XPO Inc (XPO) 2022 Q4 法說會逐字稿

Welcome to the XPO Fourth Quarter 2022 Earnings Conference Call and Webcast. My name is Melissa, and I will be your operator for today's call. (Operator Instructions) Please note that this conference is being recorded.

歡迎來到 XPO 2022 年第四季度收益電話會議和網絡直播。我叫 Melissa，我將擔任今天電話的接線員。 （操作員說明）請注意，正在錄製此會議。

Before the call begins, let me read a brief statement on behalf of the company regarding forward-looking statements and the use of non-GAAP financial measures. During this call, the company will be making certain forward-looking statements within the meaning of applicable securities laws, which, by their nature, involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those projected in the forward-looking statements. A discussion of factors that could cause actual results to differ materially is contained in the company's SEC filings as well as in its earnings release. The forward-looking statements in the company's earnings release or made on this call are made only as of today, and the company has no obligation to update any of these forward-looking statements, except to the extent required by law.

在電話會議開始之前，讓我代表公司宣讀一份關於前瞻性陳述和非 GAAP 財務指標使用的簡短聲明。在此電話會議期間，公司將在適用證券法的含義內做出某些前瞻性陳述，這些陳述就其性質而言涉及許多風險、不確定性和其他因素，可能導致實際結果與預期的結果大不相同前瞻性陳述。該公司向美國證券交易委員會提交的文件及其收益發布中包含對可能導致實際結果出現重大差異的因素的討論。公司收益發布中或在本次電話會議上作出的前瞻性陳述僅截至今天，公司沒有義務更新任何這些前瞻性陳述，法律要求的範圍除外。

During this call, the company may also refer to certain non-GAAP financial measures as defined under applicable SEC rules. Reconciliations of such non-GAAP financial measures to the most comparable GAAP measures are contained in the company's earnings release and in the related financial tables or on its website. You can find a copy of the company's earnings release, which contains additional important information regarding forward-looking statements and non-GAAP financial measures in the Investors section on the company's website.

在此電話會議期間，公司還可能參考適用的 SEC 規則定義的某些非 GAAP 財務指標。此類非 GAAP 財務指標與最具可比性的 GAAP 指標的對賬包含在公司的收益發布和相關財務表格中或在其網站上。您可以在公司網站的投資者部分找到公司收益發布的副本，其中包含有關前瞻性陳述和非 GAAP 財務措施的其他重要信息。

I'll now turn the call over to XPO's Chief Executive Officer, Mario Harik. Mr. Harik, you may begin.

我現在將電話轉給 XPO 的首席執行官 Mario Harik。哈里克先生，你可以開始了。

Good morning, everyone. Thanks for joining our call. We're excited to talk about our simplified business model following the spin-off of RXO and how it focuses our resources on growing the value of our LTL network. I am here in Greenwich with Carl Anderson, our CFO, who will cover the fourth quarter and full year results. And we also have Ali Faghri with us for Q&A. Ali is our new Chief Strategy Officer, and he's a great addition to the executive team.

大家，早安。感謝您加入我們的電話。我們很高興談論我們在 RXO 分拆後簡化的商業模式，以及它如何將我們的資源集中在增加我們的 LTL 網絡的價值上。我和我們的首席財務官卡爾安德森一起在格林威治，他將負責第四季度和全年的業績。我們還有 Ali Faghri 與我們一起進行問答。 Ali 是我們的新任首席戰略官，他是執行團隊的重要成員。

Yesterday, you saw us report a solid quarter of growth in a soft macro environment. That statement is true for the company as a whole and also for our 2 reportable segments, North American LTL and European Transportation. Company-wide, we generated revenue of $1.8 billion, reflecting year-over-year growth of 3% and we grew adjusted EBITDA year-over-year by 38%, which far outpaced our revenue growth and beat consensus for the 11th straight quarter.

昨天，您看到我們報告在疲軟的宏觀環境中實現了穩定的季度增長。該聲明適用於整個公司以及我們的 2 個可報告部門，即北美 LTL 和歐洲運輸。在全公司範圍內，我們創造了 18 億美元的收入，同比增長 3%，調整後的 EBITDA 同比增長 38%，這遠遠超過我們的收入增長，並連續第 11 個季度超過市場預期。

For the full year, we generated over $1 billion of adjusted EBITDA in our LTL business. This exceeded a major target we had set for 2022.

全年，我們的 LTL 業務產生了超過 10 億美元的調整後 EBITDA。這超出了我們為 2022 年設定的主要目標。

Looking at the business by segment, I want to focus on LTL and some key results that tie directly to our growth plan. In the fourth quarter, the LTL industry in North America saw a year-over-year decline in shipment volumes due to macro pressure. But at XPO, we grew our shipment count and tonnage. Our positive tonnage growth ties back to the plan we call LTL 2.0, which is to invest in capacity ahead of demand and earn profitable market share by providing best-in-class service. We continue to have great success on boarding new business, including volumes from blue-chip customers who are either signing up with us for the first time or giving us more of their business. This drove a strategic change in our mix in the quarter, and our tonnage ended up more than typical seasonality.

按部門來看業務，我想關注 LTL 和一些與我們的增長計劃直接相關的關鍵結果。第四季度，北美零擔行業受宏觀壓力影響出貨量同比下滑。但在 XPO，我們增加了出貨量和噸位。我們的正噸位增長與我們稱為 LTL 2.0 的計劃有關，該計劃是先於需求投資產能，並通過提供一流的服務來贏得有利可圖的市場份額。我們在開展新業務方面繼續取得巨大成功，包括來自首次與我們簽約或向我們提供更多業務的藍籌客戶。這推動了我們在本季度的組合發生戰略變化，我們的噸位最終超過了典型的季節性。

We also had a high-margin local base, and these customers give us more shipments per day. However, the weight per shipment decline in the softer macro. As a result, our yield came in at the lower end of our outlook. Our mix should become a tailwind for us to both volume and yield as the macro recovers.

我們還有一個高利潤的本地基地，這些客戶每天給我們更多的出貨量。不過，每批貨的重量降幅在宏觀上趨軟。因此，我們的收益率處於我們預期的低端。隨著宏觀經濟的複蘇，我們的組合應該會成為我們交易量和收益率的順風。

The second reason we're outperforming is service, and I'll give you an example. In the fourth quarter, we improved our damage frequency by 66% year-over-year to the lowest damage frequency in 6 years. There's no doubt that our intense focus on service is helping us secure more tonnage, especially as we're hearing from new customers that we rank as one of their top LTL carriers for quality of service. Customer feedback like this has a ripple effect on our entire organization. Employee satisfaction is up sharply, which is an indication of the pride our team is taking in our service standards. In our year-end survey, employee satisfaction, including drivers and dock workers was the highest in more than a decade.

我們表現出色的第二個原因是服務，我會給你舉個例子。第四季度，我們的損壞頻率同比提高了 66%，達到 6 年來的最低損壞頻率。毫無疑問，我們對服務的高度關注正在幫助我們獲得更多的噸位，尤其是當我們從新客戶那裡聽說我們被列為服務質量最高的 LTL 承運商之一時。像這樣的客戶反饋會對我們整個組織產生連鎖反應。員工滿意度急劇上升，這表明我們的團隊對我們的服務標準感到自豪。在我們的年終調查中，包括司機和碼頭工人在內的員工滿意度是十多年來最高的。

For the full year 2022, from an operating ratio perspective, there were a lot of puts and takes, including the softer macro. We improved our adjusted operating ratio excluding real estate gains, by 40 basis points for the year, which was short of our target range. Strategically, we made good progress in setting up the network to capitalize when volumes rebound, and we like our positioning. We're executing on the growth levels in our plan, like the 369 net new doors we added with 6 new terminal openings. In the next 90 days, we expect to open another 167 net new doors in Salt Lake City, Atlanta and Dallas.

對於 2022 年全年，從運營比率的角度來看，有很多看跌期權，包括較軟的宏觀經濟。我們將不包括房地產收益的調整後運營比率提高了 40 個基點，低於我們的目標範圍。從戰略上講，我們在建立網絡以在交易量反彈時進行資本化方面取得了良好進展，我們喜歡我們的定位。我們正在執行我們計劃中的增長水平，比如我們增加了 369 個淨新門和 6 個新的航站樓開口。在接下來的 90 天內，我們預計將在鹽湖城、亞特蘭大和達拉斯再開 167 家新店。

We're also following the unique levers we have within our company to help drive our expansion. In 2022, we increased our line haul fleet by over 10% by manufacturing more than 4,700 trailers in-house. We also trained over 1,700 truck drivers last year at our driver training schools. These are tangible advantages we have and the execution of our long-term plan for LTL 2.0 and they're gaining ground.

我們還遵循我們公司內部的獨特槓桿來幫助推動我們的擴張。 2022 年，我們在內部製造了 4,700 多輛拖車，將我們的長途運輸車隊增加了 10% 以上。去年，我們還在我們的駕駛員培訓學校培訓了 1,700 多名卡車司機。這些是我們擁有的有形優勢，也是我們 LTL 2.0 長期計劃的執行，而且它們正在取得進展。

Turning to Europe. This business continues to perform ahead of expectations with solid organic growth, particularly in the U.K. and Spain. In constant currency, fourth quarter revenue in Europe increased year-over-year by 9%. Our pricing in Europe was up year-over-year in Q4, and we're continuing to win business with new and existing customers. Despite the macro uncertainty there, our sales pipeline continues to be very robust.

轉向歐洲。該業務的表現繼續超出預期，實現了穩健的有機增長，尤其是在英國和西班牙。按固定匯率計算，第四季度歐洲收入同比增長 9%。我們在歐洲的定價在第四季度同比上漲，我們將繼續贏得新老客戶的業務。儘管那裡存在宏觀不確定性，但我們的銷售渠道仍然非常強勁。

I want to wrap up my remarks by summarizing the exciting trajectory with creative going into 2023. We successfully completed the spinoff of RXO in November, which simplified our business model. We now have 2 highly focused business segments with strong value propositions in the customer market they know best. In North America, we drove above-industry tonnage growth in LTL in Q4, and we ended the year with over $1 billion of adjusted EBITDA, making good on the targets we set 5 years earlier.

最後，我想總結一下創意進入 2023 年的激動人心的軌跡。我們在 11 月成功完成了 RXO 的分拆，這簡化了我們的商業模式。我們現在有 2 個高度專注的業務部門，在他們最了解的客戶市場中具有強大的價值主張。在北美，我們在第四季度推動了超過行業的 LTL 噸位增長，我們在年底調整後的 EBITDA 超過 10 億美元，實現了我們 5 年前設定的目標。

We're winning LTL market share with our service quality and also through our investment in network capacity. We're on track to open the remainder of the 900 net new doors we projected in our growth plan. And in Europe, our business is performing above expectations. This is the momentum we're carrying into 2023, and we intend to continue to invest in growth. We're confident that we'll deliver on the 3 targets we set for our LTL business; a revenue CAGR of 6% to 8%, an adjusted EBITDA CAGR of 11% to 13% and an adjusted operating ratio improvement of at least 600 basis points. These targets covered the period from 2021 through 2027. And as we move toward them, we'll focus on being world-class in every aspect of our business. We know that this combination of financial and operational excellence is the most sustainable way to deliver outsized shareholder value.

