Werner Enterprises, Inc. (WERN) 2026 Q1 法說會逐字稿

Good afternoon, and welcome to the Werner Enterprises' first quarter 2026 earnings conference call. (Operator Instructions) Please note this event is being recorded.

下午好，歡迎參加 Werner Enterprises 2026 年第一季財報電話會議。(接線員指示) 請注意，本活動將被錄音。

I would now like to turn the conference over to Mr. Chris Neal, Senior Vice President of Pricing and Strategic Planning. Please go ahead, sir.

現在我想把會議交給定價與策略規劃資深副總裁 Chris Neal 先生。先生，請開始。

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 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.

各位下午好。今天稍早，我們已發布包含第一季業績的新聞稿。新聞稿與補充簡報可於 werner.com 網站的投資人專區取得。今天的網路直播將被錄音，並將於今日稍晚提供重播。請參閱簡報第 2 頁的揭露聲明，以及我們財報新聞稿中與前瞻性陳述相關的免責聲明。

Today's remarks contained 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. 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.

今天的發言包含前瞻性陳述，可能涉及風險、不確定性及其他因素，致使實際結果與所述內容出現重大差異。本公司以非 GAAP 指標報告結果，我們相信這能為投資人提供額外資訊，以利比較過去與目前的表現。與最直接可比的 GAAP 指標之調節表，已包含於財報新聞稿所附表格及投影片簡報的附錄中。

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

今天與我一同參與電話會議的有：董事長兼執行長 Derek Leathers，以及執行副總裁、財務長兼財務主管（Treasurer）Chris Wikoff。

I will now turn the call over to Derek.

現在我把電話會議交給 Derek。

Thank you, Chris, and good afternoon, everyone. We appreciate you joining us today as we cover our first-quarter results in the state of the market.

謝謝你，Chris，各位下午好。感謝各位今天加入我們，一同回顧第一季業績以及市場現況。

In summary, market fundamentals are improving and we are seeing a positive trajectory in our own numbers, which we'll get into shortly. Throughout this extended freight downturn, we have taken measured steps to position Werner for profitable long-term growth through our operational excellence and our commitment to safety and service. Executing on these priorities, we have actively managed our portfolio to make the business more resilient, differentiated, and optimized across market conditions. We're leaning further into dedicated and other specialized solutions, including expedited and cross-border Mexico, as well as asset-light offerings and logistics.

總結來說，市場基本面正在改善，我們也看到自身數據呈現正向走勢，稍後會進一步說明。在這段延長的貨運景氣下行期間，我們採取審慎的措施，透過卓越營運以及對安全與服務的承諾，讓 Werner 具備可獲利的長期成長定位。在落實這些優先事項的同時，我們也積極管理投資組合，使業務在各種市場環境下更具韌性、更有差異化，並達到最佳化。我們進一步加碼專屬運輸（Dedicated）及其他專業化解決方案，包括加急運輸與墨西哥跨境業務，以及輕資產（asset-light）產品與物流。

More specifically, in January, we expanded our dedicated offering through the acquisition of FirstFleet, adding scale, density, and exposure to more resilient customer verticals, including grocery and food and beverage. At the same time, we also restructured our One-Way business to create a more balanced and higher producing network that is now set to deliver improved profitability. And in logistics, Intermodal and Final Mile are seeing strong momentum. As a result, Werner's better positioned to capitalize on an improved market.

更具體而言，1 月我們透過收購 FirstFleet 擴大專屬運輸業務，增加規模、密度，並提升對更具韌性的客戶垂直領域之曝險，包括雜貨以及食品與飲料。同時，我們也重整 One-Way 業務，打造更均衡且產出更高的網路，現在可望帶來更佳的獲利能力。在物流方面，聯運（Intermodal）與最後一哩（Final Mile）動能強勁。因此，Werner 已更有利於把握市場改善所帶來的機會。

So far, the recovery in rates has been largely supply-driven as capacity continues to exit in an accelerated pace due to regulatory enforcement. As the supply and demand dynamic tightens, we are seeing rate lift and early positive momentum in the bid season. We expect pricing gains to continue with more meaningful improvement in the third and fourth quarters. Taken together, these actions, including our FirstFleet acquisition, One-Way restructuring, and yield improvements, have strengthened our business and provides a line of sight to earnings growth this year.

迄今為止，運價回升主要由供給端驅動，因監管執法使運能以加速的速度持續退出市場。隨著供需關係趨於緊縮，我們看到運價上揚，且在招標季（bid season）出現初步的正向動能。我們預期定價改善將持續，並在第三與第四季出現更顯著的提升。綜合而言，這些行動（包括收購 FirstFleet、One-Way 重整以及收益率改善）已強化我們的業務，並讓我們對今年獲利成長具備更清晰的可見度。

Turning to slide 5 to discuss our first-quarter highlights. Since acquiring FirstFleet, we have taken a thoughtful but active approach to integration, prioritizing continuity while moving with intent to enhance value. We are retaining the majority of FirstFleet's management team and all drivers while lining around a shared culture of safety, service, and innovation.

接著請看投影片第 5 頁，討論第一季重點。自收購 FirstFleet 以來，我們以審慎但積極的方式推進整合，在優先確保營運連續性的同時，也有目的地提升價值。我們保留了 FirstFleet 大部分管理團隊以及所有駕駛員，並以共同的安全、服務與創新文化為核心進行整合。

Firstly, customers have been receptive with a 98% renewal rate across two-thirds of the portfolio addressed to date. We have strong visibility in the remaining third and expect a similarly strong retention.

首先，客戶反應良好；截至目前已處理的投資組合中約三分之二，續約率達 98%。對於剩餘三分之一，我們也有很高的可見度，並預期同樣能維持強勁的留存率。

Our integration of FirstFleet is progressing ahead of schedule. At three months in, we have already realized over $1 million in savings and have implemented actions representing over $5 million of our $6 million synergy target for the current year. We remain confident in capturing the full $18 million in cost energies mid next year, which we expect will improve First Fleet's operating margin by approximately 300 basis points. We are already seeing revenue synergies, including accelerated fleet startups, project opportunities, and increased backhaul. While still early, these efforts are enhancing customer value and improving returns.

我們對 FirstFleet 的整合進度超前於原定計畫。在三個月內，我們已實現超過 100 萬美元的節省，並已落實的行動對應到今年 600 萬美元協同效益目標中的超過 500 萬美元。我們仍有信心在明年年中前取得完整 1,800 萬美元的成本協同效益，預期可使 FirstFleet 的營業利益率提升約 300 個基點。我們也已看到營收協同效益，包括更快的車隊啟動、專案機會，以及回程載貨（backhaul）增加。雖然仍在早期階段，這些努力正在提升客戶價值並改善報酬。

Top-line metrics show positive inflection, with strong improvement in dedicated revenue per truck per week and One-Way trucking revenues per total mile. Contract renewals are progressing well. Customers are accepting higher rates and supporting adjustments where needed to dedicated driver pay. Our dedicated customer retention, including FirstFleet, has climbed to 95%, closer to our historical trends.

營收端指標出現正向拐點，專屬運輸每車每週營收顯著改善，One-Way 卡車運輸每總里程營收亦明顯提升。合約續約進展順利。客戶接受較高的運價，並在需要時支持對專屬駕駛薪酬的調整。我們的專屬客戶留存率（含 FirstFleet）已上升至 95%，更接近歷史水準。

The result of our One-Way restructuring is showing early gains, with first quarter miles per truck up 6% over prior year despite significant disruptions from winter storms, and revenues per total mile increasing 3.6%, our strongest pricing inflection in over three years. Strong execution of these initiatives led to One-Way revenue per truck per week increasing 9.6%, reflecting the combined effect of our restructuring and pricing actions.

One-Way 重整的成果已出現初步成效：儘管冬季風暴造成顯著干擾，第一季每車里程仍較去年同期增加 6%，每總里程營收增加 3.6%，為三年多來最強的定價拐點。這些計畫的強力執行，使 One-Way 每車每週營收增加 9.6%，反映重整與定價措施的綜合效果。

Pricing in the quarter departed from seasonal trends as Q1 rates typically decline sequentially after peak season. However, rates were flat sequentially, a pattern we have not seen in the last 10 years. One-way Truckload revenue per total mile benefited from a smaller, more targeted fleet, intentionality to replace less profitable freight, stronger spot rates, and contractual rate increases secured through bid season.

本季定價走勢偏離季節性趨勢，因第一季運價通常會在旺季後呈現季比下滑。然而，本季運價季比持平，這是我們過去 10 年未曾見過的型態。One-Way 整車（Truckload）每總里程營收受惠於更小且更聚焦的車隊、以策略性方式汰換獲利較差的貨源、更強勁的現貨運價，以及在招標季取得的合約運價調升。

In logistics, higher spot rates drove an increase in purchase transportation costs and pressured gross margins in truckload brokerage. The margin pressure is mostly transitory as contract rates are reset, and we saw improvement throughout the first quarter. We expect continued improvement in truckload brokerage margins as bid season progresses, along with widespread implementation of higher contract rates.

在物流方面，較高的現貨運價推升外購運輸成本（purchase transportation costs），並對整車經紀（truckload brokerage）的毛利率造成壓力。此毛利壓力多屬短期性，因合約運價正在重新設定，而我們在第一季期間已看到逐步改善。隨著招標季推進，以及更高的合約運價廣泛落地，我們預期整車經紀毛利率將持續改善。

And lastly, I want to highlight our team's relentless focus on safety and cost discipline. In Q1, our DOT preventable accident rate per million miles was down an impressive 45% year over year. Excluding FirstFleet, insurance and claims expense was at its lowest quarterly level in over a year. We also continue to lower our cost to serve through technology and disciplined execution. Total operating expenses, excluding gains, insurance, fuel, and purchase transportation were down by 5% year over year, and our Logistics division serves as another proof point of tech-enabled savings.

最後，我想強調我們團隊對安全與成本紀律的持續專注。第一季，我們每百萬英里 DOT 可預防事故率年減達 45%，表現非常亮眼。若排除 FirstFleet，保險與理賠費用降至一年多以來最低的單季水準。我們也持續透過科技與嚴謹執行降低服務成本。總營運費用（不含處分利益、保險、燃油與外購運輸）年減 5%，而我們的物流事業部也再次證明科技賦能所帶來的節省成效。

Truckload brokerage operating expenses declined over 25% for the two years following the move to EDGE platform and with relatively stable volumes. Our asset business is now in focus. Building load assignment, equipment management, and planning capabilities takes time but is ramping. We expect all aspects of asset execution to be functional later this year.

在導入 EDGE 平台後的兩年內，且在運量相對穩定的情況下，整車經紀營運費用下降超過 25%。我們的資產型業務目前正成為重點。建立配載指派、設備管理與規劃能力需要時間，但目前正在加速推進。我們預期今年稍晚資產執行的各個面向都將具備完整功能。

Moving to slide 6, our plan to position the business for long-term growth and generate earnings power remains focused on three overarching priorities. First, driving growth in core business, which includes growing our Dedicated fleet, increasing One-Way production and rates, and expanding TTS and Logistics adjusted operating income margin. Despite Q1 typically being the most challenging in the year, progress continues on these fronts. Our Dedicated fleet is growing with end-of-period tractors up 46% year-over-year with the addition of FirstFleet. Within our organic portfolio, we've increased exposure to new verticals like technology and aftermarket auto parts. Our pipeline of opportunities coming out of Q1 is strong.

接著看第 6 張投影片，我們為使業務具備長期成長定位並產生獲利能力的計畫，仍聚焦於三項總體優先事項。第一，推動核心業務成長，包括擴大我們的專屬車隊（Dedicated fleet）、提升單程（One-Way）產量與運價，以及擴大 TTS 與物流的調整後營業收入利潤率。儘管第一季通常是一年中最具挑戰的季度，我們在這些面向仍持續取得進展。隨著併入 FirstFleet，我們的專屬車隊持續成長，期末牽引車數較去年同期增加 46%。在我們的有機投資組合中，我們提高了對科技與售後汽車零件等新垂直領域的曝險。第一季結束後，我們的機會管線依然強勁。

On a year-over-year basis, Dedicated revenues per truck per week increased steadily, driven by the value customers place on the high service and reliability and scale as capacity tightens. In One-Way Truckload, we realized significant improvement in miles per truck. We are securing mid-single-digit increases in One-Way bids.

