Werner Enterprises Inc (WERN) 2025 Q3 法說會逐字稿

Good afternoon, and welcome to Werner Enterprises third-quarter 2025 earnings conference call. (Operator Instructions) Please note that this event is being recorded. I would now like to turn the conference over to Chris Neil, SVP of Pricing and Strategic Planning. Please go ahead, sir.

下午好，歡迎參加沃納企業2025年第三季財報電話會議。（操作說明）請注意，本次活動正在錄影。現在我將把會議交給定價和策略規劃高級副總裁克里斯·尼爾。請繼續，先生。

Good afternoon, everyone. Earlier today we issued our earnings release with our third quarter results. The release and supplemental presentation are available in the Investors section of our website at werner.com. Today's webcast is being recorded and will be available for replay later today. Please see the disclosure statement on slide 2 of the presentation as well as the disclaimers in our earnings release related to forward-looking statements.

大家下午好。今天早些時候，我們發布了第三季業績報告。新聞稿和補充簡報可在我們網站werner.com的投資者關係欄位中查閱。今天的網路直播正在錄製，稍後將提供回放。請參閱簡報第 2 頁的揭露聲明以及我們獲利報告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. 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.

今天的發言包含前瞻性陳述，可能涉及風險、不確定性和其他因素，這些因素可能導致實際結果與預期結果有重大差異。該公司使用非GAAP指標報告業績，我們認為這可以為投資者提供更多信息，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. On today's call with me are Derek Leathers, Chairman and CEO; and Chris Wikoff, Executive Vice President, Treasurer, and CFO. I will now turn the call over to Derek.

與最直接可比較的 GAAP 指標的調整表包含在收益發布所附表格和投影片簡報的附錄中。今天與我一起通話的是董事長兼執行長德里克·萊瑟斯，以及執行副總裁、財務主管兼財務長克里斯·威科夫。現在我會把通話轉給德瑞克。

Thank you, Chris, and good afternoon, everyone. Today I will speak to what we are seeing in the market, how that is translating into our performance, and what we are doing from a strategic standpoint to further position Werner for long-term growth. While the second quarter was more favorable, the third quarter presented some challenges, namely in our One-Way business.

謝謝你，克里斯，大家下午好。今天我將談談我們在市場上看到的現象，這些現像如何影響我們的業績，以及我們從策略角度正在採取哪些措施來進一步鞏固 Werner 的長期成長地位。雖然第二季情況較為樂觀，但第三季卻面臨一些挑戰，尤其是在我們的單程業務方面。

However, there are several positive developments that we can highlight from the quarter. In Logistics, we continued a double-digit growth trajectory with lower operating costs year-over-year, despite some anticipated change in mix.

然而，本季也出現了一些值得關注的正面進展。在物流領域，儘管產品組合出現了一些預期中的變化，但我們仍然保持了兩位數的成長勢頭，並且營運成本逐年下降。

In One-Way trucking, revenue per total mile increased, the fifth consecutive quarter of year-over-year improvement. And in Dedicated, revenue grew sequentially and year-over-year as momentum continued from recent business awards and startups. We are building a foothold in new verticals like tech and aftermarket automotive parts.

單程貨運收入每英里總收入成長，連續第五個季度年增。在 Dedicated 業務方面，隨著近期商業獎項和新創企業的持續成長勢頭，營收環比和年比均有所增長。我們正在科技和汽車售後零件等新興垂直領域站穩腳步。

Our new customers are seeing the value of our strength and scale in Dedicated in these new applications, but there is a short-term upfront investment as we pursue these opportunities. In terms of the challenges in the quarter, in Logistics we experienced margin pressure from mix changes and in One-Way we saw decreased miles per truck, although we view this as temporary as One-Way production has been recovering throughout October.

我們的新客戶正在這些新應用中看到我們在專用網路方面的優勢和規模的價值，但為了抓住這些機遇，我們需要短期的前期投資。就本季面臨的挑戰而言，物流方面，我們因產品組合變化而面臨利潤率壓力；單程運輸方面，每輛卡車的行駛里程有所減少，但我們認為這只是暫時的，因為單程運輸的生產在整個 10 月份都在恢復。

Startup costs in Dedicated were more elevated compared to the second quarter and more than we anticipated. Overall, as market dynamics remain unpredictable, we are keeping focus where it matters most, on delivering superior value to our customers and positioning Werner for long-term success.

專用伺服器的啟動成本比第二季更高，也超出了我們的預期。總體而言，由於市場動態仍然難以預測，我們將重點放在最重要的事情上，即為客戶提供卓越的價值，並為 Werner 的長期成功奠定基礎。

We remain confident in our business fundamentals and progress that we are achieving toward our long-term goals and strategic objectives. Moving to slide 5. Our focus remains on three overarching priorities: driving growth in core business; driving operational excellence as a core competency; and driving capital efficiencies.

我們對我們的業務基本面以及我們在實現長期目標和策略目標方面取得的進展充滿信心。切換到第5張投影片。我們的重點仍是三個首要任務：推動核心業務成長；將卓越營運打造為核心競爭力；以及提高資本效率。

Here's where we are on these priorities. First, driving growth in core business. Our Dedicated fleet is growing and conversations with customers regarding the cost advantages of for-hire Dedicated fleets are resonating. We've been awarded several new fleets, and the pipeline remains strong with momentum growing in new and attractive end markets of choice. Service levels are high and have been recognized recently by several strategic shippers naming Werner Dedicated Carrier of the Year.

以下是我們目前在這些優先事項上的進展。首先，推動核心業務成長。我們的專用車隊正在不斷壯大，與客戶就專用車隊租賃的成本優勢進行的對話也引起了共鳴。我們已經獲得了幾支新船隊的訂單，而且在新的、有吸引力的終端市場，訂單儲備依然充足，發展勢頭強勁。服務水準很高，最近幾家策略貨運公司授予 Werner 年度最佳專用承運商稱號，這充分體現了其服務水準的良好聲譽。

All Logistics divisions produced top line growth the past two consecutive quarters, with intermodal achieving its highest quarterly revenue in 11 quarters. We continue to offer compelling solutions to our customers who are finding value and entrusting us to solve their supply chain challenges. Second, driving operational excellence is a core competency.

過去兩個季度，所有物流部門的營收均實現成長，其中多式聯運部門的季度營收創下 11 個季度以來的最高紀錄。我們持續為客戶提供極具吸引力的解決方案，客戶從中獲得了價值，並信任我們能夠解決他們的供應鏈難題。其次，追求卓越營運是一項核心競爭力。

This priority is anchored by a culture of safety, service, reducing our cost-to-serve profile, and transforming how we do business. We continue to trend favorably on our DOT preventable accidents per million miles, which declined low-double-digit percent from Q3 of last year and year-to-date is below our 5-, 10-, and 15-year averages.

這項優先事項以安全、服務文化為基礎，旨在降低我們的服務成本，並轉變我們的業務開展方式。我們每百萬英里的 DOT 可預防事故數繼續呈現良好趨勢，較去年第三季下降了兩位數百分比，今年迄今的數值低於我們 5 年、10 年和 15 年的平均值。

Our 2025 cost savings plan is progressing as planned, and by the end of third quarter, we achieved 80% of our $45 million in cost saving target for 2025, and remain on track to reach the full goal by year end. We are also progressing well on our technology transformation, positively impacting both efficiency and our safety performance. We've often said this is a multiyear journey, but we are in the later innings. As this takes hold, the benefits will be more evident. Our tech transformation, to say it plainly, it's a lot.

我們的 2025 年成本節約計畫正在按計畫進行，到第三季末，我們已實現 2025 年 4,500 萬美元成本節約目標的 80%，並預計在年底前實現全部目標。我們在技術轉型方面也取得了良好進展，對效率和安全績效都產生了正面影響。我們常說這是一段多年的旅程，但我們現在已經進入了後期階段。隨著這種模式逐漸普及，其益處將會更加明顯。坦白說，我們的技術轉型規模非常大。

The scope across our business is expansive. This is not just another tech upgrade. Rather, over the past four years, we've completely rebuilt our technology stack from the ground up, replacing every single component, creating a modern, scalable, secure, cloud-based platform.

我們的業務範圍非常廣泛。這不僅僅是又一次技術升級。相反，在過去的四年裡，我們從頭到尾徹底重建了我們的技術棧，替換了每一個組件，創建了一個現代化的、可擴展的、安全的、基於雲端的平台。

While others bolt on AI to their legacy systems, we built an integrated foundation that connects every part of our business from pricing and planning to safety, billing, recruiting, and more. Our Cloud First, Cloud Now strategy is paying off.

當其他公司將人工智慧附加到其傳統系統時，我們建立了一個整合基礎，將我們業務的各個部分連接起來，從定價和規劃到安全、計費、招聘等等。我們的「雲端優先，雲端即刻上線」策略正在發揮成效。

It allows us to take full advantage of our new tech stack, automating processes, and layering new AI agents quickly and effectively. For example, our largest expense in one back-office department has been lowered by 40% over the last two years through modernization and AI automation while maintaining full service levels. We see the benefits of this in four areas: safety, data, analytics, and operational efficiency.

它使我們能夠充分利用新的技術堆疊，快速有效地實現流程自動化和新 AI 代理的分層部署。例如，在過去兩年中，透過現代化和人工智慧自動化，我們一個後台部門的最大支出降低了 40%，同時維持了全面的服務水準。我們從四個方面看到了它的好處：安全、數據、分析和營運效率。

And even more important, an enhanced experience for our customers, drivers, and third-party carriers. For example, technology benefits safety and our driver experience through enhanced in-cab situational awareness and visibility, such as through real-time anticipated weather and routing technology and installing sideview cameras that talk seamlessly with other systems.

更重要的是，這將提升我們的客戶、司機和第三方承運商的體驗。例如，科技透過增強駕駛室內的情境感知和視覺性，例如透過即時預測天氣和路線規劃技術，以及安裝可與其他系統無縫通訊的側視攝影機，來提高安全性和駕駛員體驗。

The technology data and cloud storage of video also provides opportunities for enhanced training and driver development. Our third-party carriers benefit from optimized load matching based on our carrier preferences and enhanced communication. Operationally, we benefit from greater efficiencies across our business.

視訊的技術數據和雲端儲存也為加強培訓和駕駛員發展提供了機會。我們的第三方承運商將受益於基於我們承運商偏好的優化貨運匹配和增強的溝通。在營運方面，我們受益於業務效率的提升。

Orchestrated intelligence is changing how we operate every day, consolidating systems, automating steps, and using AI to streamline end-to-end workflows. We see this efficiency growing across the shipment lifecycle from pricing and load booking to route planning and invoicing.

協同智慧正在改變我們每天的運作方式，整合系統，自動化步驟，並利用人工智慧簡化端到端的工作流程。我們看到這種效率在整個運輸生命週期中不斷提高，從定價和裝載預訂到路線規劃和開票。

As a result, dwell time is down, planning efficiency is up, and thousands of customer and driver interactions are now handled each week by conversational AI. And most importantly, our customers benefit, as we continue to roll out the EDGE TMS platform and ecosystem across our business. Our goal is for our customers to have increasingly more information, visibility, and transparency.

因此，停留時間縮短了，規劃效率提高了，現在每週都有數千次客戶和司機互動由對話式人工智慧處理。最重要的是，隨著我們繼續在整個業務範圍內推廣 EDGE TMS 平台和生態系統，我們的客戶也將從中受益。我們的目標是讓客戶獲得越來越多的信息、更高的透明度和更清晰的了解。

We've seen the financial benefits of our tech transformation reflected in Logistics, with multiple quarters of meaningful OpEx reduction year-over-year while growing volume and top line. We're already seeing progress across our TTS segment.

