Werner Enterprises Inc (WERN) 2023 Q3 法說會逐字稿

Good afternoon, and welcome to the Werner Enterprises Third 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 年第三季財報電話會議。 （操作員說明）。請注意，此事件正在被記錄。

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

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

Good afternoon, everyone. Earlier today, we issued our earnings release with our third quarter results. The release and the 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. 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.

大家下午好。今天早些時候，我們發布了第三季業績的收益報告。此新聞稿和補充簡報可在我們網站 werner.com 的投資者部分取得。今天的網路廣播正在錄製中，並將在今天晚些時候重播。請參閱簡報投影片 2 上的揭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有重大差異的因素。

The 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.

該報告的結果使用非公認會計原則衡量標準，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。與最直接可比較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投影片簡報的附錄中。

On today's call with me are Derek Leathers, Chairman, President and CEO; and Chris Wikoff, Executive Vice President, Treasurer and CFO.

與我一起參加今天電話會議的有董事長、總裁兼執行長德里克‧萊瑟斯 (Derek Leathers)； Chris Wikoff，執行副總裁、財務主管兼財務長。

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, everyone. 2023 has presented us with a challenging operating environment. The third quarter was no different, and our financial results did not meet our expectations. Despite the difficult quarter, I'd like to start by thanking our 14,000-plus talented Werner team members for all that you do each day to uphold the Werner brand and reputation by staying true to our core values, making safety our top priority and providing superior service to our highly valued customers.

謝謝克里斯，大家下午好。 2023年，我們面臨充滿挑戰的經營環境。第三季也不例外，我們的財務表現沒有達到我們的預期。儘管這個季度很困難，但我首先要感謝我們 14,000 多名才華橫溢的 Werner 團隊成員，感謝你們每天為維護 Werner 品牌和聲譽所做的一切，堅守我們的核心價值觀，將安全作為首要任務，並提供為我們尊貴的客戶提供優質的服務。

During the third quarter, we were recognized for several awards that demonstrate our commitment to our associates, Newsweek named Werner as one of America's greatest workplaces for 2023, in addition to being named one of America's greatest workplaces for diversity and for parents and families. These achievements highlight our focus on building a strong culture for all our team members. We are committed to remaining a company that enables and encourages our associates to thrive in their careers.

第三季度，我們獲得了多項獎項，這些獎項體現了我們對員工的承諾。《新聞週刊》將維爾納評為2023 年美國最偉大的工作場所之一，此外還被評為美國最多元化、最有利於父母和家庭的工作場所之一。這些成就凸顯了我們致力於為所有團隊成員建立強大的文化。我們致力於繼續成為一家支持並鼓勵我們的員工在職涯中蓬勃發展的公司。

We were also pleased to be recognized for our environmental stewardship by earning the SmartWay High Performer Award for the seventh consecutive year. This recognition is based on companies who lead the transportation industry in producing more efficient and sustainable supply chain solutions. In addition to our focus on our associates in the environment, safety remains our top priority.

我們也很高興連續第七年獲得 SmartWay 傑出表現獎，以表彰我們的環境管理工作。這項認可是基於那些在運輸業提供更有效率、更永續的供應鏈解決方案方面處於領先地位的公司。除了關注環境中的員工外，安全仍然是我們的首要任務。

In the third quarter, we were proud to celebrate Tim Dean, our second professional driver to achieve 5 million accident-free miles. A very significant accomplishment over his 35 years driving for Werner. Tim represents what we desire for all our professional drivers and unwavering commitment to safety and service 1 mile at a time.

在第三季度，我們很自豪地慶祝蒂姆·迪恩 (Tim Dean)，他是我們第二位實現 500 萬英里無事故里程的職業車手。這是他為維爾納效力 35 年來取得的非常重大的成就。蒂姆代表了我們對所有專業駕駛員的期望，以及對一次一英里的安全和服務的堅定承諾。

And lastly, we were recognized for our superior quality and service in the industry, including the 2023 Quest for Quality Award. These awards demonstrate our ongoing commitment to excellence and the execution of our Drive strategy. As illustrated on Slide 5, we remain laser-focused on being a brand known for safety, reliability, service and durable results. Our financial strength, scale, capabilities and diversified portfolio, combined with our ongoing commitment to innovative technology and sustainability will continue to drive long-term value and further position Werner as a top North America carrier and logistics company of choice.

最後，我們因卓越的品質和服務而獲得業界認可，包括 2023 年品質追求獎。這些獎項體現了我們對卓越的持續承諾和我們的 Drive 策略的執行。如幻燈片 5 所示，我們始終專注於成為一個以安全、可靠、服務和持久效果而聞名的品牌。我們的財務實力、規模、能力和多元化的產品組合，加上我們對創新技術和永續發展的持續承諾，將繼續推動長期價值，並進一步將維爾納定位為北美頂級承運人和物流公司的首選。

Let's move on to Slide 6 and highlight our third quarter results. During the quarter, revenues decreased 1% year-over-year to $818 million. Net of fuel surcharges in our third quarter revenue grew 3% versus the prior year. Adjusted EPS was $0.42. Adjusted operating income was $42 million or an operating margin of 5.1%. Adjusted TTS operating margin was 8.5%. Our primary focus in this complex operating environment is controlling what we can. This includes operational execution by leading into the strength of our Dedicated fleet through superior customer service and fleet efficiency. This focus continues to result in strong customer retention, a stable fleet and competitive margins.

讓我們繼續看投影片 6，重點介紹我們第三季的業績。本季營收年減 1% 至 8.18 億美元。扣除燃油附加費後，我們第三季的營收比去年同期成長了 3%。調整後每股收益為 0.42 美元。調整後營業收入為 4,200 萬美元，營業利益率為 5.1%。調整後的 TTS 營業利益率為 8.5%。在這個複雜的營運環境中，我們的主要關注點是控制我們能做的事情。這包括透過卓越的客戶服務和車隊效率來增強我們專用車隊的實力，從而實現營運執行。這種專注持續帶來強大的客戶保留率、穩定的機隊和具有競爭力的利潤。

As we anticipated heading into the quarter. One-Way Truckload remains challenged by elevated spot exposure and ongoing pricing pressure. We remain focused on utilization of One-Way assets and optimizing the fleet while maintaining long-term pricing discipline. Despite a shorter average length of haul, we realized 3.3% year-over-year growth in average total miles per truck per week, but the second consecutive quarter of improvement.

正如我們預期的那樣，進入本季。單程卡車裝載仍面臨現貨敞口增加和持續定價壓力的挑戰。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。儘管平均運輸距離縮短，但我們實現每輛卡車每周平均總里程同比增長 3.3%，這是連續第二個季度的改善。

Within logistics, Q3 volume and revenue continue to perform well. delivering double-digit revenue growth and strong volume growth. We continue to execute our cost savings program and have seen sequential and year-over-year progress in certain expense categories. In addition, we have a line of sight to the nonrecurring year-to-date spend that is supporting our long-term technology strategy, and we remain optimistic about the benefit to earnings once complete. That said, we continue to face macro headwinds with lower equipment gains, higher interest expense and inflationary pressures.

在物流領域，第三季的銷售和收入持續表現良好。實現兩位數的收入成長和強勁的銷售成長。我們繼續執行成本節約計劃，並在某些費用類別上取得了連續和逐年的進展。此外，我們也專注於支持我們長期技術策略的非經常性年初至今支出，並且我們對完成後對獲利的好處保持樂觀。儘管如此，我們仍面臨設備收益下降、利息支出上升和通膨壓力等宏觀阻力。

In short, freight conditions in the third quarter were challenging. And along with the second quarter, I would describe this as the most difficult period in my career from a market perspective. Despite these challenges, our results continue to reflect the business model that is durable, diversified and resilient, even in a lower for longer and tough operating environment. Our elevated rigor on cost-saving initiatives, focused on innovation and reinvestment in the business positions us well to benefit as freight conditions improve.

簡而言之，第三季的貨運狀況充滿挑戰。從市場角度來看，我認為與第二季一樣，這是我職業生涯中最困難的時期。儘管面臨這些挑戰，我們的業績繼續反映了持久、多元化和有彈性的商業模式，即使在較低、長期和艱難的營運環境中也是如此。我們對成本節約措施更加嚴格，專注於業務創新和再投資，這使我們能夠隨著貨運條件的改善而受益。

Let's move on to Slide 7. Last quarter, I provided a more in-depth update on our Werner EDGE and Cloud First, Cloud Now multiyear technology strategy. This strategy combines a blend of best-in-class third-party market solutions with proprietary technology, talent and innovation to generate sustainable and operational benefits. It works in tandem with our tech-driven feature and data-rich solutions and digital freight marketplaces, such as the launch of Werner Bridge earlier this year.

讓我們繼續看幻燈片 7。上個季度，我提供了有關 Werner EDGE 和 Cloud First、Cloud Now 多年技術策略的更深入的更新。該策略將一流的第三方市場解決方案與專有技術、人才和創新相結合，以產生可持續的營運效益。它與我們的技術驅動功能、數據豐富的解決方案和數位貨運市場（例如今年稍早推出的 Werner Bridge）協同工作。

Our technology and innovation journey is progressing with 100% of our logistics segment, absent our Werner Final Mile business, expected to be fully transitioned to our EDGE TMS platform by end of this year. As we look ahead to 2024, we are preparing for the transition of our TTS business. This marks a major step in our strategic road map.

我們的技術和創新之旅正在 100% 推進，除了 Werner Final Mile 業務外，我們的物流部門預計將在今年年底完全過渡到我們的 EDGE TMS 平台。展望 2024 年，我們正在為 TTS 業務的轉型做準備。這標誌著我們的策略路線圖邁出了重要一步。

Executing our vision requires considerable investment in time, energy and capital. As shown on the right-hand side of the slide, the OR impact from ongoing development and duplicative platform expenses is estimated to be 30 to 40 basis points on a year-to-date basis for 2023.

實現我們的願景需要投入大量的時間、精力和資金。如幻燈片右側所示，截至 2023 年，持續開發和重複平台費用的 OR 影響預計為 30 至 40 個基點。

By channeling all freight to Werner EDGE, we foresee numerous advantages: a better customer experience, lower cost of execution and improved optimization from better visibility. This results in a more mode agnostic approach and greater revenue and earnings potential as returns on these investments are realized in future years.

透過將所有貨物運送到 Werner EDGE，我們預見了許多優勢：更好的客戶體驗、更低的執行成本以及透過更好的可見度改進優化。隨著這些投資的回報在未來幾年實現，這將導致一種更加與模式無關的方法以及更大的收入和盈利潛力。

Before turning it over to Chris to discuss our financial results in more detail, let's move to Slide 8 to highlight our current view of the marketplace. The freight market has remained challenging in the third quarter and into October. Dedicated demand remained steady and we have a pipeline of opportunities that we can capitalize on.

