Werner Enterprises Inc (WERN) 2025 Q1 法說會逐字稿

Good afternoon and welcome to the Werner Enterprises first quarter 2025 earnings conference call. (Operator Instructions) Please note that this event is being recorded.

下午好，歡迎參加 Werner Enterprises 2025 年第一季財報電話會議。（操作員指示）請注意，此事件正在被記錄。

I would now like to turn the conference over to Chris Neil, SVP of Pricing and Strategic Planning. Please go ahead.

現在，我想將會議交給定價和策略規劃高級副總裁 Chris Neil。請繼續。

Good afternoon, everyone. Earlier today we issued our earnings release with our first quarter results. 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.

大家下午好。今天早些時候，我們發布了第一季業績報告。此新聞稿和補充簡報可在我們網站 werner.com 的投資者部分找到。今天的網路直播正在錄製中，今天晚些時候可以重播。

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

請參閱簡報第 2 張投影片上的揭露聲明，以及我們收益報告中與前瞻性陳述相關的免責聲明。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大不相同的因素。

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

該公司使用非公認會計準則 (Non-GAAP) 指標報告業績，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。收益報告附帶的表格和幻燈片簡報的附錄中包含了與最直接可比較的 GAAP 指標的對帳。

On today's call with me are Derek Leathers, Chairman and CEO, and Chris Wikoff, Executive Vice President, Treasurer, and CFO. I'll now turn the call over to Derek.

今天與我一起參加電話會議的還有董事長兼執行長 Derek Leathers 和執行副總裁、財務主管兼財務長 Chris Wikoff。我現在將電話轉給德里克。

Thank you, Chris, and good afternoon, everyone. We appreciate you joining us today. Let me start by saying clearly, our first quarter results did not meet our expectations. We faced several challenges during the quarter, some industry-wide, some specific to Werner, but we were acting decisively to address them.

謝謝你，克里斯，大家下午好。感謝您今天加入我們。首先我要明確地說，我們的第一季業績沒有達到我們的預期。本季我們面臨多項挑戰，有些是整個產業面臨的挑戰，有些是 Werner 特有的，但我們正在果斷採取行動來應對這些挑戰。

At the same time, the underlying progress we're making in growing dedicated, advancing our technology transformation, and more aggressively tightening our cost structure, puts us in a stronger position as the environment stabilizes. Today I'll address our Q1 performance, provide our perspective on the fluid operating environment, walk through the actions we are pursuing, and why we are confident in the long-term trajectory of the business.

同時，我們在專注度提升、技術轉型推進和成本結構收緊方面取得的根本性進展，使我們在環境穩定時處於更有利的地位。今天，我將介紹我們第一季的業績，提供我們對不斷變化的營運環境的看法，介紹我們正在採取的行動，以及為何我們對業務的長期發展充滿信心。

Let's turn to slide 5 and discuss our first quarter results. During the quarter, revenues were 7% lower versus the prior year. Adjusted EPS was negative $0.12. Adjusted operating margin was 0.3%. An adjusted TTS operating margin was 0.4% net of fuel surcharges. Our performance was negatively impacted by four factors.

讓我們翻到第 5 張投影片，討論一下我們的第一季業績。本季營收較上年同期下降 7%。調整後的每股盈餘為負0.12美元。調整後的營業利益率為0.3%。調整後的 TTS 營業利益率為 0.4%，扣除燃油附加費。我們的業績受到四個因素的負面影響。

First, we experienced elevated insurance costs and claims. This accounted for $0.09 of the adjusted EPS impact, with one verdict late in the quarter representing $0.08 related to a 2019 incident, which we are appealing. Adverse nuclear verdicts remain an industry-wide issue. We, along with our peers, continue to advocate for reform with state and federal government officials. We will continue to do our part to ensure that a more pragmatic approach to verdicts on these lawsuits will prevail.

首先，我們的保險成本和理賠額上升。這佔調整後每股收益影響的 0.09 美元，其中本季末的一項判決與 2019 年的一起事件有關，影響金額為 0.08 美元，我們正在對此提出上訴。不利的核裁決仍然是整個行業的問題。我們與同行一起繼續向州和聯邦政府官員倡導改革。我們將繼續盡自己的努力，確保對這些訴訟的裁決採取更務實的態度。

Second was extreme weather, which was more pronounced in the areas in which we operate. This represented approximately a $0.04 impact to our first quarter EPS. Third, our IT spend was more elevated to progress our technology strategy and transformation. And fourth, we're isolated operating inefficiencies and lower utilization, stemming from select customer decisions and stopping [the] activity from tariff-induced uncertainty.

第二是極端天氣，在我們營運的地區更為明顯。這對我們第一季的每股收益產生了約 0.04 美元的影響。第三，我們增加了IT支出，以推動我們的技術策略和轉型。第四，我們孤立地解決了營運效率低下和利用率較低的問題，這些問題源自於特定客戶的決策以及因關稅引起的不確定性而停止的活動。

The net effect of these headwinds was adjusted EPS being down $0.25 year over year. While our results do not reflect our expectations, there are areas where we continue to see momentum and strength that will position as well as we progress through the rest of the year. In dedicated, we were awarded several fleet contracts from new and existing customers during the quarter, representing over 200 trucks that are scheduled to be implemented in late Q2 and early Q3.

這些不利因素的淨效應是調整後的每股盈餘年減 0.25 美元。雖然我們的業績並未反映我們的預期，但我們仍看到一些領域的發展勢頭和實力，這些勢頭和實力將幫助我們在今年剩餘時間內取得進展。在專用領域，我們在本季度獲得了來自新舊客戶的多份車隊合同，涉及超過 200 輛卡車，計劃於第二季度末和第三季度初實施。

Awards signed this quarter were the highest since the second quarter of 2022. Our dedicated expertise is a competitive advantage that has and will drive growth over the long run. Our customer retention remains strong, and interest in our dedicated solutions for new customers and attractive verticals is on the rise.

本季簽訂的合約數量是2022年第二季以來的最高水準。我們的專業技能是一種競爭優勢，它已經並將繼續推動長期成長。我們的客戶保留率仍然很高，並且對我們為新客戶和有吸引力的垂直行業提供的專用解決方案的興趣正在上升。

Our dedicated business excels when reliability matters most amongst large enterprise shippers. We expect that supply chain uncertainty in 2025 will continue to play well to our strengths. In one-way truckload, revenue per total mile was up for the third consecutive quarter, despite weather disruptions, increased deadhead, and network inefficiencies.

當大型企業托運人最重視可靠性時，我們的專業業務就表現出色。我們預計，2025 年供應鏈的不確定性將繼續發揮我們的優勢。在單程貨車運輸中，儘管受到天氣幹擾、空載率增加和網路效率低下等因素的影響，但每英里總收入連續第三個季度上漲。

Over half of a one-way bid season is complete. Business retention has been good so far. We secured several one-way awards with some of our largest customers. Contractual rate adjustments have been mixed, although are generally up low to mid single digit percent on average. While our one-way fleet is smaller versus prior years, we've continued to invest strategically. We remain committed to serving specific specialized segments within one way, including Mexico cross-border, expedited, and highly engineered lanes.

單向競標季已經結束一半以上。到目前為止，業務保留情況良好。我們與一些最大的客戶簽訂了多項單向合約。合約費率調整情況有好有壞，但整體平均上漲幅度在低至個位數百分比之間。雖然我們的單程機隊規模較前幾年縮小，但我們仍持續進行策略性投資。我們始終致力於為單向運輸中的特定專業領域提供服務，包括墨西哥跨境、快速和高度工程化的車道。

Our scale, including one of the largest trailer fleets, provides flexibility and a simplified approach for large enterprise shippers, which is critical during these uncertain times. Logistics adjust that operating income continues to be positive. While revenue was down 3% and gross margin was down 5% year over year, operating expenses, excluding purchase freight, were down 11%. Sequentially, we saw softer volume and truckload logistics driven by small and mid-sized customers. Gross margin was squeezed the first half of the quarter, but improved in March.

我們的規模，包括最大的拖車車隊之一，為大型企業托運人提供了靈活性和簡化的方法，這在這些不確定的時期至關重要。物流調整使營業收入持續為正。雖然收入年減 3%，毛利率下降 5%，但不包括採購運費的營運費用下降了 11%。隨後，我們發現，受中小型客戶的影響，貨運量和整車物流均出現疲軟。本季上半段毛利率受到擠壓，但 3 月有所改善。

Moving to slide 6, while macro volatility remains, our plan and ability to generate earnings power and drive value remains unchanged. We remain focused around three priorities. First is driving growth in core business, which includes expanding TTS and logistics operating income margins, increasing one-way rates, and growing our dedicated fleet, given a pipeline that remains strong.

轉到投影片 6，雖然宏觀波動仍然存在，但我們創造獲利能力和推動價值的計劃和能力保持不變。我們仍然專注於三個優先事項。首先是推動核心業務的成長，包括擴大 TTS 和物流營業收入利潤率、提高單程費率以及在管道保持強勁的情況下擴大我們的專用船隊。

We've been awarded numerous new dedicated fleets, and we're seeing positive results on several large one-way bids with strategic customers. We are realizing rate increases on one-way bids, and within logistics, we are growing PowerLink and intermodal.

我們已獲得多支新的專用機隊，並且在與戰略客戶的幾項大型單程投標中取得了積極成果。我們正在實現單程投標費率的提高，而在物流領域，我們正在發展 PowerLink 和多式聯運。

Second is driving operational excellence as a core competency, which we will deliver by maintaining a resolute focus on safety, providing industry-leading reliability, solutions, and service to our customers, continuing to advance our technology roadmap, and continuing to control cost. Our commitment to excellence was recently recognized as the Truckload Carriers Association named Werner, a 2025 TCA elite fleet. This designation highlights our commitment to providing a top-tier workplace for professional drivers.

第二是推動卓越營運作為核心競爭力，我們將透過堅定專注於安全、為客戶提供業界領先的可靠性、解決方案和服務、繼續推進我們的技術路線圖以及繼續控製成本來實現這一目標。我們對卓越的承諾最近得到了卡車運輸協會的認可，並被命名為 Werner，這是 2025 年 TCA 精英車隊之一。這個頭銜凸顯了我們致力於為專業駕駛員提供頂級工作場所的承諾。

We are progressing our technology strategy and the transition to our EDGE TMS platform. To date, all logistics loads, except final mile, are running through EDGE TMS. We are making progress in TTS with more than half of one-way truckload volume and quarter of dedicated volume in EDGE. We remain focused on transitioning remaining customers and volume to EDGE, building out execution capabilities, and realizing the anticipated synergies at greater scale.

我們正在推進我們的技術策略並向 EDGE TMS 平台過渡。到目前為止，除最後一英里外，所有物流貨物均透過 EDGE TMS 運作。我們在 TTS 方面取得了進展，EDGE 中的單向卡車裝載量已超過一半，專用裝載量已達四分之一。我們仍然專注於將剩餘的客戶和業務量轉移到 EDGE，建立執行能力，並在更大規模上實現預期的協同效應。

On the cost containment front, over the last two years, we've taken out $100 million in cost and continue to execute against our cost savings goal for 2025, which we are increasing from $25 million to $40 million. Chris will cover our actions here and how we are controlling what we can without sacrificing future opportunities. The final priority is driving capital efficiency. This includes maintaining strong operating cash flow, remaining disciplined and thoughtful in how we allocate capital, and maximizing equipment fleet sales.

在成本控制方面，在過去兩年中，我們已削減了 1 億美元的成本，並將繼續執行 2025 年的成本節約目標，即從 2,500 萬美元增加到 4,000 萬美元。克里斯將在這裡介紹我們的行動以及我們如何在不犧牲未來機會的情況下控制我們所能控制的事情。最後的優先事項是提高資本效率。這包括維持強勁的營運現金流、在資本分配方面保持紀律和深思熟慮、以及最大限度地提高設備車隊的銷售額。

Capital proceeds -- exceeded capital expenditures for the quarter, as we sold more used equipment than we purchased. We are seeing increased values on used equipment as pricing on new equipment is fluid, and recently being influenced by tariffs. We will continue to invest in trucks, trailers, terminal technology, and talent, while maintaining optionality when it comes to evaluating the impact from tariffs on our equipment costs.