我們通過我們的服務質量和我們對網絡容量的投資贏得了 LTL 市場份額。我們有望打開我們在增長計劃中預計的 900 家淨新門中的剩餘部分。在歐洲，我們的業務表現超出預期。這是我們進入 2023 年的勢頭，我們打算繼續投資於增長。我們有信心實現我們為 LTL 業務設定的 3 個目標；收入複合年增長率為 6% 至 8%，調整後的 EBITDA 複合年增長率為 11% 至 13%，調整後的運營比率提高至少 600 個基點。這些目標涵蓋 2021 年至 2027 年期間。在我們朝著這些目標邁進的過程中，我們將專注於在我們業務的各個方面成為世界一流的。我們知道，這種財務和運營卓越的結合是實現超額股東價值的最可持續方式。

Now I'm going to hand it over to Carl to discuss our results and our balance sheet. Carl, over to you.

現在我要把它交給卡爾來討論我們的結果和資產負債表。卡爾，交給你了。

Thank you, Mario, and good morning, everyone. Today, I'll discuss our fourth quarter and full year results, balance sheet and liquidity. I'll start with the fourth quarter, where we delivered strong year-over-year growth in adjusted EBITDA and adjusted diluted earnings per share.

謝謝馬里奧，大家早上好。今天，我將討論我們的第四季度和全年業績、資產負債表和流動性。我將從第四季度開始，我們在調整後的 EBITDA 和調整後的攤薄每股收益方面實現了強勁的同比增長。

Revenue in the quarter was $1.8 billion, up 3% year-over-year. Organic revenue growth for the quarter was 2%, and the net impact of fuel prices and FX contributed an additional point of growth. We grew adjusted EBITDA by 38% year-over-year to $262 million. This was primarily driven by our North American LTL business, which increased adjusted EBITDA by $42 million or 20% year-over-year. This includes a real estate gain of $55 million, which was up $20 million from a year ago. Additionally, we had a $30 million reduction in corporate expense as we continue to rationalize our overhead after the spin-off.

本季度收入為 18 億美元，同比增長 3%。本季度有機收入增長 2%，燃料價格和外彙的淨影響貢獻了額外的增長點。我們調整後的 EBITDA 同比增長 38% 至 2.62 億美元。這主要是由我們的北美 LTL 業務推動的，該業務使調整後的 EBITDA 同比增長 4200 萬美元或 20%。這包括 5500 萬美元的房地產收益，比一年前增加了 2000 萬美元。此外，由於我們在分拆後繼續合理化管理費用，我們的公司開支減少了 3000 萬美元。

Our adjusted EBITDA margin was 14.3%, representing a year-over-year improvement of 350 basis points. In the LTL segment, our fourth quarter operating ratio was 84.2%. Our adjusted operating ratio, excluding gains on real estate sales, was 87.1%, which is a 60-basis point improvement from a year ago. Our European business also continued its solid performance with revenue up year-over-year 9% on a constant currency basis. Please note that we won't be addressing a potential sale of our European business on this call.

我們調整後的 EBITDA 利潤率為 14.3%，同比提高 350 個基點。在 LTL 部門，我們第四季度的營業率為 84.2%。我們調整後的運營比率（不包括房地產銷售收益）為 87.1%，比一年前提高了 60 個基點。我們的歐洲業務也繼續保持穩健的表現，按固定匯率計算收入同比增長 9%。請注意，我們不會在此次電話會議上討論我們歐洲業務的潛在出售問題。

We reported a net loss from continuing operations of $36 million in the fourth quarter, representing a diluted loss per share of $0.31. This compares to income of $47 million and earnings of $0.40 per share a year ago.

我們報告稱，第四季度持續經營淨虧損為 3600 萬美元，每股攤薄虧損為 0.31 美元。相比之下，一年前的收入為 4700 萬美元，每股收益為 0.40 美元。

The fourth quarter 2022 net loss includes 3 impacts primarily incurred in connection with the RXO spin-off completed in November. First, we had a $64 million non-cash goodwill impairment charge related to a change in our segment structure following the spin-off. Prior to that, the European Transportation business was a single reporting unit and goodwill was evaluated for impairment at that level. Following the spin, the European Transportation business is comprised of 4 reporting units and impairment testing is required to be performed on a disaggregated basis for each of the new units, resulting in the charge this quarter.

2022 年第四季度淨虧損包括 3 項影響，主要與 11 月完成的 RXO 分拆有關。首先，我們有 6400 萬美元的非現金商譽減值費用，與分拆後我們的部門結構變化有關。在此之前，歐洲運輸業務是一個單一的報告單位，商譽在該級別進行減值評估。分拆後，歐洲運輸業務由 4 個報告單位組成，需要對每個新單位進行分類減值測試，導致本季度收費。

The second impact related to the spin was the $42 million of transaction and integration costs. And finally, we had $35 million of restructuring charges, mostly due to the planned step-down in corporate costs.

與分拆相關的第二個影響是 4200 萬美元的交易和整合成本。最後，我們有 3500 萬美元的重組費用，主要是由於計劃削減公司成本。

On an adjusted basis, our adjusted earnings per diluted share for the quarter was $0.98, which was up 53% from a year ago. This increase was primarily driven by higher adjusted EBITDA and a lower effective tax rate. We generated $196 million of cash flow from continuing operations, spent $167 million on gross CapEx and received $78 million of proceeds from asset sales. Gross CapEx was up $77 million year-over-year driven by our planned investments in expanding our LTL network. This resulted in strong free cash flow of $107 million.

在調整後的基礎上，我們本季度調整後的每股攤薄收益為 0.98 美元，比去年同期增長 53%。這一增長主要是由更高的調整後 EBITDA 和更低的有效稅率推動的。我們從持續經營中產生了 1.96 億美元的現金流，在資本支出總額上花費了 1.67 億美元，並從資產出售中獲得了 7800 萬美元的收益。受我們計劃投資擴大 LTL 網絡的推動，總資本支出同比增長 7700 萬美元。這導致了 1.07 億美元的強勁自由現金流。

Turning to the full year 2022. We delivered revenue of $7.7 billion, reflecting a year-over-year increase of 7%. Adjusted EBITDA was $997 million in 2022, up from $812 million a year ago. This was primarily driven by a 12% increase in adjusted EBITDA in our LTL business and a $75 million reduction in corporate expense. Adjusted diluted earnings per share from continuing operations increased by 82%, coming in at $3.53 per share this year.

轉向 2022 年全年。我們實現了 77 億美元的收入，同比增長 7%。 2022 年調整後的 EBITDA 為 9.97 億美元，高於一年前的 8.12 億美元。這主要是由於零擔業務調整後的 EBITDA 增長了 12% 以及公司費用減少了 7500 萬美元。今年來自持續經營業務的調整後攤薄每股收益增長了 82%，達到每股 3.53 美元。

We generated cash flow from operating activities of $824 million for 2022 and free cash flow of $391 million, which was up 11% from the prior year. Our CapEx investments of $521 million almost doubled from a year ago as we accelerated our investments in the business to support our long-term growth targets. Our LTL adjusted operating ratio, excluding real estate, improved by 40 basis points from the prior year to 83.9%.

2022 年，我們從經營活動中產生的現金流量為 8.24 億美元，自由現金流量為 3.91 億美元，比上年增長 11%。由於我們加快了對業務的投資以支持我們的長期增長目標，我們 5.21 億美元的資本支出投資比一年前幾乎翻了一番。我們的 LTL 調整後運營比率（不包括房地產）比上年提高 40 個基點，達到 83.9%。

Moving to the balance sheet. We ended the quarter with $460 million of cash. This cash, combined with available borrowing capacity under committed borrowing facilities gave us $930 million of liquidity at year-end. We had no borrowings outstanding under our ABL facility and our net debt leverage at year-end was 2.1x adjusted EBITDA, down from 2.7x a year ago on a previously reported basis prior to the RXO spin-off. This week, we extended our ABL maturity to 2026. And we recently received a credit upgrade from S&P from BB to BB+.

轉到資產負債表。我們以 4.6 億美元的現金結束了本季度。這筆現金加上承諾借貸便利下的可用借貸能力，在年末為我們提供了 9.3 億美元的流動資金。根據我們的 ABL 貸款，我們沒有未償還的借款，年末我們的淨債務槓桿為調整後 EBITDA 的 2.1 倍，低於一年前 RXO 分拆之前報告的 2.7 倍。本週，我們將 ABL 期限延長至 2026 年。我們最近獲得了標準普爾從 BB 到 BB+ 的信用升級。

Turning to the first quarter 2023. We expect the company to generate year-over-year growth in adjusted EBITDA in the low double digits. This anticipates $5 million to $10 million of unallocated corporate costs in the quarter. We expect to wind down these costs over the course of the year.

轉向 2023 年第一季度。我們預計公司調整後的 EBITDA 將實現低兩位數的同比增長。這預計本季度有 500 萬至 1000 萬美元的未分配企業成本。我們希望在這一年中減少這些成本。

And finally, a reminder that starting with the current quarter, our adjusted operating ratio will include the allocation of incremental corporate costs and exclude pension income. You'll find a historical reconciliation for this in our investor presentation. In addition, we're providing assumptions for the full year 2023 to help with your planning. These are gross CapEx of $500 million to $600 million, interest expense of $185 million to $195 million, pension income of approximately $20 million, an effective tax rate of 24% to 26% and a diluted share count of 117 million shares. Overall, we're pleased with our results in 2022 and are excited about our growth prospects as we move forward. We'll now take your questions.

最後提醒一下，從本季度開始，我們調整後的運營比率將包括增量企業成本的分配，不包括養老金收入。您會在我們的投資者介紹中找到這方面的歷史對賬。此外，我們還提供了 2023 年全年的假設，以幫助您進行規劃。這些是 5 億至 6 億美元的資本支出總額、1.85 億美元至 1.95 億美元的利息支出、約 2000 萬美元的養老金收入、24% 至 26% 的有效稅率以及 1.17 億股稀釋後的股份數。總體而言，我們對 2022 年的業績感到滿意，並對我們未來的增長前景感到興奮。我們現在將回答您的問題。

Operator, please open the line.

接線員，請打開線路。

(Operator Instructions) Our first question comes from the line of Stephanie Moore with Jefferies.

（操作員說明）我們的第一個問題來自 Stephanie Moore 與 Jefferies 的合作。

To start out, I was hoping -- could you provide a little bit more color in terms of how you're thinking about the first quarter for LTL? And in particular, how you're thinking about pricing which does not -- which now appears to be kind of in that low single-digit range where a lot of your peers are more mid to high? Any color there would be helpful.

首先，我希望——你能提供更多關於你如何看待 LTL 第一季度的顏色嗎？特別是，您如何考慮不定價的定價 - 現在似乎有點處於低個位數範圍內，而您的許多同行都處於中高水平？那裡的任何顏色都會有所幫助。

Well, we expect company-wide adjusted EBITDA for the first quarter to be up low double digits, as Carl mentioned earlier. For LTL specifically, we expect adjusted EBITDA to either be slightly down or slightly up depending on what happens in the demand environment in the month of March, which, as you know, is a big driver for the first quarter for us. From an OR perspective, we expect it to be better than typical seasonality in the first quarter, typically, seasonality for us is a 50-basis point deterioration from the fourth quarter going into the first quarter.