在交給 Chris 更詳細地討論我們的財務表現之前，讓我們轉到投影片 8 來強調我們目前對市場的看法。從第三季到十月，貨運市場仍然充滿挑戰。專用需求保持穩定，我們有一系列可以利用的機會。

The One-Way operating environment continues to be challenging given lower rates with new contract rate implementations largely behind us, higher-than-normal bid churn and rapidly rising fuel prices in the quarter. Despite a very competitive marketplace, we expect solid volume and logistics, but margins will continue to be impacted due to downward pricing pressure and costs related to new business implementations.

鑑於新合約費率實施已基本結束、費率較低、投標流失率高於正常水平以及本季燃油價格迅速上漲，單向營運環境仍面臨挑戰。儘管市場競爭非常激烈，我們預計銷售和物流將保持穩定，但由於價格下行壓力和與新業務實施相關的成本，利潤率將繼續受到影響。

As we look to peak season to close out the year, our larger retail customers continue to signal more normalized inventory levels and improved mix of SKUs that better align with a post-pandemic consumer. That said, we remain cautious about consumer behavior, given mix data points and themes impacting spending. Particularly for goods versus services and recent global tensions.

當我們期待旺季結束今年時，我們的大型零售客戶繼續表示庫存水準更加正常化，並改善了 SKU 組合，以更好地適應疫情後的消費者。也就是說，考慮到影響支出的混合數據點和主題，我們對消費者行為保持謹慎態度。特別是對於商品與服務以及最近的全球緊張局勢。

As a result, we expect a more muted peak season. Looking out as capacity continues to exit the market with 57 consecutive weeks of DOT net truck deactivations. We are well positioned to benefit from a more balanced supply and demand freight market going forward with upward momentum to lock in more contractual freight at improving rates.

因此，我們預計旺季將更加平靜。隨著交通部網路卡車連續 57 週停用，運能繼續退出市場。我們處於有利地位，可以從更平衡的供需貨運市場中受益，該市場未來將呈現上升勢頭，以不斷提高的費率鎖定更多的合約貨運。

With that, let me turn it over to Chris to go through the third quarter results in more detail.

接下來，讓我將其交給克里斯，讓他更詳細地了解第三季的表現。

Thank you, Derek, and good afternoon. Let's continue on Slide 10. Third quarter total revenue was $818 million, which was down 1% versus prior year. Net of fuel surcharges, Q3 revenues grew by 3%. TTS revenues net of fuel were down low single digits despite a softer freight market, while logistics revenues grew for the 12th straight quarter, reporting double-digit growth. Adjusted operating income was $42 million and adjusted operating margin was 5.1%, a decrease of 47% and 450 basis points, respectively, versus prior year. Adjusted EPS of $0.42 was down $0.48 year-over-year due to the macroeconomic environment, lower equipment gains, higher interest expense and ongoing inflationary headwinds.

謝謝你，德里克，下午好。讓我們繼續看投影片 10。第三季總營收為 8.18 億美元，比去年同期下降 1%。扣除燃油附加費後，第三季營收成長了 3%。儘管貨運市場疲軟，但 TTS 扣除燃料後的收入仍出現低個位數下降，而物流收入連續 12 個季度增長，實現兩位數增長。調整後營業收入為 4,200 萬美元，調整後營業利益率為 5.1%，與前一年相比分別下降 47% 和 450 個基點。由於宏觀經濟環境、設備收益下降、利息支出增加以及持續的通膨阻力，調整後每股收益為 0.42 美元，年減 0.48 美元。

Our cost savings program is serving to mitigate some of the impact on operating margins. Through the end of the third quarter, we have now identified in-year run rate savings of over $43 million. Although there is more work to do, we are pleased with our progress to date. And as of the end of the third quarter, we've realized over 70% of targeted savings.

我們的成本節約計畫有助於減輕對營業利潤率的一些影響。截至第三季末，我們現已確定年運行率節省超過 4,300 萬美元。儘管還有更多工作要做，但我們對迄今為止的進展感到滿意。截至第三季末，我們已經實現了超過 70% 的目標節約。

Turning to Slide 11 and our Truckload Transportation Services results. TTS total revenue for the third quarter was $572 million, down 8%. Revenues net of fuel surcharges fell 4% to $489 million. Given the macro environment, TTS top line performed well. Third quarter TTS adjusted operating income was $42 million, and adjusted operating margin was 8.5%, a year-over-year decrease of 45% or 640 basis points due in part to rapidly accelerating diesel fuel prices, compressed pricing in One-Way and lower equipment gains against a strong prior year comp.

轉向幻燈片 11 和我們的整車運輸服務結果。 TTS第三季總營收為5.72億美元，下降8%。扣除燃油附加費後的收入下降 4%，至 4.89 億美元。考慮到宏觀環境，TTS 營收表現良好。第三季 TTS 調整後營業收入為 4,200 萬美元，調整後營業利潤率為 8.5%，年減 45%，即 640 個基點，部分原因是柴油價格快速上漲，壓縮了單向及更低價格與上年相比，設備收益強勁。

In the third quarter, gains on sale of revenue equipment totaled $8.8 million, a decline of $11.3 million or 56% versus prior year. While we sold almost 1.5x as many tractors and over 3x more trailers compared to prior year period, average price and gains were significantly lower. Year-to-date, we have achieved $39 million of equipment gains and are on track to achieve our full year guidance.

第三季度，收入設備銷售收益總計 880 萬美元，比去年同期減少 1,130 萬美元，成長 56%。雖然與去年同期相比，我們銷售的拖拉機數量幾乎增加了 1.5 倍，拖車數量增加了 3 倍以上，但平均價格和收益卻顯著降低。今年迄今為止，我們已實現 3,900 萬美元的設備收益，並有望實現全年目標。

TTS adjusted operating expenses, net of fuel surcharges and equipment gains declined 0.9% compared to our TTS rate per mile, which decreased 2.9%. We saw improvements in the quarter in various expense categories. Supplies and maintenance expense is trending well and was down 11% versus the prior year and 6% sequentially as we are recognizing the benefits of shifting more of our repair and maintenance capabilities in-house while also benefiting from a newer, younger age fleet.

TTS 調整後的營運費用（扣除燃油附加費和設備收益）下降了 0.9%，而我們每英里的 TTS 費率下降了 2.9%。我們看到本季各種費用類別都有改善。供應和維護費用趨勢良好，比上年下降 11%，比上年下降 6%，因為我們認識到將更多維修和維護能力轉移到內部的好處，同時也受益於更新、更年輕的機隊。

TTS Insurance and claims were down 9% versus the prior year. We continue to focus on safety and are proud to report a 19-year record low in DOT preventable accidents in the third quarter. Our strong safety record led to a low single-digit premium increase on our excess insurance coverage, which was effective at the beginning of August.

TTS 保險和理賠比上年下降 9%。我們繼續關注安全，並自豪地報告第三季 DOT 可預防事故數量創 19 年來新低。我們良好的安全記錄導致我們的超額保險保費實現了個位數的低增長，該政策於 8 月初生效。

Although the rise in cost per claim plus record verdicts and settlements remains an industry headwind, we are encouraged by our recent trend. Driver pay and benefits continue to moderate, and we are down over 1% year-over-year. We are committed to controlling costs and performing within our annual TTS operating margin range of 12% to 17% over the long term.

儘管每次索賠成本的上升以及創紀錄的判決和和解仍然是行業的阻力，但我們對最近的趨勢感到鼓舞。司機薪資和福利持續放緩，年減超過 1%。我們致力於控製成本，並長期將年度 TTS 營業利潤率控制在 12% 至 17% 的範圍內。

Given the unique and very challenging operating environment, that includes ongoing pricing pressure primarily within One-Way and lower equipment gains, we fell below the annual range this quarter on a trailing 12-month basis. Despite near-term choppiness, we remain confident in our ability to achieve long-term TTS operating margins within the stated range.

鑑於獨特且極具挑戰性的營運環境，包括主要在單向領域持續存在的定價壓力和較低的設備收益，本季度我們在過去 12 個月的基礎上跌破了年度區間。儘管近期出現波動，我們仍對在規定範圍內實現長期 TTS 營運利潤率的能力充滿信心。

Turning to Slide 12 to review our fleet metrics. TTS average truck count was 8,226 during the quarter, we're down just over 3% versus prior year. We ended the quarter with the TTS fleet down 1.4% sequentially and down 4.8% year-over-year. Within TTS, Dedicated revenue was $306 million, down 2%.

請參閱投影片 12 來回顧我們的車隊指標。本季 TTS 平均卡車數量為 8,226 輛，與去年同期相比下降了 3% 以上。本季末，TTS 機隊季減 1.4%，年減 4.8%。 TTS 中的專用收入為 3.06 億美元，下降 2%。

Dedicated represented 64% and of segment revenue, net of fuel compared to 62% prior year. Our TTS segment revenue per truck per week net of fuel has grown year-over-year 18 of the last 23 quarters and while down less than 1% year-over-year in Q3 this compares to industry benchmark showing significantly larger declines. The Dedicated average truck count during the quarter decreased 2% to 5,254 trucks. At quarter end, Dedicated represented 64% of the TTS fleet.

專用業務佔分部收入（扣除燃油）的 64%，而上年度為 62%。在過去 23 個季度中，我們的 TTS 部門每輛卡車每週淨燃油收入同比增長了 18 個季度，儘管第三季度同比下降了不到 1%，但與行業基準相比，降幅明顯更大。本季專用卡車平均數量下降 2%，至 5,254 輛。截至季末，Dedicated 佔 TTS 機隊的 64%。

Dedicated revenue per truck per week decreased 0.4% year-over-year, negatively impacted by 1 fewer business day in the quarter. Year-to-date, Dedicated revenue per truck per week increased 1.8% year-over-year and is on track to increase 9 out of the last 10 years. Overall, Dedicated is performing well and remains solid. Dedicated has steadily grown over the last 10 years across all economic conditions with an annual customer retention rate of over 95%. Our pipeline of opportunities remains healthy given our unique scale, reliability, strong relationships across our portfolio of large enterprise customers.