資本利得－本季超過了資本支出，因為我們銷售的二手設備多於購買的設備多。我們看到二手設備的價值正在上漲，因為新設備的價格是浮動的，而且最近受到關稅的影響。我們將繼續投資卡車、拖車、終端技術和人才，同時在評估關稅對我們設備成本的影響時保持可選性。

We reduced debt since year end. Our liquidity is at a new high point as we close late in the quarter on a new and incremental $300 million credit facility. As a result, we are well positioned to be opportunistic relative to share repurchase and M&A.

自年底以來我們減少了債務。隨著我們在本季末完成一筆新的、增量為 3 億美元的信貸額度，我們的流動性達到了新的高度。因此，我們在股票回購和併購方面處於有利地位，可以抓住機會。

Regarding tariffs, our conversations with suppliers and customers reflect a muddied outlook. The environment is fast moving and ever-changing. We think about the impact of tariffs on our business in three categories CapEx and used equipment gains, exposure to Mexico freight, and the broader impact on retail and consumer demand.

關於關稅，我們與供應商和客戶的對話反映出混亂的前景。環境瞬息萬變。我們從三個方面考慮關稅對我們業務的影響：資本支出和二手設備收益、墨西哥貨運風險以及對零售和消費者需求的更廣泛影響。

Relative to CapEx and used equipment gains, our average tractor age of 2.2 years provides flexibility on equipment purchases and sales. We work with several OEMs with varying levels of supply chain exposure to Mexico and Canada, and are in close contact as they assess potential tariff impacts on their products. As information becomes clearer, we are considering several strategies to mitigate the impact of higher prices.

相對於資本支出和二手設備收益，我們拖拉機的平均使用年限為 2.2 年，為設備購買和銷售提供了靈活性。我們與多家在墨西哥和加拿大擁有不同程度供應鏈接觸的原始設備製造商合作，並與他們保持密切聯繫，以評估關稅對其產品的潛在影響。隨著資訊變得更加清晰，我們正在考慮幾種策略來減輕價格上漲的影響。

This includes delaying new tractor purchases and sales, which is feasible, given our low age fleet, and/or shifting purchases between OEMs to those less impacted by tariffs. In the event that tariffs stick, we expect low single digit percent increases to the cost of equipment and parts, but with favorable offsets, with growing demand and improved resale values of used equipment, which we are seeing now as an early development in April.

這包括推遲新拖拉機的購買和銷售，考慮到我們的車隊年齡較低，這是可行的，和/或將原始設備製造商之間的購買轉移到受關稅影響較小的原始設備製造商。如果關稅持續下去，我們預計設備和零件的成本將出現低個位數百分比的增長，但隨著需求的增長和二手設備轉售價值的提高，將出現有利的抵消效應，我們現在看到的是四月份的早期發展。

Relative to cross-border freight, approximately 10% of total revenues are for cross-border Mexico shipments. This includes both US line haul as well as revenues generated within Mexico. Most of our cross-border business is executed in one-way trucking and logistics. Shipments consist primarily of manufacturing, industrial, and food and beverage products. Even though there may be some short-term impact from tariffs, supply chains that have been expanding in the region will not change overnight.

相較於跨國貨運，約有 10% 的總收入來自跨國墨西哥貨運。這包括美國幹線運輸以及墨西哥境內產生的收入。我們的大部分跨境業務都是透過單程卡車運輸和物流進行的。出貨量主要包括製造業、工業以及食品和飲料產品。儘管關稅可能會產生一些短期影響，但該地區不斷擴張的供應鏈不會在一夜之間改變。

With over 25 years of experience in cross-border operations, we have developed strong partnerships with customers and partner carriers. As one of the largest transportation providers in the US with a strong presence in Mexico, we are firm believers that our expertise in this region is a competitive advantage over the long term, and we plan to continue to operate and grow this business.

憑藉超過 25 年的跨境營運經驗，我們與客戶和合作承運商建立了牢固的合作夥伴關係。作為美國最大的運輸供應商之一，並且在墨西哥擁有強大的影響力，我們堅信我們在該地區的專業知識將是我們長期的競爭優勢，我們計劃繼續運營和發展這項業務。

And lastly, relative to the broader impact on consumer sentiment and spending, through all the noise and challenges of the last few years, the consumer has remained engaged and resilient. We are seeing stable volumes across our discount retail customer base. 62% of our revenues in 2024 from the retail vertical. Our more concentrated exposure to non-discretionary retail from our relationships with discount and large value retailers is a differentiator and is held up well in past economic slowdowns.

最後，相對於對消費者情緒和支出的更廣泛影響，儘管過去幾年經歷了種種噪音和挑戰，但消費者仍然保持參與和韌性。我們看到折扣零售客戶群的銷售量保持穩定。到 2024 年，我們的 62% 收入將來自零售業。我們與折扣和大宗商品零售商建立了合作關係，更加集中地涉足非必需品零售領域，這是我們的差異化優勢，並且在過去的經濟放緩時期表現良好。

As the current difficult environment lingers, we anticipate ongoing capacity attrition. Long haul truckload employment is below the prior peak in 2019, and additional exits could be accelerated, providing a more favorable backdrop for larger carriers like Werner, and we stand at the ready.

由於當前困難環境的持續，我們預計產能將持續減少。長途卡車的就業率低於 2019 年的峰值，並且更多的退出可能會加速，為 Werner 這樣的大型承運商提供更有利的背景，我們已經做好準備。

In summary, while elevated insurance and claims expense and challenging weather negatively impacted our results this quarter, and tariff uncertainty lobes, we continue to execute our long-term strategy while taking near-term decisive action to position Werner for success.

總而言之，儘管保險和索賠費用的增加以及惡劣的天氣對本季度的業績產生了負面影響，並且關稅不確定性也加劇了這一問題，但我們仍將繼續執行我們的長期戰略，同時採取短期果斷行動，以確保沃納取得成功。

Our 13,000 hardworking talented team members are committed to move this company forward. And while our hard work is not yet showing up in the bottom line, we have a clear line of sight to structural improvements that are being made to position this company for stronger earnings power. With that, I'll turn it over to Chris to discuss our first quarter results in more detail.

我們 13,000 名勤奮、才華橫溢的團隊成員致力於推動公司向前發展。儘管我們的努力尚未體現在盈利上，但我們對正在進行的結構性改進有著清晰的認識，這些改進將使公司獲得更強的盈利能力。接下來，我將把話題交給克里斯，讓他更詳細地討論我們的第一季業績。

Thank you, Derek. Let's continue on slide 8. All performance comparisons here are year to year, unless otherwise noted. Adjusted operating loss was $1.8 million and adjusted operating margin was 0.3%. Adjusted EPS of $0.12 cents was down $0.25. As Derek noted, this includes a $0.09 headwind during the quarter from increased insurance costs and another approximately $0.04 due to the impact of adverse weather resulting in lower one-way miles per truck. Elevated technology spend is also contributing year to year, a reflection of further progress in our technology strategy and transformation.

謝謝你，德里克。我們繼續看第 8 張投影片。除非另有說明，此處的所有性能比較都是逐年進行的。調整後的營業虧損為 180 萬美元，調整後的營業利益率為 0.3%。調整後每股收益為 0.12 美分，下降 0.25 美元。正如德里克所指出的，這包括本季度因保險成本增加而產生的 0.09 美元的逆風，以及因惡劣天氣影響導致每輛卡車單程行駛里程減少而產生的約 0.04 美元的逆風。技術支出的增加也逐年增加，這反映了我們的技術策略和轉型取得了進一步的進展。

Turning to slide 9. Truckload transportation services' total revenue for the quarter was $502 million down 9%. Revenues net of fuel surcharges declined 7% to $444 million. TTS adjusted operating income was $2 million. Adjusted operating margin, net of fuel was 0.4%, a decrease of 430 basis points, of which 160 basis points was due to higher insurance and claims referenced earlier. During the quarter, consolidated gains on sale of property and equipment totaled $2.8 million. Net of fuel surcharges, insurance, and gains, TTS operating expenses declined 5%.

翻到第 9 張投影片。卡車運輸服務本季總收入為 5.02 億美元，下降 9%。扣除燃油附加費後的收入下降 7% 至 4.44 億美元。語音合成調整後的營業收入為200萬美元。扣除燃料後的調整後營業利潤率為 0.4%，下降了 430 個基點，其中 160 個基點是由於前面提到的保險和索賠增加所致。本季度，出售物業和設備的綜合收益總計 280 萬美元。扣除燃油附加費、保險費和收益後，TTS 營運費用下降了 5%。

Let's turn to slide 10 to review our fleet metrics. TTS average trucks declined to 7,415 during the quarter. We ended the first quarter with the TTS fleet down 5% year by year, but only down 10 trucks or 0.1% sequentially. TTS revenue per truck per week net of fuel decreased 1.4%, primarily due to lower one-way miles per truck and negatively impacted by adverse weather conditions.

讓我們翻到第 10 張投影片來回顧我們的車隊指標。本季度，TTS 平均卡車數量下降至 7,415 輛。第一季結束時，TTS 車隊數量比去年同期下降了 5%，但環比僅下降了 10 輛卡車，降幅為 0.1%。TTS 每輛卡車每週的燃油淨收入下降了 1.4%，主要原因是每輛卡車的單程里程數減少以及受到惡劣天氣條件的負面影響。

Within TTS for the first quarter, dedicated revenue net of fuel was $279 million down 7%. Dedicated represented 64% of TTS trucking revenues consistent with a year ago. Dedicated average trucks decreased 7.1% year by year, but was only down sequentially by 1.1% to 4,783 trucks. At quarter end, the dedicated fleet was down only 5 trucks or a 0.1% from year-end 2024. This is well above our more seasonal trend that averages a 30 truck reduction during the first quarter.

第一季度，TTS 專用收入扣除燃料後為 2.79 億美元，下降 7%。與去年同期相比，專用卡車運輸收入佔 TTS 卡車運輸收入的 64%。專用卡車平均保有量較去年同期下降7.1%，但季減1.1%至4,783輛。截至本季末，專用車隊僅比 2024 年底減少了 5 輛卡車，降幅為 0.1%。這遠高於我們的季節性趨勢，即第一季平均減少 30 輛卡車。

A quarter end dedicated represented 65% of the TTS fleet. Dedicated revenue per truck per week decreased slightly, down 0.3%, but has increased for 27 of the last 29 quarters and was impacted by one fewer business day versus the prior year quarter. In our one-way business for the first quarter, trucking revenue in net of fuel was $154 million a decrease of 9%.

本季末專用飛機佔 TTS 機隊的 65%。每週每輛卡車的專用收入略有下降，下降了 0.3%，但在過去 29 個季度中，有 27 個季度呈增長趨勢，並且與去年同期相比，工作日減少了一個。在第一季的單程業務中，扣除燃料後的卡車運輸收入為 1.54 億美元，下降了 9%。

Average truck count of 2,632 declined 5.5% year by year and sequentially by 1%. Revenue per truck per week decreased 3.2%, mostly due to 3.5% lower miles per truck per week. Revenue per total mile increased 0.3%, representing the third consecutive quarter of improvement.

平均卡車數量為 2,632 輛，年減 5.5%，季減 1%。每輛卡車每週的收入下降了 3.2%，主要是由於每輛卡車每周行駛里程減少了 3.5%。每英里總收入成長 0.3%，這是連續第三個季度實現成長。

One-way freight conditions were more stable early in the quarter, but weakened in March, as trade policy resulted in a more uncertain and cautious environment. Weaker one-way volumes have lingered in April. Total miles decreased 9% versus prior year with 5.5% fewer average trucks. Increased miles in PoweLlink mitigated some of the decline in one-way truckload miles, ultimately resulting in combined miles that were down just under 6%.

本季初單程貨運狀況較穩定，但由於貿易政策導致環境更加不確定和謹慎，3 月貨運狀況減弱。四月單向運輸量持續走低。總里程比前一年下降了 9%，平均卡車數量減少了 5.5%。PoweLlink 里程的增加緩解了單程卡車里程的下降，最終導致總里程下降近 6%。

Now turning to logistics on slide 11. In the first quarter, logistics revenue was $196 million, representing 27% of total first quarter revenues. Revenues were down 3% year by year and 8% sequentially. Revenue and truckload logistics declined 5%, and shipments decreased 4%, a narrowing year to year trend compared to the past several quarters.