我們已經看到技術轉型帶來的財務效益體現在物流領域，連續多個季度營運支出較去年同期大幅下降，同時業務量和收入也實現成長。我們在TTS（文字轉語音）領域已經看到了進展。

Given the size and complexity of managing assets and drivers at scale, the lift is larger but so is the impact. Our final priority is driving capital efficiency. Despite the challenging operating environment, we continue to generate solid operating cash flow, maximize value on the sale of used equipment and invest for growth. Let's turn to slide 6 and discuss our third quarter results. During the quarter revenues increased 3% versus the prior year.

考慮大規模管理資產和司機的規模和複雜性，提升幅度更大，影響也更大。我們最終的優先事項是提高資本效率。儘管經營環境充滿挑戰，我們仍能夠持續產生穩健的營運現金流，最大限度地提高二手設備銷售價值，並投資於成長。讓我們翻到第 6 張投影片，討論一下我們第三季的業績。本季營收較上年同期成長3%。

Revenues, net of fuel, increased 4%. Adjusted EPS was negative $0.03. Adjusted operating margin was 1.4%. And adjusted TTS operating margin was 1.9%,, net of fuel, surcharge. We previously disclosed a legal settlement agreement entered into in October for $18 million related to class action litigation that had lasted more than a decade involving claims related to driver pay.

扣除燃料費用後，收入增加了 4%。調整後每股收益為負0.03美元。調整後營業利益率為1.4%。經調整後的TTS營業利益率為1.9%，扣除燃油附加費後。我們先前披露了一項於 10 月達成的法律和解協議，該協議涉及 1800 萬美元，與一起持續了十多年的集體訴訟有關，該訴訟涉及與司機薪酬相關的索賠。

We also incurred legal fees of $3.4 million in the quarter related to this litigation. These costs represent a $0.26 negative impact to GAAP EPS, but are removed as part of adjusted EPS. In Dedicated, we're continuing to see steady momentum in adding new business while maintaining solid retention.

本季我們也因該訴訟產生了 340 萬美元的法律費用。這些成本對 GAAP 每股盈餘造成 0.26 美元的負面影響，但已在調整後的每股盈餘中消除。在專屬業務方面，我們繼續看到新業務穩步成長，同時保持了良好的客戶留存率。

Shipper conversations continue to be constructive as customers remain focused on reliable and flexible transportation partners who offer creative solutions with high service and scale. In One-Way, truckload revenue per total mile increased sequentially and was up modestly again year-over-year.

與托運人的對話仍然富有建設性，客戶仍然專注於可靠、靈活的運輸合作夥伴，這些合作夥伴能夠提供具有高服務水平和規模優勢的創新解決方案。單程運輸中，每英哩卡車運輸收入較上季成長，年比再次小幅成長。

Contractual rate changes that became effective were mitigated by spot rates that declined in July and August before increasing in the latter part of the quarter. One-Way production was lower year-over-year driven by three factors: fleet composition, onboarding of new drivers, and some network softness.

合約利率的變動生效後，由於7月和8月即期利率下降，而本季後半段即期利率上升，因此合約利率的變動有所緩解。單程運輸產量年減，主要受以下三個因素影響：車隊組成、新司機入職以及部分網路疲軟。

We rebalanced driver capacity to launch new Dedicated and specialized freight, which temporarily created inefficiencies in the One-Way network. Overall, we're now on the other side of those transitions with a more focused One-Way fleet, sustained Dedicated growth, and the flexibility of our PowerLink solution to capture higher margin peak freight as the One-Way fleet moderates into Q4. In Logistics, revenue increased sequentially and year-over-year.

我們重新調整了司機運力，以推出新的專線和特殊貨運服務，這暫時造成了單程運輸網路的效率低下。總的來說，我們現在已經度過了這些轉型期，擁有了更專注的單程車隊、持續的專線增長，以及 PowerLink 解決方案的靈活性，可以在單程車隊進入第四季度趨於平穩時抓住利潤更高的貨運高峰期。物流業務收入環比和年成長均有所成長。

However, gross margin was pressured as the conclusion of higher-margin project work was replaced with contractual business. This mix change resulted in startup costs and contributed to an increase in purchase transportation. Before Chris discusses our financial results in more detail, let's move to slide 7 to summarize our current near-term market outlook. Demand in Q3 was below normal seasonality for most of the quarter. However, we did see improvement in One-Way trucking demand through September and so far in October.

然而，由於高利潤項目的工作被合約業務所取代，毛利率受到了壓力。這種產品組合的變化導致了啟動成本的增加，並造成了採購運輸成本的上升。在 Chris 更詳細地討論我們的財務表現之前，讓我們先翻到第 7 張投影片，總結一下我們目前的近期市場展望。第三季大部分時間裡，需求都低於正常的季節性水準。不過，我們看到9月單程貨運需求有所改善，10月至今也是如此。

While concerns about consumer health persist, consumers remain resilient with rising retail sales and moderate inflation relief. These are supportive signs for retail. However, beneath the surface, there are other concerns. Consumer confidence is lower, real growth is modest, and many consumers are in preservation mode rather than expansion mode. As a result, we like our mix of retail being more concentrated in discount and value retailers.

儘管消費者對健康問題依然擔憂，但隨著零售額成長和通膨溫和緩解，消費者依然保持韌性。這些都是對零售業有利的跡象。然而，表面之下，還存在其他問題。消費者信心下降，實際成長乏力，許多消費者處於保本模式而非擴張模式。因此，我們希望零售業的組合能更集中在折扣零售商和物美價廉的零售商。

Retail inventories appear to have mostly normalized. While some inventory was pulled forward ahead of Q3, nondiscretionary goods have had more consistent replenishment cycles. Spot rates trended higher starting in September and into October and are expected to follow normal seasonal patterns for the remainder of the year, with upside potential supported by ongoing capacity attrition.

零售庫存似乎已基本恢復正常。雖然部分庫存提前進入第三季度，但非必需品的補貨週期更為穩定。現貨運價從 9 月開始走高，並持續到 10 月，預計在今年剩餘時間內將遵循正常的季節性模式，持續的產能損耗將支撐運價上漲潛力。

Customers have provided additional insights into their peak season volume estimates. Shipment forecasts vary by customer, but in total, peak volume and pricing are estimated to be similar to last year, with more balance across the network.

客戶也提供了關於旺季銷量預估的更多見解。不同客戶的出貨量預測各不相同，但總體而言，預計高峰銷量和價格與去年相似，整個網路將更加平衡。

Capacity continues to exit, and recent supply-demand tightening would suggest the pace is increasing, given developments surrounding nondomiciled CDLs, B-1 visas, and English language proficiency. As challenging operating conditions continue, we are also seeing an uptick in bankruptcies as a further limiter. We are well positioned on these issues and will benefit as the market comes more into balance.

產能持續退出，鑑於非居民商業駕駛執照、B-1簽證和英語語言能力等的最新進展，近期供需緊張顯示產能退出速度正在加快。隨著充滿挑戰的經營環境持續，破產數量上升也成為進一步的限制因素。我們在這些問題上處於有利地位，隨著市場趨於平衡，我們將從中受益。

Given the dynamic tariff backdrop, uncertainty related to the cost of Class 8 trucks remains. We expect used truck values are likely to remain stable in the near-term, particularly for assets with lower miles and remaining warranty.

鑑於關稅環境瞬息萬變，8級卡車的成本仍存在不確定性。我們預計二手卡車的價格在短期內可能會保持穩定，特別是對於行駛里程較低且仍在保固期內的車輛而言。

Class 8 net truck builds are now well below replacement levels and not only signal that a potential truckload capacity tightening could be ahead, but also that more carriers could be looking to refresh their fleet in the used equipment market. With that, I'll turn it over to Chris to discuss our third quarter results in more detail.

8 級卡車淨產量目前遠低於替換水平，這不僅預示著未來可能會出現卡車運輸能力緊張的情況，也表明更多運輸公司可能會在二手設備市場尋求更新車隊。接下來，我將把發言權交給克里斯，讓他更詳細地討論我們第三季的表現。

Thank you, Derek. We'll continue on slide 9. All performance comparisons here are year-over-year, unless otherwise noted. Third quarter revenues totaled $771 million, up 3%. Adjusted operating income was $10.9 million and adjusted operating margin was 1.4%.

謝謝你，德里克。我們繼續看第9張投影片。除非另有說明，此處所有業績比較均為年比比較。第三季營收總計7.71億美元，成長3%。調整後的營業收入為 1,090 萬美元，調整後的營業利益率為 1.4%。

Adjusted EPS was negative $0.03. Discrete tax items negatively impacted adjusted EPS by $0.08 in the quarter. Consolidated gains on sale of property and equipment totaled $4.5 million. Turning to Slide 10. Truckload Transportation Services total revenue for the quarter was $520 million, down 1%.

調整後每股收益為負 0.03 美元。本季度，非經常性稅務專案對調整後每股盈餘產生了 0.08 美元的負面影響。出售物業和設備的綜合收益總計 450 萬美元。翻到第10張投影片。本季整車運輸服務總收入為 5.2 億美元，下降 1%。

Revenues,, net of fuel, surcharges, were flat year-over-year at $460 million. TTS adjusted operating income was $8.9 million. Adjusted operating margin, net of fuel, was 1.9%, a decrease of 340 basis points. 200 basis points of the decrease is attributed to higher insurance and claims expenses and 50 basis points are associated with Dedicated startup costs. Insurance costs were lower than the previous two quarters, but significantly higher year-over-year as costs during the prior year quarter were below $30 million, a low point going back to the first quarter of 2022.

扣除燃油附加費後，營收與去年持平，為4.6億美元。調整後營業收入為 890 萬美元。調整後的營業利益率（扣除燃油成本）為1.9%，下降340個基點。其中200個基點的下降歸因於保險和理賠費用增加，50個基點與專用飛機的啟動成本有關。保險成本低於前兩個季度，但與去年同期相比大幅上升，因為去年同期的成本低於 3,000 萬美元，這是自 2022 年第一季以來的最低點。

Investments in new Dedicated fleet startups exceeded $2 million in the quarter, a $0.03 impact on EPS. Startup costs in the third quarter were higher compared to the second quarter. Timing of these costs was difficult to predict or to pass on, given the new verticals, freight and customers represented by the majority of the wins earlier in the year. We are now seeing the startup expense dropping off. So far in October, these related costs are down 75% from the third quarter run rate.

本季對新專用車隊啟動的投資超過 200 萬美元，對每股收益產生 0.03 美元的影響。第三季的啟動成本高於第二季。考慮到今年稍早贏得的大部分項目都涉及新的垂直領域、貨運和客戶，這些成本的發生時間很難預測或轉嫁。我們現在看到啟動成本正在下降。截至10月份，這些相關成本比第三季的運行率下降了75%。

Let's turn to slide 11 to review our fleet metrics. TTS average trucks were 7,503 during the quarter. The TTS fleet ended the quarter flat year-over-year and down 100 trucks, or 1.3% sequentially. TTS revenue per truck per week, net of fuel, decreased 0.7%, primarily due to lower miles per truck, partially offset by higher revenue per total mile. Within TTS, Dedicated revenue, net of fuel, was $292 million, up 2.5%.