受到本季減少 1 個工作天的負面影響，每輛卡車每週的專用收入年減 0.4%。今年迄今為止，每輛卡車每週的專用收入年增 1.8%，並且預計在過去 10 年中有 9 年實現成長。總體而言，Dedicated 表現良好並保持穩定。過去 10 年來，Dedicated 在各種經濟條件下均穩定成長，年客戶保留率超過 95%。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，我們的機會管道保持健康。

As customers continue to monitor the macro environment, we are seeing some delays in expanding existing Dedicated fleets. However, as Derek mentioned, the dialogue with our customers about future opportunities remains positive. One-Way Trucking revenue during the quarter was $176 million, a decrease of 7% versus prior year. One-Way average truck count during the quarter was down 6% to 2,972 trucks. One-Way revenue per truck per week was down 1.6% year-over-year due to a mid-single-digit rate per total mile decline, offset by a significant increase in miles per truck.

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。然而，正如德里克所提到的，與我們的客戶關於未來機會的對話仍然是積極的。單程卡車運輸本季營收為 1.76 億美元，比去年同期下降 7%。本季單程平均卡車數量下降 6%，至 2,972 輛。每輛卡車每週的單程收入年減 1.6%，原因是每總英里下降幅度為中個位數，但每輛卡車行駛里程的大幅增加抵消了這一影響。

One-Way third quarter total miles per truck per week increased 3% year-over-year. This marks a second consecutive quarter of improvement, driven by further engineering of our fleet, improved terminal velocity and less equipment downtime. These results were especially encouraging given the decline in average length of haul.

單向第三季每輛卡車每週的總里程數年增 3%。這標誌著連續第二季的改善，得益於我們機隊的進一步設計、終端速度的提高和設備停機時間的減少。考慮到平均運輸距離的下降，這些結果尤其令人鼓舞。

Turning now to our growing logistics segment on Slide 13. In the third quarter, logistics segment revenue was up 23% year-over-year at $230 million and now represents 28% of total Werner revenues. Truckload brokerage revenues drove the largest portion of the year-over-year growth, increasing over 48%, driven by the REED acquisition and strong performance from our organic business. This month marks the 1-year anniversary of the REED acquisition and we are pleased with the performance as REED is seeing volume growth compared to its pre-acquisition levels.

現在轉向幻燈片 13 上不斷成長的物流部門。第三季度，物流部門營收年增 23%，達到 2.3 億美元，目前佔 Werner 總營收的 28%。在 REED 收購和我們有機業務的強勁表現的推動下，卡車經紀收入推動了同比增長的最大部分，增長超過 48%。本月是 REED 收購一週年，我們對業績感到滿意，因為 REED 的銷售量較收購前水準有所成長。

Our organic truckload logistics segment has also performed well. Excluding REED, volumes in Truckload Logistics increased 9% sequentially and 8% year-over-year. 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.

我們的有機整車物流部門也表現良好。不包括 REED，整車物流業務量較上季成長 9%，較去年同期成長 8%。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路和不斷增長的拖車池的巨大價值。本季度，電力在卡車物流收入中所佔的比例不斷成長。

Final Mile continued to show strong growth, reporting a 16% year-over-year revenue increase during the quarter despite a softer market for discretionary spending on big and bulky products. And as expected, intermodal revenues, which make up approximately 11% of segment revenue declined year-over-year from both lower volumes and revenue per load.

儘管大型產品的可自由支配支出市場疲軟，但 Final Mile 繼續表現出強勁成長，本季營收年增 16%。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，原因是運量和每次裝載收入下降。

Third quarter Logistics adjusted operating income was $3.2 million, and adjusted operating margin was 1.4%, down 160 basis points year-over-year, driven by rate and gross margin compression, new business implementations and expense headwinds. While we remain excited about the midterm and long-term benefits of our logistics business, we expect near-term margins will remain challenged.

第三季物流調整後營業收入為 320 萬美元，調整後營業利潤率為 1.4%，年減 160 個基點，受到費率和毛利率壓縮、新業務實施和費用不利因素的推動。雖然我們對物流業務的中期和長期效益仍然感到興奮，但我們預計近期利潤率仍將面臨挑戰。

Let's look at our cash flow, liquidity and capital metrics on Slides 14 and 15. We ended September with $43 million in cash and cash equivalents. Operating cash flow remained strong at $74 million for the quarter or 9% of total revenue. Year-to-date operating cash flow was $356 million and 14% of revenue, an increase of 75 basis points year-to-date year-over-year.

讓我們看看幻燈片 14 和 15 上的現金流、流動性和資本指標。截至 9 月份，我們擁有 4,300 萬美元的現金和現金等價物。本季營運現金流保持強勁，達到 7,400 萬美元，佔總營收的 9%。年初至今的營運現金流為 3.56 億美元，佔營收的 14%，較去年同期成長 75 個基點。

Net CapEx in the third quarter was $120 million or 15% of revenue, and year-to-date was $374 million or 15% of revenue, reflecting lower year-over-year gains and a greater pace of reinvestment in the business as we continue to refresh the fleet.

第三季的淨資本支出為 1.2 億美元，佔收入的 15%，年初至今為 3.74 億美元，佔收入的 15%，反映出同比收益較低，以及隨著我們繼續推進業務再投資的步伐加快刷新艦隊。

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 professional drivers, customers and positions us well as the market strengthens.

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專業司機、客戶，並使我們在市場上的地位加強。

Free cash flow was a negative $46 million for the third quarter, largely due to our fleet investments. Year-to-date, free cash flow was negative $18 million or negative 1% of total revenues and reflects an elevated level of net CapEx. We continue to expect the net CapEx for second half of '23 to be lower than the first half of '23, with further easing in the first half of 2024. Our total liquidity at quarter end was strong at $452 million, including cash and availability on our revolver.

第三季自由現金流為負 4,600 萬美元，這主要是由於我們的機隊投資。年初至今，自由現金流為負 1,800 萬美元，佔總收入的負 1%，反映出淨資本支出水準較高。我們繼續預計 23 年下半年的淨資本支出將低於 23 年上半年，並在 2024 年上半年進一步放鬆。季度末我們的總流動性強勁，為 4.52 億美元，包括現金和可用資金在我們的左輪手槍上。

On Slide 15, we ended the quarter with $690 million in debt, $50 million higher than the end of second quarter and down $4 million compared to the start of 2023. Our debt structure is primarily long term. and provides ample credit capacity for growth in accretive investments with over 87% of our outstanding debt, not maturing until the second half of 2027. During the third quarter, we increased our fixed rate debt from 35% to 54%. We remain pleased with our low leverage and healthy balance sheet, including our long-term and low-cost access to capital and our overall capital structure.

在幻燈片 15 中，我們本季末的債務為 6.9 億美元，比第二季末增加 5,000 萬美元，比 2023 年初減少 400 萬美元。我們的債務結構主要是長期的。並為增值投資的成長提供充足的信貸能力，其中超過 87% 的未償債務要到 2027 年下半年才能到期。第三季度，我們將固定利率債務從 35% 增加到 54%。我們仍然對我們的低槓桿率和健康的資產負債表感到滿意，包括我們長期、低成本的資本取得和整體資本結構。

Moving on to Slide 16 to review our capital allocation priorities. We will continue to prioritize strategic 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 will maintain our longstanding commitment to return value to our shareholders through our quarterly dividend plus periodic evaluation of share repurchases to be balanced with availability of excess cash and impact to leverage.

前往投影片 16，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進行策略性再投資，以促進成長和競爭優勢，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，透過季度股利以及定期評估股票回購來為股東回報價值，以平衡可用的多餘現金和對槓桿的影響。

Opportunities to grow organically remain clear and compelling, in particular, 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 are continuing to integrate the 4 acquisitions that we have executed to date.

有機成長的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成長途徑，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。

And lastly, we are committed to preserving a strong and flexible financial position with access to liquidity while maintaining low and modest net leverage. Before turning it back to Derek for closing remarks, let's turn to Slide 17 for an update on our full year guidance.

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。在回到 Derek 進行結束語之前，讓我們先看一下投影片 17，以了解我們全年指導的最新情況。

We are lowering our truck fleet guidance range for full year 2023 to a range of down 5% to down 3% from down 4% to down 2%. We are narrowing our net CapEx guidance for the year from a range of $400 million to $450 million to $425 million to $450 million. We anticipate that this may exceed our long-term net CapEx range of 11% to 13% of revenue as we've invested heavily to refresh the fleet ahead of an up cycle, increasing asset reliability, lowering operating costs and getting ahead of upcoming regulatory changes. Dedicated revenue per truck per week is expected to remain within our full year guidance of 0% to 3%. One-Way Truckload revenue per total mile for third quarter decreased 4.8% and is down 4.4% year-to-date within our guidance range.

我們將 2023 年全年卡車車隊指導範圍從下降 4% 至下降 2% 下調至下降 5% 至 3%。我們將今年的淨資本支出指引從 4 億至 4.5 億美元縮小至 4.25 億至 4.5 億美元。我們預計這可能會超出我們收入的 11% 至 13% 的長期淨資本支出範圍，因為我們已投入巨資在升級週期之前更新機隊、提高資產可靠性、降低營運成本並領先於即將到來的監管變化。預計每輛卡車每週的專用收入將保持在我們 0% 至 3% 的全年指導範圍內。第三季每總英里單程卡車裝載收入下降 4.8%，今年迄今下降 4.4%，在我們的指導範圍內。

Our guidance range for the fourth quarter is down 9% to down 7% due primarily to difficult peak comparables. We expect One-Way revenue per total mile to be flat to down low single digits sequentially from Q3 to Q4. For the used truck market, we expect continued declining demand with moderating pricing and equipment gains as we close out the year. We reached $39 million in equipment gains year-to-date and we are tightening our expected range for the full year to between $42 million and $47 million.

我們第四季的指導範圍下降了 9% 至 7%，這主要是由於高峰可比性比較困難。我們預計，從第三季度到第四季度，單向每總英里收入將持平或下降到低個位數。對於二手卡車市場，我們預計隨著年底價格的放緩和設備的成長，需求將持續下降。今年迄今為止，我們的設備收益達到了 3,900 萬美元，我們正在將全年的預期範圍收緊至 4,200 萬美元至 4,700 萬美元之間。

We expect net interest expense this year will be $20 million to $25 million higher than last year because of the continued pace of Fed tightening and more debt versus prior year. Our tax rate in the third quarter was 23% and is 24.3% year-to-date. We are maintaining the full year range of 24% to 25%. The average age of our truck and trailer fleet in the third quarter was 2.0 and 5.1 years compared to 2.3 and 5 years, respectively, at the end of 2022.

