjusted EPS decreased 37% to $0.60. Adjusted TTS operating margin for the quarter was 10.7%. For the last 12 months, our adjusted TTS operating margin was 13.8%. Dedicated freight demand in the first quarter was solid and steady, in line with our expectations. Sequentially, our Dedicated fleet declined by 105 trucks. A few Dedicated customers adapted to lower demand this quarter by slightly reducing fleet size within the parameters of our contract terms, and implementation for a few expected new Dedicated fleets have been extended, which slowed our Dedicated fleet additions during the quarter.

謝謝。讓我們轉向幻燈片 5。第一季度，收入增長 9%，調整後每股收益下降 37%，至 0.60 美元。本季度調整後的 TTS 運營利潤率為 10.7%。過去 12 個月，我們調整後的 TTS 營業利潤率為 13.8%。第一季度專用貨運需求穩健，符合我們的預期。隨後，我們的專用車隊減少了 105 輛卡車。一些專用客戶在本季度通過在合同條款的參數範圍內略微減少機隊規模來適應較低的需求，並且一些預期的新專用機隊的實施已經延長，這減緩了我們在本季度的專用機隊的增加。

A year ago, freight was unusually strong for both One-Way Truckload and Logistics. At that time, we benefited from a strong pricing environment and numerous project freight opportunities that typically do not occur in the first quarter. This year in first quarter, freight trends were weak and pricing was more competitive. Despite spot freight rates that declined nearly 40% year-over-year, the diversification and minimal spot exposure of our One-Way Truckload fleet enabled us to limit the decline in revenue per mile to 3%, which is at the upper end of our guidance range. The experienced driver market showed signs of improvement in a historically low unemployment market, enabling us to be more selective as we hire and retain drivers.

一年前，單程卡車裝載和物流的貨運量異常強勁。當時，我們受益於強大的定價環境和眾多通常不會在第一季度出現的項目貨運機會。今年第一季度，貨運趨勢疲軟，定價更具競爭力。儘管現貨運費同比下降近 40%，但我們的單程卡車運輸車隊的多元化和最小的現貨敞口使我們能夠將每英里收入的下降限制在 3%，這處於我們的上限。指導範圍。在失業率處於歷史低位的市場中，經驗豐富的司機市場顯示出改善的跡象，這使我們在僱用和留住司機時能夠更加挑剔。

Next on Slide 7 is our revenue snapshot. We entered the quarter with 8,475 trucks, down 125 sequentially and up 250 year-over-year. Revenues were $833 million, with 71% in TTS and 27% in Logistics. Three quarters of our revenue base comes from retail and food and beverage with customers winning in their verticals. We intentionally focus on growing companies that ship recurring and repeatable consumer essential products, who have orders on on-time delivery requirements. We do not plan to grow our fleet in the second quarter. We plan to grow Dedicated in the second half of the year.

接下來第 7 張幻燈片是我們的收入快照。本季度我們擁有 8,475 輛卡車，比上一季度減少 125 輛，同比增加 250 輛。收入為 8.33 億美元，其中 71% 來自 TTS，27% 來自物流。我們四分之三的收入來自零售和食品飲料，客戶在其垂直領域獲勝。我們有意關注那些運輸經常性和可重複的消費必需品的成長型公司，這些公司有按時交貨要求的訂單。我們不打算在第二季度擴大我們的機隊。我們計劃在下半年擴大 Dedicated 業務。

Turning to Slide 8. Werner is 1 of the 4 largest Dedicated providers in the U.S. We serve customers with extremely high service and safety requirements, which are not easily replicated by our competition. Our typical Dedicated fleet consists of shorter-haul [freight] serving local and regional geographic markets. The superior consistency and reliability of our Dedicated on-time service product provides our customers with high predictability for their inventory to help them avoid out-of-stock surprises. Dedicated has steadily grown over the last 13-plus years with a customer annual retention rate of over 95%.

轉向幻燈片 8。Werner 是美國四大專業供應商之一。我們為客戶提供極高的服務和安全要求，而我們的競爭對手很難復制這些要求。我們典型的專用機隊由服務於當地和區域地理市場的短途[貨運]組成。我們的專用準時服務產品具有卓越的一致性和可靠性，為我們的客戶提供了庫存的高度可預測性，幫助他們避免缺貨意外。 Dedicated 在過去 13 年多的時間裡穩步增長，客戶年保留率超過 95%。

During this period, we added over 2,200 trucks growing our Dedicated share, total TTS trucks by 17 percentage points. Nearly 2/3 of Dedicated is retail and 2/3 of that business is with discount retailers. Discount retail performs better in recessionary economies when shoppers have less discretionary income to spend and as they look to trade down for value. Conversations with customers and consumer confidence numbers indicate we are seeing a more focused approach to discretionary spending.

在此期間，我們增加了 2,200 多輛卡車，使我們的專用份額（TTS 卡車總數）增長了 17 個百分點。近 2/3 的 Dedicated 業務是零售業務，其中 2/3 的業務來自折扣零售商。在經濟衰退時期，當購物者可支配收入減少並且他們希望以低價換取價值時，折扣零售業的表現會更好。與客戶的對話和消費者信心數據表明，我們正在看到一種更加集中的可自由支配支出方法。

Another 16% of Dedicated revenues are with food and beverage companies that ship consumer staples. Historically, this segment is more recession-proof than discretionary products. Because of the high service requirements and relatively consistent freight volumes, Dedicated revenue per truck has less variability. Revenue per truck has increased 8 of the last 9 years. During first quarter, Dedicated revenue per truck increased 4.6% year-over-year.

另外 16% 的專用收入來自運輸消費品的食品和飲料公司。從歷史上看，該細分市場比全權委託產品更能抵禦經濟衰退。由於服務要求高且貨運量相對穩定，每輛卡車的專用收入變化較小。過去 9 年中，每輛卡車的收入有 8 年增加。第一季度，每輛卡車專用收入同比增長 4.6%。

Turning to Slide 9 for an update on our growing logistics segment. With the acquisition of ReedTMS Logistics last November, our asset-light Logistics freight revenues grew in the first quarter by $40 million to $229 million and has a combined pro forma annual revenue run rate of nearly $1 billion. ReedTMS has expertise in the food and beverage verticals. The addition of this business in our Logistics segment expanded our diversity for temperature-controlled freight and aided in growing our refrigerated Truckload Logistics business from 7% of revenues in 2022 to 21% of revenues in Q1.

請參閱幻燈片 9，了解我們不斷發展的物流部門的最新情況。去年 11 月收購 ReedTMS Logistics 後，我們的輕資產物流貨運收入在第一季度增長了 4000 萬美元，達到 2.29 億美元，預計年收入總額接近 10 億美元。 ReedTMS 擁有食品和飲料垂直領域的專業知識。在我們的物流部門中增加這項業務擴大了我們溫控貨運的多樣性，並幫助我們的冷藏整車物流業務從 2022 年佔收入的 7% 增長到第一季度收入的 21%。

The integration of ReedTMS and Werner Brokerage is on track. We are making significant progress with systems integration, automation and procurement savings, and we remain on pace to meet our synergy and savings goals that we identified prior to making the acquisition. These synergies were offset in Q1 as early integration costs were absorbed.

ReedTMS 和 Werner Brokerage 的整合已步入正軌。我們在系統集成、自動化和採購節省方面取得了重大進展，並且我們將繼續努力實現我們在收購之​​前確定的協同和節省目標。由於早期整合成本被吸收，這些協同效應在第一季度被抵消。

Turning to Slide 10 for a deeper dive on our first quarter results. Total revenues grew 9%, driven by 4% growth in average trucks, slightly higher revenue per truck, an $8 million increase in fuel surcharges and Logistics revenue growth. As mentioned earlier, the soft freight market in first quarter was a significant headwind compared to an unusually strong market in the same period a year ago.

請參閱幻燈片 10，更深入地了解我們第一季度的業績。總收入增長 9%，主要得益於卡車平均增長 4%、每輛卡車收入略有增加、燃油附加費增加 800 萬美元以及物流收入增長。如前所述，與去年同期異常強勁的市場相比，第一季度貨運市場疲軟是一個重大阻力。

At this time, I'd like to turn the presentation over to John, who will discuss our segment results. John?

現在，我想將演示文稿交給約翰，他將討論我們的細分結果。約翰？

Thank you, Derek. On Slide 11 are the Truckload Transportation Services results. TTS revenues increased 5% and adjusted operating income decreased 31%. The TTS adjusted operating margin declined 570 basis points year-over-year due to increased operating expenses. Our adjusted operating expenses per mile net of fuel increased 7.2% and compared to our TTS rate per mile net of fuel, which increased 0.4%.

謝謝你，德里克。第 11 頁是卡車運輸服務結果。 TTS 收入增長 5%，調整後營業收入下降 31%。由於運營費用增加，TTS 調整後運營利潤率同比下降 570 個基點。我們調整後的每英里淨燃油運營費用增加了 7.2%，而每英里淨燃油 TTS 費率則增加了 0.4%。

Inflationary pressure is having a more pronounced impact on our margins. The largest operating expense increases within TTS were in driver pays, supplies and maintenance, and insurance and claims. Driver pay per mile increases continue to moderate and were up 6% for first quarter. Supplies and maintenance expense increased $11 million or 20%. This was caused by higher-than-expected over-the-road truck and trailer maintenance and increased tire costs. While these costs continue to be inflationary, we have actively taken steps to control our spend and we continue to see signs of cost moderation thus far in second quarter.

通脹壓力對我們的利潤產生更明顯的影響。 TTS 運營費用增幅最大的是司機工資、用品和維護以及保險和索賠。司機每英里薪酬增幅繼續放緩，第一季度增長了 6%。用品和維護費用增加了 1100 萬美元，即 20%。這是由於公路卡車和拖車維護費用高於預期以及輪胎成本增加造成的。儘管這些成本仍然會導致通貨膨脹，但我們已積極採取措施控制支出，並且迄今為止第二季度我們繼續看到成本放緩的跡象。

Insurance and claims expense increased $9 million or 33%. We continue to be encouraged by our recent quarterly low in both the number and frequency of claims and our 10-year record low last year for DOT preventable accidents. This is driven by our focus on safety, our highly trained and experienced drivers, combined with our investment in the industry's best technology and equipment. That said, we are seeing an elevated cost per claim. We are holding firm on our commitment to safety by continuing to reduce the frequency of claims and being laser-focused on claims resolution and claims cost.

