Werner Enterprises Inc (WERN) 2023 Q2 法說會逐字稿

Good afternoon, and welcome to the Werner Enterprises Second Quarter 2023 Earnings Conference Call. (Operator Instructions) Please note, this event is being recorded.

下午好，歡迎參加維爾納企業 2023 年第二季度收益電話會議。 （操作員說明）請注意，正在記錄此事件。

I'll now turn the call over to Chris Neil, Senior Vice President of Pricing and Strategic Planning. Please go ahead.

我現在將把電話轉給定價和戰略規劃高級副總裁克里斯·尼爾 (Chris Neil)。請繼續。

Good afternoon, everyone. Earlier today, we issued our earnings release with our second 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 today.

大家下午好。今天早些時候，我們發布了第二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，並將在今天晚些時候重播。

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. The company reports results using non-GAAP measures, which we believe provide 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.

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。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。

On today's call with me are Derek Leathers, Chairman, President and CEO; and Chris Wikoff, Executive Vice President, Treasurer and CFO. Derek will begin with a high-level overview of our performance during the second quarter and an update on execution against our DRIVE strategy, specifically with a focus on innovation. Chris will then provide a deeper dive into our results. We will then open it up for questions followed by closing thoughts from Derek.

與我一起參加今天電話會議的有董事長、總裁兼首席執行官德里克·萊瑟斯 (Derek Leathers)； Chris Wikoff，執行副總裁、財務主管兼首席財務官。德里克將首先對我們第二季度的業績進行高度概述，並介紹我們的 DRIVE 戰略執行情況的最新情況，特別是重點關注創新。然後克里斯將更深入地探討我們的結果。然後我們將開放提問，然後由德里克總結想法。

Now I'll turn the call over to Derek.

現在我將把電話轉給德里克。

Thank you, Chris, and good afternoon. Before we get into an overview of our second quarter results, I'd like to thank the 14,000-plus talented Werner team members for staying true to our core values, safely providing superior service to our customers and delivering on our unrelenting DRIVE strategy. We are proud to be the carrier of choice among our deep portfolio of valued customers who are allowing us to solve and service their most complex freight challenges every day.

謝謝你，克里斯，下午好。在概述第二季度業績之前，我要感謝 14,000 多名才華橫溢的 Werner 團隊成員，他們恪守我們的核心價值觀，安全地為我們的客戶提供卓越的服務，並實施我們堅持不懈的 DRIVE 戰略。我們很自豪能夠成為我們眾多尊貴客戶中的首選承運商，這些客戶使我們能夠每天解決和服務他們最複雜的貨運挑戰。

With that, let's turn to our second quarter results on Slide 6. On our previous 2 earnings calls, we shared our expectation that freight conditions in the first half of 2023 would be challenging and competitive as retail inventory destocking runs its course, the Fed continues with monetary tightening and excess capacity dissipates. Following a moderating freight environment in February and March, freight was progressively weaker in April and May. However, there was a slight improvement in mid-June, which we've seen continue throughout July.

接下來，讓我們轉向幻燈片6 上的第二季度業績。在之前的兩次財報電話會議上，我們預計，隨著零售庫存去庫存的進行，2023 年上半年的貨運狀況將充滿挑戰和競爭，美聯儲繼續說道隨著貨幣緊縮和過剩產能的消散。繼二月和三月貨運環境放緩之後，四月和五月貨運逐漸疲軟。然而，六月中旬略有改善，我們看到這種情況持續到整個七月。

In the second quarter, revenues decreased 3% year-over-year to $811 million. Net of fuel surcharges, our second quarter revenue grew by 2%. Adjusted EPS was $0.52. Adjusted operating income was $51 million or an operating margin of 6.3%. Adjusted TTS operating margin was 9.7%. Despite the challenging operating environment, our TTS segment achieved an adjusted operating margin of 12.9% on a trailing 12-month basis, within our long-term guidance range of 12% to 17%.

第二季度收入同比下降 3% 至 8.11 億美元。扣除燃油附加費後，我們第二季度的收入增長了 2%。調整後每股收益為 0.52 美元。調整後營業收入為 5100 萬美元，營業利潤率為 6.3%。調整後的 TTS 營業利潤率為 9.7%。儘管經營環境充滿挑戰，我們的 TTS 部門在過去 12 個月的基礎上實現了 12.9% 的調整後營業利潤率，在我們 12% 至 17% 的長期指導範圍內。

Our primary focus is on operational execution by leaning into the strength of our dedicated fleet, which has performed as expected through superior customer service and fleet efficiency. This focus continues to result in strong customer retention and year-over-year growth in revenue and revenue per truck per week. As anticipated, One-Way Truckload was challenged by overall market conditions with less freight available, elevated spot exposure and significant pricing pressure. We remain focused on utilization of One-Way assets and optimizing the fleet while maintaining long-term pricing discipline.

我們的主要重點是依靠我們專用車隊的實力來提高運營執行力，該車隊通過卓越的客戶服務和車隊效率達到了預期的效果。這一重點繼續帶來強勁的客戶保留率以及收入和每輛卡車每週收入的同比增長。正如預期的那樣，單向卡車裝載受到整體市場狀況的挑戰，可用貨運量減少、現貨敞口增加和巨大的定價壓力。我們仍然專注於單向資產的利用和優化機隊，同時保持長期定價紀律。

Within Logistics, Q2 volume and revenue remained strong, delivering double-digit growth year-over-year. We continue to execute on our cost savings program and have seen sequential and year-over-year progress in multiple expense categories. That said, we continue to experience macro headwinds with lower equipment gains, higher interest expense and inflationary factors amid a softer freight environment, which collectively contributed to sequentially lower earnings.

在物流領域，第二季度的銷量和收入依然強勁，同比實現兩位數增長。我們繼續執行成本節約計劃，並在多個費用類別上取得了連續和逐年的進展。儘管如此，在貨運環境疲軟的情況下，我們仍然面臨著設備收益下降、利息支出上升和通脹因素等宏觀阻力，這些因素共同導致了收益環比下降。

The second quarter was certainly challenging, but our results continue to reflect a business model that is durable and diversified and resilient. Even in a lower for longer freight environment, which combined with our elevated rigor on cost-saving initiatives puts us in a compelling position to excel as market conditions improve.

第二季度當然充滿挑戰，但我們的業績繼續反映出持久、多元化和有彈性的商業模式。即使在運費較低、運輸時間較長的環境下，再加上我們對成本節約舉措的嚴格要求，使我們在市場狀況改善時處於優勢地位，能夠脫穎而出。

Let's move on to Slide 7. In our TTS segment, revenue per truck per week net of fuel has grown year-over-year, 18 of the last 22 quarters. And while down year-over-year in Q2 for the first time in 14 quarters, this compares to industry benchmarks showing significantly larger declines.

讓我們繼續看幻燈片 7。在我們的 TTS 細分市場中，每輛卡車每週扣除燃油的收入同比增長，在過去 22 個季度中有 18 個季度增長。儘管第二季度同比下降，這是 14 個季度以來的首次，但與顯示更大降幅的行業基準相比。

Our Dedicated segment continues to perform and grow revenue per truck, reflective of our reliable, highly integrated and premium offering for large enterprise customers who look to us to service complex and hard-to-serve networks not easily replicated. Dedicated has steadily grown over the last 10 years across all economic conditions with a customer annual retention rate of over 95%. Our ability to engineer and optimize fleets over time has resulted in dedicated revenue per truck increasing 8 of the last 9 years.

我們的專用部門繼續表現並增加每輛卡車的收入，這反映了我們為大型企業客戶提供可靠、高度集成和優質的產品，這些客戶希望我們為複雜且難以服務的網絡提供服務，而這些網絡不容易被複製。過去 10 年來，Dedicated 在各種經濟條件下都穩步增長，年客戶保留率超過 95%。隨著時間的推移，我們設計和優化車隊的能力使得每輛卡車的專用收入在過去 9 年中有 8 年增加。

Within our One-Way Truckload business, revenue per truck net of fuel is also outperforming industry benchmarks despite being down mid-single digits in the first half 2023. This durability is the result of our investments and deliberate effort to build a business model consisting largely of cross-border Mexico, engineered and team expedited freight.

在我們的單程卡車裝載業務中，儘管2023 年上半年下降了中個位數，但每輛卡車的淨燃油收入也優於行業基準。這種持久性是我們投資和刻意努力建立業務模式的結果，該模式主要包括跨境墨西哥，設計和團隊加急貨運。

Let's move on to Slide 8. Beginning with our 5T strategy, which we launched in 2016, and continuing through today with our DRIVE strategy. Innovation is at the forefront of transforming the way we do business. Our Cloud First, Cloud Now imperative launched in 2020 represents a robust multiyear investment plan to leverage technology and innovation towards growth and operational effectiveness.

讓我們繼續看幻燈片 8。從我們於 2016 年推出的 5T 戰略開始，一直到今天的 DRIVE 戰略。創新是改變我們經營方式的最前沿。我們於 2020 年推出的“雲優先、立即云”是一項穩健的多年投資計劃，旨在利用技術和創新實現增長和運營效率。

We launched the Werner EDGE TMS in 2021, a blend of best-of-breed third-party market solutions with proprietary talent and innovation. In 2022, we successfully migrated our entire organic truckload Brokerage business to Werner EDGE TMS and are currently transitioning other business units, including Intermodal. Reed, one of our recent acquisitions, is scheduled for full integration by end of this year. We plan to initiate the migration of our TTS segment in 2024.

我們於 2021 年推出了 Werner EDGE TMS，它將同類最佳的第三方市場解決方案與專有人才和創新相結合。 2022 年，我們成功將整個有機卡車經紀業務遷移至 Werner EDGE TMS，目前正在轉型其他業務部門，包括聯運。 Reed 是我們最近收購的公司之一，計劃在今年年底前進行全面整合。我們計劃於 2024 年啟動 TTS 部分的遷移。

In July, we were excited and proud to unveil Werner Bridge. Our latest tech-driven feature-rich logistics solution designed specifically for shippers and carriers. For our shippers, the Werner Bridge makes it easy to get instant quotes, book shipments and manage orders smoothly from start to finish with full visibility of their network. And of course, our representatives will continue to be available and engage at any time.

七月，我們興奮而自豪地揭開了維爾納橋的面紗。我們最新的技術驅動、功能豐富的物流解決方案專為托運人和承運人設計。對於我們的托運人來說，Werner Bridge 可以輕鬆獲取即時報價、預訂發貨並從始至終順利管理訂單，並全面了解其網絡。當然，我們的代表將繼續隨時提供幫助。

For our carriers, Werner Bridge streamlines the process of finding and booking freight instantly, automating freight matching, providing routing guides and interactive maps for ease and visibility and a recommended reload feature designed to enhance recurring revenue for the carrier while also further establishing Werner as a recurring and reliable partner. Werner Bridge is a clear demonstration of our commitment to provide innovative and advanced solutions, streamlining operations and delivering top-notch service to carriers and shippers.

對於我們的承運人來說，Werner Bridge 簡化了即時查找和預訂貨運的流程，自動進行貨運匹配，提供路線指南和交互式地圖以實現輕鬆和可見性，以及推薦的重新裝載功能，旨在提高承運人的經常性收入，同時進一步將Werner 打造為經常性且可靠的合作夥伴。 Werner Bridge 清楚地表明了我們致力於提供創新和先進的解決方案、簡化運營並向承運人和托運人提供一流服務的承諾。

When we combine tech-enabled customer-facing solutions such as Werner Bridge with our large network of qualified carriers and our deep industry expertise, we have a compelling position to organically grow our Brokerage business to significant scale with large, medium and small customers alike. I want to extend heartfelt congratulations to all the Werner associates who poured their energy, time and talent into launching this exciting next-gen technology.

當我們將Werner Bridge 等面向客戶的技術解決方案與我們龐大的合格運營商網絡和深厚的行業專業知識相結合時，我們就擁有了令人信服的優勢，可以有機地將我們的經紀業務發展到可觀的規模，吸引大、中、小型客戶。我要向所有投入精力、時間和才華來推出這項令人興奮的下一代技術的沃納同事表示衷心的祝賀。

Before I turn the presentation over to Chris Wikoff, our CFO, I'd like to take a moment to comment that in this first 3 months with Werner, Chris has hit the ground running, bringing fresh eyes, experience, perspective and a new and positive presence to our leadership team. And we're just getting started.