我們預計今年的淨利息支出將比去年高出 2,000 萬至 2,500 萬美元，因為聯準會持續緊縮步伐，且債務較去年增加。我們第三季的稅率為 23%，年初至今為 24.3%。我們將全年維持在 24% 至 25% 的範圍內。第三季我們卡車和拖車車隊的平均車齡為 2.0 和 5.1 年，而 2022 年底分別為 2.3 和 5 年。

I'll now turn it back to Derek.

我現在將其轉回給德里克。

Thank you, Chris. Again, as we've noted throughout our comments today, the freight backdrop is challenging, and our recent results are not consistent with our long-term expectations. That said, both strong revenue retention and progress on diversifying our portfolio deeper in both Dedicated and Logistics positions us well for the future. Our approach has created competitive advantages that will continue to fuel our growth, durability and earnings. 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.

謝謝你，克里斯。正如我們今天在評論中再次指出的那樣，貨運背景充滿挑戰，我們最近的結果與我們的長期預期不一致。也就是說，強勁的收入保留以及我們在專用和物流方面更深層地實現產品組合多元化的進展，使我們在未來佔據有利地位。我們的方法創造了競爭優勢，將繼續推動我們的成長、持久性和獲利。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不斷發展。

We have the benefit of broad solution selling to large enterprises across our highly integrated dedicated offering. Our nationwide Final Mile solution plus cross-border logistics, while also growing share with small and medium-sized customers within brokerage. Our comprehensive footprint and 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.

我們擁有透過高度整合的專用產品向大型企業銷售廣泛解決方案的優勢。我們在全國範圍內提供「最後一哩路」解決方案以及跨境物流，同時也在經紀業務中增加與中小型客戶的份額。我們遍布全國的綜合足跡和終端網路使 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。

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. We continue to attract and retain top talent including highly qualified professional drivers that embrace and carry out our commitment to superior safety, award-winning service and in turn, allows us to retain our strong portfolio of winning customers. I'm proud of our team and the exciting future for Werner.

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，這些投資旨在提高營運效率並增強客戶和員工的體驗。我們繼續吸引和留住頂尖人才，包括高素質的專業司機，他們信守並履行我們對卓越安全和屢獲殊榮的服務的承諾，從而使我們能夠保留強大的獲獎客戶組合。我為我們的團隊和維爾納令人興奮的未來感到自豪。

And 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生以開始問答。

(Operator Instructions). This call will end at 5 p.m. Central Time following the company's closing remarks. At this time, we will pause momentarily to assemble our roster.

（操作員說明）。本次通話將於下午 5 點結束。中部時間公司閉幕詞後。此時，我們將暫停片刻以集合我們的名單。

Our first question is from Christian Wetherbee with Citigroup.

我們的第一個問題來自花旗集團的 Christian Wetherbee。

This is Rob on for Chris. Derek, with the updated kind of guidance, can you give us a sense of how you're thinking about the fleet allocation to the spot market just in light of where we are. Could you give us an update kind of where we are today and how you're thinking about potentially repricing as we go into next year?

這是 Rob 替補的 Chris。德里克（Derek），透過更新的指導，您能否讓我們了解您如何根據我們的情況考慮將船隊分配到現貨市場。您能否向我們介紹一下我們目前的最新情況以及您如何考慮明年可能重新定價的情況​​？

Yes, sure, Rob. Thanks for the question. Right now, on One-Way Truckload, we are -- in that part of our business, we're at about 15%, call it, roughly of our fleet in the spot market. Clearly, that's more than we'd like to see in that market -- and as in recent weeks, we've seen some capabilities of kind of lowering that number. As we get deeper into peak, one of the opportunities in front of us is to get some of those units out of the spot market and into, whether it be contract freight that we have opportunities to grow with or peak opportunities.

是的，當然，羅布。謝謝你的提問。目前，在單程卡車裝載方面，我們在這部分業務中約佔現貨市場車隊的 15%。顯然，這超出了我們在該市場中希望看到的情況，而且最近幾週，我們已經看到了一些降低這一數字的能力。隨著我們深入峰值，我們面前的機會之一是將其中一些單位從現貨市場中取出並進入，無論是我們有機會增長的合約貨運還是峰值機會。

And as we think about peak this year, what we're seeing broadly is volumes similar to a year ago. But obviously, the price relative to those opportunities is significantly less than where it would have been last year. I still believe there is an opportunity for volumes to potentially even finish up year-over-year relative to peak, but without that same incremental pricing opportunity.

當我們考慮今年的高峰時，我們看到的整體銷售與一年前相似。但顯然，相對於這些機會的價格明顯低於去年的價格。我仍然相信，相對於峰值，銷量甚至有可能同比增長，但沒有同樣的增量定價機會。

Regardless of that, as you take trucks out of peak and -- or out of spot and into that environment, the opportunity for a significant shift in pricing on those trucks is still available. And so that's encouraging. And as we look into next year, I think it really comes down to how the consumer holds in and whether they can, in fact, stay strong through peak and into the start of the year, coupled with the ongoing net deactivations and general trucking attrition that we do see taking place at a more rapid pace, that will really kind of set the stage for what the first half of next year looks like.

不管怎樣，當您將卡車帶出高峰，或離開現場並進入那種環境時，這些卡車的定價仍有可能發生重大變化。這令人鼓舞。當我們展望明年時，我認為這實際上取決於消費者如何堅持下去，以及他們實際上是否能夠在高峰期和年初保持強勁，再加上持續的淨停用和總體卡車運輸損耗我們確實看到這種情況正在以更快的速度發生，這確實將為明年上半年的情況奠定基礎。

And my follow-up is, what's the current spread for your spot-related trucks relative to your contractual rates as we think about some of the business shifting around?

我的後續問題是，當我們考慮一些業務轉移時，與您的合約費率相比，您的現貨相關卡車的當前價差是多少？

Yes. Right now, the spread net of fuels in the, call it, $0.40 to $0.60 range, just depending on the week. But it's been at that similar level now for a while. I mean spot rates really haven't changed much in the last couple of quarters. They've been fairly steady. Obviously, we've seen a little degradation in One-Way Trucking rate for total mile. But that spread has seemed to hold in at about those levels in the last 4 or 5 months.

是的。目前，扣除燃料後的價差在 0.40 美元至 0.60 美元之間，具體取決於週。但現在處於類似水平已經有一段時間了。我的意思是，即期匯率在過去幾季中確實沒有太大變化。他們的表現一直相當穩定。顯然，我們發現單程貨運總里程率略有下降。但在過去四、五個月裡，這種利差似乎一直維持在這個水準。

The next question is from Tom Wadewitz with UBS.

下一個問題來自瑞銀集團的湯姆·瓦德維茨。

This is Mike Triano on for Tom. So you mentioned the total TTS rate per mile was down only 3% in 3Q, which in this type of market points to all the good work that you've done to build a dedicated business and also a little more resiliency in One-Way. But the TTS in the low 90s is similar to some peers who are seeing more pressure on price. You've highlighted the $43 million of cost savings, but even with that, you're still in the low 90s. So I'm just wondering if there are more cost efficiencies to be realized that can help you get the OR more in line with your performance on price.

我是湯姆‧麥克‧特里亞諾 (Mike Triano)。因此，您提到第三季每英里的總 TTS 率僅下降了 3%，這在此類市場中表明您為建立專門業務所做的所有出色工作以及 One-Way 的彈性更強。但 90 年代初的 TTS 與一些同行類似，他們面臨更大的價格壓力。您已經強調了 4300 萬美元的成本節省，但即便如此，您仍然處於 90 多歲的水平。因此，我只是想知道是否可以實現更高的成本效率，從而幫助您使 OR 更符合您的價格表現。

Mike, this is Chris. Thanks for the question. Yes, we still feel good about the 12% to 17% target range for TTS over the long term. As you know, this has been a uniquely challenging cycle, inflation being up, rates being down, imbalance in terms of supply and demand. I think it's important to note that within TTS, 64% of that is Dedicated. And while we don't disclose those margins, Dedicated continues to have double-digit margins steady, durable, and so the volatility there is really within our One-Way business, where we do have that elevated spot, as Derek just mentioned, and continued pricing pressure.

麥克，這是克里斯。謝謝你的提問。是的，從長遠來看，我們仍然對 TTS 12% 到 17% 的目標範圍感到滿意。如您所知，這是一個獨特的具有挑戰性的周期，通貨膨脹上升，利率下降，供需失衡。我認為值得注意的是，在 TTS 中，64% 是專用的。雖然我們沒有透露這些利潤率，但 Dedicated 繼續保持穩定、持久的兩位數利潤率，因此我們的單向業務確實存在波動，正如德里克剛才提到的那樣，我們確實擁有較高的點，並且持續的價格壓力。

So where we can continue to grow Dedicated at premium contract pricing more stability while also growing certain sleeves within the One-Way business, including the cross-border where there's good growth and opportunity there from a top line perspective and overall mix within TTS, that can position us well.

因此，我們可以繼續成長，專注於溢價合約定價，更加穩定，同時也在單向業務中成長某些袖子，包括跨境業務，從頂線角度和TTS 內的整體組合來看，那裡有良好的成長和機會，可以很好地定位我們。

Also remember that given the One-Way business, there can be a meaningful difference as we move out of spot, move those rates into contract rates and then potentially move those into a further dedicated premium rate. So with an improved market, that can have a significant help to the overall operating margins. And then you mentioned the cost improvements. Yes, we've made some good strides there and supplies and maintenance and even insurance and some other categories. That program continues to progress and by continuing to focus on cost improvements as we're starting to see here, that certainly will help going forward to the TTS margin.

另請記住，考慮到單向業務，當我們移出現貨，將這些費率轉變為合約費率，然後可能將其轉變為進一步的專用溢價費率時，可能會出現有意義的差異。因此，隨著市場的改善，這可以對整體營運利潤率產生重大幫助。然後您提到了成本改進。是的，我們在供應、維護、甚至保險和其他一些類別方面取得了一些良好的進展。該計劃繼續取得進展，並透過繼續專注於成本改進（正如我們在這裡開始看到的那樣），這肯定有助於提高 TTS 利潤。

Would you point to any particular cost bucket within that $43 million where you say, look, we could probably do a little bit more, whether it's on the supplies and maintenance side or on the kind of the driver recruitment and the pay side?

您能否指出這 4300 萬美元中的任何特定成本項目，您說，看，我們可能可以做得更多一點，無論是在供應和維護方面，還是在司機招聘和支付方面？

Well, yes, actually, all of those that you mentioned are part of that program, but we're excited about the recent improvement year-over-year that we've seen in supplies and maintenance. We've talked a lot about that on other calls of several quarters to bring more of that in-house as well as just having a younger, more modern fleet that obviously has a lower operating cost for Q3, supplies and maintenance was down double digits year-over-year.

