XPO Inc (XPO) 2024 Q4 法說會逐字稿

Welcome to XPO Q4 2024 earnings conference call and webcast. My name is Latanya, and I will be your operator for today's call. (Operator Instructions) Please note that this conference is being recorded. 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.

歡迎參加 XPO 2024 年第四季財報電話會議和網路廣播。我叫拉塔尼亞，今天我將擔任您的電話接線生。（操作員指示）請注意，本次會議正在錄音。在電話會議開始之前，請允許我代表公司宣讀一份關於前瞻性陳述和非公認會計準則財務指標使用的簡短聲明。

During this call, the company will make 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.

在本次電話會議中，本公司將根據適用證券法做出某些前瞻性陳述，這些陳述本質上涉及若干風險、不確定性和其他因素，可能導致實際結果與前瞻性陳述中的預測有重大差異。

A discussion of factors that could cause actual results to differ materially is contained in the company's SEC filings as well as it is an 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.

有關可能導致實際結果出現重大差異的因素的討論包含在公司的美國證券交易委員會文件和收益報告中。公司收益報告或本次電話會議上做出的前瞻性陳述僅截至今天為止，本公司沒有義務更新任何這些前瞻性陳述，除非法律要求。

During this call, the company also may 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 the related financial tables or on its website.

在本次電話會議中，本公司也可能參考美國證券交易委員會 (SEC) 適用規則定義的某些非公認會計準則財務指標。此類非 GAAP 財務指標與最具可比性的 GAAP 指標的對帳表包含在本公司的收益報告和相關財務表或其網站上。

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.

您可以在公司網站的投資者部分找到一份公司收益報告的副本，其中包含有關前瞻性陳述和非公認會計準則財務指標的其他重要資訊。

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

現在我將把電話轉給 XPO 的執行長 Mario Harik。哈里克先生，您可以開始啦。

Good morning, everyone. Thanks for joining our call. I'm here with Kyle Wismans, our Chief Financial Officer; and Ali Faghri, our Chief Strategy Officer. This morning, we reported a strong fourth quarter with year-over-year earnings growth and LTL margin expansion that outperformed the industry. I'm pleased with the substantial progress we've made in the trough of the freight market cycle.

大家早安。感謝您加入我們的電話會議。我和我們的財務長 Kyle Wismans 一起在場；以及我們的首席策略長 Ali Faghri。今天上午，我們報告了強勁的第四季度業績，其盈利同比增長和 LTL 利潤率擴大均優於行業。我很高興看到我們在貨運市場週期的低谷中取得了實質的進展。

For the full year, we grew revenue by 4% to a record $8.1 billion company-wide. We also generated $1.3 billion of adjusted EBITDA, a 27% increase from the prior year reflecting significant operating leverage. And we delivered a 31% increase in adjusted diluted EPS at $3.83 for the year.

就全年而言，我們的公司收入成長了 4%，達到創紀錄的 81 億美元。我們也產生了 13 億美元的調整後 EBITDA，較前一年成長 27%，反映出顯著的經營槓桿。我們全年調整後的攤薄每股收益成長了 31%，達到 3.83 美元。

Turning to our LTL segment. We're making great strides in executing our plan and optimizing all parts of the business. The results we've delivered so far are just the beginning of our potential. You can see that in the 260 basis points improvement in our adjusted operating ratio, which was better than our targeted range.

轉向我們的 LTL 部分。我們在執行計劃和優化業務各個部分方面正在取得巨大進步。我們迄今所取得的成果只是我們潛力的開始。您可以看到，我們的調整後營業比率提高了 260 個基點，這比我們的目標範圍好。

This was underpinned by record customer service levels which translated to profitable market share gains and above-market yield growth for the year. And we have a well-defined plan to keep driving our OR towards becoming industry best.

這是由創紀錄的客戶服務水準所支撐的，而創紀錄的客戶服務水準轉化為當年有利可圖的市場份額增長和高於市場的收益增長。我們有一個明確的計劃來繼續推動我們的 OR 成為行業最佳。

We also seamlessly integrated 25 new service centers into our network, establishing a major competitive advantage of customer service capacity. And we operated more cost efficiently across the Board including our linehaul operations where we reduced outsourced miles to the best level in our history. Now I'll summarize the highlights of 2024 in each of these areas, starting with world-class service. This is our most important lever for growth and profitability.

我們也將25個新的服務中心無縫整合到我們的網路中，建立了客戶服務能力的重大競爭優勢。我們整個董事會的營運都更加節約成本，包括我們的幹線運輸業務，我們將外包里程減少到了歷史最佳水平。現在，我將從世界一流的服務開始，總結 2024 年各個領域的亮點。這是我們實現成長和獲利的最重要槓桿。

In the fourth quarter, we delivered a damage claims ratio of 0.2%, which is an improvement from 0.3% last year. Importantly, we reduced damage frequency each quarter to a new company record. This metric is a real-time indicator of the service quality that our customers experience.

第四季度，我們的損害賠償率為 0.2%，較去年的 0.3% 有所改善。重要的是，我們將每季的損壞頻率降低到了公司的新紀錄。此指標是我們客戶體驗的服務品質的即時指標。

To put it in perspective, we've improved damage frequency by over 80% since 2021, and we have significant room to make further progress over time. We also improved our on-time performance year-over-year for the 11th consecutive quarter. This is a testament to the speed and reliability that our customers value in our network.

從整體來看，自 2021 年以來，我們已經將損壞頻率提高了 80% 以上，隨著時間的推移，我們還有很大的進步空間。我們的準時表現也連續第 11 季同比有所提升。這證明了我們的客戶重視我們的網路的速度和可靠性。

Next, I want to talk about lever that touches every part of our plan, our network investments. On the real estate side, I mentioned that we brought 25 new service centers online last year, and we'll integrate the remaining acquired sites over the next few months.

接下來，我想談談影響我們計畫每個部分的槓桿，也就是我們的網路投資。在房地產方面，我提到我們去年上線了 25 個新的服務中心，我們將在未來幾個月整合其餘收購的站點。

When we expand our network capacity, we create more opportunity to improve service because it balances our network, add density in strategic markets and helps us run the business more efficiently. We're also adding rolling stock to serve our customers and support our ongoing in-sourcing of linehaul transportation.

當我們擴大網路容量時，我們創造了更多機會來改善服務，因為它可以平衡我們的網絡，增加策略市場的密度，並幫助我們更有效地經營業務。我們還增加了車輛來服務我們的客戶並支援我們正在進行的幹線運輸內部採購。

Since 2021, we've produced over 15,000 trailers at our in-house manufacturing facility, and we're the only LTL carrier in North America with this capability. This is a major advantage because trailers are the backbone of efficient LTL operations. We rely on this capacity to consolidate and move freight across our network.

自 2021 年以來，我們在內部製造工廠生產了超過 15,000 輛拖車，並且我們是北美唯一一家具備此能力的 LTL 承運商。這是一個巨大的優勢，因為拖車是高效率零擔運輸業務的支柱。我們依靠這種能力來整合和運輸我們網路中的貨物。

We've also purchased nearly 5,000 tractors during the same period. We ended 2024 with an average fleet age of 4.1 years, giving us one of the youngest tractor fleets in the industry. As a result, we're operating our fleet at a lower cost per mile. Because we made the strategic investments throughout 2023 and '24, we currently have nearly 30% excess door capacity and a robust fleet in the trough of the cycle. That's a major improvement from a few years ago when our excess capacity was about half of what it is today.

同期我們也購買了近 5,000 台拖拉機。截至 2024 年，我們的車隊平均使用年限為 4.1 年，是業界最年輕的拖拉機車隊之一。因此，我們車隊的每英里營運成本更低。由於我們在 2023 年和 2024 年進行了戰略投資，我們目前擁有近 30% 的過剩艙位容量，並且在周期低谷擁有強大的機隊。與幾年前相比，這是一個巨大的進步，當時我們的過剩產能大約只有現在的一半。

We're one of only a few LTL carriers in North America with this kind of capacity in hand. It allows us to respond quickly to surges in demand, and it puts us in a strong position to accelerate operating leverage and profitable growth in the freight market up-cycle.

我們是北美僅有的幾家擁有此種運力的零擔運輸公司之一。它使我們能夠對需求激增做出快速反應，並使我們處於有利地位，能夠在貨運市場上升週期中加速營運槓桿和獲利成長。

Yield is another key level for us and the most impactful metric underlying margin improvement. For the full year, we grew yield excluding fuel by 7.8% year-over-year, directly contributing to our 260 basis points of OR improvement.

收益率是我們另一個關鍵水平，也是利潤率改善的最有影響力的指標。就全年而言，我們的不包括燃料在內的收益同比增長了 7.8%，直接推動了我們的 OR 提高 260 個基點。

Both yield and margin are being driven by our internal initiatives and proprietary technology. Here again, we see a long runway for further gains including a double-digit pricing opportunity in the coming years propelled by three dynamics.

收益和利潤均由我們的內部舉措和專有技術推動。在這裡，我們再次看到了進一步上漲的長期空間，其中包括在三大動力推動下未來幾年出現兩位數的定價機會。

First, by aligning price with the service value we deliver, we've been consistently outperforming the market and yield growth and we expect this to continue. Second, we're committed to evolving our service offering to meet our customers' needs. The premium services we introduced last year contributed to above-market yield growth and account for an increasing share of our revenue mix.

首先，透過使價格與我們所提供的服務價值保持一致，我們一直表現優於市場並實現收益成長，我們預計這種情況將持續下去。其次，我們致力於改善我們的服務以滿足客戶的需求。我們去年推出的優質服務貢獻了高於市場的收益成長，並在我們的收入結構中佔據了越來越大的份額。

And third, investments in our sales force are generating market share gains with local customers. This is a strategic lever for margin expansion. The final component of our strategy is cost efficiency with our primary focus being linehaul insourcing and variable costs.

第三，我們對銷售團隊的投資正在幫助我們贏得本地客戶的市場份額。這是擴大利潤的策略槓桿。我們策略的最後一個組成部分是成本效益，我們的主要關注點是幹線運輸內部採購和變動成本。

In 2024, we reduced our purchase transportation cost by 32%, driven by a reduction of more than 600 basis points in linehaul miles outsourced to third parties. We accelerated this initiative in the fourth quarter when we reduced our outsourced miles to 10.7% of total miles. That's nearly 900 basis points lower than a year ago, primarily due to the expansion of our Road Flex operation. And we expect this metric to drop into the single digits this year, which would be a new historic low.

2024 年，我們將採購運輸成本降低了 32%，這得益於外包給第三方的幹線運輸里程減少了 600 多個基點。我們在第四季加快了這項舉措，將外包里程減少到總里程的 10.7%。這比一年前低了近 900 個基點，主要原因是我們 Road Flex 業務的擴張。我們預計今年這項指標將降至個位數，這將是一個新的歷史最低點。

Our reduced reliance on third-party truckload carriers will help insulate our cost structure when demand returns and truckload rates rise, generating higher incremental margins versus prior up-cycles. Importantly, we're also managing our labor costs more effectively with our proprietary technology. Our systems can forecast volume trends using predictive AI so we can quickly align labor hours at the service center level. In 2024, this resulted in consistent paper productivity improvements and a changing volume environment. And we expect our technology to continue to deliver incremental benefits to our cost structure as we grow.

