Werner Enterprises Inc (WERN) 2024 Q2 法說會逐字稿

Good afternoon and welcome to the Werner Enterprises second-quarter 2024 earnings conference call.

下午好，歡迎參加維爾納企業 2024 年第二季財報電話會議。

All participants will be in listen-only mode.

所有參與者將處於僅聽模式。

(Operator Instructions)

（操作員說明）

Please note this event is being recorded.

請注意此事件正在被記錄。

I would now like to turn the conference over to Chris Neil, Senior Vice President of Pricing and Strategic Planning.

我現在想將會議交給定價和策略規劃高級副總裁克里斯·尼爾 (Chris Neil)。

Please go ahead.

請繼續。

Good afternoon, everyone.

大家下午好。

Earlier today, we issued our earnings release with our second quarter results.

今天早些時候，我們發布了第二季業績的收益報告。

The release and a supplemental presentation are available in the investor section of our website at werner.com. Today's webcast is being recorded, and will be available for replay later today.

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。

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.

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。

Today's remarks contain forward-looking statements that may involve risks, uncertainties, and other factors that could cause actual results to differ materially.

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 company reports results using non-GAAP measures which we believe provides additional information for investors to help facilitate the comparison of past and present performance.

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。

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.

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 and CEO, and Chris Wikoff, Executive Vice President, and Treasurer, and CFO.

出席今天的電話會議的有董事長兼首席執行官德里克·萊瑟斯 (Derek Leathers) 和執行副總裁兼財務主管兼首席財務官克里斯·威科夫 (Chris Wikoff)。

Derek will provide an overview of our Q2 results and update on our strategic priorities for 2024 and our market outlook.

德里克 (Derek) 將概述我們第二季的業績，並介紹我們 2024 年策略重點和市場前景的最新情況。

Chris will cover our financial results in more detail and provide an update on our guidance for the year.

克里斯將更詳細地介紹我們的財務業績，並提供我們今年指導的最新資訊。

I'll now turn the call over to Derek.

我現在將電話轉給德里克。

Thank you, Chris, and good afternoon, everyone.

謝謝克里斯，大家下午好。

Hope you're having a nice summer so far.

希望到目前為止您度過了一個愉快的夏天。

And we appreciate you joining us today.

我們感謝您今天加入我們。

Despite an operating environment that remains challenging, we are structurally improving the business with a commitment to delivering customer excellence while driving long-term growth.

儘管營運環境仍然充滿挑戰，但我們正在結構性地改善業務，致力於提供卓越的客戶服務，同時推動長期成長。

Our earnings improve sequentially in Q2, and while industry wide headwinds persist, we are encouraged by early signs that the freight market is progressing towards equilibrium.

我們的獲利在第二季度連續改善，儘管整個行業的逆風持續存在，但貨運市場正在走向平衡的早期跡象令我們感到鼓舞。

Tough times don't last, but tough people do, and thanks to the resilience and professionalism of over 13,000 talented team members, and their continued focus on controlling the controllables, I'm pleased to report that one-way production increased for the fifth consecutive quarter.

艱難的時刻不會持續，但堅強的人會持續，並且由於13,000 多名才華橫溢的團隊成員的韌性和專業精神，以及他們對控制可控因素的持續關注，我很高興地報告第五次單向產量增加連續季度。

Mexico volume is growing.

墨西哥的產量正在成長。

Dedicated revenue per truck was up and we continue to maintain high customer retention.

每輛卡車的專用收入增加，我們持續保持較高的客戶保留率。

Our logistics segment returned to positive operating income after a challenging first quarter.

在經歷了充滿挑戰的第一季後，我們的物流部門恢復了正營業收入。

We continue to identify and execute structural changes to reduce operating cost and we are increasing our estimated 2024 in-year savings to over $45 million.

我們繼續確定並實施結構性變革，以降低營運成本，並將 2024 年預計的年內節省金額增加到超過 4,500 萬美元。

We generated solid operating cash flow and purchased more than 1.6 million shares during the quarter.

我們產生了穩定的營運現金流，並在本季購買了超過 160 萬股股票。

We are executing on our strategy to generate long term value with a focus on safety, service, operational excellence and innovation.

我們正在執行創造長期價值的策略，重點是安全、服務、卓越營運和創新。

Overall market challenges linger, but we continue to strengthen and actively position Werner to capture operating leverage as the freight market improves.

整體市場挑戰仍然存在，但我們繼續加強並積極定位維爾納，以隨著貨運市場的改善而獲得營運槓桿。

Let's move to slide 5 and highlight our Q2 results.

讓我們轉到投影片 5 並重點介紹我們第二季的結果。

During the quarter, revenues were 6% lower versus the prior year.

本季營收比上年同期下降 6%。

Adjusted EPS was $0.17. Adjusted operating margin was 2.8% and adjusted TTFs operating margin was 5% net of fuel surcharges.

調整後每股收益為 0.17 美元。扣除燃油附加費後，調整後的營業利益率為 2.8%，調整後的 TTF 營業利益率為 5%。

Despite a lower for longer freight backdrop, dedicated as demonstrated resiliency and durability, the prolonged environment combined with our pricing and margin discipline resulted in an overall dedicated fleet size at the end of the quarter.

儘管長期貨運背景較低，但由於表現出了彈性和耐用性，長期的環境加上我們的定價和利潤紀律導致了本季末的整體專用機隊規模。

However, the pipeline of opportunities in dedicated remains strong.

然而，專注領域的機會依然強勁。

One-way truckload demand was stable early in the quarter, then improved during and following road check, which as most of you know, is a vehicle inspection and regulatory compliance initiative that is known to sideline some truckers for the week.

本季度初單程卡車裝載需求穩定，然後在道路檢查期間和之後有所改善，正如大多數人所知，道路檢查是一項車輛檢查和監管合規舉措，眾所周知，該舉措將使一些卡車司機在本週缺席。

Spot rates and tender rejects increased during the week, reflecting the tightened environment and a market closer to equilibrium.

本週即期利率和拒絕投標有所增加，反映出環境趨緊和市場接近平衡。

One-way revenue per truck per week increased nearly 8% due to operational excellence and technology tools that have contributed to a favorable production trend.

由於卓越的營運和技術工具促成了有利的生產趨勢，每輛卡車每週的單程收入增長了近 8%。

Internal focus on revenue quality led to sequential gross margin improvement in logistics and the highest in the last three quarters.

內部對收入品質的關注導致物流毛利率連續改善，並達到過去三個季度的最高水準。

In addition, volumes in truckload logistics and intermodal increased sequentially.

此外，整車物流和多式聯運的貨運量也較上季成長。

Power only volumes were strong, reporting six straight quarters of sequential volume growth and increasing over 30% year-over-year.

純電源銷售強勁，銷售連續六季持續成長，較去年同期成長超過 30%。

In short, while we are encouraged to see positive signs of an improving market, we need more evidence over a longer period before we can call a definitive inflection from the unprecedented freight downturn.

簡而言之，雖然我們很高興看到市場改善的正面跡象，但我們需要更長時期內的更多證據，才能確定空前的貨運低迷已經出現明顯拐點。

Challenges remain in our results continue to reflect a smaller dedicated fleet.

我們的業績仍面臨挑戰，這繼續反映出專用機隊規模較小。

Pressure on One-Way rates as previously negotiated contract renewals become effective and lower gains on the sale of used equipment.

隨著先前協商的合約續約生效以及二手設備銷售收益下降，單向費率面臨壓力。

That said, we are pleased with the second quarter improvement and anticipate modest sequential improvement moving forward.

也就是說，我們對第二季的改善感到滿意，並預期未來將出現適度的連續改善。

Moving to slide 6.

轉到投影片 6。

We continue to push forward with implementing structural improvements that will position Werner for success as rate improves.

我們繼續推動實施結構性改進，這將使維爾納隨著利率的提高而取得成功。

Our drive framework continues to inform our decisions over the long term, representing our commitment to durability, results, innovation, values, our associates, and the environment.

我們的驅動框架繼續為我們的長期決策提供訊息，代表我們對耐用性、成果、創新、價值觀、員工和環境的承諾。

We recently communicated three overarching priorities to generate earnings power and drive value creation in 2024 and beyond.

我們最近傳達了三個首要優先事項，以在 2024 年及以後產生盈利能力並推動價值創造。

They are driving growth in core business, driving operational excellence as a core competency, and driving capital efficiency.

他們正在推動核心業務的成長，將卓越營運作為核心競爭力，並提高資本效率。

Relative to our first priority.

相對於我們的首要任務。

We are focused on controlling the controllables and implementing changes that position us to maximize leverage in the market and flex.

我們專注於控制可控因素並實施變革，使我們能夠最大限度地提高市場槓桿率和靈活性。

Dedicated trucks represented 65% of our fleet at the end of the quarter.

截至本季末，專用卡車占我們車隊的 65%。

One-way miles per truck increased for the fifth consecutive quarter.

每輛卡車的單程里程連續第五個季度增加。

Mexico portfolio volumes increased low teens compared to the prior year period.

與去年同期相比，墨西哥的投資組合數量增加了十幾位。

Our one-way service offering gain strength in the Northeast or ECM segment that received several new business awards in the quarter.

我們的單向服務產品在東北或 ECM 領域獲得了優勢，該領域在本季度獲得了多項新業務獎項。

We remain confident in our ability to bridge the gap from recent results to our long term target range, although pace and timing remains difficult to predict.

儘管速度和時間仍然難以預測，但我們仍然對彌合近期結果與長期目標範圍之間差距的能力充滿信心。

We're making good progress in our second priority of driving operational excellence as a core competency.

我們在推動卓越營運作為核心能力的第二個優先事項方面取得了良好進展。

Measurable progress has been made on safety performance due to our investment in quality professional drivers, evolved training programs and newer equipment.

由於我們對優質專業駕駛員的投資、改進的培訓計劃和更新的設備，安全性能取得了顯著的進步。

We are starting to realize a new pace of benefit from our technology investment.

我們開始從技術投資中實現新的效益成長。

Our truckload logistics and intermodal business has now migrated to our EDGE TMS platform, and the transition of our one-way business is progressing as planned.

目前，我們的整車物流和多式聯運業務已遷移至EDGE TMS平台，單程業務的過渡正在按計劃進行。

This is a multi-year journey and we continue to be encouraged by the results.

這是一個多年的旅程，我們繼續對結果感到鼓舞。

The synergies and value of a single freight platform will enhance both our customers experience and our operational capability, as well as provide additional opportunities to grow revenue and reduce costs.

單一貨運平台的協同效應和價值將增強我們的客戶體驗和我們的營運能力，並提供額外的機會來增加收入和降低成本。

Our cost savings initiatives continue to expand, growing over $45 million.

我們的成本節約計畫不斷擴大，成長超過 4500 萬美元。

And finally, our third priority driving capital efficiency.

最後，我們的第三個優先事項是提高資本效率。

We had another strong quarter of operating cash flow from ongoing favorable trends in working capital.

由於營運資本的持續有利趨勢，我們的營運現金流又實現了強勁的季度。

We continue with intentionality in our capital allocation, including $60 million of share repurchases during the quarter.

我們繼續有意進行資本配置，包括本季回購 6000 萬美元的股票。

CapEx spend and fleet age remains low.

資本支出和機隊機齡仍較低。

We will continue to update you on our progress against these priorities.

我們將繼續向您通報我們在這些優先事項方面取得的最新進展。

Turning to slide 7, to discuss our current view of the market.

轉向幻燈片 7，討論我們目前對市場的看法。

While it remains too early to call an inflection, we are encouraged by signs of tightening.

雖然現在判斷情勢拐點還為時過早，但緊縮跡象令我們感到鼓舞。

Freight demand has been steady but competitive.

貨運需求一直穩定但具有競爭力。

One-Way freight conditions in particular improved midway through the quarter and continued into July.

單程貨運狀況在本季中期有所改善，並持續到 7 月。

We experienced a tighter environment during load check week, which led to improving spot rates, and those gains have held.

在負荷檢查週期間，我們經歷了更緊張的環境，這導致即期費率提高，並且這些漲幅得以保持。

While we recognize broader spot indices underperformed Q2 seasonality, our one-way segment maintained higher spot rates during the last half of the quarter, enabled by strong execution and freight selection tools.

雖然我們認識到更廣泛的現貨指數表現遜於第二季度的季節性，但在強大的執行和貨運選擇工具的推動下，我們的單程業務在本季度後半段保持了較高的即期費率。

We experienced more seasonal freight trends with better demand on the west coast related to certain projects.

我們經歷了更多的季節性貨運趨勢，西海岸與某些項目相關的需求增加。

We expect typical seasonality leading up to peak season in the fall.