以年對年來看，專屬業務每車每週收入穩步提升，主要受惠於在運能趨緊之際，客戶對高服務水準、可靠性與規模所賦予的價值。在單程整車（One-Way Truckload）方面，我們每車里程顯著改善。我們在單程標案中取得中個位數百分比的調漲。

Spot rates are higher, and we will be more selective with freight choices given a better supply-demand backdrop. And Truckload Logistics margins improved every month in the quarter as contract rates reset and exposure grew to higher spot market pricing.

現貨運價較高，在供需環境改善下，我們將在貨源選擇上更為審慎。此外，隨著合約運價重新設定，且對較高現貨市場定價的曝險增加，整車物流（Truckload Logistics）利潤率在本季每個月皆有所改善。

Second is driving operational excellence, which we are executing on by maintaining a resolute focus on safety and service, continue to advance our technology roadmap, embedding cost discipline throughout the organization, and realizing efficiencies and synergies from acquisitions. We've taken out approximately $150 million of cost over three years and continue advancing our technology transformation.

第二項是推動營運卓越。我們透過堅定聚焦安全與服務、持續推進科技藍圖、在全組織落實成本紀律，以及自併購中實現效率與綜效來執行。過去三年我們已削減約 1.5 億美元成本，並持續推進科技轉型。

For some perspective on how our technology investments are beginning to translate into tangible results. We've centralized all loads into a single unified platform, achieving full network visibility, which is enhancing our ability to optimize, balance, improve yield, and reduce cost to serve. This integrated foundation has been a key enabler of our One-Way restructuring efforts over the past two quarters and positions us for continued margin expansion.

為了讓大家更了解我們的科技投資如何開始轉化為具體成果。我們已將所有貨載集中至單一整合平台，達成全網路可視性，進而提升我們在最佳化、平衡、提高收益（yield）以及降低服務成本方面的能力。這個整合式基礎在過去兩季成為我們單程業務重整工作的關鍵推動力，並使我們具備持續擴大利潤率的條件。

Building on that foundation, we are increasingly leveraging AI and automation to drive operational excellence across the network. This includes improving load planning and network design, increasing the speed and quality of tender acceptance, and automating routine workflows that historically required manual intervention. We're also seeing benefits in area like maintenance, coordination, and back-office execution where automation is reducing downtime, improving asset utilization, and allowing our teams to focus on higher-value activities.

在此基礎上，我們正日益運用 AI 與自動化，推動全網路的營運卓越。這包括改善載運規劃與網路設計、提升承運邀約（tender）接受的速度與品質，以及將過去需要人工介入的例行流程自動化。我們也在維修、協調與後勤辦公室執行等領域看到效益，自動化正降低停機時間、提升資產使用率，並讓團隊能專注於更高價值的工作。

From a customer and safety standpoint, we are deploying real-time technology to provide immediate visibility into events such as weather-related shutdowns. While these actions can temporarily impact productivity, they enhance safety outcomes and help mitigate longer-term risk and insurance costs.

從客戶與安全角度來看，我們正在部署即時技術，以便對天候導致的停運等事件提供即時可視性。雖然這些措施可能在短期內影響生產力，但能提升安全成果，並有助於降低較長期的風險與保險成本。

Importantly, our approach to AI is disciplined and ROI focused. We are not pursuing technology for its own sake. We are prioritizing use cases that solve core operational challenges, improve returns, and scale across the enterprise, supported by a strong governance framework.

重要的是，我們對 AI 的做法是有紀律且以投資報酬率（ROI）為導向。我們不會為了技術而追求技術。我們優先推動能解決核心營運挑戰、提升報酬並可在全企業規模化的使用情境，並由強健的治理架構支撐。

While AI adoption has been more visible in asset-light brokerages, Werner stands out as a second-wave winner among asset carriers given our significant technology transformation and a unified EDGE TMS platform. We're rolling out AI in phases, driving efficiency today, and enabling growth over time. Later, Chris will provide further details on our final priority of driving capital efficiency.

雖然 AI 的採用在輕資產型經紀業者中更為顯著，但憑藉我們重大的科技轉型與統一的 EDGE TMS 平台，Werner 作為資產型承運商中的第二波贏家而脫穎而出。我們將分階段導入 AI，在當下提升效率，並隨時間推進帶動成長。稍後 Chris 將就我們最後一項優先事項——提升資本效率——提供更多細節。

Cash flow for the quarter was up meaningfully year over year, and our capital allocation remains focused on fueling growth and shareholder value.

本季現金流年對年大幅提升，而我們的資本配置仍聚焦於為成長與股東價值提供動能。

Before Chris discuss our financial results in more detail, let's move to slide 7 to provide our current market outlook. Capacity exits continue at an accelerated pace, driven by regulatory enforcement and carrier bankruptcies. Higher fuel prices is another more recent headwind for struggling carriers and long-haul truckload employment has fallen below pre-COVID levels. As a result, further capacity attrition is likely.

在 Chris 更詳細說明財務結果之前，我們先看第 7 張投影片，提供目前的市場展望。在監管執法與承運商破產的推動下，運能退出仍以加速的速度持續。燃油價格上升是近期對經營困難承運商的另一項逆風，而長途整車運輸就業人數已降至低於 COVID 前水準。因此，運能進一步流失的可能性仍高。

Defying typical seasonality, spot rates remained elevated in Q1 and throughout April. We expect seasonal improvement throughout the year as capacity attrition continues. With rate lift currently more supply side driven, any demand improvement is likely to trigger even greater market momentum. While household balance sheets remain strong, the consumer continued to face a mix of puts and takes, including tax refunds, fuel prices, and interest rates. Regardless, the consumer continues to remain selective yet resilient, which bodes well for our mix of retail being more concentrated in non-discretionary items and discount and value retailers.

有別於典型季節性，第一季以及整個四月的現貨運價仍維持在高檔。隨著運能持續流失，我們預期全年將出現季節性改善。由於目前運價上升主要由供給端驅動，任何需求改善都可能引發更強的市場動能。儘管家庭資產負債表仍然強健，消費者仍面臨多空交錯的因素，包括退稅、燃油價格與利率。無論如何，消費者依然保持選擇性但具韌性，這對我們的零售組合有利，因為我們更集中於非選擇性商品，以及折扣與平價零售商。

Lean retail inventories position demand to play a larger role early in the recovery. While trade policy may impact restocking timing, nondiscretionary replenishment provides a buffer against near-term volatility. We expect used truck values to improve later in the year. Increased supply from enforcement is likely offset by OEM manufacturing constraints, aging fleets and higher-priced 2027 engines, supporting demand for high-quality used equipment. With respect to driver availability, we anticipate a tightening market for high-quality drivers.

精實的零售庫存使需求在復甦初期更可能扮演更重要的角色。雖然貿易政策可能影響補庫時點，但非選擇性商品的補貨可作為短期波動的緩衝。我們預期二手卡車價值將在今年稍晚改善。執法帶來的供給增加，可能被 OEM 製造限制、車隊老化以及價格更高的 2027 年引擎所抵銷，進而支撐對高品質二手設備的需求。就駕駛供給而言，我們預期高品質駕駛的人才市場將趨於緊俏。

Werner is well positioned as a preferred employer. Our Dedicated division offers predictable roles with frequent home time that attracts top-tier drivers.

Werner 作為首選雇主具備良好定位。我們的專屬事業部提供可預期的職務與更頻繁的返家時間，吸引頂尖駕駛。

With that, I'll turn it over to Chris to discuss our first quarter results in more detail.

接下來我把時間交給 Chris，請他更詳細說明我們第一季的業績。

Thank you, Derek, and good afternoon, everyone. We'll continue on slide 9. All performance comparisons here are year-over-year unless otherwise noted. First quarter revenues totaled $809 million, up 14%. Adjusted operating income was $11.9 million and adjusted operating margin was 1.5%.

謝謝你，Derek，各位下午好。我們繼續看第 9 張投影片。除非另有說明，這裡所有績效比較皆為年對年。第一季營收合計 8.09 億美元，成長 14%。調整後營業利益為 1,190 萬美元，調整後營業利益率為 1.5%。

Adjusted EPS was $0.02. Adverse weather early in the quarter and rapidly increasing fuel prices in March negatively impacted EPS by approximately $0.05. Consolidated gains on sale of property and equipment totaled $3.8 million, up from $2.8 million in the prior-year period.

調整後每股盈餘（EPS）為 0.02 美元。本季初的不利天候以及 3 月燃油價格快速上升，使 EPS 約減少 0.05 美元。合併層面的不動產及設備處分利益合計 380 萬美元，高於去年同期的 280 萬美元。

Turning to slide 10. Truckload Transportation Services total revenue for the quarter was $594 million, up 18%. Revenues net of fuel surcharges increased to 16% year over year at $516 million. TTS adjusted operating income was $14.8 million. Adjusted operating margin net of fuel was 2.9%, an increase of 250 basis points.

接著看第 10 張投影片。本季整車運輸服務（Truckload Transportation Services, TTS）總營收為 5.94 億美元，成長 18%。扣除燃油附加費後的營收年對年增加 16%，為 5.16 億美元。TTS調整後營業利益為 1,480 萬美元。扣除燃油後的調整後營業利益率為 2.9%，提升 250 個基點。

The year-over-year improvement was driven from lower insurance and claims expense for our legacy business, accretive results from the addition of FirstFleet, profitable improvement in One-Way Truckload and higher gains from the sale of used equipment.

年對年改善主要來自我們既有業務的保險與理賠費用降低、併入 FirstFleet 帶來的增益性成果、單程整車業務的獲利改善，以及二手設備處分利益增加。

Our fleet metrics are on slide 11. TTS average trucks totaled 8,454 for the quarter, a 14% increase. Note that FirstFleet trucks were in the average for two-thirds of the quarter as the transaction closed at the end of January. The TTS fleet ended the quarter at 9,040 trucks, up 1,940 or 27% sequentially. Truck additions from FirstFleet were partially offset by normal seasonal declines in Dedicated and fewer One-Way trucks, which we expected from our restructuring efforts.

我們的車隊指標在第 11 頁投影片。本季 TTS 平均卡車數合計 8,454 輛，增加 14%。請注意，由於交易於 1 月底完成，FirstFleet 的卡車在本季有三分之二的時間納入平均數。TTS 車隊於季末達到 9,040 輛卡車，較前一季增加 1,940 輛或 27%。FirstFleet 帶來的卡車新增，部分被專屬（Dedicated）業務的正常季節性下滑以及單程（One-Way）卡車減少所抵銷，這符合我們重整措施的預期。

Our One-Way average fleet size declined 19%, while total miles were down 15% as miles per truck improved 6%.

我們的單程（One-Way）平均車隊規模下降 19%，而總里程下降 15%，因每輛卡車里程提升 6%。

Within TTS and our Dedicated business for the first quarter, trucking revenue net of fuel was $372 million, up $93 million or 33%. Dedicated represented 73% of TTS trucking revenues, up from 64% a year ago. At quarter end, the Dedicated fleet was up 2,230 trucks from where we started the year, a 46% increase from year-end with the addition of FirstFleet. Dedicated average trucks increased 32% year over year and 28% sequentially, with FirstFleet contributing for only two-thirds of the quarter. We experienced normal seasonal sequential change in the Dedicated fleet.

在第一季的 TTS 與我們的專屬（Dedicated）業務中，扣除燃油後的卡車運輸收入為 3.72 億美元，增加 9,300 萬美元或 33%。專屬業務占 TTS 卡車運輸收入的 73%，高於一年前的 64%。截至季末，隨著 FirstFleet 的加入，專屬車隊較年初增加 2,230 輛卡車，較年末增加 46%。專屬平均卡車數年增 32%、季增 28%，而 FirstFleet 僅貢獻本季三分之二的時間。我們在專屬車隊上經歷了正常的季節性連續變動。

Dedicated represented 78% of the TTS trucks at quarter end. Dedicated revenue per truck per week rose 0.8% this quarter, though impacted by the addition of FirstFleet in the mix. On a standalone basis, Werner's legacy Dedicated fleet delivered a 1.8% increase, while FirstFleet growth and revenue per truck per week exceeded 4%, therefore, on a pro forma basis, with FirstFleet included in the prior-year baseline, growth would have been approximately 200 basis points higher or near 3%, reflecting solid pricing momentum across the combined dedicated fleet.