我們減少對第三方整車運輸公司的依賴，這將有助於在需求回升和整車運輸費率上升時保護我們的成本結構，從而相對於先前的上升週期產生更高的增量利潤。重要的是，我們也利用專有技術更有效地管理勞動成本。我們的系統可以使用預測性人工智慧來預測產量趨勢，以便我們能夠在服務中心層級快速調整工時。2024 年，這導致了紙張生產率的持續提高和產量環境的變化。我們期望，隨著我們的發展，我們的技術將繼續為我們的成本結構帶來增量效益。

Turning to Europe. We increased full year segment revenue by 3%, which outperformed the industry in a soft macro. Our most robust performance was in the UK, where we grew year-over-year organic revenue by double digits.

轉向歐洲。我們的全年分部營收成長了 3%，在宏觀經濟疲軟的環境下表現優於產業。我們表現最強勁的是在英國，我們的有機收入年增了兩位數。

In summary, we delivered our strongest year of LTL margin improvement since 2016, and we achieved that in a historically soft freight environment. We also cemented our foundation for future growth, validated the opportunity ahead of us and positioned the business to capitalize quickly in the freight market recovery. We're now at our strongest position yet to unlock the potential within our network, and we expect to deliver significant margin expansion and earnings growth this year.

總而言之，我們實現了自 2016 年以來零擔利潤率增幅最大的一年，而且我們是在歷史上較為疲軟的貨運環境中實現的。我們也鞏固了未來成長的基礎，驗證了眼前的機遇，並使業務定位於在貨運市場復甦中迅速獲利。我們目前正處於最強大的地位，可以充分釋放我們網路的潛力，我們預計今年的利潤率和利潤將大幅擴大。

Now I'm going to hand the call over to Kyle to discuss the financial results. Kyle, over to you.

現在我將把電話交給凱爾來討論財務結果。凱爾，交給你了。

Thank you, Mario, and good morning, everyone. I'll take you through our fourth quarter financial results, balance sheet and liquidity as well as our planning assumptions for 2025. We reported a strong fourth quarter, reflecting the continued execution of our plan. Our total revenue for the quarter was $1.9 billion, which is 1% lower than the prior year on a company-wide basis.

謝謝你，馬裡奧，大家早安。我將帶您了解我們第四季度的財務表現、資產負債表和流動性以及我們對 2025 年的規劃假設。我們報告了強勁的第四季度業績，反映了我們計劃的持續執行。本季我們的總營收為 19 億美元，比上年同期下降 1%。

In our LTL segment, revenue was down 3% year-over-year reflecting a 23% decline in fuel surcharge revenue tied to the price of diesel. Excluding fuel, we increased segment revenue by 2%. We're continuing to realize cost efficiencies in our LTL operations, including other material reduction in purchase transportation due largely to in-sourcing more of linehaul miles.

在我們的零擔運輸部門，收入年減 3%，其中與柴油價格掛鉤的燃油附加費收入下降 23%。除燃料外，我們的分部收入增加了 2%。我們繼續在零擔運輸業務中實現成本效率，包括採購運輸中的其他重要減少，這主要歸因於更多幹線運輸里程的內部採購。

Our first transportation expense in the fourth quarter was 47% lower than a year ago, equating to a savings of $39 million. We also managed LTL labor effectively with hours per shipment improving year-over-year by 1%.

我們第四季的第一筆運輸費用比一年前降低了 47%，相當於節省了 3,900 萬美元。我們也有效地管理了零擔運輸勞動力，每批貨物的運輸時間比去年同期減少了 1%。

This help mitigate a fourth quarter increase of 3% in total salary and wage benefits, primarily due to inflation. And we've realized continued cost efficiencies in our fleet operations. With our investments in new equipment, bringing down our maintenance cost per mile by 10% year-over-year. Depreciation expense increased by 16% or $11 million, reflecting the investments we're making in the business. This continues to be a key priority for capital allocation in LTL.

這有助於緩解第四季度總工資和工資福利 3% 的成長（主要由於通貨膨脹）。我們的車隊營運成本效率持續提升。透過對新設備的投資，我們的每英里維護成本比去年同期降低了 10%。折舊費用增加了 16％ 即 1,100 萬美元，反映了我們對該業務的投資。這仍然是 LTL 資本配置的首要任務。

Next, I'll add some details to adjusted EBITDA, starting with the company as a whole. We generated adjusted EBITDA of $303 million in the quarter, an increase of 15% from a year ago. Our adjusted EBITDA margin of 15.8% with a year-over-year improvement of 220 basis points.

接下來，我將從整個公司開始，為調整後的 EBITDA 添加一些細節。本季度，我們的調整後 EBITDA 為 3.03 億美元，比去年同期成長 15%。我們的調整後 EBITDA 利潤率為 15.8%，年增 220 個基點。

Looking at just the LTL segment, we grew adjusted EBITDA by 20% to $280 million. LTL adjusted EBITDA includes the impact of $34 million real estate gain in the fourth quarter. This primarily stemmed from the planned sale of the service center in Brooklyn as we open a larger site we acquired in the same market.

僅從 LTL 部分來看，我們的調整後 EBITDA 成長了 20%，達到 2.8 億美元。零擔調整後的 EBITDA 包括第四季度 3,400 萬美元房地產收益的影響。這主要源自於我們計劃出售布魯克林的服務中心，因為我們將在同一市場開設一個更大的站點。

Excluding real estate, we grew LTL adjusted EBITDA by 6% year-over-year to $246 million. The increase is driven by yield growth and cost efficiencies, which more than offset the non-operational headwind from lower fuel surcharge revenue.

除房地產外，我們的 LTL 調整後 EBITDA 年增 6%，達到 2.46 億美元。成長的動力來自於收益成長和成本效率，這足以抵銷燃油附加費收入下降所帶來的非營運阻力。

In our European transportation segment, adjusted EBITDA was $27 million and corporate adjusted EBITDA was a loss of $4 million for the quarter. Looking at the fourth quarter company-wide, we reported operating income of $148 million, up 24% year-over-year, and we grew net income from continuing operations by 31% to $76 million, representing diluted EPS from continuing operations of $0.63. On an adjusted basis, diluted EPS increased by 16% year-over-year to $0.89. And lastly, we generated $189 million of cash flow from operating activities in the quarter and deployed $108 million of net CapEx.

在我們的歐洲運輸部門，本季調整後的 EBITDA 為 2,700 萬美元，企業調整後的 EBITDA 虧損 400 萬美元。縱觀全公司第四季度，我們報告的營業收入為 1.48 億美元，年增 24%，持續經營淨收入增長 31%，達到 7,600 萬美元，持續經營攤薄每股收益為 0.63 美元。經調整後，稀釋每股收益年增 16% 至 0.89 美元。最後，我們本季從營運活動中產生了 1.89 億美元的現金流，並部署了 1.08 億美元的淨資本支出。

Moving to the balance sheet. We ended the quarter with $246 million of cash on hand. Combined with available capacity under our committed borrowing facility, this gave us $757 million of liquidity. Our net debt leverage ratio at year-end was 2.5 trailing 12 months adjusted EBITDA. This is an improvement from 3 times at the end of 2023.

轉到資產負債表。本季結束時，我們的庫存現金為 2.46 億美元。加上我們承諾的借款額度下的可用能力，我們獲得了 7.57 億美元的流動資金。我們年末的淨負債槓桿率為過去 12 個月調整後的 EBITDA 2.5。這比 2023 年底的 3 倍有所提高。

While we remain committed to investing in our long-term growth initiatives, we expect LTL CapEx to moderate as a percent of revenue from the past two years of significant network expansion and additions to our fleet. With a lower CapEx profile and sustained earnings growth, we can generate higher levels of free cash flow, giving us greater flexibility to return capital to shareholders over time.

雖然我們仍然致力於投資於我們的長期成長計劃，但我們預計，由於過去兩年網路擴張和車隊增加，LTL 資本支出佔收入的百分比將有所下降。透過降低資本支出和持續的獲利成長，我們可以產生更高水準的自由現金流，讓我們能夠更靈活地隨著時間的推移向股東返還資本。

Before I close, I'll summarize this year's planning assumptions to help you with your models. For 2025, we expect total company gross CapEx of $600 million to $700 million. Interest expense of $220 million to $230 million, pension income of approximately $6 million and adjusted effective tax rate of 24% to 25% and a diluted share count of 120 million shares. These assumptions are included in our fourth quarter investor presentation.

在結束之前，我將總結今年的規劃假設，以幫助您建立模型。到 2025 年，我們預計公司總資本支出將達到 6 億至 7 億美元。利息支出為 2.2 億至 2.3 億美元，退休金收入約 600 萬美元，調整後有效稅率為 24% 至 25%，稀釋股數為 1.2 億股。這些假設包含在我們的第四季投資者報告中。

Now I'll turn it over to Ali, who will cover our operating results.

現在我將把時間交給阿里，他將介紹我們的經營績效。

Thank you, Kyle. I'll start with our LTL segment, which delivered another quarter of margin improvement and earnings growth. Our results were characterized by strong underlying trends and our volume outperformed the industry as a whole.

謝謝你，凱爾。我首先從我們的 LTL 部門開始，該部門又實現了利潤率的提高和盈利的增長。我們的業績表現出強勁的潛在趨勢，我們的銷量優於整個行業。

On a year-over-year basis, our shipments per day were down 4.4%, and our weight per shipment was down 1.3%, resulting in a 5.7% decline in tonnage per day. Within shipments per day, we grew volume from our local customer base year-over-year by high single digits. This is our highest margin business and an important part of our strategy. We expect to accelerate market share gains in our local channel this year.

與去年同期相比，我們每日的出貨量下降了 4.4%，每批貨物的重量下降了 1.3%，導致每日的噸位下降了 5.7%。在每日出貨量方面，來自本地客戶群的出貨量年增了個位數。這是我們利潤最高的業務，也是我們策略的重要組成部分。我們預計今年我們將加速擴大本地通路的市場佔有率。

On a monthly basis, our October tonnage per day was down 8%, November was down 4.1% and December was down 4%. Looking just at shipments per day, October was down 6.5%, November was down 4.3% and December was down 2%.

以月計算，我們10月份的日均貨運量下降了8%，11月份下降了4.1%，12月份下降了4%。僅從每日出貨量來看，10 月出貨量下降了 6.5%，11 月下降了 4.3%，12 月下降了 2%。

For January, tonnage was down 8.5% from the prior year with a 3-point impact from weather disruptions throughout the month. Excluding this impact, January tonnage per day was largely in line with seasonality. Our pricing trends remained strong throughout the quarter, reflecting our progress in aligning price with the value of our service and growing range of premium offerings. This is one of our most promising underlying trends. This enabled us to deliver another quarter of above-market pricing growth.