讓我們翻到第 11 張投影片，回顧一下我們的車隊指標。該季度TTS平均卡車數量為7503輛。TTS 車隊本季末與去年同期持平，季減了 100 輛卡車，降幅為 1.3%。扣除燃油費後，每週每輛卡車的 TTS 收入下降了 0.7%，主要是由於每輛卡車的行駛里程減少，但每總里程收入增加部分抵消了這一影響。在 TTS 中，專用收入（扣除燃料費用後）為 2.92 億美元，成長 2.5%。

Dedicated represented 65% of TTS trucking revenues, up from 63% a year ago. Dedicated average trucks increased 1.2% year-over-year and 0.2% sequentially to 4,865 trucks. At quarter end, the Dedicated fleet was up 125 trucks, or 2.6% from where we started the year and represented 67% of the TTS fleet. Dedicated revenue per truck per week grew 1.3% and has increased 29 of the last 31 quarters. Lower production in the startup fleets negatively impacted this metric by 140 basis points in the quarter.

專線運輸佔 TTS 卡車運輸收入的 65%，高於一年前的 63%。專用卡車平均數量年增 1.2%，季增 0.2%，達到 4,865 輛。截至季末，專用車隊比年初增加了 125 輛卡車，增幅為 2.6%，佔 TTS 車隊的 67%。每輛卡車每週的專用收入成長了 1.3%，在過去 31 個季度中有 29 個季度實現了成長。本季度，新創車隊產量下降，導致該指標下降了 140 個基點。

It often takes 90 days or more before new fleets meet targeted production as drivers are sourced and integrated into the fleet, equipment is positioned, and routes are optimized. In our One-Way business, for the third quarter, trucking revenue, net of fuel, was $160 million, a decrease of 3%.

新車隊通常需要 90 天或更長時間才能達到預期的生產目標，因為需要招募司機並將其整合到車隊中，需要部署設備，需要優化路線。在我們的單程運輸業務中，第三季卡車運輸收入（扣除燃料費用後）為 1.6 億美元，下降了 3%。

Average truck count of 2,638 increased 1.3% year-over-year and was up slightly on a sequential basis. However, end-of-period One-Way trucks declined 2.4% as the fleet size decreased throughout the quarter. Revenue per truck per week decreased 4.3% due to 4.7% lower miles per truck, only partially offset with higher revenues per total mile, up 0.4%.

平均卡車數量為 2,638 輛，較去年同期成長 1.3%，較上季略有成長。然而，由於整個季度車隊規模下降，期末單程貨車數量下降了 2.4%。由於每輛卡車行駛里程減少了 4.7%，每輛卡車的每週收入下降了 4.3%，但每英里總收入增加 0.4% 只能部分抵消這種影響。

Miles per truck declined more than expected in the third quarter. Over the past 2 years, we've realized significant gains in One-Way production and modest year-over-year decreases in the first half of this year. As Derek mentioned, the Q3 change in trend reflects shifts in fleet profile and new driver onboarding and, to a lesser degree, some early quarter network softness.

第三季每輛卡車的行駛里程下降幅度超出預期。過去兩年，我們在單程運輸產量方面取得了顯著成長，但今年上半年比去年同期略有下降。正如 Derek 所提到的，第三季趨勢的變化反映了車隊結構的變化和新司機的加入，以及在較小程度上反映了本季初網路的疲軟。

While seeding Dedicated growth had tangential impacts on One-Way production, we are in a more favorable position now and production has already improved through October, returning to nearly flat versus last year. Revenue per loaded mile increased 0.8% year-over-year.

雖然播種專用成長對單向產量產生了間接影響，但我們現在處於更有利的地位，產量在 10 月已經有所改善，與去年相比幾乎持平。每英里載貨收入較去年同期成長0.8%。

Deadhead was slightly higher, increasing 32 basis points year-over-year and 15 basis points sequentially, resulting in a 0.4% increase in revenue per total mile. Although total One-Way miles decreased 3% versus the prior year, combined One-Way and PowerLink miles rose over 4%, enabling us to serve customers efficiently with fewer assets. Logistics results are shown on slide 12. In the third quarter, Logistics revenue was $233 million, representing 30% of total third quarter revenues. Revenues increased 12% year-over-year and 5% sequentially.

空駛率略有上升，較去年同期上升 32 個基點，較上季上升 15 個基點，導致每英哩總收入成長 0.4%。雖然單程運輸總里程比前一年減少了 3%，但單程運輸和 PowerLink 運輸的總里程增加了 4% 以上，使我們能夠以更少的資產高效地為客戶提供服務。物流結果顯示在第12頁投影片。第三季度，物流收入為 2.33 億美元，佔第三季總收入的 30%。營收年增 12%，季增 5%。

Truckload Logistics revenues increased 13% and shipments increased 12% with gross margin expansion. Our PowerLink offering led the growth, up 26%, while traditional brokerage recorded mid-single-digit revenue growth. Higher volume was the driving factor with modest rate improvement.

卡車運輸物流收入成長了 13%，貨運量增加了 12%，毛利率也隨之提高。我們的 PowerLink 產品引領了成長，成長了 26%，而傳統經紀業務的營收成長為個位數中段。銷售成長是主要驅動因素，而費率僅略有提高。

That being said, Logistics volume in October softened and margins have been pressured as purchase transportation costs have increased. Intermodal revenues, which make up approximately 15% of the Logistics segment, increased 23%, almost entirely from higher volume.

儘管如此，10 月物流業務量有所下降，由於採購運輸成本增加，利潤率也面臨壓力。多式聯運收入約佔物流業務的 15%，成長了 23%，幾乎完全是由於貨運量增加。

Final mile revenues decreased 1% year-over-year but increased 4% sequentially. Logistics' adjusted operating margin of 1.8% improved 140 basis points, driven by volume growth and lower operating expenses.

最後一公里營收年減 1%，但較上季成長 4%。物流業務調整後的營業利潤率為 1.8%，較上年同期成長 140 個基點，主要得益於銷售成長和營運費用降低。

The operating margin expansion is net of added pressure on Logistics gross margins as some higher-priced project business was replaced with contractual business. Our ability to scale in Logistics at lower cost is driven in part by our technology investments and our EDGE TMS platform.

營業利潤率的擴張已扣除了物流毛利率面臨的額外壓力，因為一些價格較高的專案業務被合約業務所取代。我們能夠在物流領域以更低的成本實現規模化發展，部分原因是得益於我們的技術投資和 EDGE TMS 平台。

Moving to slide 13 and our cost savings program. Through the third quarter, we have achieved $36 million in savings towards our $45 million goal. Actions to achieve the full $45 million have already been taken, giving high assurance of achieving the remaining $9 million in the fourth quarter. 2025 marks the third consecutive year of cost saving achievement in the range of $40 million to $50 million per year.

接下來請看第13張投影片，了解我們的成本節約方案。第三季至今，我們已實現節省 3,600 萬美元的目標，距離 4,500 萬美元的目標又更近了一步。為實現全部4500萬美元的目標，相關措施已全部到位，因此有很高的把握在第四季度實現剩餘的900萬美元目標。 2025年是連續第三年實現每年4000萬至5000萬美元的成本節約目標。

We will continue this discipline into 2026. Leveraging our technology investments will help, along with additional initiatives aimed at improving profitability in One-Way and extending our operating efficiency in Logistics.

我們將繼續保持這種嚴謹作風，直至2026年。利用我們的技術投資將有所幫助，同時還將採取其他舉措，以提高單程運輸的獲利能力並提高物流的營運效率。

We look forward to discussing our 2026 cost savings program with you next quarter. Let's review our cash flow and liquidity on slide 14. Operating cash flow was $44 million for the quarter or 5.7% of total revenue. Net CapEx was $35 million, or 4.6% of revenue. Year-to-date, net CapEx is 4.2% of revenue.

我們期待在下個季度與您討論我們的 2026 年成本節約計劃。讓我們回顧一下第 14 頁投影片中的現金流量和流動性情況。本季經營現金流為 4,400 萬美元，佔總收入的 5.7%。淨資本支出為 3,500 萬美元，佔收入的 4.6%。今年迄今為止，淨資本支出佔收入的 4.2%。

Free cash flow year-to-date is $26.2 million, or 1.2% of total revenues. We ended the quarter with $725 million of debt unchanged sequentially. Our net debt to adjusted EBITDA as of September 30 was 1.9x. We have a strong balance sheet, access to capital, relatively low leverage, and no near-term maturities in our debt structure which provides ample financial flexibility to invest in growth and value-enhancing opportunities. Total liquidity at quarter end was $695 million, including $51 million of cash on hand and $644 million of combined availability under our credit facilities.

今年迄今的自由現金流為 2,620 萬美元，佔總收入的 1.2%。本季末，我們的債務為7.25億美元，與上一季持平。截至9月30日，我們的淨債務與調整後EBITDA比率為1.9倍。我們擁有穩健的資產負債表、充足的資金管道、相對較低的槓桿率，且債務結構中近期沒有到期債務，這為我們提供了充足的財務靈活性，可以投資於成長和提升價值的機會。截至季末，公司總流動資金為 6.95 億美元，其中包括 5,100 萬美元現金和 6.44 億美元的信貸額度。

Let's turn to slide 15. When it comes to broad capital allocation decisions, we will remain balanced over the long term, strategically investing in the business, returning capital to shareholders, maintaining appropriate leverage, and remaining disciplined and opportunistic with share repurchase and M&A. In August, our Board authorized a $5 million share repurchase program, replacing the prior program. We did not repurchase any shares in the quarter. Let's review our guidance for the year on slide 16.

讓我們翻到第15張投影片。在進行廣泛的資本配置決策時，我們將保持長期平衡，對業務進行策略性投資，向股東返還資本，保持適當的槓桿率，並在股票回購和併購方面保持自律和機會主義。8 月，董事會批准了一項 500 萬美元的股票回購計劃，取代了先前的計劃。本季我們沒有回購任何股票。讓我們在第 16 頁回顧我們今年的指導方針。

We are adjusting our full year fleet guidance range from up 1% to 4% to down 2% to flat. The TTS fleet is down 0.1% year-to-date. Implementations of new fleets in Dedicated remain ongoing, but the One-Way fleet decreased during the quarter and is expected to further decline through year-end.

我們將全年車隊規模預期範圍從成長 1% 至 4% 調整為下降 2% 或持平。今年迄今為止，TTS車隊規模下降了0.1%。專用線路新車隊的部署仍在進行中，但單程線路車隊在本季有所減少，預計到年底將進一步減少。

We are tightening our full year net CapEx guidance from a range of $145 million to $185 million to a range of $155 million to $175 million, with the midpoint unchanged. Dedicated revenue per truck per week increased 1.3% year-over-year and is up 0.4% for the first nine months of the year.

我們將全年淨資本支出預期從 1.45 億美元至 1.85 億美元收緊至 1.55 億美元至 1.75 億美元，中間值保持不變。每輛卡車每週的專用收入年增 1.3%，今年前九個月成長 0.4%。

We are tightening the full year guidance range to flat to up 1.5%. One-Way Truckload revenue per total mile increased 0.4%. For the fourth quarter, we expect revenue per total mile to be down 1% to up 1% compared to the prior year period, mostly due to mix plus structural changes anticipated in One-Way aimed at profitability improvement in 2026 and greater operating leverage and readiness as capacity tightens and the macro improves.

我們將全年業績預期範圍收窄至持平至1.5%。單程整車運輸收入每英里增長0.4%。我們預計第四季度每英里總收入將比上年同期下降 1% 至上升 1%，這主要是由於單程運輸業務預計在 2026 年實現盈利能力提升，以及隨著運力收緊和宏觀經濟改善，運營槓桿和準備工作將得到加強。

Our effective tax rate in the third quarter was higher than usual due to discrete income tax items, specifically a $4.7 million return-to-provision adjustment, which unfavorably impacted adjusted EPS by $0.08. We expect our fourth quarter effective tax rate to be between 26% to 27%.