好吧，正如卡爾之前提到的，我們預計第一季度全公司調整後的 EBITDA 將增長兩位數。具體對於 LTL，我們預計調整後的 EBITDA 將略有下降或略有上升，具體取決於 3 月份需求環境中發生的情況，如您所知，這對我們來說是第一季度的重要推動力。從 OR 的角度來看，我們預計它會比第一季度的典型季節性好，通常情況下，我們的季節性是從第四季度到第一季度的 50 個基點惡化。

Now that said, we're off to a great start here in the month of January. Our tonnage is up and better than typical seasonality and our yield ex fuel is in line with the fourth quarter as well. Now we are cautiously optimistic about the demand environment. So when we look at the back half of the quarter, based on what we're seeing in our results today, we are seeing a pickup and more strength from a volume perspective. But obviously, we'll see what the rest of the quarter will do. But hopefully, this gives you color on all of -- on the entire fourth quarter.

話雖如此，我們在 1 月份有了一個良好的開端。我們的噸位增加了，而且好於典型的季節性，我們的燃料前產量也與第四季度一致。現在我們對需求環境持謹慎樂觀的態度。因此，當我們根據今天的結果來看本季度的後半部分時，我們看到了數量的回升和更多的實力。但顯然，我們會看到本季度剩餘時間會做什麼。但希望這能讓你對整個第四季度的所有方面都有所了解。

And maybe just on the pricing side of it as well, if you can.

如果可以的話，也許也只是在定價方面。

Yes, sure. On the -- in the first quarter, we expect yield to be in line with the fourth quarter, here in the month of January, that was the case. We did take a GRI for our local accounts in the month of January as opposed to what we did last year in the fourth quarter. But we will continue to be impacted by some of the mix dynamics we mentioned in some of our prepared remarks in the first quarter, but we continue to see the pricing environment being rational.

是的，當然。關於 - 在第一季度，我們預計收益率將與第四季度保持一致，即 1 月份，情況就是這樣。我們確實在 1 月份為我們的本地賬戶採用了 GRI，而不是我們去年第四季度所做的。但我們將繼續受到我們在第一季度的一些準備好的評論中提到的一些混合動力的影響，但我們繼續看到定價環境是理性的。

Understood. And then just kind of more on the modeling question. Could you provide a bit more color on corporate expenses in the fourth quarter and what it should look like, again, kind of in the first quarter and then moving forward throughout the year?

明白了。然後只是關於建模問題的更多內容。您能否提供更多關於第四季度公司支出的顏色，以及它在第一季度應該是什麼樣子，然後在全年繼續前進？

Stephanie, it's Carl Anderson. I can -- I'll take that. So if you look at the fourth quarter, our corporate expense was $29 million. And as we begin 2023, $20 million of that will be allocated to LTL starting in the first quarter. So it really leaves about $9 million left as far as the pure corporate expense. And as I said in the prepared remarks, we expect our corporate expense in the first quarter to range around $5 million to $10 million, in line with what we saw with you make that adjustment. And importantly, we expect that to wind down throughout the course of the year.

斯蒂芬妮，我是卡爾·安德森。我可以——我會接受的。所以如果你看看第四季度，我們的公司費用是 2900 萬美元。隨著我們 2023 年的開始，其中的 2000 萬美元將從第一季度開始分配給 LTL。因此，就純公司支出而言，它實際上還剩下大約 900 萬美元。正如我在準備好的發言中所說，我們預計第一季度的公司支出將在 500 萬至 1000 萬美元左右，這與我們看到的你們做出的調整一致。重要的是，我們預計這種情況會在全年結束。

Our next question comes from the line of Scott Schneeberger with Oppenheimer.

我們的下一個問題來自 Scott Schneeberger 和 Oppenheimer 的對話。

Could you talk to tonnage trends in the quarter, just kind of puts and takes versus your internal expectations of what occurred? And then I'll follow up on that.

你能談談本季度的噸位趨勢，只是一種看跌期權與你對發生的事情的內部預期嗎？然後我會跟進。

Sure, Scott. So in the fourth quarter, tonnage came in on the lower end of our outlook, but we obviously bucked industry trends in terms of our tonnage being up and our shipment counts also being higher than our tonnage. Our tonnage came in roughly at plus 1% for the quarter. Now in terms of the trends within the quarter, December was the soft month of the quarter, which was impacted by weather in the back half of December. So that was more of a softer than what we saw for the remainder of the quarter.

當然，斯科特。因此，在第四季度，噸位出現在我們預期的低端，但我們顯然逆勢而行，因為我們的噸位在增加，而且我們的出貨量也高於我們的噸位。我們的噸位在本季度大約增長了 1%。現在就本季度的趨勢而言，12 月是本季度的疲軟月份，受到 12 月下半月天氣的影響。因此，這比我們在本季度剩餘時間看到的要軟得多。

Now as I mentioned earlier though, January is up better than the fourth quarter numbers and it's better than typical seasonality as well. And we're seeing -- we saw a strong demand from our customers especially a lot of the new customers we onboarded through the course of 2022.

現在正如我之前提到的那樣，一月份的數據比第四季度的數字要好，也比典型的季節性好。我們看到了——我們看到了客戶的強烈需求，尤其是我們在 2022 年加入的許多新客戶。

I appreciate that. And then with regard to the operating ratio in the fourth quarter, sounds like weather was an impact there. Could you kind of hit on the main items that were impactful in the fourth quarter versus your internal expectations? And thanks for the guidance just provided. I appreciate that. So just kind of focusing on fourth quarter and what occurred tax?

我很感激。然後關於第四季度的運營比率，聽起來天氣對那裡產生了影響。您能否針對第四季度產生影響的主要項目與您的內部預期進行比較？並感謝剛剛提供的指導。我很感激。那麼只關注第四季度以及發生了什麼稅收？

Yes, you got it. So predominantly for the fourth quarter came in short of our expectation, driven by the tonnage outcome in the month of December. So if you take out the impact of weather in the back half of December, we would have exceeded our expectation on our improvement for the fourth quarter.

是的，你明白了。因此，受 12 月份噸位結果的推動，第四季度主要低於我們的預期。因此，如果你排除 12 月下半月天氣的影響，我們對第四季度的改善將超出我們的預期。

It was purely the weather, were there any other headwind impacts in the quarter that were worth calling out?

純粹是天氣，本季度是否還有其他值得關注的逆風影響？

Yes. Not outside what we had discussed on the last call, which was more driven by elevated cost inflation. When you think about labor expenses and maintenance costs were higher than expected but we already had factors for that when we got together on the last earnings call.

是的。不超出我們在上次電話會議上討論的內容，這更多是受成本通脹上升的推動。當您考慮人工費用和維護成本高於預期時，但當我們在上次財報電話會議上聚在一起時，我們已經有了這方面的因素。

Got it. It sounds fairly isolated to the fourth quarter, what was impacting that. Those other factors has just cost inflation, is that in solid shape as you enter the coming -- in 2023 with your pricing and other strategies?

知道了。第四季度聽起來相當孤立，這是什麼影響了它。那些其他因素只是成本通脹，當你進入即將到來的時候 - 2023 年你的定價和其他策略是否處於穩固狀態？

Yes. So as we head into 2023, obviously, we're seeing inflation starting to taper off in terms of overall cost. When you look at the fourth quarter for us, the 2 big categories of costs are labor and purchase transportation. And for our wages, these were up 10% on a year-on-year basis in the fourth quarter. And roughly 2/3 of that was based on wage inflation, additional wages we have given our folks in the field and the other 1/3 was to support the 1.5% shipment growth that we had in the fourth quarter.

是的。因此，當我們進入 2023 年時，很明顯，我們看到通貨膨脹在總體成本方面開始逐漸減弱。當您查看我們的第四季度時，兩大類成本是人工和採購運輸。對於我們的工資，第四季度同比增長 10%。其中大約 2/3 是基於工資上漲，我們給現場員工的額外工資，另外 1/3 是為了支持我們在第四季度實現的 1.5% 的出貨量增長。

On the purchase transportation cost, that was down 10% in the fourth quarter. That was -- but also -- and appreciate that fuel as part of that line for the third-party providers. So effectively, the rates were actually down more than that in the fourth quarter.

在採購運輸成本方面，第四季度下降了 10%。那是——但也是——並且感謝這種燃料作為第三方供應商產品線的一部分。如此有效，利率實際上比第四季度下降得更多。

Now as we head into 2023, that stronger cost inflation we saw in 2022 is starting to subside, especially on the purchase transportation side that will become a tailwind through the course of the year. And same thing on wages, we expect them, obviously, to be up but not as up as they were in 2022.

現在，隨著我們進入 2023 年，我們在 2022 年看到的更強勁的成本通脹開始消退，尤其是在採購運輸方面，這將成為全年的順風。同樣在工資方面，我們預計他們顯然會上漲，但不會像 2022 年那樣上漲。

Our next question comes from the line of Chris Wetherbee with Citigroup.

我們的下一個問題來自花旗集團的 Chris Wetherbee。

Maybe starting on the strategy around your local customers versus some of the national accounts on the LTL side. So I guess maybe I just wanted to maybe better understand that. And then do you -- I guess, over the course of the last several years post the Con-way integration, I think there was a strong effort to kind of go through the customer base in the right size and make sure you're dealing with the best, most profitable customers and obviously, the operating ratio improved over the course of that period of time. So I guess I'm kind of curious how much work is left to do? And what does the strategy sort of really entail? And maybe ultimately, what do you think the potential benefit to your operating ratio or profitability, broadly speaking, can be?

也許從圍繞本地客戶的策略開始，而不是 LTL 方面的一些國家客戶。所以我想也許我只是想更好地理解這一點。然後你 - 我想，在 Con-way 整合後的過去幾年中，我認為人們付出了很大的努力來以合適的規模通過客戶群並確保你正在交易擁有最好、最有利可圖的客戶，顯然，在那段時間裡，運營比率有所提高。所以我想我很好奇還有多少工作要做？該戰略真正需要什麼？也許最終，您認為從廣義上講，您的運營比率或盈利能力的潛在好處是什麼？

If you take a step back and you look at the channel mix dynamic in the fourth quarter, and so I'll walk you through that, and then we'll talk about 2023 and beyond. But when you think about the fourth quarter, we did have a channel mix impact on our yield, but that was driven by onboarding larger strategic national accounts in the back half of 2022, which we have discussed on prior calls as well. And these were important to build density in lanes in our network.

如果你退後一步，看看第四季度的渠道組合動態，那麼我將帶你了解一下，然後我們將討論 2023 年及以後的情況。但是當你考慮第四季度時，我們確實對我們的收益率產生了渠道組合影響，但這是由 2022 年下半年加入更大的戰略國民賬戶推動的，我們在之前的電話會議上也討論過這一點。這些對於在我們的網絡中建立車道密度很重要。

Now on the local channel side, these are typically smaller accounts that are higher yielding freight for that type of business. And we have also taken market share in that particular segment where our shipment count in the fourth quarter was up mid-single digit, but tonnage was down and that's driven predominantly through the softness in the macro where these customers were shipping -- again, we gained more customers, however, they were shipping lower weight on a per shipment basis. So as the macro recovers, those local accounts would have higher weight per shipment that would drive tonnage up commensurate with the volume of shipments we're seeing in the network and that becomes both a tailwind for tonnage and for yield for us moving forward. So that's the dynamic between national and local.