1 月份，貨運量較上年同期下降了 8.5%，其中全月天氣因素影響了 3 個百分點。除去此影響，一月日均運輸噸位基本與季節性相符。整個季度我們的定價趨勢仍然強勁，反映了我們在使價格與服務價值和不斷增長的優質產品範圍保持一致方面取得的進展。這是我們最有希望的潛在趨勢之一。這使我們能夠再實現一個季度高於市場的價格成長。

On a year-over-year basis, we grew fourth quarter yield ex-fuel by 6.3% and revenue per shipment by 5.8%. Importantly, we achieved sequential improvements in both yield growth and revenue per shipment from the third quarter as well as on a 2-year stack basis. We've now increased revenue per shipment sequentially in every quarter for two consecutive years, and we expect to accelerate yield growth in the current quarter, reflecting the ongoing momentum of our pricing initiatives.

與去年同期相比，我們第四季的燃油附加收益成長了 6.3%，每批貨物的收入成長了 5.8%。重要的是，我們從第三季開始，以及在兩年堆疊基礎上，實現了產量成長和每批出貨收入的連續改善。我們現在已經連續兩年每季的每批出貨收入都連續增加，並且我們預計本季的產量成長將加快，這反映了我們定價舉措的持續發展勢頭。

Turning to margin. We improved our fourth quarter adjusted operating ratio by 30 basis points year-over-year to 86.2%. Over the past two years, we've improved adjusted OR by a total of 410 basis points. Sequentially, our fourth quarter adjusted OR increased by 200 basis points, outperforming normal seasonal trends.

轉向保證金。我們將第四季調整後的營業比率年增了 30 個基點，達到 86.2%。在過去兩年中，我們已將調整後的 OR 總共提高了 410 個基點。與上一季相比，我們第四季的調整後 OR 增加了 200 個基點，表現優於正常的季節性趨勢。

We're driving this outsized margin expansion through a combination of yield growth, cost initiatives and productivity gains all facilitated by our proprietary technology. We've now delivered year-over-year OR improvement for five consecutive quarters and a historically soft rate environment. And not only did margin come in above our target range, we were the only public LTL carrier to expand margin in 2024 in trough of the cycle.

我們透過收益成長、成本計畫和生產力提高等多種方式來推動利潤率的大幅擴張，而這一切都得益於我們的專有技術。我們現在已經連續五個季度實現了同比 OR 改善，並且利率環境也達到了歷史最高水平。而且利潤率不僅超過了我們的目標範圍，我們還是唯一一家在 2024 年周期低谷中擴大利潤率的公共零擔運輸公司。

Moving to the European business. We made meaningful gains in the quarter against the soft macro backdrop. We increased segment revenue on a year-over-year basis for the sixth consecutive quarter, supported by strong pricing.

轉向歐洲業務。在宏觀經濟疲軟的背景下，我們在本季取得了有意義的成長。在強勁定價的支持下，我們連續六個季度實現分部營收年增。

In some key geographies like the UK, we increased adjusted EBITDA by double digits versus the prior year, reflecting disciplined cost control. And we grew our fourth quarter sales pipeline sequentially by high single digits, positioning our European business to accelerate results when the macro recovers.

在英國等一些主要地區，我們的調整後 EBITDA 較上年增長了兩位數，反映出嚴格的成本控制。我們的第四季銷售額環比成長了高個位數，使我們的歐洲業務在宏觀經濟復甦時能夠加速業績。

Before we go to Q&A, I want to summarize the key drivers behind the considerable outperformance we achieved in 2024 and how that enhances our market position. Our service quality is at record levels, and we expect our pricing initiatives to continue to drive above-market yield growth. We're just beginning to capture the massive pricing opportunity ahead of us.

在進入問答環節之前，我想總結我們在 2024 年取得出色業績的關鍵驅動因素，以及這如何提升我們的市場地位。我們的服務品質達到了創紀錄的水平，我們預計我們的定價舉措將繼續推動高於市場的收益成長。我們才剛開始抓住眼前巨大的定價機會。

We're also optimizing our cost structure by reducing linehaul outsourcing to historic lows and leveraging our technology to become more productive and cost efficient. And we remain intently focused on margin supported by our operational initiatives, investment in network capacity and compelling value proposition for customers. We've created a solid foundation for years of ongoing margin expansion with meaningful upside in a freight market recovery.

我們還透過將乾線運輸外包減少到歷史最低水平並利用我們的技術來提高生產力和成本效益來優化我們的成本結構。我們將繼續專注於透過營運舉措、網路容量投資和為客戶提供引人注目的價值主張來提高利潤。我們為多年持續的利潤率成長奠定了堅實的基礎，並且在貨運市場復甦的情況下具有顯著的上升空間。

Now we'll take your questions. Operator, please open the line for Q&A.

現在我們來回答大家的問題。接線員，請開通問答專線。

(Operator Instructions)

（操作員指令）

Ken Hoexter, Bank of America.

美國銀行的肯‧霍克斯特 (Ken Hoexter)。

Great. Good morning. Great job on the continued performance. You mentioned going to single digits on the in-sourcing. Maybe can you talk about where you are in that network 2.0, right? What other opportunities you can still see to continue to improve that cost base? Ali, you mentioned still room to go?

偉大的。早安.持續的表現非常出色。您曾提及內部採購的數量將降至個位數。也許您可以談談您在網路 2.0 中處於什麼位置，對嗎？您還看到哪些其他機會來繼續改善成本基礎？阿里，你剛才提到還有進步的空間嗎？

And then Mario, you've talked about the kind of different service level improvements that lead you to get that pricing long term. Can you talk about what you still see as the opportunity there to close that margin gap versus the industry leader that you kind of talked about in terms of using that price and what's left on that margin gain? Thanks.

然後馬裡奧，您談到了不同服務水平的改進，這些改進可以讓您長期獲得這種定價。您能否談談，就使用該價格以及利潤成長而言，您認為與行業領導者相比，還有哪些機會可以縮小利潤差距？謝謝。

Thanks, Ken. If you look at the -- I'll start with the latter part of the question, if you look at the opportunity ahead of us, a lot of it goes back to yield improvements. When we started our plan back in 2021, there was about 15 points of yield differential between us and best-in-class.

謝謝，肯。如果你看一下——我將從問題的後半部分開始，如果你看看我們面前的機會，你會發現很多機會都會帶來改進。當我們在 2021 年開始實施計劃時，我們與同類最佳產品的收益率差異約為 15 個點。

And over the last few years, we are now, call it, in the low teens in terms of margin opportunity or pricing opportunity ahead of us. And that there are three levers for us to capture the pricing opportunity, and that's going to lead to above-market yield growth like we saw here in 2024, and we expect that to be the case over the years to come.

而在過去幾年中，我們面臨的利潤機會或定價機會已經處於百分之十幾以下。我們有三個槓桿來抓住定價機會，這將帶來高於市場的收益率成長，就像我們在 2024 年看到的那樣，我們預計未來幾年情況仍將如此。

But that margin opportunity, the three levers are one, that continue with service improvement, but getting more and more from our customers, they want to do more business with us. And we are being able to -- about half that delta was driven by a better service for a longer period of time that we are now bridging over the years to come and the 5 year to 10 year runway of bridging that gap.

但是那個利潤機會，三個槓桿是一個，繼續改善服務，但從客戶那裡得到越來越多的東西，他們想與我們做更多的生意。而且我們能夠——大約一半的差距是由更長時間內更好的服務推動的，我們現在正在未來幾年內彌合這一差距，並在未來5年到10年內彌合這一差距。

The second category is around premium services. We mentioned this earlier, where last year, we launched a half a dozen or so premium services. And these are things that our customers are asking for, whether it's shipping into -- for a retail store rollout or shipping in an out of a trade show.

第二類是優質服務。我們之前提到過這一點，去年我們推出了六項左右的優質服務。這些都是我們的客戶所要求的，無論是運送到零售店還是運送出貿易展會。

And today, our store as a percent of revenue when we started the plan was about 10%, best-in-class is 15%, and in 2024, we were able to get 1 point of that delta, and we expect that the cadence to get a point over the next four years in terms of bridging that gap.

今天，我們啟動計劃時，商店佔收入的百分比約為 10%，同類最佳的是 15%，到 2024 年，我們能夠獲得 1 個點的增量，並且我們預計在未來四年內，在彌合這一差距方面，節奏將獲得一個點。

And the third area is around local accounts, not yet on when we saw the 20-or-so percent of our business was local accounts, come at a higher margin and higher yielding. And we've made tremendous progress in 2024. We've added more than 10,000 new local accounts and this was based on us hiring 25% more local centers. But that's the overall opportunity, think of it as being in the low teens of incremental yield improvement over the next 5 years to 10 years above what we're seeing in market yield growth.

第三個領域是本地帳戶，目前我們發現大約 20% 的業務來自本地帳戶，利潤率和收益率更高。我們在 2024 年取得了巨大進步。我們增加了 10,000 多個新的本地帳戶，這是基於我們僱用了 25% 以上的本地中心。但這是整體的機會，可以認為在未來5年到10年內，增量收益將比我們所看到的市場收益成長高出百分之十幾。

In third of linehaul in-sourcing. So we delivered our 2027 target three years ahead of plan, like we said we would. And we -- in the fourth quarter, we were a 10.7% outsourced, which was nearly 900 basis points of in-sourcing on a year-over-year basis.

在幹線運輸內部採購中排名第三。因此，我們像承諾的那樣，提前三年實現了 2027 年的目標。在第四季度，我們的外包率為 10.7%，與去年同期相比，內部外包率成長了近 900 個基點。

We expect that to be in the single-digit territory in 2025. So we're going to continue to in-source. Long-term opportunity, there will always be some residual we're going to keep as outsourced, probably in that mid-single-digit plus range as we exit next year. But importantly, can -- the reason why we are very excited about the outlook on this because usually, when the cycle turns, truckload rates go up as well. And this is going to help insulate our P&L and our margin performance and get higher incremental margins in the upcoming up-cycle versus compared to prior off cycles given the lower reliance on third-party truckload.

我們預計到 2025 年該數字將達到個位數。因此我們將繼續進行內部採購。從長期機會來看，我們總是會保留一些外包業務，大概在明年退出時的中等個位數以上的範圍內。但重要的是，我們對此前景感到非常興奮的原因是因為通常當週期轉變時，卡車裝載率也會上升。這將有助於保證我們的損益和利潤率表現，並且由於對第三方卡車的依賴較低，與先前的非週期相比，在即將到來的上升週期中獲得更高的增量利潤率。

Great, stuff. Thanks.

太棒了，東西。謝謝。

Jon Chappell, Evercore ISI.

喬恩‧查佩爾 (Jon Chappell)，Evercore ISI。

Thank you. Good morning. Ali, if I heard you correctly, you said expect yield to accelerate in the current quarter. So I just want to be clear, that 6.3% someone pointed out to me today probably the best pricing in any industrial company, let alone transport company in this environment. Do you expect that to be better than 6.3% in the first quarter? And if so, what does that translate to as far as sequential OR guide is concerned?

謝謝。早安.Ali，如果我沒聽錯的話，您說預計本季殖利率將加速上升。所以我只想明確一點，今天有人向我指出，6.3% 可能是任何工業公司的最佳定價，更不用說在這種環境下的運輸公司了。您預計該數字會比第一季的 6.3% 更好嗎？如果是這樣，那麼對於順序或指南而言，這意味著什麼？

So Jon, we do expect our yield growth to accelerate here in the first quarter relative to the 6.3% growth that we delivered in the fourth quarter, we would also expect our contract renewals to accelerate as well. And that's being driven by the initiatives that Mario just outlined as our service continues to improve, that's allowing us to earn a higher price. We're also making continued progress on improving our mix of premium services and local customers. And all of that is what's translating to that acceleration that we're seeing here in the first quarter.