由於一些特殊的所得稅項目，特別是470萬美元的撥備返還調整，導致我們第三季的實際稅率高於往常，這對調整後的每股盈餘產生了0.08美元的不利影響。我們預計第四季的實際稅率將在26%至27%之間。

The average age of our truck and trailer fleet at the end of third quarter was 2.5 and 5.5 years, respectively. Regarding other modeling assumptions, gains of $4.5 million was down from $5.9 million in the second quarter as expected on nearly 20% fewer tractor sales and over 40% fewer trailers. Despite the sequential pullback, unit gains were almost double compared to a year prior.

截至第三季末，我們卡車和拖車車隊的平均車齡分別為 2.5 年和 5.5 年。至於其他模型假設，由於拖拉機銷量減少了近 20%，拖車銷量減少了 40% 以上，預期收益為 450 萬美元，低於第二季的 590 萬美元。儘管銷量較上月有所回落，但與去年同期相比，銷量增幅幾乎翻了一番。

We expect resale values to remain generally stable given OEM production constraints and the evolving regulatory backdrop that will be an incentive towards high-quality used assets. We are narrowing our full year guidance range for equipment gains from a range of $12 million to $18 million to a range of $14 million to $16 million.

鑑於 OEM 生產限制和不斷變化的監管環境將激勵高品質二手資產，我們預計轉售價值將保持整體穩定。我們將全年設備收益預期範圍從 1,200 萬美元至 1,800 萬美元縮小到 1,400 萬美元至 1,600 萬美元。

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

這樣，我就把麥克風交還給德瑞克了。

Thank you, Chris. In summary, while we experienced significant challenges in One-Way this quarter, results across the rest of our business are steadily improving. What remains constant during these uncertain times is our competitive advantage.

謝謝你，克里斯。總而言之，雖然本季我們在單向業務方面遇到了重大挑戰，但我們其他業務的業績正在穩步改善。在當前充滿不確定性的時期，唯一不變的是我們的競爭優勢。

We are a large-scale, award-winning, reliable partner with diverse and agile solutions to support customers' transportation and Logistics needs. As this challenging operating environment continues, we are taking actions to position the business for long-term growth.

我們是一家規模龐大、屢獲殊榮、值得信賴的合作夥伴，擁有多樣化和靈活的解決方案，能夠滿足客戶的運輸和物流需求。在這種充滿挑戰的經營環境下，我們正在採取措施，使公司能夠實現長期成長。

Our fleet is new and modern due to the investments made in the last few years. We're progressing through our transformational technology journey, and our balance sheet is strong, enabling flexibility in our capital allocation strategy. With that, let's open it up for questions.

由於過去幾年進行的投資，我們的車隊是新型的、現代化的。我們正在穩步推進技術轉型之旅，我們的資產負債表穩健，這使我們在資本配置策略方面擁有更大的靈活性。那麼，接下來就進入提問環節。

(Operator Instructions)

（操作說明）

Jordan Alliger, Goldman Sachs.

喬丹·阿利格，高盛。

Yeah, hi, good afternoon. So questions. Given some of your comments in the fourth -- for the fourth quarter so far on spot picking up, maybe demand a little better, productivity, some of the startup costs dropping off, is there a way you could maybe frame up how to think about hopefully improvement in TTS operating ratio? As we move from 3Q to 4Q, would that be the expectation?

是啊，你好，下午好。所以，問題來了。鑑於您在第四季度的一些評論——關於現貨市場回暖、需求可能略有改善、生產率提高、一些啟動成本下降，您能否闡述一下如何看待 TTS 營運比率有望改善的問題？從第三季到第四季度，這是否符合預期？

Jordan, I'll take that one. This is Chris. Yes, maybe at a high level just to give you some inputs going Q3 to Q4. Q4, we would expect it to be, call it, seasonally softer, down sequentially with revenue softness in Logistics.

喬丹，我選那個。這是克里斯。是的，或許可以從宏觀層面給你一些關於第三季到第四季的參考資訊。預計第四季將出現季節性疲軟，季減，物流收入也將疲軟。

I think there will be some operating income upside with some of the items that you mentioned, startup expenses dropping off, some One-Way production rebounding, and our cost discipline holding. There's some offsets with some further Logistics gross margin pressure and lighter gains.

我認為，隨著您提到的一些因素，例如啟動費用下降、單向生產反彈以及我們成本控制的保持，營業收入將會增加。物流毛利率進一步承壓，收益放緩，這在一定程度上抵消了不利影響。

Got it. Okay, thank you very much.

知道了。好的，非常感謝。

Bruce Chan, Stifel.

布魯斯·陳，史蒂費爾。

Hey, good afternoon. This is Matt Milask on for Bruce. To start, I believe you said that the pace of capacity reduction related to regulatory enforcement appears to be accelerating. One of your competitors pointed to potentially larger impact there than what ELDs had several years back.

嘿，下午好。這是馬特·米拉斯克替布魯斯報道。首先，我相信您說過，與監管執法相關的能力下降速度似乎正在加快。你的一位競爭對手指出，這可能比幾年前電子記錄設備的影響更大。

We're curious if you could comment on the magnitude of reduction you might ultimately expect here, maybe what the timing might be, and any color or early signs that you're seeing across the business or within the customer conversations that you've had around this.

我們很想知道您能否就您最終可能預期的裁員幅度、時間表以及您在公司內部或與客戶就此進行的對話中看到的任何跡像或早期跡象發表評論。

Thanks, Matt. Thanks for the question. So yes, on the pace, we'll start with the one that started first, which was really the ELP side of it. We've seen ongoing increases in the pace and aggressiveness of the English language proficiency enforcement. Right now if you were to look at current trends, it would project out to be about 30,000 annually that would be placed out of service.

謝謝你，馬特。謝謝你的提問。所以，是的，說到進度，我們將從第一個開始的那個開始，也就是 ELP 那部分。我們看到，英語語言能力測驗的執行力度和速度都在不斷提升。如果按照目前的趨勢來看，預計每年將有大約 30,000 台設備停用。

But each month, that trend has increased in momentum. And I think as more states realize this is serious and it is a safety concern and enforcement increases, that number could certainly move north. But as of late, that focus has really been shifted or added to by the focus on the nondomiciled CDL front.

但是，每個月，這種趨勢都在加速發展。我認為，隨著越來越多的州意識到這個問題的嚴重性，意識到這是一個安全問題，執法力度加大，這個數字肯定會上升。但最近，由於對非居民 CDL 領域的關注，這一重點實際上已經轉移或增加了。

There's lots of estimates out there, but a fairly conservative one appears to be 200,000 nondomiciled CDLs. And as we see enforcement starting to ramp up on that issue, it shows through as it relates to regional tightness and regional movements in the spot market.

有許多估計，但比較保守的估計是 20 萬名非本地居民持有商業駕駛執照 (CDL)。隨著執法力度開始加大，這體現在現貨市場的區域緊張和區域波動。

So I don't think anybody is here today saying the spot market has fundamentally moved up into the right nationally, but it's very clear that it's moved and followed trends in markets where enforcement has been ramped up.

所以我認為今天沒有人會說現貨市場在全國範圍內已經從根本上向右發展，但很明顯，它已經發展並跟隨了那些執法力度加大的市場的趨勢。

As recently as a few hours ago, I saw there was a press conference where in Indiana, they had a focused enforcement activity that took another 100-plus drivers off the road, of which I think upper 40s were Class 8 CDL holders. That type of enforcement and momentum we expect to continue. I would argue that, in total, when you take the B-1 visa cabotage issue, the ELP issue, and the nondomiciled CDL issue, I would concur that, that is larger than what we saw with the introduction of ELDs.

就在幾個小時前，我看到印第安納州舉行了一場新聞發布會，會上宣布他們開展了一次重點執法行動，查處了 100 多名司機，其中我認為有 40 多名是持有 8 級商業駕駛執照 (CDL) 的司機。我們預計這種執法力度和勢頭將會持續下去。我認為，總的來說，當你把 B-1 簽證沿海運輸問題、ELP 問題和非居民 CDL 問題考慮在內時，我同意，這比引入 ELD 所引發的問題要大得多。

The last enforcement around the corner that we believe the administration is aware of is actually relative to ELDs, and that's some of the ELD fraud that may be occurring out there on the nation's road. It's way too premature for me to try to put a number on how vast that may be. But I'm encouraged by all of the enforcement opportunities to improve safety on our nation's roadways, and I applaud the administration for taking those matters very seriously.

我們認為政府目前所知的最後一個即將到來的執法行動實際上與電子記錄設備 (ELD) 有關，那就是可能在全國各地道路上發生的一些 ELD 詐欺行為。現在就試著估算規模究竟有多大還為時過早。但我對所有能夠改善我國道路安全的執法機會感到鼓舞，我讚賞政府對這些問題的高度重視。

Jason Seidl, TD Cowen.

Jason Seidl，TD Cowen。

Thank you, operator, Derek, Chris, and Chris, afternoon here. That's some good color that you just gave. If I could just tack on to that and then ask you questions about where you think the rates are going for bid season.

謝謝接線員、Derek、Chris，還有Chris，下午好。你剛才用的這個顏色真不錯。我可以補充一點，然後問您一些關於您認為投標季利率走向的問題。

But what do you think the overlap is between nondomiciled and ELP? That's something that we haven't been able to get a handle on even as we ask people. And I guess as we look for the bid season, what are your early thoughts on bid season for '26? Can it look better than this past year, the low-single digits? Or do you think not with the demand environment that we're in now?

但你認為非居民和ELP之間的重疊部分是什麼？即使我們詢問了很多人，也仍然無法弄清楚這個問題。我想，隨著我們展望2026年的競標季，您對2026年的競標季有什麼初步看法？今年的情況會比去年的個位數低迷期好轉嗎？或者您認為在目前的需求環境下，情況並非如此？

Yeah, I'll start with -- so the overlap question, I agree, I think it's probably the most nebulous of all of the numbers to try to get your arms around. But honestly, I'm not sure that it matters a whole lot, right? If we have significant enforcement on the nondomiciled CDL issue, even if it only means the nonrenewal of such licenses as we go forward, you can very quickly get into a significant number of drivers.

是的，我先從重疊問題說起，我同意，我認為這可能是所有數據中最難掌握的一個。但說實話，我覺得這其實沒那麼重要，對吧？如果我們對非居民商業駕駛執照（CDL）問題進行強有力的執法，即使只是意味著今後不再續簽此類執照，也能很快影響到相當數量的駕駛員。

I think the bigger thing that gets overlooked often is what's the numerator, what's the denominator, right? And so what we're talking about here, even at Werner within our own results, is we have pointed very clearly to the duress being in the one-way over-the-road network.

我認為經常被忽略的更重要的一點是，分子是什麼，分母是什麼，對吧？因此，我們在這裡討論的，即使在 Werner 自己的研究結果中，我們也非常清楚地指出，困境在於單行道公路網絡。

That duress is pronounced through the proliferation of a lot of things to include the B-1 visa cabotage opportunities, ELP, and lack of enforcement of existing laws and the nondomiciled CDL proliferation that we've seen over the last four to five years.

這種壓力體現在許多方面的激增，包括 B-1 簽證的沿海運輸機會、ELP、現有法律執行不力以及過去四、五年我們看到的非居民 CDL 激增。

And so, it is a significant portion of that population that we're talking about. Now is it as high as some of the estimates I've seen? I don't know. But even if you cut those estimates by half and you look at 150,000-ish of those overlapping drivers, if you will, that's a significant change in market dynamics.