現在在本地渠道方面，這些通常是較小的賬戶，對於此類業務而言，運費收益更高。我們還在該特定細分市場佔據了市場份額，我們在第四季度的出貨量增長了中等個位數，但噸位下降了，這主要是由於這些客戶出貨的宏觀經濟疲軟所推動的——再次，我們獲得了更多的客戶，但是，他們在每次裝運的基礎上運輸的重量更輕。因此，隨著宏觀經濟的複蘇，這些本地賬戶每批貨物的重量將更高，這將推動噸位與我們在網絡中看到的貨運量相稱，這將成為噸位和我們前進的收益的順風。這就是國家和地方之間的動態。

And in terms of how you think that, that might impact the -- I mean, in fact, the operating ratio, and I guess, making sure I understand what's sort of different now versus what you've been doing because I thought you're were trying to optimize sort of the customer mix over the course of the last several years?

就你的想法而言，這可能會影響 - 我的意思是，事實上，運營比率，我想，確保我了解現在與你一直在做的事情有什麼不同，因為我認為你'在過去的幾年中，您是否在嘗試優化某種客戶組合？

Yes. So overall, it's still a similar strategy. But as we switch to LTL 2.0, the strategy is also around gaining market share. And again, when you look at national accounts from a mix perspective, in an LTL network, they create density on a lane per lane basis, which is very important. And we use the metric internally called a lane balance factor in our operation which as you get closer to a stronger lane balance that's overall accretive for your margins. So when we onboard the national accounts and we say that a good fit for the network, they are improving the lane balance and using available capacity that we have in the network.

是的。所以總的來說，它仍然是一個類似的策略。但當我們轉向 LTL 2.0 時，該戰略也圍繞著獲得市場份額。再一次，當你從混合的角度來看國民賬戶時，在 LTL 網絡中，它們在每條車道的基礎上創造了密度，這非常重要。我們在我們的運營中使用內部稱為車道平衡因子的指標，當您接近更強大的車道平衡時，整體上會增加您的利潤。因此，當我們加入國民賬戶並說非常適合網絡時，他們正在改善車道平衡並使用我們在網絡中擁有的可用容量。

Now over time, in the current market, we -- obviously, there is softer freight demand but as that recovers and you see that pickup in that local channel as well as the nationals we onboarded, that would be a tailwind for both volume and yield.

現在，隨著時間的推移，在當前市場上，我們 - 顯然，貨運需求疲軟，但隨著貨運需求的恢復，你會看到當地渠道以及我們登機的國民的回升，這將是貨運量和收益的順風.

Now in terms of the impact on OR, obviously, that will depend on many factors because OR will include the combination of volume, yield and cost management as well. So all of these lead to an outcome. But obviously, our goal is by 2027 to have improved our operating ratio by at least 600 basis points, and we're confident we're going to deliver on that.

現在就對 OR 的影響而言，顯然，這將取決於許多因素，因為 OR 還將包括數量、產量和成本管理的組合。所以所有這些都會導致一個結果。但顯然，我們的目標是到 2027 年將運營比率提高至少 600 個基點，我們有信心實現這一目標。

Okay. That's helpful. And then just a real quick clarification. For the first quarter, adjusted EBITDA up double digits. Can you give us a clean number of what you're comparing that to, obviously, given the breakup of the business, I want to make sure I understand what the base is for that. And then your guidance around the LTL adjusted EBITDA as well. That includes $5 million to $10 million of unallocated costs when you're thinking about being flat or up or down a little bit.

好的。這很有幫助。然後只是一個真正的快速澄清。第一季度，調整後的 EBITDA 增長了兩位數。你能否給我們一個清晰的數字，說明你將其與什麼進行比較，顯然，考慮到業務的解體，我想確保我了解它的基礎是什麼。然後你對 LTL 的指導也調整了 EBITDA 。這包括 500 萬至 1000 萬美元的未分配成本，當您考慮持平或略有上升或下降時。

Yes. So Chris, it's -- if you think about comparing it to Q1 of a year ago, that base is $184 million. And then as far as the corporate cost, as I referenced, in that range, $5 million to $10 million, that will still be in that corporate bucket. It will not be part of LTL. LTL will have the additional $20 million approximately that we previously said we would be allocating it.

是的。所以克里斯，如果你考慮將它與一年前的第一季度進行比較，這個基數是 1.84 億美元。然後就公司成本而言，正如我所提到的，在 500 萬到 1000 萬美元的範圍內，這仍然在那個公司的範圍內。它不會成為 LTL 的一部分。 LTL 將額外獲得大約 2000 萬美元，我們之前曾表示將分配給它。

Our next question comes from the line of Jordan Alliger with Goldman Sachs.

我們的下一個問題來自 Jordan Alliger 與高盛的合作。

At your Analyst Day, you talked about technology and implementation to help with dynamic pricing, line haul, reducing other costs like PT. Can you maybe give an update on that? And how it's shaping up versus your expectations?

在你的分析師日，你談到了技術和實施，以幫助動態定價、線路運輸、降低 PT 等其他成本。你能更新一下嗎？與您的期望相比，它的發展情況如何？

Thanks, Jordan. We're making great progress on the rollout of our proprietary technology. As we have discussed in our Investor Day. There are number of initiatives and proprietary pieces power tech that helps us drive results. Starting with pricing. This year, we made great progress in upgrading our discussions on the last call, our cost modeling and how we allocate cost of shipments and how we price more efficiently. So in this environment, we are investing more than our sales force, and we've had record numbers of RFPs that we are driving through the system, and having a platform that makes it very easy for our pricing analysts to price that business and have a quick turnaround with the sales team is essential and our technology is enabling these things.

謝謝，喬丹。我們在推出專有技術方面取得了很大進展。正如我們在投資者日討論的那樣。有許多舉措和專有技術可以幫助我們推動成果。從定價開始。今年，我們在升級關於最後一次通話的討論、我們的成本建模以及我們如何分配裝運成本以及我們如何更有效地定價方面取得了很大進展。因此，在這種環境下，我們的投資超過了我們的銷售人員，我們已經通過系統推動了創紀錄數量的 RFP，並且擁有一個平台，使我們的定價分析師可以很容易地為該業務定價並擁有銷售團隊的快速周轉至關重要，我們的技術正在實現這些目標。

A similar things, as you mentioned on dynamic pricing, our platform is enabling us on the spot business side to be able to onboard more business and being able to react more quickly to the environment. On the cost management side, we've made great progress in our linehaul technology platform and how we optimize linehaul runs similarly on the pickup and delivery platform for both our planners and dispatchers.

類似的事情，正如您在動態定價中提到的那樣，我們的平台使我們能夠在現場業務方面開展更多業務，並能夠更快地對環境做出反應。在成本管理方面，我們在我們的長途運輸技術平台以及我們如何為我們的計劃人員和調度員優化取貨和交付平台上類似的長途運輸方面取得了長足進步。

And then finally, for dock efficiency, our solutions with the smart labor platform enables us to improve how we operate our dock ships and make them commensurate with the volume we are getting. So great progress across the board with our tech.

最後，為了提高碼頭效率，我們的智能勞動力平台解決方案使我們能夠改進碼頭船舶的運營方式，並使它們與我們獲得的數量相稱。我們的技術取得了全面的巨大進步。

Our next question comes from the line from Brandon Oglenski with Barclays.

我們的下一個問題來自 Brandon Oglenski 與 Barclays 的對話。

(inaudible) That may be helpful. We can just let here because it's so between allocation to perform adjusted EBITDA. Could you just help us like what was comparable margins from 2022 to 2021 and the LTL network. It does is appropriate just for (inaudible)

（聽不清）這可能會有幫助。我們可以放在這裡，因為在執行調整後的 EBITDA 的分配之間是如此。您能否幫助我們了解 2022 年至 2021 年的可比利潤率以及 LTL 網絡。它確實適合（聽不清）

Brandon, you're coming in very choppy. We couldn't hear you well. But let me try to ask a question, but you're asking about the baseline of 2021, 2022 and how corporate expenses are layering and moving forward as well?

布蘭登，你來得很波濤洶湧。我們聽不太清楚。但是讓我試著問一個問題，但你問的是 2021 年、2022 年的基線，以及企業支出是如何分層和向前發展的？

Yes. Sorry.

是的。對不起。

Yes. I think, Brandon, as you look, we did include in the investor presentation, a pretty detailed historical reconciliation on Page 27, specifically for the LTL segment that kind of walks the differences on a year-over-year basis and by quarter for all of '22 as well as full year '21.

是的。我認為，布蘭登，正如你所看到的，我們確實在投資者介紹中包含了第 27 頁上非常詳細的歷史對賬，專門針對 LTL 細分市場，該細分市場按年度和按季度計算所有差異22 年以及 21 年全年。

Yes. (inaudible) So I guess looking since this for 1Q because I think you guys have said LTL adjusted EBITDA either the down slightly, is that correct?

是的。 （聽不清）所以我想從這個開始尋找 1Q，因為我想你們已經說過 LTL 調整後的 EBITDA 略有下降，這是正確的嗎？

That's correct. For LTL EBITDA, we expect it to either be down slightly or up slightly, depending on the demand environment in the month of March.

這是正確的。對於 LTL EBITDA，我們預計它會略有下降或略有上升，具體取決於 3 月份的需求環境。

I'm sorry, I know you have the numbers in the presentation, but what is that EBITDA when comparing to 1Q '22?

抱歉，我知道您在演示文稿中有數字，但與 22 年第一季度相比，EBITDA 是多少？

Yes. So for Q1 of 2022, now that we've allocated $20 million, it's going to be $186 million would be the LTL EBITDA for Q1 of '22.

是的。因此，對於 2022 年第一季度，既然我們已經分配了 2000 萬美元，那麼 22 年第一季度的 LTL EBITDA 將是 1.86 億美元。

Okay. So we should be thinking maybe (inaudible) from that number for this quarter?

好的。因此，我們應該根據本季度的數字考慮（聽不清）？

That's correct.

這是正確的。

Our next question comes from the line of Scott Group with Wolfe Research.

我們的下一個問題來自 Scott Group 與 Wolfe Research 的合作。

So relative to the newly adjusted 1Q -- OR of 89% 1Q a year ago, how are you thinking about OR in Q1 this year? And any thoughts on full year operating ratio for LTL?

那麼相對於新調整的第一季度——一年前 89% 的第一季度的 OR，你如何看待今年第一季度的 OR？對 LTL 的全年營業率有何想法？

Yes. So what -- first, I'll start on the full year. So when you look -- because obviously, we had the old definition last year, Scott, that was updated with, as Carl mentioned earlier on with the corporate allocations and the removal of pension income. So last year's OR, the number was 83.9%. And when you account for the allocation of corporate and the exclusion of pension income that would have been in 86% and changed OR.

是的。那又如何——首先，我將從全年開始。所以當你看 - 因為很明顯，我們去年有舊定義，斯科特，正如卡爾早些時候提到的那樣，更新了公司分配和養老金收入的取消。所以去年的OR，這個數字是83.9%。當你考慮到公司的分配和排除本來是 86% 的養老金收入時，OR 發生了變化。

Now for the full year of 2023, we're obviously not guiding for the full year, given where things are this year, but there is a path to improve OR this year, but it will depend on the macro. We feel cautiously optimistic about the demand outlook, as I mentioned earlier. And based on what we're seeing today and our results, again, volume is up, it's better than seasonality, and we're seeing stronger demand from customers. And we're hearing optimism from our customers as you head into the spring and the back half of the year. But obviously, we're watching the macro like everybody else is.