因此，喬恩，我們確實預計第一季的收益率成長將相對於第四季 6.3% 的成長加速，我們也預期我們的合約續約也將加速。這是由馬裡奧剛才概述的舉措推動的，隨著我們的服務不斷改善，這使我們能夠賺取更高的價格。我們也正在不斷改善優質服務和本地客戶組合方面取得進展。所有這些都導致​​了我們在第一季看到的加速成長。

Now in terms of OR, we do expect a strong quarter from a margin performance standpoint here in the first quarter. Normal seasonality for us is for OR to deteriorate about 50 basis points from the fourth quarter to the first quarter and we expect to outperform seasonality. We also expect Jon, for OR to improve sequentially from Q4 to Q1, and that's going to be driven by the continued strength that we're seeing from both the yield side and the cost side as well.

現在就 OR 而言，我們確實預計第一季從利潤率表現來看將是一個強勁的季度。對我們來說，正常的季節性是 OR 從第四季到第一季下降約 50 個基點，我們預計其表現將優於季節性。Jon，我們也預計 OR 將從第四季度到第一季逐季改善，而這將受到我們從收益率和成本方面看到的持續強勁增長的推動。

And as I noted, our baseline expectation is for yield to accelerate here in the first quarter. Now from volume perspective, Q1 does tend to be a tougher quarter to predict given the weather impact and also the fact that the quarter tends to be more heavily weighted towards the month of March. And the magnitude of how much we're going to improve our OR sequentially into the first quarter will ultimately depend on how tonnage plays out through the rest of the quarter. However, we do expect to outperform seasonality even with the weather impact that we saw earlier in the quarter.

正如我所說，我們的基本預期是收益率在第一季將加速上升。現在從銷售角度來看，由於天氣影響以及該季度往往更多地受 3 月的影響，第一季確實往往是一個更難預測的季度。而我們在第一季中能夠將 OR 提高到何種程度，最終將取決於本季剩餘時間內噸位的表現。然而，即使本季早期受到天氣影響，我們仍預期業績表現仍將優於季節性因素。

That's great. Thanks, Ali.

那太棒了。謝謝，阿里。

Scott Group, Wolfe Research.

斯科特集團、沃爾夫研究公司。

Hey, thanks. Morning, guys. Just want to follow up there. Rather than looking sequentially, do you guys think you'll see margin improvement in the first quarter year-over-year? And then I know last year, you gave some full year guidance on the LTL operating ratio. I'm just curious if you have any thoughts in terms of how much improvement we can expect this year? Thank you.

嘿，謝謝。早安，大家。只是想跟進一下。如果以連續方式來看，你們認為第一季的利潤率會比去年同期增加嗎？然後我知道去年您對 LTL 營運比率給了一些全年指引。我只是好奇，您對今年我們能期待多大的進步有什麼看法？謝謝。

Scott, so for the first quarter, as Ali said, we typically see that deterioration from Q4 to Q1 and 50 basis points. We expect to outperform that. We expect to outperform also on a sequential basis to improve OR. Now getting on a year-on-year basis, there's a path for that, but we'll see what the rest of the quarter has in-store for us here as we execute in February and March.

史考特，對於第一季度，正如阿里所說，我們通常會看到從第四季度到第一季的惡化 50 個基點。我們期望表現優於此。我們期望在連續基礎上表現出色，從而提高 OR。現在從同比來看，這是有一條路徑可走，但我們會看看在二月和三月執行時本季度剩餘時間會給我們帶來什麼。

In terms of full year OR expectation, we do expect to have another strong year from both an OR improvement and earnings growth perspective. And this is despite continuing to be in a soft macro environment.

就全年 OR 預期而言，我們確實預計從 OR 改善和盈利增長的角度來看，今年將是另一個強勁的一年。儘管宏觀環境持續疲軟，但情況仍然如此。

Our baseline expectation is for OR to improve 150 basis points for the full year. High level, all the things I mentioned earlier on are all contributors from a yield perspective. We continue to do a great job in terms of the service product being excellent for our customers and being able to get yield flow through on that. We are ramping our premium services. A lot of these things, we launched through the course of the year. So we are building the pipeline and converting that pipeline. Of the local channel, we have our 24%, 25% more local sellers are now fully ramped up and we've onboarded more than 10,000 new local accounts.

我們的基本預期是 OR 全年將提高 150 個基點。從高層次來看，我之前提到的所有事情都是從收益角度做出貢獻的。我們將繼續出色地為客戶提供優質的服務產品，並由此獲得收益流。我們正在加強我們的優質服務。其中許多產品都是我們在今年內推出的。因此，我們正在建立管道並轉換該管道。在本地通路中，我們擁有 24% 到 25% 的本地賣家，並且已經全面啟動，並且已經吸收了超過 10,000 個新的本地帳戶。

On the cost side, the team -- a very as the team for that execution. We keep on doing a great job at managing labor to the volume we're seeing in the environment. We're in-sourcing linehaul faster than we've ever done before with our Road flex operation.

在成本方面，該團隊－一個非常適合執行的團隊。我們持續出色地管理勞動力，以滿足我們所見的環境需求。我們利用公路彈性運作以比以前更快的速度承接幹線運輸。

And ultimately, we have larger locations in many markets. We will end the quarter with 30% excess capacity, which is also going to help us. So if you look at all of these things, plus 50 basis points is the baseline that we expect for the improvement for the full year. And if we do see an inflection in demand and demand improves through the course of the year and we start seeing the up-cycle, there is upside to that number as well.

最終，我們在許多市場擁有更大的經營場所。本季末我們的產能過剩幅度將達到 30%，這也將對我們有所幫助。因此，如果考慮所有這些因素，再加上 50 個基點就是我們預計全年改善的基準。如果我們確實看到需求出現拐點，並且需求在一年內有所改善，我們開始看到上升週期，那麼這個數字也存在上升空間。

Appreciate it. Thank you, guys.

非常感謝。謝謝你們。

Thank you.

謝謝。

Chris Wetherbee, Wells Fargo.

富國銀行的克里斯‧韋瑟比。

Hey, thanks. Good morning, guys. I wanted to pick up on the pricing. So obviously, you guys have initiatives that are driving upside relative to what we're seeing in the market. But I guess, could you maybe walk us through kind of how these conversations are going? And kind of how you think you are realizing this relative outperformance. I guess volume obviously has been on the softer side, but pricing accelerating.

嘿，謝謝。大家早安。我想要了解一下價格。顯然，你們採取的措施正在推動市場向好的發展。但我想，您能否向我們介紹一下這些對話的進展？以及您如何看待自己實現這種相對優異的表現。我認為交易量顯然比較疲軟，但價格卻在上漲。

I guess as you break that down and think about the conversations with customers. What are the key points that are sort of allowing you to continue to outperform? And maybe how do you think about the sustainability of that through 2025?

我想，當您將其分解並思考與客戶的對話時。哪些關鍵點可以讓您繼續表現出色？您認為到 2025 年這股趨勢能否持續下去？

So when you look, Chris, at the conversation with customers, not all of our pricing is coming in from price increases to customers. So a lot of it is coming from the mix dynamic of having more local business, and we're being able to onboard that business and grow it. And it's also coming by giving the customers an incremental services that they are asking for. And these incremental services obviously made a cost for us, but higher yield and higher margin as well.

因此，克里斯，當你觀察與客戶的對話時，你會發現，我們的定價並非全部來自於對客戶的價格上漲。因此，許多都來自於擁有更多本地業務的混合動態，並且我們能夠納入這些業務並使其發展。它還將向客戶提供他們所要求的增量服務。這些增量服務顯然為我們帶來了成本，但同時也帶來了更高的收益和更高的利潤。

And they appreciate that tremendously when you think about areas like shipping into retail stores and being able to have 1,000 shipments going to multiple retailers all at the same time and meeting those expectations. All of that is really constructive for customers.

當您想到運送到零售店等領域，並且能夠同時將 1,000 批貨物運送到多個零售商並滿足這些期望時，他們對此非常感激。所有這些對於客戶來說都是非常有建設性的。

And similarly, on the service product, keep in mind that we still have a big gap between us and the best-in-class provider. So we are bridging the difference in that gap. So the way we think high level about pricing is that you want to price incrementally typically higher than cost inflation by 100 basis points to 200 basis points, and there's always upside to that through all the things I just mentioned.

同樣，在服務產品方面，請記住，我們與一流的供應商之間仍然存在很大的差距。因此，我們正在彌合這一差距。因此，我們在定價方面的高層思維是，您希望定價逐步上升，通常比成本通膨高出 100 個基點到 200 個基點，而且透過我剛才提到的所有因素，這種定價總是有上行空間的。

Okay. That's helpful. One quick follow-up. I think you noted 1Q tonnage in line with normal seasonality. What do you guys see as normal seasonality for 1Q tonnage?

好的。這很有幫助。快速跟進一次。我認為您注意到第一季的噸位符合正常的季節性。你們認為第一季的噸位季節性變化正常嗎？

So Chris, typically, what you'll see is that tonnage is about flattish sequentially from Q4 to Q1. So if you roll forward normal seasonality here, that would imply tonnage down somewhere in that mid-single-digit plus range on a year-over-year basis. a few points better on a year-over-year basis relative to what we saw in the month of January.

克里斯，通常你會看到，從第四季到第一季度，噸位數量大致持平。因此，如果將正常的季節性因素考慮進來，就意味著噸位將同比下降至中等個位數以上的範圍。與 1 月相比，年比上漲了幾點。

And as we noted earlier, March does have an outsized impact on the quarter overall. So we'll see how the rest of the quarter plays out. And as normal, we'll give another update on our February volume trends in early March.

正如我們之前提到的，三月確實對整個季度產生了巨大影響。因此，我們將看看本季剩餘時間的表現如何。和往常一樣，我們將在三月初再次更新二月的交易量趨勢。

Tom Wadewitz, UBS.

瑞銀的湯姆‧韋德維茲 (Tom Wadewitz)

Yeah. Good morning, and great to see the continued strong execution. Wanted to see if you could give a couple of thoughts on just maybe competitive dynamic in local. I guess I'm kind of thinking about what's going on with FedEx Freight, and you're going to invest in a couple of hundred salespeople. Maybe that's just been offset to a selling before. But I wonder, are you seeing other LTLs invest more in local? Is there any change in competitive dynamic or is that kind of a clean runway for you to keep leveraging that investment you made and continuing to see that mix improve in terms of just high single-digit growth in that area?

是的。早上好，很高興看到繼續強勁的執行力。想看看您是否可以就當地的競爭動態提出一些看法。我想我正在思考聯邦快遞貨運的情況，你要投資幾百名銷售人員。或許這只是被之前的銷售抵銷了。但我想知道，您是否看到其他 LTL 在本地進行更多投資？競爭態勢是否發生了變化？ 或者這是否為您提供了一條清晰的跑道，讓您能夠繼續利用所做的投資，並繼續看到該組合在該領域以高個位數增長的形式得到改善？

Well, first, starting with the spin of a competitor. I mean, they are a competitor today, they'll be a competitor tomorrow. We do believe high level being a stand-alone NPL carrier only reinforces the great dynamics in our industry because one of our most important scorecards as a carrier is margin improvement over time, which predominantly LTL is driven by yield performance.