在我將演示文稿交給我們的首席財務官Chris Wikoff 之前，我想花點時間評論一下，在與Werner 合作的前3 個月中，Chris 已經開始投入工作，帶來了新鮮的視角、經驗、視角和全新的視角。我們的領導團隊的積極表現。我們才剛剛開始。

And with that, let me turn it over to Chris.

接下來，讓我把它交給克里斯。

Thank you, Derek, and hello, everyone. It's great to speak with you all today, and I'm thrilled to be here. With 100 days in at Werner, I've had a tremendous opportunity to engage broadly with the business and operations, seeing firsthand our operational expertise and momentum for innovation and growth. This is a unique environment with the passion for excellence in winning, and I look forward to the work that we can accomplish together here at Werner.

謝謝你，德里克，大家好。今天很高興能與大家交談，我很高興來到這裡。在維爾納工作了 100 天，我獲得了廣泛參與業務和運營的絕佳機會，親眼目睹了我們的運營專業知識以及創新和增長的動力。這是一個獨特的環境，充滿了追求卓越的勝利熱情，我期待著我們能夠在維爾納共同完成工作。

Let's continue on Slide 10. Second quarter total revenue was $811 million, which was down 3% versus prior year. Net of fuel surcharges, Q2 revenues grew by over 2%. TTS revenues net of fuel were nearly flat despite a softer freight market, while Logistics revenue grew for the 11th straight quarter, reporting double-digit growth. Adjusted operating income was $51 million, and adjusted operating margin was 6.3%, a decrease of 34% and 300 basis points, respectively, versus prior year. Adjusted EPS of $0.52 was down $0.35 year-over-year due to the macro environment, lower equipment gains, higher interest expense and ongoing inflationary headwinds.

讓我們繼續看幻燈片 10。第二季度總收入為 8.11 億美元，比去年同期下降 3%。扣除燃油附加費後，第二季度收入增長超過 2%。儘管貨運市場疲軟，但 TTS 扣除燃料後的收入幾乎持平，而物流收入連續 11 個季度增長，實現兩位數增長。調整後營業收入為 5100 萬美元，調整後營業利潤率為 6.3%，較上年分別下降 34% 和 300 個基點。由於宏觀環境、設備收益下降、利息支出增加以及持續的通脹阻力，調整後每股收益為 0.52 美元，同比下降 0.35 美元。

Turning to Slide 11 and our Truckload Transportation Services results. As a reminder, we report our TTS adjusted operating results net of fuel. TTS total revenue for the second quarter was $570 million and down 7%, yet demonstrated resiliency and durability with revenues net of fuel surcharges nearly flat at $493 million.

轉向幻燈片 11 和我們的整車運輸服務結果。謹此提醒，我們報告了 TTS 調整後扣除燃油的運營業績。 TTS 第二季度總收入為 5.7 億美元，下降 7%，但表現出彈性和持久性，扣除燃油附加費後的收入幾乎持平於 4.93 億美元。

Given the macro environment, we are pleased with the top line performance in TTS. Second quarter TTS adjusted operating income was $48 million, and adjusted operating margin was 9.7%, a year-over-year decrease of 28% and 370 basis points, respectively, due in part to lower equipment gains against a strong prior year comp. In the second quarter, gains on sale of revenue equipment totaled $11.4 million, a decline of $7.3 million or 39% versus prior year. While we sold over twice as many tractors and nearly 3x more trailers compared to prior year period, average price and gains were significantly lower.

考慮到宏觀環境，我們對 TTS 的營收表現感到滿意。第二季度 TTS 調整後營業收入為 4800 萬美元，調整後營業利潤率為 9.7%，同比分別下降 28% 和 370 個基點，部分原因是設備收益相對於上年的強勁表現有所下降。第二季度，收入設備銷售收益總計 1,140 萬美元，比去年同期減少 730 萬美元，即 39%。雖然與去年同期相比，我們銷售的拖拉機數量增加了一倍以上，拖車數量增加了近三倍，但平均價格和收益卻顯著降低。

Our strategy coming into 2023 was to weight equipment sales more heavily in the first half, which is paying off as equipment values are expected to decline further the rest of the year. Year-to-date, we have achieved $30 million of equipment gains compared to our full year guidance of $30 million to $50 million. TTS adjusted operating expenses net of fuel surcharges and equipment gains were up only 2% compared to our TTS rate per mile, which decreased 1.7%.

我們進入 2023 年的戰略是在上半年更加重視設備銷售，這一舉措正在取得成效，因為設備價值預計將在今年剩餘時間進一步下降。今年迄今為止，我們已實現了 3000 萬美元的設備收益，而全年指導為 3000 萬至 5000 萬美元。與每英里 TTS 費率下降 1.7% 相比，TTS 調整後的運營費用（扣除燃油附加費和設備收益）僅增長 2%。

We saw modest improvements in the quarter in various expense categories. TTS insurance and claims were down 13% versus the prior year. We continue to focus on safety and maintaining our 10-year record low for DOT preventable accidents. The rise in cost per claim, record verdicts and settlements remains an industry headwind, but we are encouraged by modest year-over-year improvement. Driver pay and benefits continues to moderate and was flat year-over-year and down sequentially. Supplies and maintenance expense was up 2% over prior year, much lower than the 19% increase experienced in the first quarter compared to the same period in 2022.

我們看到本季度各種費用類別略有改善。 TTS 保險和索賠比上年下降 13%。我們繼續關注安全並保持 DOT 可預防事故的 10 年來最低記錄。每項索賠成本的上升、創紀錄的判決和和解仍然是行業的阻力，但我們對同比的適度改善感到鼓舞。司機薪酬和福利繼續放緩，同比持平，並連續下降。供應和維護費用比上年增長 2%，遠低於第一季度 2022 年同期 19% 的增幅。

We are seeing an improvement in the monthly trend as we are starting to recognize the benefits of shifting more of our repair and maintenance capabilities in-house, therefore, reducing our reliance on third parties. We've done a lot of work in this area, and we are encouraged by the early results. We are committed to controlling costs and performing within our annual TTS operating margin range of 12% to 17%, which we continue to achieve on a trailing 12-month basis.

我們看到每月趨勢有所改善，因為我們開始認識到將更多維修和維護能力轉移到內部的好處，從而減少對第三方的依賴。我們在這一領域做了很多工作，早期的成果讓我們深受鼓舞。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，我們在過去 12 個月的基礎上繼續實現這一目標。

Turning now to Slide 12. TTS trucks averaged 8,351 during the quarter or up nearly 1% versus prior year. We ended the quarter with the TTS fleet down 2.2% sequentially and down 1.4% year-over-year. Within TTS, Dedicated revenue was $310 million and up 3%. Dedicated represented 63% of segment revenue net of fuel compared to 61% prior year. Dedicated freight demand in the second quarter was generally steady and in line with our expectations. The Dedicated average truck count during the quarter grew 2% to 5,276 trucks. At quarter end, Dedicated represented 63% of the TTS fleet. Dedicated revenue per truck per week increased 1.5% year-over-year and 3% year-to-date.

現在轉向幻燈片 12。本季度 TTS 卡車平均銷量為 8,351 輛，比去年同期增長近 1%。本季度末，TTS 機隊環比下降 2.2%，同比下降 1.4%。 TTS 中的專用收入為 3.1 億美元，增長 3%。專用業務佔扣除燃料後的部門收入的 63%，而上一年為 61%。第二季度專用貨運需求總體穩定，符合我們的預期。本季度專用卡車平均數量增長 2%，達到 5,276 輛。截至季度末，Dedicated 佔 TTS 機隊的 63%。每輛卡車每週的專用收入同比增長 1.5%，年初至今增長 3%。

Overall, Dedicated is performing well and remains solid. Our pipeline of opportunities remains healthy given our unique scale, reliability and strong relationships across our portfolio of large enterprise customers. As customers continue to monitor the macro environment, we are seeing some delays in expanding existing dedicated fleet, although the dialogue with our customers about future opportunities remains positive.

總體而言，Dedicated 表現良好並保持穩定。鑑於我們獨特的規模、可靠性以及與大型企業客戶組合的牢固關係，我們的機會渠道保持健康。隨著客戶繼續監控宏觀環境，我們發現現有專用機隊的擴張出現了一些延遲，儘管與客戶就未來機會的對話仍然積極。

One-Way trucking revenue for second quarter was $177 million, a decrease of 6% versus prior year. One-Way average truck count during the quarter was down 1% to 3,075. One-Way revenue per truck per week is down 5.2% year-over-year. We have been diligent in maintaining price discipline with over 80% of the bid season behind us. As such, we experienced an uptick in our spot mix, reaching mid-teens in Q2 within One-Way. One-Way second quarter total miles per truck per week were slightly positive year-over-year, reversing a multi-quarter trend due to more teams, improved terminal velocity, further engineering of our fleet and less downtime.

第二季度單程貨運收入為 1.77 億美元，比去年同期下降 6%。本季度單程平均卡車數量下降 1%，至 3,075 輛。每輛卡車每週的單程收入同比下降 5.2%。我們一直努力維持價格紀律，投標季已經過去 80% 以上。因此，我們的現貨組合有所上升，在第二季度的 One-Way 中達到了十幾歲左右。第二季度每輛卡車每週的單向總里程同比略有增長，扭轉了多季度的趨勢，這是由於更多的團隊、提高的終端速度、對我們車隊的進一步設計和更少的停機時間。

Turning now to our growing Logistics segment on Slide 13. In second quarter, Logistics segment revenue was up 10% year-over-year at $225 million and now represents 28% of total Werner revenues. Truckload Brokerage revenues drove the largest portion of the year-over-year growth, increasing over 30% driven by the Reed acquisition and strong performance from our organic business. We completed our second full quarter with Reed as part of the Werner portfolio, and we are very pleased with the performance as Reed is seeing double-digit volume growth compared to its preacquisition levels.

現在轉向幻燈片 13 上不斷增長的物流部門。第二季度，物流部門收入同比增長 10%，達到 2.25 億美元，目前佔 Werner 總收入的 28%。卡車經紀收入推動了同比增長的最大部分，在收購 Reed 和我們有機業務的強勁表現的推動下增長了 30% 以上。作為 Werner 投資組合的一部分，我們與 Reed 完成了第二個完整季度的工作，我們對業績感到非常滿意，因為與收購前的水平相比，Reed 的銷量實現了兩位數的增長。

Excluding Reed, volumes in Truckload Logistics increased 4% sequentially and decreased 3% year-over-year, nearly replacing all of the surge and project volume which peaked in the prior year quarter. We continue to grow our domestic and Mexico cross-border Power Only solution as both our customers and alliance carriers see tremendous value in the Werner network and growing trailer pool. Power Only represented a growing portion of the Truckload Logistics revenue during the quarter.

不包括勵展，整車物流業務量環比增長 4%，同比下降 3%，幾乎取代了去年同期峰值的所有激增和項目量。我們繼續發展我們的國內和墨西哥跨境純電力解決方案，因為我們的客戶和聯盟承運商都看到了維爾納網絡和不斷增長的拖車池的巨大價值。本季度，僅電力在卡車物流收入中所佔的比例越來越大。

Final Mile revenues increased 15%, and the business continues to show strong growth, reporting numerous record volume weeks during the quarter. As expected, Intermodal revenues, which make up approximately 11% of segment revenue, declined year-over-year from both a volume decline and lower revenue per load.

Final Mile 收入增長了 15%，業務繼續呈現強勁增長，本季度數週銷量創下紀錄。正如預期的那樣，佔該部門收入約 11% 的多式聯運收入同比下降，原因是運量下降和每載貨收入下降。

Second quarter Logistics adjusted operating income was $5.5 million, and adjusted operating margin was 2.4%, down 400 basis points year-over-year, driven by rate and gross margin compression combined with higher operating expenses. We are seeing multipronged benefits from our Logistics and asset-light businesses as they provide diversification, are less capital intensive and enable broader solution selling that aligns with the needs of our customers.