現在，對於 2023 年全年，考慮到今年的情況，我們顯然不會指導全年，但今年有改善 OR 的途徑，但這將取決於宏觀。正如我之前提到的，我們對需求前景持謹慎樂觀態度。根據我們今天所看到的和我們的結果，再次，數量增加了，它比季節性更好，我們看到客戶的需求更強勁。當您進入春季和今年下半年時，我們從客戶那裡聽到了樂觀情緒。但顯然，我們正在像其他人一樣關注宏觀經濟。

Now specifically in the demand environment, the segments are different retail has been -- had sequential declines in the fourth quarter, but the feedback we hear now that the retailers have gone through that inventories and now that we're going to see more normal seasonal buying patterns in 2023. And the industrial, we're seeing short-term softness, but we've seen some strength in some of the areas like auto, machinery, short-cycle manufacturing where that are outlining a more robust 2023. So depending on what that environment does for the rest of the year would dictate what OR would do. And obviously, there are dynamics at our yield, and there are a lot of company-specific initiatives we're driving on the cost side like in-sourcing linehaul. And all of these variables would lead to the outcome for 2023 on OR. But again, there is a path to improve OR in 2023, but all of these variables will dictate that outcome.

現在特別是在需求環境中，細分市場是不同的零售業 - 第四季度連續下降，但我們現在聽到的反饋是零售商已經完成了庫存，現在我們將看到更多正常的季節性2023 年的購買模式。在工業方面，我們看到短期疲軟，但我們在汽車、機械、短週期製造等某些領域看到了一些實力，這些領域勾勒出更強勁的 2023 年。所以取決於關於該環境在今年剩餘時間裡的作用將決定 OR 將做什麼。顯然，我們的收益是動態的，我們在成本方面推動了許多公司特定的舉措，比如外包線路。所有這些變量都會導致 2023 年 OR 的結果。但同樣，在 2023 年有改善 OR 的途徑，但所有這些變量都將決定結果。

For the first quarter, as I mentioned earlier, we expect OR seasonally to be better than typical seasonality from the fourth quarter to the first quarter. And typically, that's a 50-basis points deterioration is what we see from Q4 to Q1, and we expect to do better than that.

對於第一季度，正如我之前提到的，我們預計從第四季度到第一季度的 OR 季節性會好於典型的季節性。通常情況下，我們從第四季度到第一季度看到了 50 個基點的惡化，我們預計會做得更好。

And I think we're all just a little confused because we don't -- there's new numbers now, so we're not really sure with the seasonality. So just to be clear, you did -- on the new methodology, you did a 90.3% OR in Q4, 83.9% in Q1 of '22, and you're saying it should be -- typically, it's 50 basis points worse Q4 to Q1, but maybe it's going to be something better than that?

而且我認為我們都有些困惑，因為我們不知道 - 現在有新的數字，所以我們不確定季節性。所以要明確一點，你做了——根據新方法，你在第四季度做了 90.3% 的 OR，在 22 年第一季度做了 83.9%，你說它應該——通常，它比第四季度差 50 個基點到 Q1，但也許它會比這更好？

Correct. And on the high end of the range, if you think of an EBITDA improvement for the first quarter, Scott, that would be an OR improvement for the quarter.

正確的。在範圍的高端，如果你認為第一季度的 EBITDA 有所改善，Scott，那將是該季度的 OR 改善。

OR improvement sequentially or year-over-year?

或者按順序或逐年改進？

Year-over-year, on the low end of the range in terms of EBITDA being slightly down, that would be a year-on-year deterioration but better than seasonality on the high end of the range where EBITDA improved slightly in the first quarter, that would be an OR improvement on a year-on-year basis.

與去年同期相比，在 EBITDA 範圍的低端略有下降，這將是同比惡化，但好於第一季度 EBITDA 略有改善的範圍高端的季節性，這將是同比的 OR 改進。

Okay. And then just bigger picture, right? If I take a step back in the model, it looks like you're really outperforming everybody on tonnage. You're really underperforming on yield. So it seems like maybe sacrificing some price to get volume. Is that what's happening here is what it looks like in the model, but just -- is that what we're doing here?

好的。然後只是更大的圖景，對吧？如果我在模型中退後一步，看起來您在噸位上的表現確實優於所有人。你在收益率方面確實表現不佳。所以看起來可能要犧牲一些價格來獲得銷量。這就是這裡發生的事情是它在模型中的樣子嗎，但只是 - 這就是我們在這裡所做的嗎？

No, we're not sacrificing price to buy volume with price. There were a few dynamics in the fourth quarter that impacted us. The first one, Scott, is that we were lapping a early GRI we took in Q4 of last year. While this year, we took that in the month of January, which is usually our customary time line. And I mentioned the yield dynamic on the mix channel earlier on. So we onboarded those national accounts that are strategic for our network, yet the higher-yielding local accounts, again, their shipment count is up mid-single digits, so we're taking market share. However, we've seen a weight per shipment decline in that channel that caused the overall weight to be down. So that dynamic is what effectively impacted yield.

不，我們不會犧牲價格來以價格購買數量。第四季度有一些動態影響了我們。第一個，斯科特，我們正在對去年第四季度採用的早期 GRI 進行研磨。而今年，我們在 1 月份進行了測試，這通常是我們慣常的時間線。我之前提到過混合頻道的收益動態。因此，我們加入了那些對我們的網絡具有戰略意義的國家賬戶，但收益更高的本地賬戶，他們的出貨量再次上升到中個位數，所以我們正在佔據市場份額。但是，我們看到該渠道的每批貨物重量下降，導致整體重量下降。因此，這種動態是有效影響產量的因素。

And then finally, life of haul was down 1.3% for the quarter, where we onboarded more next day and 2-day lanes shipments to our network. And we also saw less outbound California freight coming through lesser imports in the fourth quarter, which has a direct correlation to yield.

最後，本季度的運輸壽命下降了 1.3%，我們在次日和 2 日內向我們的網絡運送了更多貨物。我們還看到第四季度進口量減少導致加州出境貨運量減少，這與收益率直接相關。

Now if you take a step back, our contract renewals in the quarter were up roughly 7%. That's for existing business. And we continue to see from us in the overall industry, very rational pricing in how we price the business.

現在，如果你退後一步，我們本季度的合同續簽率增加了大約 7%。那是針對現有業務的。我們繼續從整個行業中看到我們對業務定價的非常合理的定價。

Our next question comes from the line of Allison Poliniak with Wells Fargo.

我們的下一個問題來自富國銀行的 Allison Poliniak。

Just wanted to talk about the CapEx for the year. If you can maybe break that down a little bit more. And then in terms of the new door adds, maybe talk to, I would say, relative capacity available today with how you're thinking about the investment as we go through the year in terms of discipline around that?

只想談談今年的資本支出。如果你能把它分解得更多一點。然後就新門增加而言，也許可以談談，我想說，今天的相對可用能力，以及你如何考慮我們在這一年的紀律方面的投資？

Thanks, Allison. Yes, if you look at 2022, our total CapEx, the company is about $521 million. About 85% of that relates to the LTL business. And as you can see from our guide for our planning assumptions for 2023, we do expect CapEx at the midpoint to be up over what it was last year. So -- and again, I think that same percentage mix between LTL and Europe is how you should think about it.

謝謝，艾莉森。是的，如果你看看 2022 年，我們的總資本支出，公司約為 5.21 億美元。其中約 85% 與 LTL 業務有關。正如您從我們的 2023 年規劃假設指南中看到的那樣，我們確實預計中點的資本支出將高於去年。所以 - 再一次，我認為 LTL 和歐洲之間相同的百分比混合是你應該考慮的方式。

And on the lower side, so we -- obviously, when we started the LTL 2.0 plan, our goal was to open up 900 new doors. And these were based on areas where we have line of sight on demand from customers. So a lot of the markets that we go after, we already know that we need capacity and we're seeing that demand come from customers. So over the next 90 days, we're going to be opening up additional doors, 167 net new doors in Salt Lake City, in Atlanta and in Dallas, Texas as well. And we have a plan through the remainder of the year to open up more doors in those markets where we need that capacity.

在較低的方面，所以我們 - 顯然，當我們開始 LTL 2.0 計劃時，我們的目標是打開 900 扇新門。這些是基於我們對客戶需求有視線的區域。所以我們追求的很多市場，我們已經知道我們需要容量，我們看到需求來自客戶。因此，在接下來的 90 天裡，我們將在鹽湖城、亞特蘭大和德克薩斯州達拉斯開設更多的門，167 個淨新門。我們有一個計劃，在今年餘下的時間裡，在我們需要這種能力的市場上打開更多的大門。

For example, Houston is a great market for us. Florida is a great market for us, where we need more capacity that we're going to be looking to add. But we're being very disciplined in how we open up those stores and all the terminals we've opened up have been operating better than expectations.

例如，休斯頓對我們來說是一個很好的市場。佛羅里達對我們來說是一個很好的市場，我們需要更多的容量，我們將尋求增加。但我們在開設這些商店的方式上非常自律，我們開設的所有終端的運營情況都好於預期。

Got it. And then just a follow-up on the shipment cost inflation. Should we be assuming sort of up mid-single digit for this year? Or is it lower or higher than that? Just any color.

知道了。然後只是對裝運成本通脹的跟進。我們是否應該假設今年的增長率為中等個位數？還是低於或高於該值？只是任何顏色。

This is -- it would be in the ZIP code of mid-single digit, but it will depend on what the truck for us because we have roughly around 1/4 of our linehaul miles are outsourced it will depend on what the truckload rates do for the balance of the year. We expect this to be a good tailwind for us here in the first half of the year, but it depends on the demand environment in the back half and how that translates. On the weightage side, we expect it to be in the sub mid-single digits, but in that territory.

這是 - 它會在中個位數的郵政編碼中，但這將取決於我們的卡車是什麼，因為我們大約有 1/4 的長途運輸里程是外包的，這將取決於卡車的裝載率為今年的餘額。我們預計這將在今年上半年對我們有利，但這取決於下半年的需求環境及其轉化方式。在權重方面，我們預計它會在次中個位數，但在那個範圍內。

Our next question comes from the line of Tom Wadewitz with UBS.

我們的下一個問題來自瑞銀集團的 Tom Wadewitz。

Mario, I know you've had some questions on price a bit. I was wondering if you could tell us a bit more just in terms of the broader strategy, what type of freight are you trying to bring on? What -- I guess, what's the if you push harder on price versus tonnage kind of what's the overall strategy for what you're trying to build that's going to be OR accretive in terms of kind of price mix and how much tonnage matters relative to that?

馬里奧，我知道你對價格有一些疑問。我想知道你是否可以就更廣泛的戰略告訴我們更多一點，你想帶來什麼類型的貨運？什麼——我想，如果你在價格和噸位上更努力地推動什麼，那麼你試圖建造的東西的總體戰略是什麼，在價格組合方面將是或增值，以及噸位相對於那？

Sure. So first, starting with the type of freight that we look for. We look for freight that can build density in our network. So effectively, these are 48x48 skids that are -- that fit well in an LTL network, typically going dock-to-dock in terms of B2B-type shipments is the primary type of freight that we're going after. We also look to go after freight that creates density around our terminals. So we think about pickups that are in proximity to our terminals is another way we think about the quality of the freight and the -- how it relates to our network as well.

當然。首先，從我們尋找的貨運類型開始。我們尋找可以在我們的網絡中建立密度的貨運。如此有效，這些是 48x48 的滑板——非常適合 LTL 網絡，通常就 B2B 類型的貨運而言，碼頭到碼頭是我們追求的主要貨運類型。我們還尋求在我們的航站樓周圍創造密度的貨運。因此，我們考慮靠近我們的終端的皮卡是我們考慮貨運質量以及它與我們網絡的關係的另一種方式。

Now in terms of channel mix, we are looking to build density, both international channel and the local channel. As I mentioned earlier, in the local channel, we're making great strides and onboarding new customers. This year, we ended the year with 27,000 customers, which was up 2,000 from our prior number of 25,000 customers, and a lot of these were new local accounts we are onboarding.