因此，我們談論的是這部分人口的很大一部分。現在它真的像我看到的一些估計值那麼高嗎？我不知道。但即使你將這些估計值減半，只考慮大約 15 萬個重疊的驅動因素，那也是市場動態的重大變化。

And so, yes, I think this enforcement does continue to put us in a position for a bid season that shapes up to be better than a year ago. But all of that is a week-to-week, month-to-month monitoring of what's happening with the attrition, what's going on in the bankruptcy front, does lender leniency continue to tighten slightly as used truck values improve, and all of the above, not to mention just overall trucker duress out there and the need for increased rates, I think, puts pressure going into bid season for us to try to do even better than what people were achieving this year. This year's bid season, we were, for the first time, and you've seen it in five consecutive quarters, seeing increases in our rate per mile. As we came out of bids, we were seeing more stability in the outputs of those bids. But we need a lot more where that came from.

所以，是的，我認為這種執法力度確實讓我們處於一個有利位置，使得今年的投標季比去年更好。但所有這些都需要每週、每月持續監測人員流失情況、破產方面的進展、隨著二手卡車價格上漲，貸款機構的寬容度是否會繼續略微收緊，以及以上所有因素，更不用說卡車司機面臨的整體困境和提高費率的需求，我認為，這些因素都會在競標季到來之際給我們帶來壓力，迫使我們努力做得比今年人們取得的成績更好。今年的投標季，我們首次提高了每英里的費率，而且這種情況已經連續五個季度出現了。隨著競標的結束，我們發現這些競標的結果更加穩定。但我們需要更多這樣的人才。

And I think that's something that's well aware. And the last piece on this enforcement is we tend to think about it only as law enforcement, but there is increasing awareness from insurance providers of some of the risks that these issues represent to them.

我認為這是他很清楚的。關於執法工作的最後一點是，我們往往只把它看作是執法，但保險公司也越來越意識到這些問題對他們造成的一些風險。

And as insurance companies are starting to dig in and, I think, think differently about fundamentally underwriting some of these carriers, I think that's yet another barrier that really has not been present in the past that's starting to show its head. For the record, on all of the above issues, we like our position and our fleet position very much, and we encourage increased enforcement on all of the above.

隨著保險公司開始深入研究，我認為，他們對某些承保人的根本承保方式有了不同的思考，我認為這是過去從未出現過的另一個障礙，現在開始顯現出來。鄭重聲明，對於以上所有問題，我們都非常滿意我們自身的立場和車隊的立場，並鼓勵對以上所有問題加強執法力度。

Listen, I'm sure that's the case. And on the insurance side, do you think that's something that we could see quickly accelerate, putting more capacity out of the marketplace?

聽著，我確信情況就是這樣。就保險業而言，您認為我們是否會看到這種情況迅速加速，從而釋放出更多市場容量？

All I can speak to is actual conversations that I'm aware of that are happening as we speak between insurers and their underlying carriers and documentation and vetting that is certainly ramping to a level that was not previously in place. All of that, I think, is good for the industry and good for public safety.

我只能談談我所了解的保險公司與其下屬承保人之間正在進行的實際對話，以及文件編制和審核工作正在逐步加強到以前從未達到的水平。我認為，所有這些都有利於產業發展，也有利於公共安全。

Sounds good. Derek, I appreciate your time as always.

聽起來不錯。德里克，一如既往地感謝你抽出時間。

Tom Wadewitz, UBS.

瑞銀集團的湯姆·瓦德維茨。

Yeah, good afternoon. Wanted to ask you on the, I guess, the popular topic on the call here. So you mentioned, Derek, that the numerator and denominator are important in figuring out this potential regulatory impact on supply in the market.

午安.我想問您一個問題，我想這應該是這次電話會議上最熱門的話題了。德瑞克，你剛才提到，分子和分母對於計算這種潛在的監管對市場供應的影響非常重要。

What do you think the denominator is? Do you think it's like third-party for-hire truckload that you would say, hey, it's like 1 million drivers. Is it 2 million? How do you allocate the exit in terms of estimating a percent impact, whatever you think that numerator is?

你認為分母是多少？你認為它像第三方貨運公司一樣，會有100萬名司機嗎？是200萬嗎？你如何根據你認為的分子（即退出影響百分比）來分配退出影響？

Yeah. Tom, thank you for the question. Yes, I think when you think about Class 8 over-the-road one-way, not private fleet driver base where this is having the most profound impact, and frankly, covering most of the nation's highways with this type of category of driver and/or skill set, I think it's less than $1 million, but approximately that number. So let's just say $1 million.

是的。湯姆，謝謝你的提問。是的，我認為，如果你考慮的是 8 級公路單程運輸，而不是私人車隊司機群體，那麼這種影響最為深遠。坦白說，這類駕駛和/或技能組合涵蓋了全國大部分高速公路，我認為損失不到 100 萬美元，但大概就是這個數字。我們就假設是100萬美元吧。

And then if you go back to the earlier conversation where I think conservatively between the triple impact of B-1 cabotage -- so I'm not anti-B-1. I've said that many times, we don't use them in our fleet, but if you're using them legally, so be it -- but cabotage is prohibited under the program, ELP, and nondomiciled CDL, you're going to quickly get to a number that looks something like 150,000 to 200,000, and that's if you're being very, very conservative in my view.

然後，如果你回到之前的對話，我保守地認為 B-1 沿海運輸的三重影響——所以我並不反對 B-1。我已經說過很多次了，我們的車隊不使用它們，但如果你合法使用，那就隨你便吧——但是根據該計劃，沿海運輸是被禁止的，ELP 和非居民 CDL，你會很快發現這個數字大概在 15 萬到 20 萬之間，而且在我看來，這還是非常非常保守的估計。

Okay, and how much price do you think you need to get back on a more favorable margin trajectory? Is that -- I mean, it seems like just the cost pressures are relentless on insurance.

好的，那麼你認為需要降價多少才能重回更有利的利潤率軌道？我的意思是，保險業似乎面臨著持續不斷的成本壓力。

Well, I'll start on the insurance side and maybe Chris will jump in, and we can give you some more color. But I would tell you that I believe, obviously, as recently as this first quarter this year, we had one that came out of nowhere based on some unique situations down in Louisiana.

好，我先從保險方面說起，也許克里斯會加入進來，我們就能提供你更多細節了。但我可以告訴你，我相信，顯然，就在今年第一季度，我們遇到了一個完全出乎意料的案例，這是由於路易斯安那州的一些特殊情況造成的。

But we have started to find a normalized run rate, if you will, of insurance that I think is somewhere in that, call it, $35 million to $38 million range. It may ebb and flow slightly from there. What I'm proud of is that we continue to post near-record lows in accidents per million miles, DOT preventables, work comp injuries, et cetera.

但我們已經開始找到一個正常的保險運作率，我認為大概在 3500 萬美元到 3800 萬美元之間。它可能從那裡開始略有波動。令我感到自豪的是，我們在每百萬英里事故率、DOT 可預防事故率、工傷賠償率等方面持續保持接近歷史最低水平。

But it's the same story you guys have heard way too many times, which is it's the outsized one-off nuclear verdicts and/or settlements that throw a lot of noise into the number. We believe we're properly accrued and that we've really done a very diligent job relative to reserves as we look forward.

但你們已經聽過太多遍同樣的說法了，那就是數額巨大的單次核判決和/或和解給數字帶來了很大的干擾。我們相信我們已經適當地累積了資金，並且展望未來，我們在儲備方面確實做得非常認真負責。

And we're attacking the most important thing, which is frequency and bringing it down month-over-month, quarter-over-quarter, anywhere and everywhere we can. So on the insurance front, that would be my answer. On the rates, obviously, you asked the question what do we need.

我們正在著手解決最重要的問題，那就是降低廣告投放頻率，逐月、逐季、盡可能降低廣告投放頻率。所以，關於保險方面，我的回答就是這樣。關於利率，很顯然，您問的是我們需要什麼利率。

We need a lot. I mean, so does the entire industry. Not a very technical answer, but we're going to get everything we can. I think shippers are starting to become aware more and more of how their freight may or may not be moving the way they thought it was and by whom it may be getting moved compared to what they thought it was. And we need to make sure that we get this industry back to reinvestable levels, at a high-quality level, with vetted, qualified, competent drivers behind the wheel.

我們需要很多東西。我的意思是，整個產業都是如此。答案可能不太專業，但我們會盡一切努力爭取最好的結果。我認為，貨主們越來越意識到，他們的貨物運輸方式可能與他們預想的有所不同，而且實際的運輸方也可能與他們預想的有所出入。我們需要確保這個行業恢復到可再投資的水平，達到高品質水平，並由經過審查、合格、稱職的駕駛員駕駛。

And that is certainly the work that we'll be doing as we go forward with our shippers.

當然，這正是我們未來與托運人合作時要進行的工作。

Great, thank you.

太好了，謝謝。

Ravi Shanker, Morgan Stanley.

拉維‧香克爾，摩根士丹利。

This is Nancy Hipp on for Ravi. It would be helpful to hear a couple more details on peak season and your thoughts towards the end of the year, especially with your nondiscretionary-focused consumer base with this recent extended government shutdown.

這裡是南希希普，為您報道拉維。如果您能聽到更多關於旺季的細節以及您對年底的看法，那就太好了，尤其是在最近政府長期停擺的情況下，您的非必需消費品消費群體的情況更是如此。

Nancy, thank you. So peak season, if I start at 40,000 feet, I think the best way to think about it from our view is that it's going to look similar to a year ago. Now there's some puts and takes in that, that make it maybe a little cloudier.

南希，謝謝你。所以，如果我從 40,000 英尺的高度開始分析旺季，我認為從我們的角度來看，最好的思考方式是，它看起來會和一年前類似。現在這裡面有一些進退兩難的情況，可能會讓事情變得有點撲朔迷離。

A year ago, inside of some of those peak numbers were some projects related to hurricanes and storms and natural disasters that at this point don't appear to be the case for this Q4. Overall, discount retail holding up pretty well, and what we're seeing in terms of opportunity sets look comparable.

一年前，這些高峰數字中包含一些與颶風、風暴和自然災害相關的項目，但就目前來看，今年第四季似乎並非如此。整體而言，折扣零售業表現相當不錯，我們看到的各種機會也相當可觀。

We've made some conscious decisions as we talk about One-Way being under duress to reallocate assets relative to where we're participating in peak, where we think it fits our network better. It may or may not demand the same premium, but if it doesn't have the same cost associated to it, that's still a win.

鑑於 One-Way 面臨壓力，我們做出了一些有意識的決定，需要根據我們在高峰期參與的領域以及我們認為更適合我們網路的領域重新分配資產。它或許不需要支付相同的溢價，但如果它沒有帶來相同的成本，那仍然是一件好事。

So we need that to play out and see what those volumes come in at. But in general, we're working with customers that are doing better than most. They are in the end of retail or on the retail spectrum where people are migrating to, not migrating away from, and their projections and same-store sales are holding up pretty well.

所以我們需要觀察情況，看看最終的交易量是多少。但總的來說，我們合作的客戶都比大多數客戶的情況好。他們處於零售業的末端，或者處於零售業的光譜上，人們正在向這個領域遷移，而不是離開這個領域，而且他們的預測和同店銷售額都保持得相當不錯。

So what we know is that's on the books today looks pretty good and similar to a year ago. What we don't know is whether there's upside from there given some of the enforcement issues and other freight and mini bids that it could cause. We're not in a position to talk with a lot of optimism about that today because I think this enforcement trend needs to continue to gain traction before we would see that.

所以我們知道，目前的情況看起來相當不錯，與一年前的情況類似。我們不知道的是，考慮到一些執法問題以及可能引發的其他貨運和小型競標問題，這是否會帶來上漲空間。今天我們還不能對此抱持太多樂觀態度，因為我認為這種執法趨勢需要繼續加強才能看到成效。

Scott Group, Wolfe Research.