保險和索賠費用增加了 900 萬美元，即 33%。我們繼續對近期索賠數量和頻率的季度低點以及去年 DOT 可預防事故的 10 年來新低感到鼓舞。這是由我們對安全的關注、訓練有素且經驗豐富的駕駛員以及我們對行業最佳技術和設備的投資推動的。也就是說，我們發現每次索賠的成本都在增加。我們堅定地履行對安全的承諾，繼續減少索賠頻率，並專注於索賠解決和索賠成本。

In first quarter, we sold significantly more tractors and trailers at a lower average gain per unit. Gains on sales of revenue equipment were $18 million, a decline of $2 million year-over-year. With the continued decline in spot rates, the shortfall between small carrier operating costs and spot freight rates has grown to over 15%. This is leading to carrier failures in greater numbers and will result in an opportunity to focus on yield improvement.

第一季度，我們以較低的單位平均收益銷售了更多的拖拉機和拖車。營收設備銷售收益為 1800 萬美元，同比下降 200 萬美元。隨著即期運價的持續下滑，小型承運商運營成本與即期運價之間的差距已經擴大到15%以上。這將導致更多的運營商倒閉，並帶來關注良率提高的機會。

Conversely, for the used truck and trailer market, we anticipate these trends will gradually lower used truck demand, pricing and equipment gains. We are committed to controlling costs and performing within our annual TTS operating margin range of 12% to 17%. We have implemented ongoing and specific company-wide cost savings initiatives. These initiatives include driver recruiting expense, savings from lower driver turnover and SG&A, as well as cost-saving opportunities for fuel efficiency, equipment maintenance and supplies.

相反，對於二手卡車和拖車市場，我們預計這些趨勢將逐漸降低二手卡車需求、定價和設備收益。我們致力於控製成本並將年度 TTS 營業利潤率控制在 12% 至 17% 的範圍內。我們在全公司範圍內實施了持續且具體的成本節約舉措。這些舉措包括駕駛員招募費用、駕駛員流動率降低和銷售、一般管理費用（SG&A）節省，以及燃油效率、設備維護和供應方面的成本節省機會。

Now let's move to first quarter TTS fleet metrics for Dedicated and One-Way Truckload on Slide 12. Dedicated revenues net of fuel increased 9%, average trucks increased 4%, revenue per truck increased 5%. One-way Truckload revenues net of fuel declined 2% due to 3% lower rates in a much softer freight market. Average trucks grew 4% due to the Baylor acquisition and miles per truck declined 3%.

現在，我們來看幻燈片 12 上專用和單程卡車負載的第一季度 TTS 車隊指標。扣除燃油後的專用收入增長了 9%，平均卡車增長了 4%，每輛卡車的收入增長了 5%。由於貨運市場疲軟，費率下降了 3%，單程卡車裝載淨燃油收入下降了 2%。由於貝勒收購，平均卡車增長了 4%，每輛卡車的行駛里程下降了 3%。

Moving to Werner Logistics on Slide 13. In first quarter, Logistics revenues grew 21% as growth from the November ReedTMS acquisition offset lower brokerage pricing and intermodal revenues. Truckload Logistics revenues increased 41%, driven by an increase in shipments due to the ReedTMS acquisition and growth in our organic volumes, partially offset by a decline in revenue per shipment. Despite a weak freight market in first quarter 2023 compared to the strong market in first quarter 2022, both our Werner and ReedTMS Truckload Logistics units grew shipment volume year-over-year.

轉到幻燈片 13 上的 Werner Logistics。第一季度，物流收入增長了 21%，因為 11 月份收購 ReedTMS 帶來的增長抵消了經紀定價和聯運收入的下降。由於收購 ReedTMS 導致發貨量增加以及我們有機銷量的增長，卡車物流收入增長了 41%，但部分被每批發貨收入的下降所抵消。儘管與 2022 年第一季度的強勁市場相比，2023 年第一季度貨運市場疲軟，但我們的 Werner 和 ReedTMS 卡車物流部門的貨運量均同比增長。

Intermodal revenues declined 33% due primarily to a decline in shipments. Final Mile revenues increased 12%. First quarter shipments and revenue per shipment were negatively impacted by a more challenging macro for the sale of discretionary products. In total, Logistics achieved adjusted operating income of $6.4 million with a 2.8% adjusted operating margin, down $2.8 million year-over-year.

多式聯運收入下降 33%，主要是由於發貨量下降。最後一英里收入增長了 12%。第一季度的出貨量和每次出貨量的收入受到了非必需品銷售更具挑戰性的宏觀環境的負面影響。總體而言，物流實現調整後營業收入 640 萬美元，調整後營業利潤率為 2.8%，同比下降 280 萬美元。

Moving to Slide 14. We ended first quarter in a strong financial position following the closing of our new syndicated credit facility last December. We are well positioned with over $500 million of liquidity and a low net debt-to-EBITDA ratio of 0.9x. The 6 large commercial banks in our syndicated credit facility all have strong Tier 1 capital ratios and healthy loan-to-deposit ratios.

轉向幻燈片 14。繼去年 12 月新的銀團信貸安排結束後，我們第一季度末的財務狀況強勁。我們處於有利地位，擁有超過 5 億美元的流動性，淨債務與 EBITDA 比率較低，僅為 0.9 倍。我們銀團信貸機構中的 6 家大型商業銀行均擁有強勁的一級資本比率和健康的貸存比率。

On Slide 15 is a summary of our cash flow from operations, net capital expenditures and free cash flow over the past 5 years. Expanded operating margins and less variable net CapEx resulted in ongoing robust free cash flow generation. And in first quarter, we generated $167 million of cash flow from operations and $64 million of free cash flow.

第 15 張幻燈片總結了我們過去 5 年的運營現金流、淨資本支出和自由現金流。營業利潤率的擴大和可變淨資本支出的減少導致持續強勁的自由現金流產生。第一季度，我們產生了 1.67 億美元的運營現金流和 6400 萬美元的自由現金流。

Turning to Slide 16 and our capital allocation framework. Our first capital priority continues to be reinvesting in our truck and trailer fleet and enhanced technology. New truck deliveries from our OEMs are improving, which helps lower our average truck age. Reducing our average age back to 2 years is a priority as it reduces our trucks out of warranty and related expense, improves our on-time service and strengthens driver recruiting and retention.

轉向幻燈片 16 和我們的資本配置框架。我們的首要資本優先事項仍然是對我們的卡車和拖車車隊以及增強技術進行再投資。我們的原始設備製造商的新卡車交付量正在改善，這有助於降低我們的平均卡車車齡。將我們的平均車齡降低至 2 年是我們的首要任務，因為它可以減少我們的卡車過保修期和相關費用，提高我們的準時服務，並加強司機的招募和保留。

With our fourth quarter acquisitions of Baylor Trucking and ReedTMS Logistics, we are currently focused on integration and capturing revenue and cost synergies, but remain open for business for the right acquisition opportunity that fits within our strategic, financial and cultural criteria. We will take a balanced capital allocation strategy by maintaining low leverage, returning value to our shareholders and providing financial flexibility to invest in growth and initiatives to expand our operating margin.

隨著第四季度對 Baylor Trucking 和 ReedTMS Logistics 的收購，我們目前專注於整合併獲取收入和成本協同效應，但仍對符合我們戰略、財務和文化標準的合適收購機會保持開放態度。我們將採取平衡的資本配置策略，保持低杠桿率，為股東回報價值，並提供財務靈活性以投資於增長和擴大營業利潤率的舉措。

Next, on Slide 17, we continue to execute our Drive strategy as we are building on our durable, resilient and balanced revenue portfolio. We are committed to a relentless focus on exceptional on-time service that drives long-term value for all stakeholders. Werner is a leader in the logistics industry, focusing on innovation and technology, investing in our associates and progressing on our sustainability journey.

接下來，在幻燈片 17 上，我們繼續執行我們的 Drive 戰略，因為我們正在建立持久、有彈性和平衡的收入組合。我們致力於不懈地關注卓越的準時服務，為所有利益相關者帶來長期價值。 Werner 是物流行業的領導者，專注於創新和技術，投資於我們的員工並在我們的可持續發展之旅上取得進展。

Here are a few updates. We've deployed our new Werner EDGE TMS in Truckload Logistics with more of our Logistics business units currently in development, and we are fine-tuning the platform to leverage real-time insights that drive operational improvements. We have also continued to invest in our new tech stack by deploying and integrating back-office CRM and API platforms that improve operations and enhance the customer experience. As evidence of our commitment to safety, in first quarter, we achieved record low accident frequency in addition to the 10-year low accident frequency rate we achieved last year. And we also accomplished a record low work injury rate in first quarter with 30% improvement year-over-year.

以下是一些更新。我們已經在卡車物流中部署了新的 Werner EDGE TMS，目前我們的更多物流業務部門正在開發中，並且我們正在對該平台進行微調，以利用實時洞察來推動運營改進。我們還通過部署和集成後台 CRM 和 API 平台，繼續投資於新技術堆棧，以改善運營並增強客戶體驗。作為我們對安全承諾的證明，除了去年實現了十年來的低事故頻率之外，今年第一季度，我們還實現了創紀錄的低事故頻率。一季度工傷率創歷史新低，同比下降30%。

We invested in our associates by establishing the inaugural cohort of PACE, our rotational development leadership program. As we work to be good stewards of our environment, auxiliary power units were installed on half of the new tractors placed in service during first quarter, reducing truck engine idle fuel consumption. As we search for new technologies, we received our first 15-liter renewable natural gas truck in April in connection with our partnership with Cummins. And this week, we began transporting freight with 2 battery electric vehicles in the Southern California market.

我們通過建立首屆 PACE（我們的輪換發展領導力計劃）來投資我們的員工。在我們努力成為環境的好管家的過程中，第一季度投入使用的一半新拖拉機安裝了輔助動力裝置，減少了卡車發動機怠速燃油消耗。在我們尋求新技術的過程中，我們與康明斯合作，於 4 月份收到了第一輛 15 升可再生天然氣卡車。本週，我們開始使用 2 輛電動汽車在南加州市場運輸貨物。

That concludes my remarks. I will now turn it back over to Derek.

我的發言到此結束。我現在將把它轉回給德里克。

Thank you, John. Next on Slide 18 is a review of our first quarter performance compared to our guidance and our updated guidance metrics. During first quarter, our truck fleet declined 1% as we adapted our fleet size to adjust to freight market conditions. As a result, we lowered our truck growth guidance for the year to negative 2% to 1%.

謝謝你，約翰。接下來的幻燈片 18 是對我們第一季度業績的回顧，與我們的指導和更新的指導指標進行比較。第一季度，我們調整車隊規模以適應貨運市場狀況，因此我們的卡車車隊下降了 1%。因此，我們將今年卡車增長指引下調至負 2% 至 1%。

We are maintaining our net CapEx guidance for the year at $350 million to $400 million. Dedicated revenue per truck increased 4.6% in the first quarter, slightly ahead of our full year guidance range that we are retaining. One-Way Truckload revenue per total mile for the first quarter decreased 3.2% at the upper end of our first half guidance range. Our guidance range for the first half remains down 3% to down 6%.