嗯，是的，實際上，您提到的所有這些都是該計劃的一部分，但我們對最近在供應和維護方面看到的逐年改善感到興奮。我們在幾個季度的其他電話中討論了很多這一點，要求將更多的內部資源以及擁有一支更年輕、更現代化的機隊，顯然第三季度的運營成本較低，供應和維護成本下降了兩位數一年又一年。

Also insurance was down 9% year-over-year in the quarter. And insurance for Q3 was the first quarter since Q1 of 2022 that was less than 4% of revenue. Driver pay and benefits was down 2% year-over-year, some of that due to the fleet as well as some pay changes. So it's multipronged in terms of how we're building that bucket and going after cost improvement.

該季度保險業務也較去年同期下降 9%。第三季的保險業務是自 2022 年第一季以來第一個佔收入比例低於 4% 的季度。司機薪資和福利年減 2%，部分原因是車隊數量和薪資變化。因此，我們在如何建造這個桶子以及追求成本改進方面是多管齊下的。

And to answer directly about ongoing improvements in some of those areas, we're certainly past the middle innings and some of the initiatives relative to supplies and maintenance, but there is still room to grow, as Chris mentioned. We have the ability to still bring further density into our shops. We're excited about that. We're -- it's an ongoing effort. We're clearly reaping the benefit, although it's an expensive way to get there, one of the elevated CapEx as it relates to trucks out of warranty and trucks over 400,000 miles.

為了直接回答其中一些領域的持續改進，我們當然已經過了中局和一些與供應和維護相關的舉措，但正如克里斯所提到的，仍然有成長的空間。我們仍然有能力進一步提高商店的密度。我們對此感到興奮。我們正在——這是一項持續的努力。我們顯然正在獲得好處，儘管這是一種昂貴的方式來實現這一目標，其中之一是資本支出增加，因為它與超出保固期的卡車和超過 400,000 英里的卡車有關。

To put some color on that, just as an example, a year ago, this time, we would have had over 500 trucks, greater than 400,000 miles in the fleet. And today, as we sit here, we have less than 50. So we're still continuing to work more aggressively on in-house maintenance, quality of that maintenance, but also the fresher fleet gives us a pretty good head start on that.

舉個例子，一年前的這個時候，我們擁有超過 500 輛卡車，車隊里程超過 40 萬英里。今天，當我們坐在這裡時，我們的數量還不到50 台。因此，我們仍在繼續更加積極地致力於內部維護和維護質量，而且更新的機隊也為我們在這方面提供了良好的開端。

As we continue to work our acquisitions into an integrate onto one platform, there's some real visibility advantages and opportunity for us to take some additional cost out. Unfortunately, the reality of the acquisition timing was that it was at the same time we were building out the largest tech journey really in our history. We knew that going into it. We knew it would be more painful as a result, but we still believed that the underlying asset was worth making a decision to move forward and to fill the portfolio out to better prepare us for the future.

隨著我們繼續將收購整合到一個平台上，我們會獲得一些真正的可見度優勢，並有機會減少一些額外的成本。不幸的是，收購時機的現實情況是，我們正在建立歷史上最大的科技之旅。我們知道要進入它。我們知道結果會更加痛苦，但我們仍然相信標的資產值得做出向前推進並充實投資組合的決定，以便我們更好地為未來做好準備。

The next question is from Jack Atkins with Stephens.

下一個問題是傑克·阿特金斯和史蒂芬斯提出的。

Okay. Great. Really appreciate it. I guess, Derek, for my first one, if I could maybe pick up on where you left off there at the end. In terms of just the cost associated with the tech investments you've been making, I'm sure that's burdening the P&L this year. Is there a way to maybe help us think about the level of expense you've been incurring there? And I guess, as we sort of think forward, once you begin to see the benefits from that, how are the tech investments you're making now setting Werner up for the long term?

好的。偉大的。真的很感激。我想，德里克，對於我的第一個，我是否可以從你最後留下的地方繼續。就與您一直進行的技術投資相關的成本而言，我確信這會給今年的損益帶來負擔。有沒有辦法幫助我們考慮一下您在那裡花費的費用水平？我想，當我們向前思考時，一旦你開始看到從中帶來的好處，你現在所做的科技投資對沃納的長期發展有何幫助？

Yes, Jack, thanks for the question. First off, it's difficult. I want to be clear about that. We've done a lot of work, and we talked about it even in the prepared remarks, the 30 to 40 basis points of OR impact year-to-date on the -- related to this tech journey. What makes it difficult is, I don't want to imply that all of that is nonrecurring because there will be other types of costs that may replace it in some cases, so licenses and services -- systems as a service fees and other things.

是的，傑克，謝謝你的提問。首先，這很難。我想澄清這一點。我們已經做了很多工作，甚至在準備好的演講中也談到了這一點，即今年迄今為止 30 到 40 個基點的 OR 影響——與這一技術之旅相關。讓它變得困難的是，我不想暗示所有這些都是非經常性的，因為在某些情況下可能會有其他類型的成本取代它，例如許可證和服務——系統即服務費和其他東西。

But perhaps the biggest cost of all, and it's the one that's the most difficult to really quantify is the amount of man-hours and time and effort that is put into making sure we get this right. So just significant amounts of meetings and productivity that gets impacted as we lay this journey out and folks that are working through this journey that as part of it, there's a period in time, and most of that period in time has been the last couple of quarters. And to be frank, for the next couple as well, where folks are actually working harder and working longer as they work out of old systems and into the new platform.

但也許最大的成本，也是最難真正量化的成本，是為確保我們做到這一點而投入的工時、時間和精力。因此，當我們規劃這段旅程時，大量的會議和生產力會受到影響，而正在經歷這趟旅程的人們，作為其中的一部分，有一段時間，而這段時間的大部分時間都是在過去的幾年裡。宿舍。坦白說，對於接下來的幾個人來說也是如此，當人們從舊系統轉移到新平台時，他們實際上會更加努力地工作，工作時間也會更長。

And we know that, that journey continues for a while as we look forward. As far as what we see on the out quarters and why is the juice worth the squeeze, I think having a Cloud First, Cloud Now strategy, having our tech architecture modernize the ability to make changes and adapt to a changing marketplace more nimbly is it's very difficult to even put a value on. It will make us more nimble, more able to serve.

我們知道，在我們展望未來的過程中，這趟旅程還會持續一段時間。就我們在外部季度看到的情況以及為什麼值得擠壓，我認為擁有雲端優先、雲端現在的策略，讓我們的技術架構現代化，能夠更靈活地做出改變並適應不斷變化的市場。甚至很難對其進行估值。它將使我們更加靈活，更有能力服務。

But more importantly, probably than all of the above is the ability for the first time in our history as we've grown this portfolio out and expanded Dedicated, Logistics and even within One-Way increased the level of engineering that we do having all that freight in one system with one visibility will be leaps and bounds ahead of where we're operating today. We're very encouraged by that.

但更重要的是，可能比上述所有內容都是我們歷史上第一次擁有這種能力，因為我們已經擴大了這個產品組合併擴展了專用、物流，甚至在單向範圍內提高了我們所做的所有這些的工程水平單一系統和單一可見性的貨運將比我們今天的運作方式實現跨越式發展。我們對此感到非常鼓舞。

You couple that with Werner Bridge and the digital platform within brokerage, which we're not holding out there as the core, if you will, of what we do because in Truckload Logistics, we have a tremendous amount of contract work and work that involves other value-added type services along the way that are coupled with our standard brokerage product. But within Werner Bridge, that capability as it builds out and gets implemented we're seeing receptivity both from the customer and carrier community and a fairly quick ramp to the capabilities that's bringing us.

你將其與 Werner Bridge 和經紀業務中的數位平台結合起來，如果你願意的話，我們不會將其作為我們所做工作的核心，因為在卡車物流中，我們有大量的合約工作和涉及的工作與我們的標準經紀產品結合的其他增值類型服務。但在 Werner Bridge 內部，隨著該功能的建構和實施，我們看到了客戶和營運商社群的接受度，以及為我們帶來的功能的快速提升。

So yes, it's going to be, call it, a year still out in front of us to even perhaps as long as 18 months as we go down this journey, but the output of it is something that's very attractive. And I'll point to a specific case. Now, over the last year, the most implemented, most integrated portion of this journey is our Truckload Logistics group.

所以，是的，在我們踏上這段旅程的過程中，我們還需要一年甚至長達 18 個月的時間，但它的產出是非常有吸引力的。我將指出一個具體案例。現在，在過去的一年裡，這趟旅程中實施最多、整合程度最高的部分是我們的卡車物流團隊。

And if you look at the performance within that group, from a revenue or market share perspective, taking share growing at a time when very few if any others are doing so, yes, with some additional cost associated with it because of this tech investment. But over the long term, we like the positioning of that part of the portfolio, a great deal, given its larger scale and relevance in the marketplace. So it's going to be tough work. We're signed up for it, and the team here is committed to seeing it through.

如果你從收入或市場份額的角度來看該群體的表現，在很少有其他人這樣做的情況下，你會發現份額正在增長，是的，由於這項技術投資，會產生一些額外的成本。但從長遠來看，考慮到其更大的規模和在市場中的相關性，我們非常喜歡這部分投資組合的定位。所以這將是一項艱鉅的工作。我們已經同意了，這裡的團隊也致力於完成它。

Okay. No, that makes sense, Derek. And I guess just as a follow-up. Within -- when we think about the Dedicated market, some of your competitors have been speaking to an increasingly competitive dedicated market here over the last quarter or 2. Can you talk to -- if you're maybe seeing increased pricing pressures show up in bids over the last few months? I mean, I know it's a challenging market broadly, but it does feel like we're seeing some competitors may be looking to deploy additional assets into your sandbox. And just would be curious if you could talk to that for a moment and how you're addressing that?

好的。不，這是有道理的，德瑞克。我想這只是作為後續行動。當我們考慮專用市場時，您的一些競爭對手在過去一兩個季度一直在與競爭日益激烈的專用市場進行交談。如果您可能看到在過去幾個月的出價？我的意思是，我知道這是一個充滿挑戰的市場，但確實感覺我們看到一些競爭對手可能正在尋求將額外的資產部署到您的沙箱中。我想知道您是否可以談談這個問題以及您如何解決這個問題？

Yes. So first off, I'll say, there's clearly increased level of interest in Dedicated, both from the shipper and carrier community. I think that's not surprising given the absolute perconian pricing that exists within the spot market today. Most of what we do in Dedicated can't really be replaced by spot capacity, it really doesn't play a role. But it does cause carriers to gain interest in opportunities or to pursue dedicated whether or not they may have the capabilities to actually perform.