我們預計秋季旺季會出現典型的季節性。

Recent conversations with customers are encouraging relative to inventory levels.

最近與客戶的對話就庫存水準而言令人鼓舞。

Moving to slide 8, before turning it over to Chris to discuss our Q2 results in more detail, I want to take a moment to recognize our Mexico colleagues.

轉到幻燈片 8，在將其交給 Chris 更詳細地討論我們的第二季度結果之前，我想花點時間向我們的墨西哥同事表示認可。

July marked the 25th anniversary of our operations in Mexico, together with our carrier partners, many of whom we have relationships spanning multiple decades, we have built a premium and large scale Mexico operation with a broad portfolio of services over nearly every crossing location across our southern border.

7 月是我們在墨西哥開展業務的25 週年，我們與我們的承運商合作夥伴（其中許多合作夥伴與我們有著數十年的合作關係）一起建立了優質、大規模的墨西哥業務，在我們的幾乎每個過境點提供廣泛的服務組合。

We have a first class terminal in Laredo that includes a dry and refrigerated transload facility within our property boundaries, providing a high degree of product integrity and security.

我們在拉雷多擁有一流的碼頭，在我們的房地產範圍內包括一個乾燥和冷藏轉運設施，提供高度的產品完整性和安全性。

Several of our management team members in Mexico have been with us for nearly all of our journey, and they manage a workforce of over 200 associates, with over half of them located in numerous offices throughout Mexico, including Mexico City, Guadalajara, Monterrey and Queretaro.

我們在墨西哥的幾位管理團隊成員幾乎全程陪伴我們，他們管理著200 多名員工，其中一半以上分佈在墨西哥各地的眾多辦事處，包括墨西哥城、瓜達拉哈拉、蒙特雷和克雷塔羅。

We are uniquely positioned to assist our customers as they expand into Mexico with our 25 years of relevant experience, including cross-border regulatory expertise, expansive footprint, and customer specific approach.

我們擁有獨特的優勢，可以憑藉 25 年的相關經驗（包括跨境監管專業知識、廣泛的業務範圍和針對客戶的方法）為客戶向墨西哥擴張提供協助。

We were recently honored to celebrate this achievement with many of our Mexico based associates, customers and partner carriers at our annual transportation forum here in Omaha, we would not be one of the largest and most reliable cross-border transportation companies without their support and we look forward to many, many more years of excellent customer service and growth.

最近，我們很榮幸在奧馬哈舉行的年度運輸論壇上與許多墨西哥員工、客戶和合作夥伴承運商一起慶祝這一成就，沒有他們的支持，我們不會成為最大、最可靠的跨境運輸公司之一，我們期待更多、更多年的卓越客戶服務與成長。

I will now turn it over to Chris.

我現在將把它交給克里斯。

Thank you, Derek.

謝謝你，德里克。

Let's continue on slide 10.

我們繼續看投影片 10。

Second quarter revenues totaled $761 million, 6% lower versus prior year.

第二季營收總計 7.61 億美元，比去年同期下降 6%。

Adjusted operating income was $21.3 million and adjusted operating margin was 2.8%, a decrease of 58% and 350 basis points.

調整後營業收入為 2,130 萬美元，調整後營業利益率為 2.8%，下降 58% 和 350 個基點。

Adjusted EPS of $0.17 declined $0.35, primarily driven by a softer used equipment market, and lower gains combined with rate pressure in one-way and logistics.

調整後每股收益為 0.17 美元，下降了 0.35 美元，主要是由於二手設備市場疲軟、收益下降以及單程和物流的費率壓力所致。

Turning to slide 11, truckload transportation services total revenue for the second quarter was $537 million, down 6%.

轉向幻燈片 11，卡車運輸服務第二季總收入為 5.37 億美元，下降 6%。

Revenues net of fuel surcharges fell 5% to $467 million. TTS

扣除燃油附加費後的收入下降 5%，至 4.67 億美元。語音合成

adjusted operating income was $23.3 million, 51% lower versus prior year.

調整後營業收入為 2,330 萬美元，比上年減少 51%。

Adjusted operating margin net of fuel was 5%, a decrease of 470 basis points.

扣除燃料後的調整後營業利益率為 5%，下降 470 個基點。

A decline in equipment gains drove over 40% of the TTS decline in operating income.

設備收益下降導致 TTS 營業收入下降超過 40%。

Werner fleet sales continues to produce gains by selling low mileage technology loaded equipment.

沃納車隊銷售繼續透過銷售低里程技術裝載設備產生收益。

During the quarter consolidated gains on sale of property and equipment was $2.7 million, a decline of $9.2 million, or down over 78% compared to last year.

本季出售財產和設備的綜合收益為 270 萬美元，比去年減少 920 萬美元，跌幅超過 78%。

Our view for second half improvement in equipment values has moderated and has been pushed to no earlier than fourth quarter as the weaker freight environment has lingered.

由於貨運環境持續疲軟，我們對下半年設備價值改善的預期已放緩，並被推遲至不早於第四季。

Net of fuel surcharges and equipment gains TTS operating expenses reflected our intentional commitment to control costs, declining modestly year-over-year and sequentially, but were more than offset by TTS Trucking revenue rate per mile decline of 3% versus prior year and a 9% smaller fleet size.

在扣除燃油附加費和設備收益後，TTS 營運支出反映了我們控製成本的有意承諾，同比和環比小幅下降，但被 TTS Trucking 每英里收入率比上年下降 3% 和下降 9% 所抵消。隊規模較小。

One-way rate per total mile during the quarter decreased 2.7% year-over-year.

本季每總英哩單程費率較去年同期下降 2.7%。

Through the first half of the year, rate per total mile was down 4% versus prior year.

今年上半年，每總英哩的費用比去年同期下降了 4%。

Several TTS expense categories showed improvement in the quarter.

本季的一些 TTS 支出類別有所改善。

Insurance and claims expense dropped $5 million or 13% versus prior year.

保險和索賠費用比前一年減少 500 萬美元，即 13%。

Operating supplies and maintenance expense was down $3 million and 5%, and non-driver salaries, wages and benefits was down $2 million or 4%.

營運用品和維護費用下降了 300 萬美元，即 5%，非駕駛員工資、工資和福利下降了 200 萬美元，即 4%。

Despite lower equipment gains, dedicated remains steady and durable, generating double digit operating margins on a trailing 12-month basis.

儘管設備收益較低，但專用設備仍保持穩定且持久，在過去 12 個月的基礎上產生了兩位數的營運利潤。

Achieving our long term TTS operating margin range is a key priority, and we remain focused on producing higher operating margins.

實現我們的長期 TTS 營業利潤率範圍是一個關鍵優先事項，我們仍然專注於創造更高的營業利潤率。

While it remains challenging to forecast, we continue to have confidence in our four key levers that over time will bridge the gap from recent results to our long-term target range.

儘管預測仍然具有挑戰性，但我們仍然對我們的四個關鍵槓桿充滿信心，隨著時間的推移，這些槓桿將縮小近期結果與我們長期目標範圍之間的差距。

These include, first, rate improvement in one-way.

其中包括，第一，單向速率提高。

Second, incremental growth for existing fleets and dedicated at a higher contribution margin as we return to normalized volume.

其次，隨著我們恢復正常數量，現有機隊將持續成長，並致力於提高邊際貢獻率。

Third, normalization in the used equipment market.

三是二手設備市場規範化。

And fourth, structural improvements through our cost saving initiative coupled with tech enabled synergies.

第四，透過我們的成本節約計畫與技術實現的協同效應來實現結構改進。

Let's turn to slide 12 to review our fleet metrics.

讓我們轉到投影片 12 來回顧我們的機隊指標。

TTS average trucks declined to 7,630 during the quarter.

本季 TTS 平均卡車數量下降至 7,630 輛。

We ended second quarter with the TTS fleet down 2% sequentially and 8% year-over-year.

截至第二季末，TTS 機隊季減 2%，年減 8%。

TTS revenue per truck per week net of fuel increase during the quarter by 3%, and its increased year-over-year 21 of the last 26 quarters.

本季每輛卡車每週扣除燃油的 TTS 收入成長了 3%，在過去 26 個季度中有 21 個季度同比增長。

Within TTS for the second quarter, dedicated revenue net of fuel was $289 million, down 7%.

在第二季 TTS 中，扣除燃油後的專用收入為 2.89 億美元，下降 7%。

Dedicated represented 63% of segment revenue compared to 64% a year ago.

專用業務佔該部門收入的 63%，而一年前為 64%。

Dedicated average trucks decreased 7% to 4,901 trucks.

專用卡車平均數量下降 7%，至 4,901 輛。

At quarter end, dedicated represented 65% of the TTS fleet.

截至季末，專用機隊佔 TTS 機隊的 65%。

Dedicated revenue per truck per week increased slightly year-over-year, growing 25 of the last 26 quarters.

每輛卡車每週的專用收入同比略有增長，在過去 26 個季度中增長了 25 個季度。

While our per truck production is trending well, the impact from certain fleet losses as a result of maintaining our pricing discipline drove fewer trucks at the end of the quarter.

雖然我們的每輛卡車產量趨勢良好，但由於維持我們的定價紀律而導致某些車隊損失的影響，導致本季度末卡車數量減少。

We will continue to exhibit discipline and value customers who are looking for the reliability scale, safety and service of our proven, dedicated model.

我們將繼續向尋求我們經過驗證的專用模型的可靠性規模、安全性和服務的客戶展示紀律和價值。

Although not yet widespread, we have seen demand improvement within some of our existing fleets, and with an improving market we are positioned well to further penetrate new verticals and other hard to serve freight opportunities at re-investable margins.

儘管尚未廣泛普及，但我們已經看到一些現有機隊的需求有所改善，並且隨著市場的改善，我們處於有利地位，可以進一步滲透新的垂直領域和其他難以以可再投資利潤提供貨運機會的領域。

In our one-way business for the second quarter.

在我們第二季的單程業務中。

Trucking revenue net of fuel was $169 million, a decrease of 4% versus prior year.

扣除燃油後的卡車運輸收入為 1.69 億美元，比上年下降 4%。

Average truck count declined 11% to 2,730 trucks.

平均卡車數量下降 11% 至 2,730 輛。

Revenue per truck per week was up 8% year-over-year.

每輛卡車每週的收入年增 8%。

One-way good season is mostly complete.

單程好季節已基本結束。

We started to experience improved results in more recent bids, but also recognize that lower contract rates from earlier bid events will become effective during the quarter.

我們開始在最近的投標中看到更好的結果，但也認識到早期投標活動中較低的合約費率將在本季度生效。

However, with better freight choices expected in the second half, we will be methodical and proactive in transitioning our one way portfolio to higher rates throughout the end of the year and into 2025.

然而，預計下半年會有更好的貨運選擇，我們將有條不紊、積極主動地將我們的單程投資組合在今年年底和 2025 年轉變為更高的費率。

Regarding production and utility, as expected, we've realized another quarter of production gains achieving just 2% less total miles versus prior year with 11% fewer trucks.

關於產量和效用，正如預期的那樣，我們已經實現了另一個季度的產量成長，與去年相比，總里程僅減少了 2%，卡車數量減少了 11%。

We expect the favorable trend to continue, although year-over-year improvements will moderate.

我們預計，儘管年比改善將會放緩，但有利的趨勢將持續下去。

In addition, our power only offering within logistics segment continues to grow.

此外，我們在物流領域的純電力產品持續成長。

Our one-way truckload miles combined with power only miles are up 4% year-over-year, showing strong growth in our overall one-way offering, including asset and asset light alternatives.

我們的單程卡車裝載里程與純電力里程相結合，同比增長了 4%，顯示出我們整體單程產品（包括資產和輕資產替代方案）的強勁增長。

This is unique and in a tighter freight market with better rates, the combination of one-way production gains plus power only volume growth translates to improved ROI and provides for more optionality for our customers.

這是獨一無二的，在貨運市場更加緊張和費率更高的情況下，單向產量收益加上純電力銷量增長的結合可以提高投資回報率，並為我們的客戶提供更多選擇。

Turning now to our logistics segment on slide 13.

現在轉向幻燈片 13 上的物流部分。

In the second quarter, logistics revenue was $209 million, representing 27% of total second quarter revenues.

第二季物流收入為2.09億美元，佔第二季總營收的27%。

Revenues were down 7% year-over-year, but grew 3% sequentially.

營收年減 7%，但季增 3%。

Revenue in truckload logistics declined 10% and shipments decreased 8%.