我們將今年的淨資本支出指導維持在 3.5 億至 4 億美元。第一季度每輛卡車的專用收入增長了 4.6%，略高於我們保留的全年指導範圍。第一季度每總英里單程卡車裝載收入下降 3.2%，處於我們上半年指導範圍的上限。我們上半年的指導範圍仍為下降 3% 至 6%。

Our tax rate in first quarter was 24.3%, in line with our guidance range for the full year. The average age of our truck and trailer fleet in first quarter was 2.2 and 5.1, respectively.

我們第一季度的稅率為 24.3%，符合我們全年的指導範圍。第一季度我們的卡車和拖車車隊的平均車齡分別為 2.2 和 5.1。

Now let's move to Slide 19 and discuss our updated market outlook for 2023 and our modeling assumptions. The freight market and spot rates in One-Way Truckload and Logistics did not experience typical seasonal improvement in March and in fact, declined. Freight demand in April remained challenging and consistent with March. The March freight low occurred concurrent with the timing of the banking system failures, which has resulted in tighter lending standards.

現在讓我們轉到幻燈片 19，討論我們更新的 2023 年市場前景和我們的建模假設。 3 月份，單程卡車裝載和物流的貨運市場和即期運價並未出現典型的季節性改善，事實上還出現了下降。 4 月份的貨運需求仍然充滿挑戰，與 3 月份的情況一致。 3月份運費低點與銀行系統故障同時發生，導致貸款標準收緊。

On last quarter's earnings call, we expected that 2023 would have a relatively muted economic backdrop. At that time, we forecasted a better second half of the year with inventory replenishment resuming, trucking capacity exiting and a more normal peak shipping season in fourth quarter. Our outlook has not changed, but improvement may be delayed a few months due the uncertainty caused by the recent banking failures.

在上季度的財報電話會議上，我們預計 2023 年的經濟背景將相對溫和。當時，我們預測下半年情況會更好，庫存補充將恢復，卡車運輸能力將退出，第四季度運輸旺季將更加正常。我們的前景沒有改變，但由於最近銀行倒閉帶來的不確定性，改善可能會推遲幾個月。

We continue to expect freight and One-Way Truckload and Logistics will remain challenging and second and potentially third quarter as retail inventory destocking runs its course, and the Fed completes monetary tightening. We expect spot freight rates will bottom in the second quarter and then begin to improve in the second half. Smaller carriers that rely on the spot market are facing tremendous financial challenges. Given the shortfall between revenues and costs and tighter bank lending standards with much higher interest rates, trucking company failures are increasing.

我們繼續預計，隨著零售庫存去庫存的進行以及美聯儲完成貨幣緊縮，第二季度和第三季度貨運和單程卡車裝載和物流仍將面臨挑戰。我們預計即期運價將在第二季度觸底，然後在下半年開始改善。依賴現貨市場的小型承運人正面臨著巨大的財務挑戰。鑑於收入與成本之間的差距以及銀行貸款標準收緊和利率大幅提高，貨運公司的倒閉正在增加。

FMCSA data backs this up. Starting last September for 31 consecutive weeks, interstate truck deactivations exceeded truck activations with net deactivations of over 80,000 trucks over the 7-month period. By fourth quarter, we expect the freight market will begin to show improvement for the holiday shipping season. This is driven more by inventory and capacity trends than confidence in a macroeconomic acceleration.

FMCSA 數據支持了這一點。從去年 9 月開始，州際卡車停用量連續 31 週超過卡車啟用量，7 個月內淨停用卡車超過 80,000 輛。到第四季度，我們預計假日航運季貨運市場將開始出現改善。這更多是由庫存和產能趨勢驅動的，而不是對宏觀經濟加速的信心。

For the used truck market, we expect gradually declining demand in a difficult freight and financing market, which should moderate pricing and equipment gains as the year progresses. We continue to expect that our equipment gains for the full year will be in the range of $30 million to $50 million. Due to higher interest rates and a higher debt level, we continue to expect net interest expense this year will be $20 million higher than last year.

對於二手卡車市場，我們預計在困難的貨運和融資市場中需求將逐漸下降，這將隨著今年的進展而緩和定價和設備收益。我們仍然預計全年的設備收益將在 3000 萬至 5000 萬美元之間。由於較高的利率和較高的債務水平，我們仍然預計今年的淨利息支出將比去年高出 2000 萬美元。

We anticipate that OEM truck and trailer production will continue to show improvement the rest of this year. This should enable us to gradually decrease the age of our truck fleet, which in turn will help with maintenance expenses, on-time service and driver retention. We have a powerful business model with a large and durable dedicated fleet, a diversified One-Way Truckload fleet and a growing Logistics segment. As nearshoring expands, we have the largest Mexico cross-border franchise in truckload and deep experience operating in this complex market.

我們預計 OEM 卡車和拖車產量將在今年剩餘時間內繼續呈現改善。這將使我們能夠逐步降低卡車車隊的車齡，從而有助於減少維護費用、準時服務和保留司機。我們擁有強大的商業模式，擁有龐大而耐用的專用車隊、多元化的單程卡車車隊和不斷增長的物流部門。隨著近岸外包的擴張，我們擁有墨西哥最大的卡車跨境特許經營權以及在這個複雜市場中運營的豐富經驗。

We are building a Warner-branded premier Final Mile solution to service a rapidly growing customer need for high service home delivery. We continue to prioritize and invest in our Cloud First, Cloud Now technology strategy through Werner EDGE. We are streamlining operations and are enhancing the experience of our stakeholders. Three quarters of our freight base is aligned with winning retail food and beverage customers with a focus on transporting necessity-based goods. And most importantly, we are continuously improving our superior safety record and award-winning service.

我們正在構建華納品牌的頂級“最後一英里”解決方案，以滿足快速增長的客戶對高服務送貨上門的需求。我們繼續通過 Werner EDGE 優先考慮並投資我們的雲優先、雲現在技術戰略。我們正在簡化運營並增強利益相關者的體驗。我們四分之三的貨運基地與贏得的零售食品和飲料客戶保持一致，重點是運輸必需品。最重要的是，我們不斷提高卓越的安全記錄和屢獲殊榮的服務。

Now I would like to turn the call over to our operator to begin the Q&A.

現在我想將電話轉給我們的接線員以開始問答。

(Operator Instructions) And the first question will be from Jack Atkins from Stephens.

（操作員說明）第一個問題將由來自 Stephens 的 Jack Atkins 提出。

Okay. Great. Chris, welcome to Werner. And John, congratulations on your retirement. Legendary was a great way to put it. So enjoy your retirement. So I guess, Derek, if we could maybe start with what you're seeing right now? I mean it feels like April was sort of a tale of 2 halves, very challenging first half. Easter was in the first half of April. And then things maybe picked up a bit in the second half of the month. Are you seeing anything in your business in the last couple of weeks that would make you a little bit more encouraged about whether it's the spring peak or maybe just capacity rationalizing somewhat?

好的。偉大的。克里斯，歡迎來到維爾納。約翰，祝賀你退休。傳奇是一個很好的表達方式。所以享受你的退休生活吧。所以我想，德里克，我們是否可以從你現在看到的開始？我的意思是，感覺四月就像是一個分為兩個半期的故事，上半期非常具有挑戰性。復活節是在四月上半月。然後事情可能會在下半個月有所好轉。在過去的幾周里，您是否在您的業務中看到了任何讓您感到更加鼓舞的事情，無論是春季高峰還是只是產能合理化？

Yes, Jack, thanks for the question. I might stop a little short of the tale of 2 halves approach, but I would say this. We have definitely seen as -- we had a delayed spring, especially relative to [produce] and other products that were impacted by weather that as -- that starts to work its way through, that does draw capacity both from the obvious refrigerated market, but capacity in general, but then find its way into that market. And I think that explains part of it.

是的，傑克，謝謝你的提問。我可能會在兩半的故事接近時停下來，但我會這麼說。我們確實看到了——我們的春季推遲了，特別是相對於[農產品]和其他受天氣影響的產品而言——這開始發揮作用，這確實從明顯的冷藏市場吸引了產能，但產能一般，但隨後又找到了進入該市場的途徑。我認為這解釋了部分原因。

We know that our customers are getting further through their inventory destocking and starting to think and prepare differently. We also know as it warms with 15% of our business in food and beverage that has positive impacts on the freight flows in that part of our market as well. So yes, we are encouraged by some of what we've seen in the last couple of weeks of April. But I certainly don't want to be too optimistic at this point. I'd rather cautiously continue to observe it and see if we can continue to see this trend develop.

我們知道，我們的客戶在庫存去庫存方面取得了進一步進展，並開始以不同的方式思考和準備。我們還知道，隨著我們 15% 的食品和飲料業務的升溫，這也會對我們該市場部分的貨運量產生積極影響。所以，是的，我們對四月最後幾週所看到的一些情況感到鼓舞。但我現在當然不想太樂觀。我寧願繼續謹慎地觀察，看看我們是否能繼續看到這種趨勢的發展。

Okay. No. Understood. I know we have a lot of wood to chop here, both from a macro perspective and from a supply-demand perspective, but I appreciate that. And then I guess maybe for my follow-up question, John reiterated that the longer-term TTS margin range of 12% to 17%, I believe, is the range. On last quarter, you guys said you expect to be able to stay within that range this year, even despite the market challenges. We were -- I know it's 1 quarter, but it's a seasonally soft quarter, we were below that in the first quarter. How are you thinking about what you need to do to be able to make sure you can stay within that range this year? I'm sure the entire organization is focused on that. But are there cost out opportunities, efficiency opportunities? Like what needs to happen to make sure you can stay in the bottom end of that range.

好的。不，明白了。我知道，無論是從宏觀角度還是從供需角度來看，我們都有很多事情要做，但我對此表示讚賞。然後我想也許對於我的後續問題，約翰重申了我認為 12% 到 17% 的長期 TTS 利潤範圍就是這個範圍。上個季度，你們表示，儘管面臨市場挑戰，但預計今年仍能保持在這一範圍內。我知道這是第一季度，但這是一個季節性疲軟的季度，我們第一季度的業績低於這一水平。您如何考慮需要做什麼才能確保今年能夠保持在這個範圍內？我確信整個組織都在關注這一點。但是否存在降低成本的機會、提高效率的機會呢？就像需要發生什麼才能確保您能夠保持在該範圍的底部。

Yes, Jack, I mean, you summed it up pretty well. I mean we are laser-focused right now on the cost side of the equation. I would say the passion for taking cost out of the business right now is as heightened as it's been in a long time, we are not celebrating Q1 results. We certainly know that we've got work to do ahead of us. But we've maintained the guidance because of the confidence that we have as we look forward and think about what happened within supplies and maintenance. Some of the integration costs that we know were just a reality during the first 90 days of digesting 2 acquisitions that took place kind of in middle of Q4. The work -- the ongoing success we're having on the insurance and claims as it relates to both frequency, severity and work comp as well, that it's -- there's -- that's the toughest one to ever predict, because it always takes just 1 bad outcome for that to move differently.