現在在渠道組合方面，我們正在尋求建立密度，包括國際渠道和本地渠道。正如我之前提到的，在本地渠道中，我們正在取得長足進步並吸引新客戶。今年，我們在年底擁有 27,000 名客戶，比之前的 25,000 名客戶增加了 2,000 名，其中很多是我們新加入的本地客戶。

And with having that success in sales, it's driven by 2 main areas of focus. One, our service is up and to the right, and we're hearing great feedback from customers on the quality of service; and two, is the investments we are making in capacity to be able to handle that business. And we want to grow in both of these channels with the type of freight and the type of profile I just mentioned.

憑藉在銷售方面的成功，它受到 2 個主要關注領域的推動。第一，我們的服務是正確的，我們聽到客戶對服務質量的良好反饋；第二，我們正在為能夠處理該業務而進行的投資。我們希望通過貨運類型和我剛才提到的配置文件類型在這兩個渠道中實現增長。

So I guess, it's the primary driver of the more moderate growth in revenue per hundredweight versus peers. Is that really just the emphasis on -- or the greater growth with national accounts? And then I guess just from kind of a forward look, would you think that your revenue per hundredweight would accelerate a bit as you look forward? Or would you think it remains kind of low single digit, given that mix effect with the national account tonnage?

所以我想，這是每英擔收入與同行相比更溫和增長的主要驅動力。這真的只是強調——還是國民賬戶的更大增長？然後我想從某種前瞻性的角度來看，你認為你的每英擔收入會隨著你的期待而加速一點嗎？或者，考慮到國民賬戶噸位的混合效應，您是否認為它仍然是一個較低的個位數？

So Tom, it's a combination of all the things I mentioned earlier on. So the mix of channels is one component. And obviously, the local being down on weight but shipments being up, that's going to become a tailwind. But it's also the other items that our GRI and on length of haul as well. And a lot of these things would recover as the macro -- as the freight demand environment recovers through the course of 2023.

所以湯姆，這是我之前提到的所有事情的結合。所以渠道的組合是一個組成部分。顯然，本地重量下降但出貨量增加，這將成為順風。但它也是我們的 GRI 和運輸長度的其他項目。隨著貨運需求環境在 2023 年恢復，其中很多事情都會隨著宏觀經濟而恢復。

Now going back to the local channel, the fact that shipments are up as the macro recovers, you would see that wafer shipments start to go up and then the overall tonnage we're getting in that channel would go up, which would be a lift for yield. And for our national accounts, we're looking at this as longer-term strategic relationship. Just to give you an example, the average tenure of our top 10 customer today is 60 years. So these are customers that we're going to be fine-tuning the business we do with them over time. So again, overall, we expect yield to remain positive, and we expect our strategy to pay dividends as the macro recovered and the freight environment gets stronger. And we like our positioning.

現在回到本地渠道，隨著宏觀經濟復甦，出貨量上升，你會看到晶圓出貨量開始上升，然後我們在該渠道獲得的總噸位將上升，這將是一個提升為了產量。對於我們的國民賬戶，我們將其視為長期戰略關係。舉個例子，我們今天前 10 大客戶的平均使用年限是 60 年。因此，這些客戶是我們將隨著時間的推移對與他們開展的業務進行微調。因此，總體而言，我們再次預計收益率將保持正值，並且我們預計隨著宏觀經濟復甦和貨運環境走強，我們的戰略將帶來紅利。我們喜歡我們的定位。

So it's probably cyclical in terms of seeing that acceleration in revenue per hundredweight?

因此，就每英擔收入的加速增長而言，這可能是周期性的？

Yes.

是的。

Our next question comes from the line of Ken Hoexter with Bank of America.

我們的下一個問題來自美國銀行的 Ken Hoexter。

I'll just throw it out there. I think a lot of discussion here. I think I've rebuilt this model 4 times this year alone and it sounds like with another reallocation and other ones coming next year. So looking forward to the consistency, they're going forward. But just the base level understand this, you're now at a 90% OR in the fourth quarter at LTL, I think full year just about 87%. You were at, what, 93% at Con-way before you bought it and you're talking about another 600 basis points in a few years. Maybe talk about how you get there? And it sounds like the strategy is shifting a little bit to now re-adding national accounts, which I know you've talked a little bit about, but it sounded like that was a key move to get away from because that was a key driver of improving OR. So maybe to start with that.

我會把它扔出去。我想這裡有很多討論。我想我僅在今年就已經重建了這個模型 4 次，這聽起來像是在明年進行另一次重新分配和其他重新分配。所以期待一致性，他們正在前進。但只有基層了解這一點，你現在在 LTL 的第四季度達到 90% 的 OR，我認為全年只有 87% 左右。在你購買之前，你在 Con-way 的 93%，你正在談論在幾年內再增加 600 個基點。也許談談你是如何到達那裡的？聽起來戰略正在一點點轉向現在重新增加國民賬戶，我知道你已經談過一點，但聽起來這是一個關鍵的舉措，因為這是一個關鍵的驅動因素改善或。所以也許從那開始。

And then, Carl, just a clarification on EBITDA. I know you've included in the adjustments to the $20 million and $15 million on OR. But did you leave the $15 million out of EBITDA? Is that the way we should think about that to get to that $185 million?

然後，卡爾，只是對 EBITDA 的澄清。我知道您已經將 OR 的 2000 萬美元和 1500 萬美元的調整包括在內。但是您是否從 EBITDA 中扣除了 1500 萬美元？為了達到 1.85 億美元，我們應該這樣考慮嗎？

Yes. On the $20 million, I kind of walked you through that, Ken. On the $15 million, I guess, I'm not understanding the question.

是的。關於 2000 萬美元，肯，我有點帶你走過了。關於 1500 萬美元，我想，我不明白這個問題。

Well, I guess, to get to the adjusted operating income, you take out both the $20 million and re-add the $15 million of income -- pension income, but you don't do that on EBITDA, right? You just take out the $20 million of corporate costs?

好吧，我想，為了獲得調整後的營業收入，你需要扣除 2000 萬美元並重新添加 1500 萬美元的收入——養老金收入，但你不會在 EBITDA 上這樣做，對吧？你只拿出 2000 萬美元的企業成本？

Well, no. I mean, as we go forward pension -- as we think about income, pension will be excluded. Overall EBITDA, though, has pension income. So -- and as we said in the planning assumptions, we kind of showed you what the expectations were for 2023 as far as pension income being approximately $20 million for the full year.

好吧，不。我的意思是，隨著我們推進養老金——當我們考慮收入時，養老金將被排除在外。不過，總體 EBITDA 有養老金收入。所以——正如我們在規劃假設中所說，我們向您展示了對 2023 年全年養老金收入約為 2000 萬美元的預期。

And Ken, going back to your question on OR definition. So we closed last year with an OR of 83.9%, which obviously Con-way had more than one line of business, and they had a corporate structure as well. So they had the warehousing business, which was the former Menlo business. They had the truckload business and they had LTL business. Now what do you think on a -- and we haven't changed that definition since we acquired the business back in 2015. And on that reporting basis, the OR was 83.9% at year-end 2022.

肯，回到你關於 OR 定義的問題。所以我們去年以 83.9% 的 OR 結束，這顯然 Con-way 擁有不止一條業務線，而且他們也有公司結構。所以他們有了倉儲業務，也就是以前的 Menlo 業務。他們有卡車運輸業務和 LTL 業務。現在你怎麼看——自從我們在 2015 年收購該公司以來，我們沒有改變這個定義。在這個報告的基礎上，2022 年底的 OR 為 83.9%。

Now moving forward, and we just substituting our Investor Day, as we become a stand-alone LTL company, we are taking back the corporate cost and putting them in LTL effectively. What Carl mentioned earlier on, there are the $5 million to $10 million of unallocated costs that would be in the third quarter that would wind down for the course of the year as we rationalize the corporate structure. And this is where that new definition kicks into place.

現在向前邁進，我們只是取代我們的投資者日，因為我們成為一家獨立的 LTL 公司，我們正在收回公司成本並將其有效地投入 LTL。卡爾早些時候提到，隨著我們對公司結構進行合理化，第三季度有 500 萬至 1000 萬美元的未分配成本將在今年逐漸減少。這就是新定義發揮作用的地方。

Now with the new definition in 2022 with 86.8% from an OR perspective. And obviously, as we move forward, I would go to improve by at least 600 basis points by the time we get through 2027.

現在有了 2022 年的新定義，從 OR 的角度來看有 86.8%。顯然，隨著我們的前進，到 2027 年時，我將至少提高 600 個基點。

Yes. Just to clarify, I was talking about just the LTL section of Con-way, which had all the allocations. So it was like-to-like, I believe, having followed Con-way for 15 years before that. So just maybe then can you follow up, Mario, on that strategic mix? I know you've talked a little bit about going the national accounts. Maybe I just want to understand now with your focus is on returning to more national accounts, doesn't that serve as a detriment to -- I believe Matt Fassler used to talk a lot about moving more toward local accounts because that's where you needed to get better pricing and thus better margins and not just chase density. When we listen to other LTLs, it sounds like it's not a desire just to fill the network and fill density, but to do so with a profitable focus, it sounds like -- again, help us understand because I think a lot of the questions are coming at you because we're all really struggling to understand how just chasing that density at a lower price, optically, maybe it's just optics, but that typically historically has been at a detriment to the OR. So maybe just fill us in because I think that's where some of the misunderstanding from the markets may come.

是的。澄清一下，我只是在談論 Con-way 的 LTL 部分，其中包含所有分配。所以我相信，在那之前跟隨 Con-way 15 年，就像喜歡一樣。那麼，馬里奧，也許你能跟進那個戰略組合嗎？我知道你已經談到了一些關於國民賬戶的問題。也許我現在只想了解你的重點是恢復更多的國民賬戶，這不會損害——我相信 Matt Fassler 過去經常談論更多地轉向本地賬戶，因為那是你需要的地方獲得更好的定價，從而獲得更好的利潤，而不僅僅是追逐密度。當我們聽取其他 LTL 的意見時，聽起來這不僅僅是填充網絡和填充密度的願望，而是以有利可圖的重點這樣做，這聽起來像是——再次幫助我們理解，因為我想了很多問題來找你是因為我們都在努力理解如何以較低的價格追求這種密度，光學上，也許它只是光學，但從歷史上看，這通常對 OR 不利。所以也許只是填寫我們，因為我認為這可能是市場產生一些誤解的地方。

Sure. I think Ken, we're actually doing both. So when you think about our sales efforts, I mean, again, when you think about the investments we have made in capacity and the improvements in service and the investments in our sales force, the goal is to grow profitable national accounts and very profitable local account business as well. So when you look at the fourth quarter, as an example, with the local accounts, shipment count is up mid-single digit. So we are actually going after both. And for the national accounts, we remain very disciplined with the type of freight we are getting into the network. I mentioned earlier on one of the metrics we look at internally is the balance -- is a lane balance factor and we are onboarding business that enables us to improve that factor and which will make the local accounts more profitable over time as well. But you need a combination of both to be able to drive higher margins over time.