整車物流收入下降 10%，出貨量下降 8%。

Shipments increased 2% sequentially as volumes from new business came on board during the quarter, and volumes from the existing customer base were generally steady.

由於本季新業務的數量增加，而現有客戶群的數量總體穩定，出貨量較上季成長 2%。

As previously mentioned, our power only solution again represented a growing portion of the truckload logistics volume in the quarter.

如前所述，我們的純電源解決方案再次代表了本季卡車物流量的不斷增長的部分。

Intermodal revenues, which make up approximately 13% of segment revenue, increased 17% year-over-year due to 34% more shipments, partially offset by a 13% decrease in revenue per shipment.

多式聯運收入約佔該部門收入的 13%，由於發貨量增加 34%，年增 17%，但每批發貨收入下降 13% 部分抵消了這一影響。

Final mile revenues increased sequentially, but decreased 9% year-over-year.

最後一哩收入環比成長，但年減 9%。

As expected, we produced operating income in logistics after falling just short of breakeven in the first quarter.

正如預期的那樣，我們在第一季略低於盈虧平衡後，在物流領域產生了營業收入。

Adjusted operating income was $1.7 million in the second quarter.

第二季調整後營業收入為 170 萬美元。

Adjusted operating margin was 0.8%, down 160 basis points year-over-year, driven by rate and gross margin compression, but increased 140 basis points sequentially due to higher brokerage and power only shipments, improved brokerage, gross margins, improvements in final mile, and continued cost savings from integration and technology.

受費率和毛利率壓縮的推動，調整後營業利潤率為0.8%，同比下降160 個基點，但由於經紀業務和純電力出貨量增加、經紀業務、毛利率改善以及最後一英里的改善，環比增長140 個基點，並透過整合和技術持續節省成本。

It continues to be a very competitive operating environment, which is pressuring logistics margins in the short-term.

它仍然是一個競爭非常激烈的營運環境，這在短期內給物流利潤帶來壓力。

We do expect operating margins to improve modestly later in the year due to our cost savings and technology enhancements.

由於我們的成本節約和技術增強，我們預計今年稍後的營業利潤率將小幅提高。

In the meantime, we are controlling what we can, including improving revenue quality, as well as building our infrastructure and technology to continue to provide industry leading service and expertise at greater scale.

同時，我們正在盡我們所能進行控制，包括提高收入質量，以及建立我們的基礎設施和技術，以繼續更大規模地提供行業領先的服務和專業知識。

Moving to slide 14 to discuss our cost savings program.

前往投影片 14，討論我們的成本節約計畫。

We have expanded our 2024 savings target from $40 million previously communicated to an excess of $45 million.

我們將 2024 年的節省目標從先前告知的 4,000 萬美元擴大到超過 4,500 萬美元。

Over $27 million of savings have already been recognized and we have a clear line of sight on the rest of the program.

超過 2700 萬美元的節省已得到確認，我們對該計劃的其餘部分有清晰的認識。

We are currently focused on developing the next phase of our program for 2025.

我們目前正專注於制定 2025 年計畫的下一階段。

Let's review our cash flow on slide 15.

讓我們回顧一下幻燈片 15 上的現金流。

We ended the second quarter with $70 million in cash and cash equivalents.

第二季結束時，我們擁有 7,000 萬美元的現金和現金等價物。

Operating cash flow remained strong at $109 million for the quarter or 14% of total revenue, very consistent with prior year as we continued to realize efficiency in working capital.

本季營運現金流保持強勁，達到 1.09 億美元，佔總收入的 14%，與去年非常一致，因為我們持續提高營運資本效率。

As expected, net CapEx continues to trend down.

正如預期的那樣，淨資本支出繼續呈下降趨勢。

Second quarter was $99 million, down $52 million or 35% year-over-year.

第二季營收為 9,900 萬美元，年減 5,200 萬美元，成長 35%。

As a percent of revenue year-to-date, net CapEx is less than 8% of revenue compared to over 15% for the same period last year.

年初至今，淨資本支出佔收入的百分比不到收入的 8%，而去年同期則超過 15%。

Yes, we continue to maintain a low average age of fleet at 2.1 years on trucks and trailers averaging below 5 years.

是的，我們繼續將卡車和拖車的平均車齡維持在 2.1 年的較低水平，卡車和拖車的平均車齡低於 5 年。

As a result, free cash flow through the first half of this year was $79 million or 5% of total revenues, up 350 basis points year-over-year.

因此，今年上半年的自由現金流為 7,900 萬美元，佔總營收的 5%，較去年同期成長 350 個基點。

Total liquidity at quarter end was $470 million, including cash and availability on our revolver.

季度末的總流動資金為 4.7 億美元，包括現金和左輪手槍的可用資金。

During the quarter, a term loan with $87.5 million outstanding, matured and was absorbed into our revolver capacity.

本季度，一筆未償還的 8,750 萬美元定期貸款到期，並被吸收到我們的循環產能中。

Moving to slide 16, we ended the quarter with $670 million in debt, up $73 million or 12% sequentially and up $30 million or 5% compared to a year earlier.

轉向投影片 16，本季末我們的債務為 6.7 億美元，比上一季增加 7,300 萬美元，即 12%，與去年同期相比，增加 3,000 萬美元，即 5%。

On a net debt basis, year-over-year change was up less than 1%.

以淨債務計算，較去年同期變動不到 1%。

Net debt to EBITDA was 1.4 times, driven by EBITDA margin compression over the past 12 months.

由於過去 12 個月 EBITDA 利潤率壓縮，淨債務與 EBITDA 比率為 1.4 倍。

We have a very healthy balance sheet, access to capital, relatively low leverage and no near-term maturities in our debt structure.

我們擁有非常健康的資產負債表、獲得資本的管道、相對較低的槓桿率，而且我們的債務結構沒有短期到期的情況。

On slide 17, let's recap our strategic priorities related to capital allocation.

在投影片 17 上，讓我們回顧一下與資本配置相關的策略重點。

We continue to prioritize strategic reinvestment in the business while also being balanced over the long term between returning capital to shareholders, reducing debt, and funding M&A.

我們繼續優先考慮對業務的策略再投資，同時在向股東返還資本、減少債務和併購融資之間長期保持平衡。

For the first half of the year, we generated nearly $80 million free cash flow, utilized $18 million for dividends, and $67 million for share repurchase.

今年上半年，我們產生了近 8,000 萬美元的自由現金流，其中 1,800 萬美元用於股息，6,700 萬美元用於股票回購。

During the quarter, our Board approved a new 5 million share repurchase program, replacing the prior program.

本季度，我們的董事會批准了一項新的 500 萬股股票回購計劃，取代了先前的計劃。

We invested $60 million towards share repurchases during the quarter at an average share price of $37.04. We have 3.9 million shares remaining under the board approved program.

本季我們投資了 6,000 萬美元用於股票回購，平均股價為 37.04 美元。根據董事會批准的計劃，我們仍有 390 萬股。

Let's continue on slide 18, and a review of our full-year 2024 guidance.

讓我們繼續看投影片 18，回顧我們的 2024 年全年指引。

Our full-year fleet guidance remains down 6% to down 3%.

我們的全年機隊指導仍下降 6% 至 3%。

We are down 7% year-to- date.

今年迄今為止，我們下跌了 7%。

We see potential for net growth in dedicated in the second half, but remain focused on maintaining price and margin discipline across our portfolio.

我們看到下半年淨成長的潛力，但仍將重點放在維持整個投資組合的價格和利潤紀律。

For 2024, we now expect net CapEx between $225 million and $275 million, down from $250 million to $300 million previously.

目前，我們預計 2024 年淨資本支出將在 2.25 億美元至 2.75 億美元之間，低於先前的 2.5 億美元至 3 億美元。

As always, the lion's share is for trucks and trailing equipment, but we remain focused on investing in technology, terminals and talent.

一如既往，最大的份額是卡車和牽引設備，但我們仍然專注於技術、碼頭和人才的投資。

Dedicated revenue per truck grew year over year, as expected to remain within our full year guidance range of 0% to 3%.

每輛卡車的專用收入年增，預計將保持在我們 0% 至 3% 的全年指導範圍內。

One-way truckload revenue per total mile decreased 2.7% in the second quarter and 4% in the first half within our guidance range.

第二季每總英里單程卡車裝載收入下降 2.7%，上半年下降 4%，在我們的指導範圍內。

We expect the year-over-year change in the third quarter to be down 3% to flat.

我們預計第三季將年減 3% 至持平。

As we see increasing opportunity for favorable rate changes going forward.

我們看到未來有利利率變動的機會越來越多。

Equipment and property gains were $4.6 million in the first half of the year.

上半年設備和財產收益為 460 萬美元。

We now anticipate lower equipment values to remain for longer.

我們現在預計較低的設備價值將持續更長時間。

As a result, we are lowering our range and now expect gains in the range of $7 million to $13 million, down from $10 million to $20 million previously.

因此，我們正在降低範圍，現在預計收益範圍為 700 萬美元至 1300 萬美元，低於之前的 1000 萬美元至 2000 萬美元。

Our tax rate in the second quarter was 24.2%.

我們第二季的稅率是24.2%。

Year-to-date is 28%, reflecting certain one-time discrete items in the first quarter.

年初至今為 28%，反映了第一季的某些一次性離散項目。

We expect this to level out throughout the year.

我們預計這一情況將在全年趨於平穩。

Our full-year guidance range remains between 24.5% to 25.5%.

我們的全年指導範圍仍保持在 24.5% 至 25.5% 之間。

The average age of our truck and trailer fleet at the end of the second quarter was 2.1 years and 4.9 years respectively, unchanged from the end of 2023.

截至第二季末，我們的卡車和拖車車隊的平均車齡分別為 2.1 年和 4.9 年，與 2023 年底持平。

I'll now turn it back to Derek.

我現在將其轉回給德里克。

Thank you, Chris.

謝謝你，克里斯。

It was another challenging quarter for our industry, but we stayed the course and focused on controlling the controllables.

對我們的產業來說，這是另一個充滿挑戰的季度，但我們堅持到底並專注於控制可控因素。

We were encouraged by our higher sequential operating income, and are proud of our safety record and low preventable accident frequency.

我們對連續營業收入的增加感到鼓舞，並為我們的安全記錄和較低的可預防事故頻率感到自豪。

We are actively taking steps to enhance our operations, and advance competitive strength in the marketplace by strategically investing in our business, reducing costs and optimizing cash flow.

我們正在積極採取措施，透過對我們的業務進行策略性投資、降低成本和優化現金流來增強我們的運營，並提高市場競爭實力。

We remain focused on providing a high level of service to our valued customers.

我們仍然專注於為我們尊貴的客戶提供高水準的服務。

We improved one-way miles per truck and we are growing and total one-way miles, including power only.

我們改進了每輛卡車的單程里程，我們還在增加單程總里程（僅包括電力）。

And we are continuing to grow in Mexico, which is supported by the global secular trend to near shore.

我們在墨西哥繼續成長，這得到了全球近岸長期趨勢的支持。

We made further progress on our cost savings initiatives and return logistics back to profitability despite ongoing pressures.

儘管面臨持續的壓力，我們在成本節約計劃方面取得了進一步進展，並使物流恢復盈利。

As a result of the intentional evolution in our business, Werner has never been stronger.

由於我們業務的有意發展，維爾納變得前所未有的強大。

We are more diversified company and better positioned to capitalize on a market turn.

我們是一家更多元化的公司，並且能夠更好地利用市場轉變。

We are cycle tested team and our historical results demonstrate our ability to generate earnings power as the market improves and demand accelerates.

我們的團隊經過了週期測試，我們的歷史表現證明了我們有能力隨著市場的改善和需求的加速而產生獲利能力。

With that, let us open it up for questions.

那麼，就讓我們開始提問吧。

(Operator Instructions) Eric Morgan, Barclays.

（操作員指示）Eric Morgan，巴克萊銀行。

Hey, good afternoon.

嘿，下午好。

Thanks for taking my question.

感謝您提出我的問題。

I guess, I wanted to ask on peak season.

我想，我想在旺季問。

Derek, you mentioned expecting normal seasonality leading up to peak.

德里克，你提到預計正常的季節性會導致高峰。

I think you also called out some project opportunities that have materialized around the West Coast.

我認為您也提到了西海岸周圍已經實現的一些專案機會。

So, just wondering if you could expand a bit on that, and what you're hearing from customers and I guess specifically interested in your comment on modest sequential improvement, I think in earnings sequentially, if that's more 3Q comment or maybe extending into 4Q as well?

因此，只是想知道您是否可以對此進行一些擴展，以及您從客戶那裡聽到的內容，我想對您對適度連續改善的評論特別感興趣，我認為在連續收益方面，如果這是更多的第三季評論或可能延伸到第四季還有？

I appreciate it.