現在轉到投影片 11 上的物流。第一季度，物流收入為1.96億美元，佔第一季總營收的27%。營收年減3%，季減8%。收入和卡車物流下降了 5%，出貨量下降了 4%，與過去幾季相比，年比趨勢有所縮小。

Intermodal revenues, which make up approximately 14% of logistics revenue, increased 14% year by year, due to 16% more shipments, partially offset by a 1% decrease in revenue per shipment. Final mile revenues decreased 12% year by year and 11% sequentially. Logistics adjusted operating margin of 0.3% improved 90 basis points year to year, driven by double digit percent OpEx improvement.

多式聯運收入約佔物流收入的 14%，由於貨運量增加 16%，收入年增 14%，但每批貨運收入減少 1% 部分抵銷了這一增長。最後一哩收入年減12%，季減11%。物流調整後的營業利潤率為 0.3%，年增 90 個基點，得益於兩位數的營運支出百分比改善。

Moving to slide 12 in our cost savings program. As macro uncertainty remains, as we have less control over weather disruptions, and as litigation and nuclear verdicts remain an industry challenge, we are committed to controlling what we can to expand margins and earnings. As Derek mentioned, two years ago, we set out to achieve a more cost efficient operating model, identifying and executing our $100 million in savings, helping to partially offset softness and rate and volume, as well as select inflationary factors.

前往我們的成本節約計畫的第 12 張投影片。由於宏觀不確定性依然存在，我們對天氣幹擾的控制力較弱，而且訴訟和核裁決仍然是行業挑戰，我們致力於控制一切可以控制的因素，以擴大利潤率和收益。正如德里克所提到的，兩年前，我們著手實現更具成本效益的營運模式，確定並執行 1 億美元的節約，幫助部分抵消疲軟、利率和數量，以及選擇性通膨因素。

As we entered 2025, we announced an additional $25 million cost savings program. Today, we are increasing our 2025 cost savings target to $40 million. In the first quarter, we achieved $8 million in savings towards that goal. We are underway with more aggressive restructuring efforts to drive out additional cost.

進入 2025 年，我們宣布了一項額外的 2500 萬美元成本節約計劃。今天，我們將 2025 年的成本節約目標提高到 4,000 萬美元。在第一季度，我們為實現這一目標節省了 800 萬美元。我們正在進行更積極的重組努力以消除額外成本。

These savings are aimed at more accelerated pace of realizing synergies from our technology investments, further optimizing headcount, and pursuing savings in procurement spend, facilities, and real estate, all without sacrificing our readiness and ability to grow as the backdrop improves. The next phase of structural changes should result in enhanced operating leverage as demand returns.

這些節省旨在更快地實現我們技術投資的協同效應，進一步優化員工人數，並節省採購支出、設施和房地產方面的開支，同時不會犧牲我們在環境改善時的成長準備和能力。隨著需求的回升，下一階段的結構性變化應該會提高經營槓桿。

Let's review our cash flow and liquidity on slide 13. Operating cash flow was $29 million for the quarter or 4% of total revenue. As expected, net CapEx continues to trend down, yet we maintain a modern fleet and continue to reinvest strategically. First quarter net CapEx was a cash flow positive $8 million as we sold more used equipment than we purchased. Free cash flow was $37 million or 5% of total revenues. Total liquidity at quarter end was $777 million, up nearly 70% from year-end and including $52 million of cash on hand.

讓我們回顧一下第 13 張投影片上的現金流量和流動性。本季經營現金流為 2,900 萬美元，佔總收入的 4%。正如預期的那樣，淨資本支出繼續呈下降趨勢，但我們仍保持著現代化的船隊並繼續進行策略性再投資。第一季淨資本支出為正現金流 800 萬美元，因為我們銷售的二手設備多於購買的設備。自由現金流為 3,700 萬美元，佔總收入的 5%。季末總流動資金為 7.77 億美元，較年底成長近 70%，其中包括 5,200 萬美元的現金。

During the quarter, we closed on a new $300 million committed receivable securitization facility. This facility is priced at a rate below our revolving credit facility and will result in interest expense savings going forward. At quarter end, we had $679 million of availability on a revolver and $46 million on the receivables facility.

本季度，我們完成了一筆新的 3 億美元承諾應收帳款證券化融資。該貸款的利率低於我們的循環信貸額度，並將節省未來的利息支出。截至本季末，我們有 6.79 億美元的循環信貸可用資金和 4,600 萬美元的應收帳款可用資金。

Moving to slide 14. We ended the quarter with $640 million of debt, down $10 million sequentially. Our net debt to EBITDA as of March 31 was 1.7 times. We have a strong balance sheet, access to capital, relatively low leverage and no near-term maturities in our debt structure.

移至投影片 14。本季末我們的債務為 6.4 億美元，比上一季減少了 1,000 萬美元。截至 3 月 31 日，我們的淨債務與 EBITDA 比率為 1.7 倍。我們的資產負債表強勁，資本充足，槓桿率相對較低，而且債務結構中沒有短期到期債務。

Let's turn to slide 15. While CapEx in the quarter was light, strategic reinvestment in the business is a top priority. Our track record shows consistency in reinvesting in the business, maintaining a low mile modern fleet and extending our solutions and capabilities. Over the long-term, we will remain balanced, including returning capital to shareholders, maintaining appropriate leverage and being disciplined and opportunistic with share repurchase and M&A. We have 3.9 million shares remaining under our Board-approved share repurchase authorization.

讓我們翻到第 15 張投影片。雖然本季的資本支出較少，但業務的策略性再投資是重中之重。我們的業績記錄表明，我們始終如一地對業務進行再投資，維持低里程的現代化車隊，並擴展我們的解決方案和能力。從長遠來看，我們將保持平衡，包括向股東返還資本、維持適當的槓桿率以及在股票回購和併購方面保持紀律和把握機會。我們的董事會批准的股票回購授權還剩下 390 萬股。

Let's review our guidance for the year on slide 16. We are maintaining our full year fleet guidance of up 1% to 5%. Fleet growth this year is expected to be driven more by dedicated versus one-way. The TTS fleet overall is nearly flat year-to-date, but we have visibility to dedicated wins implementing late in second quarter and early third quarter with some added start-up costs along the way.

讓我們回顧一下第 16 張投影片上的年度指引。我們維持全年船隊成長 1% 至 5% 的預期。預計今年的機隊成長將更多地受到專線航班而非單程航班的推動。今年迄今為止，TTS 車隊總體上基本持平，但我們可以看到，在第二季末和第三季初實施了專門的勝利，在此過程中增加了一些啟動成本。

Growth in our one-way fleet is more uncertain given the combination of downside risk from West Coast volumes and upside with increased driver recruitment. Our full year net CapEx guidance range is between $185 million and $235 million, lower than historical ranges as our portfolio evolves to be more asset-light.

由於西海岸貨運量下降的風險以及司機招募增加帶來的上行風險，我們的單程車隊的成長更加不確定。我們的全年淨資本支出指引範圍在 1.85 億美元至 2.35 億美元之間，低於歷史範圍，因為我們的投資組合變得更加輕資產。

Year-to-date net CapEx is net cash flow positive. We will have more normalized net spend in the second quarter. While we are not changing the full year guidance range at this point, tariffs on OEM purchases will have an impact on our purchase decisions for the rest of the year. We have some ability to pull back on CapEx spend later in the year, if appropriate, although we could also accelerate CapEx if presented with attractive OEM price concessions in the near-term.

年初至今的淨資本支出為淨現金流為正。我們第二季的淨支出將更加正常化。雖然我們目前不會改變全年指導範圍，但 OEM 採購的關稅將對我們今年剩餘時間的採購決策產生影響。如果合適的話，我們有能力在今年稍後削減資本支出，但如果近期有有吸引力的 OEM 價格優惠，我們也可以加快資本支出。

Dedicated revenue per truck per week decreased 0.3% year-over-year, but is expected to remain within our full year guidance range of 0% to 3%. One-way truckload revenue per total mile increased 0.3% despite elevated deadhead of more than 100 basis points, offsetting $0.02 of rate per mile year-over-year benefit. Network inefficiencies occurred due to higher freight volatility than usual caused by tariff-related uncertainty.

每週每輛卡車的專用收入年減 0.3%，但預計將保持在我們全年指導範圍內 0% 至 3%。儘管空載率上升了 100 多個基點，但每英里單程貨車收入仍增加了 0.3%，抵消了同比每英里 0.02 美元的費率收益。由於與關稅相關的不確定性導致貨運波動性高於平常，從而導致網路效率低下。

We are updating our rate per total mile guide to flat to up 3% in the second quarter compared to the prior year period. Our effective tax rate was 23.7% in the first quarter. Our 2025 guidance range between 25% and 26% is unchanged. We are maintaining the full year guide and expect elevated effective tax rate in future quarters. The average age of our truck and trailer fleet at the end of the first quarter was 2.2 and 5.4 years, respectively.

我們將第二季的每英里總費率指南更新為與去年同期相比持平或上漲 3%。我們第一季的有效稅率為23.7%。我們對 2025 年 25% 至 26% 之間的指導範圍保持不變。我們維持全年指引，並預計未來幾季的有效稅率將會上升。第一季末，我們的卡車和拖車車隊的平均車齡分別為 2.2 年和 5.4 年。

Regarding several modeling assumptions, equipment gains were $2.8 million in the first quarter, which was consistent with our expectations. We are maintaining our expectation for full year equipment gains in the range of $8 million to $18 million. Recently, for April, we are seeing select equipment values and gains that are at two year highs as a result of tariff uncertainty. While positive, it's too early to predict any lasting impact on the rest of the year. We expect net interest expense this year will be flat to down year-over-year, absent any outsized capital allocation, but higher in first half than lower in second half.

關於幾個建模假設，第一季的設備收益為 280 萬美元，這與我們的預期一致。我們維持全年設備收益在 800 萬美元至 1800 萬美元之間的預期。最近，在四月份，由於關稅的不確定性，我們看到部分設備的價值和收益達到了兩年來的最高水準。儘管這是積極的，但現在預測其對今年剩餘時間會產生什麼持久影響還為時過早。我們預計，如果沒有超大規模的資本配置，今年的淨利息支出將與去年同期持平或下降，但上半年的淨利息支出將高於下半年的淨利息支出。

With that, I'll turn it back to Derek.

說完這些，我就把它交還給德瑞克。

Thank you, Chris. Tariff impact remains fluid and adverse insurance settlements continue to pressure results. Disruptive weather was a headwind during the quarter. Technology spend is elevated and used equipment values remained low versus prior years, but are improving more recently. In parallel to these trends, we've been making structural improvements and strategic investments to bolster long-term growth and profitability for Werner.

謝謝你，克里斯。關稅影響仍不確定，不利的保險賠償繼續對業績造成壓力。惡劣天氣是本季的一大不利因素。技術支出增加，二手設備價值與前幾年相比仍然較低，但最近有所改善。與這些趨勢同步，我們一直在進行結構改進和策略性投資，以促進 Werner 的長期成長和獲利能力。

While we wait for demand to normalize, we are aggressively managing costs. What remains constant during these uncertain times is our competitive advantage. We are a large-scale, award-winning, reliable partner with diverse and agile solutions to support customers' transportation and logistics needs. We have a modern fleet and continue to invest in our equipment, leading to safety, DOT, preventable accidents per million miles near 20-year lows over the last two years.

在等待需求正常化的同時，我們正在積極管理成本。在這些不確定的時期，始終不變的是我們的競爭優勢。我們是一家規模龐大、屢獲殊榮、值得信賴的合作夥伴，擁有多樣化、靈活的解決方案來支援客戶的運輸和物流需求。我們擁有一支現代化的車隊，並持續投資於我們的設備，導致過去兩年來安全、交通部和每百萬英里可預防事故的發生率接近 20 年來的最低水平。

We've been making considerable operational improvements in building a leaner but more powerful organization. We're a cycle-tested team and our historical results demonstrate our ability to generate earnings power as the market improves.