第二季度物流調整後營業收入為 550 萬美元，調整後營業利潤率為 2.4%，同比下降 400 個基點，原因是費率和毛利率壓縮以及營業費用增加。我們看到我們的物流和輕資產業務帶來了多方面的好處，因為它們提供了多元化，資本密集度較低，並能夠實現更廣泛的解決方案銷售，以滿足客戶的需求。

On Slide 14, we provide an update and more color on our cost savings program. As we have previously discussed, we are embedding discipline and rigor around expense management across the enterprise. Our cost-saving program is process oriented and gears towards collaborative identification, execution and trackability of numerous initiatives to reduce costs and improve margin. In the current environment of pricing pressure plus inflationary headwinds, our cost-saving program is serving to mitigate some of the impact on operating margins. Through the end of the second quarter, we have now identified in-year run rate savings of over $40 million.

在幻燈片 14 上，我們提供了有關成本節約計劃的更新和更多信息。正如我們之前所討論的，我們正在整個企業的費用管理中融入紀律和嚴格性。我們的成本節約計劃以流程為導向，旨在協作識別、執行和跟踪眾多舉措，以降低成本並提高利潤。在當前定價壓力加上通脹逆風的環境下，我們的成本節約計劃有助於減輕對營業利潤率的部分影響。截至第二季度末，我們已確定年內運行費用節省超過 4000 萬美元。

The program includes 4 primary categories of savings. First is driver and nondriver salaries and other wage-related initiatives. Second is recruitment and training savings from lower driver turnover and maintaining a strong driver pool. Third is fuel efficiency savings through investments in updating the fleet, supplier and equipment innovations that improve efficiency such as auxiliary power units and other fuel efficiency initiatives. And finally is supplies and maintenance and other savings from growing our in-house maintenance capabilities throughout our terminal network in lieu of third-party repairs. This is in addition to negotiating reduced cost on supplies and parts, lowering facility expenses and the benefits from technology-driven savings.

該計劃包括 4 個主要的儲蓄類別。首先是司機和非司機的工資以及其他與工資相關的舉措。其次是通過降低司機流動率和維持強大的司機庫來節省招聘和培訓費用。第三是通過投資更新機隊、供應商和設備創新來提高效率，例如輔助動力裝置和其他燃油效率舉措，從而節省燃油效率。最後是通過在整個終端網絡中增強我們的內部維護能力而不是第三方維修來節省耗材和維護費用以及其他費用。除此之外，還需要協商降低供應品和零部件成本、降低設施費用以及技術驅動的節約帶來的好處。

Although there is more work to do, we are pleased with the progress to date. And as of the end of the second quarter, we have realized over 40% of the targeted savings. We'll continue to emphasize a lean culture, operational innovation and organizational discipline to contain cost, mitigate inflationary pressure and improve margins while also strategically investing for future growth.

儘管還有更多工作要做，但我們對迄今為止取得的進展感到滿意。截至第二季度末，我們已經實現了超過 40% 的目標節約。我們將繼續強調精益文化、運營創新和組織紀律，以控製成本、減輕通脹壓力和提高利潤率，同時為未來增長進行戰略投資。

Let's look now at our cash flow, liquidity and capital metrics on Slide 15 and 16. We ended June with $47 million in cash and cash equivalents. Operating cash flow was steady at $115 million for the quarter or 14% of Q2 total revenue, up 71 basis points compared to prior year. Year-to-date operating cash flow was $282 million or a margin of 17%. Net CapEx in the second quarter was $151 million or 19% of Q2 total revenue, reflecting lower year-over-year gains and greater pace of reinvestment in the business.

現在讓我們看看幻燈片 15 和 16 上的現金流、流動性和資本指標。截至 6 月份，我們擁有 4700 萬美元的現金和現金等價物。本季度運營現金流穩定在 1.15 億美元，佔第二季度總收入的 14%，比去年同期增長 71 個基點。年初至今的運營現金流為 2.82 億美元，利潤率為 17%。第二季度淨資本支出為 1.51 億美元，佔第二季度總收入的 19%，反映出同比收益較低和業務再投資步伐加快。

We are catching up the fleet after not receiving all of the equipment we ordered in the last 2 years. With the increased investment, we are seeing a lower average age of our trucks and trailers benefiting maintenance expense while also preparing for future emission changes. Having the most modern and safest equipment benefits our drivers, customers and will position us well as the market strengthens.

在沒有收到過去兩年訂購的所有設備後，我們正在追趕車隊。隨著投資的增加，我們看到卡車和拖車的平均車齡降低，這有利於維護費用，同時也為未來的排放變化做好了準備。擁有最現代化、最安全的設備有利於我們的駕駛員和客戶，並將隨著市場的增強而使我們處於有利地位。

Free cash flow was a negative $36.5 million for the second quarter. Year-to-date free cash flow was positive $27.6 million or 2% of total revenues due to net CapEx for the first half of the year being elevated. We expect net CapEx for the second half of the year to be lower than the first half. Our total liquidity at quarter end was strong at $511 million, including cash and availability on our revolver.

第二季度自由現金流為負 3650 萬美元。由於上半年淨資本支出增加，年初至今的自由現金流為正 2760 萬美元，佔總收入的 2%。我們預計下半年的淨資本支出將低於上半年。截至季度末，我們的總流動性強勁，達到 5.11 億美元，其中包括現金和左輪手槍的可用資金。

On Slide 16, we ended the quarter with $640 million in debt, down from $691 million at the end of the first quarter. Our debt structure is primarily long term and provides ample credit capacity for growth and accretive investments with over 90% of our outstanding debt not maturing until the second half of 2027. In July, we increased our fixed rate debt to 58% from 35% at the end of the first quarter. This was accomplished by entering into additional interest rate swaps and therefore achieving our objective of mitigating rate volatility for the majority of our debt portfolio. At quarter end, our net leverage was 1.1x compared to 1x entering 2023. We remain pleased with our long-term and low-cost access to capital and our overall capital structure.

在幻燈片 16 中，我們本季度末的債務為 6.4 億美元，低於第一季度末的 6.91 億美元。我們的債務結構主要是長期的，為增長和增值投資提供了充足的信貸能力，超過90% 的未償債務要到2027 年下半年才能到期。7 月，我們的固定利率債務從35%增加到58%。第一季度末。這是通過進行額外的利率掉期來實現的，從而實現了我們減輕大部分債務投資組合的利率波動的目標。截至季度末，我們的淨槓桿率為 1.1 倍，而進入 2023 年時為 1 倍。我們對長期且低成本的資本獲取以及整體資本結構仍然感到滿意。

Moving on to Slide 17 to review our capital allocation priorities. We will continue to prioritize strategic and reinvestment in the business for fueling growth and competitive advantage, including modernizing the fleet while also investing in safety, technology and innovation. In addition, we'll maintain our long-standing commitment to return value to shareholders through our quarterly dividend, which grew 8% in the second quarter, and through periodic evaluation of share repurchases.

繼續看幻燈片 17，回顧我們的資本配置優先事項。我們將繼續優先考慮對業務的戰略和再投資，以促進增長和競爭優勢，包括對機隊進行現代化改造，同時投資於安全、技術和創新。此外，我們將維持我們的長期承諾，通過季度股息（第二季度增長 8%）以及定期評估股票回購來為股東回報價值。

Our opportunities to grow organically remain clear and compelling, particularly within Dedicated and our asset-light businesses. Accretive acquisitions also remain an avenue for growth where opportunities of relevant size and synergies align with our culture and prioritize competitive advantages. We're continuing to integrate the 4 acquisitions that we have executed to date, and progress is in line with our expectations. And lastly, we are committed to preserving a strong and flexible financial position with access to liquidity while maintaining low and modest net leverage.

我們的有機增長機會仍然清晰且引人注目，特別是在專用業務和輕資產業務中。增值收購仍然是一種增長途徑，其中相關規模和協同效應的機會與我們的文化相一致，並優先考慮競爭優勢。我們正在繼續整合迄今為止已執行的 4 項收購，進展符合我們的預期。最後，我們致力於保持強大而靈活的財務狀況，獲得流動性，同時保持較低且適度的淨槓桿率。

I'll turn it back to Derek for an update on our market outlook for the second half of the year and modeling assumptions on Slide 18.

我將把它轉回給 Derek，以獲取有關我們下半年市場前景的最新信息以及幻燈片 18 上的建模假設。

Thank you, Chris. The freight market has been challenging in the first half of 2023. During July, we have seen modest signs of improvement in truckload. Dedicated demand remains steady, and we anticipate a pipeline of opportunities that we can capitalize on. One-Way pricing will remain disciplined as spot mix gradually moderates, particularly as we flex into more dedicated growth. Despite a very competitive marketplace, we expect continued solid volume in logistics with continued margin pressure given a prolonged competitive rate environment.

謝謝你，克里斯。 2023 年上半年貨運市場充滿挑戰。7 月份，我們看到卡車裝載量略有改善的跡象。專用需求保持穩定，我們預計會有一系列可以利用的機會。隨著現貨組合逐漸放緩，特別是當我們轉向更專注的增長時，單向定價將保持嚴格。儘管市場競爭非常激烈，但考慮到長期的競爭性價格環境，我們預計物流量將繼續保持強勁，利潤率將繼續面臨壓力。

As we look to the second half of the year, the collective voice of our larger retail customers continues to reflect that destocking is largely complete. And reports indicate that inventories have returned to pre-COVID levels on an inflation-adjusted basis. We remain cautious about consumer behavior given mixed data points and themes impacting spending, particularly for goods versus services. Headwinds remain in terms of further Fed tightening with inflation still well north of the Fed target and potentially ongoing restrictive lending.

展望下半年，大型零售客戶的集體聲音繼續反映出去庫存已基本完成。報告顯示，經通脹調整後，庫存已恢復至新冠疫情前的水平。鑑於影響支出的混合數據點和主題，尤其是商品與服務方面，我們對消費者行為保持謹慎態度。美聯儲進一步收緊政策的阻力依然存在，通脹仍遠高於美聯儲目標，而且限制性貸款可能持續存在。

Further, we expect there will be an accelerated pace of freight capacity exiting the market. Relative freight capacity, FMCSA carrier data reports DOT net truck deactivations for 44 consecutive weeks and now exceeds 110,000 net deactivations over that period. At this point, we believe smaller carriers have been supported by cash reserves generated from the peak 2022 freight market, federal stimulus and lower fuel costs.

此外，我們預計貨運能力退出市場的速度將會加快。相對貨運能力，FMCSA 承運人數據報告 DOT 連續 44 週停用卡車網絡，目前該期間的淨停用數量超過 110,000 輛。目前，我們認為規模較小的承運商得到了 2022 年貨運市場高峰、聯邦刺激措施和較低燃料成本產生的現金儲備的支持。

Accelerated truck capacity attrition seems more imminent as cash reserves reach a point of depletion. And we believe even in a gradually improving freight environment that it is unlikely for those carriers to reenter the market given much higher financing costs and other factors. We are well positioned to benefit from the reduced supply, more normalized demand and upward momentum to lock in more contractual freight at improving rates.

隨著現金儲備達到枯竭點，卡車運力加速消耗似乎更加迫在眉睫。我們認為，即使在貨運環境逐漸改善的情況下，鑑於融資成本大幅上升等因素，這些承運商也不太可能重新進入市場。我們處於有利位置，可以從供應減少、需求更加正常化和上升勢頭中受益，從而以不斷提高的費率鎖定更多合同運費。

For the used truck market, we expect continued declining demand with moderating pricing and equipment gains as the year progresses. We reached $30 million in equipment gains for the first half of '23, and we are tightening our expected range for the full year to $40 million to $50 million. We expect net interest expense this year will be $20 million to $25 million higher than last year as a result of the continued pace of Fed tightening. As Chris mentioned earlier, we have adjusted our fixed versus floating rate debt to reflect the 58% as effectively fixed.