截至季末，專屬（Dedicated）占 TTS 卡車的 78%。本季專屬每輛卡車每週收入上升 0.8%，但受到 FirstFleet 納入組合的影響。以單獨口徑來看，Werner 既有的專屬車隊帶來 1.8% 的增長，而 FirstFleet 的增長以及每輛卡車每週收入超過 4%；因此，以備考（pro forma）口徑、將 FirstFleet 納入去年基期後，增長約可高出 200 個基點、接近 3%，反映合併後專屬車隊整體具備穩健的定價動能。

In our One-Way business for the first quarter, trucking revenue net of fuel was $136 million, a decrease of 12%. Average trucks declined 19% to 2,122 trucks. Sequentially, the fleet size contracted 11% and was down 264 trucks. Revenue per truck per week increased 9.6% due to higher rates and better production. Miles per truck increased 5.7% despite winter weather and revenues per total mile increased 3.6% and empty miles decreased 40 basis points year over year and 60 basis points sequentially.

在第一季的單程（One-Way）業務中，扣除燃油後的卡車運輸收入為 1.36 億美元，下降 12%。平均卡車數下降 19% 至 2,122 輛。按季來看，車隊規模收縮 11%，減少 264 輛卡車。由於運價較高且產出更佳，每輛卡車每週收入增加 9.6%。儘管有冬季天候影響，每輛卡車里程仍增加 5.7%；每總里程收入增加 3.6%；空駛里程年減 40 個基點、季減 60 個基點。

As a reminder, the strategic restructuring of our One-Way Truckload business was designed to enhance profitability by maximizing production and mitigating unprofitable freight. Our actions are complete, and One-Way operating margin improved in the quarter. We expect further benefit as we realize a full quarter of these changes in Q2.

提醒一下，我們對單程（One-Way）整車（Truckload）業務的策略性重整，旨在透過最大化產出並降低不具獲利性的貨運來提升獲利能力。我們的行動已完成，且本季單程營業利益率有所改善。我們預期在第二季完整反映這些變更的一整季效益後，將帶來進一步的改善。

Logistics results are shown on slide 12. In the first quarter, Logistics revenue was $196 million, representing 24% of total first-quarter revenues. Revenues were flat year over year but declined 6% sequentially as we focused on yield management in a margin pressured environment where purchase transportation costs accelerated more rapidly than sell-side rate renewals with our customers. Truckload Logistics revenues, which represented 72% of total logistics revenues decreased 4% on 9% lower shipments, partially offset by 5% higher revenue per load. The revenue per load improvement was from disciplined pricing and load acceptance, but more than offset by higher purchase transportation costs, reducing gross margin by 90 basis points.

物流（Logistics）結果見第 12 頁投影片。第一季物流收入為 1.96 億美元，占第一季總收入的 24%。收入年比持平，但季比下降 6%，因我們在毛利受壓的環境下聚焦收益率管理；在該環境中，採購端運輸成本上升速度快於我們與客戶的銷售端運價續約。整車物流（Truckload Logistics）收入占物流總收入的 72%，在出貨量下降 9% 的情況下，收入下降 4%，部分被每趟（load）收入提高 5% 所抵銷。每趟收入的改善來自嚴謹的定價與接單紀律，但被更高的採購端運輸成本所抵銷，導致毛利率下降 90 個基點。

Intermodal revenues accounting for roughly 17% of the Logistics segment rose by 18%, driven by a 22% increase in load volume, partially offset by a 3% decline in revenue per load. Final Mile revenues, which comprise the remaining 11% of the segment increased 8% year over year. Logistics adjusted operating margin was negative 0.4%, a 70-basis-point decrease driven by lower volumes and gross margin pressure, which we expect to improve going forward as we adjust sell-side rates.

聯運（Intermodal）收入約占物流部門的 17%，成長 18%，主要由裝載量（load volume）增加 22% 所帶動，部分被每趟收入下降 3% 所抵銷。末端配送（Final Mile）收入占該部門其餘 11%，年增 8%。物流調整後營業利益率為負 0.4%，下降 70 個基點，主要受較低的量與毛利壓力所致；隨著我們調整銷售端運價，預期未來將改善。

Let's review our cash flow and liquidity on slide 13. We ended the first quarter with $62 million in cash and cash equivalents. Operating cash flow was $89 million, up over 200% year over year and up over 40% sequentially. Similar to a low CapEx quarter to begin 2025, our first quarter CapEx was a modest $2 million. Net CapEx for the trailing four quarters is 5.6% of revenue.

我們在第 13 頁投影片檢視現金流與流動性。第一季末我們持有現金及約當現金 6,200 萬美元。營運現金流為 8,900 萬美元，年增超過 200%，季增超過 40%。類似於 2025 年初資本支出（CapEx）偏低的一季，我們第一季 CapEx 僅 200 萬美元，屬溫和水準。過去四季合計的淨 CapEx 為收入的 5.6%。

First quarter free cash flow was $87 million, or 10.8% of total revenues. Total liquidity at quarter end was $513 million, including $62 million of cash on hand and $451 million of combined availability under our credit facilities. We ended the quarter with $932 million in debt, consisting of $54 million in assumed low-cost capital leases from the FirstFleet acquisition and $878 million on our credit facilities. Debt increased $180 million sequentially as a result of the acquisition and is up $292 million from a year earlier. Net debt increased $282 million year over year.

第一季自由現金流為 8,700 萬美元，約占總收入的 10.8%。季末總流動性為 5.13 億美元，包括手上現金 6,200 萬美元，以及我們信貸額度下合計可動用額度 4.51 億美元。季末我們的債務為 9.32 億美元，其中包括因收購 FirstFleet 而承接的 5,400 萬美元低成本資本租賃，以及信貸額度項下的 8.78 億美元。由於收購，債務較前一季增加 1.80 億美元，較一年前增加 2.92 億美元。淨負債年增 2.82 億美元。

Covenant defined pro forma net leverage at the end of the quarter was 2x, including pro forma synergies and trailing 12 months of FirstFleet results. We continue to have a strong balance sheet, access to low-cost capital and no near-term maturities in our credit facilities.

依契約定義，季末備考（pro forma）淨槓桿為 2 倍，包含備考協同效益以及 FirstFleet 過去 12 個月的業績。我們仍維持強健的資產負債表、可取得低成本資金，且信貸額度在近期沒有到期壓力。

Let's turn to slide 14. 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 and maintaining appropriate leverage. With the acquisition of FirstFleet, our focus in 2026 will be on integrating the business, gaining momentum on realizing $18 million of targeted synergies and enhancing value.

接著看第 14 頁投影片。在更廣泛的資本配置決策上，我們長期將維持均衡：策略性投資於業務、回饋股東並維持適當槓桿。隨著收購 FirstFleet，我們 2026 年的重點將放在整合業務、加速實現 1,800 萬美元目標協同效益並提升價值。

On slide 15, let's review our guidance for the year, which includes FirstFleet. We are reaffirming our full-year average truck fleet guidance range of up 23% to 28%. Availability of quality drivers has been an increasing challenge more recently as a symptom of an improving macroenvironment. The dedicated pipeline is strong, and we expect TTS truck growth as the year progresses. Our-full year 2026 net CapEx guidance range remains between $185 million and $225 million.

在第 15 頁投影片，我們檢視包含 FirstFleet 在內的全年指引。我們重申全年平均卡車車隊指引區間為增加 23% 至 28%。隨著總體環境改善，優質駕駛員的供給近期愈發成為挑戰。專屬（Dedicated）業務的案源管線強勁，我們預期 TTS 卡車數將隨著年度推進而成長。我們 2026 年全年淨 CapEx 指引區間仍為 1.85 億至 2.25 億美元。

Dedicated revenue per truck per week increased 0.8% year over year and was closer to 3% on a pro forma basis. We are updating our full-year guidance from a range of down 1% to up 2% to be flat to up 3%. We have been successful in securing low- to mid-single-digit increases in contract renewals for both our legacy Dedicated fleet and the FirstFleet business.

專屬（Dedicated）每輛卡車每週收入年增 0.8%，以備考（pro forma）口徑則更接近 3%。我們將全年指引由原先的下降 1% 至上升 2%，更新為持平至上升 3%。我們已成功在既有專屬車隊與 FirstFleet 業務的合約續約中，取得低至中個位數的漲幅。

One-Way Truckload revenue per total mile guidance for the second quarter is up 1% to 4%, muted by the ongoing mix change following the restructuring completed late in the first quarter. Our effective tax rate in the first quarter was 24.9% before discrete items. We are maintaining our full year 2026 guidance range of between 25.5% and 26.5%. The average age of our truck and trailer fleet at the end of first quarter was 2.9 and 6.3 years, respectively.

第二季單程（One-Way）整車運輸每總英里營收指引上調1%至4%，但受第一季末完成重組後持續的組合變動所抑制。第一季在扣除一次性（離散）項目前，我們的有效稅率為24.9%。我們維持2026全年指引區間為25.5%至26.5%。截至第一季末，我們卡車與拖車車隊的平均車齡分別為2.9年與6.3年。

Regarding other modeling assumptions. We continue to expect the net interest expense this year will be between $40 million and $45 million. We anticipate stable used equipment demand and resale values through 2026, given OEM production constraints and the evolving regulatory backdrop, that will be an incentive towards high-quality used assets. Our anticipated gains on sale of used equipment and revenue-generating assets for the year remains in the range of $8 million to $18 million.

關於其他建模假設。我們仍預期今年的淨利息費用將介於4,000萬至4,500萬美元之間。鑑於OEM產能限制以及監管環境的演變，我們預期二手設備需求與轉售價值將可維持穩定至2026年，這將促使市場偏好高品質二手資產。我們對本年度出售二手設備及可創收資產的預期處分收益仍維持在800萬至1,800萬美元區間。

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

接下來我把時間交還給Derek。

Thank you, Chris. We believe Werner is better positioned today than we have been in prior cycles. We have used this downturn to make the business more resilient, improve the quality of our portfolio, and strengthen our ability to convert an improving market into stronger financial performance. We are encouraged by the progress we are making across the business, including Dedicated growth, FirstFleet integration, One-Way improvement, Logistics margin recovery, technology implementation, and continued cost discipline. While there is still work ahead, we believe the foundation is in place for earnings improvement to build as the year progresses.

謝謝你，Chris。我們相信，Werner如今的定位比以往任何景氣循環時期都更佳。我們利用這段低迷期讓業務更具韌性、提升投資組合品質，並強化在市場回升時轉化為更強財務表現的能力。我們對全公司各面向的進展感到鼓舞，包括專屬運輸（Dedicated）成長、FirstFleet整合、單程（One-Way）改善、物流毛利率回升、科技導入，以及持續的成本紀律。雖然仍有工作要做，但我們相信基礎已就位，獲利改善將隨著年度推進而逐步累積。

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

接下來我們開放提問。

(Operator Instructions) Chris Weatherbee, Wells Fargo.

（接線員指示）Wells Fargo 的 Chris Weatherbee。

I guess maybe could we just start, Derek, just on sort of the take on the market broadly. I know you've given us some perspective here, but I know the business is evolving a little bit more dedicated, a little less One-Way. But as we think about sort of generally speaking, bid season, what do you think sort of the pricing environment is offering now as you look kind of across both pieces of the business?

我想也許我們可以先從整體市場的看法開始，Derek。我知道你已提供一些觀點，但我也知道公司業務正在演變，專屬運輸（Dedicated）比重提高、單程（One-Way）比重降低。但若從一般角度來看投標季（bid season），當你同時觀察兩塊業務時，你認為目前的定價環境大致呈現什麼樣的狀況？

Yes, Chris. Obviously, the two parts of the business function a little differently. But if I just start at the macro, we're seeing ongoing largely supply-driven constraints that are continuing to gain momentum as we get deeper into the year. Coming into the early part of the quarter, clearly, it was a bit of a bit abnormal that spot rates held up as well as they did coming out of peak season. They've grown from there.