我們在建立更精簡但更強大的組織方面做出了顯著的營運改善。我們是一支經過週期考驗的團隊，我們的歷史表現證明了我們有能力隨著市場好轉而創造獲利能力。

With that, let's open it up for questions.

好了，讓我們開始提問吧。

(Operator Instructions)

（操作員指示）

Jason Seidl, TD Cowen.

傑森·塞德爾（Jason Seidl），TD Cowen。

Thank you, operator Derek and team, afternoon here. Could you walk us through sort of dedicated margins and how you view them versus OTR and sort of what we should think about the most recent dedicated wins in terms of long-term impacts to the margins in that division?

謝謝接線生 Derek 和團隊，下午好。您能否向我們介紹一下專用利潤率，以及您如何看待它們與 OTR 的比較，以及我們應該如何看待最近的專用勝利對該部門利潤率的長期影響？

Sure, Jason. I'll start. So I guess I'll start by maybe attacking one of the misnomers that we constantly hear about, which is dedicated being some sort of a drag as this market progresses further from here. We've studied this pretty closely. And if you look back over the last 10 years, about 8 out of 10 years, dedicated does outperforms our one-way margins.

當然，傑森。我先開始。因此，我想我首先要駁斥一個我們經常聽到的誤稱，即專用性將成為市場進一步發展的某種阻礙。我們對此進行了非常仔細的研究。如果你回顧過去 10 年，你會發現大約有 8 年的時間，專用利潤率確實超過了我們的單向利潤率。

We don't disclose margins individually for a variety of reasons, but I can tell you that it stands up very well in both good markets and in bad. As it relates to recent wins, clearly, it's a competitive environment right now. And so those wins are operating margin -- they are contributing to operating margin. Those are not implemented yet. Those will improve the health of the overall network.

由於各種原因，我們不會單獨披露利潤率，但我可以告訴你，無論在好市場還是壞市場，它都表現得非常好。就最近的勝利而言，顯然現在是一個競爭激烈的環境。因此，這些勝利就是營業利益率──它們對營業利潤率有所貢獻。這些尚未實施。這些將改善整個網路的健康狀況。

Those are implementing in Q2 and currently scheduled to be completely launched or at least started in Q2, but some are late enough that we felt it prudent to indicate there could be some drift into early Q3. The pipeline in dedicated is particularly strong at the moment. So that is exciting. The win rate will continue to be pressured based on the competitive environment we're in, but we like the momentum. The trucks closed year-to-date exceeded sort of new business truck closes through 2024 for the entirety of the year.

這些措施將在第二季實施，目前計劃在第二季全面啟動或至少開始實施，但有些措施已經比較晚，我們認為有必要指出，這些措施可能會在第三季初有所偏差。目前專用管道特別強大。這很令人興奮。根據我們所處的競爭環境，勝率將繼續面臨壓力，但我們喜歡這種勢頭。今年迄今關閉的卡車數量超過了到 2024 年全年新業務卡車關閉的數量。

And that trend has continued in conversations with customers as we advance in the year. So overall, from a positioning perspective, I like where we're sitting there. I like the ads in that part of the network, and I think it positions us well as we build from here.

隨著時間的推移，這種趨勢在與客戶的對話中一直延續。所以總的來說，從定位的角度來看，我喜歡我們現在的位置。我喜歡網路這一部分的廣告，我認為它為我們從這裡開始建立提供了良好的定位。

Sorry, Jason, I think you were also asking just about the TTS OI and some color on the operating margins.

抱歉，傑森，我想你問的也是有關 TTS OI 和營業利潤率的一些資訊。

Yeah.

是的。

So we've talked about in the past of getting back to long-term double-digit margins. 2015 to 2022, six of those eight years, we are in the double-digit margin territory. 2023 was high single-digits. So we have not changed our view in terms of double-digit OI margins being our long-term target. Obviously, we're a ways off from that.

因此，我們過去曾討論過恢復長期兩位數的利潤率。 2015 年至 2022 年，也就是這八年中的六年，我們的利潤率都達到了兩位數。 2023 年為高個位數。因此，我們並沒有改變以兩位數的 OI 利潤率為長期目標的觀點。顯然，我們距離這個目標還有很長的路要走。

We've had multiple years being impacted of the decline in the one-way rate per mile, softer dedicated demand, softer used equipment values and some inflationary pressures. And those continue to be the levers, that we're focused on and that will get us back to more of that long-term range. With each of those levers, we're seeing improvement now in all areas, albeit slow. If you -- we just roll back to first half of last year in those areas, one-way rate, dedicated demand, equipment market, those were working against us. It was then in the third quarter of last year that we saw for the first time in seven quarters, favorable year-over-year improvement in the one-way rate.

多年來，我們一直受到每英里單程費率下降、專用需求疲軟、二手設備價值疲軟以及一些通膨壓力的影響。這些仍然是我們關注的焦點，並將使我們回到更長期的範圍。透過每一個槓桿，我們現在看到各個領域都在進步，儘管速度很慢。如果你 - 我們只是回顧去年上半年的這些領域，單向率、專用需求、設備市場，這些都對我們不利。去年第三季度，我們首次看到單向匯率在七個季度中較去年同期出現良好改善。

Now we're seeing this momentum that Derek just mentioned in dedicated, also recently seeing some improvement in equipment gains. So we're still focused on the long-term, still focused on those being the levers that will get us there and starting to see some gradual improvement.

現在我們看到了德里克剛才提到的這種勢頭，最近也看到設備收益有所改善。因此，我們仍然著眼於長遠目標，仍然著眼於那些能夠讓我們實現目標並開始看到逐步改善的槓桿。

And so my follow-up, guys, I know you're not -- you don't disclose the actual margins. But if we look at 1Q, would you say the margin discrepancy between dedicated and one-way expanded?

因此，我的後續問題是，夥計們，我知道你們沒有——你們沒有透露實際利潤。但是如果我們看一下第一季度，您是否認為專用和單向之間的利潤差異會擴大？

I would say the -- yes, that's fair to say, and it's because of the duress of the one-way portion of the portfolio. one-way has been the most competitive section of the portfolio. It remains so today. And so when you think about performance across the quarter, one-way certainly was a drag on the quarter. Dedicated has had pressure, but still is outperforming by a larger mark today than it would have been even in some recent quarters.

我想說的是——是的，可以這麼說，這是因為投資組合的單向部分的壓力。單行道一直是投資組合中最具競爭力的部分。時至今日，情況依然如此。因此，當您考慮整個季度的表現時，單向肯定會拖累該季度的表現。專用業務面臨壓力，但目前的表現仍比最近幾季有更大的提升。

All of -- both of those groups, obviously, are impacted by some of the comments we've made through the prepared remarks relative to weather in particular. And then obviously, the insurance and claims is an outlier that we hope to put in the rearview mirror as we go forward.

所有這些群體顯然都受到了我們在準備好的發言中就天氣問題所做的一些評論的影響。顯然，保險和索賠是一個異常值，我們希望在前進的過程中將其置於後視鏡中。

Understood. I really appreciate all that color.

明白了。我真的很欣賞這些顏色。

Thank you, Jason.

謝謝你，傑森。

Ari Rosa, Citigroup.

花旗集團的阿里·羅莎 (Ari Rosa)。

So I wanted to understand, Derek, just kind of continuing on that point about putting the insurance issue in the rearview mirror. It seems like there's really not anything structurally changing. What causes that to change? Or what causes that insurance concern to mitigate outside of legislation kind of resolving that and kind of taking away this prospect of nuclear verdicts?

所以我想了解一下，德里克，只是繼續討論關於把保險問題放在後視鏡裡這一點。看起來好像真的沒有任何結構上的改變。是什麼原因導致這種變化的？或者是什麼原因導致保險問題在立法之外得到緩解，從而解決這個問題並消除核裁決的可能性？

Yes, I'll start, and then I'll have Chris fill in some detail that we think is pertinent. So biggest of big pictures, you're right. We need tort reform and we need state-by-state legislation to continue to make its way through, so that there can be a fair and appropriate playing field in the case of litigation. We've seen that recently in Georgia. There are several other states that are working on it as we speak. We're going to continue to stay active in that space.

是的，我先開始，然後我會讓克里斯填寫一些我們認為相關的細節。所以，最大的圖片，你是對的。我們需要侵權法改革，我們需要各州繼續推動立法，以便在訴訟案件中能夠有一個公平和適當的競爭環境。我們最近在喬治亞州就看到了這種情況。目前，還有其他幾個州正在努力實現這一目標。我們將繼續在該領域保持活躍。

And we -- and it really is both the sort of nuclear verdict and outsized settlement side when you're trying to avoid said nuclear verdict. This particular quarter was marred by a case that is a great example of what can go wrong, will sometimes. We're talking about a case with video evidence, body camera footage of a claimant clearly stating that they were not injured, that they did not need medical attention, a case that was a low-impact accident by all accounts, where actual checks of the equipment was going on to see where the damage was.

而我們——當你試圖避免上述核判決時，這其實既是核判決，也是超額和解。本季度發生的一起案件很好地說明了有時會出現什麼問題。我們正在討論一個有視頻證據的案件，原告的隨身攝影機鏡頭清楚地表明他們沒有受傷，不需要醫療救助，從各方面來看這都是一起低影響事故，正在對設備進行實際檢查，以查看損壞的位置。

But the change of Judge in Q1 and a series of adverse verdicts within that court case led us to an outcome where that injury became a multimillion dollar jury decision. I'd like to believe that we're -- we can get past those days and not see these sort of rainy day moments. But clearly, insurance is an outsized on a per unit basis, per accident basis, it's a headwind just given what's happened with the ongoing trend in that direction with outsized verdicts.

但 Q1 中法官的更換以及該案件的一系列不利判決導致該傷害成為陪審團裁決的數百萬美元的結果。我願意相信，我們可以度過那些日子，不再遇到這些糟糕的時刻。但顯然，以單位計算、以事故計算，保險金額過高，考慮到判決金額過高的趨勢，這是一個阻力。

We're going to continue to focus most importantly on the core issue, which is lowering our preventable accident rate, lowering our total incident rate and working to develop better and better drivers as well as advent of technology, but that will only get you so far. So I can't promise or guarantee or predict the future. What I can tell you is that we do believe we're taking the right steps and preparing our drivers to be the best they can be on the road, but these outcomes are both unexpected and unsavory.

我們將繼續把重點放在核心問題上，即降低可預防事故率、降低總事故率、努力培養更好的駕駛員以及推動技術進步，但這只能起到有限的作用。所以我無法承諾、保證或預測未來。我可以告訴你的是，我們確實相信我們正在採取正確的措施，並讓我們的司機在路上做好表現最好的準備，但這些結果既出乎意料又令人不快。

And Ari, maybe just to give you a bit more color and perspective. It was $44 million for the quarter north of our eight quarter average, obviously, two consecutive quarters of being above $40 million, not our expectation, although we would still look at Q4 and Q1 as being outliers just for different reasons.

阿里，也許只是為了給你更多的色彩和視角。本季的銷售額為 4,400 萬美元，高於我們八個季度的平均水平，顯然，連續兩個季度都超過 4000 萬美元，這不是我們的預期，儘管出於不同的原因，我們仍然將第四季度和第一季視為異常值。

Fourth quarter was a year-end reserve remeasurement, Q1 having this isolated verdict with some unique circumstances that Derek just walked through. So I would still point to the quarter average, whether you want to look at the last 8 quarters or the last 12 quarters, either way, it continues to be in a range of about $35 million to $36 million, reflective of a cost per claim issue, not a frequency of claim issue.

第四季是年末儲備重新計量，第一季得出這一孤立結論，這是由於德里克剛剛經歷的一些特殊情況。因此，我仍然會指出季度平均值，無論您是想看過去 8 個季度還是過去 12 個季度，它仍然在 3500 萬美元到 3600 萬美元左右的範圍內，這反映了每次索賠的成本，而不是索賠的頻率。

We continue to be pleased with our DOT preventable accident per million miles, which over the last to years was at a 20-year low and really don't feel like that has yet to reflect in the trend of that particular line item.