Scott Group，Wolfe Research。

Hey, thanks, afternoon. So on the -- you've talked about regional tightness in a bunch of areas. We're hearing that from a lot of folks. I'm just curious, as you're seeing some areas get tighter, are other areas getting looser?

嘿，謝謝，下午好。所以，關於──你談到了很多領域的區域性緊張。很多人都這麼說。我只是好奇，既然你發現有些地方變緊了，那其他地方是不是變鬆了？

Meaning is there some chance that these guys are leaving the states that it's being enforced and they're going to the states where it's not being enforced. And so the net impact is there's regions that get tight, but the net impact isn't as significant as maybe we'd think.

意思是說，這些人有沒有可能離開執行該法律的州，前往不執行該法律的州？因此，最終結果是，雖然有些地區競爭激烈，但最終的影響可能沒有我們想像的那麼大。

Yes, Scott, I understand the question. Thank you for that. But no, I don't believe that's the case. We absolutely believe there is some avoidance going on. So I want to be clear about that, right?

是的，斯科特，我明白你的問題。謝謝。不，我不認為情況是這樣。我們絕對相信存在某種規避行為。所以我想把這一點說清楚，對吧？

Some out-of-route miles being ran to avoid states of enforcement or areas of enforcement. We believe there's some of that happening. But where we're seeing the tightness happen, often we have the ability to follow up and get more specific on what's happening in the market, whether it be through our used truck sales network, our local boots on the ground, a terminal in the area.

為了避開執法州或執法區域，跑者會繞行一些非正規路線。我們認為這種情況確實存在。但是，當我們看到供應緊張時，我們通常能夠跟進並更具體地了解市場正在發生的事情，無論是透過我們的二手卡車銷售網絡、我們當地的實地人員，還是該地區的終端。

And what we're hearing back is, no, 20 drivers didn't report to work today, and they're not coming back because they're concerned about enforcement, or the fleet that's involved with whoever those drivers may be, let go of 30 drivers today or close their doors. We've seen some truck cancellations from fleets that were purchasing trucks from us that unbeknownst to us had drivers of those types maybe in their fleet and have had to cancel because they now are sitting with open trucks.

而我們得到的回饋是，今天有 20 名司機沒有來上班，他們也不會回來了，因為他們擔心執法部門會採取行動，或者與這些司機有關的車隊今天解雇了 30 名司機，或者乾脆關門大吉。我們發現一些車隊取消了從我們這裡購買卡車的訂單，而我們事先並不知道他們的車隊可能有這類司機，因此他們不得不取消訂單，因為他們現在有空置的卡車。

So no, I don't believe -- you wouldn't -- because they're predominantly in the over-the-road application, Scott, and predominantly doing, therefore, national freight kind of one-way freight, you can't really avoid your way around the problem, and especially now as more and more states are starting to step up their own enforcement.

所以，不，我不相信——你也不會相信——因為它們主要應用於公路運輸，斯科特，而且主要從事的是全國性的單程貨運，因此你無法真正迴避這個問題，尤其是在越來越多的州開始加強執法的情況下。

We may think about 48 states, but you really have a select number of major highways in America, and that's where that freight is traveling. And as long as you've got a state or two somewhere along that route, the enforcement starts to tighten pretty quickly.

我們可能會想到美國 48 個州，但實際上美國祇有少數幾條主要公路，貨物就是透過這些公路運輸的。只要這條路線上有一、兩個州，執法力道就會很快加強。

Okay, that all makes sense. And then just I wasn't clear the answer about how to think about Q4. Do you think we'll see some improvement in the truckload operating ratio from Q3 to Q4? Just any -- wasn't clear. I know someone else already asked, but I don't know that I followed the answer.

好的，一切都說得通了。然後，我就不清楚第四季該如何思考了。您認為從第三季到第四季，整車運輸營運比率會有所改善嗎？隨便哪個都行——這個說法不太清楚。我知道之前已經有人問過這個問題了，但我不知道我是否理解了他們的回答。

Scott, this is Chris. Yes, so maybe just repeating what we did earlier. Overall, some of the softness is going to be more so from Logistics within TTS, at least on a sequential basis, revenue more or less stable to up, but you unpack that and there's more opportunity with the Dedicated fleet, revenue per truck growth peak contributing, but the One-Way fleet being down a bit. And then from an expense perspective, there's upside in TTS with those Dedicated startup expenses that are dropping off very quickly. We alluded to some of that.

斯科特，這是克里斯。是的，所以也許只是重複我們之前做過的事情。總體而言，TTS 內部物流業務的疲軟程度可能會更高，至少從環比來看，收入基本上保持穩定或有所增長，但深入分析後會發現，專用車隊還有更大的發展機會，每輛卡車的收入增長達到峰值，但單程車隊略有下降。從費用角度來看，TTS 的優勢在於其專用啟動費用正在迅速下降。我們之前也提到過其中一些內容。

Early here in November it should be completely gone. There will -- we are expecting some lighter gains. Resale values, I think, will continue to be sustained. But obviously, it depends on the quantity and the number of units that we're selling. So that would really be the puts and takes that I would give to you from a TTS perspective.

到11月初，它應該就完全消失了。會有的——我們預計漲幅會比較小。我認為，轉售價格將繼續保持穩定。但很顯然，這取決於我們銷售的數量和單位數。所以，從TTS（文字轉語音）的角度來看，這就是我想和你們分享的觀點和看法。

Okay. Thank you guys. I appreciate the time.

好的。謝謝大家。感謝您抽出時間。

Eric Morgan, Barclays.

艾瑞克摩根，巴克萊銀行。

Hey, good afternoon. Thanks for taking the question. I wanted to ask on utilization. I think you mentioned some specific shifts or factors that drove the step lower in the quarter that was unrelated to the softness that you saw. So maybe you could just elaborate on that. And then I think you said it's improving in October. So should we just expect that to step back up in 4Q? And is that market-driven or something that you're taking action on?

嘿，下午好。感謝您回答這個問題。我想問一下利用率方面的情況。我認為你提到了一些具體的轉變或因素，這些轉變或因素導致了本季業績的下滑，但這與你所看到的疲軟狀況無關。或許您可以詳細解釋一下。然後我想你說過，10月情況有所改善。那麼我們是否可以預期第四季會回升呢？這是市場驅動的結果，還是你主動採取行動的結果？

Yeah. I would tell you that it wouldn't be the right readthrough relative to the productivity in the Q3 to associate it to some sort of significant volume gap or volume issue, per se. These were really issues that stemmed from a variety of factors, one being that as we were seeding these Dedicated trucks and going through these new vertical startups, we had mix issues in the fleet in One-Way as a result. I would remind everyone that One-Way is really, in many cases, the source of Dedicated drivers. That's where those drivers come from.

是的。我會告訴你，將第三季的生產力與某種重大的數量差距或數量問題本身聯繫起來，並不是正確的解釋。這些問題實際上是由多種因素造成的，其中之一是，當我們播種這些專用卡車並進行這些新的垂直創業計畫時，單程車隊出現了混合問題。我想提醒大家，在很多情況下，單程運輸其實是專職司機的來源。這些司機就是從那裡來的。

Our team mix was lower in Q3 than it will be as we look into Q4 as a result of teams that are breaking up to go become a Dedicated driver. That's certainly part of it. There's some friction involved in the production numbers when you're moving trucks and moving drivers out of one area into another as part of some more significant startups.

由於一些車隊解散成為專職車手，我們第三季的車隊組成將低於第四季。這當然是其中一部分原因。當你把卡車和司機從一個地區調到另一個地區，作為一些更重要的創業計畫的一部分時，生產數據就會出現一些摩擦。

So that was certainly part of it. And then we had some mix issues in the quarter that were unique to Q3 from a year-over-year perspective relative to projects a year ago that were different in their makeup and mix in Q3 and much smaller in their representation.

所以這肯定是其中一部分原因。然後，本季我們遇到了一些組合問題，這些問題是第三季特有的，與去年同期相比，第三季的專案組成和組合有所不同，而且其佔比也小得多。

So all of that went into the soup. When we look at Q4, and we look at October specifically, that's why we felt it important to call it out in the prepared remarks. We've made significant progress in stabilizing that production issue and really setting ourselves up for a strong peak as it relates to production and the ability to serve our customers.

所以這一切都放進湯裡了。當我們審視第四季度，特別是10月份的情況時，這就是為什麼我們覺得有必要在準備好的發言稿中特別指出這一點。我們在穩定生產問題方面取得了重大進展，並為生產高峰期以及服務客戶的能力做好了充分準備。

Appreciate that. And maybe just to circle back on your view on the spot market. You said rates have been improving in September and October. And then I think in the prepared remarks, you called out the upside potential from these regulatory changes we've been talking about. I think the numbers you threw out there could be pretty meaningful.

謝謝。或許還可以再談談您對現貨市場的看法。您說9月和10月的利率有所改善。然後，我認為您在準備好的演講稿中提到了我們一直在討論的這些監管變革所帶來的潛在好處。我認為你提到的那些數字可能很有意義。

So your formal outlook, I think, is just for normal seasonality, I believe. And then the One-Way revenue per mile guidance is flat at the midpoint despite the contract renewal. So I guess, any way to quantify what that upside looks like into year-end and, I don't know, early '26?

所以，我認為，你的正式展望只是針對正常的季節性而言。儘管合約續簽，單程每英里收入預期仍維持在中點水準。所以我想問的是，有沒有辦法量化這種上漲潛力到年底，甚至到 2026 年初會有多大？

Eric, this is Chris. Yes, speaking of One-Way Trucking rate per mile, so you're right, we were flat at the midpoint. We have had five consecutive quarters of increases. And as you think about spot, we did -- you summarized it well. It was weaker earlier in the quarter.

埃里克，這是克里斯。是的，說到單程貨運每英里的運費，你說得對，我們正好處於中間點。我們已經連續五個季度實現成長。當你思考這個問題時，我們確實想到了——你總結得很好。本季早些時候，其表現較弱。

It has improved in September and now into October. And you're right, we did call for normal or expect normal seasonality, but potentially with some upside, given some of this enforcement that we've been talking about. In terms of the projection and the guidance on the One-Way rate per mile, I mean, there's a couple of things, obviously, that would influence that. Our contractual rates are pretty much set. Bid season is over.

9月情況好轉，現在10月也好轉了。你說得對，我們確實呼籲或預期會出現正常的季節性波動，但考慮到我們一直在討論的一些執法措施，可能會有一些上漲空間。關於單程每英里費率的預測和指導，我的意思是，顯然有一些因素會影響它。我們的合約價格基本上已經確定。投標季結束了。

Our results were, as we've talked in the past, mixed with low to mid-single-digit increases. So those rates are established. So the peak season will have an influence clearly on our Q4. Last year, we had a decent move from Q3 to Q4, much of that related to peak. And so if we're able to attain a similar peak season in terms of volume and rate this year, then that trajectory might be similar.

正如我們之前討論過的，我們的結果喜憂參半，增幅在個位數左右。所以這些利率就此確定下來。因此，旺季顯然會對我們的第四季業績產生影響。去年，我們從第三季到第四季取得了不錯的成長，這很大程度上與高峰有關。因此，如果我們今年能夠在銷售和價格方面達到類似的旺季水平，那麼發展軌跡可能也會類似。

And then, of course, you have spot and mix as well. And with a smaller fleet, hopefully, we can be a little bit more selective with some of the freight options that are out there.