是的，Chris。顯然，兩個業務板塊的運作方式略有不同。但若先從宏觀層面來看，我們看到持續、且主要由供給端驅動的限制正在延續，並且隨著我們進入年度更深處而持續增強動能。在本季初期，很明顯地，旺季結束後即期（spot）運價仍能維持得那麼好，多少有些不尋常。而自那之後，運價又進一步走高。

I know there was a lot of noise about what was weather-related versus other. And I think the timing and duration has shown that it was well more than weather. Those capacity exits are only ramping at this point, both through enforcement as well as still some final fallout, if you will, from the freight recession we've lived in, in the last couple of years, all of which sets us up during bid season.

我知道外界對於哪些是天氣因素、哪些是其他因素有很多雜音。而我認為從發生的時間點與持續時間來看，這遠不只是天氣所致。目前運能退出只會持續加速，既有執法帶來的影響，也仍有一些（如果你願意這麼說）過去兩年我們所經歷的貨運衰退所造成的最後餘波；這些因素都讓我們在投標季具備更有利的條件。

On the One-Way side, we've talked about mid-single-digit rate increases early in the Q1 bid season. Clearly, momentum is growing from there. It's hard to be specific because every customer situation is different and how it fits into our new restructured network lands differently. But the expectation would be further strengthening from here as we look forward on One-Way.

在單程（One-Way）方面，我們談到在第一季投標季初期出現中個位數的運價上調。很明顯地，之後的動能仍在增強。很難給出具體數字，因為每位客戶的情況都不同，以及其如何納入我們新重組的網路也各不相同。但展望未來，對單程（One-Way）而言，預期將從目前水準進一步走強。

In Dedicated, that's the stable part of the business. It held up well during the downturn. It has lots of upside as the market continues to strengthen. I would start first with the strength of the pipeline of new opportunities, which leads to our ability to be very selective to bring the right opportunity in the right geography at the right price. On incumbent business, renewal rates are increasing rapidly, and those are coming with price relief.

在專屬運輸（Dedicated）方面，這是業務中較為穩定的一塊。在景氣下行期間表現良好。隨著市場持續轉強，它也具備很大的上行空間。我會先從新機會管線的強勁談起，這讓我們能非常有選擇性地在正確的地理區域、以正確的價格引入合適的機會。在既有業務方面，續約價格正在快速上升，而這些續約也帶來價格修復（price relief）。

Those customers also now probably more so than before in a tight market, really covet the service levels and the confidence that comes with Dedicated capacity. So we're going to continue to push on the Dedicated side to get both the price relief we need as well as increased selectivity in what is otherwise a very robust pipeline.

在緊俏市場中，這些客戶現在可能比以前更重視服務水準，以及專屬運能所帶來的信心與確定性。因此，我們將持續在專屬運輸（Dedicated）端發力，一方面取得我們所需的價格修復，另一方面在本就非常強勁的機會管線中提高選擇性。

So as I look out, I think the builds from here and the bid season with the quarter of the business basically repriced in the first quarter, is still ongoing and Q2 is the largest pricing activity of the year. And a lot of that will obviously implement late Q2 and into Q3, but I'm optimistic from where we sit today.

所以展望未來，我認為從現在開始仍有進一步上行空間；而投標季方面，約四分之一的業務已在第一季完成重新定價，相關工作仍在進行中，且第二季是一年中定價活動最密集的季度。其中許多將在第二季末到第三季落地實施，但就我們目前所處的位置而言，我是樂觀的。

That's great. And then maybe just one quick follow-up on FirstFleet. Obviously, now you have it in beginning to roll through the numbers. Can you give us a sense of how the integration process has gone and your kind of thoughts around what we might see from a contribution perspective, whether it be on an earnings basis or a profit basis, margin basis as we think about the rest of 2026?

很好。接著也許再追問一個關於FirstFleet的問題。顯然，現在你們已開始把它納入並反映在數字中。你能否談談整合流程進展如何，以及你對2026年剩餘期間我們可能看到的貢獻（不論是以獲利、利潤或毛利率角度）有何看法？

Yes, I'll probably keep part of it somewhat general. But on the integration, I'll start with when and outlook at the scoreboard. We're excited about the fact that we're ahead of schedule on the integration. We're ahead of schedule on the synergies. We've implemented and realized $1 million of the $6 million in year synergies already.

是的，我可能會讓其中一部分保持較概括的說法。但就整合而言，我先從時間點與成績單的表現談起。我們很振奮，因為整合進度超前於原定時程。協同效益（synergies）也超前於原定時程。我們已經落實並實現了年度600萬美元協同效益中的100萬美元。

We've identified and actioned $5 million of the $6 million. Both of those numbers are ahead of schedule. We've confirmed and revalidated our $18 million assumption, and those are all just cost synergies. And so that's going well.

我們已辨識並採取行動推進600萬美元中的500萬美元。這兩項數字都超前於時程。我們也確認並重新驗證了1,800萬美元的假設，而這些全部都是成本協同效益。因此整體進展良好。

Culturally, probably going better than that. The team is who we thought they are. The customer base is who we believe they to be in terms of both the potential for cross-selling as well as acceptance of Werner as part of the solution. So we're going to continue to stay close to it. I'm excited at this point with how it's gone thus far.

在文化層面，可能比上述還要更順利。這個團隊正如我們所預期。客戶基礎也符合我們的判斷，無論是在交叉銷售的潛力，或是將Werner視為解決方案一部分的接受度方面。因此我們會持續密切關注。就目前而言，我對迄今的進展感到振奮。

And the renewal rate is probably one of the best scoreboard metrics to point to with two-thirds of the 2026 renewals already being in the books with a 98% retention rate. I think that speaks to the value that the customers also see with a broadened portfolio brought to bear as well as the longevity and the quality of FirstFleet and the underlying asset it represents.

而續約率可能是最能代表成績單的指標之一：2026年續約中已有三分之二完成簽訂，留存率達98%。我認為這反映出客戶也看見了擴大後的產品組合所帶來的價值，以及FirstFleet本身的長期經營、品質與其所代表的底層資產價值。

Ari Rosa, Citigroup.

Ari Rosa，花旗集團。

Derek, I was hoping just to start, you could give us some thoughts on the ability of Dedicated to capture upside in the cycle inflection. I know you have long-term relationships with a lot of your customers. Does that mitigate to any extent the ability or the desire to kind of push rates when we see rates -- spot rates comping up double digits, but you mentioned some of the contract rate increases being a little bit more modest than that. Is that intentional? Or is that just a function of we're early in the bid cycle and we could see upside from here?

Derek，我想先請你談談 Dedicated 在景氣循環拐點時，捕捉上行空間的能力。我知道你們與許多客戶都有長期合作關係。當我們看到運價——現貨運價年增達到兩位數——但你提到部分合約運價的調升幅度相對溫和時，這些關係在多大程度上會緩和你們「推升」運價的能力或意願？這是刻意為之嗎？還是只是因為我們仍處於投標/議價週期的早期，後續仍可能有上行空間？

No, I think a better way to think about it is, Ari, is that Dedicated, it is really a truer version of a partnership. It's us working with the customer collectively to move service-sensitive goods at scale with pretty high driver involvement. You put all that into the mix. And what it really means is that the way we achieve the upside in a tightening cycle just takes a little bit different form. As they continue to grow and the market is tighter than it was a year ago, we see Dedicated fleet additions across multiple fleets within Dedicated.

不，我認為更好的理解方式是，Ari，Dedicated 其實更像是一種真正的夥伴關係。我們與客戶共同合作，以相當高的駕駛員參與度，規模化地運送對服務敏感的貨物。把這些因素都放在一起看，其實代表的是：在市場收緊的上行週期中，我們實現上行收益的方式會以稍微不同的形式呈現。隨著客戶持續成長、且市場比一年前更緊，我們看到 Dedicated 在多個車隊中都有新增車隊規模。

Those fleet additions come at a higher contribution margin than the existing or incumbent trucks that are already in place.

這些新增車隊的貢獻毛利率（contribution margin）高於既有或原本已在運行的車輛。

Fixed costs are largely already spoken for, and we're just simply able to add truck count. So that doesn't show up in rate per mile, but it certainly shows up in profitability. We're also able to increase backhaul and be able to fill more empty lanes, and that benefits both the customer and us. So everybody wins, but we are able to bring more money to the bottom line.

固定成本大多已經攤提/配置到位，我們基本上只是能夠單純增加車輛數。因此這不會反映在每英里運價上，但確實會反映在獲利能力上。我們也能提高回程載貨（backhaul），填補更多空車路線，這對客戶與我們都有利。所以是雙贏，而我們也能讓更多利潤落到最終盈餘。

And then selectivity at the front door. I talked about that a couple of times now, but extremely robust Dedicated pipeline right now. And so our ability to be selective and make sure we're looking for kind of overlapping synergies with existing fleet, strong driver domicile areas, places where we can share assets and do so in efficient and creative ways where the customer benefits, but so do we. All of that only happens with the long-standing relationships that come with Dedicated.

另外是在前端的選擇性。我已經提過幾次了，目前 Dedicated 的案源管線非常強勁。因此我們能更有選擇性，確保我們尋找的是與既有車隊有重疊綜效、具備強勁駕駛員駐地（domicile）區域、以及能共享資產的地點，並以高效率且具創意的方式運作，讓客戶受益、我們也受益。這一切都仰賴 Dedicated 所帶來的長期合作關係才能實現。

And then with Firstfleet, in particular, it just created a significant amount more density across certain geographies in our network that allows everything to kind of have a bit of a multiplier effect. So we're excited about the upside. We've proven it in other up cycles that Dedicated wasn't the anchor that people believed it to be. We're going to have to go out and prove it again. And while I understand the concerns, we just simply view it as a different method by which we need to leverage the up cycle, but the outcomes have the ability to be similar.

再者，特別是 Firstfleet 的加入，讓我們的網路在某些地理區域形成更高的密度，進而使各項效益產生某種「乘數效果」。所以我們對上行空間感到興奮。我們在過去其他上行週期已證明，Dedicated 並不是外界以為的那種拖累或錨。我們必須再一次出去證明。雖然我理解這些疑慮，但我們只是把它視為需要用不同的方法去槓桿化上行週期；但最終結果仍有機會相近。

I appreciate that, Derek. So just as a follow-up and kind of in line with that comment, is there a good way to think about what the upside could look like? Or maybe you could speak to how we should think about margin potential at mid-cycle?

了解，謝謝你，Derek。那作為追問、也呼應你剛才的說法，有沒有一個好的方式來思考上行空間可能會長什麼樣子？或者你能否談談，我們應該如何看待中期循環（mid-cycle）的毛利率/利潤率潛力？

Yes, sure. I mean we've talked for some time that even at the depths of the freight recession, Dedicated still remained a high single-digit type margin profile. It won't be thought long before we're back into the double-digit range. And that's really where Dedicated needs to be based on the capital intensity, the service expectations, all of the work and design that goes into building these fleets. And mid-cycle, you can expect that, that's going to look obviously more like mid-double digits.

可以，當然。我們談了好一段時間：即使在貨運衰退最深的時候，Dedicated 仍維持在高個位數的利潤率水準。不會太久我們就會回到兩位數區間。以 Dedicated 的資本密集度、服務期待，以及打造這些車隊所需的所有工作與設計來看，這也確實是 Dedicated 應該達到的水準。而在中期循環，你可以預期那會更接近中段兩位數的水準。

But a lot of work to do to get there. And again, with the integration of FirstFleet, their margin profile was, call it, roughly half of ours, but the synergy targets that were identified closes a large portion of that gap, and that's before we start realizing revenue synergies and cross-selling opportunities. So there's a lot to do, but we know where the bodies are buried. We know what the work is that needs to be done, and we're actively executing on it right now.