是的。首先，我要說的是，托運人和承運人社群對 Dedicated 的興趣明顯增加。考慮到當今現貨市場中存在的絕對佩爾科尼定價，我認為這並不奇怪。我們在Dedicated中所做的大部分工作並不能真正被現貨能力所取代，它確實沒有發揮作用。但它確實會導致運營商對機會感興趣或追求專注，無論他們是否有能力實際執行任務。

So it's really incumbent upon us to make sure our performance is at the highest possible level. The business that we do is true Dedicated. That the stickiness and defensiveness of that business is inherently built in because of the complexity of the type of work we do. And I can tell you that despite being disappointed in our overall results for the quarter, I'm extremely proud of the work that we're doing in Dedicated and the underlying financial results of it as well.

因此，我們確實有責任確保我們的表現處於盡可能高的水平。我們所做的事業是真正的專注。由於我們所做工作類型的複雜性，該業務的黏性和防禦性本質上是內建的。我可以告訴您，儘管我們對本季的整體業績感到失望，但我對我們在 Dedicated 中所做的工作及其基本財務業績感到非常自豪。

So it stood up as well as we would have expected in a market that was under this much to res. And I think the prospects for it looking forward are certainly strong. But we're going to maintain pricing discipline. And you're going to see that, and you have seen that and the fact that although it's a larger percentage of the fleet, it's not growing at the pace it once was, because we're going to stick to making sure it's the right type of Dedicated, that's defensive in nature, that's hard to serve and it's priced appropriately. With all that said, the pipeline looks pretty good right now. We still like the out quarters as we look forward and our ability to continue to lean into Dedicated.

因此，在價格如此低的市場中，它的表現符合我們的預期。我認為它的前景肯定是光明的。但我們將維持定價紀律。你將會看到這一點，而且你已經看到了這一點以及事實上，儘管它在機隊中所佔的比例更大，但它並沒有像以前那樣增長，因為我們將堅持確保它是正確的專用類型，本質上是防禦性的，很難提供服務，而且定價適當。話雖如此，目前管道看起來相當不錯。我們仍然喜歡我們的未來，以及我們繼續致力於奉獻的能力。

The next question is from Eric Morgan with Barclays.

下一個問題來自巴克萊銀行的艾瑞克摩根。

I wanted to ask on supply. Derek, you've offered some helpful perspective over the last few quarters on just industry capacity. I know recently, you've been talking about elevated cash balances, smaller carriers kind of extending the cycle. And I think in Q&A, you said you're seeing a more rapid pace of attrition, but maybe you could just talk a bit more about what you're seeing right now? And if there are any other factors you've kind of identified that are having an outsized impact that might have you rethinking how long this down cycle could persist?

我想問一下貨源。德里克（Derek），您在過去幾個季度中就行業產能提供了一些有用的觀點。我知道最近，您一直在談論現金餘額增加、小型業者延長週期的問題。我想在問答中，您說您看到了更快的人員流失速度，但也許您可以多談談您現在所看到的情況？如果您發現還有其他因素產生了巨大的影響，可能會讓您重新思考這種下行週期會持續多久？

Sure. So let's start with -- we've talked a lot about the activations, and that's not the end of the all, but it's certainly a relevant gauge on the dashboard. And we've seen 57 weeks now and over 150,000 trucks. But during the early portion of those weeks, you were seeing quite a bit of movement in the BLS data, where owner operators and others may have been showing up at a decent percentage as employee drivers at some other fleet.

當然。因此，讓我們開始 - 我們已經討論了很多關於激活的內容，這並不是全部的結束，但它肯定是儀表板上的相關儀表。現在我們已經看到了 57 週和超過 150,000 輛卡車。但在那幾週的前半段，你會看到美國勞工統計局的數據發生了相當大的變化，業主經營者和其他人可能在其他車隊中以僱員司機的比例出現了相當大的比例。

Only in recent months or really, call it, 1.5 quarters when you start to see BLS data also negative. At the same time, you're seeing that the activations go negative and then you couple that with now named brand bankruptcies, not the obvious yellow that everybody's talked about, but 200 truck, 400 truck, 500 truck carriers kind of on a weekly basis starting to hit the radar of not being able to survive this pricing environment.

只有在最近幾個月，或者實際上，稱之為 1.5 個季度，你才開始看到 BLS 資料也呈現負數。同時，你會看到激活量呈負數，然後你將其與現在命名的品牌破產結合起來，不是每個人都在談論的明顯的黃色，而是每週200 輛卡車、400 輛卡車、500輛卡車運輸公司人們開始注意到無法在這種定價環境中生存。

I think if you put all that together and you continue to -- and you kind of look forward with along that trend line, this is coming closer to balance than people realize. I'm not here to try to predict, especially coming off a quarter like this, the exact date or time that, that will take place. But we're clearly more encouraged.

我認為，如果你把所有這些放在一起，然後繼續下去——並且你沿著這條趨勢線期待，那麼這將比人們意識到的更接近平衡。我來這裡並不是要試圖預測，尤其是在這樣一個季度之後，這將發生的確切日期或時間。但我們顯然更受鼓舞。

And then lastly, because it's very relevant to the conversation. I think you have to take a deeper look at inventories. And what we're seeing both within our own customer base, there's some pretty strong statements around their comfort level with their current inventories. But even on the broader inventory levels across the industry, you're starting to see more and more folks step-in forward and feeling as though that destocking is largely behind them.

最後，因為它與談話非常相關。我認為你必須更深入地了解庫存。我們在自己的客戶群中看到，他們對當前庫存的舒適度有一些非常強烈的聲明。但即使在整個行業更廣泛的庫存水平上，你也開始看到越來越多的人挺身而出，並感覺庫存去化已基本結束。

So you put all that together, and that gives us a sense of encouragement. Of course, the headwind against it is overall consumer confidence and just the strength of the consumer. And so we're going to just have to see how those lines kind of play out over the next couple of months and quarters. But I do believe we're certainly much closer to the end than we are at the beginning of this cycle term.

所以你把所有這些放在一起，這給了我們一種鼓勵感。當然，其面臨的阻力是整體消費者信心和消費者實力。因此，我們只需看看這些線路在接下來的幾個月和幾個季度中會如何發揮作用。但我確實相信，我們肯定比本週期開始時更接近結束。

Appreciate that. And maybe just a quick follow-up on pricing in One-Way. I know you did a little better than the midpoint in 3Q, 4Q come in a little bit lower. Could you just give us a little bit more context on what's changing there? And specifically any impact that length of haul is having because I know that's been moving down a bit.

感謝。也許只是單向定價的快速跟進。我知道你的表現比第三季的中點好一點，第四季的表現也低一些。您能為我們提供更多有關那裡正在發生的變化的背景資訊嗎？特別是運輸距離所產生的影響，因為我知道這已經下降。

Yes. In terms of One-Way pricing, I mean, if you look back over the year, we've been down 3.2% in Q1, down 5.2% in Q2 and now here in Q3 reporting 4.8%. So on a year-to-date basis, it's down 4.4%. And we are relatively pleased with that given what's out there in the space. But nonetheless, it's down in an environment where there are significant inflationary cost pressures. So that's obviously putting a squeeze on the margin side.

是的。就單向定價而言，我的意思是，如果你回顧這一年，我們第一季下降了 3.2%，第二季下降了 5.2%，現在第三季報告下降了 4.8%。年初至今，數字下降了 4.4%。考慮到該領域的情況，我們對此相對滿意。但儘管如此，在通膨成本壓力巨大的環境下，它還是下跌了。因此，這顯然擠壓了利潤率。

As we look forward into Q4 and our guidance that's now down 9% to down 7%, the reason for the change really is more to do with the prior year increase from Q3 to Q4 than anything is happening really right now heading from Q3 to Q4. So we expect our One-Way trucking rate to be flattish to maybe slightly down sequentially. Couple of reasons for that, you look at -- we've had continued implementation of lower contractual rate renewals on bids, on rates that were effective throughout Q3. We're done with bid season, and I think most of the implementations are behind us, but there were some that were implemented in the quarter.

當我們展望第四季時，我們的指導現在下降了9% 到下降7%，這一變化的原因實際上更多地與去年第三季到第四季的成長有關，而不是現在從第三季度到第四季度發生的任何事情。 。因此，我們預計我們的單程貨運率將持平，甚至可能會比上一季略有下降。您看，有幾個原因 - 我們繼續對投標實施較低的合約費率續訂，費率在整個第三季都有效。我們已經完成了投標季節，我認為大部分的實施都已經過去，但有些是在本季實施。

In terms of the spot exposure, we've talked about that. Spot rates typically increase in Q4, but they've been frustratingly low. And I don't know that we expect a whole lot of lift there, although it could improve a little bit with some peak activity. And then the tailwind for us heading into Q4 would be some peak activity. We are expecting some, we've already had some, and that will continue, just not near the rate that it's been in the past. So really, as we look forward, we're looking at a flat to slightly down sequential number, but on a year-over-year basis, it looks a little worse, just given the increase we had in '22 with a little more robust peak pricing.

關於現場曝光，我們已經討論過。即期利率通常在第四季上升，但一直低得令人沮喪。我不知道我們期望那裡有很大的提升，儘管它可以透過一些高峰活動來改善。然後，我們進入第四季度的順風將是一些高峰活動。我們期待著一些，我們已經有了一些，而且這種情況將會繼續下去，只是不會接近過去的速度。所以，實際上，當我們展望未來時，我們看到的連續數字持平或略有下降，但與去年同期相比，情況看起來有點糟糕，只是考慮到我們在 22 年的增長略多了一點強勁的峰值定價。

In terms of the length of haul, that is down significantly year-over-year. There's just a couple of things there with regard to mix. We had more churn this year in the bid -- throughout the bid season than what we typically do, and that just resulted in a little bit lower length of haul. I don't know that it's impacted pricing a whole lot, maybe a little bit, but it's more to do with just the mix with the bid season. We have seen that start to increase a little bit here in the last month or so, and I would expect that there'd be a little bit of an increase as we finish out the year, but nothing really significant to note on that front.

就運輸長度而言，年比大幅下降。關於混合只有幾件事。今年我們在整個投標季節的投標中出現了更多的波動，這只是導致了運輸時間的縮短。我不知道這對定價有多大影響，也許有一點影響，但更多的是與投標季節的結合有關。我們已經看到，在上個月左右的時間裡，這個數字開始略有增加，我預計，當我們結束這一年時，會有一點增加，但在這方面沒有什麼真正值得注意的。

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. This is Elliot on for Jason. So you discussed the margin pressure in Q4 logistics. I guess, so 1.4% adjusted margin in Q3, I guess, could we see Logistics lose money in Q4. I know there are a lot of moving pieces within that. Maybe if you could touch on maybe the magnitude of the truckload brokerage margins that you called out earlier as well?