我很感激。

Sure, Eric, thanks for the question.

當然，艾瑞克，謝謝你的提問。

So, I think it's early for us to be trying to give any kind of definitive prediction on peak season.

因此，我認為我們現在嘗試對旺季做出任何明確的預測還為時過早。

I think as you picked up in our opening remarks, what you heard was lots of signs that seem to be indicating a return to kind of normal seasonality right now.

我認為，正如您在我們的開場白中聽到的那樣，您聽到的許多跡像似乎表明現在正在恢復正常的季節性。

We've seen things like the stickiness of road check and it kind of having, enduring the period post road check, at least in our network relative to spot rates.

我們已經看到了道路檢查的黏性，以及在道路檢查後的一段時間內，至少在我們的網路中相對於即期費率的黏性。

We've seen project opportunities like you've talked about.

我們已經看到了您提到的專案機會。

We've seen kind of return to value as it relates to the value of trailer pools and asset based carriers being favored slightly over brokerage by certain customers.

我們已經看到了某種價值回報，因為它與拖車池和基於資產的承運人的價值有關，某些客戶對經紀業務的青睞程度略高於經紀業務。

And frankly, just the overarching theme relative to customer conversations where they're back in the business of wanting to make sure that we're having discussions about being prepared for what their needs may look like, being prepared for what their demand may reflect, and as they start thinking and analyzing more where they're at from an inventory perspective, making sure that we're able and capable to be able to stand up support for their needs.

坦白說，與客戶對話相關的首要主題是，他們希望確保我們正在討論為他們的需求做好準備，為他們的需求可能反映的情況做好準備，當他們開始從庫存角度更多地思考和分析他們所處的位置時，確保我們有能力為他們的需求提供支援。

All of that kind of leads me to believe, although it's still early and we're certainly not predicting an inflection point on the call today that things are starting to feel back to normal.

所有這些都讓我相信，儘管現在還為時過早，而且我們肯定不會預測今天的電話會議會出現拐點，但情況會開始恢復正常。

If I look externally at external data, another thing I would point to is the increased rejection rates as of late, kind of the stickiness of some of those trends, all of which sort of point to an equilibrium or balance type market situation.

如果我從外部看外部數據，我會指出的另一件事是最近拒絕率的增加，其中一些趨勢的黏性，所有這些都表明均衡或平衡類型的市場狀況。

So not one that's yet tight, but one that's certainly more balanced than it's been previously.

因此，這不是一種緊張的狀態，而是一種肯定比以前更平衡的狀態。

And something we really haven't seen since kind of mid-summer '22 was the last time we saw rejection rates at that level.

自 22 年仲夏以來，我們確實從未見過這樣的情況，這是我們最後一次看到如此程度的拒絕率。

As far as the modest sequential improvement part of the question, the reality is we are still inheriting rates that were negotiated through this early cycle bid season in Q1 that are now come into implementation phases or are already been implemented.

就問題的適度連續改進部分而言，現實情況是我們仍在繼承透過第一季早期週期投標季節協商確定的費率，這些費率現已進入實施階段或已經實施。

Those are countered by more recent conversations and bid activity that are reflective of flat to even positive type results.

這些都被最近的對話和投標活動所抵消，這些對話和投標活動反映了持平甚至積極的結果。

So, you put those two in the mix, and I think it's only prudent to talk in terms of modest improvement sequentially from Q2 to Q3.

因此，將這兩者放在一起，我認為謹慎的做法是從第二季到第三季依序進行適度的改進。

We'll still steer clear of Q4 for today's purposes because I do think we're at a dynamic point in the market.

就今天而言，我們仍然會避開第四季度，因為我確實認為我們正處於市場的動態點。

Appreciate that, and maybe just a quick clarification on the guidance for tractor count, going from down 7% to potentially down 3% to 6%.

感謝這一點，也許只是對拖拉機數量的指導進行快速澄清，從下降 7% 到可能下降 3% 到 6%。

Did you say that would be coming from dedicated or, as you know, is the one-way business potentially where you could add a few tractors if things start to improve?

您是否說過這將來自專用業務，或者您知道，如果情況開始改善，您可能會在單向業務中添加幾輛拖拉機？

Yet still wouldn't be our desire to add tractors in one-way.

然而，我們仍然不希望以一種方式添加拖拉機。

We've got great optionality in one-way between our power only product, our brokerage capabilities through logistics and other ways by which we could step up and serve a customer to include even intermodal and the growth we've seen there.

我們在純電力產品、透過物流的經紀能力以及其他方式之間有很大的單向選擇權，透過這些方式我們可以加強並服務客戶，甚至包括聯運和我們在那裡看到的成長。

We're really focused on dedicated.

我們確實專注於專注。

The pipeline is strong right now.

目前管道很強大。

The number of bid opportunities year-over-year is up significantly at this point from where it was a year ago.

與一年前相比，此時的投標機會數量比去年同期大幅增加。

It's still a competitive market and we're still going to be disciplined with price.

這仍然是一個競爭激烈的市場，我們仍然會遵守價格紀律。

So modest improvement in terms of dedicated truck growth, but that's really driven by us taking a disciplined approach to how we're going to think about pricing and making sure whatever we enter into on a multi-year agreement is something that can stand the test of time, and is reflective of a customer looking for true, high quality, dedicated service.

專用卡車增長方面的進步如此有限，但這實際上是由我們採取嚴格的方法來考慮定價並確保我們在多年協議中達成的任何內容都能經受住考驗所推動的時間的流逝，反映了客戶尋求真正的、高品質的、熱忱的服務。

Great.

偉大的。

Thanks a lot.

多謝。

Appreciate it.

欣賞它。

Thank you.

謝謝。

Bruce Chan, Stifel.

布魯斯·陳，斯蒂菲爾。

Hey, good afternoon gents.

嘿，先生們下午好。

Just want to follow-up on some of your comments around the cost saves, I think you mentioned that was going up to north of $45 million.

只是想跟進您關於成本節省的一些評論，我想您提到成本節省將高達 4500 萬美元。

You know, maybe just wondering if you can offer a little bit more color into, what sorts of incremental changes are involved in that process relative to last year?

您知道，也許只是想知道您是否可以提供更多的信息，相對於去年，該過程涉及哪些增量變化？

And then, just so we think about some of this persistent softness here, how much additional leverage do you have?

然後，我們想一下這種持續的疲軟，你還有多少額外的槓桿？

And, what are you kind of watching in terms of kind of guiding when to make the decision to maybe dial up those cost saves even more or maybe even dial back?

而且，您在指導什麼時候做出決定，可能會進一步節省成本，甚至可能會減少成本，您正在觀察什麼？

Yes.

是的。

I'll start at the macro and turn it to Chris to kind of follow-up with some specifics.

我將從宏觀開始，然後將其交給克里斯，讓他跟進一些具體細節。

But at the macro level, I think the thing that we've been really focused on or something that's been important in my vision is making sure that we're cutting cost in a structural way -- things that are sustainable that we think can carry forward into future periods -- but also making sure that we're not cutting for the short term from a quarter-to-quarter perspective per se, I think we're close enough to the end that we want to be prepared and ready.

但在宏觀層面上，我認為我們真正關注的事情或在我的願景中重要的事情是確保我們以結構性方式削減成本——我們認為可以承受的可持續的事情展望未來，但也要確保我們不會從季度到季度的角度進行短期削減，我認為我們已經足夠接近結束，我們希望做好準備。

We've been focused on enhancing our operational capabilities, further integrating our acquisitions making sure that the team is poised to respond very quickly and very efficiently as this market turn plays out.

我們一直致力於增強我們的營運能力，進一步整合我們的收購，以確保團隊能夠在市場轉變時快速有效地做出反應。

And to do that, you've got to make sure you've got the right players on the field.

為此，你必須確保場上有合適的球員。

And so it's been a prudent approach.

所以這是一種謹慎的做法。

It's been a strategic approach, and one certainly when there's been friction, I've been pushing the long game, making sure that this business is set up and poised for the turn.

這是一種策略方法，當然，當出現摩擦時，我一直在推動長期遊戲，確保這項業務已經建立並準備好迎接轉變。

With that, I'll turn it over to Chris for some more commentary on the specifics.

有了這個，我將把它交給克里斯，讓他對具體細節進行更多評論。

Yes, not a ton to add there, Bruce, but just to confirm some of the maybe comments that we had in the prepared remarks, we're making great progress there it's $27 million realized year-to-date.

是的，布魯斯，這裡沒有太多要補充的，但只是為了確認我們在準備好的發言中可能發表的一些評論，我們在這方面取得了巨大進展，今年迄今為止已實現 2700 萬美元。

We are increasing the 2024 program from $40 million to $45 million or more for the year.

我們將 2024 年計畫的資金從 4,000 萬美元增加到 4,500 萬美元或更多。

That gets us to about $90 million, just shy of $90 million over two years.

這樣我們就可以賺到大約 9,000 萬美元，兩年內就接近 9,000 萬美元。

And we are already looking at beyond 2024 of the -- are the possible there being mindful of an upcycle not cutting into the bone, but really continuing to focus on some of those things Derek mentioned.

我們已經在考慮 2024 年之後的情況——是否有可能注意升級循環，而不是深入骨髓，而是真正繼續關注德里克提到的一些事情。

Operation innovation, productivity gains, leveraging technology and M&A integration, all of which leads to these savings programs being largely structural and sustainable.

營運創新、生產力提高、技術利用和併購整合，所有這些都使這些儲蓄計劃在很大程度上具有結構性和可持續性。

Okay.

好的。

Appreciate that.

很欣賞這一點。

And then just, quick housekeeping follow-up on the net CapEx reduction.

然後，快速跟進淨資本支出的削減。

I imagine that's coming from, the one-way, you know, free comments that Derek made earlier, and possibly from dedicated.

我想這是來自德里克早些時候發表的單向自由評論，而且可能來自於專門的評論。

But, maybe just a little color on what's driving that reduction?

但是，也許只是稍微解釋一下是什麼推動了這種減少？

Yes, I think there's two parts to it, really, Bruce.

是的，我認為這有兩個部分，真的，布魯斯。

The first one is really just as part of any ongoing cost analysis and focused approach to every dollar we spend.

第一個實際上只是任何持續成本分析的一部分，也是我們花費每一美元的重點方法的一部分。

You also start making sure that we're re-examining and re-justifying any and all capital projects.

您也開始確保我們正在重新檢查並重新證明任何和所有資本項目的合理性。

But since the bulk of what we do in CapEx, let's be honest, is all in trucks and trailers, the simple reality of some of the disciplined approach we've taken to pricing, which has led to walk away kind of moments for us from opportunities that we feel are not sustainably priced, has led us to fleet guidance that is also down, which has led us to revise what it would take to keep the fleet age where we wanted and prepare for eventual emission changes, and really have this particular fleet in a great position going forward.

但老實說，由於我們在資本支出方面所做的大部分工作都是在卡車和拖車上，因此我們在定價時採取的一些嚴格的方法的簡單現實，這導致我們離開了一些時刻我們認為價格不可持續的機會，導致我們的機隊指導也下降了，這導致我們修改了將機隊年齡保持在我們想要的水平並為最終的排放變化做好準備的方法，並且確實有這個特殊的艦隊在未來的發展中處於有利地位。

So I like where we've landed.

所以我喜歡我們著陸的地方。

We're not going to spend money just to spend it.

我們不會為了花錢而花錢。

We want to make sure that we're very thoughtful with every dollar of capital allocation.

我們希望確保我們對每一美元的資本配置都經過深思熟慮。

And at this point, we just felt it was prudent to kind of call that back some because we believe the fleet is at exactly where we want it.

在這一點上，我們只是覺得回調一些是謹慎的做法，因為我們相信艦隊正處於我們想要的位置。

It's sized appropriately, and the discipline will lead the day as to whether or not that number would ever need to be expanded.

它的規模是適當的，並且紀律將主導這一數字是否需要擴大。

But the range gives us room to do so, and to operate within between now and the back half.

但這個範圍給了我們這樣做的空間，並在從現在到後半段之間進行操作。

Okay.

好的。

Very helpful.

非常有幫助。

Thank you.

謝謝。

Thank you.

謝謝。

Daniel Imbro, Stephens Inc.

丹尼爾·因布羅，史蒂芬斯公司

Yes.

是的。

Hey, thanks.

嘿，謝謝。

Good afternoon, everybody.

大家下午好。

Derek, wanted to started with longer term one, just as we think about the path back towards that long term, 12% to 17% TTS margin.