當然。我想肯，我們實際上都在做。因此，當您考慮我們的銷售工作時，我的意思是，當您再次考慮我們在產能和服務改進方面的投資以及對我們銷售人員的投資時，目標是增加盈利的國民賬戶和非常有利可圖的本地賬戶帳戶業務也是如此。因此，當您查看第四季度時，例如，本地帳戶的出貨量增加了個位數。所以我們實際上是在追求兩者。對於國民賬戶，我們對進入網絡的貨運類型仍然非常嚴格。我之前提到過我們在內部查看的一個指標是平衡 - 是一個車道平衡因素，我們正在開展業務，使我們能夠改善該因素，並且隨著時間的推移，這也將使本地賬戶更有利可圖。但是您需要將兩者結合起來才能隨著時間的推移獲得更高的利潤。

Our next question comes from the line of Jeff Kauffman with Vertical Research Partners.

我們的下一個問題來自 Jeff Kauffman 與 Vertical Research Partners 的對話。

I want to go back and talk about the network maybe through a different lens. And I want to think back about 18, 19 months ago, when GXO was spun out. And we had that quarter where the LTL network struggled with service because of that purchase -- we were in-sourcing transportation and a number of customers, as you mentioned, your average customer tenure 16 years, kind of steered freight away from the network for a couple of quarters. You guys are in the penalty box until service has improved and you got driver staffing at appropriate levels. If I look at where the network is today, versus where we were in that aftermath, not a year ago but, say, 18 months ago, I'm just kind of curious where has the network improved? I know Mario, you were talking about the damage frequency was one of the best ever. But kind of talk about where service levels are relative to maybe where you were pre that issue 18 months ago. And in terms of the customer business, it got steered away from you. In the aftermath of that, you didn't lose customers so much. They just didn't give you as much freight. Have you gained all that back? Is there still some of that customer freight that's out there that we're looking to bring back in the network now that the service metrics are better? Just kind of -- I want to look at it through a slightly different lens and understand what's where it needs to be, what is not yet where it needs to be and how you've recovered relative to where you were?

我想回過頭來從另一個角度談談網絡。我想回想一下 18、19 個月前，當 GXO 被剝離出來時。我們有一個季度，LTL 網絡因為那次購買而在服務方面苦苦掙扎——我們正在外包運輸和許多客戶，正如你提到的，你的平均客戶任期為 16 年，某種程度上將貨運從網絡中轉移出來幾個季度。在服務得到改善並且司機人員配備到適當水平之前，你們都在受罰區。如果我看看今天的網絡情況，與我們在那次災難後的情況相比，不是一年前，而是 18 個月前，我只是很好奇網絡在哪些方面得到了改進？我知道馬里奧，你說的是損壞頻率是有史以來最好的之一。但是，請談談服務水平與 18 個月前您在該問題之前的位置相關的問題。就客戶業務而言，它遠離了你。在那之後，你並沒有失去那麼多客戶。他們只是沒有給你那麼多運費。你得到了所有回報嗎？既然服務指標更好，是否還有一些我們希望將其帶回網絡的客戶運費？只是有點——我想通過一個稍微不同的鏡頭來看待它，了解它需要在哪裡，什麼還沒有到達它需要的地方，以及你是如何恢復到你原來的位置的？

Yes, Jeff. So when you look at our service levels, I mentioned this in my opening remarks, our damage frequency has improved 66% year-on-year in the fourth quarter, and it's the best it's been in 6 years -- of any quarter in 6 years. So when you look at it from that perspective, obviously, not only really covered from the 18 months ago, but we're now on a path to get back to company records in terms of the quality that we offer to our customers. And similarly, our on-time service was up 14 points on a year-on-year basis in the fourth quarter.

是的，傑夫。因此，當您查看我們的服務水平時，我在開場白中提到了這一點，我們的損壞頻率在第四季度同比提高了 66%，這是 6 年來最好的——是 6 年來任何一個季度中最好的年。因此，當您從這個角度來看時，顯然，不僅真正涵蓋了 18 個月前的內容，而且我們現在正走在向客戶提供的質量方面恢復公司記錄的道路上。同樣，我們的準時服務在第四季度同比增長了 14 個百分點。

Now we do surveys with our customers on a weekly basis, and these are live shipping customers. And the customer satisfaction in the fourth quarter, exiting the month of December was a company record when we started doing this a couple of years ago in terms of taking that satisfaction. So the improvement has been dramatic and the improvement has been very effective, and we hear it from our customers.

現在我們每週都會對客戶進行調查，這些都是現場發貨的客戶。第四季度的客戶滿意度，從 12 月份開始，是幾年前我們開始這樣做時就滿意度而言的公司記錄。所以改進是顯著的，改進非常有效，我們從客戶那裡聽到了。

Now going back to your question on the customers, that we could have lost. Obviously, when we onboard business, some of it is existing customers where we are expanding the amount of business that we do with. To give you an example, recently, I mentioned last quarter, we onboarded a new top 10 customer. That was a customer that was doing a small amount of revenue with us prior, and now the amount of revenue is multiple. I mean we're talking more than 10x the amount of volume that they used to do with us pre those improvements. So we see a direct correlation between the improvements we're making in service and customers wanting to give us a bigger share of wallet and giving us more business as well.

現在回到您關於客戶的問題，我們可能已經失去了。顯然，當我們開展業務時，其中一些是我們正在擴大業務量的現有客戶。舉個例子，最近，我提到上個季度，我們加入了一個新的前 10 大客戶。那是一個客戶，之前跟我們做的是小額收入，現在收入是多倍的。我的意思是，在這些改進之前，我們談論的數量是他們過去與我們合作的數量的 10 倍以上。因此，我們看到我們在服務方面所做的改進與希望給我們更大份額的錢包以及給我們更多業務的客戶之間存在直接關聯。

If I could follow up on that just for a second. About early 2022, I mean, there's always been a gap between the year-on-year yield improvement, XPO versus the peer group. And it feels like that gap is closing a little bit the last few quarters. And I remember early '22, it was, " Oh, we can't really push price with customer because the service is still healing." Are you past that? And are there gains that you can still make on a relative basis, like maybe relative to peer group now that the service is at these levels, is that something we should see in '23?

如果我能跟進一下。我的意思是，大約到 2022 年初，XPO 與同行相比，同比收益率提高始終存在差距。在過去的幾個季度裡，這種差距似乎正在縮小。我記得 22 年初，當時是，“哦，我們真的不能向客戶推高價格，因為服務仍在恢復中。”你過去了嗎？既然服務處於這些級別，您是否仍然可以在相對基礎上獲得收益，比如相對於同行組，這是我們應該在 23 年看到的東西嗎？

Yes, we are past that in terms of service. And again, when I talk to our large customers, we've onboarded, I can easily get the feedback that we are one of the top carriers in terms of service quality. Now obviously, with some of the existing customers that could have left us due to service issues in the past, these as they come back, that takes time to be able to grow that -- the share of wallet with them as well. But generally, when we think about the impact of service, currently, we are providing close to best-in-class service, and we are on a up and to the right trajectory of continuous improvement and focus on it.

是的，我們在服務方面已經超越了這一點。再一次，當我與我們的大客戶交談時，我們已經入職，我可以很容易地得到反饋，即我們在服務質量方面是頂級運營商之一。現在很明顯，由於過去的服務問題，一些現有客戶可能會離開我們，當他們回來時，這些客戶需要時間才能增長 - 錢包的份額也是如此。但總的來說，當我們考慮服務的影響時，目前，我們正在提供接近一流的服務，並且我們正處於持續改進和專注於此的正確軌道上。

Our next question comes from the line of Brian Ossenbeck with JPMorgan.

我們的下一個問題來自摩根大通的 Brian Ossenbeck。

Maybe just for Carl to follow up on the CapEx. Can you give a breakdown in terms of the 85% or so percent that's LTL. What's real estate? What's tractors and trailers? Can you give us a sense of what terminals are leased versus owned? I know we'll see that in the 10-K before too long. And then can you just wrap that into maybe a range of expectations for free cash flow for the year?

也許只是為了讓卡爾跟進資本支出。您能否根據 LTL 的 85% 左右進行細分。什麼是房地產？什麼是拖拉機和拖車？您能告訴我們哪些終端是租賃的還是擁有的？我知道我們很快就會在 10-K 中看到這一點。然後你能不能把它包裝成對今年自由現金流的一系列預期？

Yes, sure. So if you look at kind of the breakdown, about 70% of the CapEx that we're planning for really is between tractors and trailers, and it's weighted pretty much equally. The remaining amount is kind of split between other things. There's a little bit in there for real estate as well, which probably adds another 15%. And if you think about the mix between purchase and lease about 40% -- or excuse me, between owned and leased, 40% is owned.

是的，當然。因此，如果你看一下細分，我們計劃的資本支出中大約有 70% 是在拖拉機和拖車之間，而且它們的權重幾乎相等。剩餘的金額是在其他事物之間分配的。房地產也有一點，可能會再增加 15%。如果你考慮購買和租賃之間的混合，大約 40%——或者對不起，在擁有和租賃之間，40% 是擁有的。

And any thoughts on free cash flow and what that all shakes out to (inaudible) conversion rate?

關於自由現金流的任何想法以及對（聽不清）轉換率的影響是什麼？

Yes, I mean I think as we look at -- yes, it's a fair question. As we look at the first quarter, we are planning to really accelerate our CapEx expenditures. And it's really going to be based off of the availability of getting new trucks in. So there's a chance we can have -- up to 50% of our CapEx spend could occur in the first quarter, obviously subject to the availability of what we're seeing right now. I think additionally, as far as cash flow, a couple of other points we should, kind of point one, we are not planning for any real estate sales in the -- in 2023. And two, we do expect to have higher cash interest costs as well that would factor into your free cash flow numbers for us.

是的，我的意思是我認為我們正在看 - 是的，這是一個公平的問題。展望第一季度，我們計劃真正加快我們的資本支出支出。而且它真的將基於獲得新卡車的可用性。所以我們有機會 - 我們的資本支出的高達 50% 可能發生在第一季度，顯然取決於我們的可用性重新看到現在。我還認為，就現金流量而言，我們還應該指出其他幾點，第一點，我們不打算在 2023 年進行任何房地產銷售。第二，我們確實希望獲得更高的現金利息成本也會影響到您對我們的自由現金流量數字。

Got it. And then just a follow-up on one of the other variables we'll be looking at this year, the impact of fuel. So you can look at fuel surcharge at more than expense. Obviously, Mario mentioned there's purchase transportation component on that. But if the fuel curve stays where it is, how does that affect LTL, OR and EBIT as we go throughout the year?

知道了。然後是我們今年將要研究的其他變量之一的後續行動，即燃料的影響。所以你可以看燃油附加費超過費用。顯然，馬里奧提到了其中的採購運輸部分。但是，如果燃料曲線保持不變，這對我們全年的 LTL、OR 和 EBIT 有何影響？

When you look at fuel, it's always been part of the economics of an LTL carrier. So when customers pay us our services, they have a price that is inclusive of fuel and similar to all carriers. Now when you look at the price of diesel today, last year, we -- on a full year basis, the price per gallon was roughly in the upwards of $5 per gallon while current is in that $4.6 range. So if the level stays at current levels, that will most likely be some pressure related to that. And obviously, the positive side though of fuel being lower is going to simulate more economic activity and also would have more yield ex-fuel type strength associated with that as well. But obviously, we'll see how the year does. We are focused from our perspective on the levers that we can control, obviously and few -- we'll see what the year looks like as the year develops.