對於二手卡車市場，我們預計隨著今年的進展，需求將持續下降，價格將放緩，設備也會增加。 2023 年上半年，我們的設備收益達到了 3000 萬美元，並且我們正在將全年的預期範圍收緊至 4000 萬至 5000 萬美元。由於美聯儲持續緊縮步伐，我們預計今年的淨利息支出將比去年增加 2000 萬至 2500 萬美元。正如克里斯之前提到的，我們調整了固定利率債務與浮動利率債務，以反映有效固定的 58%。

With that background, let's turn to Slide 19 and review our second quarter performance compared to our guidance and our updated guidance metrics. During the second quarter, our truck fleet declined 190 trucks, resulting in year-to-date decline of 4% as we adapted our fleet size to adjust to the challenging freight conditions.

有了這個背景，讓我們轉向幻燈片 19，並與我們的指導和更新的指導指標進行比較，回顧我們第二季度的業績。第二季度，我們的卡車車隊減少了 190 輛卡車，由於我們調整了車隊規模以適應充滿挑戰的貨運條件，導致年初至今下降了 4%。

As a result, we are lowering our truck growth guidance range for the full year 2023 to down 4% to down 2% from down 2% to up 1% previously. We are increasing our net CapEx guidance for the year from $350 million to $400 million to $400 million to $450 million as a result of a greater pace of refreshing the fleet, as Chris mentioned. We anticipate that this will be at the upper end of our long-term net CapEx range of 11% to 13% of revenue.

因此，我們將 2023 年全年卡車增長指導範圍從之前的下降 2% 至增長 1% 下調至下降 4% 至 2%。正如克里斯提到的，由於更新機隊的步伐加快，我們將今年的淨資本支出指導從 3.5 億美元提高到 4 億美元，再提高到 4 億美元到 4.5 億美元。我們預計這將處於我們長期淨資本支出佔收入 11% 至 13% 範圍的上限。

Dedicated revenue per truck per week increased 3% year-to-date. This is at the upper end of our full year guidance range, which remains unchanged. One-Way Truckload revenue per total mile for second quarter decreased 5.2% and is down 4.2% year-to-date, within our first half guidance range. Our guidance range for the third quarter is down 7% to down 4%.

今年迄今為止，每輛卡車每週的專用收入增長了 3%。這是我們全年指導範圍的上限，該範圍保持不變。第二季度每總英里單程卡車裝載收入下降 5.2%，今年迄今下降 4.2%，在我們上半年的指導範圍內。我們對第三季度的指導範圍是下降 7% 至 4%。

Our tax rate in the second quarter was 25.2%, and we are maintaining the full year range of 24% to 25%. The average age of truck and trailer fleet in the second quarter was 2.1 and 5.1, respectively.

我們第二季度的稅率為 25.2%，全年稅率維持在 24% 至 25% 的範圍內。第二季度卡車和拖車車隊的平均車齡分別為2.1年和5.1年。

Turning to Slide 20. We have a powerful business model with a large and durable Dedicated fleet, a diversified One-Way Truckload fleet and a growing Logistics segment. Our approach has created clear competitive advantages that will continue to fuel our growth, durability and earnings. We have significant scale as a top 5 public truckload carrier with nearly 8,300 trucks, 14,000-plus associates and thousands of qualified carriers within Brokerage.

轉向幻燈片 20。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。我們的方法創造了明顯的競爭優勢，將繼續推動我們的增長、持久性和盈利。作為排名前 5 名的公共卡車承運商，我們擁有相當大的規模，擁有近 8,300 輛卡車、14,000 多名員工以及經紀業務中的數千名合格承運商。

We are uniquely positioned to service the most complex freight needs of large enterprise customers, including over half of the largest U.S. retailers, in addition to growing in other verticals with customers who are winning in their space. We have the benefit of broad solution selling to large enterprises across our highly integrated dedicated offering, our branded nationwide Final Mile solution plus cross-border and logistics while also growing share with small and medium-sized customers within Brokerage.

我們擁有獨特的優勢，可以滿足大型企業客戶最複雜的貨運需求，其中包括超過一半的美國最大零售商，此外，我們還與在其領域獲勝的客戶一起在其他垂直領域發展。我們的優勢在於，通過高度集成的專用產品、品牌全國性的“最後一英里”解決方案以及跨境和物流，向大型企業銷售廣泛的解決方案，同時也在經紀業務中增加與中小型客戶的份額。

Our comprehensive footprint in terminal network across the country puts Werner within 150-mile reach of 90% of the U.S. population. And as nearshoring increases, we have the largest Mexico cross-border franchise in truckload and deep experience operating in this complex market. We have a long history of leading in innovation, and we are primed to benefit from more recent investments in technology aimed at greater operational effectiveness and enhancing the experience of both our customers and associates.

我們在全國范圍內的綜合航站樓網絡使 Werner 能夠在 150 英里範圍內覆蓋 90% 的美國人口。隨著近岸外包的增加，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。我們在創新方面有著悠久的歷史，我們準備從最近的技術投資中受益，這些投資旨在提高運營效率並增強客戶和員工的體驗。

We continue to attract and retain top talent, including highly qualified drivers that embrace and carry out our commitment to superior safety and award-winning service, which in turn allows us to retain our strong portfolio of winning customers.

我們繼續吸引和留住頂尖人才，包括高素質的駕駛員，他們擁護並履行我們對卓越安全和屢獲殊榮的服務的承諾，這反過來又使我們能夠保留強大的獲勝客戶組合。

I'm extremely proud of our team. We were recently recognized by Inbound Logistics magazine annual Excellence Survey as a top 10 3PL provider, coming in at #6. This is the seventh consecutive year of being recognized and a testimony to our commitment in providing a best-in-class experience for our customers.

我為我們的團隊感到非常自豪。最近，我們被 Inbound Logistics 雜誌年度卓越調查評為 10 強 3PL 提供商，排名第 6。這是連續第七年獲得認可，證明了我們致力於為客戶提供一流體驗的承諾。

At this point, I'll turn the call back over to our operator to begin Q&A.

此時，我會將電話轉回給我們的接線員以開始問答。

(Operator Instructions) Our first question is from Ravi Shanker with Morgan Stanley.

（操作員說明）我們的第一個問題來自摩根士丹利的 Ravi Shanker。

Would love your views on what your customers are telling you. You kind of hinted about inventory levels kind of coming back to normal here. Kind of how do you think the cycle plays out over the back half of the year and going into '24, please?

希望您對客戶告訴您的內容有看法。您暗示庫存水平已恢復正常。您認為這個週期在今年下半年和進入 24 年後會如何發展？

Yes, Ravi, thank you for the question. I guess I'll start with, obviously, it's a bit like the weather. It's localized in nature, meaning each customer is in a little bit of a different setting. But the majority of our customers, we've recently had significant dialogue with them on the subject, have indicated that destocking is largely behind them. So that's encouraging. They're also encouraged from some of the macro backdrop data that we all see.

是的，拉維，謝謝你的提問。我想我首先會說，這有點像天氣。它本質上是本地化的，這意味著每個客戶都處於不同的環境中。但我們最近與大多數客戶就這個問題進行了重要對話，他們表示，去庫存已經基本結束。所以這是令人鼓舞的。我們都看到的一些宏觀背景數據也鼓舞了他們。

Labor is holding up well. Jobs reports are arguably better than what was originally expected. Inflation seems to be waning a little. And if nothing else, we're starting to enter at least easier comps as it relates to that, and people are normalizing their perception of it. We work a lot with winning customers in sort of discount retail space. Those folks seem to be faring better than most.

工黨表現良好。就業報告可以說好於最初的預期。通貨膨脹似乎略有減弱。如果不出意外的話，我們至少開始進入更容易的比較，因為它與此相關，並且人們正在正常化他們對它的看法。我們在折扣零售空間中與贏得客戶進行了大量合作。這些人似乎比大多數人都過得更好。

So as we put all that together and think about the back half, I'd say we're cautiously optimistic, as are they. But clearly, you've still got that tightening ahead of us. You've got some pretty stringent kind of lending backdrop. So it's difficult to say, but it appears to me that we're seeing the early innings of what could set up more like a normalized Q4 with some difficult headwinds still ahead of us in Q3.

因此，當我們將所有這些放在一起並考慮後半部分時，我想說我們和他們一樣謹慎樂觀。但顯然，我們仍然面臨著緊縮政策。你有一些相當嚴格的貸款背景。所以這很難說，但在我看來，我們正在看到可能更像是正常化的第四季度的早期幾局，但第三季度我們仍然面臨著一些困難的阻力。

Got it. That's super helpful. And maybe kind of switching gears for a follow-up to the cost side. Obviously, you had a few challenges this time last year, which gives you a little bit of an easier comp. And you guys have made some good progress there. Can you talk about kind of some of the line items you're looking at, particularly insurance? I think there have been some significant changes in the insurance market in recent months. How do we think about cost inflation as a potential offset to any pickup in the cycle?

知道了。這非常有幫助。也許是為了跟進成本方面的變化。顯然，去年這個時候你遇到了一些挑戰，這讓你的比賽變得更容易了。你們在那裡取得了一些良好的進展。您能談談您正在考慮的一些項目，特別是保險嗎？我認為最近幾個月保險市場發生了一些重大變化。我們如何看待成本通脹作為周期中任何回升的潛在抵消因素？

Yes, Ravi, thanks for the question. This is Chris. In terms -- specifically on the insurance and claims, we did see some year-over-year benefit there and flat quarter-over-quarter, although admittedly, Q2 of prior year was a peak for insurance and claims. So that's somewhat contributing just in terms of the comp of some of the moderation year-over-year in the quarter. But this is still an expense category that just continues to be challenging for the industry. Our frequency of claims is down, remains down.

是的，拉維，謝謝你的提問。這是克里斯。就保險和索賠而言，我們確實看到了一些同比效益，但季度環比持平，儘管不可否認，去年第二季度是保險和索賠的高峰。因此，就本季度同比有所放緩的情況來看，這在一定程度上有所貢獻。但這仍然是一個繼續對該行業構成挑戰的費用類別。我們的索賠頻率下降了，而且仍然在下降。

Our safety metrics continue to be positive. And unfortunately, the insurance and claims just broadly for the industry can be difficult given the cost per claim rise and broad issue. But we are seeing some other moderation in supplies and maintenance. That was up 4% year-over-year, but it's down 5% quarter-over-quarter. That's a particular category that we've been very focused on.

我們的安全指標仍然積極。不幸的是，考慮到每次索賠成本的上升和廣泛的問題，整個行業的保險和索賠可能會很困難。但我們還看到供應和維護方面出現了其他一些放緩。同比增長 4%，但環比下降 5%。這是我們一直非常關注的一個特定類別。

A couple of metrics there in terms of our trucks that are over 400,000 miles, we've continued to see that drop dramatically. It peaked last September. It was still elevated coming into this year. By the time we hit March, it was lower than any month last year. And then we hit June and hit a low point, almost a 2-year low point in terms of our trucks that are over 400,000 miles and out of warranty. So that has a knock-on impact to the supplies and maintenance.

從我們的卡車行駛里程超過 400,000 英里的幾個指標來看，我們繼續看到這一數字大幅下降。去年9月達到頂峰。進入今年，這一數字仍然較高。到三月份時，這一數字低於去年任何一個月。然後到了 6 月份，我們的卡車行駛里程超過 400,000 英里，並且超出了保修期，這幾乎是 2 年來的最低點。因此，這對供應和維護產生了連鎖反應。

The other thing that we are seeing some benefit from is getting some traction and seeing the benefit from an extended period here of building in-house capability for our repairs and maintenance throughout our terminal network. So we've been spending several months in building that capability, hiring mechanics and developing the means to route trucks to those terminals for in-house repairs and maintenance. And now we're actually seeing the fruits from that and see some encouraging trends, particularly in June. That was more significantly down.