德里克 (Derek) 想要從長期的第一個開始，就像我們思考回到長期 12% 到 17% TTS 利潤率的道路一樣。

Obviously, this year is going to be depressed and we've locked in a lot of dedicated business near these rates.

顯然，今年將會蕭條，我們已經鎖定了許多接近這些利率的專門業務。

But cost savings are going better.

但成本節約的情況正在改善。

I guess can you suggest is this May 2025 event where you can get back into that range?

我想你能否建議在 2025 年 5 月的事件中你可以回到這個範圍？

They're going to get pushed out further to the right.

他們將被進一步推向右側。

Just given kind of how you're seeing the macro today, how are you thinking this product progresses over the next year, year and a half, as we move back towards that?

考慮到您今天對宏觀的看法，您認為這個產品在未來一年、一年半的時間裡，當我們回到這個目標時，會取得怎樣的進展？

Yes, great question.

是的，很好的問題。

Obviously, it's a very heavy focus here inside this building.

顯然，這是這棟建築內的一個非常重要的焦點。

It's something we've done a lot of analysis on.

我們對此進行了大量分析。

It's tough to give you a timing without also trying to predict the exact inflection point.

如果不嘗試預測確切的拐點，就很難給你一個時間安排。

And since we can't do that, we're not really signed up at this point to an exact date and time on the return.

由於我們無法做到這一點，因此我們目前還沒有真正簽署退貨的確切日期和時間。

It's a long term goal.

這是一個長期目標。

It's one that we believe we have a bridge to get to.

我們相信我們有一座可以到達的橋樑。

Chris will break that down here in a second.

克里斯稍後會對此進行分解。

But what I'm excited about right now is the positioning we've put the organization into, the focus that we've applied and disciplined to our pricing, so that we don't have a lot of makeup work to do with the organic business inside the building.

但現在令我感到興奮的是我們對組織的定位，我們對定價的應用和規範的重點，這樣我們就不用在有機產品上做太多的化妝工作了。

And what we need to do is to go both improve that, but also be opportunistic relative to dedicated opportunities as they come to us.

我們需要做的是，既要改進這一點，又要在機會出現時抓住機會。

The fleet mix isn't exactly where we'd like it.

機隊組合併不完全是我們想要的。

We'd like to see dedicated is a larger percentage of the fleet.

我們希望看到專用機隊在機隊中所佔的比例更大。

We know logistics synergies continue to develop with the Reed acquisition and the tech enabled investments that we've been making.

我們知道，隨著收購里德和我們一直在進行的技術投資，物流綜效將持續發展。

So, there's a lot of different opportunities in front of us.

因此，我們面前有很多不同的機會。

And Chris will break some of those down for you now.

克里斯現在將為您分解其中一些。

Yes.

是的。

So, Daniel, you know, we talked about some of those levers and the components that make up that bridge, getting back to the long term range, we're still confident in doing that.

所以，丹尼爾，你知道，我們討論了其中一些槓桿和構成這座橋樑的組件，回到長期範圍，我們仍然有信心做到這一點。

Obviously, the pace and timing is difficult to predict.

顯然，速度和時間很難預測。

But those levers that we mentioned -- the rate improvement in one-way, the demand improvement coming back on dedicated for existing fleets but adding more trucks as a result of that at a higher contribution margin, plus just having more value in the back haul, normalization of the used equipment market, and getting back to some lift in the resale values, and then everything we're doing around those structural changes -- those are the levers we've got confidence in that.

但我們提到的那些槓桿——單向費率提高、需求改善專門針對現有車隊，但因此增加了更多卡車，貢獻率更高，再加上在回程中擁有更多價值、二手設備市場的正常化、轉售價值的回升，以及我們圍繞這些結構性變化所做的一切——這些都是我們對此充滿信心的槓桿。

And I would just point out, we in TTS, we've had five consecutive quarters of sequential decline in operating income until second quarter.

我只想指出，直到第二季度，我們 TTS 的營業收入已經連續五個季度連續下降。

So adjusted operating income margin went from 4.1% to 4.3%, Q1 to Q2 or net of fuel went from 4.7% to 5%.

因此，調整後的營業利潤率從 4.1% 升至 4.3%，第一季至第二季或扣除燃油後的利潤率從 4.7% 升至 5%。

So that's a modest improvement, but it's an improvement nonetheless, and we expect that to continue, although modestly.

所以這是一個適度的改進，但它仍然是一個改進，我們預計這種情況會繼續下去，儘管幅度不大。

Yes, appreciate that.

是的，很感激。

And then maybe as a follow-up, Chris, in the guide, if I can just focus on the logistics side, I think the slides mentioned the brokerage margins would be down sequentially.

然後，也許作為後續行動，克里斯，在指南中，如果我可以只關注物流方面，我認為幻燈片提到的經紀利潤率將依次下降。

Normally logistics OR has some degradation quarter-over-quarter, but normally you're not running at a 99.7%.

通常，物流 OR 會出現季度環比下降的情況，但通常不會以 99.7% 的速度運行。

So I guess, do you expect logistics to remain in the black in the third quarter?

所以我猜，您預計第三季物流會保持獲利嗎？

Could we take a step back or what are some of the puts or takes as you move from 2Q to 3Q on the logistics OR side?

我們能否退後一步，或者當您在物流或方面從第二季度轉向第三季度時，有哪些看跌或看跌的內容？

Thanks.

謝謝。

Yes, no good question.

是的，沒有什麼好問題。

We do expect sequential improvement in operating income in logistics as we move forward.

我們確實預計隨著我們的前進，物流業務的營業收入將持續改善。

So, we intend to stay in the black there.

因此，我們打算保持獲利。

Thanks so much.

非常感謝。

Best of luck.

祝你好運。

Thank you.

謝謝。

Scott Group, Wolfe Research.

斯科特集團，沃爾夫研究。

Hey, thanks.

嘿，謝謝。

Good afternoon.

午安.

So, I know just following up on that last question, I think last quarter you talked about modest sequential improvement as well, and that the trucking OR improved about 30 basis points.

因此，我知道在跟進最後一個問題時，我認為上個季度您也談到了適度的連續改善，並且卡車運輸或改善了約 30 個基點。

Is that sort of what you're talking about?

你說的是那種情況嗎？

Just directionally, again, as we think about Q3, I know that's probably a little bit more specific than you guys usually talk on OR.

再次，當我們考慮第三季時，我知道這可能比你們通常談論的 OR 更具體一些。

I don't know, just want to try and help get expectations in the right place.

我不知道，只是想嘗試幫助人們在正確的地方獲得期望。

Yes, Scott, I was going to start my answer with that's more specific than we normally talk about OR.

是的，斯科特，我的回答將比我們通常談論的“或”更具體。

So, I appreciate your commentary there.

所以，我很欣賞你的評論。

Look, we believe that the opportunity is there, especially based on some recent events and recent customer interactions to improve from Q2 to Q3.

看，我們相信機會就在那裡，特別是根據最近的一些事件和最近的客戶互動，從第二季度到第三季度有所改善。

As a level set, if you look back over like a 10 year history or horizon with Werner about half the time, Q2 to Q3 earnings actually go down about half the time they go up.

作為一個水平設定，如果你回顧一下 10 年的歷史或與維爾納的視野大約有一半的時間，第二季度到第三季度的收益實際上大約有一半的時間是上升的。

Those are kind of rough goalpost to think about.

這些都是需要考慮的粗糙的球門柱。

We are currently, albeit the opinion you will see improvement Q2 to Q3 but it will be modest, and the emphasis is on the word modest.

我們目前的觀點是，儘管你會看到第二季到第三季的改善，但它會是適度的，重點是「適度」這個詞。

And time back to the same commentary from Q1 to Q2 gives you some framework to think about.

回顧第一季到第二季的相同評論，可以為您提供一些思考框架。

Okay, that's helpful.

好的，這很有幫助。

And then for next year, any thoughts on CapEx?

那麼明年，對資本支出有什麼想法嗎？

And I know there's talk about a pre-buy for you guys, how do you think about the pre-buys that something that makes sense for Werner?

我知道有人在談論你們的預購，你們如何看待預購這對沃納來說有意義的事情？

Yes, I think it's a complicated one right now.

是的，我認為現在情況很複雜。

I mean, I love our positioning, Scott, meaning that our fleet as we sit here today is exactly where we wanted.

我的意思是，我喜歡我們的定位，斯科特，這意味著我們今天坐在這裡的機隊正是我們想要的位置。

It hasn't aged any.

它一點也沒有變老。

It hasn't found itself in a position where we've got to kind of refresh or make up for any aging of the fleet like others may be in a position to have to do.

它還沒有發現自己處於這樣一個境地：我們必須像其他人一樣必須更新或彌補機隊的任何老化。

So we're able to go into 2025 in a pretty good place.

因此，我們能夠以一個非常好的狀態進入 2025 年。

We'll certainly want to hold serve on our fleet age and make sure, especially if we were to some of this dedicated pipeline was to come to fruition, you could see CapEx impacted by our need to grow into that dedicated opportunity.

我們當然希望保持我們的機隊年齡，並確保，特別是如果我們的一些專用管道要取得成果，您可以看到資本支出受到我們成長為專用機會的需要的影響。

But it's got to be priced right.

但它的價格必須合適。

It's got to be reinvestable, it's got to be the right kind of customer.

它必須是可再投資的，它必須是合適的客戶。

And so we're going to make sure and be methodical about all of the above.

因此，我們將確保並有條不紊地對待上述所有內容。

We're not putting out '25 CapEx guidance, right now, but it's not our current stance that we're going to be driven heavily by any kind of pre-buy methodology.

我們現在不會發布 '25 資本支出指南，但我們目前的立場不是我們將受到任何類型的預購買方法的強烈推動。

We're going to come into it with fresh as we can and be thoughtful with how we conclude our final negotiation on truck and trailer purchases for '25.

我們將盡可能以新鮮的方式來解決這個問題，並深思熟慮地考慮如何結束關於 25 年卡車和拖車採購的最終談判。

The last thing I'll say is with some of the back of the political backdrop going on right now and some of the friction, let's just say, that's taking place relative to where some of the submission stuff ultimately lands, and some of the mandates versus regulations versus actual already passed requirements.

我要說的最後一件事是目前正在發生的一些政治背景和一些摩擦，我們只是說，這些摩擦的發生與一些提交內容的最終落地以及一些授權有關與法規與實際已通過的要求的比較。

And whether or not there could be a retrenching of some of those, it's just too early to talk too much about it.

無論是否會削減其中一些，現在談論太多還為時過早。

And then the final thought on the subject that I do think is relevant is just OEM capacity constraints in general.

然後，我認為相關的關於該主題的最終想法只是總體上 OEM 產能限制。

I think the fear that most would have and say if I was part of the investor community is trucking going to go out and make some massive pre-buy in advance of these regulatory changes?

我想，如果我是投資者群體的一員，大多數人都會擔心，卡車運輸會在這些監管變化之前出去進行大規模的預購嗎？

And I think the simple reality is the OEM ability to support something like that this time is fundamentally different than it's been in last cycles.

我認為簡單的現實是，這次 OEM 支援類似功能的能力與上一個週期根本不同。

There's been numerous reports to talk about sort of a hard cap of around 300, a more likely cap somewhere in the neighborhood of 285.

有大量報告談到 300 人左右的硬上限，更可能的上限是 285 人左右。

Either one of those numbers is a lot closer to replacement level than it is any kind of meaningful pre-buy level.

這些數字中的任何一個都比任何有意義的預購買水平更接近替換水平。

If you look at it from historical standards, both of which put us in a really good position as an industry not to repeat some mistakes of the past, and end up right back in an overcapacity situation.

如果從歷史標準來看，這兩者都使我們作為一個行業處於非常有利的位置，不會重複過去的一些錯誤，最終又回到產能過剩的境地。

Very helpful.

非常有幫助。

Thank you, Derek, for your thoughts.

謝謝你，德瑞克，你的想法。

Thank you, Scott.

謝謝你，斯科特。

Ken Hoexter, Bank of America.

肯‧霍克斯特，美國銀行。

Hi, it's Adam Roszkowski on for Ken Hoexter.

大家好，我是肯‧霍克斯特 (Ken Hoexter) 的亞當‧羅斯科夫斯基 (Adam Roszkowski)。

Thanks for taking the question.

感謝您提出問題。

Maybe, Derek, on that capacity comment, you noted how you view is based on a return to seasonality and the demand side.

也許，德里克，在產能評論中，您指出您的看法是基於季節性和需求面的回歸。

It's the project activity.

這是項目活動。

Maybe just an update on the state of capacity exits and what you're seeing here quarter- to-date?