不過要達到那裡還有很多工作要做。再說一次，隨著 FirstFleet 的整合，他們的利潤率概況大約只有我們的一半，但先前辨識出的綜效目標可以縮小其中很大一部分差距，而這還不包含我們開始實現營收綜效與交叉銷售機會之前。所以事情很多，但我們知道問題點在哪裡。我們知道需要完成哪些工作，而且現在正積極執行。

Daniel Moore, Baird.

Daniel Moore，Baird。

Pretty solid quarter, particularly given weather and fuel. I just wanted to clarify, Chris, I think you said both weather and fuel were about a $0.05 impact. That's my first question. And then I was hoping to get a little bit more color just on the pace at which the book renews over the course of the year. Derek, you mentioned, I think, 25% in the first quarter.

這一季表現相當穩健，尤其考量到天氣與燃油因素。我想先釐清一下，Chris，我記得你說天氣與燃油各自大約影響了 0.05 美元。這是我的第一個問題。另外我也希望你們能多補充一些：今年整體合約簿（book）在一年之中續約的節奏。Derek，你提到第一季大概是 25%。

The second quarter was the heaviest quarter, but maybe if you could provide a little more context on that. And then just recognizing that in a normal world from April to June, we do see, and I think we're all hoping and expecting that we'll see some seasonality this year relative to last year, which was largely absent. What do you think that means for rates in 2Q and 3Q? That's kind of it. I appreciate it.

第二季是比重最高的一季，但如果可以的話，請再多提供一些背景。另外也要注意到，在正常情況下，4 月到 6 月我們會看到一些季節性；我想大家也都希望並預期今年相較去年（去年幾乎沒有季節性）會回到一些季節性。你認為這對第二季與第三季的運價意味著什麼？大概就這些。謝謝。

Dan, this is Chris. A lot packed in there. Let me just first start with fuel and weather. You're correct, approximately $0.05 the majority of that being from weather, call it, $0.03 to $0.04. That's really based on productivity that we lost during that storm.

Dan，我是 Chris。你問的內容很多。我先從燃油與天氣開始。你說得沒錯，合計大約 0.05 美元，其中大部分來自天氣，約 0.03 到 0.04 美元。這主要是因為那場風暴期間我們損失的生產力。

When you think about winter storms that we had in the same period, but a year ago, we would call this year just at the initial impact being much greater. I think we mentioned on our last call that at one point in time, we had 50% of the fleet that was parked and off the road. That was pretty significant, not something that we've really seen before in our history. Now the duration of the storm was shorter. So we were able to get those trucks back on the road and moving more quickly maybe than we could prior year.

如果你回想一年前同一期間也有冬季風暴，我們會說今年初期的衝擊明顯更大。我想我們在上次電話會議提到過，有一段時間我們有 50% 的車隊停放、無法上路。那相當顯著，是我們歷史上幾乎沒見過的情況。不過風暴持續時間較短。因此我們能讓這些卡車更快回到路上、恢復運行，可能比前一年更快。

So that was about $0.03 to $0.04 relative to weather and then call it $0.01 to $0.02 from the fuel impact. As you know, we can pass a very high degree of fuel volatility on to the customer through the fuel surcharge. So it's really more about timing and volatility that is within any given week given that we have those weekly Department of Energy resets. So some short-term pain, not necessarily expecting that in the second quarter, more of a cash flow impact. Obviously, the lag there to collect on that fuel surcharge.

所以天氣影響約 0.03 到 0.04 美元，燃油影響約 0.01 到 0.02 美元。如你所知，我們可以透過燃油附加費（fuel surcharge）把相當高程度的燃油波動轉嫁給客戶。因此主要是時間差與波動性問題：在任何一週內，因為我們每週會依能源部（Department of Energy）的數據重設。所以會有一些短期壓力，第二季不一定會再出現，更多是現金流的影響。顯然還有燃油附加費回收的時間落差。

I would just note that as we grow in more of a Dedicated mix where those are round trip paid miles, just as that mix grows, there's less exposure to that fuel volatility.

我只想指出，隨著我們在 Dedicated（專屬運輸）組合中的占比提高，而那部分是往返（round trip）的付費里程，當這個組合愈來愈大時，對燃油價格波動的曝險就會更小。

And Dan, in terms of effective dates, from a One-Way perspective, I think Derek referenced about a fourth of the One-Way business was repriced and effective, I should say, was effective in the first quarter. Most of that, though, is late in the quarter. We have just over a third of that One-Way business then that comes in, in the second quarter. Another fourth in the third quarter and the remainder in the fourth quarter.

另外，Dan，就生效日期而言，從 One-Way（單程）角度來看，我想 Derek 提到約四分之一的 One-Way 業務已重新定價並且——我應該說——在第一季生效。不過其中大多數是在季末才生效。接著第二季會有略超過三分之一的 One-Way 業務生效。第三季再有另外四分之一，剩餘的則在第四季。

In terms of Dedicated, that's a little bit more even throughout the quarter, at least our legacy fleet. From a FirstFleet perspective, they had a little bit more in the first half of the year. And as we said, we're working through that and have had really good results with retention so far. In terms of seasonality with spot rates, clearly, spot rates are elevated. They've been elevated.

至於 Dedicated，至少就我們的既有車隊而言，整個季度的分布會更平均一些。從 FirstFleet 的角度來看，他們在上半年比重稍微更高。如同我們所說，我們正在推進相關工作，到目前為止在留存方面也取得非常好的成果。就現貨（spot）運價的季節性而言，很明顯現貨運價處於高位。而且一直都在高位。

They did not act seasonally at all through the first quarter and have remained elevated here in April. And I think our expectation, at least our base case at this point would be that they act seasonally here now through the rest of the year. So we're not expecting a decline. You have road check week that's coming up here in a couple of weeks, which typically provides a bounce. And so our expectation would be that spot rates would continue to lead contract rates.

它們在第一季完全沒有呈現季節性走勢，到了四月也仍維持在高位。我想我們的預期——至少目前的基本情境（base case）——是接下來到今年剩餘時間會回到季節性表現。因此我們不預期會下滑。再過幾週就是道路稽查週（road check week），通常會帶來一波反彈。所以我們預期現貨運價將持續領先合約運價（contract rates）。

There continue to be good opportunities to capitalize on those freight choices and those freight options while continuing to service our customers with commitments that we've made.

在持續履行我們對客戶所做承諾、維持服務的同時，仍然有不錯的機會可以把握這些貨運選擇與貨運方案。

Jordan Alliger, Goldman Sachs.

Jordan Alliger，高盛。

I just wanted to come back to the Dedicated for a second. I think you had mentioned that the pipeline is pretty strong. I wanted to see if we could go a little bit more there. I mean, are you seeing the issues with truckload capacity, driver concerns, et cetera, pushing up that pipeline or quicker closing of that pipeline? Like there seem to be an acceleration at this point in terms of those trends?

我想再回到 Dedicated 談一下。我記得你提到管線（pipeline）相當強勁。我想看看能不能再多談一點。我的意思是，你們是否看到整車運力（truckload capacity）、駕駛人員疑慮等問題，正在推升這個管線，或讓管線更快成交（quicker closing）？就這些趨勢而言，現在看起來是否有加速？

Yes, Jordan, I'll take that. I mean it's a little bit of both, but I do want to point out that one thing we're not going to do is lose our discipline on what really is Dedicated. So you see a lot of capacity Dedicated fleet proposals hitting the market during times like this, where they're really just a continuous move over-the-road type fleet that's not actually dedicated closed loop, short-haul, return to home.

是的，Jordan，我來回答。我的意思是，兩者都有一些，但我確實想指出，我們不會在什麼才是真正的 Dedicated 這件事上失去紀律。所以你會看到在這種時期，市場上出現很多所謂 Dedicated 車隊的運力提案，但它們其實只是持續移動的長途（over-the-road）型車隊，並不是真正 Dedicated 的封閉迴圈（closed loop）、短途（short-haul）、回家（return to home）。

And we're going to be very selective on that. If we were to entertain some of those opportunities, we'll largely run those in our One-Way network versus putting those into Dedicated. But that's certainly part of it.

我們會非常有選擇性。如果我們要考慮其中一些機會，我們大多會把它們放在 One-Way 網路中運行，而不是納入 Dedicated。但這當然也是其中一部分原因。

Quicker to close for sure, when you get into a tighter market, the ability to implement and for somebody to be willing to make a change to secure a portion of their supply chain in a high service, high capability kind of backdrop is something that they're a lot more open and excited to. And so we -- I think it's a little bit of both of those things. A lot of it is just we've been building this pipeline for some time. We've done some reorganization within the sales force. We've got some new leadership involved as well.

在市場更緊俏時，確實會更快成交；在高服務、高能力的背景下，能夠落地執行，並且讓對方願意做出改變，以確保其供應鏈的一部分，這件事他們會更願意、也更興奮。所以我們——我認為兩者都有。其中很大一部分只是因為我們已經建立這個管線一段時間了。我們在銷售團隊內部做了一些重整。也引入了一些新的領導。

And all of that is kind of coming to fruition. And so I think there's a flight to quality, which is part of it. I think our bigger density with the acquisition of FirstFleet and the larger overall scale of our presence out there in the market is certainly part of it.

而這些都正在開始開花結果。所以我認為其中一部分是「向優質靠攏」（flight to quality）。我認為，透過收購 FirstFleet 帶來的更高密度，以及我們在市場上的整體規模更大，這些也都是原因之一。

So it's a long list of things, but the encouraging part really is just the size and scale of the opportunities in front of us and our ability to make sure that we're picking where we can win, where we know we can serve, where we know both us and the customer are going to be excited about the outcome and the ability to improve the financial state along the way.

所以原因很多，但令人鼓舞的部分在於，我們面前機會的規模與量體，以及我們能確保挑選我們能贏的、我們知道能服務的、我們也知道我們與客戶都會對結果感到興奮的案子，並且在過程中提升財務狀況的能力。

Scott Group, Wolfe Research.

Scott Group，Wolfe Research。

So rev per mile was up 3.6% in Q1. Your guide 1% to 4% for the quarter. So for second quarter despite pricing accelerating. I'm just -- I want to understand that a little bit more. Is this just some of the mix changes with the restructuring?

所以每英里收入（rev per mile）在第一季成長了 3.6%。你們對本季的指引是 1% 到 4%。所以第二季儘管定價在加速。我只是——想更了解一下。這只是重整帶來的一些組合（mix）變化嗎？

And so is the offset maybe lower rev per mile, but a lot higher miles? I don't know, maybe rev per truck is the right way to think about it, if you have any sort of thoughts or color.

所以抵銷因素可能是每英里收入較低，但里程大幅提高？我不確定，也許用每台車收入（rev per truck）來思考才對；如果你有任何想法或補充說明。

Yes, Scott. The short answer is you're spot on. That's exactly what it is. As part of the restructuring, as part of the redesign of the One-Way network, there's a pretty significant mix change going on. There's a lot of short-haul congested type loads that were taking place in the network that are not part of the mix anymore when you do a year-over-year comp. And so that's diluting, if you will, the impact of the actual underlying rate increases.

是的，Scott。簡短回答是你說得完全正確。就是這個原因。作為重整的一部分、也是 One-Way 網路重新設計的一部分，正在發生相當顯著的組合變化。過去網路中有很多短途、壅塞型的載運（loads），在做年對年比較時，這些已不再包含在組合裡。因此，某種程度上說，這稀釋了實際底層運價上漲的影響。

There's no other story there that's really it in its totality. Mid-single digits is what we were seeing in Q1. That needle being pushed higher as we get into Q2. But we really had to do some digging and some analysis to understand the impact of mix, and that certainly plays a role in it. So I believe you're thinking about it the right way.

沒有其他故事了，整體就是如此。第一季我們看到的是中個位數（mid-single digits）。進入第二季時，這個趨勢會被推得更高。但我們確實必須深入挖掘並做一些分析，才能理解組合的影響，而這確實在其中扮演角色。所以我相信你思考的方向是對的。

Scott, I would add on to that, that our length of haul did increase almost 6%. So that's reflective of the mix change that Derek mentioned. And then to your point, looking at both rates and miles from a revenue per truck basis in One-Way, a 9.6% increase year over year, fairly significant and reflective of the efforts there.