是的，傑克，我的意思是，你總結得很好。我的意思是，我們現在的重點是成本方面。我想說的是，現在降低業務成本的熱情與長期以來一樣高漲，我們並不慶祝第一季度的業績。我們當然知道我們還有很多工作要做。但我們維持了這一指導，因為我們對未來和思考供應和維護方面發生的事情充滿信心。我們所知道的一些整合成本只是在消化第四季度中期發生的兩次收購的前 90 天內的現實。這項工作——我們在保險和索賠方面取得的持續成功，因為它與頻率、嚴重程度和工作補償有關，這是最難預測的，因為它總是需要1 改變方向會帶來不好的結果。

But over time, the thing that we can most control in that line is simply being safer. And we continuously are setting new 10-year -- 11-year, now 11-year record in Q1, and we're going to continue to drive lower. I would say I'm also encouraged because the work we're doing within One-Way, to further engineer that network, has started to reap benefits as it relates to production. And then if you can't get rate, the next best thing is to make sure we're actively utilizing our assets and doing the best possible job we can to keep them busy. That has certainly been encouraging.

但隨著時間的推移，我們在這條線上最能控制的就是變得更安全。我們在第一季度不斷創下 10 年、11 年、現在 11 年的新紀錄，並且我們將繼續走低。我想說，我也受到了鼓舞，因為我們在 One-Way 中所做的工作，即進一步設計該網絡，已經開始在與生產相關的過程中獲得收益。然後，如果您無法獲得費率，那麼下一個最好的事情就是確保我們積極利用我們的資產並儘最大努力讓他們保持忙碌。這無疑令人鼓舞。

And we've seen some encouraging signs on the turnover front as I think the overall backdrop -- economic backdrop becomes more and more real, it allows us to continue to present a compelling story to our drivers as to why Werner is a great place to work. So you put all that together and you add the large caveat, which is there is a lot of work to be done to make sure that we deliver on that long-term guidance range relative to 12% to 17%. But at this point, we feel that, that is still something that we can deliver on.

我們在營業額方面看到了一些令人鼓舞的跡象，因為我認為總體背景 - 經濟背景變得越來越真實，它使我們能夠繼續向我們的司機講述一個引人入勝的故事，說明為什麼維爾納是一個偉大的地方工作。因此，您將所有這些放在一起，並添加一個重要的警告，即需要做大量工作來確保我們實現相對於 12% 至 17% 的長期指導範圍。但在這一點上，我們認為，這仍然是我們可以實現的。

And the next question will come from Scott Group from Wolfe Research.

下一個問題將來自沃爾夫研究公司的斯科特小組。

Best of luck John, and congrats, Chris. So we've talked about the resiliency of dedicated margins through the cycle. But if I look this quarter, I get -- it's just 1 quarter, but dedicated 60% of the revenue and overall margins were down 570 basis points. Maybe it would be helpful. Can you just give some directional color on how One-Way and Dedicated margins performed in the quarter? I just want to understand where we're seeing the margin pressure.

祝你好運，約翰，恭喜克里斯。因此，我們已經討論了整個週期中專用利潤的彈性。但如果我看看這個季度，我會發現——這只是 1 個季度，但 60% 的收入和整體利潤率卻下降了 570 個基點。也許會有幫助。您能否就單向利潤和專用利潤在本季度的表現給出一些方向性的說明？我只是想了解我們在哪裡看到了利潤壓力。

Yes, Scott. Great question. So Dedicated -- let me start with this. Our premise on Dedicated remains intact. We do believe it will continue to perform well through the cycle in both good and softer freight markets. It performed largely as expected in Q1. But if you think about a couple of the caveats that we held out there are some of the largest headwinds both supplies and maintenance as well as insurance and claims, those are impacts to both Dedicated and One-Way. And so we did have outsized costs that we've got our arms around, and we've made progress on already and have seen the impact of some of the progress specifically on the supplies and maintenance line.

是的，斯科特。很好的問題。如此專注——讓我從這個開始。我們對 Dedicated 的前提保持不變。我們確實相信，無論是在貨運市場良好還是疲軟的情況下，它將在整個週期中繼續表現良好。第一季度的表現基本符合預期。但如果你考慮一下我們提出的一些警告，就會發現供應和維護以及保險和索賠方面存在一些最大的阻力，這些對專用和單向都會產生影響。因此，我們確實面臨著巨大的成本，我們已經在這方面取得了進展，並且已經看到了一些進展的影響，特別是在供應和維護方面。

On the revenue per truck per week, it did exactly what we thought it would do. It continued to find increased efficiencies and increase the opportunity to improve that metric. It was a cost issue, clearly. As far as where the OR in TTS, the degradation obviously, was much more severe in One-Way than it was in Dedicated. Obviously, we've got to put the lion's share of our focus there to make sure that we get that turned around, and that is where our focus is at this time.

就每輛卡車每週的收入而言，它的表現完全符合我們的預期。它繼續尋求提高效率並增加改進該指標的機會。顯然，這是一個成本問題。就 TTS 中的 OR 而言，單向中的降級顯然比專用中嚴重得多。顯然，我們必須把大部分的注意力集中在那裡，以確保我們能夠扭轉局面，這就是我們目前的重點所在。

And then lastly, I'll just say again, I'm not trying to point the quarter toward this issue, but there was clearly no ability to -- although synergies are being realized on the acquisitions, they're being offset by the integration costs that take place predominantly early on, as we had to quickly mobilize and work toward getting fleet standards to where we wanted to see them, getting that equipment maintained and upgraded where appropriate. And then some significant work on the system side to make sure we secure those networks and made sure that we did not have any vulnerabilities post integration.

最後，我要再說一遍，我並不是想在這個季度指出這個問題，但顯然沒有能力——儘管收購正在實現協同效應，但它們正在被整合所抵消成本主要發生在早期，因為我們必須快速動員並努力使車隊標準達到我們想要的水平，並在適當的情況下維護和升級設備。然後在系統方面進行一些重要的工作，以確保我們保護這些網絡，並確保我們在集成後不存在任何漏洞。

So some of that stuff is behind us, as we look forward, and we have kind of a cleaner quarter to work with. We're encouraged by what we see so far, but it's still tough out there. Make no mistake. We know that, we recognize that from an overall market perspective, and we're going to adapt accordingly.

因此，正如我們所期待的那樣，其中一些事情已經過去了，我們有一個更清潔的季度可以合作。到目前為止，我們所看到的情況令我們感到鼓舞，但情況仍然很艱難。不犯錯誤。我們知道，從整體市場的角度來看，我們認識到這一點，並且我們將做出相應的調整。

So maybe to that point, Derek, any way to just think about how much sequential margin or earnings improvement you'd expect trucking in the second quarter? And then the cost opportunity you talked about, is there any way to just put numbers around how much cost you potentially could take out?

因此，德里克，也許到了這一點，有什麼方法可以考慮一下您預計第二季度卡車運輸業的連續利潤率或盈利改善程度嗎？然後你談到的成本機會，有沒有什麼方法可以用數字來表示你可能會花費多少成本？

Yes. So I'll start with the first question. I mean if you look historically over a multi-year period, Werner's earnings from Q1 to Q2 normally go up somewhere in the neighborhood of, call it, 25% to 30%. We do not believe that is the case this quarter given the economic backdrop that we're faced with right now. So that's not something that we think is in the cards. We don't give quarterly guidance, as you know, but I do want to frame up very clearly, the 30% improvement in Q2 is not the way we are thinking about that. We have made headwinds, as I've indicated already, on supplies and maintenance and feel very good that some of the moves we took in the first quarter, although they increased cost in that quarter, they set up for a better Q2, 3 and 4.

是的。那麼我將從第一個問題開始。我的意思是，如果你從多年的歷史來看，維爾納從第一季度到第二季度的收入通常會上漲 25% 到 30% 左右。考慮到我們目前面臨的經濟背景，我們認為本季度的情況並非如此。所以我們認為這不會發生。如您所知，我們不提供季度指導，但我確實想非常清楚地說明，第二季度 30% 的改進並不是我們考慮的方式。正如我已經指出的那樣，我們在供應和維護方面遇到了阻力，並且對我們在第一季度採取的一些舉措感覺非常好，儘管它們增加了該季度的成本，但它們為更好的第二季度、第三季度和4.

The insurance and claims line. Again, I will reiterate what we can do is continue to be safer and safer and safer. And at some point, we need to see some of this prior period stuff kind of work itself through and hopefully put us behind us, but that's clearly the most volatile and least predictable line in the entire P&L. And so I just want to be cautious about trying to give anything too specific there.

保險和理賠專線。我再次重申，我們能做的就是繼續變得更加安全、更加安全、更加安全。在某些時候，我們需要看到一些前期工作本身完成並希望將我們拋在身後，但這顯然是整個損益表中最不穩定和最不可預測的線。所以我只是想謹慎嘗試在那裡給出任何過於具體的內容。

The market itself has shown a couple of weeks, and so I want to be careful with how much credence we put on that a couple of weeks of stabilizing and it appears as though spot rates have found the bottom, but they're still going to be off significantly year-over-year and down sequentially both. So if that's true, and we start to see any lift from here, that certainly is a positive.

市場本身已經表現出幾週的穩定，因此我想謹慎對待我們對幾週穩定的信心有多大，即期匯率似乎已經觸底，但它們仍將繼續下跌。同比大幅下降，並且連續下降。因此，如果這是真的，並且我們開始看到從這裡開始的任何提升，那當然是積極的。

On the overall cost savings initiatives, I mean, we've up till now kind of shied away from talking about specific numbers, but I think we owe it to you and the investor community to say, we've identified at this point and started implementation and have already started to see some of these come through cost savings in the neighborhood of about $34 million. Those are annualized numbers. And obviously, some of those have not yet started, so you only get partial year impacts, et cetera. We're going to continue to dig and we think there's more that we can find. But as we sit here, it's already May, many of those are just being implemented as we speak. But we're going to stay aggressive in that category.