也許只是產能退出狀態的更新以及您在本季迄今所看到的情況？

Yes, we continue to monitor and we continue to see, as everyone does, ongoing attrition of capacity, both the employment data, net attrition of registration data, the pace of that attrition, although not maybe elevating it, any kind of meaningful uptick, it's still there.

是的，我們繼續監控，並且像每個人一樣繼續看到產能的持續消耗，包括就業數據、註冊數據的淨消耗、消耗的速度，儘管可能不會提高它，任何有意義的上升，它還在那裡。

It's ever present.

它一直存在。

We think people are out of the money that they may have accumulated during the COVID years.

我們認為人們已經花光了他們在新冠疫情期間積累的錢。

I think lenders have been lenient to a fault, and I think you'll see a change in that behavior as market conditions improve.

我認為貸款人對過失很寬容，而且隨著市場狀況的改善，你會看到這種行為改變。

So, I think there's still a whole lot of, people that are going to not make it out to the other end of this very dark time.

所以，我認為仍然有很多人無法度過這個非常黑暗的時期。

So, as we look and we think about our business, what gives us confidence in that sentiment is this, is the conversations we're having with customers.

因此，當我們審視和思考我們的業務時，讓我們對這種情緒充滿信心的是我們與客戶的對話。

You know, we recently just held our annual customer forum here in Omaha.

您知道，我們最近剛在奧馬哈舉辦了年度客戶論壇。

We had $1.5 billion roughly of revenue under one roof, had conversations over a multi-day period with many of our best customers and largest customers.

我們在一個屋簷下擁有大約 15 億美元的收入，與許多最好的客戶和最大的客戶進行了多天的對話。

And really across the board, they still find value in these high quality, well-capitalized fleets like Werner.

總的來說，他們仍然發現像維爾納這樣的高品質、資本充足的車隊的價值。

And I think that positions us also as market conditions tighten, to be on the front end of feeling that impact.

我認為，隨著市場狀況收緊，我們也能先感受到這種影響。

And that's why some of our data differs a little bit from some data that may be out there from a macro perspective, like my commentary about spot rates and holding serve post-load check that differs from what you might see on a DAT load board, but it doesn't mean that it's not what's happening every day in our network as we speak.

這就是為什麼我們的一些數據與從宏觀角度來看可能存在的一些數據略有不同，例如我對即期匯率和保持發球後負載檢查的評論與您在 DAT 負載板上看到的不同，但這並不意味著這不是我們網路中每天都在發生的事情。

So, we're preparing for the turn.

所以，我們正在為轉彎做準備。

You know, we're ready for it.

你知道，我們已經準備好了。

And again, not to be overly repetitive, but we really like our positioning right now and the work we've put in to getting prepared.

再說一遍，不要過度重複，但我們真的很喜歡我們現在的定位以及我們為做好準備所做的工作。

Got it.

知道了。

That's helpful.

這很有幫助。

Thanks.

謝謝。

And then on logistics, so expect operating income to kind of improve sequentially.

然後是物流，因此預計營業收入將有所改善。

What does that imply for gross margins?

這對毛利率意味著什麼？

I mean, you mentioned the pressure, but is that sequential pressure on gross margins?

我的意思是，您提到了壓力，但這是否會對毛利率造成連續的壓力？

Maybe just any thoughts there.

也許只是有任何想法。

Thanks.

謝謝。

Yes, Adam, this is Chris.

是的，亞當，這是克里斯。

We've had four quarters of, you know, holding around 15% gross margin within truckload brokerage.

你知道，我們有四個季度的整車經紀業務毛利率保持在 15% 左右。

There's a lot of work underway of refining that portfolio, focusing on higher revenue quality as we go forward in effort to sustain gross margin and mitigate as much of that margin squeeze as we get through the turn.

我們正在進行大量工作來完善該投資組合，重點是提高收入質量，同時我們將努力維持毛利率，並在度過轉型期時盡可能減輕利潤率的擠壓。

So, we are working on that.

所以，我們正在努力解決這個問題。

There's also other things that can influence favorably, gross margin and logistics, including as we continue to have strength in the power only growth, which is at a higher margin.

還有其他因素可以對毛利率和物流產生有利影響，包括我們在純動力成長方面持續保持優勢，而這種成長的利潤率較高。

You know, we've had six quarters of sequential growth in power only, up double digit percent year-over- year in both revenue and volume.

您知道，我們僅在電力方面實現了六個季度的連續成長，營收和銷量均同比增長了兩位數。

So, if some mix continues to change there, that's positive.

因此，如果某些組合繼續發生變化，那是積極的。

So, that's the gross margin perspective.

這就是毛利率的角度。

And then, we've continued to take out cost in SG&A and expenses through technology, through integration.

然後，我們繼續透過技術、整合來降低銷售、行政管理成本和開支。

Overall, the operating expenses in logistics in the second quarter are down 10% year-over-year.

整體而言，第二季物流營運費用較去年同期下降10%。

So good progress there.

那裡進展順利。

All of that, put together, gives us confidence that we'll continue to see sequential improvement there in operating income, even with some of the margin squeeze with the turn in the in cycle.

所有這些加在一起，讓我們有信心，我們將繼續看到營業收入的連續改善，即使隨著週期的轉變而出現一些利潤擠壓。

And that was well stated, and I have nothing to add to that part of the answer.

這已經說得很好了，我對這部分答案沒有什麼好補充的。

What I would say, though, in addition to all of that, the other reality is, is as Chris alluded to, some of the synergies we're seeing through the tech enabled investment that we've been making and what we now fully implemented in the logistics, it's my belief that we've got to prepare for world as we go into the out years of 2025, 2026 and beyond, where 15% is going to be a very competitive number.

不過，我想說的是，除了所有這些之外，另一個現實是，正如克里斯所提到的，我們透過我們一直在進行的技術支援投資以及我們現在完全實施的技術看到了一些協同效應在物流方面，我相信我們必須為進入2025 年、2026 年及以後的世界做好準備，15% 將是一個非常有競爭力的數字。

And the real goal, the real aspirational expectation is how do you take 15% and turn it into a meaningfully meaningful improvement in bottom line YoY, and that can be done.

真正的目標、真正的理想期望是如何將 15% 轉化為同比利潤的顯著改善，這是可以做到的。

That will be done through some of the productivity gains that we're picking up over time.

這將透過我們隨著時間的推移而不斷提高的生產力來實現。

So we're both excited about the opportunity to expand gross margin, but also in a world will be competitive as far as I can see.

因此，我們都對擴大毛利率的機會感到興奮，據我所知，這個世界將充滿競爭力。

We've got to make sure we're more and more efficient and that tech is allowing us to do more with less and we are encouraged by early signs.

我們必須確保我們越來越高效，科技讓我們能夠用更少的資源做更多的事情，早期跡象讓我們感到鼓舞。

Jason Seidl, TD Cowen.

賈森·塞德爾，TD·考恩。

Thank you, operator.

謝謝你，接線生。

Hey, Derek and Chris and team.

嘿，德里克、克里斯和團隊。

Wanted to touch a bit on your outlook.

想談談你的看法。

If you look at some of the news out there for the low-end consumer, it seems that there are some pressure out there, whether you listen to McDonald's or Pepsi, and you guys have always had a little bit more outsized exposure.

如果你看一些針對低端消費者的新聞，似乎有一些壓力，無論你聽麥當勞還是百事可樂，而且你們總是有更大的曝光度。

Are you forecasting maybe a little bit of a change in some of your end markets, or are you seeing something different?

您是否預測某些終端市場可能會發生一些變化，或者您是否看到了一些不同的情況？

Yes, great question.

是的，很好的問題。

I think there's a multi-part answer there.

我認為那裡有一個多部分的答案。

I'll try to be brief.

我會盡量簡短。

First-off, yes, we are expanding verticals in which we participate were we look at our dedicated fleet exposure.

首先，是的，我們正在擴大我們參與的垂直領域，我們看看我們的專用機隊曝光度。

We are continuing to expand and our bandwidth and our ability to serve looking for like kind of opportunities, meaning very hard to serve driver involved defensible positions but not -- doesn't have to be in that retail segment.

我們正在繼續擴大我們的頻寬和服務能力，尋找類似的機會，這意味著很難為涉及防禦位置的駕駛員提供服務，但不一定是在零售領域。

In addition, on One-Way, same thing, we've been expanding the engineered portion of our fleet, some of the cross border, Mexico, which is not nearly as retail focused as the rest of our portfolio, and then expanding into growing verticals that are part of Werner premium services and the work we're doing there with really kind of higher value, harder to serve, kind of higher expectations and more difficult transit.

此外，在單向方面，同樣的事情，我們一直在擴大我們機隊的工程部分，其中一些跨境，墨西哥，這並不像我們投資組合的其他部分那樣以零售為重點，然後擴展到不斷增長的領域垂直產業是維爾納優質服務的一部分，我們在那裡所做的工作確實具有更高的價值，更難服務，更高的期望和更困難的運輸。

All of the above is one of those things that's taking place as we look forward.

以上所有這些都是我們期待中正在發生的事情之一。

But then back to the original part of the question around the consumer, we're certainly not planning the next several quarters based on any kind of sudden uptick in consumer strength.

但回到圍繞消費者的問題的最初部分，我們當然不會根據消費者實力的突然上升來規劃未來幾季。

Instead, it's our belief that consumer has been more resilient than we would have originally expected.

相反，我們相信消費者比我們最初預期的更有彈性。

They are staying stronger for longer, but we are very exposed into the discount retail space.

他們保持強勢的時間更長，但我們非常容易涉足折扣零售領域。

They're doing really well.

他們做得非常好。

They tend to do really well during these times.

他們在這些時候往往表現得很好。

And even across our dedicated portfolio, we're growing across the majority of all of our discount retailers, because their business is growing and their needs become more complex as that growth takes place.

即使在我們的專門產品組合中，我們大多數折扣零售商也在不斷成長，因為他們的業務正在成長，而且隨著成長的發生，他們的需求也變得更加複雜。

So it's not a demand driven or consumer driven kind of model, as we think about building this bridge back to our long term operating margins.

因此，當我們考慮建立這座橋樑以恢復我們的長期營運利潤時，這不是一種需求驅動或消費者驅動的模式。

It's more execution, analysis, engineering and then lining up with the right type of customer.

更多的是執行、分析、工程，然後與正確類型的客戶保持一致。

That's great color, Derek.

這顏色真棒，德瑞克。

And a follow-up, you know, you talked about how your spot is a little bit different than sort of the generic spot that we see posted out there from some of the providers.

後續，你知道，你談到了你的位置與我們看到的一些提供者發布的通用位置有點不同。

And you're not the first large trucking company that has told us that.

你們並不是第一家告訴我們這一點的大型貨運公司。

What's sort of the difference between the spot rate that you guys see versus that sort of load board, spot rate?

你們看到的即期匯率與負載板即期匯率有何不同？

Thanks for the question, Jason.

謝謝你的提問，傑森。

It's Chris Neil.

我是克里斯·尼爾。

I think there's a number of reasons for it.

我認為這有很多原因。

We saw a spot that increased with load check and it continued into the July 4th holiday, and we were able to retain a good chunk of those gains.

我們看到，隨著負載檢查，現貨數量增加，並且一直持續到 7 月 4 日假期，我們能夠保留其中很大一部分的收益。

I think as a carrier with some scale and an ability to execute, we have access to customer load boards and other places of opportunity there that are less commoditized than the traditional level live load, live unload part of spot.

我認為，作為一家具有一定規模和執行能力的承運人，我們可以接觸到客戶裝載板和其他機會，這些地方的商品化程度低於傳統水平的現場裝載、現場卸載部分。

And so I think it's just as a bigger carrier, we've got a better opportunity there to serve other customers.

所以我認為，作為一家更大的航空公司，我們有更好的機會為其他客戶提供服務。

In addition to that, we have several tools that consider network balance.

除此之外，我們還有幾種考慮網路平衡的工具。

And so those tools have helped us to identify, provide good recommendations on freight selection.

因此，這些工具幫助我們識別貨運選擇並提供良好的建議。

Freight obviously optionality and freight selection then will help drive improved spot rates.

顯然，貨運的選擇性和貨運選擇將有助於提高即期費率。

And then in addition, although not widespread yet, we have had opportunities to participate in some projects with some customers, and I think you've got to have scale and capability in order to be considered for some of those projects.

此外，雖然還沒有廣泛普及，但我們有機會與一些客戶一起參與一些項目，我認為你必須具備規模和能力才能被考慮參與其中一些項目。

So all those things I think together enable us to maybe play in a little different place in terms of the spot market than then maybe some of the more commoditized parts of that piece of the network.