Scott，我再補充一點，我們的平均運距（length of haul）增加了將近 6%。這反映了 Derek 提到的組合變化。再來如你所說，若以 One-Way 的每台車收入基礎同時看運價與里程，年對年增加 9.6%，相當顯著，也反映了相關努力的成果。

And not to pile on, Scott. But I would just add also to that, that fundamentally, we have talked several times about the One-Way restructuring all being aimed towards profitability improvement. We did see even in a seasonally low quarter with winter storm distractions, we did see profitability improvement in One-Way as a result of these actions, which we didn't get the full quarter benefit from.

另外也不是要再多加一筆，Scott。但我也想補充，從根本上來說，我們已多次談到 One-Way 重整的目標都是為了提升獲利能力。即使在一個季節性偏淡、又受到冬季風暴干擾的季度，我們也確實看到 One-Way 因這些行動而帶來的獲利改善，而我們還沒有取得整季的完整效益。

Yes. So maybe to that point, we've got the full quarter coming of that benefit in Q2, pricing is going up, full quarter FirstFleet. I think like in a world where rates are improving, you typically see, I don't know, 2 to 3 points of margin improvement 1Q to 2Q. Could it be better than that? I mean, I guess, it feels like we should be on track for a sub-95 OR in Q2?

是的。所以也許就這一點而言，我們在第二季會完整反映那項效益，定價正在上調，FirstFleet 也會是完整一季。我認為在運價改善的環境下，你通常會看到，我不知道，大概從第一季到第二季毛利率改善 2 到 3 個百分點。會不會比那更好？我的意思是，我想，感覺我們應該有望在第二季把 OR（營運比率）拉到 95 以下？

And I don't know -- I know you don't like to give a lot of guidance, but do you think this sets us up to get back towards like a low 90s OR by the end of the year?

而且我不知道——我知道你不太喜歡給太多指引，但你覺得這是否能讓我們在年底前回到像是低 90 多的 OR（營運比率）？

So you're right in terms of we won't get too specific in guiding you on a quarterly basis, Scott. But you're correct on some of those tailwinds and those things that would contribute to second quarter relative to first quarter. So full quarter of FirstFleet accretion and benefit, full quarter of those One-Way restructuring benefits, along with rate lift from yield management, renewals, higher spot exposure and the like.

所以你說得對，Scott，就按季來說我們不會給得太具體。但你對於一些順風因素，以及那些相較第一季會推動第二季表現的因素，判斷是正確的。也就是 FirstFleet 併入帶來的增厚與效益完整反映一季、那些單程（One-Way）重整效益完整反映一季，再加上透過收益管理、續約、更高的現貨（spot）曝險等帶來的運價提升。

Yes. We just balance that with the reality, Scott, that we still have a conflict in Iran. We still have -- we're tweet away from a new tariff potentially. And so there's certainly some disruptions that are out there on the horizon that cause us to have some pause. But from a macro perspective, big picture, there's certainly some tail -- there's wind in the sail right now, and our job is to go out and execute against that.

是的。我們只是也要平衡現實情況，Scott，我們仍然有伊朗的衝突。我們仍然——可能只差一則推文就會出現新的關稅。因此，確實有一些潛在的干擾在地平線上，讓我們不得不稍微保留。但從總體角度、大方向來看，現在確實有一些順風——目前是順風在推動，而我們的工作就是出去把握並執行到位。

Jason Seidl, Cowen.

Jason Seidl，Cowen。

A couple of quick things. One, I wanted to sort of touch base on the comment you made in the presentation on driver availability. What are your thoughts on when we might potentially see driver pay hikes this year? And do you think they'll be sort of within more normal seasonal trends or might be above seasonal trends sort of given the tightness in the marketplace? And then maybe you can provide some color on the brokerage side of the business.

幾個很快的問題。第一，我想稍微追問一下你在簡報中提到的司機可用性。你對於今年我們可能何時會看到司機薪資上調，有什麼看法？你覺得會比較符合正常的季節性趨勢，還是因為市場供給吃緊而可能高於季節性趨勢？另外，也許你可以就經紀（brokerage）業務提供一些補充說明。

Obviously, Q1 provided a squeeze with the way spot rates were going. I wanted to know how we should think about margins on that segment going forward.

顯然，第一季因現貨運價走勢而受到擠壓。我想了解我們應該如何看待該部門未來的利潤率走勢。

Yes, Jason. So on the driver side, a couple of notes there. With 78% of our trucks in Dedicated, it's a great starting place to be when you think about a driver market that's clearly tightening. Those are the best jobs for drivers to get. They're getting them home nightly, weekly, multiple times a week, depending on the fleet.

好的，Jason。關於司機端，有幾點說明。我們有 78% 的卡車在專屬運輸（Dedicated）業務，當你想到司機市場明顯趨緊時，這是一個很好的起點。那是司機能拿到的最好工作。他們可以每天回家、每週回家，或依車隊不同每週回家多次。

Pay in those jobs is directly built and reflective of the work involved. And so we have a really good feel on what it takes for a driver to stay in one of those fleets. And where there's a gap or where there's more tightness in a particular geography, it's a one-on-one conversation with the customer about essentially their drivers on their fleet.

這些工作的薪資是直接依工作內容建立並反映其工作量的。因此，我們非常清楚要讓司機留在這些車隊需要什麼條件。而在某個地區若有落差或更吃緊，我們就會與客戶一對一溝通，基本上就是針對他們在該車隊上的司機來談。

And so the ability to get rewarded from the customer in order to make sure all the trucks are seated, while never easy, is certainly a very understood fact, and it's something that we've worked through already on several accounts within Dedicated this year, and we'll continue to work with others as we go forward. You couple that with the fact that we have our own integrated school network, providing very high-quality drivers into the fleet on a weekly basis. It puts us in a better position from a relief valve perspective.

因此，為了確保所有卡車都有司機就位而能從客戶那裡獲得相應回報，雖然從來不容易，但這確實是大家非常理解的事實；而且我們今年已經在 Dedicated 的幾個客戶案子上處理過了，未來也會持續與其他客戶合作推進。再加上我們自有的整合式駕訓學校網絡，每週都能為車隊提供高品質司機。從「洩壓閥」的角度來看，這讓我們處於更有利的位置。

And then a robust experience hire program here at Werner. We're seeing application counts go up as the tightening of this market takes place. One of the underlying realities is because it's supply-driven, it's tightening through enforcement issues, but also financial outcomes. And so there's a lot of struggling fleets out there still that really couldn't quite get all the way through this dark period. And so those drivers are looking for safe havens in places where they know their check will cash.

另外，Werner 這邊也有很強的資深司機招募計畫。隨著市場趨緊，我們看到申請人數在增加。其中一個根本現實是，因為這是供給端驅動的收緊，除了執法因素之外，也與財務結果有關。因此，外面仍有許多車隊在苦撐，真的沒能完全熬過這段低迷期。所以那些司機正在尋找他們確信薪水能兌現的安全港。

As we go forward, we will be selective. We will look at it very carefully and make decisions where we believe that investment is the right move to make. But I'm pretty proud overall of where our driver pay stands today. We've got a really good, strong group of tenured drivers, both at Werner and FirstFleet. Combined, we have over 1,000 accident-free million-mile drivers going down the road on any given day and over 2,500 drivers between our two fleets that have over 10 years' experience at either FirstFleet or Werner.

往後我們會有選擇性。我們會非常謹慎地評估，並在我們認為投入是正確之舉的地方做出決策。但整體而言，我對我們目前的司機薪資水準相當自豪。我們在 Werner 和 FirstFleet 都有一群很強、任職資歷深的司機。合計來看，我們每天在路上有超過 1,000 位零事故的百萬英里司機，且兩個車隊合計有超過 2,500 位司機在 FirstFleet 或 Werner 任職超過 10 年。

So there's a good stable middle to the fleet composition. But we'll stay close to it. I think we're in a better position than most. And as the market continues to evolve, I will be all for a tighter driver market going forward. If that's the case, it really sets us up to provide even more upside opportunity through the cycle.

所以在車隊組成上有一個穩定且扎實的中堅層。但我們會持續密切關注。我認為我們的處境比多數同業更好。而隨著市場持續演變，我其實很支持未來司機市場更緊一些。如果真是如此，這會讓我們在景氣循環中提供更多上行機會。

Makes sense. On the broker side?

了解。那經紀（broker）那邊呢？

Oh, the broker side, yeah, I mean, that's a story that I think has been well told already by many. But clearly, Q1 is an inflection quarter. There's buy-side pressure out there as this enforcement continues to take hold. And although we don't broker loads to the types of carriers that are faced with a lot of this enforcement action, it's still an open marketplace. And so everybody has got more choices and more options.

喔，經紀那邊，是的，我的意思是，那個故事我想很多人都已經講得很清楚了。但很明顯，第一季是一個拐點季度。隨著執法持續發酵，市場上出現買方端的壓力。雖然我們不會把貨載經紀給那些正面臨大量執法行動的承運商類型，但這仍然是一個開放的市場。因此，每個人都有更多選擇與更多方案。

Pricing has driven up. And so we saw some margin compression. I'm proud of the cost reduction work we've done, which helped mitigate a lot of that, what would have otherwise been kind of worse news. And we're going to continue to look for productivity gains and cost enhancements throughout our logistics business.

價格被推升了。因此我們看到利潤率受到一些擠壓。我為我們所做的降本工作感到自豪，這幫助我們緩解了其中很大一部分，否則情況可能會更糟。而且我們會持續在整個物流業務中尋找生產力提升與成本改善。

But most importantly, we're going to be actively resetting those sell-side prices as we go forward. Our spot exposure will grow over the course of the year as will the resetting contract pricing that too will move up. And you saw that in Q1 with a 5% increase in revenue per load across logistics, and we'll continue to work that as we go forward.

但最重要的是，往後我們會積極重設賣方端的價格。隨著年度推進，我們的現貨（spot）曝險會增加，合約價格的重設也會增加，而這兩者都會上調。你在第一季也看到了：整體物流每載次收入增加 5%，我們會在未來持續推進這項工作。

Ken Hoexter, Bank of America.

Ken Hoexter，美國銀行。

So you noted some pricing actions that you were taking. Derek, I just maybe just clarify a little bit in terms of -- are you -- I want to understand your answer to Ari's question before. Are you shifting how you lock in the dedicated contracts? Are you changing terms? I just want to understand how you're shifting that.

所以你提到你們正在採取一些定價行動。Derek，我想就—我只是想再釐清一下—你們是否—我想先理解你先前對 Ari 問題的回答。你們是否正在調整你們鎖定專屬合約的方式？你們是否在改變條款？我只是想了解你們如何在做這方面的調整。

And then my question is on -- given the software you were talking about, should we see empty miles shrink? Is that not a factor for dedicated versus over the road? Or what does it allow you to address in either the cost or efficiency gains on the network going forward?

然後我的問題是—就你提到的那套軟體而言，我們是否應該看到空駛里程下降？這對專屬業務（Dedicated）相較於長途公路運輸（over the road）而言不是一個因素嗎？或者它讓你們在未來的網路中，無論在成本或效率提升方面，能解決哪些問題？

Sure, Ken. Yes, in Dedicated, despite the fact they're multiyear contracts, we have indexes and various functions by which price can be raised on a yearly basis. But outside of that, at any given time, just even with multiyear contracts, you've got large swaths of Dedicated coming up for renewal. And as we're renewing those fleets, we're having robust conversations with the customers about the state of the industry and what's happening out there with capacity. And we're able to reset the price components at that time.

當然可以，Ken。是的，在專屬業務方面，儘管是多年期合約，我們有指數機制以及各種方式，可以按年度調升價格。但除此之外，即便是多年期合約，在任何時間點仍會有相當大一部分專屬合約到期續約。而在我們續約這些車隊時，我們會與客戶就產業現況以及外部運力情況進行深入討論。並且我們能在那個時間點重新設定價格構成要素。

As it relates to the other mechanism or lever to pull, which I talked about, which was incremental trucks being added into those fleets, it's not that they're necessarily priced at a different rate. They just have a different cost because a lot of the original fixed cost of setting that fleet up is already in place. So they have incremental margin contribution.