當然，還有點播和混音。車隊規模縮小後，我們希望能夠對現有的一些貨運選擇進行更嚴格的篩選。

Yes. The only thing I would add is, as Chris indicated, our spot exposure intentionally right now is a little greater than what has been historically. That number is still moving, but it's still below contract in many cases. So we need it to continue to move. It does generally move in Q4.

是的。我唯一要補充的是，正如克里斯所指出的，我們目前有意增加的現貨投資比以往要多一些。這個數字仍在變化，但在許多情況下仍然低於合約約定值。所以我們需要它繼續前進。它通常會在第四季出現變動。

And if enforcement ramps up, it moves even faster. So a little bit of a hedge perhaps by going to the negative one to positive one, but we're trying to provide clear data that we know as we sit here today and leave ourselves an opportunity to improve upon it. And then lastly, I mentioned it earlier in the comments, so I'll just reiterate it again.

如果執法力度加大，速度還會更快。所以，從負值到正值可能有點對沖作用，但我們正在努力提供我們今天所掌握的清晰數據，並為自己留出改進的機會。最後，我之前在評論裡提到過，所以我再重申一次。

As it relates to the peak season, the volumes and premiums, we think the outcomes will be similar, but we've made decisions to attack peak season this year where we have better density, where we have better ability to serve and less costs to go along with it. And so, therefore, you're not necessarily extracting the same level of premium, but your gross margin, if you will, should look similar and with an opportunity for upside.

至於旺季、銷售量和溢價，我們認為結果會類似，但我們已經決定今年專注於攻克人口密度更高、服務能力更強、成本更低的旺季市場。因此，雖然你可能無法獲得相同水準的溢價，但你的毛利率應該看起來類似，並且還有上升的空間。

So that's exactly how we're trying to think about it. But it does mute a little bit of premiums if you just did, for instance, an all-West Coast strategy.

所以，我們正是這樣思考的。但如果你採取的策略是全部投資西海岸地區，那麼保費就會稍微降低一些。

Reed Seay, Stephens Inc.

里德·西伊，史蒂芬斯公司

Hey guys, thanks for taking my question. I'm going to circle back to the capacity side. Not to harp on it too much, but I think one of the things that we've been looking into and other people have been concerned about is that you've had a lot of people come off the roads that could get on the roads with the news of the new enforcement that is expected to drive improvement in rates. So something like this would obviously impact the actual impact of rates. Is this something you're keeping an eye on? And how do you think about that as a potential governor to this upcycle?

各位好，感謝你們回答我的問題。我打算再回到容量方面的問題。我不想過多贅述，但我認為我們一直在研究和其他人也關注的一件事是，隨著新的執法措施出台，預計事故率將有所改善，因此許多原本可能上路的車輛減少了。因此，類似這樣的事情顯然會對利率的實際影響產生影響。您有在關注這件事嗎？你認為這會是推動這輪上行週期的潛在因素嗎？

Yes, Reed, I think it's a great question, and yes, it is something that we're thinking about. We would have some level of visibility, obviously, just in our brokerage arm and in our PowerLink solution arm as well. And I've talked with them recently about are you seeing changes or differences in new applicants and new people that are wanting to do business with us. And around the edges, I think their answer would be yes. That doesn't really surprise me.

是的，里德，我認為這是一個很好的問題，是的，我們正在考慮這個問題。顯然，我們會在一定程度上了解情況，無論是在我們的經紀業務部門還是在我們的 PowerLink 解決方案部門。最近我和他們談過，你們是否發現新申請人和想要與我們開展業務的新人發生了變化或差異。而從表面上看，我認為他們的答案會是肯定的。這倒不讓我感到意外。

I mean, I do believe that you might see some folks come back into the market, but I don't think -- I think it would pale by comparison to what appears to be a much more significant issue than really anybody had full appreciation for relative to some of the CDL issuances and the percentages we talked about earlier. So a couple of ways to skin that cat. I mean, one, earlier I talked about just take half the number of some of these estimates, and that's where you end up at the 150,000 level.

我的意思是，我相信可能會有一些人重返市場，但我認為——我認為這與之前我們討論的一些 CDL 發放量和百分比相比，顯得微不足道。這個問題似乎比任何人之前充分意識到的都要重要得多。所以，解決這個問題有好幾種方法。我的意思是，第一，我之前說過，只要把其中一些估計值減半，就能得到 15 萬這個數字。

Another way would be take the full estimate and assume that you're going to have a whole bunch of people come back in. I guess my point is in any way you think about it, it appears if enforcement appetite remains, and I think we would all agree the backdrop on that seems to be yes, there is capacity that will be exiting this market, and it will be more meaningful than what we've seen up till now.

另一種方法是依照預計人數進行估算，假設會有很多人回來。我想說的是，無論你怎麼看待這件事，如果執法力度依然強勁（我想我們都會同意，就目前的情況來看），那麼確實會有一些產能退出這個市場，而且這將比我們迄今為止看到的規模更大。

Got it. That's very helpful color. And then if I could just ask on the technology side real quick. You focused on it a bit there in the prepared remarks, but can we get a little more color on exactly where that's being applied within the TTS segment and within the Logistics segment? It sounds like you've done a lot of work with that technology.

知道了。那是一個非常有用的顏色。然後，我能快速問一下技術方面的問題嗎？您在準備好的發言稿中稍微提到了這一點，但我們能否更詳細地了解它在 TTS 領域和物流領域的具體應用情況？聽起來你在那項技術方面做了很多工作。

Yeah. So Logistics is nearly fully implemented. I mean it ostensibly is fully implemented. And now it's just iterations of improvements as we go forward, each iteration bringing forth additional productivity gains. But it's being applied across our Logistics group to automate any and everything that we can and take friction out of the process.

是的。因此，物流系統已基本全面建成。我的意思是，表面上它已經完全實現了。現在，我們所做的只是不斷改進，每一次改進都會帶來額外的生產力提升。但我們整個物流集團都在應用這項技術，盡可能實現所有環節的自動化，消除流程中的摩擦。

You can see it flow through in our OpEx expense as a percent of revenue and the dramatic improvements that we're making on that side. And we believe there's more to come as we can continue over time to take another step up in growth once we get through this short-term buy-side pressure that's out there, take that step up in growth and continue to add volumes.

您可以從我們的營運支出佔收入的百分比以及我們在這一方面取得的巨大進步中看出這一點。我們相信，隨著我們克服了當前短期買方壓力，未來會有更多成長，我們將能夠繼續提升成長速度，並不斷增加銷售量。

They are comfortable in their belief that they can -- we can take on more volume without adding a corresponding OpEx to go with it. On the truckload or TTS side, we're at a different stage. We're at a stage where more and more every week, we have more and more of our volume in the new system.

他們對自己的能力充滿信心——我們可以在不增加相應營運支出的情況下承接更多的業務量。就整車運輸或TTS（運輸、運輸、轉運）方面而言，我們處於不同的階段。現在，我們每週都有越來越多的業務量轉移到新系統。

But until you can unplug and disconnect and convert completely, often it represents a headwind. It's a net headwind in the short term. To offset those headwinds, we're deploying lots of AI across multiple places, whether it be in recruiting, billing, collections, all the way across to be able to automate more and more processes and do more with less.

但是，在徹底拔掉插頭、斷開連接並完全轉換之前，這往往會變成一種阻力。短期來看，這無疑是個不利因素。為了抵​​消這些不利因素，我們正在多個領域部署大量人工智慧，無論是在招聘、計費、收款，還是其他方面，以便能夠自動化越來越多的流程，並以更少的資源完成更多的工作。

It allows our higher-level folks that are in those areas to still use all of the knowledge they've developed over all of these years, but to have a much broader impact and sphere of influence over the process and automating many of the manual tasks.

它允許我們這些領域的高階人員繼續運用他們多年來累積的所有知識，但對流程產生更廣泛的影響和作用範圍，並實現許多手動任務的自動化。

Reed, I would just add a little bit to that. Obviously, we're committed to the technology investments and furthering the journey, getting across the finish line, but also committed to seeing more of those synergies and benefits, particularly as we go into the next year, as it relates to margin expansion and part of our cost savings program.

里德，我只想補充一點。顯然，我們致力於技術投資，推進專案進展，最終達成目標，同時也致力於看到更多協同效應和收益，尤其是在明年，這與利潤率擴張和成本節約計劃有關。

Obviously, we're not guiding on a cost savings program for next year. We'll do that at the next quarter, but we will be looking to more of that program to come from tech enablement type of savings, just given where we are being in these later innings. Still some more to go. But as we move forward into next year and throughout the year to be seeing more of that operational gain from the investment to this point.

顯然，我們不會就明年的成本節約計劃提供指導。我們將在下一季實施該計劃，但鑑於我們目前所處的階段，我們將更多地依靠技術賦能方面的節省來實現該計劃。還有一段路要走。但隨著我們邁入明年，並貫穿全年，我們將看到迄今為止的投資所帶來的更多營運收益。

Got it. Thank you for the time, guys.

知道了。謝謝各位抽出時間。

Brian Ossenbeck, JP Morgan.

Brian Ossenbeck，摩根大通。

Derek, maybe just an industry-wide question for you. With the insurance costs, how they are and the claims trending in the direction they are, unfortunately, what do you think is needed to really get some progress on that, not just for Werner, but for the entire industry?

德瑞克，或許我可以問你一個產業普遍存在的問題。鑑於保險成本的現狀以及理賠的趨勢，不幸的是，您認為需要做些什麼才能真正在這方面取得一些進展，這不僅對沃納公司而言如此，對整個行業也是如此？

Are we seeing any improvements on reform, anything you're excited about or states that are moving forward? Because ultimately, I'm just not sure if the shipper is going to pay for the higher insurance claim if they think that's more of a trucking industry problem and not theirs.

改革方面是否有進展？有沒有什麼讓你感到興奮或正在取得進展的州？因為歸根結底，我不確定如果托運人認為這是卡車運輸行業的問題而不是他們的問題，他們是否願意支付更高的保險索賠金額。

Yeah, I think it's a multipronged approach, right? We have to continue as an industry. But that industry, the definition of the industry, I think, needs to include shippers, insurers, and everybody all in to attack tort reform. That's a state-by-state battlefield. It's very difficult.

是的，我認為這是一種多管齊下的方法，對吧？我們必須繼續作為一個行業發展下去。但我認為，這個行業，或者說這個行業的定義，需要包括托運人、保險公司以及所有參與攻擊侵權法改革的人。這是一場各州之間的較量。這非常困難。

It usually takes in any one state multiple years from the time a bill is first proposed to before you finally get it across the finish line. We've seen lots of recent successes in multiple states around the country doing so. And I think that battle needs to continue to take place.

在任何一個州，從法案首次提出到最終獲得通過，通常需要數年時間。我們看到，最近全國多個州都透過這樣做取得了許多成功。我認為這場鬥爭需要繼續下去。

We need to continue to engage where appropriate in states that have elected judges and have shown significant judicial bias against companies or pro-plaintiff bias. What we're asking for is a level playing field. We, the industry, would like to just believe that all facts of a case should be relevant and be able to be considered. The fact that we still have nearly half the Continental United States with gag rules relative to whether a claimant was wearing a seatbelt is just simply unacceptable.

我們需要繼續在適當的時候與那些選舉法官並表現出對公司有明顯偏見或對原告有偏見的州進行溝通。我們要求的是公平的競爭環境。我們業界人士希望相信，案件中的所有事實都應該具有相關性，並且能夠被考慮。美國大陸近一半的地區仍有關於索賠人是否繫安全帶的禁言規定，這簡直令人無法接受。

I mean if they're making decisions to not wear a seatbelt and then suffer significant injuries as a result, I think every juror in America would like to know that fact, because otherwise, they're making ill-informed decisions. So we've got to engage at the judicial level.