因此，我認為所有這些事情加在一起，使我們能夠在現貨市場上發揮一些不同的作用，而不是在網路的某些更商品化的部分上發揮作用。

The one thing I would add to that, as well as some of the very intensive work we've been doing over the last several weeks is analyzing our network, understanding where we have that optionality that Chris refers to, and what that network leverage might look like as it relates to an improving freight market.

我要補充的一件事，以及過去幾週我們一直在做的一些非常密集的工作是分析我們的網絡，了解我們在哪裡擁有克里斯提到的選擇性，以及網絡槓桿可能會帶來什麼看起來像，因為它與貨運市場的改善有關。

Traditionally, Werner has been very conservative in the spot market.

傳統上，維爾納在現貨市場上一直非常保守。

We're still, as we sit here today, very, very minimally exposed to spot, but we have done the analysis and we are comfortable that as we are as we sit here today, roughly 20% of our one-way network, one-way fleet would be available to participate in spot market opportunities, project opportunities and/or other ways by which we could influence the end rate per mile within the network.

當我們今天坐在這裡時，我們仍然非常非常少地接觸到現貨，但我們已經完成了分析，並且我們感到很滿意，因為我們今天坐在這裡，大約 20% 的單向網絡，一個-way 車隊將可以參與現貨市場機會、項目機會和/或我們可以影響網絡內每英里最終費率的其他方式。

And we're prepared to do so.

我們準備這樣做。

We will be doing so as opportunities present itself.

一旦機會出現，我們就會這麼做。

Whether it gets to 20 is really up to our customer base and those interactions that we have in the interim because we're going to make sure that we get that that one-way network back to a reinvestable level.

是否達到 20 個實際上取決於我們的客戶群以及我們在此期間進行的互動，因為我們將確保單向網路恢復到可再投資的水平。

That makes sense.

這是有道理的。

And you mentioned projects.

你提到了項目。

I mean, are you anticipating project work to tick up here in the back half of the year noticeably?

我的意思是，您是否預計今年下半年的專案工作會顯著增加？

I think it's too early to say noticeably.

我認為現在說明顯還為時過早。

But, if you go all the way back to Q4 commentary a year ago, we talked about volume of project opportunities was actually pretty strong.

但是，如果你回到一年前的第四季度評論，我們談到專案機會的數量實際上相當強勁。

The problem was it didn't come along with the appropriate rates and premiums that that kind of volume requires from us from an ability to serve it.

問題是它沒有提供這種數量所需的適當費率和保費，因為我們有能力提供服務。

And so this year, if we were to look and plan towards normal seasonality, I think it will be an opportunity for you know, rates to be reflective of the complexity of doing that work.

因此，今年，如果我們要考慮併計劃正常的季節性，我認為這將是一個機會，你知道，費率可以反映這項工作的複雜性。

It's too early to tell how strong that volume will be, but even in the late Q2 and into Q3, we have some project work underway as we speak and that's certainly something that's been a couple of years since we've been able to see take place.

現在判斷銷量會有多強還為時過早，但即使在第二季度末和第三季度，我們也正在進行一些專案工作，這肯定是幾年前我們能夠看到的事情。

I appreciate the time, gentlemen.

先生們，我很珍惜寶貴的時間。

Thank you.

謝謝。

Tom Wadewitz, UBS.

湯姆‧瓦德維茨，瑞銀集團。

Hi, good afternoon.

嗨，下午好。

Apologize if I missed this, but I wanted to get a little more perspective just on how we ought to model the dedicated truck count looking forward?

如果我錯過了這一點，我深表歉意，但我想對我們應該如何對未來的專用卡車數量進行建模有更多的了解？

I think you kind of telegraphed that there'd be some reductions in second quarter when we saw that in fleet, but how do you think about dedicated fleet size in 3Q and 4Q, and what's the risk that, you kind of see further competitive pressures cause that to decline, or you feel pretty comfortable that you're kind of stable with that pre-level?

我認為當我們在機隊中看到這一點時，您傳達了第二季度會有一些減少的信息，但是您如何看待第三季度和第四季度的專用機隊規模，以及您看到進一步競爭壓力的風險是什麼導致其下降，或者您對自己在該預級水平上的穩定性感到非常滿意？

Yes.

是的。

Tom, I mean, nothing certain till the ink is dry.

湯姆，我的意思是，在墨水乾之前一切都不確定。

But clearly if you look at fleet size overall right now and you look at long tail end of year or back half fleet guidance, it implies some stabilization.

但顯然，如果你現在看看整體機隊規模，並看看年底或下半年機隊的長尾指導，這意味著一些穩定。

We also commented and I'll reiterate that the dedicated pipeline is very strong.

我們也發表了評論，我將重申，專用管道非常強大。

Where the everyone meets the road, though, is pricing discipline versus customer expectation.

然而，每個人都會遇到的問題是定價紀律與客戶期望。

And so we're enthused about the number of opportunities, the number of biddable events, the [months' amounts], and amounts of trucks right now in the queue, and the year-over-year difference is significant in terms of dedicated demand in trucks currently either being bid or out or already out to bid.

因此，我們對機會的數量、可投標活動的數量、[月的數量]以及目前排隊的卡車數量感到興奮，並且就專用需求而言，同比差異是顯著的目前正在競標、已競標或已經競標的卡車。

The question will become how many of those land?

問題將變成這些土地有多少？

Our bend, if there is one, is toward truck growth dedicated in the back half, but time will tell.

我們的彎道（如果有的話）是致力於卡車後半段的成長，但時間會證明一切。

The important factor right now, at this point in the cycle, is maintaining discipline, and doing what's right for our shareholders, and making sure that whatever trucks we're putting into service, I can turn around and buy one to replace it when it's time to do so.

目前，在周期的這一點上，重要的因素是保持紀律，為我們的股東做正確的事情，並確保無論我們投入使用的卡車是什麼，我都可以轉身購買一輛來替換它。做了。

What do you think is driving that pipeline to be stronger?

您認為是什麼推動了這條管道變得更強大？

Is that because that sounds more optimistic like I think, some of the competitive commentary earlier the year was a lot more cautious about increased pressure.

是因為這聽起來像我想的那樣更加樂觀，所以今年早些時候的一些競爭性評論對壓力的增加更加謹慎。

But if you're seeing that pipeline stronger, that, that seems constructive.

但如果你看到這條管道更強大，那似乎是有建設性的。

So, what do you think is behind that?

那麼，您認為背後的原因是什麼？

Yes, I don't know that there's a difference between the early and the later commentary.

是的，我不知道早期和後期的評論有什麼區別。

The pipeline has been pretty strong throughout.

管道自始至終都非常強大。

It's the competitive pressure part, meaning the number of bidders, number of -- how low will somebody go?

這是競爭壓力部分，意味著投標者的數量、投標者的數量——有人會出價多低？

Whether they understand the business well enough at the time they're pricing it?

他們在定價時是否足夠了解業務？

There's always a bit of a disadvantage of incumbency and dedicated.

服事和奉獻總是有一點缺點。

We know the business.

我們了解這個行業。

We're operating the business, and we realize the differences between the RFP and the real world.

我們正在經營業務，我們意識到 RFP 與現實世界之間的差異。

And so at times that could be a headwind and so we did telegraphed, that we thought it might be in a couple of cases.

因此，有時這可能是一種逆風，所以我們確實發了電報，我們認為在某些情況下可能會出現這種情況。

And as it turned out, it was we don't see similar headwinds right now as we look forward on kind of significantly losses.

事實證明，我們現在沒有看到類似的阻力，因為我們預計會出現重大損失。

Yes, there's going to be some work to still be done, but we're more encouraged by the quality of those bids that are in house, the quality of the underlying customer, and the fact that they view their supply chain as a strategic advantage.

是的，還有一些工作要做，但我們更受鼓舞的是內部投標的品質、潛在客戶的品質以及他們將供應鏈視為戰略優勢的事實。

Those kind of customers understand the importance of best in class dedicated, not just somebody that's about the logo on the side of the door.

這類客戶了解一流奉獻精神的重要性，而不僅僅是專注於門邊標誌的人。

And so we're going to continue to differentiate through, through the work that we do every day.

因此，我們將繼續透過我們每天所做的工作來實現差異化。

And I think the opportunity for us to get back on a growth trajectory and dedicated is in front of us.

我認為我們重回成長軌道並專注的機會就在我們面前。

Hey, Tom, I would just add one quick statistic to that, where we sit right now in the third quarter, we see more net wins being implemented in the dedicated fleets than losses being realized for the quarter.

嘿，湯姆，我只想添加一個快速統計數據，我們現在在第三季度，我們看到專用機隊實現的淨利潤多於本季度實現的虧損。

We obviously still have a couple more months to go, but in terms of that net growth in dedicated in the second half relative to the first in order to get back into that guidance, given where we're at, mid-year, we're on our way.

顯然，我們還有幾個月的時間，但就下半年相對於上半年的淨增長而言，為了回到這一指導，考慮到我們在年中的情況，我們'我們正在路上。

Okay.

好的。

So you think even in 3Q, we ought to see that truck count, move up a bit?

所以您認為即使在第三季度，我們也應該看到卡車數量增加？

Given what we're seeing at this time.

鑑於我們此時所看到的情況。

Okay.

好的。

Thanks for the time.

謝謝你的時間。

Appreciate it.

欣賞它。

Thank you.

謝謝。

Bascome Majors, Susquehanna.

巴斯科姆專業，薩斯奎哈納。

Derek, you talked yourself about the kind of mixed seasonality you typically see in 3Q, and if we look back historically though, 4Q is typically up, I think it's 11 out of last 12 years, and I was just curious if you could frame a little more granularly what it is you're seeing in July that gives you confidence that this will be on the better side of that historic seasonality, and what gives you so much pause about really talking in any way, shape or form about the fourth quarter, given how consist that is, other than I guess last year was the one year out of those 12 that that you didn't grow sequentially?

德里克（Derek），您談到了您通常在第三季度看到的混合季節性，但如果我們回顧歷史，第四季度通常是上升的，我認為這是過去12 年中的11 年，我只是好奇您是否可以製定一個更具體地說，你在7 月看到的是什麼讓你相信這將是歷史性季節性的更好的一面，是什麼讓你在以任何方式、形狀或形式真正談論第四季時猶豫不決考慮到這一點，除了我猜去年是這 12 年中您沒有連續增長的一年之外？

Thank you.

謝謝。

Yes, thank you for the question.

是的，謝謝你的提問。

So, few things.

所以，幾件事。

When I was talking earlier about Q2 to Q3, that seasonality is the one that is more that earnings trend is one that's a bit of a coin toss over a decade plus period in terms of whether it goes up or goes down.

當我早些時候談論第二季到第三季時，季節性因素更多的是獲利趨勢，在十多年的時間裡，無論是上升還是下降，都有點像拋硬幣一樣。

Obviously Q3 to Q4 almost always goes up.

顯然，第三季到第四季幾乎總是上漲。

The granular look that you asked for would be things like as I sit here today, what gives me optimism?

你所要求的細緻的外觀就像我今天坐在這裡一樣，是什麼讓我感到樂觀？

Rejection rates that have continued to kind of hold steady at an around 5%, that tends to be a line in the sand relative to the market being at equilibrium, spot projects coming up and being implemented and ran over a more extended period.

拒絕率繼續穩定在 5% 左右，相對於市場處於均衡狀態、現貨項目即將推出、實施和運行更長的時間而言，這往往是一條底線。

Projects that start and then get extended further originally anticipated.

項目開始後進一步擴展，是最初預期的。

All of those things give me optimism.

所有這些都讓我感到樂觀。

The pause about trying to predict Q4 is everything from, the election, to the war in Ukraine, to the reality of the stressed consumer, all of the geopolitical issues that are going on with the Suez Canal, and labor issues at the ports.

試圖預測第四季度的暫停涉及一切，從選舉、烏克蘭戰爭、消費者壓力的現實、蘇伊士運河正在發生的所有地緣政治問題以及港口的勞工問題。

There are so many unknowns between now and Q4 that I just think it would be inappropriate for me to get too granular at this point.

從現在到第四季度，有許多未知因素，我認為此時不宜過於細化。

I'd rather focus on the reality of the work we're doing to reposition this network, the work we're doing to understand the optionality within one-way to be able to flex up in a stronger market, the work that's already taking place, and as Chris mentioned, is resulting in dedicated fleets being implemented in the short term.