嗯，首先，從競爭對手的旋轉開始。我的意思是，他們今天是競爭對手，明天仍將是競爭對手。我們確實相信，作為一家獨立的不良貸款承運商，高水準只會增強我們行業的巨大活力，因為作為承運商，我們最重要的記分卡之一是隨著時間的推移利潤率的提高，而 LTL 主要是受收益率表現的驅動。

So again, we don't expect things to change there drastically. Now when you look at the competitiveness for the local business, I mean we compete today with all the carriers out there. I would go to supervise the best service possible. I always tell the team with a customer-loving organization and every interaction we have with the customer, we want it to be an interaction of the light.

因此，我們再次強調，我們並不認為那裡的情況會發生劇烈的變化。現在，當你看看本地業務的競爭力時，我的意思是我們今天正在與所有運營商競爭。我會去監督提供盡可能最好的服務。我總是告訴團隊，我們要熱愛客戶，我們希望與客戶的每一次互動都是光明的互動。

And when you think of a local mom and pop shop, this is what they want. They want a great relationship with their local seller. They want to make sure that we're going to go through anything we can to make sure they are getting a great experience with us, and that pays dividends over time. Similarly, we have added more salespeople to the team. It's a combination of, again, more boots on the ground and hence the create service product is what is enabling us to grow in that channel.

當你想到當地的夫妻店時，這就是他們想要的。他們希望與當地賣家建立良好的關係。他們希望確保我們盡一切努力確保他們在與我們合作時獲得良好的體驗，並且隨著時間的推移，這將帶來回報。同樣，我們也為團隊增加了更多的銷售人員。再次強調，這是更多實地人員的結合，因此創建的服務產品使我們能夠在該管道中實現成長。

Okay. And in terms of the -- I guess, the incremental margins you mentioned, you'd expect stronger performance without the headwind of stronger -- higher truckload rates when the cycle improves, right? So how do you maybe just refresh on what the right area is for incremental margins? And what can it be if you really see the cycle move you see weight to and improve and pricing accelerate all that. So thanks for the time.

好的。就您提到的增量利潤而言，當週期改善時，您會期望在沒有更強勁的逆風（更高的卡車裝載率）的情況下獲得更強勁的表現，對嗎？那麼您要如何刷新一下增量利潤的正確區域呢？如果你真正看到週期變動，你會看到重量增加、改善以及定價加速所有這一切，那會怎麼樣？感謝您抽出時間。

Tom, it's Kyle. So when you think about incremental margins, we would expect '25 to be another strong year of incremental margins, comfortably above 40%. That's really where we've been tracking more recently. And if you think about why we can drive that, it's really, as we've talked about earlier on the call, it's a lot of the yield strength that can contribute to the top line growth. And obviously, if you're driving top line with higher yield, that will have strong flow-through.

湯姆，我是凱爾。因此，當您考慮增量利潤率時，我們預計 25 年將是增量利潤率又一個強勁的一年，輕鬆超過 40%。這確實是我們最近一直在追蹤的地方。如果你思考我們為什麼能夠實現這一目標，你會發現，正如我們早些時候在電話會議上討論的那樣，大量的收益率可以促進營收成長。顯然，如果您以更高的收益率推動營收成長，那麼就會有強勁的流通。

And as Mario mentioned, you think about the yield initiatives being in the early innings, whether it's growing local or driving more premium services in strong renewals. That will really help us drive strong incremental margins here in '25. And again, I think the other point, too, when you think about us is as the demand network recovers right now, we're in a great position to really pull in more of that volume. Again, we're going to have up to 30% of additional capacity right now, that's really going to help us capture more of that volume. And that volume coupled with strong pricing will help drive strong incremental margins in '25.

正如馬裡奧所提到的，您認為收益計劃尚處於早期階段，無論是本地增長還是在強勁續約中推動更多優質服務。這將真正幫助我們在25年實現強勁的增量利潤。而且，我認為另一點是，當你想到我們時，隨著需求網路現在的恢復，我們處於一個非常有利的位置，可以真正吸引更多的流量。再說一次，我們現在將擁有高達 30% 的額外容量，這確實有助於我們獲得更多的容量。這樣的數量加上強勁的定價將有助於推動25年利潤率的強勁增量。

Jordan Alliger, Goldman Sachs.

高盛的喬丹·阿利格（Jordan Alliger）。

Yes. Maybe just following a little bit. Can you give some thought -- a lot of talk has been on yield and what have you. Can you give a little bit of thought on as we roll into this year, perhaps some positive signals from ISM? Any sense from customer sentiment perspective around demand and perhaps some optimism? And then sort of secondly, the 150 basis points of OR improvement, any sense for what sort of your base level volume expectation would be to sort of center in on that? Thanks.

是的。也許只是稍微跟隨一下。您能否考慮一下——很多人都在討論收益以及您有什麼問題。您能否稍微談談今年 ISM 是否會發出一些正面訊號？從客戶情緒角度來看，對需求和樂觀情緒有什麼看法嗎？其次，對於 150 個基點的 OR 改進，您是否認為您的基準水平交易量預期將以此為中心？謝謝。

Yes, I'll first start with the customer demand outlook and then turn it over to Kyle to discuss the -- some of the outlook through the course of the year. But on the customer side, we are hearing more possibility from customers than we have in the past. I mean, obviously, for us, the 150 basis points does not imply a recovery through the course of 2025, but that could be potential upside.

是的，我將首先從客戶需求前景開始，然後交給凱爾來討論今年的一些前景。但在客戶方面，我們從客戶那裡聽到的可能性比過去更多。我的意思是，顯然對我們來說， 150 個基點並不意味著 2025 年期間的復甦，但這可能是潛在的上行空間。

Now as you know, we typically survey customers on a quarterly basis. Some of our top customers to ask on what they're seeing in the overall macro. And the majority expect a gradual improvement in demand this year. Just to give you an example, we saw a 10-point increase in the percentage of customers that expect an acceleration in demand in '25 versus what the survey we have done three months ago.

如您所知，我們通常每季對客戶進行一次調查。我們的一些頂級客戶詢問他們對整體宏觀的看法。大多數人預計今年的需求將逐步改善。舉個例子，與三個月前進行的調查相比，我們發現預計 25 年需求將加速的客戶比例增加了 10 個百分點。

And for the first half of the year, half the customers respond that they expect an acceleration in demand, while only 15% expect a deceleration. And if you go back three months ago, it was -- there was a bigger portion of flat customers and then the acceleration versus deceleration would about even.

對於上半年，一半的客戶表示預計需求將加速，而只有 15% 的客戶預期需求將減速。如果你回顧三個月前，情況是這樣的 - 持平的客戶比例更大，加速與減速的比例大致相等。

So we are seeing much more optimism. As you said, we're all seeing it in the ISM. Today, 2/3 of our customers are industrial companies. And we've seen the ISM here pop over 50 in the month of January. Importantly, we have seen the new orders part of that ISM index get to 55, and all of these are very good leading indicators for higher industrial demand over time. Again, we can't -- obviously, we can't control the macro, and we see what the year has been sold, but we are hearing more optimism from customers.

因此我們看到了更多的樂觀情緒。正如您所說，我們都在 ISM 中看到了這一點。如今，我們的客戶中有2/3都是工業公司。我們看到，1 月 ISM 指數突破了 50。重要的是，我們已經看到 ISM 指數的新訂單部分達到 55，所有這些都是隨著時間的推移工業需求增加的非常好的領先指標。再說一遍，顯然我們無法控制宏觀，我們看到的是今年的銷量，但我們從客戶那裡聽到了更多樂觀的看法。

And Jordan, if you think about tonnage and how we think about that for 2025, our baseline expectation that we're contemplating in the OR improvement is really flattish tonnage in '25. So any improvement in underlying demand backdrop should be upside to that. Again, when you think about tonnage, our expectation is to outperform, thinking about our service improvements, getting the damage claim here to 0.2% reflects that. And we're also continuing to make gains in local channels where we talked about on the call.

喬丹，如果你考慮噸位以及我們對 2025 年的看法，我們在 OR 改進中考慮的基準預期是 25 年的噸位實際上持平。因此，潛在需求背景的任何改善都應該是有利的。再者，當你考慮噸位時，我們的期望是表現出色，考慮到我們的服務改進，將這裡的損害賠償主張降至 0.2% 就反映了這一點。我們也持續在電話會議中談到的本地管道取得進展。

You think about that, coupled with, again, having upwards of 30% excess capacity, we're in a great position to capitalize on the demand recovery when that happens. But our baseline expectation for '25 in the outlook is a flattish fund expectation.

想想看，再加上我們擁有超過 30% 的過剩產能，當需求復甦時，我們就處於一個非常有利的位置來利用它。但我們對 25 年前景的基本預期是基金預期持平。

Brian Osenbeck, JPMorgan. .

摩根大通的 Brian Osenbeck。。

Hey, good morning. Thanks for taking the question. So maybe just a quick follow-up on the incremental margins. Can you talk a little bit about the ramp-up of the new facilities. It looks like you sold one in Brooklyn. But is that still above (inaudible) how are those progressing?

嘿，早安。感謝您回答這個問題。因此，也許只是對增量利潤進行快速跟進。能否簡單談一下新設施的建設？看起來你在布魯克林賣了一個。但這仍然高於（聽不清楚）進展如何？

And then just a separate comment question. Obviously, the MFDA is moving to change how some of the classes are organized and categorized. I'm assuming that you're dimensioning a lot of stuff already, but given your high exposure to SMBs, I'm not quite sure if there are any for such a change. So maybe you can talk through a little bit about what that means for the super base and if there's going to be any sort of friction disruption or confusion there? Thank you.

然後只是一個單獨的評論問題。顯然，MFDA 正在改變某些課程的組織和分類方式。我假設您已經對很多東西進行了尺寸測量，但考慮到您對 SMB 的高度了解，我不太確定是否有這樣的變化。那麼您是否可以稍微談一談這對超級基地意味著什麼，以及是否會出現任何摩擦、中斷或混亂？謝謝。

Thanks, Brian. I'll start with the latter half of the question turn it over to Kyle to talk about the real estate side. But when you look at the changes that are coming here in the month of July, the NMSDA is implementing -- effectively changes how freight is getting classified, where it's based on subcategories of products, where density could change the class by which freight is being rated. So that's a change for customers and a lot of customers are worried about that change.

謝謝，布萊恩。我將從問題的後半部分開始，交給凱爾談談房地產方面的問題。但是，當您看到 7 月即將實施的變更時，您會發現，新墨西哥州運輸發展局 (NMSDA) 正在實施——實際上改變了貨運的分類方式，現在貨運的分類以產品子類別為基礎，而貨運密度可能會改變對貨運的評級標準。這對客戶來說是一個變化，許多客戶對這種變化感到擔憂。

But overall, if you look at -- we analyze all of our shipment data where some customers could have a slightly higher price, some customers could have a slightly lower price. But overall, we don't expect the change to be material in terms of how we do, how we do pricing.