至於我提到的另一個機制或可運用的槓桿，也就是在這些車隊中新增增量卡車，並不是說它們一定以不同的費率計價。只是它們的成本不同，因為建立該車隊時許多原本的固定成本已經到位。因此它們會帶來增量的毛利貢獻。

And to your empty miles question, clearly, there's a backhaul opportunity in front of us. that was much more challenged a year ago, not just in rate on every one of the backhauls you haul, it will now be at a higher price number, but also the frequency by which you can fill backhaul lanes in a market that's more tight, it allows you to eliminate empty miles and really with the revenue share program benefit both the customer and our bottom line.

至於你問的空駛里程，顯然我們面前有回程載貨（backhaul）的機會。一年前這方面更具挑戰，不僅是因為你每跑一趟回程載貨的運價現在會更高，也因為在更緊俏的市場中，你能填補回程路線的頻率更高，這讓你能消除空駛里程，並且透過收益分成計畫同時讓客戶與我們的獲利受益。

So it's kind of a good news item all the way across, and there's no signs on the horizon to point back to some of the prior questions we received that normal seasonality isn't around the corner. And if so, the market only further tightens from here.

所以整體來看算是全面的好消息，而且從目前跡象看不出任何會回到先前我們收到的一些問題所提到的情況，也就是正常季節性很快就會出現。如果真有的話，市場也只會從這裡開始進一步收緊。

Yes. And does it allow you to address the other costs and efficiency? Like is it -- you talked about the synergy gains. How about the costs that you can take advantage of in your own network?

是的。那它也能讓你們處理其他成本與效率嗎？例如—你提到協同效益的提升。那你們自身網路中有哪些成本是可以加以利用的？

Well, clearly, part of the synergy gains when we standalone or we give standalone FirstFleet numbers, those are what we think we can do there relative to the increased density, better ordering, better truck, trailer, tire purchasing, fuel, et cetera. But there are synergies on our side, too. I mean -- and those are more just really reaping the same benefit of that additional density and frankly, larger purchasing power across the entire fleet.

嗯，很明顯，當我們以獨立方式呈現 FirstFleet 的數字，所謂協同效益的一部分，就是我們認為在那邊能做到的：更高的密度、更好的排程、更好的卡車、拖車、輪胎採購、燃料等等。但我們這邊也有協同效益。我的意思是—那些更多是來自同樣的好處：額外的密度，以及坦白說，整個車隊更大的採購規模優勢。

So yes, there's opportunities to continue to mitigate costs, but it's still an inflationary backdrop overall. I mean the macro is still inflationary. And what we have to do is continue to work as we go forward to mitigate as much as that as possible by finding and extracting more OpEx savings through our tech journey increasing productivity as we now have all of the freight into one visible network. And we're able to, for the first time, really start contemplating asset sharing and things in ways that we couldn't do previously.

所以是的，確實有機會持續緩解成本，但整體背景仍是通膨。也就是說，宏觀環境仍然是通膨性的。我們必須做的是在往前走的過程中，持續努力盡可能緩解通膨影響，透過我們的科技旅程找出並擷取更多營運費用（OpEx）節省、提升生產力，因為我們現在把所有貨運都納入一個可視化的網路中。而且我們第一次能真正開始思考資產共享等事情，以過去做不到的方式來進行。

Now that's early innings. We've got some work to do, but that is a major part of the 2026 roadmap.

當然這才剛開始。我們還有一些工作要做，但這是 2026 年路線圖中的重要部分。

Richa Harnain, Deutsche Bank.

Richa Harnain，德意志銀行。

So Derek, I wanted to get your perspective on where you think we are in terms of overall capacity attrition and due to better enforcement that's occurring, you mentioned also just the prolonged freight recession pushing capacity out. Maybe diesel prices, too, have talked to you all about that. You're making it difficult for the smaller carrier to compete. Do you think we're still in the early innings of capacity cleanup? Or do you think there's a lot more to come?

Derek，我想聽聽你對整體運力流失（capacity attrition）目前所處階段的看法。由於執法力度加強，你也提到長期的貨運衰退正在把運力擠出市場。也許柴油價格也是一個因素，你們也有談到這點。這讓小型承運商更難競爭。你認為我們仍處於運力出清的早期階段嗎？還是你覺得後面還會有更多？

And how do you get comfortable that these capacity declines are stickier as rates continue to improve, maybe we see more capacity creep?

另外，當運價持續改善時，你們如何確信這些運力下降會更具黏著性，而不會看到運力又慢慢回流？

And then Derek, you also mentioned a lot of work needs to be done to get back to that double-digit margin range for Dedicated. Is it really just rate repair that's the lion's share of that? Or is there more you and the team need to do or maybe the market needs to give you that's better demand to get you back to that sort of level?

還有 Derek，你也提到要讓專屬業務回到雙位數利潤率區間，還有很多工作要做。這主要真的是運價修復（rate repair）占最大比重嗎？還是你和團隊還需要做更多，或是市場需要給你們更好的需求，才能回到那樣的水準？

Thank you, Richa. Really good questions. I guess I'll start maybe in reverse order. On the Dedicated front, I don't know that it's particularly difficult. It's just a process that takes some time.

謝謝你，Richa。問題都很好。我想我可能先從反方向回答。就專屬業務而言，我不覺得特別困難。這只是需要一些時間的過程。

Again, we're not far off from those type of numbers as we sit today. We're getting increases in Dedicated. We're seeing the ability to have higher selectivity in new fleets entering the market. So all of those things are really setting up well for us to be able to kind of grind it out, if you will. It's not going to be an aha moment.

再說一次，以我們今天的狀況來看，其實離那樣的數字不遠。我們在專屬業務上正在取得調價上升。我們也看到在新車隊進入市場時，我們能有更高的選擇性。所以這些因素都在為我們創造良好條件，讓我們能夠一步一步把它磨出來。不會有什麼「啊哈」時刻。

It's going to be more everyday execution, everyday focus, making sure that we keep the truck seated and that we exceed the customers' expectations.

會更像是每天的執行、每天的專注，確保卡車都有司機就位，並且超越客戶的期望。

As it relates to the -- where we at on the capacity attrition, obviously, it's hard to have a perfect crystal ball, but I will say this, I see no slowdown in the enforcement actions. And if anything, there seems to be sort of a drumbeat of increased face and increased understanding of how widespread some of the coloring outside the lines really was.

至於—我們在運力流失方面處於什麼位置，當然很難有一個完美的水晶球，但我會這麼說：我看不到執法行動有任何放緩。如果有的話，反而像是一種節奏持續加強，外界對於過去「越界操作」的普遍程度有更高的關注與理解。

And so, as we track a lot of things, one thing I would point you to is long-haul trucking employment data would show that it's now below pre-COVID levels for the first time and actually all the way back to 2017 type levels. That's an interesting stat just to keep an eye on and for us to kind of monitor.

因此，當我們追蹤很多指標時，有一個我會建議你關注的是長途卡車運輸就業數據：它現在首次低於 COVID 之前的水準，甚至回到大約 2017 年的水準。這是一個值得留意、也值得我們持續監控的有趣統計。

We know enforcement started with really kind of muscling it at the scales, at the officer level. And now it's taken a more tech-enabled approach to looking and scanning for things that look to be inappropriate. It's also gotten wider. And so as they expand enforcement to include schools, to include the actual licensing process as they expanded to now even this week, they've rolled out some more increased border enforcement relative to B1 cabotage issue.

我們知道執法一開始主要是透過在地磅站、在執法人員層級強力執行。而現在則轉向更科技化的方式，去檢視與掃描那些看起來不合規的事項。執法範圍也變得更廣。因此，當他們把執法擴大到包含學校、包含實際的發照流程，並且擴大到甚至就在本週，他們又推出了更多加強的邊境執法，與 B1 境內運輸（cabotage）議題相關。

And again, that's early innings. So I think there's a lot more where that came from. And yet, we have a macro backdrop where the consumer is more resilient right now than maybe I would have expected at this point. There's some potential in the back half, we see some interest rate reductions.

而且再說一次，這才剛開始。所以我認為後面還有很多同樣的動能。同時，我們所處的總體環境是：消費者目前的韌性比我在這個時間點原先預期的還要強。下半年也有一些潛在機會，我們看到利率可能下調。

We've got residential housing still kind of on the sideline mostly. But at some point, it's got to pop if we see some interest rate reductions. So the demand side of the equation still looks to be in a good place. And our portfolio mix is more nondiscretionary than it's ever been with the acquisition of FirstFleet.

住宅房市目前大致仍在觀望、偏向停滯。但如果我們看到利率下調，某個時間點它勢必會回彈。因此，需求端看起來仍處於不錯的位置。而且隨著收購 FirstFleet，我們的投資組合結構比以往任何時候都更偏向非選擇性需求。

So it is all kind of need to have and need to have now type stuff that we haul predominantly across the portfolio and often in the discount end of the spectrum. And so all that positioning, I think, looks pretty good. And if we see some normal seasonality and demand inflection, I think it just adds a little more fuel to the fire as we go forward.

所以我們在整個投資組合中主要承運的，都是那種「必需、而且必須立刻要」的貨物，且往往位於價格帶較折扣的那一端。因此我認為這樣的定位看起來相當不錯。如果我們看到一些正常的季節性與需求拐點，我認為只會在未來進一步火上加油。

Tom Wadewitz, UBS.

Tom Wadewitz，瑞銀（UBS）。

So I wanted to see if you could talk a little bit about inflation and how much of a kind of headwind that is to what seems like a setup for quite a bit of potential margin improvement. I think you probably had a couple of different sources of inflation has been a headwind to margin. It's not just a challenged rate environment the last couple of years. And so do you need some of that to ease in order to get the traction on the margin side? Or just how do you think about that as a factor in maybe the pacing of margin improvement you can get in TTS?

我想請你談談通膨，以及它對看起來有相當大幅度毛利率改善潛力的情境，究竟會造成多大的逆風。我想你們可能有幾個不同的通膨來源一直在壓抑毛利率。不只是過去幾年運價環境不佳而已。所以你們是否需要其中一些通膨壓力緩解，才能在毛利率端取得進展？或者你如何看待通膨這個因素，對你們在 TTS 可實現的毛利率改善節奏可能造成的影響？

And then I had one on the brokerage side for you as well.

另外我也有一題想問你們的經紀（brokerage）業務。

Yes, Tom, thanks for the question. I mean, look, when you look at the component costs or the components of the bulk of our cost, you're talking about trucks and trailers and tires. Our tech journey is certainly expensive. There's a lot of money that we're investing into the fleet to make sure it's refreshed in a good place. I will point out that while the fleet is a little bit older than maybe what some have been accustomed to, it's also a lot more Dedicated than it was back when we had a slightly younger fleet.

好的，Tom，謝謝你的問題。我的意思是，當你看我們主要成本的構成或成本項目時，主要是卡車、拖車與輪胎。我們的科技轉型之路確實很昂貴。我們正在車隊上投入大量資金，以確保車隊更新、維持在良好狀態。我也要指出，雖然車隊平均車齡可能比一些人過去習慣看到的稍微老一些，但相較於當年車隊更年輕的時候，現在的 Dedicated（專屬運輸）比重也高得多。

So we like the current positioning, but none of the asset choices are really getting any less expensive. And so that's why we have to continue to work on the OpEx side of the equation to make sure we're focusing on productivity and gains through technology. A lot of the tech spend up until this point, we still have some decent amount of duplicative spend where we're both managing our old systems and our new system. That largely sunsets by the end of this year.

所以我們喜歡目前的定位，但各項資產選擇並沒有變得更便宜。因此我們必須持續在營運費用（OpEx）端努力，確保聚焦於生產力提升，以及透過科技帶來的效率增益。截至目前為止，我們在科技支出上仍有相當程度的重複支出，因為我們同時在維運舊系統與新系統。這部分大致會在今年底前逐步結束。

And so that's exciting to think about as we go into 2027 with a clean tech stack with enhanced capabilities and now improved data structure so we can really lean into some of the benefits of AI and some of the data type work that comes along with that. So it's going to be -- again, it may not be sexy because it's a lot of very difficult execution moments to compile as we go through the remainder of the year. But the road map looks solid. We're staying the course, and I'm pretty excited about our ability to do things like what we've seen in logistics, but across the rest of the portfolio as we get the tech journey kind of further along than where it sits today.