關於總體成本節約舉措，我的意思是，到目前為止，我們一直迴避談論具體數字，但我認為我們應該對你們和投資者群體說，我們現在已經確定並開始並已開始看到其中一些通過節省約 3,400 萬美元的成本而實現。這些是年化數字。顯然，其中一些尚未開始，因此您只能獲得部分年份的影響，等等。我們將繼續挖掘，我們認為我們還能找到更多東西。但當我們坐在這裡時，已經是五月了，在我們發言時，其中許多措施剛剛實施。但我們將在該類別中保持積極性。

And the next question is from Tom Wadewitz from UBS.

下一個問題來自瑞銀集團 (UBS) 的湯姆·瓦德維茨 (Tom Wadewitz)。

This is Mike Triano on for Tom. So -- so you maintain that down 3% -- down 6% for revenue per mile and One-Way for the first half after posting down 3.2% in 1Q. That implies a pretty wide range for pricing in 2Q, could be anywhere between down 3% to down 9%. So just wondering what you're assuming would drive the lower and the higher end of the guide for revenue per mile?

我是湯姆·邁克·特里亞諾 (Mike Triano)。因此，在第一季度下降 3.2% 後，上半年每英里收入和單向收入下降 3%，下降 6%。這意味著第二季度的定價範圍相當廣泛，可能下降 3% 到下降 9% 之間。那麼，只是想知道您認為什麼會推動指南中每英里收入的低端和高端？

Mike, this is Chris Neil. So yes, you're right on the One-Way Trucking rate per total mile decline, we were at 3.2%. That was at the higher end of our guidance, down 3.2%, right? And it is definitely choppy waters out there. We've built the One-Way portfolio with winning customers and volumes really held in there pretty good in January and February. And as mentioned, by us and others, I think, there was some weakness in March -- second half of March and then a little bit in the first half of April, and now we've seen a little improvement.

邁克，這是克里斯·尼爾。所以，是的，您對每總英里下降的單向卡車運輸率的看法是正確的，我們是 3.2%。那是我們指導的上限，下降了 3.2%，對吧？那裡的水域絕對波濤洶湧。我們已經建立了單向投資組合，贏得了客戶，並且一月和二月的銷量確實相當不錯。正如我們和其他人所提到的，我認為三月份有一些疲軟——三月下半月，然後是四月上半月，現在我們看到了一些改善。

In terms of what we're thinking, I mean, we've got some bid rates that are going to be implemented, and we've had some rate renewals that have been negative. Most of those will be -- some of those are in place now, but more of them will be in the second quarter. We expect about 30% of our rates -- I'm talking One-Way trucking specifically to be effective in Q2, a little more than 30%, a little less than 30% were in Q1. In Q3, we have about 23% exposure and then the rest in Q4.

就我們的想法而言，我的意思是，我們有一些將要實施的出價利率，並且我們已經有一些負利率更新。其中大部分將會——其中一些現在已經到位，但更多的將在第二季度到位。我們預計我們的費率約為 30%——我指的是單向貨運，特別是在第二季度有效，在第一季度略高於 30%，略低於 30%。在第三季度，我們有大約 23% 的敞口，然後在第四季度剩下的部分。

So as those negative rate renewals are implemented and effective, we'll see some increased pressure on the One-Way trucking metric. There's -- we've also had to increase spot exposure a little bit as we've maintained disciplined with our pricing. So I think as you look at most likely, we would expect that our One-Way trucking rate per total mile would decline sequentially, mainly because of those negative rate renewals. But there are some opportunities to continue to perform in that area.

因此，隨著這些負利率更新的實施和生效，我們將看到單向貨運指標面臨的壓力有所增加。我們還必須稍微增加現貨敞口，因為我們一直保持嚴格的定價。因此，我認為正如您所看到的，我們預計每總英里的單向貨運費率將連續下降，主要是因為這些負費率更新。但仍有一些機會繼續在該領域發揮作用。

We could see spots that have bottomed. It feels like we're close, if not there, we could see a little bit of improvement there. We could see the market pick up a little bit as it relates to spring produce and just contractual volumes in general. And that would decrease our exposure to spot, which would improve our -- help as you talked, improve that number towards the upper end of the range in the second quarter. But it's a tough environment out there, and we're just going to continue to do the best we can, but we're -- I guess, at this point, it's kind of -- bid season has kind of gone as expected.

我們可以看到已經觸底的點。感覺我們已經很接近了，即使還沒有，我們也可以看到一些改進。我們可以看到市場略有回升，因為這與春季農產品和總體合同量有關。這將減少我們的現貨敞口，這將改善我們的——正如您所說的那樣，將這一數字提高到第二季度範圍的上限。但這是一個艱難的環境，我們將繼續盡我們所能，但我們——我想，在這一點上，投標季節已經按預期進行了。

Right. Then the other question I have is just on the demand side, just to go back to that. Some of your biggest customers are the largest retailers out there, so just curious how they're viewing demand in their businesses. Has their outlook and inventory replenishment changed at all? And how much advance notice would you ordinarily get from those customers if there was an inflection or change in the demand forecasts?

正確的。那麼我的另一個問題是關於需求方面的，回到那個問題。您的一些最大的客戶是最大的零售商，因此很好奇他們如何看待其業務中的需求。他們的前景和庫存補充有什麼變化嗎？如果需求預測發生變化或變化，您通常會從這些客戶那裡得到多少提前通知？

Mike, this is John. As it relates to our retail inventory customers, that's a big -- lion's share of our business. Clearly, their demand has been declining, but we are concentrated with discount retailers that are really more attractive to the value-conscious consumer, a high percentage of what they sell is consumer staples and that's definitely seeing less pressure than what discretionary goods you're seeing. Everyone of our large retailers when they reported in late February and early March, reported that they achieved a reduction in their inventory dollars per store from November to January, all 13. 7 of the 13 had stronger growth in same-store sales than they did in inventory per store growth.

邁克，這是約翰。因為它與我們的零售庫存客戶相關，所以這是我們業務的很大一部分。顯然，他們的需求一直在下降，但我們專注於折扣零售商，這些零售商對注重價值的消費者來說確實更具吸引力，他們銷售的商品中有很大一部分是消費必需品，這肯定比你所購買的非必需品所面臨的壓力要小看到。我們所有的大型零售商在 2 月底和 3 月初發布報告時都報告稱，從 11 月到 1 月，他們實現了每家商店的庫存美元減少，所有 13 家零售商中有 7 家的同店銷售額增長強勁。每家商店的庫存增長。

We think that they're well along the way in destocking of inventory as a group, and they're getting closer back to normal replenishment of inventory, which would increase freight shipments compared to a destocking environment. A few of the comments are inventory levels moderated significantly after the first half of 2022. We took bold actions last summer to quickly take action to rightsize our inventory. Inventory growth is still elevated, but the pace is moderating as we expected.

我們認為，他們作為一個整體在去庫存方面進展順利，而且他們正在接近恢復正常的庫存補充，與去庫存環境相比，這將增加貨運量。其中一些評論是，2022 年上半年後庫存水平顯著下降。去年夏天，我們採取了大膽行動，迅速採取行動調整庫存規模。庫存增長仍然較高，但增速正如我們預期的那樣放緩。

Units per store at a similar level to pre-pandemic periods. We've had a strong execution of inventory rebalancing. And finally, the last one as our inventory is in good shape. So overall, we think we're in the latter stages of destocking. Obviously, demand is hard to predict, but we think things are getting closer to a normalization at levels that we'll see with this recessionary type economy.

每家商店的銷量與大流行前時期相似。我們強有力地執行了庫存再平衡。最後，我們的庫存狀態良好。總的來說，我們認為我們正處於去庫存的後期階段。顯然，需求很難預測，但我們認為，在這種衰退型經濟中，情況正越來越接近正常化。

The only thing I would add to that -- this is Derek. I would also just add that part of the battle here is in a market like the one we're in today, it's about execution. It's about putting your best foot forward in front of your customer and showing that we can simply outperform. And so there is the obvious question about how their sales doing. There's the equally important one, which is where they're at the inventory cycle. And then the last one is what are we doing relative to their share.

我唯一要補充的是——這是德里克。我還想補充一點，這裡的戰鬥的一部分是在像我們今天所處的市場中，這與執行有關。這是為了在客戶面前展示您最好的一面，並表明我們可以超越。因此，明顯的問題是他們的銷售情況如何。還有同樣重要的一點，那就是庫存週期中的位置。最後一個是相對於他們的份額我們正在做什麼。

And so we have continued to both be able to. And if you ask me what I think some of the bright spots in the quarter are, 1 of those is keeping pricing discipline and expecting and being paid appropriately for the type of work we do. It's hard to do, hard to serve, difficult work, especially on the Dedicated side with the service expectations and taking wallet share from others through that service. And so that's something I'm proud of. It also positions us well when this turns to be able to grow further with winning customers.

因此，我們一直能夠做到這一點。如果你問我，我認為本季度的一些亮點是什麼，其中之一是遵守定價紀律，並期望我們所做的工作類型得到適當的報酬。這很難做到，很難提供服務，工作也很困難，尤其是在具有服務期望的專用方面，並通過該服務從其他人那裡獲取錢包份額。這就是我感到自豪的事情。當我們能夠通過贏得客戶進一步發展時，這也使我們處於有利地位。

The next question will be from Ken Hoexter from Bank of America.

下一個問題將由美國銀行的 Ken Hoexter 提出。

Of course, John, best of luck in retirement, and Chris, welcome. I look forward to working with you going forward. Derek's, Scott Group and I just boarded a plane and he said he's going to kick my chair the longer I ask a question. So let me dig into the state of the market following Jack's question. Did you say there was a 15% spread between spot rates and I guess, cost above spot right now? And maybe, Derek, just given your historical experience, maybe talk a bit about what you've seen in peak to trough kind of markets and how we should look at that spread indicative of what the time frame you've seen in the past?

當然，約翰，祝你退休好運，克里斯，歡迎。我期待與您繼續合作。德里克、斯科特集團和我剛剛登上飛機，他說我問問題的時間越長，他就會踢我的椅子。因此，讓我根據傑克的問題深入探討一下市場狀況。您是否說過即期匯率之間存在 15% 的價差，我猜現在的成本高於即期匯率？也許，德里克，根據您的歷史經驗，也許可以談談您在從高峰到低谷的市場中所看到的情況，以及我們應該如何看待表明您過去所看到的時間範圍的利差？

Sure, Ken. Well, I'll start by saying don't get into any fights on the plane. They don't like that these days anymore. So be nice. Relative to the -- it's our strong belief that if you look at where spot rates are today, they are 15% to 17%, maybe even as high as 20% below carrier operating costs. There several ways you could look at that. You could think about average carrying operating across the publicly traded group, ATA also does and Atria, I should say, puts out really strong operational cost of trucking. And then, of course, we work with and talk to lots of carriers in our brokerage and power-only groups.