我們看到的另一件事是獲得了一些關注，並看到了長期在整個終端網絡中建立內部維修和維護能力所帶來的好處。因此，我們花了幾個月的時間來建設這種能力，僱用機械師並開發將卡車運送到這些碼頭進行內部維修和保養的方法。現在我們實際上看到了由此帶來的成果，並看到了一些令人鼓舞的趨勢，特別是在六月份。下降幅度更為顯著。

So we're seeing some categories that are encouraging. That's on top of our cost savings program, which we talked a little bit about that in our scripted comments. There's still a couple of categories that are more elevated, depreciation being one that has some intangibles of the amortization from acquisitions and some impact from the newer fleet and some fuel-enhancing equipment. But we think those are good decisions long term in terms of fuel efficiency and impact on margin.

所以我們看到了一些令人鼓舞的類別。這是我們的成本節約計劃的基礎，我們在腳本評論中對此進行了一些討論。還有一些類別的價格更高，其中折舊是一種因收購而產生的無形攤銷，以及新機隊和一些燃油增強設備的一些影響。但我們認為，就燃油效率和利潤率影響而言，這些都是長期的良好決策。

Our nondriver salaries, wages and benefits are also still a bit elevated. But again, part of that is the maintenance head count that we've been building in that category in order to then move forward with this in-house maintenance capability as well as still some elevated head count from our acquisitions. And we have more work to do in terms of integration. It's on pace, but we have more opportunity there going forward.

我們的非司機工資、工資和福利也仍然有點高。但同樣，其中一部分是我們一直在該類別中建立的維護人員數量，以便繼續推進這種內部維護能力，以及我們收購中增加的人員數量。在整合方面我們還有更多的工作要做。它正在按部就班地進行，但我們未來還有更多機會。

And then we've talked about in the past how we have made some investments, go-to-market strategy investments in Final Mile. So that's a bit elevated. But that -- we're growing that business to scale. We're excited about that, and we look for greater profitability there.

然後我們過去討論過我們如何在“最後一英里”中進行一些投資、進入市場戰略投資。所以這有點高了。但我們正在擴大業務規模。我們對此感到興奮，並希望在那裡獲得更大的盈利能力。

The next question is from Bascome Majors with Susquehanna.

下一個問題來自薩斯奎哈納巴斯科姆梅傑斯。

As you think about growing the dedicated business over time, can you talk about how some of the in-sourcing or private fleet efforts from your largest customer is impacting that and the strategy you have to both offset and overcome that either with other business or other customers or just strategically to stay engaged there?

當您考慮隨著時間的推移發展專門業務時，您能否談談您最大客戶的一些內包或私人車隊工作如何影響這一點，以及您必須通過其他業務或其他業務來抵消和克服這一點的策略客戶還是只是戰略性地保持參與？

Sure, Bascome. I'll take that one. I'll start with the obvious. They are our largest customer. And as such, both parties have some -- we have a vested interest in making sure that the solutions we put in place are sustainable for both of us. Their growth has been impressive, will remain impressive. And as I think about them moving forward, it's certainly something that excites us.

當然，巴斯科姆。我會接受那個。我將從顯而易見的事情開始。他們是我們最大的客戶。因此，雙方都有一些——確保我們制定的解決方案對我們雙方來說都是可持續的，這符合我們的既得利益。他們的成長令人印象深刻，並將繼續令人印象深刻。當我想到他們的前進時，這確實讓我們感到興奮。

We can't exclusively be that growth partner or that growth avenue for them because, as you know, we're going to stay disciplined to the diversity within our portfolio. We're going to stay disciplined to our approach, both geographic diversity as well as vertical diversity, but probably most importantly, what our representation with any one customer is.

我們不能僅僅成為他們的增長合作夥伴或增長途徑，因為如您所知，我們將嚴格遵守我們投資組合的多樣性。我們將嚴格遵守我們的方法，無論是地理多樣性還是垂直多樣性，但可能最重要的是，我們對任何一位客戶的代表是什麼。

With all that said, it's a mutually executed strategy. We work with them very closely. We're actually growing with them. Here recently, we have opportunities to continue to do so where it makes sense for us. But we're well aware that they have a strategy to have a private fleet in addition to that.

話雖如此，這是一個共同執行的策略。我們與他們密切合作。我們實際上正在與他們一起成長。最近，我們有機會在對我們有意義的地方繼續這樣做。但我們很清楚，除此之外，他們還制定了擁有私人車隊的戰略。

We have many other customers who have private fleets, and yet we operate Dedicated side by side. I often believe that it makes for better customers because they are exposed to the weather out there, so to speak. They understand better and become better buyers of freight. And they're more educated in their acquisition of capacity.

我們還有許多其他擁有私人車隊的客戶，但我們並肩運營 Dedicated。我經常相信，這會帶來更好的客戶，因為可以這麼說，他們接觸到了外面的天氣。他們更了解並成為更好的貨運買家。他們在獲得能力方面受過更多教育。

That -- all of those things lead me to believe we're in good shape there. We're going to continue to have open dialogue. But what it's really going to do is force us to continue on a plan that we set forth some time ago anyway, which is making sure we're diversifying across multiple verticals, multiple geographies and expanding the quality service and product that we have to offer to more new customers as well as what we've been good at for a long, long time, which is growing deeper and broader with existing.

所有這些事情讓我相信我們的狀況良好。我們將繼續進行公開對話。但它真正要做的是迫使我們繼續執行我們不久前提出的計劃，這確保我們在多個垂直領域、多個地區實現多元化，並擴大我們必須提供的優質服務和產品向更多的新客戶以及我們長期以來一直擅長的領域提供服務，這些領域隨著現有的業務而變得越來越深入和廣泛。

I just wanted to touch on one point you made in the middle of it. Did you say that despite them growing their fleet, you're still growing trucks with this customer? Just wanted to make sure that I heard that.

我只是想談談你在其中提出的一點。您是否說過，儘管他們擴大了車隊，但您仍在為該客戶增加卡車？只是想確保我聽到了。

Yes. I'm saying as we -- as they are growing their fleet, we still have opportunity to pick up new opportunities with this customer, yes.

是的。我是說，隨著他們不斷擴大機隊，我們仍然有機會與該客戶一起獲得新的機會，是的。

The next question is from Elliot Alper with TD Cowen.

下一個問題是 Elliot Alper 和 TD Cowen 提出的。

Great. Maybe on the Logistics side, you talked about stabilization in the outlook but called out some margin pressure in the back half of the year or in 3Q. Can you maybe parse that out between Truckload, Final Mile and Intermodal?

偉大的。也許在物流方面，您談到了前景的穩定，但指出了下半年或第三季度的一些利潤壓力。您能否在卡車裝載、最後一英里和聯運之間解析一下？

Yes. I mean look, I'm going to focus on Truckload with my answer. As it relates to the reality, that is the largest portion of that Logistics portfolio. And what we're really saying there is, look, we're very proud of not only holding serve on our organic Brokerage business and really sort of outperforming the market in terms of the amount of revenue we've held on to and volume, probably more importantly.

是的。我的意思是，我的答案將重點關注卡車裝載量。就現實而言，這是物流產品組合中最大的部分。我們真正想說的是，看，我們非常自豪，不僅在我們的有機經紀業務上保持服務，而且在我們保持的收入金額和交易量方面確實優於市場，也許更重要的是。

But with the Reed acquisition and their ability to not just be at scale from the time of acquisition but having grown further since that time, we're pretty bullish on our capabilities in that space. We also love where we're at as it relates to the conversion within our EDGE platform and our ability to operate more efficiently over time as we grow into that business.

但隨著對 Reed 的收購，以及他們不僅能夠從收購時起就達到規模，而且自收購以來還進一步發展，我們非常看好我們在該領域的能力。我們也喜歡我們目前所處的位置，因為它關係到我們 EDGE 平台內的轉換，以及隨著我們業務的發展，我們能夠更高效地運營的能力。

All of that obviously is offset by the reality that as this market does turn, there's going to be pressure in the non-asset space. You're going to see buy side pressure that isn't always synced with the ability to gain that same relief from a sell-side perspective. And so there's going to be some puts and takes as we work our way through all of that.

所有這些顯然都被現實所抵消，即隨著市場的轉變，非資產領域將會面臨壓力。你會看到買方的壓力並不總是與從賣方角度獲得同樣緩解的能力同步。因此，當我們努力完成所有這些工作時，將會有一些調整和調整。

What we're especially pleased about within Logistics though is the resiliency of the Power Only product. That product, in particular, which is really an integrated product within our One-Way network, is holding up remarkably well. We have -- we're very optimistic on our ability to continue to grow that, give our customers a seamless experience but be able to give ourselves a little bit less asset-intensive exposure and while providing ongoing freight via Werner Bridge and more of a digital format to our customer partners and really lowering their operating costs at the same time. So pretty exciting time as I think about that business over the next, call it, 2- to 3-year outlook.

不過，在物流領域，我們特別滿意的是 Power Only 產品的彈性。特別是該產品，它實際上是我們單向網絡中的一個集成產品，運行得非常好。我們對繼續發展這一能力非常樂觀，為我們的客戶提供無縫的體驗，但能夠減少我們自己的資產密集型風險，同時通過維爾納橋和更多的方式提供持續的貨運。向我們的客戶合作夥伴提供數字格式，同時真正降低他們的運營成本。當我思考接下來的業務時，這是非常令人興奮的時刻，稱之為 2 到 3 年的前景。

The next question is from Jack Atkins with Stephens.

下一個問題是傑克·阿特金斯和斯蒂芬斯提出的。

Okay. So I don't know, Derek, if you want to take this or if this one is better for Chris. But I guess as you sort of think about the trajectory here as we head into the back half of the year, in the context of the longer-term 12% to 17% TTS margin range, I understand this has been a much more challenging freight recession than I think anybody could have anticipated. But do you still feel like that the bottom end of that range is achievable for this year? And if so, sort of what sort of fourth quarter do you need to see to be able to get there?

好的。所以我不知道，德里克，你是否願意接受這個，或者這個對克里斯是否更好。但我想，當您考慮今年下半年的發展軌跡時，在 12% 至 17% 的長期 TTS 利潤範圍的背景下，我知道這是一個更具挑戰性的貨運經濟衰退超出了我的預期。但您仍然認為今年可以實現該範圍的底端嗎？如果是這樣，您需要看到什麼樣的第四季度才能實現這一目標？

Yes, Jack, thanks for the question. Clearly, that's going to be challenged. There is a lot of headwinds that we've got to continue to work through as it relates to declining used truck values and volumes. We've got to continue to deal with the reality that although we're over 3/4 of the way through our bid season, we have some of those bids that are still being implemented in Q3. Hence, the updated guidance on price. Interest rates and where they may go on the portion of our debt that's variable.

是的，傑克，謝謝你的提問。顯然，這將受到挑戰。我們必須繼續克服許多不利因素，因為這與二手卡車價值和數量的下降有關。我們必須繼續面對這樣一個現實：儘管我們的投標季節已超過 3/4，但我們的一些投標仍在第三季度實施。因此，更新了價格指導。利率以及我們可變債務部分的利率。

I mean there's a lot of things to think through. But we're making progress on the cost side. We're holding serve relative to revenues and volumes, and we're proud of our positioning there. The pipeline in Dedicated looks good. The opportunities in -- for second half implementations in Dedicated that are sort of one and yet to be implemented is encouraging. And frankly, some of the efficiencies that we're finding on the One-Way side, seeing productivity go positive year-over-year for the first time in multiple quarters is encouraging. We believe we have more work to do to gain even further efficiencies and optimization in the network.

我的意思是，有很多事情需要考慮。但我們在成本方面正在取得進展。我們在收入和銷量方面保持領先地位，我們對自己的定位感到自豪。 Dedicated 中的管道看起來不錯。下半年在 Dedicated 中實施的機會是一種尚未實施的機會，這是令人鼓舞的。坦率地說，我們在單向方面發現了一些效率，看到生產率在多個季度中首次同比增長，令人鼓舞。我們相信，為了進一步提高網絡效率和優化網絡，我們還有更多工作要做。

Bottom line this year, challenging. I don't believe it's worthy of us changing our long-term guidance. We may fall out of it for a quarter or 2. But over the course of the long term, we still feel very comfortable. That's where we belong. That's where we'll live, and we'll continue to drive forward from there.