我寧願關注我們正在做的重新定位這個網絡的工作的現實，我們正在做的工作，以了解單向的可選性，以便能夠在更強大的市場中發揮作用，已經在進行的工作正如克里斯所提到的，這個地方正在導致在短期內實施專用車隊。

That is outpacing any losses due to price differences.

這超過了價格差異造成的任何損失。

Those are the things that I think drive long term value and those need to be done and we need to be prepared and ready to execute.

我認為這些是推動長期價值的事情，也是需要完成的事情，我們需要做好準備並準備好執行。

So that's where our efforts are going to be.

這就是我們努力的方向。

I can't predict the future better than anybody else, but there is a lot of positivity afoot that it's going to take time to play out and come to the bottom line.

我無法比其他人更好地預測未來，但有許多積極的因素正在出現，這需要時間來發揮作用並達到底線。

I want to be clear about that, because we still have inherent headwinds on gains on sale and that equipment market being under duress.

我想澄清這一點，因為我們在銷售收益方面仍然存在固有的阻力，並且設備市場面臨壓力。

We still have headwinds from bids that were negotiated in Q1 that are implemented and we're still living with some of that rates, although we held the line on rate better than most as seen through our rate per mile reduction year-over-year being lesser than almost anyone's.

我們仍然面臨第一季談判實施的投標帶來的阻力，並且我們仍然接受其中的一些費率，儘管我們比大多數人更好地控制了費率，從我們每英里費率逐年減少的情況可以看出比幾乎任何人都少。

So, we like our positioning.

所以，我們喜歡我們的定位。

We're ready to -- we're ready and prepared to improve from here but it is going to be modest.

我們已經準備好——我們已經準備好並準備好從這裡開始改進，但這將是適度的。

It's going to be slow going -- and but we're going to work to maximize its potential.

這將是一個緩慢的過程，但我們將努力最大限度地發揮其潛力。

Thank you for that thoughtful answer, and just to maybe put a an emphasis on the 4Q piece, an earlier question you talked about last year, having plenty of project demand but not appropriate project pricing to support the cost structure of that work that you and other carriers did.

感謝您深思熟慮的回答，也許只是想強調一下第四季度，這是您去年談到的一個較早的問題，有大量的項目需求，但沒有適當的項目定價來支持您和您的工作的成本結構其他業者也這麼做了。

When would we be far enough into the third quarter where you kind of know whether or not you're going to get the kind of pricing that typically supports that 4Q lift for the project work at Werner?

我們什麼時候才能進入第三季度，你才能知道是否會獲得通常支持維爾納項目工作第四季度增長的定價？

Yes.

是的。

I think it's going to become evident over the next 45 days.

我認為這一點在接下來的 45 天內將會變得明顯。

And I think it could become evident even sooner than that as we continue to watch and monitor both attrition on the carrier side, employment data, rejection rates, all of the above.

我認為，隨著我們繼續觀察和監控營運商方面的人員流失、就業數據、拒絕率等等，這一點可能會比這更早變得明顯。

And not to mention, the retailers response to current inventory levels being at in-balance or in many cases below balance, and what that de-stocking activity starts looking like.

更不用說，零售商對當前庫存水準不平衡或在許多情況下低於平衡的反應，以及去庫存活動開始的情況。

Unfortunately, it's just not this day that we have that total visibility.

不幸的是，直到今天我們才完全了解。

And so we're going to be cautious in our guidance.

因此，我們將謹慎對待我們的指導。

So, that, just to try to paint a clear picture as we can, but certainly over the next coming over the coming weeks, it will become much more clear.

因此，我們只是盡力描繪出一幅清晰的圖景，但肯定在接下來的幾週內，它會變得更加清晰。

Thank you.

謝謝。

Chris Wetherbee, Wells Fargo.

克里斯‧韋瑟比，富國銀行。

Hey, thanks.

嘿，謝謝。

Good afternoon, guys.

下午好，夥計們。

You know, maybe along a similar line, just the thinking about the dedicated fleet count and you get asked a bunch of questions about this.

你知道，也許沿著類似的思路，只要考慮專用機隊的數量，你就會被問到一堆與此相關的問題。

But I guess, I'm curious, what would sort of get you to the upper band of the additions in the back half of the year as it go sort of into this dynamic of sort of improving fundamentals in the space as we get into the fourth quarter?

但我想，我很好奇，什麼會讓你在今年下半年達到新增的上限，因為當我們進入這個領域時，它會進入這個改善基本面的動態。

Just want to get some sense of kind of how you're building that bridge.

只是想了解你是如何建造這座橋樑的。

It sounds like the pipeline is pretty visible.

聽起來管道非常明顯。

Is it just simply sort of getting more out of the pipeline or does it also include some macro uplift as well?

它只是簡單地從管道中獲得更多收益還是還包括一些宏觀提升？

No, I think it really comes down to win rate.

不，我認為這實際上取決於勝率。

I mean, if I was to fully expose our current dedicated pipeline, and this may be true for others as well in the industry, I think most people would be shocked at how many trucks are in that pipeline at any given time, both in number of bids, number of customers, and also total truck count.

我的意思是，如果我要完全暴露我們目前的專用管道，這對於行業中的其他人來說可能也是如此，我想大多數人都會對在任何特定時間有多少卡車在該管道中感到震驚，無論是數量或數量出價、客戶數量以及卡車總數。

So it really comes down to kind of what that win rate looks like and whether we use a traditional win rate over a 10 year period or we use a more depressed win rate, that's been the case maybe over the last 18 months.

因此，這實際上取決於勝率的情況，以及我們是使用 10 年期間的傳統勝率，還是使用更為低迷的勝率，過去 18 個月的情況可能就是這樣。

We know that when the markets lose, that win rate goes down.

我們知道，當市場下跌時，勝率就會下降。

We know when the market gets to equilibrium, we get to a long term run rate and we know when it's tight the win rates are even higher than that.

我們知道，當市場達到均衡時，我們就會達到長期運作率，而且我們知道，當市場緊張時，獲勝率甚至會更高。

I think we're relatively speaking at equilibrium today.

我認為我們今天相對而言處於平衡狀態。

So, the win rate starts to tick up from where it's been, but isn't at a level that we're yet able to give any kind of overly bullish commentary or exact truck count.

因此，勝率開始從原來的水平上升，但還沒有達到我們能夠給出任何過度樂觀的評論或確切的卡車數量的水平。

There's a lot of decisions will be made in the next 30 days.

未來 30 天內將做出許多決定。

We'll be making our case as to why we're the best choice, and best able to serve that customer, and we'll know more as we get further in the quarter.

我們將闡述為什麼我們是最佳選擇，並且最有能力為該客戶提供服務，隨著本季度的進展，我們將了解更多資訊。

I wish I could tell more than that.

我希望我能告訴的不只這些。

But the pipeline and the activity is strong.

但管道和活動都很強勁。

It's a matter of win rate from here.

從這裡開始就是勝率問題。

And then one quick follow-up.

然後是快速跟進。

Just on the one-way truckload side.

就在單向卡車一側。

I guess, I'm curious about the opportunities for utilization as we get into the second half of the year, assuming we do see some improvement in overall activity, you get more of the project business.

我想，當我們進入下半年時，我對利用機會感到好奇，假設我們確實看到整體活動有所改善，那麼您將獲得更多的專案業務。

How much can utilization sort of add to the one-way truckload business?

使用率可以為單程整車業務增加多少？

Yes, great question.

是的，很好的問題。

I mean, we are really proud.

我的意思是，我們真的很自豪。

I'll start with that.

我將從那開始。

We're really proud of the progress our one-way team has made with utilization.

我們對我們的單向團隊在利用率方面所取得的進步感到非常自豪。

It's kind of the ultimate control, the controllables.

這是一種終極控制，可控性。

You can't do much about rate in a fragmented market like the one that one-way division finds itself in.

在像單向分工這樣的分散市場中，你無法對利率做太多事情。

But you can go and efficiently utilize the assets and you can do everything in your power to make sure that every one of those assets is producing as much as it possibly can.

但你可以有效地利用這些資產，並且可以盡你所能確保每一項資產都盡可能地生產。

And having double digit year-over-year increases in production is not easy to come by, but it's intentional.

產量年增兩位數並不容易，但卻是有意為之。

The comps get tougher as we go forward.

隨著我們的前進，比賽變得更加艱難。

There's no doubt about that.

毫無疑問。

It's our belief that we're going to hold serve and make incremental improvements from here.

我們相信我們將保持發球並從這裡開始逐步改進。

But where we're at from a production standpoint is kind of best in class, and we're going to work to push that further.

但從製作的角度來看，我們的處境是同類中最好的，我們將努力進一步推動這一目標。

It also ties into some of my opening comments about our 25th anniversary in Mexico.

這也與我在墨西哥成立 25 週年的一些開場評論有關。

We're seeing growth in Mexico.

我們看到墨西哥的成長。

We're participating in the near-shoring.

我們正在參與近岸建設。

We a dominant position there.

我們在那裡佔據主導地位。

Those typically are longer length of haul, more efficient loads.

這些通常是更長的運輸距離、更有效率的負載。

They're difficult to do.

它們很難做到。

It takes expertise to pull it off and do it effectively, but we're well positioned to do all of the above.

需要專業知識才能實現這一目標並有效地完成它，但我們有能力完成上述所有工作。

So, all of that gives me confidence in our ability to continue to put up great production numbers, but it will be incremental from here and the comps will get tougher.

因此，所有這些都讓我對我們繼續提供出色產量的能力充滿信心，但從這裡開始，產量將逐漸增加，競爭將變得更加艱難。

That's just the reality of the project that started about a year ago in great earnest.

這就是大約一年前認真啟動的計畫的現實。

Okay.

好的。

That's very helpful.

這非常有幫助。

Thanks so much.

非常感謝。

Appreciate it.

欣賞它。

Thank you.

謝謝。

This concludes our question-and-answer session.

我們的問答環節到此結束。

I would like to turn the conference back over to Derek Leathers for any closing remarks.

我想將會議轉回德里克·萊瑟斯（Derek Leathers）發表閉幕詞。

Thanks, Gary.

謝謝，加里。

I want to thank everybody for being with us today.

我要感謝大家今天和我們在一起。

As we've discussed on several earnings calls, this has been the worst freight environment I've seen in 30 plus years in the industry.

正如我們在幾次財報電話會議上所討論的那樣，這是我在該行業 30 多年來所見過的最糟糕的貨運環境。

That said, we are focused on preparing for the coming inflection.

也就是說，我們專注於為即將到來的轉折點做好準備。

We're focusing on controlling what we can and improving execution throughout the business.

我們專注於控制力所能及的事情並提高整個企業的執行力。

We've taken actions to improve the operations across the portfolio and drive structural cost savings that will position us for better operating leverage as things improve.

我們已採取行動改善整個投資組合的運營，並推動結構性成本節約，這將使我們在情況改善時獲得更好的營運槓桿。

While it's difficult forecast exact timing of market tightness, we have a long history of performance when market dynamics normalize, and we're prepared to deliver on that promise once again.

雖然很難預測市場緊張的確切時間，但我們在市場動態正常化時有著悠久的業績歷史，而我們準備再次兌現這項承諾。

While fleet reductions are a reality, so is the pricing discipline that drove the decrease.

雖然機隊減少是事實，但導致機隊減少的定價規則也是現實。

We remain committed to our customers, but we must achieve re-investable margins to justify longer term capital commitments.

我們仍然致力於為客戶服務，但我們必須實現可再投資的利潤，以證明長期資本承諾的合理性。

In short, we're taking actions now that better position the business for an improving freight market.

簡而言之，我們現在正在採取行動，更好地定位業務，以改善貨運市場。

I'll close by thanking our over 13,000 associates for their dedication and commitment to our customers and each other as we keep America moving.

最後，我要感謝我們超過 13,000 名員工在我們推動美國前進的過程中對我們的客戶和彼此的奉獻和承諾。

While it's been tougher for longer over the past couple of years, Werner is structurally stronger company today with a lot to be excited about as this downcycle nears its natural end.

儘管過去幾年的情況一直比較艱難，但維爾納如今已成為一家結構更強大的公司，隨著這一下行週期接近自然結束，有很多值得興奮的事情。

As we transition from the current environment into a more normalized one, we are poised to capitalize and deliver shareholder value.

隨著我們從當前環境過渡到更正常化的環境，我們已做好資本化和交付股東價值的準備。

I'd like to thank you all for your interest in Werner and I hope you all enjoy the rest of your day.

我要感謝大家對維爾納的興趣，希望你們有個愉快的一天。

The conference is now concluded.

會議現已結束。

Thank you for attending today's presentation.

感謝您參加今天的演講。

You may now disconnect.

您現在可以斷開連線。