我們繼續對每百萬英里的 DOT 可預防事故率感到滿意，該數字在過去幾年中處於 20 年來的最低水平，並且真的不覺得這已經反映在該特定項目的趨勢中。

Okay. Understood. That's helpful. And then just for my follow-up, it seems like every call, we're talking about the kind of supply-demand issue, the overcapacity problem. You mentioned that driver counts have come down. But maybe you could just give your perspective on kind of where the market is, what gets it to finally correct?

好的。明白了。這很有幫助。然後，就我的後續問題而言，似乎每次通話，我們都在談論供需問題、產能過剩問題。您提到司機數量已經下降。但也許您可以談談您對市場現狀的看法，是什麼讓它最終得到糾正？

Could this be kind of the catalyst that maybe gets the market to finally correct and get some of this excess capacity out? Or do you really see it as more of a demand issue or kind of have we transitioned from an issue of oversupply to an issue of kind of insufficient demand with the tariffs?

這是否會成為一種催化劑，促使市場最終調整並消除部分過剩產能？或者您真的認為這更多的是一個需求問題，或者我們已經從供應過剩的問題轉變為關稅導致的需求不足的問題？

Yeah, Ari, I think it's a great question. Let me back up and just start by saying, as we entered the year, we obviously had some optimism relative to where the market was going. We saw that optimism starting to play out in January leading to February and into March. January and February were muted. So the demand was there, but the weather was not in our favor.

是的，阿里，我認為這是一個很好的問題。讓我先回顧一下，首先要說的是，當我們進入新的一年時，我們顯然對市場的走向抱持樂觀的態度。我們看到這種樂觀情緒從一月開始蔓延，一直持續到二月和三月。一月和二月表現平淡。所以需求是存在的，但天氣對我們不利。

And our -- and I would remind everyone that although we're a national carrier, our footprint is very heavy Midwest, South, Southeast and the storm systems that we endured through the quarter were predominantly in those areas. As we got into March, we saw something different, which was although demand indicators -- forward-looking indicators were strong, the tariff uncertainty and some of the network disruptions that came with that became more pronounced.

我想提醒大家，雖然我們是一家全國性航空公司，但我們的業務範圍非常廣泛，主要集中在中西部、南部和東南部，我們在本季經歷的風暴系統主要發生在這些地區。進入三月份，我們看到了一些不同的東西，儘管需求指標——前瞻性指標——很強勁，但關稅的不確定性以及隨之而來的一些網路中斷變得更加明顯。

And so it was less about total demand, but more about the significant network disruptions that come with people holding freight for a day or two, then shipping larger than normal quantities and the inverse of that, people rushing to get freight across the border before a potential tariff impact. Our exposure, both West Coast as well as the Mexico border, both are about 10% each. And so that impact was felt in our network.

因此，問題並不在於總需求，而在於嚴重的網路中斷，這種中斷是由於人們將貨物扣留一兩天，然後運送的數量超過正常水平，而相反，人們急於在潛在的關稅影響之前將貨物運過邊境。我們的曝光率，無論是西海岸或墨西哥邊境，都是各約 10%。因此我們的網路感受到了這種影響。

It was more disruptive on the North-South moves because you can make more shorter-term decisions than they were. But as we look forward now, I do believe this is a catalyst relative to washing some folks out more aggressively that are unable to compete at these levels. That could and should lead to a more rapid cleansing of the capacity rolls. BLS employment data is already now below 2019 levels, pre-COVID levels, if you will. And so there's a lot of trends that look good there.

這對南北行動造成了更大的破壞，因為你可以做出比他們更多的短期決策。但我們現在展望未來，我確實相信這是一個催化劑，可以更積極地淘汰一些無法在這些層面上競爭的人。這可以並且應該導致容量卷的更快速的清理。如果你願意的話，BLS 就業數據現在已經低於 2019 年的水平，也就是新冠疫情之前的水平。因此那裡有很多看起來不錯的趨勢。

We do have to caution and not -- we can't own the macro. And with the issues going on with that same economic uncertainty, there's certainly some concerns and a lot of contingency planning on our part relative to kind of a bull base and bear case relative to demand. The last thing I would add to all of the above is this sort of air pocket that's been largely talked about over the last several days, whereby we all know there is a significant reduction of inbound freight headed to the West Coast and really East Coast as well from ports in Asia.

我們確實必須謹慎，我們不能擁有宏。由於同樣的經濟不確定性問題不斷出現，我們肯定會對需求的牛市基礎和熊市情況有一些擔憂，並且會制定很多應急計劃。最後我要補充的是，過去幾天人們廣泛討論的這種氣穴現象，我們都知道，從亞洲港口開往西海岸和東海岸的入境貨運量大幅減少。

That air pocket will have to be filled to some extent. And I think it's only a matter of monitoring and staying close to consumer sentiment and consumer confidence overall to know how much of that pocket gets filled on the backside. Inventory levels are in good shape or even in certain cases, in our network in conversations with customers on the leaner end of where they'd like to be. So that freight has to get made up for at some point or resourced from elsewhere.

這個氣穴必須被填滿到一定程度。我認為，只要監控並密切注意消費者情緒和消費者信心，就能知道有多少收入真正流入了消費者的口袋。庫存水準處於良好狀態，即使在某些情況下，在我們的網路中與客戶交談時，他們也希望庫存處於較精簡的狀態。因此，必須在某個時間點彌補運費或從其他地方獲取資源。

All of those are catalysts where we think the large-scale network capabilities that we have can be brought to bear in ways that are more interesting than sort of the aggregate of a bunch of small carriers that might be competing in certain lanes. So we will prepare for that. We'll be ready to respond regardless of which direction that demand side of the equation goes. But yes, I think capacity and that attrition can only accelerate from here based on the backdrop.

我們認為，所有這些都是催化劑，我們所擁有的大規模網路能力可以以比一堆可能在某些航線上競爭的小型運營商的集合更有趣的方式發揮作用。所以我們會為此做好準備。無論需求方朝哪個方向發展，我們都將做好應對準備。但是的，我認為從現在的背景來看，產能和人員流失只會加速。

Got it. Okay, that's very helpful, context. Thanks for the time, Derek and Chris.

知道了。好的，這非常有幫助，背景資訊。感謝德里克和克里斯抽出時間。

Thank you.

謝謝。

Scott Group, Wolfe Research.

斯科特集團、沃爾夫研究公司。

So Derek, with respect to that sort of import cliff you just sort of talked about, is there any way to sort of frame like what percentage of your volume at some point originates overseas? I'm guessing like the direct port stuff is easy, but some of the more inland stuff that maybe starts overseas is harder. But if you have any sort of ballpark, I think that would be helpful.

那麼，德里克，關於您剛才談到的進口懸崖，有沒有什麼方法可以確定在某個時間點您的進口量中有多少比例來自海外？我猜想直接港口的事情很容易，但一些可能從海外開始的內陸事情會比較難。但如果你有任何大概的了解，我想那將會很有幫助。

And just -- and given that sort of volume air pocket you're talking about, like what's realistic in terms of improving in margin in Q2? Can we get back to profitability? I don't know, any thoughts?

而且——考慮到您所說的這種數量空洞，第二季度利潤率的提高現實情況是怎樣的？我們能恢復獲利嗎？我不知道，有什麼想法嗎？

Yeah, Scott, this is Chris. I'll start on maybe both of those topics. First, on the West Coast import exposure, it's roughly about 10% of our one-way volume is exposed to the West Coast. That has been steady as of late with some of our large customers. But obviously, it's something we're very focused on and could be impactful broadly for North America freight. So -- but right now, that continues to be steady and our exposure there is somewhat limited.

是的，斯科特，這是克里斯。我可能會從這兩個主題開始討論。首先，就西海岸的進口量而言，我們單向進口量的大約 10% 流向西海岸。近期，我們與一些大客戶的關係一直很穩定。但顯然，這是我們非常關注的事情，並且可能對北美貨運產生廣泛影響。所以 — — 但目前，這種情況仍然保持穩定，而且我們在那裡的曝光度有些有限。

In terms of your other question on just I think you were asking how to think about second quarter. Maybe from a revenue perspective, on the one-way side, more uncertainty there for topics that we're discussing here. On a rate per total mile basis, that could be up or down on a sequential basis based on the year-over-year 0% to 3% guide for the second quarter. However, we do have optimism with the dedicated fleet growth that we've talked about, the wins there, also optimism broadly in Logistics quarter-over-quarter and seeing some favorable trends into the second quarter.

關於您的另一個問題，我認為您問的是怎麼看待第二季。也許從收入的角度來看，單向方面，我們在此討論的主題存在更多不確定性。以每英里總費率計算，根據第二季度同比 0% 至 3% 的指導，該費率可能會連續上升或下降。然而，我們確實對我們所談論的專用船隊增長、那裡的勝利持樂觀態度，並且對物流季度環比增長持樂觀態度，並看到第二季度的一些有利趨勢。

We have a solid line of sight on awards in PowerLink and intermodal and both those businesses just continuing to have momentum and strength. But also in the truckload brokerage, which has had periods of being soft, last year and also in January, February, but where we came out of the quarter, truckload brokerage is seeing some positive momentum. We have had a high point in March of certain award counts and volume. April also appears to be strong. There's also some Q2 pop-up in food and beverage within the truckload brokerage space.

我們對 PowerLink 和多式聯運領域的獎項有著堅定的關注，這兩項業務都將繼續保持發展勢頭和實力。但在卡車經紀業務方面，去年以及今年 1 月和 2 月也經歷了一段疲軟時期，但在本季結束時，卡車經紀業務出現了一些積極的勢頭。三月份，我們的獎項數量和數量都達到了最高點。四月份的表現似乎也很強勁。在卡車經紀領域中，食品和飲料產業在第二季也出現了一些成長。

So some puts and takes there from a revenue perspective. And then from an OpEx perspective, we will have some dedicated start-up costs with implementing some of those fleet wins in the second quarter and early third quarter. Of course, insurance is an area that has some volatility. But we're seeing momentum in gains on the equipment values. We also expect to have an accelerated pace of cost reductions in the quarter and some decelerated IT spend in second quarter relative to the first quarter.

因此從收入角度來看，存在一些投入和產出。然後從營運支出的角度來看，我們將有一些專門的啟動成本，以在第二季和第三季初實現部分機隊勝利。當然，保險是一個具有一定波動性的領域。但我們看到設備價值正在上漲的勢頭。我們也預期本季成本削減步伐將加快，第二季的 IT 支出相對於第一季將有所減少。

Yes, Scott, the only thing I would add is to the question about direct versus indirect, it is difficult, as you stated. We know that if you look across our book of business, our large retail customers and discount retailers, in particular, have anywhere from, call it, a 10% to 30% exposure rate to China, but that does not include some of the secondary exposures they may have from vendors that they buy from who are ultimately sourcing either pieces or parts or the actual finished goods from China as well.

是的，斯科特，我唯一想補充的是，關於直接與間接的問題，正如你所說，這很難。我們知道，如果你看一下我們的業務，你會發現我們的大型零售客戶，尤其是折扣零售商，對中國的敞口率高達 10% 到 30%，但這還不包括他們可能從供應商那裡獲得的一些二次敞口，這些供應商最終也從中國採購零件、部件或實際成品。

The positive side of that is that air pocket becomes more relevant for them when they've got -- once we get through this and their need to restock and reload. And the other thing that I would remind everybody is within that spectrum or that basket of goods, we are heavily exposed in the nondiscretionary low-cost end of the spectrum where not reloading isn't really an option. They have to have those goods on the shelf and have committed with confidence that, that is their go-forward plan.

積極的一面是，一旦我們度過難關，他們就需要補充庫存和重新裝載，這時氣穴對他們來說就變得更加重要了。另外我想提醒大家的是，在這個範圍或一籃子商品中，我們大量處於非自由支配的低成本範圍內，在這種情況下不重新加載並不是一個真正的選擇。他們必須將這些商品擺上貨架，並滿懷信心地承諾，這是他們的前進計劃。

So positioning as well as we can, trying to be as close to the breaking news, which is difficult at times. But I still believe maybe with more conviction now than even previously, that, for instance, our Mexico exposure is a net positive over time. Yes, it's going to have interruptions and hurdles to get over in the short term, but that is an ongoing reshoring, nearshoring kind of opportunity that customers are leaning into. I recently completed a trip down there and heard loud and clear that they're not blinking on their plans.