今年的底線是充滿挑戰的。我認為我們不值得改變我們的長期指導。我們可能會在四分之一或兩個季度內擺脫困境。但從長遠來看，我們仍然感覺很舒服。那就是我們所屬的地方。那就是我們將居住的地方，我們將從那裡繼續前進。

Okay. No, I appreciate that, Derek. Thank you for the context there. I guess for my second question, I'd love to get you to talk a little bit more about Werner Bridge and kind of going back to the prepared comments into the last question but -- or last questioner. But as you sort of think about Werner Bridge longer term within the context of your technology journey, is this something that can really integrate what you're doing within TTS broadly, within also Logistics? I mean is this -- help us kind of think about what this means for more of an integrated kind of go-to-market strategy within your business longer term?

好的。不，我很感激，德里克。謝謝你提供的背景。我想對於我的第二個問題，我很想讓你多談談維爾納布里奇，並回到最後一個問題的準備好的評論，但是——或者最後一個提問者。但是，當您在技術之旅的背景下對 Werner Bridge 進行更長遠的思考時，這是否可以真正將您在 TTS 以及物流中所做的工作真正廣泛地整合起來？我的意思是——幫助我們思考這對於您的業務長期內更多的綜合性進入市場策略意味著什麼？

Sure, Jack. I'll do my best to do exactly that. I think I got to back you up before we get to Werner Bridge and talk more broadly about sort of the EDGE TMS strategy overall with the -- with MasterMind as kind of the backbone of that strategy. That's really the platform, if you will, that allows us over the next couple of years to continue to land all of the portfolio on one core platform with full integration, visibility and thus flexibility in how we execute on our customers' needs.

當然，傑克。我會盡力做到這一點。我想在我們到達 Werner Bridge 並更廣泛地討論 EDGE TMS 總體戰略之前，我必須支持您，並將 MasterMind 作為該戰略的支柱。如果您願意的話，這確實是一個平台，它使我們能夠在未來幾年內繼續將所有產品組合放在一個核心平台上，並具有完全集成、可見性，從而使我們能夠靈活地執行客戶的需求。

Werner Bridge is a component within that that's allowing us to make a large step forward in this sort of digital brokerage space. That puts us in a position, especially at that small to midsize customer level, to be able to operate highly efficiently with human engagement still where required, with the kind of customer service and support that our customers have come to expect.

Werner Bridge 是其中的一個組成部分，它使我們能夠在此類數字經紀領域向前邁出一大步。這使我們能夠高效運營，在需要時仍然提供人員參與，並提供客戶所期望的客戶服務和支持，尤其是在中小型客戶層面。

And an analogy would be somewhat like pure brokerage versus Power Only brokerage, at least in my mind. Werner Bridge is going to bring all of the qualities and attributes and flexibility and variability that Brokerage brings. But Power Only brings all of that plus that asset-backed nature and that fully integrated effect within the network. Werner Bridge is similar in that sense.

打個比方，有點像純粹的經紀業務與僅電力經紀業務的比較，至少在我看來是這樣。沃納布里奇將帶來經紀業務帶來的所有品質和屬性以及靈活性和可變性。但 Power Only 帶來了所有這些，加上資產支持的性質以及網絡內的完全集成效應。維爾納布里奇在這個意義上是相似的。

We want to be able to give people that much more high-level visibility, efficiency, the ability to track, reload, use predictive AI to be able to maximize their utilization and minimize inefficiencies in the network but tie it to the Werner brand and tie it to what that means, which is still human engagement where human engagement is necessary and required and the ability to kind of lift up that customer and their expectations out of that pure digital brokerage marketplace that is purely -- that is more transactional and less customer-centric. That's not who we are. That's not how we do business.

我們希望能夠為人們提供更高水平的可見性、效率、跟踪、重新加載、使用預測性人工智能的能力，從而能夠最大限度地提高利用率並最大限度地減少網絡效率低下，但將其與Werner品牌和聯繫聯繫起來這意味著什麼，這仍然是人的參與，其中人的參與是必要和需要的，並且有能力將客戶及其期望從純粹的數字經紀市場中提升出來，這是純粹的— —交易性更強，客戶更少以-為中心。我們不是這樣的人。我們不是這樣做生意的。

So this is going to be a journey. We're on that path today. It's not happening overnight or in the next quarter or 2, but it's a journey over the next, call it, 18 months that we're really excited about.

所以這將是一段旅程。今天我們就走在這條路上。這不會在一夜之間發生，也不會在下一個季度或兩個季度內發生，但它是接下來 18 個月的旅程，我們對此感到非常興奮。

The next question is from Jeff Kauffman with Vertical Research Partners.

下一個問題來自垂直研究合作夥伴的傑夫考夫曼。

I was just looking at the big change in length of haul in the One-Way Truckload, about 690 miles -- 692 last year, dropping to 604 this year. I was just wondering if you could talk a little bit about the dynamics in the marketplace that caused that differential. I imagine with the port situation backed up, that was part of it. But I'm just curious if there was something similar in Dedicated. And can you give us an idea of how much that big drop in length of haul might have affected the revenue per total mile?

我剛剛看到了單程卡車運輸長度的巨大變化，大約 690 英里——去年是 692 英里，今年下降到了 604 英里。我只是想知道您是否可以談談導致這種差異的市場動態。我想在港口情況得到支持的情況下，這就是其中的一部分。但我只是好奇《Dedicated》中是否有類似的東西。您能否告訴我們，運輸距離的大幅下降可能對每總英里收入產生多大影響？

Yes, I'll take that one, Jeff. This is Chris Neil. We've been having length of haul contraction over the last several quarters, as really the industry has, due to just a number of different things with the regionalization of rate, our Dedicated -- I think your question is TTS related. So our Dedicated fleet continues to grow as a percentage of TTS. Dedicated length of haul on average is much shorter than what we do on the One-Way side. And then we've got a couple of acquisitions over the last 2 years, specifically with regard to ECM that had a more regional footprint than what our One-Way Trucking organic fleet had.

是的，我要那個，傑夫。這是克里斯·尼爾。在過去的幾個季度中，我們的運輸長度一直在收縮，正如行業實際情況一樣，由於費率區域化的一些不同因素，我們的專用 - 我認為您的問題與 TTS 相關。因此，我們的專用機隊佔 TTS 的比例持續增長。平均專用運輸長度比我們在單程方面所做的要短得多。在過去的兩年裡，我們進行了幾項收購，特別是在 ECM 方面，它比我們的單向卡車運輸有機車隊擁有更多的區域足跡。

And so all those things acting together have resulted in a little bit lower length of haul. You will notice that on One-Way Trucking this quarter, we were finally able to overcome a year-over-year negative miles per truck trend that had occurred over multiple quarters leading up to this quarter. It didn't increase significantly, but we did end the sequential declines or the sequential year-over-year declines in One-Way Trucking.

因此，所有這些因素共同作用導致了運輸距離的縮短。您會注意到，在本季度的單向卡車運輸中，我們終於能夠克服在本季度之前的多個季度中出現的每輛卡車里程數逐年下降的趨勢。它沒有顯著增加，但我們確實結束了單程卡車運輸的連續下降或同比連續下降。

And we do think that we're headed toward better utility for a number of different reasons in the future here. We've built that One-Way Trucking segment on cross-border Mexico. We're focused on engineered business, and we're focused on expedited business. And we've made progress on all 3 of those fronts, which have enabled us to, I think, kind of turn the corner as it relates to length of haul.

我們確實認為，出於多種不同的原因，我們未來將朝著更好的實用性邁進。我們在墨西哥跨境地區建立了單程貨運業務。我們專注於工程業務，我們專注於加急業務。我們在所有這三個方面都取得了進展，我認為這使我們能夠扭轉與運輸距離相關的困境。

Well, I appreciate that clarity, but this is just One-Way Truckload. 692 down to 604, that's almost a 13% reduction in length of haul. So you're showing a change in revenue per total, call it, 5.2% to the downside, excluding fuel. I was wondering how much this change in length of haul accounted for out of that 5.2% reduction. That's what I'm going at here.

嗯，我很欣賞這種清晰度，但這只是單程卡車裝載。 692 減少到 604，運輸距離縮短了近 13%。因此，您顯示的是總收入的變化，即下降 5.2%（不包括燃油）。我想知道運輸距離的變化在 5.2% 的減少中佔了多少比例。這就是我在這裡要說的。

Yes. Well, clearly, as length of haul shortens and as we look to engineer more of the fleet, which has been a heavy, heavy focus during this downturn, is to try to further tighten the belt on the engineered lanes and get less and less random in the application of our assets. You're going to see a rate per mile offset to the positive because the shorter length of haul is going to have someone to carry a higher rate.

是的。嗯，很明顯，隨著運輸距離的縮短，以及我們希望設計更多的機隊，這在這次經濟低迷時期一直是一個非常非常重要的焦點，那就是嘗試進一步收緊設計車道的皮帶，並變得越來越不隨機在我們的資產的應用中。您將看到每英里費率向正值偏移，因為較短的運輸距離將有人承擔更高的費率。

That's why, ultimately, we often will look back and talk in terms of revenue per truck per week. Actually, on the One-Way side, it's more of a revenue per day metric that we're constantly trying to analyze and make sure we're utilizing those assets efficiently.

這就是為什麼最終我們經常回顧並討論每輛卡車每週的收入。實際上，在單向方面，它更多的是我們不斷嘗試分析並確保我們有效利用這些資產的每日收入指標。

Frankly, right now, as we went to the bid season, we talked a lot in the prepared remarks about pricing discipline. We stayed very disciplined with our pricing, which translated, frankly, to a larger portion of our fleet being in that spot market. We were prepared and willing to do that compared to contractually binding the fleet at rates that we felt were not sustainable and not indicative of the reinvestment necessary to serve that business.

坦率地說，現在，隨著我們進入投標季節，我們在準備好的評論中談論了很多有關定價紀律的內容。我們對定價非常嚴格，坦率地說，這意味著我們機隊的大部分都在現貨市場。與以我們認為不可持續且不表明服務該業務所需的再投資的費率通過合同約束機隊相比，我們準備並願意這樣做。

And so the shakeout in those One-Way bids was -- call it, the turnover in the bid was a little higher than what we've experienced for the last several bid cycles, not unexpected in a down market. But whenever you hold a discipline in price, you see more mix change in your award. You might hold revenues but have a 60% different mix. And it's about what you then accept and integrate into this new engineered environment that makes the difference. And we think we've come out of that in the right place with the right amount of business contracted and with more spot exposure than we'd like, but that's sort of low for a less duration than it would have been had we chased rate through the bid process.

因此，這些單向投標中的震盪是——可以這麼說，投標中的成交額比我們在過去幾個投標週期中經歷的要高一些，這在低迷的市場中並不意外。但只要你在價格上遵守紀律，你就會看到獎勵中更多的組合變化。您可能持有收入，但組合有 60% 不同。關鍵在於您接受什麼並將其集成到這個新的工程環境中，從而產生影響。我們認為，我們已經在正確的地方走出了困境，簽訂了適量的業務合同，並且擁有比我們想要的更多的現貨曝光，但與我們追逐利率相比，在較短的時間內，這有點低通過投標過程。

The next question is from Eric Morgan with Barclays.

下一個問題來自巴克萊銀行的埃里克·摩根。

I wanted to ask on Dedicated pricing, specifically your guidance for 0 to 3% for the year. I know you're up 3% in the first half. So the midpoint obviously implies flat for the back half. So just wondering if you could discuss some of the puts and takes there and the outlook. And what are the chances that could dip negative and maybe even bleed into early 2024 at that kind of rate?

我想詢問專用定價，特別是您今年 0 至 3% 的指導。我知道上半年你上漲了 3%。所以中點顯然意味著後半部分平坦。因此，我想知道您是否可以討論一些看跌期權和看跌期權以及前景。出現負值甚至可能以這種速度持續到 2024 年初的可能性有多大？

Yes. I mean we -- Dedicated has been a strong, resilient business for us for a while. And as we indicated, Dedicated rate per truck per week has increased 8 of the last 9 years, I think. So through multiple cycles, we proved that we are able to maintain that on a positive year-over-year basis. And I think we're in a good position to do that again this year, being up 3% through the first half, as you mentioned.