但總的來說，如果你看一下——我們分析了所有的發貨數據，你會發現有些客戶的價格可能會略高一些，有些客戶的價格可能會略低一些。但總體而言，我們預計我們的經營方式和定價方式不會發生重大變化。

And our goal is to be there to support our customers through the change, and we're doing a lot of outreach communication, training, all these kind of pieces where they will see impact. On dimensioning, we -- today, we mentioned the majority of our freight. We use a combination of overhead dimensioners, think we have technology on the handheld devices that our drivers can dimension freight at the dock of customers. And we also obviously get the dimensions from customers as well. So we use that dimension data and work with our customers to make sure it's a smooth change for them, and it doesn't impact that operation either.

我們的目標是幫助客戶順利度過變革，我們正在進行大量的外展溝通、培訓等工作，希望他們能看到這些影響。關於尺寸，今天，我們提到了我們的大部分貨物。我們使用多種高架尺寸測量儀，認為我們擁有手持設備技術，我們的司機可以在客戶的碼頭測量貨物的尺寸。顯然，我們也從客戶那裡獲得了尺寸資訊。因此，我們使用該維度資料並與客戶合作，以確保對他們來說這是一個平穩的轉變，並且不會影響該操作。

Brian, if you think about the real estate, in the quarter, we did have a gain. That gain was driven by the Brooklyn site. So we completed the sale of Brooklyn, and we opened a large and really better-located facility in the same market. And if you think about what that means, this is part of the overall plan that we had when we acquired the sites at the end of '23. So a little less than half of those sites we acquired are going to be net adds. So there are going to be some service centers we're going to exit.

布萊恩，如果你考慮房地產，那麼在本季度，我們確實有所盈利。這一增長主要得益於布魯克林工廠。因此，我們完成了布魯克林的出售，並在同一市場開設了一家大型且位置更優越的工廠。如果你思考一下這意味著什麼，這就是我們在 23 年底收購這些場地時所製定的整體計畫的一部分。因此，在我們所收購的網站中，略少於一半的網站將成為網路增值網站。因此我們將要退出一些服務中心。

And from those, some are lease properties, we're going to let those roll off or will sublease at favorable terms. And then on the owned property side, we're still working through divestiture plan, starting there with Brooklyn, which is a good thing. But when you think about what that means for '25, it's very assume we're going to get some level of proceeds in '25 and gains. It's a bit early to quantify and provide a timing for those, but you'll see those will be refreshed in '25.

其中有些是租賃物業，我們會將其轉讓或以優惠條件轉租。在自有資產方面，我們仍在製定資產剝離計劃，從布魯克林開始，這是一件好事。但當你考慮這對 25 年意味著什麼時，你會發現我們很可能會在 25 年獲得一定程度的利益和利益。現在量化並提供這些時間還為時過早，但您會看到這些將在'25 年更新。

And one point in context to give to, when you think about what we've marketed so far, we are seeing interest from companies outside of LTL. Brooklyn is an example actually eased by a non-LTL company. So more come here throughout '25.

關於背景，需要指出的是，當你考慮到我們迄今為止行銷的產品時，我們發現 LTL 以外的公司也對我們感興趣。布魯克林實際上是由非零擔運輸公司緩解的一個例子。因此，25 年間會有更多的人來到這裡。

Jason Seidl, TD Cowen.

傑森·塞德爾（Jason Seidl），TD Cowen。

Thanks. (inaudible) Mario and team, good morning. Appreciate the time. You guys have a big focus on local customers. Maybe you could help us out with some numbers. Where do they stand when you compare them to sort of national customers in terms of profitability? And what percent of the business are they now? And where do you think you can get them to?

謝謝。（聽不清楚）馬裡奧和團隊，早安。珍惜時間。你們非常關注本地客戶。也許您可以幫我們找一些數字。與全國客戶相比，他們的獲利能力如何？現在他們佔據了多少業務份額？您認為您可以把它們送到哪裡？

Good morning, Jason, this is Ali. So we're looking -- we're looking to grow our local channel mix from roughly about 20% of revenue to 30%-plus over time. And this is both higher-yielding and higher-margin business for us. We're making a lot of good progress on this. You saw in the fourth quarter, we grew our local shipments by high single digits on a year-over-year basis.

早安，傑森，我是阿里。因此，我們希望隨著時間的推移，將本地通路組合的收入從約 20% 增加到 30% 以上。對我們來說，這是收益更高、利潤更高的業務。我們在這方面取得了很大進展。您可以在第四季度看到，我們的本地出貨量年增了個位數。

As Mario noted, we also onboarded over 10,000 new local customers in 2024. If you look at our mix currently, we're somewhere in the low 20% range. So we've closed a few points of that gap from going from 20% of revenue to 30%, and we would expect as we move out over the next few years, you will see us call a few hundred basis points of that revenue mix gap every single year as we move to growing our mix to that 30% target we have over the next few years and beyond.

正如馬裡奧所說，我們還在 2024 年吸收了超過 10,000 名新本地客戶。如果您看一下我們目前的組合，我們處於 20％ 的較低範圍內。因此，我們已經將這一差距縮小了幾個基點，從收入的 20% 增加到了 30%，並且我們預計，在未來幾年內，隨著我們逐步將收入組合差距縮小幾百個基點，我們將在未來幾年及以後將收入組合擴大到 30% 的目標。

No, that's good color. A quick follow-up. Mario, you said the networks at 30% excess capacity currently. Given the network that you have now versus where it was before, where do you think excess capacity sort of needs to be to be at an optimal level for your operations?

不，那顏色很好。快速跟進。馬裡奧，您說目前網路容量過剩 30％。鑑於您現在的網路與以前的網路相比，您認為過剩產能需要達到什麼程度才能使您的營運達到最佳水平？

We are So usually, as an LTL, Jason, you want to be at that 30% excess capacity at the trough of the cycle because usually, you need about called mid-teens and excess capacity for the fluctuation of volume between the beginning of the month and the end of the month or at the beginning of the quarter and the end of the quarter. So effectively, being at 30% in the trough is a very good place to be at.

所以通常，作為一家 LTL 公司，Jason，你希望在周期的低谷時擁有 30% 的過剩產能，因為通常情況下，你需要大約所謂的十幾歲的過剩產能來應對月初和月底之間或季度初和季度末之間的運量波動。因此實際上，處於 30% 的低谷是一個非常好的位置。

Now keep in mind, when we purchased the service centers at the end of 2023, we picked all the locations where we historically were capacity constrained, think of markets like Nashville, Tennessee, Atlanta, Georgia, Columbus, Ohio, and Minneapolis, Houston, Texas. So all of these are sites that are areas that when we needed that incremental capacity.

請記住，當我們在 2023 年底購買服務中心時，我們選擇了所有歷史上容量受限的地點，例如納許維爾、田納西州、亞特蘭大、喬治亞州、哥倫布、俄亥俄州和明尼阿波利斯、德克薩斯州休斯頓等市場。所以所有這些站點都是我們需要增加容量的區域。

And now we've got it. So when you think about the next up-cycle, we are positioning -- we've been positioning the business for the last few years to be able to capitalize on that very effectively. And if you look at all the categories in real estate, we're feeling fantastic where we are.

現在我們得到它了。因此，當您考慮下一個上升週期時，我們正在定位——過去幾年我們一直在定位業務，以便能夠非常有效地利用這一點。如果你看看房地產的所有類別，你會發現我們目前的狀況非常好。

On rolling stock, our fleet age is down to 4.1 years. We've added nearly 5,000 new trucks and more than 15,000 new trailers over that period of time. And we're feeling very good about being able to capitalize on that.

就機車車輛而言，我們的車隊年齡已降至 4.1 年。在此期間，我們增加了近 5,000 輛新卡車和超過 15,000 輛新拖車。我們很高興能夠利用這一點。

You couple this with a lower reliance on purchase transportation, which usually goes up in the context of an up cycle. This gives us kind of confidence of getting high incremental margins, as Kyle just mentioned, in future up cycles. Whenever the up-cycle starts, will be this year.

再加上對購買運輸的依賴降低，而購買運輸的依賴通常會在上升週期中上升。正如 Kyle 剛才提到的，這讓我們對在未來的上升週期中獲得較高的增量利潤率充滿信心。無論何時上升週期都會從今年開始。

Hi. Sorry, I couldn't hear that. I guess first question is obviously getting a lot of benefit in the OR from yield, but cost is contributing as well. Just, Mario, could you address some of your initiatives there? Where are you? What inning essentially, is there a lot more opportunity to go in areas such as dock operations, XPO Smart Pickup delivery optimization? Thanks.

你好。抱歉，我沒聽清楚。我想第一個問題顯然是從 OR 的收益中獲得了很多好處，但成本也有所增加。馬裡奧，你能談談你的一些舉措嗎？你在哪裡？從本質上講，在碼頭營運、XPO Smart Pickup 交付優化等領域是否還有更多機會？謝謝。

You got -- so there are two primary levers for improvements in cost management that we have. One is around labor efficiency and density in our linehaul network. So it ties to how many labor hours we're using versus the volume we have in the network.

所以，我們有兩個主要槓桿來改善成本管理。一是關於我們幹線運輸網路的勞動效率和密度。因此，它與我們使用的工時數與我們在網路中的工時量有關。

And the second area is around third-party linehaul in-sourcing. When it comes to labor efficiency, as you know, our technology is proprietary and we have tools like smart that use AI to predict what demand is going to look like. and then being able to help our operators in the field getting this real-time visibility in terms of when and where they need those labor hours to support the volume.

第二個領域是第三方幹線運輸外包。說到勞動效率，如您所知，我們的技術是專有的，我們擁有智慧等工具，可以使用人工智慧來預測需求。然後能夠幫助我們的現場操作員即時了解何時何地需要這些人工來支援產量。

In our business in LTL, if you're overstaffed, it's not good. And if you understaffed, it's not good because you won't be able to deliver the service for the customer. So being able to forecast how much people you need and how many hours you need on a dock or in the city is incredibly important. And our technology is helping us with that.

在我們的零擔業務中，如果人員太多，那就不好了。如果人手不足，那就不好了，因為您將無法為客戶提供服務。因此，能夠預測需要多少人以及需要在碼頭或城市中工作多少小時非常重要。我們的技術正在幫助我們實現這一點。

And we're going back to your question on what inning we are in, we do expect on a consistent basis over the next few years as we execute on our plan to improve productivity in that low single-digit territory on an annual basis as we keep on improving productivity as we go along.

我們回到你關於我們處於什麼階段的問題，我們確實期望在未來幾年內能夠持續提高生產力，因為我們將執行計劃，每年在低個位數領域內提高生產力，同時我們會在前進的過程中不斷提高生產力。

The second area is a linehaul in-sourcing. And we've made tremendous progress on that. We are 3 years ahead of line here exiting 2024 and going into 2025. For this year, we expect another strong year for in-sourcing. Our baseline expectation is that for the full year, we would be in the mid- to high single-digit outsource but exit the year in the mid-single digit plus territory, and that's going to help us, again, insulate our P&L from truckload is going up in the up-cycle.