因此，我們盡力定位，試圖盡可能接近突發新聞，但有時這很困難。但我現在可能比以前更堅信，例如，我們在墨西哥的投資隨著時間的推移將產生淨收益。是的，短期內肯定會有一些幹擾和障礙需要克服，但這是一個客戶正在傾向的持續回流、近岸外包機會。我最近去了那裡，清楚地聽到他們毫不猶豫地實施了他們的計劃。

Okay. And then maybe just, Derek, bigger picture, our model can go -- goes back to like the early '90s. I don't think you've ever had an operating loss before. And I'm just trying -- I understand that, obviously, the environment is challenging.

好的。然後也許只是，德里克，從更大的角度來看，我們的模型可以回到 90 年代初期。我認為您之前從未經歷過經營虧損。我只是在嘗試──我明白，顯然，環境充滿挑戰。

I mean maybe one thing that felt a little different this cycle. You did more M&A. How are those acquisitions performing? And I don't know, I mean, to get out of this sort of hole, like are there more drastic changes that we need to be making in order to get back to the margins we want to get? Or is it just sort of waiting for a better cycle?

我的意思是，也許在這個週期裡有一件事感覺有點不同。您進行了更多的併購。這些收購表現如何？我不知道，我的意思是，為了擺脫這種困境，我們是否需要做出更劇烈的改變才能回到我們想要的利潤率？還是只是在等待更好的循環？

No, Scott, I think your question is well stated. Yes, several things, right? So yes, we had M&A take place at a time we're immediately preceding one of the largest freight recessions that we've seen. So we haven't been able to capitalize to the extent that we had modeled and planned to on some of those assets. We still feel very good about customer receptivity, customer acceptance and actually growth with core customers within each of those acquired businesses.

不，斯科特，我認為你的問題表達得很好。是的，有幾件事，對吧？是的，我們的併購活動正值我們所經歷的最大的貨運衰退之一即將來臨之際。因此，我們未能充分發揮我們所設想和計劃的某些資產的潛力。我們仍然對客戶的接受度、客戶的認可度以及所收購的每家企業的核心客戶的實際成長感到非常滿意。

But it is an opportunity that yet unlevered, so to speak. We haven't been able to see the operating leverage in that to the extent we would like. The quarter is, in fact, an outlier. So your model is correct. And yes, it does take -- it does require us to take more immediate and more dramatic action, which we referenced in the opening remarks.

但可以說，這是一個尚未被充分利用的機會。我們尚未能夠看到我們所希望的經營槓桿作用。事實上，本季是一個異常值。所以你的模型是正確的。是的，這確實需要——這確實要求我們採取更直接、更強有力的行動，正如我們在開場白中提到的那樣。

We are taking this seriously. This does not represent who we are, and we are going to make both appropriate near-term moves, but always with an eye toward the reality of this too shall change. Said differently, I don't want to wake up in a world where the large network of complex solution sets that we provide to customers post air pocket, post-tariff overhang, et cetera, isn't able to be deployed. And so I've got to make sure that we've got the core competencies in place, the capabilities and the people to do the job.

我們對此非常重視。這並不代表我們是誰，我們將採取適當的近期舉措，但始終關注現實情況也將改變。換句話說，我不希望醒來後發現自己在這樣一個世界裡：我們為客戶提供的、在出現氣泡、關稅過高等情況後所構建的龐大而復雜的解決方案網絡卻無法部署。因此我必須確保我們擁有完成這項工作的核心競爭力、能力和人才。

But make no mistake, yes, we're going to dig deeper. We've raised our cost-cutting initiative. It is well known internally that we're going to have to do things different. We take it very seriously.

但請不要誤會，是的，我們會深入挖掘。我們已經提出了削減成本的措施。我們內部都知道我們必須採取不同的做法。我們對此非常重視。

Thank you guys. I appreciate it.

謝謝你們。我很感激。

Bascome Majors, Susquehanna.

巴斯科姆梅傑斯，薩斯奎漢納。

Following up on the earlier conversation about pricing and discussions with customers and that sequentially potentially in one way being up or down. Can you talk a little bit about the dynamic in that discussion with 60% of your business coming from retail and that being an industry really in the crosshairs of the China uncertainty? How has that impacted maybe the content of discussions, but also the way bid season has played out versus normal? And how much visibility do you have into pricing net-net being neutral this year? Thank you.

跟進先前關於定價的談話以及與客戶的討論，這些討論可能以某種方式上漲或下跌。能否談談此次討論的動態？您的 60% 業務來自零售業，而零售業又真正受到中國不確定性的影響？這可能對討論內容產生了什麼影響？與正常情況相比，這對競標季節的進展有何影響？您對今年淨定價中立有多大把握？謝謝。

Yeah, I'll let Chris get into some of the pricing detail. But as it relates to the conversations, I would point you to the reality that these uncertainties are significant for our retail customers. But with those same uncertainties, what they look for in wherever they can find it is certainty in execution. And so that's the kind of the point we're trying to make. The conversations have actually been pretty solid relative to them knowing that what will be needed on the other side of this will be different than what they needed going in.

是的，我會讓克里斯介紹一些定價細節。但就對話而言，我想指出的是，這些不確定性對我們的零售客戶來說意義重大。但面對同樣的不確定性，他們所尋求的就是執行的確定性。這就是我們想要表達的觀點。事實上，對話已經相當深入，他們知道，另一方需要的東西與他們之前需要的東西有所不同。

Large-scale trailer pools, multiple delivery modes, the ability to move quantities of freight in shorter order are things that large well-capitalized carriers like Werner can do. That has led to discussions around moving more from spot to contract. That's led to some of the ability to close out on long-standing dedicated conversations that have been lingering for way too long.

大規模拖車池、多種運輸方式、在較短時間內運輸大量貨物的能力是 Werner 等資金雄厚的大型承運商能夠做到的事情。這引發了關於從現貨轉向合約的討論。這導致了一些結束持續太久的長期專門對話的能力。

That has led to our ability to talk about this business needing to be reinvestable for us to be able to sign up to support them as we get later into the summer and clearly prior to peak. So all of that setup from a conversation perspective is materially different than it was a year ago, and I would say, in a positive way. But we've got a lot of work to do. We've got a lot of rates yet to -- that we have to work through, and Chris has some probably additional color and detail that he can share.

這使得我們有能力談論這項業務需要再投資，以便我們能夠在夏季後期和高峰期之前簽約支持他們。因此，從對話的角度來看，所有這些設定與一年前相比有著實質性的不同，而且我想說，是積極的不同。但我們還有很多工作要做。我們還有很多利率需要處理，克里斯可能還有一些額外的細節可以分享。

Yes, Bascome. We have now reported three consecutive quarters of year-over-year improvement. Certainly, this quarter at 0.3% in one-way was not a significant move. It would have been better had we been able to maintain deadhead a little bit better. I mean rate per loaded mile was up over 1%.

是的，巴斯科姆。我們現在已經連續三個季度實現了同比增長。當然，本季單邊 0.3% 的漲幅並不算什麼重大舉措。如果我們能夠更好地維持空載狀態，情況會更好。我的意思是每裝載英里的費率上漲了 1% 以上。

So we are continuing to make progress through the bid season. We're over halfway complete with one-way bid season with about over 50% of our existing business will be repriced and will become effective sometime in the first half. I would point out that our retention on existing business has been pretty good.

因此，我們在投標季節繼續取得進展。我們的單向競標季已過半，其中約 50% 以上的現有業務將重新定價，並將在上半年某個時候生效。我想指出的是，我們對現有業務的保留相當不錯。

We've actually had less churn this year than last churn. I think that's just reflective of an environment where customers are leaning into stable asset-backed logistics partners who will maintain commitments and have the scale to deal with the volatility out there.

事實上，今年我們的客戶流失率比去年降低。我認為這只是反映了這樣一種環境：客戶傾向於穩定的資產支持的物流合作夥伴，這些合作夥伴將信守承諾，並擁有應對外部波動的規模。

In general, pricing results have been a little mixed depending on the customer, depending on the lane. But on average, they've been relatively consistent with our expectation that we described during our last call of increased low-single to mid-single digit percent increases. So those things have played out as we expected. We did think the spot rates earlier in the year coming off of some relatively positive indicators in January and early February, we were expecting spot to improve a little bit in March.

總體而言，定價結果因客戶和車道而異。但平均而言，它們與我們上次電話會議中描述的低個位數至中個位數百分比增幅的預期相對一致。所以這些事情就如我們預期的那樣發展。我們確實認為，今年稍早的現貨價格已經從 1 月和 2 月初的一些相對積極的指標中顯現出來，我們預計 3 月現貨價格會略有改善。

And then with the volatility that we've got with the tariffs, we just didn't see that. And that weakness in spot rates will certainly impact our rate per total mile in the second quarter. And I don't mean that ominously. I mean it could be positive, it could be negative just depending on how things go. But it will be impactful to some degree, but we feel good about where we're at with contractual rate increases.

但由於關稅波動，我們並沒有看到這一點。現貨價格的疲軟肯定會影響我們第二季每英里的總價格。我並不是有意要這麼說。我的意思是，它可能是積極的，也可能是消極的，這取決於事情的發展。但它在某種程度上會產生影響，但我們對合約費率上漲的情況感到滿意。

And from a planning perspective, as you talk through these retailers and cycle through bid expectations, have the volumes underlying those bids and what you're bidding to change in any material way? Just any information you have to maybe plan capacity around the air pocket that's coming would be helpful. Thank you.

從規劃的角度來看，當您與這些零售商交談並循環討論投標預期時，這些投標的數量以及您所投標的內容是否會發生實質性變化？您掌握的任何有關規劃即將出現的氣穴容量的資訊都會有所幫助。謝謝。

Yeah, great question. I would tell you that interestingly, volumes have held up between bid expectation and actual better this year than we've seen in the last couple of years, whether that's better planning or better tech on their side or better execution on our side in terms of staying on top of it every single minute of every day, which is the fight we're in right now. But in either case, bid outcomes or awards and bid actuals are tracking much more close this year than they were a year ago.

是的，很好的問題。我想告訴你，有趣的是，今年的投標預期和實際成交量比過去幾年都要好，無論是因為他們有更好的規劃、更好的技術，還是我們這邊有更好的執行力，每時每刻都保持領先地位，這就是我們現在所面臨的鬥爭。但無論哪種情況，今年的投標結果或中標金額與投標實際情況都比一年前更加接近。

I think that's also an indication, though, of aligning yourself with quality carriers, knowing that this too shall change. And so we'll continue to track that. Underlying demand, interestingly, despite all of the noise in the news and for the consumer to have to endure every day, has actually remained very strong with several of our largest customers. We expect and they expect that to continue. I think that is more reflective than anything of our heavy concentration with discount retail.

我認為，這也表明您應該與優質運營商保持一致，因為這種情況也將發生變化。因此我們將繼續跟踪。有趣的是，儘管新聞充斥著各種噪音，消費者每天都要忍受這些噪音，但我們的幾個最大客戶的潛在需求實際上仍然非常強勁。我們期望並且他們也期望這種情況能夠持續下去。我認為這比任何事情都更能反映我們對折扣零售的高度重視。

So you have some migration downstream from customers that might have shopped elsewhere previously, offsetting the overall impact on the end consumer. But the consumer has continued, as we all know, to be more resilient than I think we would have expected given what all of the noise that they've been living through.

因此，一些之前可能在其他地方購物過的客戶會向下游遷移，抵消對最終消費者的整體影響。但眾所周知，考慮到消費者所經歷的所有噪音，他們的適應力比我們預期的要強。

Thank you both.

謝謝你們兩位。

Thank you.

謝謝。

Chris Wetherbee, Wells Fargo.

富國銀行的克里斯‧韋瑟比。

Hey, thanks. Good afternoon, guys. Maybe first I want to drill down on the new dedicated wins. Just maybe get a little bit of color there, whether either from a magnitude of the size of the wins, the amounts, the kind of trucks that you might be adding there, the types of verticals you're seeing. We've seen dedicated come under a decent amount of pressure over the course of the last couple of quarters. Kind of curious if there's something changing there that was driving the wins on your side.