是的。我的意思是，一段時間以來，Dedicated 對我們來說一直是一項強大、有彈性的業務。正如我們所指出的，我認為過去 9 年中每輛卡車每週的專用費率增加了 8 年。因此，通過多個週期，我們證明我們能夠保持積極的逐年增長。我認為今年我們有能力再次做到這一點，正如您提到的，上半年增長了 3%。

We do have some comps with the second half that might result in a lower year-over-year improvement as we head into the second half. But at the same time, that's something that we're able to improve both in terms of efficiency and utility as well as top line. We do have some contractual business or some contractual escalators with Dedicated that will result in a year-over-year increase, a slight one, but will help mitigate some inflation.

我們確實對下半年進行了一些比較，當我們進入下半年時，這些比較可能會導致同比改善幅度降低。但與此同時，我們能夠在效率和效用以及營收方面進行改進。我們確實有一些合同業務或一些與 Dedicated 的合同自動扶梯，這將導致同比增長，雖然略有增長，但將有助於減輕一些通貨膨脹。

And so between the productivity gains that we think we're continuing to eke out in Dedicated, we do have a 95-plus percent retention ratio that enables us to continue to work with customers, really become integrated in their business and improve how the business operates. And we work very closely with customers to do that. So part of the gain in revenue per truck is in utility. Part of it's in efficiency, and then part of it is on top line.

因此，在我們認為我們將繼續在 Dedicated 中努力實現的生產力提升之間，我們確實擁有 95% 以上的保留率，這使我們能夠繼續與客戶合作，真正融入他們的業務並改善業務方式運行。為此，我們與客戶密切合作。因此，每輛卡車收入增長的一部分來自於公用事業。一部分是效率，另一部分是營收。

We've got a lot of really strong customer relationships. And I think in many cases, they understand the inflationary environment that we're in. They understand the importance of keeping their fleet staffed with professional drivers and in many cases, are helping offset some inflationary impacts just with continued partnership as we go through this really tough environment. And we stuck with these customers last year and prior year during the pandemic. And I think we're seeing the benefits of that now with good partnerships as we enter through the rest of -- the next half of the year in a tough environment.

我們擁有很多非常牢固的客戶關係。我認為在很多情況下，他們了解我們所處的通貨膨脹環境。他們了解讓車隊配備專業司機的重要性，並且在很多情況下，在我們經歷這一過程時，通過持續的合作夥伴關係，他們正在幫助抵消一些通貨膨脹的影響環境真的很艱苦。去年和前年大流行期間，我們一直與這些客戶保持聯繫。我認為，隨著我們進入今年下半年的艱難環境，我們現在已經看到了良好合作夥伴關係的好處。

Appreciate that. And maybe just a quick follow-up on Logistics. Any thoughts sequentially on operating income or margins there would be helpful. Are we kind of in a reasonable run rate here in the mid-single digits on op income?

感謝。也許只是對物流的快速跟進。任何關於營業收入或利潤率的連續想法都會有幫助。我們的運營收入是否處於合理的運行率中個位數？

Yes. I think op income in Logistics is going to be determined by the ability to continue to eke out on the cost side of the equation, some productivity gains, some advancements in some of the tech that we're able to start to utilize on a more fully burdened basis in the quarter, offset by the reality that it is our belief that the sort of worst in the spot market is behind us. The bottom has been found as it relates to pricing. And as that pricing starts to bounce and you start to enter into buy side pressure in Logistics, that represents a headwind as you then work that through the sell side back to -- and through the customer.

是的。我認為物流的運營收入將取決於繼續維持成本方面的能力、生產力的提高以及我們能夠開始在更多領域利用的一些技術的進步。本季度的基礎已經完全不堪重負，但我們相信現貨市場最糟糕的時期已經過去，這一事實抵消了這一影響。底部已經被發現，因為它與定價有關。隨著定價開始反彈，您開始面臨物流方面的買方壓力，這代表著一種逆風，因為您隨後將其通過賣方反饋給客戶。

So I think where we're at today is a focus on gaining quality customers into the portfolio, holding serve, if not growing share, maintaining a disciplined focus on finding future efficiencies and cost savings but recognizing that business, in particular, unlike Dedicated that's multiyear, very sticky, very strategic in nature, that has a more transactional feel to it at times.

因此，我認為我們今天所處的位置是專注於將優質客戶納入投資組合，保持服務（如果不是增加份額的話），保持嚴格的專注於尋找未來的效率和成本節約，但要認識到該業務，特別是與專用業務不同的是多年，非常有粘性，本質上非常具有戰略意義，有時更有交易感。

And so there could be or likely would be ongoing pressure in Dedicated, if that were -- I mean, in Logistics, I apologize. And if that happened, that simply bodes well for the asset side of the business because it means we're right and that capacity has, in fact, started to dissipate at a more rapid rate, that we have, in fact, found bottom, and we're seeing sustainable improvements in the spot market. And so there will be puts and takes across the various operating segments.

因此，專用部門可能會或可能會面臨持續的壓力，如果是的話——我的意思是，在物流方面，我深表歉意。如果發生這種情況，這對業務的資產方面來說是個好兆頭，因為這意味著我們是對的，事實上，產能已經開始以更快的速度消散，我們實際上已經找到了底部，我們看到現貨市場持續改善。因此，各個運營部門都會出現賣出和賣出。

The next question is from Amit Mehrotra with Deutsche Bank.

下一個問題來自德意志銀行的 Amit Mehrotra。

Welcome, Chris Wikoff. Derek, earnings, if I look at trucking earnings -- or sorry, TTS earnings, they're now below pre-COVID levels. If we just look at 2Q this year versus 2Q '19, I think, about 10% below. We all know it's a tough market. I guess the real question is, what does the recovery path look from here? You're a cycle guy. You've been doing this for a really long time. What does the normal trajectory look like from where we are today?

歡迎，克里斯·威科夫。德里克，收入，如果我看看卡車運輸收入——或者抱歉，TTS 收入，它們現在低於新冠疫情前的水平。如果我們只看今年第二季度與 2019 年第二季度的情況，我認為下降了約 10%。我們都知道這是一個艱難的市場。我想真正的問題是，從這裡開始恢復路徑是什麼樣的？你是個騎自行車的人。你已經這樣做很長時間了。從我們今天所處的位置來看，正常軌跡是什麼樣的？

And just given the idiosyncratic or kind of exceptional time that COVID brought in terms of freight, is it just simply going to take several years to get back to where you guys were a couple of years ago? And it's -- I guess it's exacerbated by the majority of the assets. It was in Dedicated business, which obviously is inherently less volatile. So I'm just trying to understand. We're back to pre-COVID, below pre-COVID. What does the recovery trajectory look from here in your opinion?

考慮到新冠疫情給貨運帶來的特殊時期或特殊時期，是否只需要幾年時間就能回到幾年前的水平？我猜大多數資產都加劇了這種情況。它屬於專用業務，顯然本質上波動性較小。所以我只是想理解。我們回到了新冠疫情之前的水平，低於新冠疫情之前的水平。您認為從這裡開始的複蘇軌跡是什麼樣的？

Sure, Amit. I appreciate the question. Other than the part where I think you implied I was old, but thank you. Look, this cycle is certainly different. You're right. We've all seen several cycles, but this is different. I don't think we've ever seen a cycle where the high was as high as it was, where freight was as robust as it was in 2020 -- in '21 and '22. The fall was further to go. Really the closest comparison I would give would be the '08, '09 financial crisis. So the idea that the pressures have been greater than what they were pre-COVID isn't surprising to me given how much the -- or how the consumer behaved during those COVID years.

當然，阿米特。我很欣賞這個問題。除了我認為你暗示我老了的部分，但謝謝你。看，這個週期肯定不一樣。你說得對。我們都見過幾個週期，但這次有所不同。我認為我們從未見過像 2020 年（21 年和 22 年）那樣高的周期，貨運也像 2020 年那樣強勁。秋天還遠未結束。實際上，我最接近的比較是 08 年和 09 年的金融危機。因此，考慮到消費者在新冠肺炎期間的行為方式，壓力比新冠疫情之前更大的想法對我來說並不奇怪。

I would also point out that there is a step-level change in the insurance line from pre-COVID until today, not just at Werner, but across the entire industry. That's certainly eaten into some of those pre-COVID margin levels as you think about it. But how do I see it playing out from here? The best analogy I could use is I think this -- to me, there are multiple indications and metrics that we watch closely that would indicate that we have, in fact, seen kind of the bottoming from a spot and rate and market condition perspective.

我還想指出，從新冠疫情之前到今天，保險範圍發生了階梯式變化，不僅在維爾納，而且在整個行業。想想看，這肯定會侵蝕新冠疫情前的一些利潤水平。但從這裡我如何看待它的發展呢？我可以使用的最好的類比是，我認為，對我來說，我們密切關注的多種跡象和指標表明，實際上，從現貨、利率和市場狀況的角度來看，我們已經看到了觸底。

What I don't expect is a sudden and dramatic rebound from here. I think it's going to be a slow climb. We've never seen carriers come into a market as tough as this one, with an abundance of cash that was accumulated during COVID that allowed them to survive leaner for longer like we have this time. But now that is largely exhausted. We've done a lot of internal analytics on what we think the average carrier had coming into this downturn and how many months that might allow them to exist. And we think that those months are up.

我沒想到的是，這裡會突然出現戲劇性的反彈。我認為這將是一個緩慢的攀登。我們從未見過承運商進入如此艱難的市場，在新冠疫情期間積累了大量現金，使他們能夠像我們這次一樣以精簡的方式生存更長時間。但現在這基本上已經耗盡了。我們做了很多內部分析，了解航空公司在這次經濟低迷時期的平均情況，以及它們可以生存多少個月。我們認為這些月份已經結束了。

Now they find themselves an environment with rising interest rates and their finance costs are higher than ever. They've got expensive equipment. Rates, although bottomed or bottoming and moving up from here, not looking to move up as aggressively as we might have seen in prior cycles. And now you see fuel back on the rise.

現在他們發現自己處於一個利率上升的環境，他們的財務成本比以往任何時候都高。他們有昂貴的設備。利率雖然已觸底或已觸底並從此處上升，但預計不會像我們在之前週期中看到的那樣大幅上升。現在你看到燃料又在增加。

You put all that together, I know, I do not believe it's 2 to 3 years out before you see us returning to where we've been here in recent years. I think we're talking about focusing on the cost side of the equation, making sure that our operational execution and our work on our engineering of our fleet stays the course, having a much more sort of disciplined approach to what we led in the building, maybe taking growth and putting that a little bit on the side burner, on the One-Way asset side and focusing instead on margin improvement and bottom line above all else.

我知道，把所有這些放在一起，我不相信兩到三年後你就會看到我們回到近年來的狀態。我認為我們正在談論關注等式的成本方面，確保我們的運營執行和我們的機隊工程工作堅持到底，對我們在建築中領導的工作採取更加嚴格的方法，也許會把增長放在一邊，在單向資產方面，把重點放在利潤率改善和利潤高於一切上。

If we do all of that while embracing our Dedicated franchise and our cross-border franchise within One-Way as well as the success we're having in gaining share in logistics, I like the positioning as this thing turns. When that turn happens precisely, it's tough to tell. Obviously, the bid season is predominantly over. But peak season is still here ahead of us. The consumer is hanging in and showing durability that I think has been a bit surprising to most. If that continues, the market holds up, I think there is an opportunity for us to see improvement as we close out the year and start into next year.

如果我們在做到這一切的同時，在單向內擁抱我們的專用特許經營權和跨境特許經營權，以及我們在獲得物流份額方面所取得的成功，我喜歡這件事發生轉變時的定位。當這種轉變準確發生時，很難說。顯然，投標季節已經基本結束。但旺季仍在前方。消費者堅持不懈並表現出耐用性，我認為這對大多數人來說有點令人驚訝。如果這種情況繼續下去，市場保持堅挺，我認為我們有機會在今年結束並進入明年時看到改善。

Yes. And just a quick follow-up, if I may. Do we take another leg down in the OR in 3Q? It looks like based on your guidance, revenue in both Dedicated and One-Way should be flat to up slightly. But obviously, you got a little bit fewer gains sequentially. Are we at the point now where OR is kind of holding the line here? Or do we take another tiny leg down and then recover from there?