當然，肯。好吧，我首先要說的是不要在飛機上打架。如今他們不再喜歡這樣了。所以要友善。相對於——我們堅信，如果你看看現在的即期費率，就會發現它們比承運人運營成本低 15% 到 17%，甚至可能低 20%。您可以通過多種方式來看待這個問題。你可以考慮整個上市集團的平均運輸運營，ATA 也是如此，我應該說，Atria 的卡車運輸運營成本非常高。當然，我們會與我們的經紀和純電力團隊中的許多運營商合作並交談。

So on many different ways of looking at it, these spot rates are simply unsustainable. These folks are not going to make it. They bought high-cost equipment during the peak of the market. And if they're fully exposed to that spot market today with both high driver pay, high-cost equipment, high cost of capital and in many cases, kind of variable lending arrangements that are now becoming much more expensive almost overnight and inclusive of today, it just is going to be a very tough time. So yes, we do believe that it's only so low it can go. And I said it a quarter ago, the cure for low prices is low prices. Eventually, they go too low, and they have to bounce back.

因此，從許多不同的角度來看，這些即期匯率根本不可持續。這些人不會成功。他們在市場高峰時購買了高成本的設備。如果他們今天充分接觸現貨市場，司機工資高，設備成本高，資本成本高，而且在許多情況下，可變貸款安排現在幾乎在一夜之間變得更加昂貴，並且包括今天，這將是一段非常艱難的時期。所以，是的，我們確實相信它只能達到這麼低的水平。我一個季度前就說過，解決低價格的方法就是低價格。最終，它們跌得太低，必須反彈。

So that's part of the confidence that some of the lesser efficient operators are going to continue to exit and that exit is now 31 straight weeks of net deactivations, sure, some of those are ending up as those experienced drivers we spoke of, and they are ending up in company fleets, but it isn't like large company fleets are growing either right now. It's simply an opportunity to raise the bar on quality to make sure you're getting the very best drivers behind the wheel in every possible truck to take this further step down in accident frequency and work comp frequency and kind of a step up in service.

因此，這是信心的一部分，一些效率較低的運營商將繼續退出，而這種退出現在是連續 31 週的淨停用，當然，其中一些最終會成為我們談到的那些經驗豐富的司機，他們是最終進入公司車隊，但大型公司車隊現在也沒有增長。這只是一個提高質量標準的機會，以確保您在每一輛可能的卡車上都擁有最優秀的駕駛員，從而進一步降低事故頻率和工作補償頻率，並在某種程度上提高服務水平。

So these are all kind of foreshadowing better performance as we go forward, while we wait for this market to turn. Another reality is when you have these markets that are slow and been slow like they've been kind of year-to-date, it presents opportunities that to take care of necessary things and sometimes you pay a little bit of a price for it, like maintaining equipment and getting equipment completely up to snuff, if you will. And when drivers have more time and we have more time, you can find more things to fix. And we've got to watch that. We've got to get our arms around that, and we're doing that actively as we speak.

因此，在我們等待市場轉變的同時，這些都預示著我們未來會取得更好的表現。另一個現實是，當這些市場像今年迄今為止一樣緩慢且緩慢時，它提供了處理必要事情的機會，有時你會為此付出一點代價，如果你願意的話，比如維護設備和讓設備完全達到標準。當司機有更多時間並且我們有更多時間時，您可以找到更多需要修復的問題。我們必須注意這一點。我們必須解決這個問題，而且我們正在積極地這樣做。

The last part of your question was about peak to trough. If you look through historically in cycles, I mean, from -- when we start seeing spot rates going negative, 18 months kind of on the outer end before they bounce and start to come up. We're certainly over 12 and working our way further, but it's our belief there's no 6 months more to go. You just can't go lower from here. I think April, when the dust settles will represent the bottom. The question is how long does it drag on the bottom before you see some improvement.

你問題的最後一部分是關於高峰到低谷的。如果你回顧一下歷史週期，我的意思是，從我們開始看到即期利率變為負數的時候，在它們反彈並開始上升之前，大約有 18 個月的時間。我們當然已經超過 12 歲了，並且還在繼續努力，但我們相信沒有 6 個月的時間了。你就是不能從這裡走得更低。我認為四月，當塵埃落定時，將代表谷底。問題是它要在底部拖多久才能看到一些改善。

And we still have conviction that, that happens in the second half. But we're going to see sequential Q1 to Q2 spot is going to be worse in Q2 than it was in Q1. And our exposure is slightly up. We're still very low spot exposed on a total mile basis, somewhere south of 7% of total miles. But that's still north of where we'd like to be, but it's about discipline, right? So I'd rather be disciplined in Q1 and take a little pain than to inherit or digest really bad contractual terms into this business that I have to live with for quarters to come.

我們仍然堅信，這會在下半年發生。但我們將看到，從第一季度到第二季度的連續情況將比第一季度更糟糕。我們的曝光度略有上升。從總里程數來看，我們的暴露位置仍然很低，僅佔總里程的 7% 以南。但這仍然超出了我們想要的目標，但這與紀律有關，對吧？因此，我寧願在第一季度受到紀律處分，並承受一點痛苦，也不願將非常糟糕的合同條款繼承或消化到我必須忍受未來幾個季度的這項業務中。

So that was our stance. That was our strategy. It presents a tough spot relative to Q1 results. But I think it's the right play as it relates to 2023 and beyond.

這就是我們的立場。這就是我們的策略。與第一季度的業績相比，它呈現出一個艱難的局面。但我認為這是正確的做法，因為它涉及到 2023 年及以後。

Really helpful perspective. And just if I can do my follow on then, Derek, on what you just left off with, which is the cost side, right? What happens is the driver pay when you get this rate reduction market? I guess, for John, is there integration potential from the Baylor and ReedTMS acquisitions? Or is that -- was that built into your cost kind of focused commentary there?

真正有幫助的觀點。德里克，如果我能繼續你剛才留下的內容，那就是成本方面，對嗎？當你獲得這個降價市場時，司機付費會發生什麼？我想，對於 John 來說，收購 Baylor 和 ReedTMS 是否有整合潛力？或者說，這是否已納入您對成本的集中評論中？

Yes. So driver pay is certainly moderating. I mean what's happened with driver pay over the last couple of years, both here and across the industry was really significant. And you're looking at driver pay really for the industry but certainly here where we have daily home time jobs, dedicated jobs that give people really, really upgraded lifestyles and yet year 1 wages that can, in many cases surpassed $70,000 a and really with opportunity to make quite a bit more than that as you go forward.

是的。因此，司機的工資肯定會下降。我的意思是，過去幾年司機工資方面發生的事情，無論是在這裡還是整個行業都非常重要。你看到的確實是這個行業的司機工資，但肯定是在這裡，我們有每天的家庭工作，專注的工作，給人們真正、真正升級的生活方式，但第一年的工資在很多情況下可以超過每年 70,000 美元，而且真的隨著你的前進，有機會賺到更多的錢。

And many of our accounts, especially in certain geographic areas, are north of $90,000 and several are north of $100,000. So it isn't like -- there is a point by which you can't just pay your way up to try to solve that problem any further. We've got to continue to focus on lifestyle. And we think most of that pay pressure is behind us, especially with the macro backdrop of what is more likely to be a tougher labor market for employment itself. I mean, i.e., more unemployment and other things on its way.

我們的許多賬戶（尤其是在某些地理區域）的金額都超過 90,000 美元，有幾個賬戶的金額超過 100,000 美元。所以這並不像——到了某個點，你就不能只是花錢去嘗試進一步解決這個問題了。我們必須繼續關註生活方式。我們認為大部分薪資壓力已經過去，特別是在勞動力市場本身更趨嚴峻的宏觀背景下。我的意思是，更多的失業和其他事情正在發生。

We've aggressively been working, especially in Q1 through some further engineering for lifestyle in our One-Way fleet and the expansion of some of the legs of the stool around [team-expedited] and cross-border, we think that positions us really well moving forward as well. But yes, I think we've seen the worst of spot. And now the question is just how long it goes sideways before it goes up.

我們一直在積極努力，特別是在第一季度，通過對我們的單向車隊的生活方式進行一些進一步的設計，以及圍繞[團隊加急]和跨境擴展一些凳子腿，我們認為這確實使我們處於有利地位也很好地向前邁進。但是，是的，我認為我們已經看到了最糟糕的情況。現在的問題是，它在上漲之前橫盤整理多久。

And the next question will come from Chris Wetherbee from Citigroup.

下一個問題將由花旗集團的 Chris Wetherbee 提出。

It's [Rob Salmon] on for Chris. John, congrats on the upcoming retirement and Chris looking forward to working with you. I guess to follow up on Scott's question with regard to the cost inflation. Can you give us a sense how much integration costs you guys incurred in the first quarter? And how you're thinking about that for the back half of the year?

克里斯的[羅布·薩爾蒙]上場了。約翰，祝賀即將退休，克里斯期待與您合作。我想跟進斯科特關於成本通脹的問題。您能否告訴我們第一季度你們的整合成本是多少？您對今年下半年的情況有何看法？

Yes. We -- I don't have a firm number to be able to give you on integration costs. What I can tell you is that it more than outweighed the synergies that we experienced thus far. We think the largest portion of that is really behind us. If you think about the world we live in today, one of the large upfront integration costs that we attack very aggressively here is on the cyber side. And so there's a lot of work we do and a lot of expense we make to make sure and bring everything that we touch immediately and at whatever cost that may represent up to the standards that we have from a cybersecurity perspective here at Werner. That was part of it.

是的。我們——我沒有確切的數字可以向您提供整合成本。我可以告訴你的是，它遠遠超過了我們迄今為止所經歷的協同效應。我們認為其中最大的一部分確實已經過去了。如果你想想我們今天生活的世界，我們在這裡非常積極地攻擊的大量前期集成成本之一就是網絡方面。因此，我們做了大量的工作，花費了大量的費用，以確保並以任何可能代表我們從網絡安全角度來看維爾納的標準的成本立即將我們接觸到的所有東西帶到我們手中。這是其中的一部分。

There's the obvious integration costs as it relates to maintaining and improving upon the equipment allotment that some of those companies may have had because of how difficult it was to get equipment during the pandemic. There's travel costs related to the integration teams and the work that they do. And most of the synergies, there's a few things you get right away. You can get some synergies right away on fuel and other items. But a lot of it is a larger kind of journey that we have to take.