當您查看燃料時，它一直是 LTL 承運人經濟的一部分。因此，當客戶向我們支付我們的服務費用時，他們的價格包含燃料，並且與所有承運商類似。現在，當你看看今天的柴油價格時，去年，我們 - 在全年的基礎上，每加侖的價格大致在每加侖 5 美元以上，而目前在 4.6 美元的範圍內。因此，如果該水平保持在當前水平，那很可能是與此相關的一些壓力。顯然，儘管燃料較低，但積極的一面將模擬更多的經濟活動，並且也會有更多與之相關的除燃料類型強度。但顯然，我們會看到這一年的情況。從我們的角度來看，我們專注於我們可以控制的槓桿，顯然很少——我們將看到隨著這一年的發展，這一年會是什麼樣子。

Our next question comes from the line of Jason Seidl with Cowen & Company.

我們的下一個問題來自 Cowen & Company 的 Jason Seidl。

I wanted to get back to the pricing in yield side. I don't think I heard this. Can you talk about what you're pricing new contracts at the quarter?

我想回到收益方面的定價。我不認為我聽到了這個。你能談談你在本季度對新合同的定價嗎？

For the fourth quarter, we were roughly at 7%.

第四季度，我們大約為 7%。

Okay. All right. So maybe you could help me out here about your comments about sequential yields from 4Q to 1Q. Mario, I believe you said they were going to be about flat. And I'm assuming that was an ex-fuel commentary.

好的。好的。所以也許你可以幫我談談你對 4Q 到 1Q 連續收益率的評論。馬里奧，我相信你說過他們會持平。我假設那是前燃料評論。

That's correct.

這是正確的。

Okay. So why is it going to be flat when you're repricing at 7% in the quarter, your GRI also moved to January. I would assume that would drive it up or is there just another massive mix shift going to happen again in 1Q?

好的。那麼，當您在本季度以 7% 的價格重新定價時，為什麼它會持平，您的 GRI 也移到了 1 月份。我認為這會推動它上漲，或者在第一季度是否會再次發生另一次大規模的混合轉變？

When you look at for the first -- yes. Sequential, when you look at the first quarter, we expect the year-on-year to be up similar to what we've seen in the fourth quarter ex fuel. And this is what we have seen in the month of January. Now some of the dynamics that impacted our yield in the fourth quarter are sell-through for the first quarter which includes the mix change between national and local. And the local weight per shipment, it still has a similar dynamic of what we saw in the fourth quarter so far here in the -- at the beginning of the first quarter. So that dynamic and mix change has not changed from the fourth quarter. The only change is the GRI that we took in the month of January.

當你第一次看時——是的。連續地，當你看第一季度時，我們預計同比增長與我們在第四季度看到的類似（不包括燃料）。這就是我們在 1 月份看到的情況。現在，影響我們第四季度收益率的一些動態是第一季度的銷售情況，其中包括國家和地方之間的組合變化。而每批貨物的本地重量，它仍然具有我們在第四季度到目前為止在第一季度初看到的類似動態。因此，動態和組合變化從第四季度開始就沒有改變。唯一的變化是我們在 1 月份採用的 GRI。

Now typically, our local accounts are roughly the 1/4 of our business. So obviously, that's about a 1% flow-through on -- call it, 1% to 2% flow-through on yield -- on total system yield associated with the GRI we took in January. But again, there's the same dynamics for national to local ship and dynamic for length of haul are still impactful in the first quarter as well.

現在通常，我們的本地客戶大約占我們業務的 1/4。很明顯，這大約是 1% 的流通量——稱之為 1% 到 2% 的產量流通量——與我們在 1 月份採用的 GRI 相關的總系統產量。但同樣，國家到地方船舶的動力和運輸長度的動力在第一季度仍然有影響。

Okay. And all right. So I guess I'll just take this offline because when I look at weight per shipment, all other things being equal, should help yield going down at least.

好的。好吧。所以我想我會把它脫機，因為當我查看每批貨物的重量時，在所有其他條件相同的情況下，至少應該有助於降低產量。

Questions about the network here. You had some nice damage rates in the quarter's best numbers in 6 years. That's fantastic. You have a 14% -- 14-point on-time improvement. Could you compare the on-time improvement sort of where you've been historically? So you gave the year-over-year. What does that put you on a historic on-time performance level versus your old numbers?

這裡有關於網絡的問題。在 6 年來本季度的最佳數字中，您的損壞率不錯。這太妙了。你有 14%——14 個點的準時改進。你能比較一下你過去的準時改進嗎？所以你給出了同比增長。與您的舊數據相比，這使您處於歷史性的準時性能水平是什麼？

So we are back to pre-COVID levels on these numbers for quality, which is the damage frequency piece, we are back to the best in 6 years. And on time and another metric we use internally is what we call network fluidity, we're back to what we were in pre-COVID today.

因此，我們在這些質量數字上回到了 COVID 之前的水平，這是損壞頻率部分，我們回到了 6 年來的最佳水平。準時和我們內部使用的另一個指標是我們所說的網絡流動性，我們回到了今天 COVID 之前的狀態。

And where when you look at your network right now, and I know you're adding terminals and everything. So how much excess capacity is in the network? And is that going to increase as you add terminals and then you just eventually take that down?

當你現在查看你的網絡時，我知道你正在添加終端和所有東西。那麼網絡中有多少產能過剩呢？隨著您添加終端然後您最終將其取消，它會增加嗎？

So in terms of overall capacity in the network, we're roughly in the 20% available capacity across the network. However, in some markets, we already tapped out on capacity. I mentioned earlier on, for example, the markets were opening up in. When we opened up in Atlanta, a terminal over -- through the course of 2022, we've seen volume in that market uptick considerably because we had the customers, we had the demand and we needed more physical space.

因此，就網絡的整體容量而言，我們大約處於整個網絡可用容量的 20%。然而，在一些市場，我們已經挖掘出產能。例如，我之前提到過，市場正在開放。當我們在亞特蘭大開設一個終端時 - 到 2022 年，我們看到該市場的交易量大幅上升，因為我們有客戶，我們有需求，我們需要更多的物理空間。

Now when you look at our plan of adding 900 net new doors through the course of the 2 years since we started our LTL 2.0 plan, that's roughly around 3% per year and it is in markets where we already were tapped out on capacity and we're adding more capacity to handle more volume for our customers.

現在，當您查看我們的計劃，即自我們啟動 LTL 2.0 計劃以來的 2 年內新增 900 扇新門的計劃，這大約是每年 3% 左右，而且在我們已經開發出產能的市場中，我們'增加更多的容量來為我們的客戶處理更多的容量。

Ladies and gentlemen, our final question this morning comes from the line of Jack Atkins with Stephens Inc.

女士們，先生們，我們今天早上的最後一個問題來自 Jack Atkins 和 Stephens Inc. 的電話。

Okay. Great. I appreciate it. I guess, maybe kind of going back to an earlier line of questioning on just sort of the network and network investments. I mean, Mario, when I kind of think about the last 3 years, your EBIT and LTL is up 25% or so. Your peers in LTL are up on average about 200% over that time frame. So I guess, conceptually and strategically, why does the network deserve to be able to invest more capital into expansion when you haven't sort of been able to justify the capital that's already in place? I would think the idea would be to really improve the performance of the existing network, improve price, improve lean balance. Why are we adding capacity when we're not getting an appropriate return on the capacity already in place?

好的。偉大的。我很感激。我想，也許有點回到早期關於網絡和網絡投資的問題。我的意思是，馬里奧，當我想到過去 3 年時，您的息稅前利潤和 LTL 增長了 25% 左右。在此期間，LTL 中的同行平均上漲了約 200%。所以我想，從概念上和戰略上來說，當你無法證明已經存在的資本是合理的時候，為什麼網絡應該能夠投資更多的資本來擴張？我認為這個想法是真正提高現有網絡的性能，提高價格，改善精益平衡。當我們沒有從現有容量中獲得適當的回報時，為什麼我們要增加容量？

Jack, it's Carl. So if we look at just from a return on invested capital perspective, we are actually getting a very sizable return. It's -- if we look at what we did, it's running probably 34% as far as on a return-on-investment capital. So reinvesting into the network, obviously, is very -- is a pretty big benefit as it relates to what we're getting for those investments.

傑克，是卡爾。因此，如果我們僅從投資資本回報的角度來看，我們實際上獲得了非常可觀的回報。這是——如果我們看看我們所做的，它的投資回報率可能達到 34%。因此，顯然，對網絡進行再投資是一個非常大的好處，因為它與我們從這些投資中獲得的收益有關。

And the underperformance versus peers?

與同行相比表現不佳？

Yes. When we look over I mean and we discussed this quite a bit Jack in the past. A lot of it went back to capacity we had into the network. So on pre-COVID all the way through end of 2021, the amount of capital we invested into the business was based on a maintenance amount of CapEx to refresh equipment but not to add capacity so we can handle more volume. And obviously, we have discussed quite a bit what happened back in 2021. And these were the dynamics.

是的。當我們回顧過去時，我的意思是我們討論了很多傑克。其中很多都回到了我們進入網絡的能力。因此，在 COVID 之前一直到 2021 年底，我們投資於該業務的資本金額是基於資本支出的維護量來更新設備，而不是增加容量，這樣我們就可以處理更多的數量。顯然，我們已經討論了 2021 年發生的很多事情。這些就是動態。

Now moving forward, we're solving for all of these things. So we are investing capital in capacity so we can say yes more often to the customer and ahead of demand. We are very focused on continuous improvements in service to be best in class in the service we offer our customers. And these over time, will pay dividends both in terms of margin expansion and higher returns through our plans to 2027.

現在向前邁進，我們正在解決所有這些問題。因此，我們正在對產能進行投資，以便我們可以更頻繁地對客戶說“是”，並提前提出需求。我們非常專注於持續改進服務，力求為客戶提供一流的服務。隨著時間的推移，這些將通過我們到 2027 年的計劃在利潤率擴張和更高回報方面支付紅利。

Thank you. Ladies and gentlemen, that concludes our time allowed for questions. I'll turn the floor back to Mr. Harik for any final comments.

謝謝。女士們，先生們，我們的提問時間到此結束。我會把發言權轉回 Harik 先生，讓他發表最後的評論。

Thank you, everyone, for joining us this morning, and I'm proud that we delivered solid results across the business, and I want to thank our 38,000 team members not just for the progress we've made, but also for the momentum they've created. In North America, this will be our first full year as a pure-play LTL carrier, and we have a strong organization who's bringing high energy to all 3 parts of our growth strategy, investing in network capacity ahead of demand, providing best-in-class service to earn market share and optimizing pricing and operations through our technology. We're confident that we'll make more progress this year with all 3 of these objectives, and we look forward to seeing you at the upcoming conferences.

謝謝大家今天早上加入我們，我很自豪我們在整個業務中取得了可觀的成果，我要感謝我們的 38,000 名團隊成員，不僅是因為我們取得的進步，還有他們的勢頭創造了。在北美，這將是我們作為一家純零擔運輸公司的第一個完整年度，我們有一個強大的組織，為我們增長戰略的所有 3 個部分帶來高能量，先於需求投資網絡容量，提供最佳的一流的服務，通過我們的技術贏得市場份額並優化定價和運營。我們相信今年我們將在所有這 3 個目標方面取得更大進展，我們期待在即將舉行的會議上見到您。

Operator, please close the line.

接線員，請關閉線路。

Thank you. This concludes today's conference call. You may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與。