偉大的。這是艾利歐特為傑森做的。所以您討論了第四季度物流的利潤壓力。我想，所以第三季調整後的利潤率為 1.4%，我想我們可能會看到物流在第四季虧損。我知道其中有很多令人感動的部分。也許你可以談談你之前提到的整車經紀利潤的大小嗎？

Yes. So in Logistics, the margin pressure concern and the reason for signaling is just as this were to start to turn or if we saw suddenly some increased activity from a peak perspective, we could see by rate pressure in the carrier community that would perhaps outpace the ability to pass that through based on our mix.

是的。因此，在物流領域，利潤壓力問題和發出信號的原因正是這種情況開始轉變，或者如果我們從高峰角度突然看到活動增加，我們可以看到承運人社區的費率壓力可能會超過根據我們的組合來傳遞這一點的能力。

At this point, we also have been burdened with and it's the upside -- or the downside of growth, I guess. But as we've grown Logistics and taken share and seen some of the volume increases that we talked about earlier on the call, it comes with a little bit of settling of each of those accounts. So that as you onboard significant amounts of new business, it takes a while to get the carrier roster kind of finalized to get the right carriers on the lanes in the right way with the most efficient purchasing.

在這一點上，我們也承受著成長的壓力，我想這是成長的好處──或者說是壞處。但隨著我們發展物流並佔據份額，並看到我們之前在電話會議上談到的一些數量的增長，每個帳戶都會有一些結算。因此，當您開展大量新業務時，需要一段時間才能最終確定承運商名冊，以便以正確的方式透過最有效的採購將合適的承運商納入航線。

And so that would be the counter to that, that as we get better at that as we get some seasoning and some settling in the carrier base, the opportunity to actually go the other direction.

因此，這將是相反的，隨著我們在航母基地得到一些經驗和一些定居，我們在這方面做得更好，有機會真正走向另一個方向。

So -- I'm not trying to be evasive, but I think it'd be inappropriate for me to even try to tell you whether I think it gets better or worse in Q4. I do think what you will see is a significant focus as we go into Q4 and into Q1 on execution, operational excellence and less on growth from a volume perspective and logistics as we get this new business digested. Chris?

所以——我並不是想迴避，但我認為我甚至試圖告訴你我認為第四季度的情況是變得更好還是更糟，這是不合適的。我確實認為，當我們進入第四季度和第一季時，我們將重點關注執行、卓越運營，而隨著我們消化這項新業務，從數量和物流角度來看，我們將不再關注成長。克里斯？

Yes. Maybe just to add to that. We're happy with the volume. It's been a year since we've had the REED acquisition. We're continuing to grow wallet share and sign on high-quality contract customers, but we are mindful in this market of reviewing the portfolio, making sure that we're not taking on transactional businesses underperforming, maintaining high contract volume. And we'll continue to be reviewing the portfolio while also balancing that with winning new business and contracts that can last with us for the future.

是的。也許只是為了補充這一點。我們對數量感到滿意。我們收購 REED 已有一年了。我們正在繼續增加錢包份額並簽約高品質的合約客戶，但我們在這個市場上會謹慎地審查投資組合，確保我們不會接受表現不佳的交易業務，從而保持較高的合約量。我們將繼續審查投資組合，同時平衡與贏得新業務和未來可以持續存在的合約。

We're also -- from a margin improvement standpoint, we're looking forward to having REED fully integrated from a technology and operational perspective by the end of this year, which will enable us to realize some further synergies and cost savings going into next year.

我們也—從利潤改善的角度來看，我們期待在今年年底前從技術和營運角度完全整合 REED，這將使我們能夠在明年實現一些進一步的協同效應和成本節約年。

And then beyond that, there's also opportunities from a technology perspective, growing the small- and medium-sized business as well as tech-enabled savings within Logistics. So a number of things that we're excited about but also mindful of and looking for ways that we can improve the margin there going forward.

除此之外，從技術角度來看，還有發展中小型企業以及物流領域技術驅動的節省的機會。因此，我們對許多事情感到興奮，但也注意到並尋找可以提高未來利潤率的方法。

And then maybe to follow up, as you move through bid season, are there any early reads on maybe what your customers are telling you and how they're planning for 2024?

然後也許可以跟進一下，當您進入投標季節時，是否有任何關於您的客戶告訴您的內容以及他們如何計劃 2024 年的早期信息？

It's really early in bid season right now. I mean, literally, we're only starting to see the first couple come across. I think that is -- it really depends on the positioning of the customer themselves. We are fortunate to work with some of the best, especially on the retail side, some of the best retailers out there in the retail space.

現在確實是投標季節的早期。我的意思是，從字面上看，我們才剛開始看到第一對夫婦的相遇。我認為這實際上取決於客戶本身的定位。我們很幸運能與一些最好的零售商合作，特別是在零售方面，零售領域的一些最好的零售商。

Several of them are actually optimistic about the fact that they've been able to recalibrate for this new consumer behavior, and they feel like the days ahead of them look a lot brighter than the ones that are in the recent rearview mirror. So volumes being up, reopening -- or opening new stores and our ability to expand with them.

他們中的一些人實際上對自己能夠重新調整以適應這種新的消費者行為這一事實感到樂觀，他們覺得未來的日子看起來比最近後視鏡中的日子要光明得多。因此，銷量增加、重新開業或開設新店以及我們隨之擴張的能力。

What that all means in price will just really determine what will be dependent in some -- on the One-Way side in particular on where we're at from a supply -- capacity supply perspective. So it's early. We know that what we're going to be working with them on is the reality of sustainable pricing. We're going to be talking to them openly and honestly, about what's happening at these pricing levels that have been out there because the data is right there in front of them and this attrition is real.

這一切對價格的意義將真正決定某些方面的依賴——在單向方面，特別是從供應——產能供應的角度來看，我們所處的位置。所以現在還早。我們知道我們將與他們合作解決永續定價的現實問題。我們將公開、誠實地與他們討論在這些定價水平上發生的情況，因為數據就在他們面前，而且這種消耗是真實的。

We're going to talk to them about making sure that where we price, we can stand behind it and not be back in 60 days, 90 days or multiple times a year. Those conversations in some cases, will go very well. And with others, I'm sure it will be more difficult. One-Way Truckload is down, you saw in the quarter, and we're prepared and actually planning to take it down further as we continue to lean further into dedicated. So that provides opportunity for us to be a little more picky and a little more disciplined in our price approach to this bid season coming up.

我們將與他們討論，確保我們能夠支持我們的定價，並且不會在 60 天、90 天或一年內多次出現問題。在某些情況下，這些對話會進行得很順利。對於其他人來說，我確信這會更加困難。您在本季度看到，單程卡車裝載量有所下降，我們已經做好準備，並且實際上計劃進一步減少它，因為我們繼續進一步傾向於專用。因此，這為我們提供了在即將到來的投標季節的價格方法上更加挑剔和更加嚴格的機會。

Your next question is from Scott Group with Wolfe Research.

您的下一個問題來自 Scott Group 和 Wolfe Research。

So maybe, Chris, your comment about trucking, truckload rates flat to down a bit sequentially from Q3 to Q4. Should we assume that we should apply that similar logic to Truckload OR or trucking earnings, Q3 to Q4, flat to down slightly?

克里斯，您對卡車運輸的評論可能是，卡車裝載率從第三季到第四季連續持平或略有下降。我們是否應該假設我們應該將類似的邏輯應用於卡車裝載或卡車運輸收入，第三季到第四季度，持平到略有下降？

Well, Scott, there are several puts and takes as we had from the quarter. I mean, certainly, if the One-Way trucking rate is down a bit. I mean we're talking flat to slightly down is sequentially where we're headed. Nonetheless, that would be offset with some potential peak activity that would be better. We certainly didn't have a lot of peak activity in Q3, just a little bit at the tail end of the quarter, but we have had some peak activity in October and would expect that to continue with some of the peak awards we've got, although estimating volumes has been challenging this year, I think for us and our customers.

好吧，斯科特，我們本季有一些看跌和看跌。我的意思是，當然，如果單程卡車運輸費率稍微下降的話。我的意思是，我們所說的趨勢是持平到略有下降。儘管如此，這將被一些更好的潛在高峰活動所抵消。我們在第三季度當然沒有很多高峰活動，只是在季度末有一點高峰活動，但我們在 10 月份有一些高峰活動，並且預計這種情況會繼續下去，我們已經獲得了一些高峰獎項得到了，儘管今年估計數量一直具有挑戰性，但我認為對我們和我們的客戶來說。

And then the other thing to mention is just the continued headwind as it relates to gains. We had, I think, a $9 million gain we posted in Q3 and you can tell by our annual guidance of $42 million to $47 million for the year that, that implies a lower number in Q4. So definitely some puts and takes along with our cost savings program, which will continue to hopefully show some benefits there. So hard to say. We're certainly going to work as hard as we can to show some improvement, but it continues to be a challenging environment, and hopefully, the tailwinds will outpace the headwinds.

然後另一件事要提到的是與收益相關的持續阻力。我認為，我們在第三季度實現了 900 萬美元的收益，從我們今年 4,200 萬美元至 4,700 萬美元的年度指導中可以看出，這意味著第四季度的收益較低。因此，我們的成本節約計畫肯定會帶來一些好處，這將繼續有望帶來一些好處。很難說。我們當然會盡我們所能地努力工作，以取得一些進步，但這仍然是一個充滿挑戰的環境，希望順風會超過逆風。

Yes. And Scott, I'll just add to that and just reinforce that we would expect to continue to see some year-over-year improvement in those select expense categories that we mentioned. And really where you started that question was really focused on the One-Way business, dedicated while the fleet should be flat to up and revenue per truck per week, generally holding steady, that will have some offset to mitigate some of that mid-single-digit decline in the one-way rate.

是的。斯科特，我只想補充一點，並強調我們預計我們提到的那些特定費用類別將繼續出現同比改善。事實上，你一開始這個問題實際上集中在單向業務上，專注於車隊，而車隊應該持平，每週每輛卡車的收入一般保持穩定，這將有一些抵消，以減輕一些中單向費率下降一位數。

And then maybe just bigger picture. I know maybe this was already addressed a little bit, but all cycle, we talked about the stability of Dedicated and we've increased the Dedicated mix a lot. I think we're just all surprised by the magnitude of the margin pressure.