第二個領域是幹線運輸內部採購。我們在這方面取得了巨大進展。我們比原計劃提前了 3 年，從 2024 年到 2025 年。我們預計，今年將是內部採購另一個強勁發展的一年。我們的基本預期是，就全年而言，我們的外包收入將處於中高個位數，但年底的收入將達到中個位數以上的水平，這將再次幫助我們避免在上升週期中卡車裝載量上漲對損益的影響。

Great. Thanks. Appreciate that. And just 10% of EBITDA, but still meaningful in the story. Just a little bit more elaboration on Europe. It sounds like the UK was great. But if you could just speak to what sounds like outperformance across the region, with a little bit more level of detail? Thanks.

偉大的。謝謝。非常感謝。雖然 EBITDA 僅為 10%，但在故事中仍然很有意義。稍微詳細闡述歐洲。聽起來英國很棒。但您是否可以更詳細地講一下該地區的優異表現？謝謝。

Yes, if you think about Europe, I mean, I think as you said, the Europe is outperforming the overall market. And if you think about it from a top line perspective, we grew our year revenue for the sixth consecutive quarter. That was really supported by stronger pricing. And if you think about which regions you're driving it for us, it's really the UK. I mean the UK had organic growth of 14% year-on-year.

是的，如果你考慮歐洲，我的意思是，我認為正如你所說，歐洲的表現優於整體市場。如果從營收角度考慮，我們的年收入已連續六個季度成長。這確實受到了更高定價的支持。如果您想想您為我們推動的是哪些地區，那確實是英國。我的意思是英國的有機成長率達到了 14%。

If you go across the market, France is a bit softer on a relative basis, and that's consistent with some of the macro indicators we've seen. If you think about the PMI, that's been weaker in recent months. So there's probably slower overall manufacturing activity there. We think we're well positioned for an eventual improvement in the demand backdrop. And again, if you think about our sales pipeline right now, it's at record levels at $1.2 billion. So -- and we've also tried to focus on rightsizing the cost structure.

如果你觀察整個市場，你會發現法國相對來說稍微疲軟一些，這與我們看到的一些宏觀指標一致。如果你看一下 PMI，你會發現近幾個月來 PMI 一直在走弱。因此那裡的整體製造業活動可能比較緩慢。我們認為，我們已做好準備，最終改善需求環境。再說一次，如果你考慮我們現在的銷售管道，它已經達到了創紀錄的 12 億美元。所以——我們也試著集中精神調整成本結構。

Now if we kind of move forward, we do think '25 can be a stronger year for them. We think EBITDA, if you think about it on a constant currency basis, it should be up somewhere in that low single-digit range from '24. And it's a good outcome given some of the pressure they're seeing right now in Europe.

現在，如果我們繼續前進，我們確實認為 25 年對他們來說會是更強勁的一年。我們認為，如果以固定匯率計算，EBITDA 應該會從 24 年開始上升到個位數的低點。考慮到他們目前在歐洲面臨的壓力，這是一個很好的結果。

Daniel Imbro, Stephens.

丹尼爾伊姆布羅、史蒂芬斯。

Hey, good morning, everybody. Thanks taking our question. Maybe, on the LTL side, weight per shipment did decline a bit sequentially. Ali, some of your peers saw some strength there. So curious if you could talk about maybe what drove that sequential softness what you're expecting this year from a weight per shipment standpoint, especially if we see industrial begin to recover? And then I wanted to clarify on the OR outlook. The 150 basis points of improvement. Is that including the gain on sale here in 4Q? Or is it 150 basis points excluding that gain in 4Q '24? Thanks.

嘿，大家早安。感謝你回答我們的問題。也許，就零擔運輸而言，每批貨物的重量確實比上季下降了一點。阿里，你的一些同行看到了那裡的一些力量。我很好奇，您能否談談是什麼導致了這種連續的疲軟？然後我想澄清一下 OR 的前景。150 個基點的改進。這包括第四季的銷售收益嗎？還是除去 24 年第四季的收益後是 150 個基點？謝謝。

So Daniel, I'll take the second part first. So our OR does not include real estate gains. So when you think about that 150 basis points that we're expecting for the full year, that does not assume any sort of benefit from real estate gains.

那麼丹尼爾，我先講第二部分。所以我們的 OR 不包括房地產收益。因此，當您想到我們預計全年將成長 150 個基點時，我們並未假設房地產收益會帶來任何好處。

Now on the weight per shipment side, if you look at the fourth quarter, our weight per shipment was down about 1.3% on a year-over-year basis. That was a modest sequential decline, as you noted, versus the third quarter. However, that was largely in line with seasonality as well as in line with our expectations for the quarter.

現在就每批貨物的重量而言，如果你看第四季度，我們每批貨物的重量比去年同期下降了約 1.3%。正如您所說，與第三季度相比，這是一個適度的連續下降。然而，這在很大程度上符合季節性，也符合我們對本季的預期。

Now if you just roll forward seasonality into the first quarter, which is our baseline expectation for weight per shipment, it would imply weight per shipment being down on a year-over-year basis, a similar magnitude to what we saw in the fourth quarter. And for the full year, if you continue to assume seasonality through the balance of the year, it would imply on a full year basis that weight per shipment will be flattish for the year as a whole.

現在，如果將季節性因素向前推到第一季度，這是我們對每批貨物重量的基本預期，那就意味著每批貨物的重量將同比下降，與我們在第四季度看到的幅度相似。而對於全年而言，如果繼續假設季節性會在全年平衡中發揮作用，那麼從全年來看，這將意味著全年每批貨物的重量將保持平穩。

I understand the future OR doesn't include gains on sale, but does the base we're growing up of include the gain on sale from this past 4Q or not?

我理解未來的 OR 不包括銷售收益，但是我們成長的基礎是否包括過去第四季的銷售收益？

It does not, Daniel. When we report our OR, so you think about the 86.2% in the fourth quarter, that does not include real estate gains in it. So it's coming off of a base that includes -- that does not include real estate.

事實並非如此，丹尼爾。當我們報告 OR 時，您會想到第四季度的 86.2%，其中不包括房地產收益。所以它的基礎包括—但不包括房地產。

Perfect. Thank you.

完美的。謝謝。

Eric Morgan, Barclays.

巴克萊銀行的艾瑞克摩根 (Eric Morgan)。

Hey, good morning. Thanks for taking my question. I guess I wanted to follow up on the weight per shipment question there. Is there any way to quantify what the impact of that is on your yields that you're realizing in the business? And -- if we go -- if we do get into an up-cycle here, where do you think weight per shipment can go? And should we assume that, that kind of has some moderating effect on the yield that you're able to generate here? Thanks.

嘿，早安。感謝您回答我的問題。我想我想跟進有關每批貨物重量的問題。有什麼方法可以量化這對您在業務中實現的收益的影響嗎？而且 — 如果我們 — 如果我們確實進入上升週期，您認為每批貨物的重量會上升到什麼程度？我們是否應該假設，這會對您在這裡能夠產生的收益產生某種調節作用？謝謝。

So Eric, when you think about weight per shipment, we wouldn't expect it to be a swing factor as we think about our yield outlook. We do expect, as we noted, yields to accelerate here in the first quarter on a year-over-year basis. And that acceleration is being driven by underlying improvement in core pricing that we're seeing, but we also expect contract renewals to accelerate here in the first quarter as well.

因此，艾瑞克，當你考慮每批貨物的重量時，我們不會認為它會成為影響收益前景的因素。正如我們所指出的，我們確實預計第一季收益率將同比加速上升。這種加速是由我們看到的核心定價的潛在改善所推動的，但我們也預計第一季的合約續約也會加速。

So when you think about yield, largely flattish on a year-over-year basis for the full year. So as we think about our strong pricing growth that we expect this year won't be impacted by weight per shipment, either positive or negative.

因此，當您考慮收益率時，全年收益率與去年同期相比基本持平。因此，當我們考慮到強勁的價格成長時，我們預計今年不會受到每批貨物重量的影響，無論是正面還是負面。

Ravi Shanker, Morgan Stanley.

摩根士丹利的拉維‧尚克 (Ravi Shanker)。

Thanks. Good morning, guys. Apologies if I missed this, but just on CapEx, just given the run rate of CapEx in '24 and '25, what do we think of as a good normalized long-term run rate? And also about '25, can you give us a split between real estate rolling stock and other like tech?

謝謝。大家早安。如果我錯過了這一點，請原諒，但僅就資本支出而言，僅給出'24年和'25年的資本支出運行率，我們認為良好的標準化長期運行率是多少？還有關於 '25，您能給我們看一下房地產機車車輛和其他類似技術的比例嗎？

Ravi, it's Kyle. So when you think about CapEx, just in general for '25, when you think about the outlook, the LTL business for 2024, we spent 14.6% of revenue into CapEx. That's going to moderate by a few points here in '25. There's a couple of reasons for that. So one, we brought two service centers online this year, and we set about a few million per to bring those online. That's not going to repeat in '25.

拉維，我是凱爾。因此，當您考慮資本支出時，總體而言，對於 25 年，當您考慮前景時，對於 2024 年的 LTL 業務，我們將 14.6% 的收入投入資本支出。到 25 年，這一數字將會有所緩和。造成這種情況的原因有幾個。首先，我們今年上線了兩個服務中心，每個中心我們投入了幾百萬美元來建造。這種事情在25年不會再發生。

And when you think about our fleet additions, we're down to 4.1% -- or 4.1 years on fleet age and you think about all the work done in in-sourcing, that will require less CapEx. So both of those will help us to contribute to drop that percent of revenue by a few points this year here in '25.

當您考慮我們的機隊新增量時，我們已下降至 4.1% - 或機隊年齡為 4.1 年，並且您考慮所有在內部採購中完成的工作，這將需要更少的資本支出。因此，這兩項措施都將幫助我們在今年（即 25 年）將收入百分比降低幾個點。

And when you think about the breakdown specifically on the CapEx, for the spend, we're typically -- about half of it goes to fleet. When you think about LTL specific, half goes to fleet. About 40% is land and building and the rest is a mix between different kinds of equipment and IT spend.

當您考慮資本支出的具體細目時，對於支出，我們通常會將其中約一半用於車隊。當您考慮 LTL 具體情況時，一半會流向車隊。大約 40% 是土地和建築物，其餘是不同類型的設備和 IT 支出的混合。

Very helpful. Thank you.

非常有幫助。謝謝。

Stephanie Moore, Jefferies.

傑富瑞的史蒂芬妮摩爾 (Stephanie Moore)。

Hi, good morning. This is Joe Hafling on for Stephanie Moore. Congrats on the good results. Maybe speaking about those 25 service centers, Mario, could you speak to maybe the ramp that you've seen or maybe the productivity improvements you've seen as you brought those 25 service centers online? And sort of what the expectations would be for what they can contribute moving into next year, I guess, this year?