我的意思是，如果他們決定不繫安全帶，結果遭受了嚴重的傷害，我認為美國的每一位陪審員都想知道這個事實，因為否則，他們就是在做出不明智的決定。所以我們必須在司法層面進行交涉。

And then finally, I think we have an environment right now where we need to be all full-court press on federal legislation that moves accidents and interstate commerce from the state court system and into a federal jurisdiction and federal courts so that at least we've got some standard set of playing rules, and we can all -- everybody can understand the level of professionalism that comes -- that takes place there.

最後，我認為我們現在所處的環境需要我們全力推進聯邦立法，將事故和州際貿易從州法院系統轉移到聯邦管轄和聯邦法院，這樣至少我們就能有一些標準的規則，我們所有人——每個人都能理解那裡所體現的專業水平。

Does that guarantee positive outcomes every time? No. Does it mean anybody is trying to skirt their responsibility from an accident that's their fault? Absolutely not. But we cannot continue to live in a world where accidents can grow overnight due to bad facts or bad rulings from what should be a defense verdict into a multimillion-dollar verdict the other way.

這樣就能保證每次都取得正面的結果嗎？不。這是否意味著有人試圖逃避因自己過錯造成的事故的責任？絕對不是。但我們不能繼續生活在這樣一個世界：由於錯誤的事實或錯誤的判決，原本應該是辯方勝訴的案件，一夜之間變成了賠償數百萬美元的敗訴案件。

So it's going to be long and hard fought. You can probably tell by my voice, there's some passion for it, and we're going to stay engaged along with many other of our brethren in this industry.

所以這將是一場漫長而艱苦的戰鬥。從我的聲音裡你可能就能聽出來，我對它充滿熱情，我們將繼續與業內許多其他同行一起投入其中。

I appreciate all that and I understand it's a pretty difficult road ahead, but it sounds like some progress. One other quick follow-up on another topic you're passionate about, Derek. Just the B-1 visa, the cabotage, I know there's some enforcement mechanisms for more ELP testing than nondomiciled issue. But is there any way to address and maybe get some tighter enforcement around the illegal uses of the B-1 as it relates to cabotage?

我很感激，也明白前方的道路相當艱難，但聽起來像是取得了一些進展。德瑞克，關於你熱衷的另一個話題，我還有一個簡短的後續問題。就 B-1 簽證和沿海貿易而言，我知道有一些執法機制，比起非居民簽證問題，ELP 測試的力度更大。但是，有沒有辦法解決 B-1 飛機在沿海貿易中非法使用的問題，並加強執法力度呢？

Yes, I believe there is. I mean, obviously, like many things, there's a difficult or a resource obstacle or issue involved with how much current enforcement people are able to do. if they're now trying to enforce ELP and they're enforcing nondomicile and then asking them to additionally enforce B-1 cabotage. There is efforts underway. The government is engaging on this B-1 cabotage issue as we speak.

是的，我相信有。我的意思是，很顯然，就像很多事情一樣，目前的執法人員能做的事情多少都存在困難、資源方面的障礙或問題。如果他們現在試圖執行環境執法計畫（ELP），執行非居民身分限制，然後又要求他們額外執行B-1沿海貿易限制。目前正在進行相關努力。政府目前正在就B-1沿海運輸問題進行諮詢。

And I know that there's some creative tech that they're engaging with, I'll just leave it at that, that excites me because I think it will present an opportunity for them to do it more systemically than just with roadside inspections and stops. But the reality that we all know is that there are drivers crossing the southern border or northern border every day.

我知道他們正在嘗試一些創新技術，我就說到這裡吧，這讓我很興奮，因為我認為這將為他們提供一個機會，讓他們能夠以比路邊檢查和攔截更系統化的方式來開展工作。但我們都知道，現實情況是每天都有司機越過南部邊境或北部邊境。

And we know that in talking to CBP officials and others that it is not uncommon and in fact, more the norm that they don't cross back for 21 to 27 days. If that's the case, nobody will convince me or I think any reasonable person that the only thing they did was to drive to destination, pick up a load, and then exit the country. And so all of the above for the benefit of the nation's highways and public safety on those highways needs to be enforced.

我們與美國海關與邊境保護局官員和其他人交談後得知，他們 21 到 27 天內不返回美國並不罕見，事實上，這才是常態。如果真是那樣，沒有人能說服我，或者我認為任何一個理智的人，他們所做的只是開車到目的地，裝載貨物，然後離開這個國家。因此，為了國家公路的利益和公路上的公共安全，以上所有規定都需要執行。

And we plan on continuing to be a loud voice to that effect.

我們計劃繼續為此發出強而有力的聲音。

All right, thanks very much for the poster.

好的，非常感謝你提供的海報。

Thank you.

謝謝。

Chris Wetherbee, Wells Fargo.

克里斯‧韋瑟比，富國銀行。

Hey, thanks. Good afternoon, guys. Thanks for squeezing me in here. Derek, in your prepared comments, you mentioned One-Way trucking demand through September improving and then so far in October. So I guess I just wanted to come all the way back to that. It sounds like what we've heard from some other folks was maybe a little bit different than that over the course of the last few days. So I want to maybe see if you could expand a little bit on what you're seeing, particularly in the month of October.

嘿，謝謝。下午好，各位。謝謝你擠出時間讓我過來。德里克，你在事先準備好的評論中提到，9 月單程貨運需求有所改善，10 月至今也是如此。所以我想我只是想回到那個時候。聽起來，過去幾天我們從其他人那裡聽到的消息可能與此略有不同。所以我想請您詳細說說您觀察到的情況，特別是十月的情況。

Sure, Chris, I would start by just reminding you that the makeup of our customer base is heavily retail. Obviously when you start getting into September, October, our exposure to the effect of what is happening in preparation for peak and during peak is probably a little different than some of our competitors.

當然，克里斯，我首先要提醒你，我們的客戶群主要來自零售業。顯然，到了九月、十月，我們在準備迎接高峰期和高峰期期間所受到的影響，可能與我們的某些競爭對手略有不同。

So not discounting any comments they may have had, but yes, we have seen some uptick in September and that strength has continued through October thus far. I would tell you that that's seasonally normal for us. So it's not like we're trying to call that out as some out of the norm anomaly of some sort.

所以，我並不否認他們可能發表過的任何評論，但沒錯，我們在9月份確實看到了一些增長，而且這種勢頭一直延續到了10月份。我會告訴你，這對我們來說是季節性的正常現象。所以，我們並不是想把它說成是某種不尋常的異常現象。

That's what we would expect, and that is what we're seeing, and we felt it worth mentioning. That's also why the confidence in both secured peak opportunities as well as those in discussion give us the confidence to speak to similar volumes, similar impact as a year ago, which was a more normalized peak following a couple of years in a row of very subseasonal peak.

這是我們所預期的，也是我們所看到的，我們覺得有必要提一下。這也是為什麼我們對已確定的高峰機會以及正在討論的機會都充滿信心，這讓我們有信心談論與一年前類似的規模和影響，而一年前的高峰在連續幾年低於季節性高峰之後，已經趨於正常化。

Okay, yeah. I think in this environment seasonality is not necessarily a bad thing. And then maybe just quickly, the Dedicated pipeline, you guys mentioned that. I'm just curious, as you maybe just think not just 4Q but how you think about that into the first half of next year, it sounds like it's building.

好的，是的。我認為在這種環境下，季節性變化未必是件壞事。然後，也許可以簡單提一下，關於專用管道，你們之前提到過。我只是好奇，你可能不僅在考慮第四季度，還在考慮明年上半年的情況，聽起來像是正在醞釀中。

Yeah. The Dedicated pipeline is holding up. This time of the year, discussions taper off in Dedicated a bit because everybody is focused, both us and them, on obviously getting through peak season and delivering on the expectations of their customer. But our pipeline is robust. We've got a lot of stuff that is already precommitted into Q1 next year.

是的。專用管道運作正常。每年的這個時候，Dedicated 的討論都會減少一些，因為我們和他們都專注於順利度過旺季，滿足客戶的期望。但我們的人才儲備充足。我們已經有很多項目預定在明年第一季進行。

We do very few implementations in Q4. That's always the case. But Q1 is shaping up pretty nicely. And the overall store prospective pipeline that folks that we're in the, call it, 5th, 6th, 7th inning with also looks pretty good. So our expectation next year is that we're going to continue to lean into the Dedicated pipeline.

我們在第四季很少進行專案實施。情況總是如此。但第一季的進展相當不錯。而我們目前處於第五、第六、第七階段的那些潛在門市的整體發展前景看起來也相當不錯。因此，我們預計明年將繼續加大對專用管道的投入。

We think it has more of a value proposition in a tightening One-Way market. We think people in this enforcement level market that we're in today, where people are paying more attention to that, I think Dedicated also even looks a little more attractive.

我們認為，在單向交易市場日益緊張的情況下，它更有價值。我們認為，在我們今天所處的這種執法層面的市場中，人們越來越關注這一點，我認為 Dedicated 看起來也更有吸引力。

But we will be very cautious. And our Dedicated implementations that we choose to take on will be true Dedicated. So difficult-to-serve, defensible-type fleets, not just volume or One-Way fleet masquerading as Dedicated.

但我們會非常謹慎。我們選擇承擔的專用部署專案將是真正的專用部署。因此，難以維護、可防禦的艦隊，而不僅僅是數量龐大或偽裝成專用艦隊的單向艦隊。

We want the sticky stuff, the stuff that, yes, can be painful. I'll remind everybody again about the implementation cost pain we've just been through, but it's worth the pain because once you're on the other side, the ability to retain that fleet well into the future is something that we've proven very good at it, and we expect that to be the case in those as well.

我們想要那種黏稠的東西，那種，是的，可能會帶來疼痛的東西。我再次提醒大家，我們剛剛經歷了實施成本上的痛苦，但這種痛苦是值得的，因為一旦完成，我們就能在未來很長一段時間內保持這支艦隊的良好狀態，我們已經證明我們在這方面做得非常好，我們也希望這種情況在未來也能如此。

Got it. Appreciate it. Thanks for the time.

知道了。謝謝。感謝您抽出時間。

Thank you.

謝謝。

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

我們的問答環節到此結束。我謹將會議交還給德瑞克·萊瑟斯，請他作總結發言。

Thank you. I just want to thank everybody for being with us today. We've talked a lot about the macro environment remaining uncertain. But as we enter in this year's peak season, the health of the consumer and our retail alignment sets us up well to put the Werner capabilities on full display. Enforcement on a multitude of fronts is leading to ongoing capacity attrition, and the tariff-related noise seems to be settling in.

謝謝。我只想感謝今天到場的各位。我們已經多次討論過宏觀環境仍存在不確定性的問題。但隨著今年旺季的到來，消費者的健康狀況和我們的零售策略使我們能夠充分展現沃納的能力。多方面的執法導致產能持續下降，與關稅相關的噪音似乎逐漸形成。

The ongoing structural improvements to our costs, combined with the recent increases in productivity, put us on improved footing to leverage the upside as the market comes further into balance. This prolonged freight recession has, like any challenge, strengthened us even further for the long haul. Again, I'd like to thank you for spending your time with us today and your continued interest in Werner.

成本結構的持續改善，加上近期生產力的提高，使我們處於更有利的地位，能夠在市場進一步趨於平衡的過程中充分利用上漲空間。這場曠日持久的貨運衰退，就像任何挑戰一樣，讓我們在長期競爭中變得更強大。再次感謝您今天抽出時間與我們共度時光，也感謝您一直以來對沃納的關注。

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

會議已經結束。感謝各位參加今天的報告會。您現在可以斷開連線了。