然後也許只是更大的圖景。我知道也許這個問題已經得到了解決，但在整個週期中，我們都討論了 Dedicated 的穩定性，並且我們已經大幅增加了 Dedicated 的組合。我認為我們都對利潤壓力的大小感到驚訝。

Just given that, can you maybe just give a little bit more color if overall trucking margins are down 5, 6 points? Like how are Dedicated margins doing year-over-year? How is One-Way margins doing year-over-year? Are the acquisitions -- you've done this the first cycle really, We've done a lot of acquisitions. Is that helping or hurting the year-over-year OR performance right now? Just any more color would be helpful.

有鑑於此，如果整體貨運利潤率下降 5、6 個百分點，您能否提供更多的資訊？例如專用利潤年比表現如何？單向利潤率較去年同期表現如何？是收購嗎——你真的在第一個週期就完成了這件事，我們已經做了很多收購。這對同比或目前的表現是有幫助還是有損害？只要有更多的顏色就會有幫助。

Yes, Scott, great question, and I'll keep it fairly high level. But I'll start with this. Dedicated has actually performed very well through the cycle. And that's exactly how we expected it to with a couple of exceptions around the margin. So examples of those exceptions, we've seen fleet shrinkage across Dedicated. So within contractual terms, 3 trucks, 5 trucks per fleet kind of shrinkage and that certainly hurt our defensibility a little bit because those trucks have to find a home.

是的，斯科特，很好的問題，我會保持相當高的水平。但我將從這個開始。 Dedicated 實際上在整個週期中表現得非常好。這正是我們所期望的，除了一些例外。因此，在這些例外情況的例子中，我們已經看到 Dedicated 的機隊萎縮。因此，在合約條款內，每個車隊 3 輛卡車、5 輛卡車有點縮減，這肯定會稍微損害我們的防禦能力，因為這些卡車必須找到下家。

We've stayed disciplined to reference back to an earlier question on the call about increased competitiveness in Dedicated on bids this year. We've kept our discipline. And as a result, some of those trucks ended up all the way back in One-Way when we would have preferred that they had found a home within Dedicated.

我們一直遵守紀律，回顧了先前電話會議中關於提高今年專用投標競爭力的問題。我們一直遵守紀律。結果，其中一些卡車最終回到了 One-Way，而我們本來希望它們在 Dedicated 中找到一個家。

But overall, Dedicated returns, margins, et cetera, have been sort of as expected in this type of economic backdrop performing pretty well. One-Way has been worse than expected. That's just the simple reality. This One-Way market is more difficult. It's been lower for longer. Our spot exposure has been higher than anticipated. And therefore, it has been the predominance of the drag.

但整體而言，在這種經濟背景下，專用回報、利潤率等都表現得相當不錯。單向的情況比預期的還要糟糕。這就是簡單的現實。這種單向市場更加困難。長期以來一直處於較低水平。我們的現貨曝光量高於預期。因此，它一直是阻力的主導。

You couple with that, yes, in the acquisition space, those were predominantly One-Way plays, but to fill regional gaps within our network. And on the market-facing portion of those decisions, it's been very solid. Our customers have embraced it. We feel like it is absolutely filled out the network in ways that are going to be strategic and important, and we stand by those decisions. But their results have been difficult from a year-over-year perspective, because they're operating predominantly actually exclusively in that One-Way space.

加上這一點，是的，在收購領域，這些主要是單向遊戲，但為了填補我們網路內的區域空白。在這些決策中面向市場的部分，它非常可靠。我們的客戶已經接受了它。我們認為它絕對以具有戰略意義和重要意義的方式填充了網絡，並且我們堅持這些決定。但從同比的角度來看，他們的業績一直很困難，因為他們主要主要在單向領域運作。

And then lastly, in Logistics, we've talked a lot about there's times to where we believe that gaining share and gaining momentum in the space, makes the most sense and doing so and executing with a unified platform that we've been working so aggressively on has been paying dividends. But we have digested quite a bit of new business in Logistics, and there is nothing like a dedicated implementation cost. I'm not trying to make that case. It's much shorter in duration, but there is a bit of a digestion that you do as you get the carriers and the roster settled.

最後，在物流領域，我們已經討論了很多時候，我們相信在該領域獲得份額並獲得動力是最有意義的，並且這樣做並使用我們一直在努力的統一平台執行積極地一直在支付股息。但我們已經消化了相當多的物流新業務，沒有什麼比專門的實施成本更好的了。我並不是想證明這一點。它的持續時間要短得多，但是當你確定運營商和名單時，你需要進行一些消化。

So those are some of the puts and takes, and that's why I didn't shy -- early on in my remarks, I stated it certainly doesn't meet our expectations internally either. But what does is like the way the portfolio is now structured. I know that we're in the later innings of the cycle. And as we come out of it, we're even further entrenched with a stronger performing dedicated unit than before. and a growing and much more relevant logistics business.

這些是一些看法，這就是為什麼我沒有害羞 - 在我的講話的早期，我表示它肯定也沒有達到我們內部的期望。但所做的就像現在投資組合的結構方式。我知道我們正處於週期的後幾局。當我們走出困境時，我們更加鞏固了比以前表現更強大的專用部門。以及不斷成長且更相關的物流業務。

Our final question today is from Ken Hoexter with Bank of America.

我們今天的最後一個問題來自美國銀行的肯‧霍克斯特 (Ken Hoexter)。

Derek, thank you for squeezing me in. And Chris. So just -- I guess you noted you're seeing delays in expanding existing Dedicated fleets, but the dialogues are now positive. Maybe expand on your thoughts there a little bit. And then the pace that your largest customer is now insourcing its fleet. Has that accelerated given the downturn, have they paused? Maybe just talk about that process and the impact on Dedicated.

德瑞克，謝謝你讓我加入。還有克里斯。所以，我想您已經注意到，擴大現有專用機隊的工作出現了延誤，但現在的對話是積極的。也許可以稍微擴充一下你的想法。然後是您最大的客戶現在內購其車隊的速度。鑑於經濟低迷，這種情況是否加速了，是否已暫停？也許只是談談這個過程以及對 Dedicated 的影響。

Sure. So within Dedicated as they were working through their destocking as well as kind of right stocking would be probably even a bigger component of it, in my view, getting the right SKUs for the post-pandemic consumer, getting the types of goods that they are more interested in buying in this inflationary environment and getting all of that right and on the shelf, that took a while. And what I'm most encouraged by is in conversations with our major customers, which I've had many of in recent weeks, they feel is still that work is behind them.

當然。因此，在 Dedicated 內部，他們正在努力去庫存，並且正確的庫存可能是其中更重要的組成部分，在我看來，為大流行後的消費者提供正確的 SKU，獲得他們所需的商品類型對在這種通貨膨脹環境下購買並把所有這些都正確放在貨架上更感興趣，這需要一段時間。最讓我鼓舞的是，在與我們的主要客戶的對話中，我在最近幾週進行了多次對話，他們覺得工作仍然落後。

Once that work is behind them, you get back to replenishment levels, you start to see reordering and you start to see confidence that they've got the SKU mix right. I still think there's going to be conservatism in that reordering because everybody is waiting to see kind of how well the consumer holds up, especially through this peak season. But they feel that they've kind of solved the mix issue.

一旦這些工作完成，您就會回到補貨水平，您開始看到重新訂購，並開始相信他們的 SKU 組合是正確的。我仍然認為重新訂購將會是保守的，因為每個人都在等著看消費者的情況如何，尤其是在這個旺季。但他們認為他們已經解決了混合問題。

That's what gives us confidence, specifically relative to our largest customer. I'm not going to speak to their strategy or what they will choose to do but I can tell you we're in detailed conversations. I can tell you we're up sequentially from Q2 to Q3 with them in Dedicated and that we have conversations on the table right now for further expansion. So as their business grows, even as they grow their fleet, there's opportunity for us to grow with them, and that's going to be an ongoing discussion that will last -- that will never really end.

這給了我們信心，特別是相對於我們最大的客戶。我不會談論他們的策略或他們將選擇做什麼，但我可以告訴你我們正在進行詳細的對話。我可以告訴你，我們從第二季到第三季都在專用中，我們現在正在討論進一步擴展。因此，隨著他們的業務成長，即使他們擴大機隊，我們也有機會與他們一起成長，這將是一場持續不斷的討論，永遠不會真正結束。

I'm excited about some of their expansion plans because it fit our network really well, and it fits our capability set even better. So we'll work with them, and we're excited to have that partnership and it's gained considerable white noise, I know in these conversations. But inside the building, our confidence level is high relative to that relationship.

我對他們的一些擴展計劃感到興奮，因為它非常適合我們的網絡，而且更適合我們的功能集。因此，我們將與他們合作，我們很高興能夠建立這種夥伴關係，並且我在這些對話中知道它已經獲得了相當大的白噪音。但在大樓內部，我們對這段關係的信心程度很高。

This concludes our question-and-answer session. I would like to turn the conference back over to Derek Leathers for any closing remarks.

我們的問答環節到此結束。我想將會議轉回德里克·萊瑟斯（Derek Leathers）發表閉幕詞。

Yes, thanks. I wanted to thank everybody for joining us today. And while the quarter represented a further extension of what was already a challenging freight environment, we do believe that capacity rightsizing is gaining momentum, and I'd like to reiterate that. I also, and more importantly, I think inventory levels are in line and inventory mix is getting closer to correct than it's been in many quarters. Our customers continue to make those adjustments. We're encouraged by their progress, more encouraged by the conversations we've had with them.

對了謝謝。我想感謝大家今天加入我們。雖然本季已經充滿挑戰的貨運環境進一步擴大，但我們確實相信運力調整正在獲得動力，我想重申這一點。更重要的是，我認為庫存水準保持一致，庫存組合比許多季度更接近正確。我們的客戶繼續進行這些調整。我們對他們的進步感到鼓舞，更對我們與他們的對話感到鼓舞。

We're going to remain disciplined on price across our organization while staying focused on the key components of our business, Dedicated, Logistics and the engineered components of cross-border and inside of our One-Way. Our tech investments are maturing as is our disciplined approach to lowering our cost to execute. There's certainly work ahead of us. We're committed to the work, and I thank you for spending time with us today.

我們將在整個組織內保持價格紀律，同時繼續專注於我們業務的關鍵組成部分、專用、物流以及跨境和單程內部的工程組成部分。我們的技術投資正在日趨成熟，我們降低執行成本的嚴格方法也不斷成熟。當然，我們還有很多工作要做。我們致力於這項工作，感謝您今天花時間與我們在一起。

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。您現在可以斷開連線。