存在明顯的整合成本，因為它涉及維護和改進設備分配，其中一些公司可能因為在大流行期間獲得設備非常困難而擁有設備分配。與集成團隊及其所做的工作相關的差旅費用。大多數協同效應，有一些你可以立即獲得。您可以立即在燃料和其他物品上獲得一些協同效應。但其中很多是我們必須經歷的更大的旅程。

As we look forward, I guess all I would say is I'm encouraged by where we're at and getting better each time we've had one of these acquisitions at integrating more rapidly, getting some of the synergies realized and measured more quickly and then mostly improving upon the scorecarding we're doing with those businesses.

當我們展望未來時，我想我想說的是，每當我們進行其中一項收購時，我都會對我們所處的位置感到鼓舞，並且每次我們更快地整合、更快地實現和衡量一些協同效應時，我們都會變得更好然後主要改進我們對這些業務所做的記分卡。

The last thing I'd say on this is it's also tough, like to be fair to these acquired companies, who we think so highly of their leadership teams, they too are operating in this very, very difficult market. So I'll point back to a highlight we mentioned earlier in the call, one of the highlights for me of the quarter is that unique to really only a few players in the space, in our Logistics business, both on our organic truckload brokerage as well as on the acquired ReedTMS business, both of those individually and then obviously, collectively were up year-over-year in shipments.

我要說的最後一件事是，這也很困難，就像對這些被收購的公司公平一樣，我們對他們的領導團隊評價很高，他們也在這個非常非常困難的市場中運營。因此，我將回顧我們之前在電話會議中提到的一個亮點，對我來說，本季度的亮點之一是，在我們的物流業務中，這個領域中只有少數參與者是獨一無二的，無論是我們的有機卡車經紀業務還是以及收購的 ReedTMS 業務，無論是單獨的還是總體的出貨量均同比增長。

So the product they're putting out there in the market is winning. We are gaining share. We were fairly close from a gross margin perspective year-over-year. Everybody has seen some compression there. But most importantly, we're getting deeper footholds into very key customers that we feel strongly about their future. So I'm excited. I realize I didn't give you a numeric answer to your question, but that's some philosophical views on where we sit with those integrations.

因此，他們在市場上推出的產品正在贏得勝利。我們正在獲得份額。從毛利率的角度來看，我們與去年同期相當接近。每個人都看到了一些壓縮。但最重要的是，我們正在更深入地接觸非常重要的客戶，我們對他們的未來充滿信心。所以我很興奮。我意識到我沒有為您的問題提供數字答案，但這是我們對這些集成的立場的一些哲學觀點。

That's helpful. And just following up on the $34 million of kind of annualized cost opportunity, how much has already started? How much did you guys see in the first quarter? How much do you plan on doing in the second quarter? And then obviously, the remainder would come in at some point in the back half of the year.

這很有幫助。就在 3400 萬美元的年度成本機會之後，已經開始了多少？第一季大家看了多少？第二季度你計劃做多少？顯然，剩下的部分將在今年下半年的某個時候進來。

Yes. It was -- I would say first quarter was mid-single digits, so call it, 3 to 5 because it takes a while to get it ramped up, get it identified and get it going. That obviously starts to ramp as we move forward. Some of those items still don't really start to gain any momentum until kind of end of Q2. But we're actively working the list every day. That $34 million, I'm still hopeful we're going to identify more and dig deeper. But certainly, maybe a safe way to think about it is half a year of that number because it's going to be a tough lift to get a lot of it done quickly here in Q2, and then it will build from there.

是的。我想說第一季度是個位數左右，所以稱之為 3 到 5，因為它需要一段時間才能加速、識別並開始運行。隨著我們的前進，這種情況顯然開始加劇。其中一些項目直到第二季度末才真正開始獲得任何動力。但我們每天都在積極地處理這份清單。對於這 3400 萬美元，我仍然希望我們能找到更多並進行更深入的挖掘。但當然，也許一個安全的方式是考慮這個數字的半年，因為在第二季度快速完成很多工作將是一個艱難的提升，然後它將從那裡開始建立。

And our next question is from Jon Chappell from Evercore.

我們的下一個問題來自 Evercore 的 Jon Chappell。

Derek, just wondering how the dedicated pipeline has changed at all in this kind of weaker environment, especially as you transition from maybe a more optimistic start to the year to a little bit more of a difficult March, April. I know you said you're not going to really grow your fleet to the second half. Is it going to be an incredibly back-end loaded kind of 4Q fleet growth as you kind of laid out the differences in the spot between a weak 2Q, 3Q and then a more optimistic 4Q?

德里克，只是想知道在這種疲軟的環境下，專用管道發生了怎樣的變化，特別是當你從今年可能更樂觀的開局過渡到更加困難的三月、四月時。我知道你說過下半年你不會真正增加你的機隊。當您列出疲軟的第二季度、第三季度和更樂觀的第四季度之間的差異時，第四季度機隊增長是否會出現令人難以置信的後端負載？

Yes. We're not -- I'm not signing up today for kind of a hockey stick type growth in the back half. But what I can tell you is the Dedicated pipeline is really robust. And we will actually be implementing some new dedicated business in Q2. Some of that will be offset by either attrition and/or some things that we've made decisions to separate and/or downsize. So you could see slight Dedicated growth even in Q2, but we wanted to be more prescriptive and talk about that being in the second half. There's really no line of sight right now at this point for us growing our One-Way fleet through the back half of the year. And so we really thought the safer thing was to talk about kind of flat fleet in Q2 with growth in the second half, but if there was growth, it would be in Dedicated.

是的。我們不是——我今天簽約並不是為了後半區的曲棍球棒式增長。但我可以告訴你的是專用管道非常強大。實際上，我們將在第二季度實施一些新的專用業務。其中一些將被消耗和/或我們決定分離和/或縮小規模的一些事情所抵消。因此，即使在第二季度，您也可以看到專用業務略有增長，但我們希望更具規範性，並在下半年討論這一點。目前，我們確實沒有機會在今年下半年擴大我們的單向機隊。因此，我們確實認為更安全的事情是談論第二季度的扁平機隊和下半年的增長，但如果有增長，那將是專用的。

And I'd remind you that we -- 1 area that has continued to grow, and we really haven't spoke about it on the call yet, is Power Only. And so Power Only operates in conjunction with our one-way network, and that has had tremendous success. It continues to sort of improve month-over-month, both in volumes, but also in efficiency. And so we're gaining further excitement about the future of what Power Only could look like. And it obviously helps us take some of the capital intensity out of the business as we think about going forward.

我想提醒您，我們有一個持續增長的領域，我們實際上還沒有在電話會議上談到它，那就是“僅電力”。因此，Power Only 與我們的單向網絡結合運作，並取得了巨大的成功。無論是數量還是效率，它都在逐月持續改善。因此，我們對 Power Only 的未來更加興奮。當我們思考未來時，它顯然可以幫助我們從業務中消除一些資本密集度。

We're still going to be true -- we're still going to be an asset player because Dedicated is still going to be a major part of our portfolio. But as we go forward, we'll continue to find ways to do more with focusing on less asset-intensive footprint and Power Only in the mix as part of that solution.

我們仍然會是真實的——我們仍然會成為資產參與者，因為 Dedicated 仍然會是我們投資組合的主要部分。但隨著我們的前進，我們將繼續尋找方法來做更多的事情，重點關注資產密集度較低的足跡和僅電力混合作為該解決方案的一部分。

Great. And my follow-up is actually going to be on Power Only. Just really quickly, I mean, with the logistics margin pressure, if you didn't have the growing Power Only, was it something where it could have been closer to breakeven, has the Power Only proven to be less cyclical and a little bit more stickier through these really weak broker environment?

偉大的。我的後續行動實際上是關於僅使用電源。很快，我的意思是，隨著物流利潤率的壓力，如果你沒有不斷增長的 Power Only，它是否可以更接近盈虧平衡，是否證明 Power Only 的周期性更小並且更多一點通過這些真正疲弱的經紀商環境提高粘性？

Yes, I would certainly say that we view Power Only as stickier for sure. It's still going to operate predominantly inside of, obviously, the logistics business and in conjunction with our One-Way Truckload business. Therefore, it is part of a more secular end of the spectrum, but it's stickier. It behaves and operates in drop trailer configurations that are tougher to compete with, with pure brokerage. It behaves and operates with more sophisticated customers that tend to have a longer-term view because their expectations around service are more elevated than your typical spot load type shipper.

是的，我肯定會說，我們認為 Power Only 確實更具粘性。顯然，它仍將主要在物流業務內部運營，並與我們的單程卡車裝載業務結合起來。因此，它屬於更世俗的一端，但也更具粘性。它在拖車配置中的行為和操作更難以與純粹的經紀業務競爭。它與更成熟的客戶合作，這些客戶往往具有長遠的眼光，因為他們對服務的期望比典型的現貨裝載類型托運人更高。

So I'm not trying to be evasive, but somewhere between where Dedicated sits and where your transactional One-Way market sits is kind of where Power Only resides. A little stickier, a little more resilient to a little better through the cycle. But certainly, I'm not trying to portray it to be the same as Dedicated.

所以我並不是想迴避，但在 Dedicated 所在位置和交易性單向市場所在位置之間的某個位置就是 Power Only 所在位置。更有粘性，更有彈性，更好地度過這個週期。但當然，我並不是想把它描繪成與《Dedicated》一樣。

And our final question for today will come from Bert Subin from Stifel.

今天我們的最後一個問題將來自 Stifel 的 Bert Subin。

Congratulations to John on an incredible career and welcome to Chris. Derek, you talked a lot about sort of the setup today. If we think about maybe past the current backdrop, it seems fair to think eventually, imports and spot rates are going to rebound quite a bit. Are you looking at the setup as 2H '23 is going to be tough, '24 is going to be the first stage of the rebound and then potentially 2025 is going to be really good. And if that is your view, what can you do to get ahead of that, so you're prepared for the upswing?

祝賀約翰取得了令人難以置信的職業生涯，並歡迎克里斯。德里克，你今天談論了很多有關設置的內容。如果我們考慮一下當前的背景，那麼最終進口和即期匯率將大幅反彈似乎是公平的。你是否認為 23 年 2H 會很艱難，24 年將是反彈的第一階段，然後 2025 年可能會非常好。如果這是您的觀點，那麼您可以做些什麼來搶先一步，以便為經濟復甦做好準備？

Yes. Great question, Bert. So first off, we think -- let me talk about second half '23. Let me start with what we don't think it is. We don't think there's some big economic recovery right around the corner and suddenly all of this sort of background noise is going to go away and subside. We don't think that suddenly the banking industry looks strong and resilient and consumer confidence goes through the roof. What we do believe is that what's happening from a capacity perspective is real, and it's accelerating, meaning what's taking place relative to the cleansing of less efficient or less capable operators is happening all around us, and if that will continue.