嘿，謝謝。大家下午好。也許首先我想深入了解新的專用勝利。也許只是從那裡得到一點色彩，無論是從勝利的規模，數量，你可能在那裡添加的卡車類型，還是你看到的垂直類型。在過去的幾個季度中，我們看到專注領域承受了相當大的壓力。有點好奇那裡是否發生了一些變化，從而推動了你們的勝利。

Yes. I think there's a few different things. One, we have aggressively pursued new talent in that arena, and we've put new bodies to work. That's part of it. We've also launched a pretty aggressive internal team that's cross-functional across the organization to make sure that we kind of pick winners off the assembly line, take them off the conveyor belt, so to speak, and really attack those that we think are best fits in our network more than perhaps we did previously or more effectively anyway than maybe we were previously.

是的。我認為有幾件事不同。首先，我們在該領域積極尋找新的人才，並讓新的人才投入工作。這是其中的一部分。我們還成立了一支非常積極的內部團隊，該團隊在整個組織內跨職能運作，以確保我們從裝配線上挑選出優勝者，將他們從傳送帶上取下來，然後真正攻擊那些我們認為最適合我們網絡的人，可能比我們以前做的更多，或者比以前更有效。

And to your point on verticals, it has been a conscious effort to expand outside of kind of our traditional sweet spot of discount retail and really aggressively get after some new verticals. And we've seen early success with ongoing really positive, I would say, conversations with others in the similar verticals.

至於您提到的垂直行業，我們一直在有意識地努力拓展我們傳統的折扣零售領域，並積極進入一些新的垂直行業。我想說，我們已經看到了早期的成功，並且與類似垂直領域的其他人進行了持續的、非常積極的對話。

So we're excited about it. It's tough to be overly optimistic or excited given obviously the Q1 results. But if you look at -- and I'm talking financial results, but if you look at win rate, you look at diversification of wins and most importantly, if you look at new blood or new customer logos on that list, all of those things are causes for excitement.

所以我們對此感到很興奮。顯然，鑑於第一季的業績，我們很難過於樂觀或興奮。但如果你看一下——我說的是財務結果，但如果你看一下勝率，看看勝率的多樣化，最重要的是，如果你看看名單上的新鮮血液或新客戶標識，所有這些都是令人興奮的原因。

Okay. That's helpful. And then just a follow-up to come back to kind of 2Q and forgive the short-term question here, but I just sort of want to get a sense, obviously, this is a relatively unique quarter with 1Q. It sounds like there's some moving parts, but maybe revenue skews positive sequentially in 2Q. Just trying to get a sense, it sounds like maybe some of the weather costs and insurance maybe normalizes to some extent in 2Q. Is that enough to get it to kind of from a breakeven perspective or into the positive side of the ledger on EPS in 2Q?

好的。這很有幫助。然後繼續跟進第二季度的情況，請原諒我在這裡提出一個短期問題，但我只是想了解一下，顯然，與第一季相比，這是一個相對獨特的季度。聽起來好像有些變動，但第二季的營收可能會較上季出現正成長。只是想了解一下，聽起來也許一些天氣成本和保險可能會在第二季度在一定程度上恢復正常。這是否足以讓它從損益平衡的角度或第二季的每股盈餘正面來看？

Yeah, Chris, we would certainly be working to get back to positive. If you look over the last four or five years, the Q1 to Q2 EPS has been up and down. It's a range of about $0.45 between the high and low. Again, some of those down, some of those up sequentially. But these are uncertain times, and I don't know that normal seasonality is fully going to apply here. So we're focused on getting from negative back into positive territory. That would require over $0.12 of sequential adjusted EPS improvement.

是的，克里斯，我們一定會努力恢復積極狀態。如果回顧過去四到五年，第一季到第二季的每股盈餘一直在起伏。最高價與最低價之間的差額約為 0.45 美元。同樣，其中一些是按順序下降的，一些是按順序上升的。但現在是不確定的時期，我不知道正常的季節性是否完全適用於此。因此，我們專注於從消極狀態恢復到積極狀態。這將需要連續調整後的每股收益提高 0.12 美元以上。

I think you heard it right from a revenue perspective of more optimism from a dedicated standpoint as well as Logistics, just more uncertainty on the one-way rate per total mile and just overall one-way on the top line. From an OpEx perspective, we will have some dedicated start-up, but we are expecting some accelerated pace of cost reduction in the quarter.

我認為您從收入角度聽到的是對的，從專用角度和物流角度來看更加樂觀，只是每英里單程費率和整體單程收入的不確定性更大。從營運支出的角度來看，我們將有一些專門的啟動，但我們預計本季成本降低的速度會加快。

We mentioned cost savings target being raised to $40 million. $8 million of that was realized in the first quarter. So call it, over $10 million on average for the next 3 quarters to go. And if we can continue to find opportunity and even exceed the $40 million in the year, then we will do that. Obviously, we're not going to adversely affect our ability to grow, and we're not going to place safety and service and reliability at risk. But where we can leverage technology, where we can lean into operational excellence and innovation and find more benefit there that's structural, sustainable, we'll clearly do that.

我們提到成本節約目標提高到 4000 萬美元。其中 800 萬美元是在第一季實現的。可以這麼說，未來 3 季的平均收入將超過 1,000 萬美元。如果我們能夠繼續尋找機會，甚至在今年超過 4000 萬美元，那麼我們就會這樣做。顯然，我們不會對我們的成長能力產生不利影響，也不會將安全、服務和可靠性置於危險之中。但是，如果我們能夠利用技術，如果我們能夠依靠卓越營運和創新，並從中找到更多結構性、可持續的利益，我們肯定會這樣做。

Got it. Thanks for the details. Thank you.

知道了。謝謝你的詳細資料。謝謝。

Thank you, Chris.

謝謝你，克里斯。

Daniel Imbro, Stephens.

丹尼爾·伊姆布羅，史蒂芬斯。

Hey, good evening, guys. Thanks for taking our questions. Maybe I just want to follow up, make sure I understand the fleet growth comment, the guide of 1% to 5%. It sounds like that's all going to be in dedicated. To the comment earlier, Derek, you made on one-way margin pressures, we just expect one-way fleet to keep reducing through 2Q and 1Q -- or 2Q and 3Q sequentially. I'm just trying to understand how CapEx is reiterated given the returns in this environment are probably lighter than you expect them to be.

嘿，大家晚上好。感謝您回答我們的問題。也許我只是想跟進一下，確保我理解船隊成長的評論，即 1% 到 5% 的指導。聽起來這一切都將是專門的。德里克，對於您之前關於單程利潤壓力的評論，我們預計單程機隊數量將在第二季和第一季（或第二季和第三季）持續減少。我只是想了解，鑑於這種環境下的回報可能比你預期的要少，資本支出是如何重申的。

Yeah, I wouldn't necessarily plan on it reducing, at least not materially. Our focus is clearly dedicated. Our focus will be to remain in the one-way game. There are certain precursors as to why we need to have a one-way presence. It's both sort of the training ground improving ground, not training in the driver capability sense, but in the culture sense for drivers before they're placed in a dedicated.

是的，我並不一定計劃減少它，至少不會實質地減少。我們的重點顯然是專注的。我們的重點是繼續進行單向比賽。有一些先兆可以解釋為什麼我們需要單向存在。它既是訓練場，也是提高場，不是在駕駛員能力方面的訓練，而是在駕駛員被安排到專門的賽車場之前的文化方面的訓練。

But maybe more importantly, it's really the entree to get to know customers, to get to build relationships and to be able to do business with them that then expands across the portfolio into everything from Intermodal to final mile to dedicated, et cetera.

但也許更重要的是，它實際上是了解客戶、建立關係並與他們開展業務的入口，然後擴展到整個投資組合中，從聯運到最後一英里到專用等等。

Our focus on growth will be filling the already closed needs that we've talked about on the call as well as the pipeline that's coming forth from other dedicated opportunities that we see. Everything is fluid on the CapEx side, just to be clear. We are also navigating tariffs as it relates to original equipment values or from OEMs. And we will be cautious to sign up for large increases or really increases at this time relative to equipment, and our fleet is in a great position to be able to allow us to do so.

我們的成長重點是滿足我們在電話會議上討論過的已經滿足的需求，以及我們看到的其他專用機會所帶來的管道。需要明確的是，資本支出的一切都是流動的。我們也正在研究與原始設備價值或 OEM 相關的關稅。我們將謹慎地簽署與設備相關的大幅增加或真正增加的協議，我們的車隊處於有利地位，能夠讓我們這樣做。

That's helpful. I appreciate it. And then for my follow-up, I just wanted to ask on the tech side. I believe you guys use Mastery for your EDGE platform, and you've talked about those investments for a while here. I guess maybe it's just hard to see in the consolidated results.

這很有幫助。我很感激。然後，為了後續問題，我只想問一下技術方面的問題。我相信你們使用 Mastery 作為 EDGE 平台，並且你們已經在這裡談論過這些投資一段時間了。我想也許在綜合結果中很難看出這一點。

But what kind of benefits? And when would you expect to start seeing the benefits from these investments financially? And then broadly, I guess, just your thoughts on the industry, the growth of these better TMS offerings and systems out there, is that part of what's making small carriers more efficient? Could that be keeping capacity in the market because they're just getting better and more efficient with routing? Just trying to think about the longer-term implications of these tech offerings do improve and get rolled out to the industry.

但有什麼樣的好處呢？您預計何時能夠從這些投資中獲得財務收益？然後從廣義上講，我想，您對這個行業的看法是，這些更好的 TMS 產品和系統的成長，是讓小型承運商更有效率的部分原因嗎？這是否可以保持市場容量，因為他們的路由越來越好，越來越有效率？試想想這些科技產品的長期影響確實會改善並推廣到整個產業。

Yeah, I'll start with Mastery and our EDGE conversion. We are at the point right now in the EDGE conversion where the spend is kind of outsized compared to what we believe the long-term run rate may look like, but it's necessary. We're at the most vulnerable stage, I call it the red zone, if you will, to use the football analogy, where a lot of really good things are imminent to happen, but we can't afford a mistake.

是的，我將從 Mastery 和我們的 EDGE 轉換開始。我們目前正處於 EDGE 轉換的關鍵階段，與我們認為的長期運行率相比，支出有點過大，但這是必要的。我們正處於最脆弱的階段，如果願意的話，我稱之為紅區，用足球來打比方，很多真正好的事情即將發生，但我們不能犯錯。

And so where we sit today is logistics is fully converted, and we're starting to see the productivity gains. And you can really see it in the OpEx savings and the ability to do more with less in logistics. That is not true yet in one-way or dedicated. We are significantly progressing in one-way and dedicated, but we're still operating out of multiple systems.

因此，我們今天所處的境況是物流已完全轉變，我們開始看到生產力的提高。您可以從營運支出的節省以及在物流方面以更少的投入完成更多工作的能力中真正看到這一點。從單向或專用角度來看，這還不是事實。我們在單向和專用方面取得了顯著進展，但我們仍在多個系統之間運作。

We also had to bear the difficult choice, knowing that we were converting to a totally new tech platform to not even -- not at this point, fully integrate some of the acquired companies because we didn't want to integrate them twice. And so there are a lot of synergies ahead of us as we get to the final innings. And this whole conversion is really scheduled to be complete by this time roughly next year.

我們還必須做出艱難的選擇，因為我們知道，我們正在轉向一個全新的技術平台，甚至不能——目前還不能——完全整合一些被收購的公司，因為我們不想對它們進行兩次整合。因此，當我們進入最後的階段時，我們將面臨許多協同效應。整個轉換過程預計明年左右完成。

The predominance of those productivity gains will start to be visible late Q3 into Q4 this year. And so we're excited to get there. Right now, what we have is sort of more of a headwind than a tailwind, both in terms of spend, but also in productivity. And so we think this too shall pass. But I'm excited about those places where we can see what it looks like with full implementation, and it's clearly flowing through to productivity gains and efficient -- more efficient outputs.