是的。如果可以的話，請快速跟進。我們是否會在第三季度的 OR 中再採取另一條腿？根據您的指導，專用和單向的收入似乎應該持平或略有上升。但顯然，你獲得的收益連續減少了一些。我們現在是否已經到了 OR 堅守陣地的地步了？或者我們再放下一條小腿，然後從那裡恢復？

Well, the used market is a big gray area right now. The gain on -- the gains line is going to play a role in that answer. We know it's decreasing. We know volumes will be lower and margin per unit will be lower. We also know we're gaining momentum on the cost side of the equation. And as I've previously mentioned, we have this opportunity with what is currently a negative, which is an outsized portion of the fleet in the spot market to be able to improve upon that sort of with some immediacy as we -- if we see rate improvement in the quarter.

嗯，二手市場現在是一個很大的灰色地帶。增益線將在這個答案中發揮作用。我們知道它正在減少。我們知道銷量將會下降，單位利潤率也會下降。我們還知道我們在成本方面正在獲得動力。正如我之前提到的，我們有機會應對目前的負面情況，即現貨市場上機隊的很大一部分，我們能夠立即改進這種情況——如果我們看到本季度利率有所改善。

At this point -- and if you really look back historically at Werner Q2 to Q3, flattish is kind of the best word to describe it. I think that's a fair way to think about this year as well. But this year has got some unknowns in it that we've got to grind through. I can tell you that the team is focused on doing exactly that. And we are not going to be looking to grow that One-Way fleet, certainly in this environment. And if we have the opportunity through some implementations to do more fleet migration from One-Way to Dedicated, that will also take the pressure off of that OR.

在這一點上——如果你真的回顧一下維爾納第二季度到第三季度的歷史，扁平化是描述它的最佳詞。我認為這也是思考今年的一個公平的方式。但今年有一些未知因素需要我們克服。我可以告訴你，團隊正致力於做到這一點。我們不會尋求擴大單向機隊，當然是在這種環境下。如果我們有機會通過一些實施將更多的車隊從單向遷移到專用，這也將減輕 OR 的壓力。

The last question today comes from Brian Ossenbeck with JPMorgan.

今天的最後一個問題來自摩根大通的布萊恩·奧森貝克。

Maybe, Derek, just to go back and drill down on that point, you're talking about the latency of the inherent upside with the extra spot, which I think you mentioned is about 15% of One-Way or mid-teens, rather. Do you have some shorter-duration contracts in there as well that could help? So maybe just help us think about the speed with which you can turn that around and maybe sort of the benefit you'd expect if and when that spot market does start to inflect.

也許，德里克，只是為了回過頭來深入研究這一點，你正在談論固有優勢與額外點的延遲，我認為你提到的大約是單向或十幾歲左右的 15%，而不是。你們還有一些短期合同可以提供幫助嗎？因此，也許只是幫助我們考慮扭轉局面的速度，以及如果現貨市場確實開始發生變化，您可能會期望得到的好處。

Yes. So in One-Way, we're about mid-teens on the spot side, and that is essentially immediately fluid capacity that can move either up and to the right within spot to better opportunities and/or support customers' needs as their cautious optimism comes through in fruition with actual volumes. So we're in those dialogues all of the time. We've seen some movement even within July thus far. That's positive and encouraging.

是的。因此，在單向方面，我們在現場方面大約有十幾歲左右，這本質上是一種立即流動的能力，可以在現場內向上和向右移動，以獲得更好的機會和/或支持客戶的需求，因為他們的謹慎樂觀以實際數量實現。所以我們一直在進行這些對話。到目前為止，我們甚至在 7 月份就已經看到了一些變化。這是積極且令人鼓舞的。

As it relates to some remaining contractual renewals, obviously, the environment and our discipline is only further entrenched as we get into the back half of the year based on trends we're seeing with capacity. So that allows for some optimism there. Those are countered, of course, with the reality that some of the first half bids are being implemented as we speak and actually taking effect in the quarter.

由於這涉及到一些剩餘的合同續約，顯然，根據我們所看到的產能趨勢，隨著我們進入今年下半年，環境和我們的紀律只會進一步鞏固。因此，這讓我們感到有些樂觀。當然，這些都遭到了反駁，因為事實上，在我們發言時，上半年的一些投標正在實施，並在本季度實際生效。

So yes, we are cautiously optimistic we can make some moves up. The biggest one -- the biggest 2 would be movement within or at -- we're moving out of spot with that mid-teen percentage and playing a more active role, and even a muted but relatively normalized peak season would play a fairly pivotal role given that 15% of that fleet is operating at significantly lower rates than where they would traditionally have come in to the fall operating at. And we're seeing activity in that as well.

所以，是的，我們對可以採取一些行動持謹慎樂觀的態度。最大的一個——最大的兩個將是內部或內部的變動——我們正在以十幾歲的百分比擺脫困境，並發揮更積極的作用，即使是一個安靜但相對正常化的旺季也將發揮相當關鍵的作用考慮到該機隊中有 15% 的運營速度明顯低於秋季傳統的運營水平。我們也看到了這方面的活動。

So that's a lot of things to incur -- that look encouraging, but I don't -- I want to make sure that we're clear. There's still a tough fight ahead of us that we're still in this for a quarter or 2, and we're going to put up that good fight.

因此，有很多事情需要發生——這看起來令人鼓舞，但我不——我想確保我們清楚。我們面前仍然有一場艱苦的戰鬥，我們仍然處於這種狀態一兩個季度，我們將打好這場漂亮的戰鬥。

Understood. And just on the self-help side, a follow-up. Chris, maybe you can talk a little bit more about the cost savings program, where you are currently in terms of a run rate. How much of these are structural versus what might be more volume variable? And actually, I think maybe you even raised the number to $40 million from $34 million. So if you can address those.

明白了。就自助方面而言，後續行動。克里斯，也許您可​​以多談談成本節約計劃，您目前的運行率。其中有多少是結構性的，而哪些可能是體積變化更大的？事實上，我認為您甚至可能將這個數字從 3400 萬美元提高到 4000 萬美元。所以如果你能解決這些問題。

Yes. Brian, yes, happy to do that. Yes, from the last earnings call and quarter, we have raised it. The targeted and identified in-year savings for 2023 is over $40 million, and the realization rate has also progressed about the target and the realization. Over 40% is realized through the first half. Multipronged in terms of what makes up that $40 million. It's a combination of driver and nondriver salary and wage changes, whether that be through head count or through just structural changes, particularly for new drivers coming in.

是的。布萊恩，是的，很高興這樣做。是的，從上次的財報電話會議和季度來看，我們已經提高了這一數字。 2023 年目標和已確定的年內節省額超過 4000 萬美元，實現率也圍繞目標和實現取得了進展。上半年實現了40%以上。這 4000 萬美元的構成是多管齊下的。這是司機和非司機工資和工資變化的結合，無論是通過人數統計還是通過結構性變化，特別是對於新加入的司機來說。

There's savings from having reduced turnover in the driver pool, lower spend on recruiting and just overall impact by having less turnover. It's expensive to train and onboard a driver and get them into place only to see turnover. So the more that we're focused on reduced turnover, there's significant savings there as well as just having a strong driver pool and spending less on recruitment.

減少司機隊伍的流動率、減少招聘支出以及減少流動率帶來的整體影響都可以節省成本。培訓和上崗司機並讓他們就位只是為了看到營業額，成本很高。因此，我們越關注減少營業額，就能節省大量資金，並且擁有強大的司機庫並減少招聘費用。

Then investing in fuel efficiency, whether that be through a certain equipment that we believe has a big opportunity to improve margins going forward as we invest in certain equipment that helps with fuel efficiency, auxiliary power units and other things that we've looked at and just other initiatives that we -- as we track the data, we're seeing increases in miles per gallon. And then in supplies and maintenance, which is a topic that I mentioned earlier.

然後投資於燃油效率，無論是通過我們認為有很大機會提高未來利潤的某些設備，因為我們投資於某些有助於提高燃油效率的設備、輔助動力裝置和我們已經研究過的其他東西只是我們的其他舉措——當我們跟踪數據時，我們看到每加侖英里數有所增加。然後是供應和維護，這是我之前提到的一個主題。

So it's really multipronged. It's across the organization. It's very process oriented. And we feel good about where we're at and where we're going.

所以它確實是多管齊下的。它遍布整個組織。這是非常面向過程的。我們對自己所處的位置和要去的地方感覺良好。

This concludes our question-and-answer session. I'll now turn the call over to Mr. Derek Leathers, who will provide closing comments. Please go ahead, sir.

我們的問答環節到此結束。我現在將把電話轉給德里克·萊瑟斯先生，他將發表總結評論。請繼續，先生。

Thank you. I would just like to thank everyone for joining us on our second quarter earnings call. And while Q2 represented a further extension of an already challenging freight environment, capacity rightsizing is gaining momentum across the industry. The consumer is holding up strong. Inventory destocking is largely complete, and the labor market has held up well nationally. We've remained and will remain disciplined on price across our organization while staying focused on growth in Dedicated and Logistics. And our tech investments are maturing, as is our disciplined approach to lowering our cost to execute.

謝謝。我只想感謝大家參加我們的第二季度財報電話會議。儘管第二季度本已充滿挑戰的貨運環境進一步擴大，但整個行業的運力調整勢頭正在增強。消費者保持強勁。庫存去庫存已基本完成，全國勞動力市場表現良好。我們在整個組織中一直並將繼續保持價格紀律，同時繼續專注於專用和物流的增長。我們的技術投資正在走向成熟，我們降低執行成本的嚴格方法也在走向成熟。

We remain committed to operational excellence, and I thank the entire Werner team for their passion to deliver it every day. And then speaking of the Werner team, I just want to take one last moment here and comment on a situation yesterday. It was our driver, a million-mile professional driver that's been with us for a long time, that was part of the situation in Ohio, where 2 fugitives abducted a truck with our driver in it and held him hostage for a multi-hour standoff with police. They kept him in the truck in a high-speed police chase. And he was, thankfully through the efforts of the men and women of the police force in Ohio, able to exit that very vulnerable situation safely.

我們仍然致力於卓越運營，我感謝整個維爾納團隊每天都充滿熱情地實現這一目標。然後談到維爾納團隊，我只想在這裡最後一刻評論一下昨天的情況。這是我們的司機，一位與我們在一起很長時間的百萬英里專業司機，這是俄亥俄州情況的一部分，兩名逃犯綁架了一輛載著我們司機的卡車，並將他扣為人質，對峙了幾個小時與警察。在警察的高速追捕中，他們把他留在了卡車裡。值得慶幸的是，通過俄亥俄州警察部隊男女員工的努力，他能夠安全地擺脫這種非常脆弱的處境。

Our thoughts and unfettered support are with him and his family. But also, I just would like to add for all truck drivers out there because this is a tough industry, these folks are the backbone of this country. And I think we have quickly moved on from COVID and often forgot about the efforts and the work that they do to make America what it is every day to keep this economy moving. And so I want to thank all of them for those efforts.

我們的思念和無限的支持與他和他的家人同在。而且，我想為所有卡車司機補充一點，因為這是一個艱難的行業，這些人是這個國家的支柱。我認為我們很快就擺脫了新冠疫情的影響，卻常常忘記了他們為讓美國成為今天這樣的經濟運轉所做的努力和工作。因此，我要感謝他們所有人的努力。

And I want to thank the men and women of the -- in blue in the state of Ohio for having eliminated that threat and safely returned our driver to both us, but more importantly, to his family. Thank you.

我要感謝俄亥俄州的藍衣男女消除了這一威脅，並將我們的司機安全地送回給我們倆，但更重要的是，送回了他的家人身邊。謝謝。

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。