是的。好問題，伯特。首先，我們想——讓我談談 23 年下半年。讓我從我們不認為的開始。我們認為經濟不會很快復甦，所有這些背景噪音都會突然消失並平息。我們並不認為銀行業會突然變得強大而富有彈性，消費者信心也會突然飆升。我們確實相信，從容量角度來看，正在發生的事情是真實的，而且它正在加速，這意味著與清理效率較低或能力較差的操作員相關的事情正在我們周圍發生，如果這種情況會持續下去的話。

We think our model, our execution, our service, our commitment to our customer, will continue to pay dividends, and will continue to take share both with existing and new customers. We think the inventory destocking is in the later innings. And so we think as that continues to run its course and in some cases, has run its course with some key customers within our network, you start to see normal replenishment cycles. We think living in the neighborhood that we live in and discount retail where folks can continue to have the opportunity to trade down as they are becoming more frugal with those discretionary dollars is a good place for our portfolio to sit.

我們認為我們的模式、我們的執行、我們的服務以及我們對客戶的承諾將繼續帶來紅利，並將繼續與現有和新客戶分享。我們認為庫存去庫存將在後期進行。因此，我們認為，隨著這種情況繼續發展，在某些情況下，我們網絡內的一些關鍵客戶已經開始發展，您將開始看到正常的補貨週期。我們認為，生活在我們居住的社區，零售折扣，人們可以繼續有機會進行低價交易，因為他們對可自由支配的美元變得更加節儉，這是我們投資組合的好地方。

We think the share gains that we've made in Logistics and our ongoing ability to not only hold and retain volumes, but increase volumes sets us up very well for when this thing turns. So the back half, we think, has got opportunities to outperform and really be stronger and see some normal return to seasonality. We think Christmas is still going to be on December 25, and people are still going to buy and participate in that. And unlike a year ago, where inventory gluts were profound, that will cause and necessitate the movements of goods for some of that stock and inventory to move.

我們認為，我們在物流領域取得的份額增長，以及我們不僅保持和保留數量，而且增加數量的持續能力，為我們在形勢發生變化時做好了很好的準備。因此，我們認為後半段有機會表現出色，真正變得更強，並看到季節性的正常回歸。我們認為聖誕節仍將在 12 月 25 日舉行，人們仍然會購買並參與其中。與一年前不同的是，當時的庫存嚴重過剩，這將導致並需要貨物的流動，以保證部分庫存和庫存的流動。

We think -- you put all of that together, that's our outlook, and that's why we have more optimism still for back half, but perhaps with a month or 2 delayed from our original expectation. As you get into '24 and '25, yes, we think it sets up much better. I don't foresee this. I mean it's my personal view that this economic recession is not long lived. I think people will get through this, not only you start to see a better environment in '24, you see the strong have survived. We continue to execute against our drive strategy to set up for that. And even in the short term, as we sit around and make decisions here, it's always tough to be a publicly traded company, thinking about a quarter, but having to run a business based on a strategy and a long-term vision.

我們認為，將所有這些放在一起，這就是我們的前景，這就是為什麼我們對後半部分仍然更加樂觀，但可能比我們最初的預期推遲了一兩個月。是的，當你進入 24 和 25 年後，我們認為情況會好得多。我沒有預見到這一點。我的意思是，我個人認為這次經濟衰退不會持續太久。我認為人們會度過難關，你不僅會在24年開始看到更好的環境，還會看到強者生存下來。我們將繼續執行為此制定的驅動策略。即使在短期內，當我們坐下來做出決策時，成為一家上市公司總是很困難，考慮一個季度，但必鬚根據戰略和長期願景來經營業務。

And so when in doubt, we're going to focus on long-term vision strategy and where we see this business in 2 to 3 years over a month-to-month decision-making tree. So that's kind of the course we're on. That's the course, we'll stay on. As long as I'm here, that's how I believe strongly in taking that longer-term view. And I think our portfolio is set up really, really well for when this turns.

因此，當有疑問時，我們將專注於長期願景戰略，以及我們在 2 到 3 年內對這項業務的看法，而不是逐月的決策樹。這就是我們正在學習的課程。這就是路線，我們會堅持下去。只要我還在這裡，我就堅信要採取更長遠的觀點。我認為我們的投資組合已經非常非常適合這種情況的轉變。

That's great. Thanks so much for the great answer there, Derek. Maybe a follow-up on maybe a brighter spot of things. Can you just give us an update on what you're seeing on your cross-border service? I imagine that's remained quite a bit stronger than other parts of the business. And is there a way to continue growing that to capture potentially some near-shoring demand?

那太棒了。非常感謝德里克的出色回答。也許是對一些更亮點的事情的後續行動。您能否向我們介紹一下您對跨境服務的最新了解？我想這仍然比業務的其他部分要強大得多。有沒有辦法繼續增長，以抓住一些潛在的近岸需求？

Yes. The short answer is yes. We are very bullish on Mexico and on our cross-border business. We've continued to invest down there and spend money down there to expand our capabilities. We've enhanced and expanded our ability to cross stock and be able to do both temperature controlled as well as dry van cross-stocking, so that we can use our assets and/or others. We now have all of our major components playing in the Mexico market, if you will.

是的。簡短的回答是肯定的。我們非常看好墨西哥和我們的跨境業務。我們繼續在那裡投資並花錢來擴大我們的能力。我們增強和擴展了交叉庫存的能力，能夠進行溫度控制以及乾貨車交叉庫存，以便我們可以使用我們的資產和/或其他資產。如果你願意的話，我們現在所有的主要零部件都在墨西哥市場上銷售。

So we do both Power Only into and out of standard brokerage, truckload asset and intermodal. So that's exciting. Our customers are absolutely telling us that they are interested in doing more near-shoring and they've -- and many of them have been trusted partners with us for over 20 years. We've worked with some of these companies since the days I came to Werner, 24 years ago.

因此，我們在標準經紀、整車資產和聯運方面均只提供動力。所以這很令人興奮。我們的客戶明確告訴我們，他們有興趣進行更多的近岸外包，而且他們中的許多人 20 多年來一直是我們值得信賴的合作夥伴。自從 24 年前我來到維爾納以來，我們就一直與其中一些公司合作。

So we're excited as we look forward to Mexico. There are some constraints. And if we've stayed only in the asset lane, there's only so much North-South business you can do on asset only without impacting your network. And that's where Power Only and brokerage and intermodal and other solutions are being brought to bear.

因此，當我們期待墨西哥時，我們感到很興奮。有一些限制。如果我們只停留在資產通道上，那麼您只能在資產上完成很多南北業務，而不會影響您的網絡。這就是 Power Only、經紀、聯運和其他解決方案發揮作用的地方。

There are still disruptions with cross-border Mexico. So we're not out of the woods yet. I mean some of the stuff happening with the issues of immigration and other things at the border have caused some fits and starts as of related to El Paso. In particular, where major international trade bridges were closed for periods of time. We don't like to see that.

墨西哥跨境仍存在干擾。所以我們還沒有走出困境。我的意思是，與移民問題和邊境其他問題有關的一些事情導致了與埃爾帕索有關的一些時斷時續的情況。特別是主要的國際貿易橋樑曾一度關閉。我們不喜歡看到這樣的情況。

We'd like to see that be set aside for international trade, but we don't always get everything we want. But as I look at the medium to long term, and I think about Mexico, I think about a seasoned team with over 2 decades of experience, most of the management group having been here for that entire run, partnerships with carriers across Mexico that have the same amount of longevity. Customers, really the same thing and yet some very robust new customers coming into the fold as of late.

我們希望看到它被留出用於國際貿易，但我們並不總能得到我們想要的一切。但當我著眼於中長期時，我想到了墨西哥，我想到了一個擁有超過 20 年經驗的經驗豐富的團隊，大多數管理團隊一直在這里工作，與墨西哥各地的運營商建立了合作夥伴關係，相同的壽命。客戶，確實是同樣的事情，但最近有一些非常強大的新客戶加入進來。

So I'm pretty excited about what that business looks like going forward. And its profile has maintained to be 1 that has premium returns because of its complexity, less competition because of its complexity and one that we think we can continue to excel at.

所以我對這項業務的未來發展感到非常興奮。它的概況一直保持為 1，由於其複雜性而具有優質回報，由於其複雜性而競爭較少，並且我們認為我們可以繼續擅長這一點。

I'll now turn the call back over to Mr. Derek Leathers, who will provide closing comments. Please go ahead.

我現在將把電話轉回給德里克·萊瑟斯先生，他將發表總結評論。請繼續。

Yes, I'd like to just thank everybody for joining us on our first quarter earnings call today. While we recognize Q1 certainly had its share of challenges, I remain confident in our ability to deliver as we move through the cycle. We're positioned well for strong performance with a robust dedicated pipeline to further enhance our stable and growing Dedicated fleet. We've remained disciplined on price across the organization while still being able to grow volumes and logistics, both organically and with our recent acquisition. Power Only and truckload brokerage growth continues to add solutions for our customers while lowering the capital intensity of our business, and that's exciting.

是的，我想感謝大家今天參加我們的第一季度財報電話會議。雖然我們認識到第一季度確實面臨著挑戰​​，但我仍然對我們在整個週期中交付的能力充滿信心。我們已做好充分準備，憑藉強大的專用管道進一步增強我們穩定且不斷增長的專用機隊，實現強勁的業績。我們在整個組織內保持價格紀律，同時仍然能夠通過有機方式和最近的收購來增加數量和物流。僅電力和卡車經紀業務的增長繼續為我們的客戶增加解決方案，同時降低我們業務的資本密集度，這是令人興奮的。

We remain committed to operational excellence and expect superior performance from our team and have an unwavering focus on sustainability as demonstrated by the meaningful progress, we made achieving our ESG goals. We remain well positioned to generate superior earnings and free cash flow to weather the storm and drive long-term shareholder value.

我們仍然致力於卓越運營，期望我們的團隊表現出色，並堅定不移地關注可持續發展，我們在實現 ESG 目標方面取得的有意義的進展就證明了這一點。我們仍然處於有利位置，能夠產生卓越的收益和自由現金流，以度過難關並推動長期股東價值。

And I'd like to end by 1 last time thanking John Steele for, again, to use the word legendary career. Thank you for all that you've done and all that you've contributed. It's been an honor to work with you.

最後，我想再次感謝約翰·斯蒂爾（John Steele）再次使用“傳奇職業生涯”這個詞。感謝您所做的一切和貢獻的一切。很榮幸與您合作。

Thank you, Derek.

謝謝你，德里克。

And with that, we conclude our call today. Thank you, everyone.

我們今天的電話會議到此結束。謝謝大家。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。