因此，當我們邁入 2027 年、擁有乾淨的技術堆疊（tech stack）、更強的能力，以及改善後的資料結構時，想到這點就令人振奮，因為我們就能真正善用 AI 的一些效益，以及隨之而來的資料相關工作。所以這會是——再說一次，可能不那麼吸睛，因為在今年剩餘時間裡要把這些整合起來，會有很多非常艱難的執行關卡。但路線圖看起來很扎實。我們會持續按既定方向前進；而且我對我們能把在物流業務看到的成果，擴展到投資組合其他部分（隨著科技轉型進一步推進、超越目前進度）感到相當興奮。

Tom, I would just add to that.

Tom，我再補充一下。

I was just going to say how does that net out. Like does the pace of inflation moderate in '26 versus what you've seen in the past couple of years? Or it's better to think it's kind of a similar pace of inflation?

我只是想問，整體算下來會是怎樣。例如 2026 年的通膨速度，會比你們過去幾年看到的更溫和嗎？還是比較應該把它視為通膨速度大致相近？

I don't think we're seeing inflation up and down the P&L as we were in the last couple of years, but that's not to say it doesn't exist. Derek mentioned some of those categories where there's still more elevated inflation, some of the equipment and parts, some in employee benefits, insurance premiums, although our increases have been, I think, modest relative to the rest of the industry. So inflation is there. That's something that we're mindful of, and we're in an environment where our customers are mindful of it as well.

我不認為我們會像過去幾年那樣，在損益表（P&L）各個項目都看到通膨上上下下的情況，但這不代表通膨不存在。Derek 提到了一些類別仍有較高的通膨，例如設備與零件、員工福利，以及保險費率，儘管我認為我們的增幅相較於產業其他公司算是溫和。所以通膨確實存在。這是我們會留意的事情，而我們的客戶也同樣在意。

And we're seeing more shipper openness and acknowledgment, particularly on the Dedicated side, where there's some driver pay increases, there's other inflationary factors that need to catch up as those contracts renew.

而且我們看到托運人（shipper）更願意開放討論並承認這點，特別是在 Dedicated（專屬運輸）業務上，因為有一些司機薪資上調，以及其他通膨因素，需要在合約續約時反映、追上來。

I would also mention, we talked a lot about cost savings over the last three years, $150 million of cost takeout over that time. During this downturn, that's been largely to combat inflationary pressures, but it's largely structural, sustainable. So we'll get some lift as we hold the line on that lower cost profile, but we see rate increases, we see demand lift and some higher contribution margin as we see top line growing.

我也想提到，我們過去三年談了很多成本節省，這段期間累計削減了 1.5 億美元成本。在這次景氣下行期間，這些措施很大程度上是為了對抗通膨壓力，但其中多數屬於結構性、可持續的。因此，當我們維持這個較低的成本結構時會得到一些提振；同時，隨著我們看到運價上升、需求回升，以及營收成長帶來更高的貢獻毛利率（contribution margin），也會進一步改善。

Yes, that's great. Just one on brokerage. I know you've invested a lot in systems and just want to see if you could offer some thoughts on how that manifests for carrier selection and safety. It seems like a lot of focus on that given Montgomery, but it's like, well, you can buy cheap and have maybe a lower bar on filtering carriers or you can filter the carriers more and maybe you don't get as good purchase transportation. And I guess wondering kind of how you think about that and where maybe you think you are on the spectrum?

好的，這很有幫助。再問一題關於經紀（brokerage）。我知道你們在系統上投入很多，想請你談談這如何體現在承運商（carrier）選擇與安全性上。鑑於 Montgomery 事件，這方面似乎受到很多關注；但問題在於，你可以用更低的價格採購運力、對承運商篩選門檻可能較低；或者你可以更嚴格篩選承運商，但可能就拿不到那麼好的採購運價。我想了解你們如何權衡，以及你們覺得自己目前大概位於這個光譜的哪一端？

Yes, Tom, I haven't been accused to being on the spectrum a few times. But as it relates to brokerage, we've invested heavily in qualification tools. And so when I think about our carrier selection, carrier qualification and the robustness of its ability to kind of weed out bad actors. It's a point of strength. It's always an ongoing battle.

是的，Tom，我也不是第一次被說「在光譜上」。但就經紀業務而言，我們在資格審核工具上投入很大。所以當我想到我們的承運商選擇、承運商資格審核，以及其在剔除不良業者方面的健全程度時，這是一個強項。但這永遠是一場持續的戰役。

I think the level of fraud and some of the things going on out there was larger than any of us fully probably recognized.

我認為外部的詐欺程度以及一些正在發生的事情，比我們任何人可能充分認知到的都更嚴重。

But to your point, there is a major decision coming down the pipe. And so we're not backing away from our commitment to further fortifying that selection process and further strengthening and making it even more rigid, if you will. And it shows up some like with -- if you look at our volumes, our volumes were fairly muted year over year, but a lot of that is because we are being very selective and trying to eliminate the really bad day and do the best we can to put our freight in the hands of folks that are qualified, competent and capable.

但如你所說，接下來會有一個重大的決策即將到來。因此我們不會退縮；我們會持續投入，進一步強化這套選擇流程，並進一步加固、讓它更嚴謹。這也會反映在一些面向上——例如如果你看我們的量，我們的量年對年相對溫和，但其中很大一部分是因為我們非常挑選，並試圖排除「最糟的一天」，盡最大努力把貨交到合格、稱職且有能力的人手上。

And if they are all those three things, that does come at a price. And that's okay, and we need customers to recognize the quality of that product. Some do, some don't. And so you work with those that do and you kind of pass on those that don't. And I think that's going to be an ongoing trend as this year plays out and certainly one that could accelerate pending the court decision.

而如果它們同時具備那三項特質，確實是有代價的。這沒問題，我們也需要客戶認可該產品的品質。有些會，有些不會。因此你就與那些認可的客戶合作，對於不認可的則大致上就略過。我認為，隨著今年的進展，這將會是一個持續的趨勢；而且視法院裁決而定，這個趨勢也可能加速。

Brian Ossenbeck, JPMorgan.

Brian Ossenbeck，摩根大通。

Maybe, Derek, just in terms -- we've heard about hair follicle testing for a while. I guess the rules are actually written, but still sitting somewhere not really, I guess, codified or put into action. So as we think about the additional regulatory levers, not necessarily enforcement of existing laws, I guess this one will be bringing out one and maybe putting into practice. I know yourselves and others do a lot of this already, but curious to think, I guess, first, if you think that this could be actually something we see come to pass under the current administration? And secondly, if so, what's relative timing and impact from your perspective?

Derek，或許就這點而言——我們聽到毛髮濾泡檢測已經有一段時間了。我想相關規則其實已經寫好了，但仍然擱在某個地方，還沒有真正——我想——被正式編纂或付諸執行。所以當我們思考額外的監管工具時，未必是去加強執行既有法律；我想這一項可能是把某個工具拿出來並且開始落地實施。我知道你們自己以及其他公司已經做了很多，但我想先請教，你是否認為在現任政府之下，這件事真的可能會成真？其次，如果會，從你的角度看，相對的時間點與影響會是什麼？

Yes, Brian, great question. We have been, in fact, as you mentioned, we hair follicle test every driver coming into the fleet. We are a strong proponent of hair follicle testing. It's a much more accurate, much more long-lived test and a much better way to make sure America's roadways are safer.

是的，Brian，問得很好。正如你提到的，我們確實對每一位加入車隊的駕駛都做毛髮濾泡檢測。我們是毛髮濾泡檢測的堅定支持者。這種檢測更精準、可追溯時間更長，也更能確保美國道路更安全。

I do believe this is an administration. It's been sitting, as you probably know, on HHS' desk for a long, long time. It's been vested off and some of the efforts to further that into law or further the implementation, I should say, of hair follicle testing is gaining some traction. There's also more on the sort of saliva or wet testing they talk about, which is also more accurate. I, for one, hope that we go to an industry standard of hair follicle testing because I think it does eliminate a great deal of bad actors from being behind the wheel of the truck.

我確實相信這屆政府會推動。如你可能知道的，這件事在衛生與公共服務部（HHS）的案頭已經擱置很久很久了。它曾被擱置，而目前要把毛髮濾泡檢測進一步納入法規、或更準確地說，推進其落地實施的努力，正在獲得一些動能。另外也有更多關於唾液或濕式檢測的討論，這同樣更精準。就我個人而言，我希望產業能採用毛髮濾泡檢測作為標準，因為我認為這確實能大幅減少不良從業者坐上卡車駕駛座。

We know when we made that transition, hair follicle testing was 10x more likely to show a positive than urine analysis. Today, I can't give you current stats because everybody knows we hear follicle test. So nobody comes here or applies or tries to work here if they are a user because they know that they're going to be tested. And so it's hard for me to give you current stats.

我們知道，當我們做出那次轉換時，毛髮濾泡檢測呈陽性的機率是尿液檢測的10倍。今天我無法提供最新統計，因為大家都知道我們做毛髮濾泡檢測。所以如果有人是使用者，他們不會來這裡、也不會申請或嘗試在這裡工作，因為他們知道一定會被檢測。因此我很難給你目前的統計數據。

But historically, every fleet that's converted has seen a significant uptick in failures. That, coupled with some work the administration is already doing on kind of furthering the journey, if you will, once you're in the drug and alcohol clearinghouse to have to prove that you've been through the program and that you're clean before you retake the road will be yet another leg to the enforcement stool of many legs that we've talked about today.

但從歷史來看，每一個改採毛髮濾泡檢測的車隊，都看到不合格（未通過）比例顯著上升。再加上政府目前已在做的一些工作——也就是在你進入藥物與酒精清查系統（clearinghouse）之後，進一步推進流程：你必須證明你已完成相關計畫並且已經乾淨，才能重新上路——這將會是我們今天談到的多支柱執法架構中的另一個支柱。

So I think enforcement is going to still be kind of the word of the year. And I think you're going to see more of enforcement of existing regulations and/or implementation of ones that have been delayed for way too long, and we are proponents of all of the above.

所以我認為，「執法」仍會是今年的關鍵詞。我想你會看到更多對既有法規的執行，和／或把那些延宕太久的規定落實上路；而我們支持以上所有作法。

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

問答環節到此結束。我想把電話會議交回給Derek Leathers先生，請他做結語。請開始。

Thank you, Chuck, and thank you all for joining us today. Our first quarter results clearly validate the actions we've taken during this prolonged freight downturn to structurally improve Werner. The FirstFleet integration is ahead of schedule. Our One-Way network is finding its stride, and our technology investments are driving real efficiency gains. We are now a leaner, more agile organization.

謝謝你，Chuck，也謝謝各位今天加入我們。我們第一季的結果清楚驗證了：在這段漫長的貨運景氣下行期間，我們所採取的行動，已在結構上改善了Werner。FirstFleet的整合進度超前。我們的單向（One-Way）網路正在步入正軌，而我們在科技上的投資正帶來實質的效率提升。我們現在是一個更精實、更敏捷的組織。

As market fundamentals improve, our scale and diverse solutions give us a significant competitive advantage, positioning us to accelerate our earnings power. None of this progress is possible without our people. Thank you to our customers for their continued trust and an especially big thank you to our Dedicated drivers and associates, including our newest FirstFleet family members for their relentless dedication to safety and service.

隨著市場基本面改善，我們的規模與多元解決方案將帶來顯著的競爭優勢，使我們得以加速提升獲利能力。沒有我們的員工，就不可能有這些進展。感謝客戶持續的信任；也特別要大大感謝我們的專屬（Dedicated）駕駛與同仁，包括最新加入的FirstFleet大家庭成員，對安全與服務的堅持與不懈投入。

I want to thank you all again for your time today and for your continued interest in Werner.

再次感謝各位今天撥冗，以及持續關注Werner。

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

本次電話會議到此結束。感謝各位參加今天的簡報。您現在可以掛線。