生產力提高的優勢將在今年第三季末至第四季開始顯現。所以我們很高興能夠到達那裡。目前，我們面臨的是逆風而不是順風，無論是在支出方面，還是在生產力方面。所以我們認為這也會過去。但我對這些地方感到很興奮，我們可以看到它全面實施後的樣子，而且它顯然會提高生產力並帶來更有效率的產出。

Yeah. And maybe just to give you a bit more color there in terms of the synergies, Derek mentioned the cost reduction in Logistics, which outside of final mile is 100% on EDGE TMS. We mentioned that the operating expenses are down 11%. We don't disclose the other ratios like load per employee ratios, but those are also on the rise. So we're definitely seeing on the expense side, the productivity gains there from the technology.

是的。也許只是為了讓你更清楚地了解協同效應，德里克提到了物流成本的降低，最後一英里之外的物流成本在 EDGE TMS 上是 100%。我們提到，營業費用下降了 11%。我們不會透露其他比率，例如每位員工的負荷率，但這些比率也在上升。因此，從費用方面來看，我們確實看到了該技術帶來的生產力提升。

But also, while it's early, we're all seeing top line synergies, greater visibility to freight, greater ability to optimize freight selection. That is showing up on the top line, but it's early, it's small. As we go forward, I think we've really hit a new gear here in 2025 relative to the pace of this transformation.

但儘管還處於早期階段，我們都看到了頂線協同效應、貨運的更高可見度、優化貨運選擇的能力更強。這在收入端有所體現，但為時過早，規模還很小。隨著我們不斷前進，我認為我們在 2025 年確實已經達到了轉型速度的新高度。

So that means a couple of things. It does mean some periods of some elevated cost. We would quantify the first quarter impact on EPS of year-over-year kind of general IT spend to be about $0.05. So there will be some pockets of some elevated IT costs. I think as we go through the year, we would look for that to decelerate. But the synergies will also grow from here as we continue to stay focused on the finish line.

這意味著幾件事。這確實意味著某些時期成本會增加。我們將第一季一般 IT 支出對每股盈餘的影響量化為約 0.05 美元。因此，某些領域的 IT 成本將會增加。我認為，隨著時間的流逝，我們會期待這一趨勢會減速。但隨著我們繼續專注於終點線，綜效也將從這裡開始增強。

And to address the second part of your question quickly, Daniel, yes, technology is an enabler, but I don't think that's the core enabler of what's happening with the small to midsized carrier. I think it's been a combination of bank leniency and the reality of how long it takes to kill a trucker. You can run a truck at below profitability for a very, very long time if you're willing to run it out and generate the cash with no ability to then reinvest or to renew.

為了快速回答你問題的第二部分，丹尼爾，是的，技術是一種推動因素，但我不認為這是中小型營運商發展的核心推動因素。我認為這是銀行寬容和殺死一名卡車司機需要多長時間的現實結合的結果。如果您願意耗盡卡車的營運成本並產生現金，而又沒有能力進行再投資或更新，那麼您可以在盈利能力低於正常水平的情況下運營卡車很長一段時間。

We've seen that as of late, even with multiple bankruptcies just in the last couple of weeks of 200, 300, 150 truck carriers. And I think you're going to see a lot more of that in the news as we go forward from here.

我們最近看到這種情況，光是過去幾週就有 200 家、300 家、150 家卡車運輸公司破產。我認為，隨著我們繼續前進，你會在新聞中看到更多這樣的報導。

Thanks so much for all the color. Best of luck.

非常感謝所有的色彩。祝你好運。

Richa Harnain, Deutsche Bank.

德意志銀行的 Richa Harnain。

Hey, thanks for squeezing me in. You guys can hear me?

嘿，謝謝你讓我加入。你們聽得到我說話嗎？

Yes, we can. Go ahead, Richa.

是的，我們可以。繼續吧，Richa。

So Derek, I appreciated your point on the dedicated win rate, a lot of excitement there with respect to that -- with respect to the diversification, the new blood, all of that. Should we also be excited about margin potential, i.e., is that new business going to be margin accretive over time?

所以德里克，我很欣賞你關於專用勝率的觀點，對此有很多興奮之處——關於多樣化、新鮮血液等等。我們是否也應該對利潤潛力感到興奮，即新業務是否會隨著時間的推移而增加利潤？

And then just -- I know this might be silly, I appreciated your commentary around the supply dynamic in the industry big picture. But making national news is Trump requiring truck drivers to speak English and pass literally tests as communication problems mount. So curious if you had any feedback on that too. Do you think that, that could be another enabler of supply out for the industry?

然後只是——我知道這可能很愚蠢，我很欣賞您對行業大局中供應動態的評論。但隨著溝通問題日益嚴重，川普要求卡車司機講英語並通過字面測試，這成為全國新聞。我很好奇您是否對此也有任何反饋。您是否認為這會成為推動該產業供應的另一個因素？

Yeah. Thank you. I mean on the margin enhancing, the answer there would be yes for a couple of reasons. At the most basic level, it's just as we continue to put more trucks as a percent of fleet into dedicated, that business is, in fact, profitable today, will continue to be profitable, and we're able to spread fixed cost over more of a larger truck count. We're also in that mix, adding trucks to existing fleets, and that's always very desirable.

是的。謝謝。我的意思是，關於利潤率的提高，答案是肯定的，原因有幾個。從最基本的層面來說，正如我們繼續將車隊中一定比例的卡車投入專用卡車一樣，這項業務實際上今天是盈利的，並將繼續盈利，並且我們能夠將固定成本分攤到更多的卡車數量上。我們也參與其中，在現有車隊中增加卡車，這始終是非常可取的。

Whenever we can add trucks to existing fleets, we already have the infrastructure in place, personnel and a large portion of the fixed cost accounted for. So that's also exciting. So when we think about that 1% to 5% TTS truck growth this year, that's why the heavy focus on greater density growth with existing and new verticals with new logos, all gets us optimistic as we look forward.

無論何時，只要我們可以為現有車隊添加卡車，我們就已經有了基礎設施、人員和很大一部分固定成本。這也令人興奮。因此，當我們考慮到今年 TTS 卡車的 1% 到 5% 的成長率時，我們就會高度關注現有和新垂直產業以及新標誌的更高密度成長，這讓我們對未來充滿樂觀。

As it relates to the movement on the English-speaking requirement, I would remind everybody, it's always been a federal regulation. It's never been removed. It just simply had guidance -- enforcement guidance changed in the Obama era. We, at Werner, have chosen to continue to keep that as a requirement as we bring drivers into our fleet. We continue to test for English proficiency.

至於有關英語能力要求的動向，我想提醒大家，這一直是聯邦法規。它從未被刪除過。它只是簡單的提供了指導——執法指導在奧巴馬時代發生了改變。在 Werner，我們選擇在將司機納入我們的車隊時繼續將此作為一項要求。我們繼續測試英語程度。

So we're in great shape no matter where the enforcement may go from here. It is difficult to change enforcement overnight at roadside levels. It's harder than people may think. But I think if you tie it back to the core reason why that regulation existed, which was safety, then we certainly support that. The principle behind the original regulation was that drivers need to be able to communicate to first responders at the scene of an accident. They need to be able to communicate whether others are in the cab and what cargo they may be hauling. And they need to be able to interact with and read roadside instructions.

因此，無論執法部門下一步採取什麼措施，我們的狀況都很好。路邊執法很難在一夜之間改變。這比人們想像的還要難。但我認為，如果你將其與該法規存在的核心原因聯繫起來，即安全性，那麼我們當然支持它。最初規定背後的原則是，司機需要能夠與事故現場的急救人員進行溝通。他們需要能夠溝通駕駛室內是否有其他人以及他們可能運載什麼貨物。他們需要能夠與路邊指示互動並閱讀路邊指示。

So for all of those reasons, we are a proponent of the concept that it is a different standard than driving a private vehicle, and it should be held as one, no different than pilots are required to be able to be proficient in English worldwide. So the question mark, though, comes at what will change tomorrow. And honestly, I think it would be inappropriate for me to guess. I think you will see enforcement levels different around the country. But I think any enforcement leads to decisions that customers are going to have to make.

因此，基於所有這些原因，我們支持這樣的觀點：駕駛執照與駕駛私家車是不同的標準，應該被視為一個標準，就像要求飛行員在世界範圍內精通英語一樣。然而，問題在於明天會發生什麼變化。老實說，我認為我猜測是不合適的。我認為你會看到全國各地的執法水平有所不同。但我認為任何強制措施都會導致客戶必須做出決定。

Whether you have 3 load stops somewhere in the country or you've got 30 you still have freight not moving if a driver was to be put out of service. And I think leaning in once again to well capitalized, well developed with great training program carriers is a place that customers can look to for that support. And therefore, we think that is a net tailwind as we go forward from here.

無論您在國內有 3 個裝卸站還是 30 個裝卸站，如果司機無法提供服務，您的貨物仍然無法運輸。我認為，再次依靠資金充足、發展良好、擁有出色培訓計劃的營運商是客戶可以尋求支援的地方。因此，我們認為這是我們向前邁進的淨順風。

Thank you so much. A quick follow-up. Do you think that the industry does comprise a lot of non-English-speaking truck drivers? Just thinking of that as a potential tailwind?

太感謝了。快速跟進。您是否認為該行業確實有很多不會說英語的卡車司機？只是將其視為潛在的順風嗎？

Yes, I do believe there is a decent percentage of the industry that cannot communicate in English. It's very difficult for me to try to give you a number. I've done some soul searching and conversations around the industry, and I think most people come back with 10% to 15%. That doesn't mean 10% to 15% of capacity leaves tomorrow because of all of the enforcement issues I've already described. But I think that is a safe kind of range or bookend of what that population may look like.

是的，我確實相信這個行業中有相當一部分人無法用英語溝通。我很難給你一個數字。我對這個行業進行了一些深刻的反省和對話，我認為大多數人的回報都是 10% 到 15%。這並不意味著由於我已經描述的所有執法問題，明天會有 10% 到 15% 的運力流失。但我認為這是該族群可能呈現的安全範圍或界線。

It's predominantly Latin American, but not exclusively by any stretch. And there -- and depending on pockets of the country, there are certain regions where it's -- that isn't even the predominant primary language. We, again, are well positioned for this. And so it's not a great concern of ours relative to our freight moving down the road. But I do think it could have some ripple effects. It's just too early to know how great of an impact it ultimately will be.

它主要由拉丁美洲人構成，但絕非完全由拉丁美洲人構成。並且，根據國家的不同地區，在某些地區，這甚至不是主要語言。我們再次為此做好了準備。因此，對於我們的貨物運輸來說，這並不是我們非常擔心的問題。但我確實認為它可能會產生一些連鎖反應。現在還無法知道它最終會產生多大的影響。

Thank you so much for all that.

非常感謝您所做的一切。

Thank you, Richa.

謝謝你，Richa。

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

現在我將把電話轉回給德里克·萊瑟斯先生，他將發表最後的總結演講。先生，請繼續。

Thank you, Nick. We want to thank you for taking the time to be with us today. The freight recession is still looming and the uncertainty of tariffs and their impact across the economy remain. However, we're not deterred and our focus on continuous improvement remains. We are focusing on structurally improving Werner for the long haul, and we have contingency plans for a variety of tariff and economic outcomes moving forward, and we'll be aggressively looking to take out costs in the meantime.

謝謝你，尼克。我們想感謝您今天抽出時間與我們在一起。貨運衰退仍在逼近，關稅的不確定性及其對整個經濟的影響仍然存在。然而，我們並沒有氣餒，我們仍然致力於持續改善。我們正致力於長期改善沃納的結構，並且我們針對未來各種關稅和經濟結果制定了應急計劃，同時我們將積極尋求降低成本。

We have a resilient portfolio and a significant competitive advantage to help cause or help solve our customers' transportation and logistics needs. And again, I'd just like to close by thanking our customers to whom we are committed to serve as a trusted solution provider as well as our 13,000 associates for their dedication as we keep America moving. Thanks again for your time today, everyone.

我們擁有靈活的產品組合和顯著的競爭優勢，可協助滿足或解決客戶的運輸和物流需求。最後，我再次感謝我們的客戶，我們致力於成為他們值得信賴的解決方案提供商，也感謝我們的 13,000 名員工，感謝他們的奉獻，讓美國繼續前進。再次感謝大家今天的寶貴時間。

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。