嗨，早安。這是喬·哈夫林 (Joe Hafling) 代替斯蒂芬妮·摩爾 (Stephanie Moore) 表演的。恭喜你取得好成績。也許說到這 25 個服務中心，馬裡奧，您能否談談在將這 25 個服務中心上線後您所看到的增長，或者您所看到的生產力的提高？那麼對於他們明年或今年能夠做出怎樣的貢獻，您有什麼期待嗎？

When you look overall at the ramp, so the biggest improvement for us in the near term has been around cost and cost efficiency. And it's fairly quick for us. I mean, we've added 25 service centers last year. And just to give you an idea on the net headcount, we only added 150 people to support this incremental capacity because the lion's share of the service centers were in markets where we already had presence and they were able to give us immediate efficiency.

當你從整體來看時，我們近期最大的改進就是成本和成本效率。對我們來說這相當快。我的意思是，我們去年增加了 25 個服務中心。只是為了讓您了解淨員工人數，我們只增加了 150 人來支持這一增量能力，因為大部分服務中心都在我們已經存在的市場，並且它們能夠為我們提供即時的效率。

So starting with linehaul, when we opened up those locations, we saw an improvement in productivity, probably in that low single-digit territory for those sites. And in the city operation, I always give the example of a place like at Nashville, where we had a site southeast of Nashville, but we used to have 35 drivers every day drive up to an hour north then an hour South to service the customers.

因此，從乾線運輸開始，當我們開放這些地點時，我們看到了生產率的提高，對於這些站點來說，可能處於個位數的低點。在城市運營中，我總是舉納許維爾這樣的例子，我們在納許維爾東南部有一個站點，但我們每天有 35 名司機開車向北行駛一小時，再向南行駛一小時來為客戶提供服務。

So by opening up this site in Goodlessbill, we were able to relocate 35 drivers and have much lower spend times on our P&D routes. And by doing it that way, we saw in those locations, all the new locations, a mid-single-digit improvement in miles per stop, which is one of the KPIs we use for linehaul, an improvement in efficiency. So high level, we saw a contribution in 2024, and we expect that contribution to continue in 2025 and beyond.

因此，透過在 Goodlessbill 開設這個站點，我們能夠重新安置 35 名司機，並且大大減少我們在 P&D 路線上的花費時間。透過這種方式，我們看到，在所有新站點，每站的行駛里程都提高了個位數的中等水平，這是我們用於幹線運輸的 KPI 之一，也提高了效率。因此，我們在高層次上看到了 2024 年的貢獻，我們預計這種貢獻將在 2025 年及以後繼續存在。

And some of the larger locations, the biggest impact we also are seeing is that our service. Because when you think about our business, whenever you have more dock space, you turn your doors less frequently and you can build more trailers coming out of your location, and that it uses rehandling in your network, which improves service and reduces cost as well.

在一些較大的地點，我們看到的最大影響就是我們的服務。因為當你考慮我們的業務時，只要你有更多的碼頭空間，你轉動門的次數就會減少，你可以從你的位置製造更多的拖車，並且它在你的網絡中使用重新處理，這改善了服務並降低了成本。

So we've seen those -- all the sites at or above our expectations in terms of contribution at this point. In terms of volume, this has been a modest contribution in some of the markets where we're at constraint in the past. But the bigger contribution is going to come in the future when you think of the up-cycle, having the 30% excess capacity is going to be fantastic for us to be able to support our customers and service them in some of these markets.

所以我們已經看到這些 — — 所有網站的貢獻都達到或超越了我們的預期。就銷售量而言，這對我們過去受到限制的一些市場做出了適度的貢獻。但是，當你想到上升週期時，更大的貢獻將在未來出現，擁有 30% 的過剩產能對於我們能夠在某些市場支援和為客戶提供服務來說將是非常有利的。

Thanks so much for the time and congrats again on strong momentum.

非常感謝您抽出時間，並再次祝賀您取得的強勁勢頭。

Ari Rosa, Citigroup.

花旗集團的阿里·羅莎 (Ari Rosa)。

Hi, good morning. Congrats on a strong quarter here. So I wanted to ask about the OR and certainly some impressive OR improvement year-over-year. And I know you guys have noted that it obviously bucked the trend of the broader industry.

嗨，早安。恭喜您本季業績表現強勁。所以我想問一下 OR 的情況，當然還有 OR 同比的一些令人印象深刻的改進。我知道你們已經注意到，這顯然逆轉了整個行業的趨勢。

And yet, there were a couple of headwinds and specifically I'm thinking of the macro, which has obviously been challenging and also the costs associated with adding new service centers. I was hoping you could kind of discuss to what extent those factors have been a headwind and kind of where the OR would have been, do you think for 2024, if you hadn't had those particular headwinds?

然而，仍存在一些阻力，具體來說是宏觀阻力，這顯然是一個挑戰，而且還有增加新服務中心所產生的成本。我希望您能討論這些因素在多大程度上造成了不利影響，以及如果沒有這些特定的不利因素，您認為 2024 年的 OR 會是什麼樣子？

Well, overall, Ari, every year is going to come with tailwinds and headwinds. But when you think for us, we obviously had both strong performance in the fourth quarter and on a full year basis as well. The headwinds starting with the new service centers, they were actually OR -- slightly or accretive in 2024. And because despite of adding 25 service centers, the team has done job on execution in terms of setting those locations, moving people, and making sure we are delivering a high-quality service while improving efficiency.

嗯，總的來說，阿里，每年都會有順風和逆風。但當你想到我們時，我們顯然在第四季度和全年都表現強勁。從新服務中心開始出現的阻力實際上會在 2024 年略有增加。儘管增加了 25 個服務中心，但團隊在設置這些地點、調動人員以及確保我們在提高效率的同時提供高品質的服務方面仍然做得很好。

So we actually have seen those being more of a tailwind through excellent operational execution across our network. Now in terms of the macro, if you recall, when we gave our initial outlook for 2024, we said 150 basis points to 250 basis points of OR improvement, but we were expecting higher volume contribution.

因此，我們實際上已經看到，透過整個網路出色的營運執行，這些正在成為一種順風。現在就宏觀而言，如果您還記得的話，當我們給出 2024 年的初步展望時，我們說 OR 將提高 150 個基點到 250 個基點，但我們預計交易量貢獻會更高。

Now the full year actually came in the first half was stronger last year. The back half was softer. And our goal is to always operate no matter what the environment is and execute and make sure we are managing our cost structure to match the volume environment. Now obviously, if it was a stronger environment, we would have seen a higher OR improvement. And our goal is no matter what the macro throws out our way to execute and deliver great service for the customer and deliver great margin improvement and efficiency across our network.

實際上，去年上半年全年表現更強勁。後半部比較柔軟。我們的目標是無論環境如何始終運作、執行，並確保我們管理的成本結構與批量環境相符。顯然，如果環境更強大，我們會看到更高的 OR 改進。無論宏觀環境如何變化，我們的目標是為客戶提供優質服務，並在整個網路內大幅提高利潤和效率。

Bruce Chan, Stifel.

布魯斯陳（Bruce Chan），Stifel。

Hey, good morning, [gents], and thanks for the question here. Wondering if you could help us to understand the local market opportunity a little bit better. Is this a customer that tends to grow in line with the broader market or do they tend to grow faster in an up-cycle? And when you think about the growth here, these local accounts mostly new customers? Is it more freight and more shipments from existing customers or maybe conversion from 3PL to a direct relationship? Thank you.

嘿，早上好，[先生們]，感謝您提出這個問題。想知道您是否可以幫助我們更了解當地的市場機會。這個客戶是否傾向於與大盤同步成長，還是傾向於在上升週期中成長更快？當您考慮這裡的成長時，這些本地帳戶大多是新客戶嗎？是來自現有客戶的更多貨運和更多出貨量還是從 3PL 轉換為直接關係？謝謝。

Yes. So when you think about -- Bruce, about those local accounts, they actually are local to be local manufacturers, could be local consumer packaged goods companies. But typically, they're a customer that has one outbound location where they ship product add up, and it goes to multiple locations across the country, depending on where their customers are at.

是的。所以當你想到——布魯斯，關於那些本地帳戶，他們實際上是本地製造商，可能是本地消費包裝商品公司。但通常情況下，他們只有一個出站地點，他們將產品發送到該地點，然後根據客戶所在的位置發送到全國多個地點。

We -- they are a customer that values a relationship. They are a customer that values excellent service because they don't have the volume of freight that you would see from your larger shippers. They could be doing a couple of shipments a week or a couple of shipments a day, but they are typically lower volume shippers than their larger counterparts.

我們——他們是重視關係的客戶。他們是非常重視優質服務的客戶，因為他們的貨運量不如大型托運公司那麼多。他們可能每週發貨幾次，也可能每天發貨幾次，但他們的發貨量通常比規模較大的同行要低。

Now in an LTL network, these type of customers they do have less density on your pickup points and your delivery points, so it's important to make sure as we onboard those customers, they are in the right markets at our service centers.

現在，在 LTL 網路中，這些類型的客戶在您的取貨點和交貨點上的密度較低，因此，當我們接納這些客戶時，請務必確保他們位於我們服務中心的正確市場中。

And again, we've been -- we've grown that sales force and the improvements in our service product are enabling us to earn more of that business with these customers. They are sticky relationships. They stay with us for a long, long time. And it's a great source of growth and volume and improvement of overall financial performance for the company as well.

而且，我們已經擴大了銷售隊伍，並且我們服務產品的改進使我們能夠從這些客戶那裡獲得更多的業務。他們之間的關係很緊密。它們會和我們在一起很久。這也是公司成長、銷售和整體財務表現改善的重要來源。

Kaufman, Vertical Research.

考夫曼，垂直研究。

Thank you very much. And first of all, congratulations on terrific results in a difficult quarter. I want to ask about currency. This is something that's been flagged by a lot of other companies in the industry, and we do think of North American LTL is being kind of insulated. But can you talk about any currency impact that's affecting translation or results in the North American business as well as the European business? How should we think about this?

非常感謝。首先，恭喜您在困難的季度中取得了出色的業績。我想問一下貨幣問題。許多業內公司都已經注意到了這個問題，我們確實認為北美零擔運輸在某種程度上受到了影響。但是您能談談影響翻譯或北美業務以及歐洲業務結果的貨幣影響嗎？我們該如何看待這個問題？

Sure, Jeff. This is Ali. So when you think about our European business, we did see an impact of the stronger dollar. That was a bit of a headwind for that business for the quarter as a whole. However, as Kyle noted earlier, we were still able to deliver growth in that business above the market in the fourth quarter. we delivered the sixth consecutive quarter of year-over-year revenue growth, and that's despite an impact from a stronger dollar. So where you would see that FX impacts us specifically primarily within our European business, and we did see a bit of that in the fourth quarter.

當然，傑夫。這是阿里。因此，當您考慮我們的歐洲業務時，我們確實看到了美元走強的影響。這對於整個季度的業務來說是一個不小的阻力。不過，正如凱爾之前提到的，我們仍然能夠在第四季度實現該業務高於市場的成長。儘管受到美元走強的影響，我們仍連續六個季度實現營收年增。因此，您會看到外匯對我們的影響主要集中在我們的歐洲業務上，我們確實在第四季度看到了一些影響。

And if I could just follow up on that. Is that more of just a revenue impact or does that affect the operating income line as well?

如果我可以繼續跟進的話。這僅僅對收入有影響嗎？

It's a little bit of both, Jeff.

兩者都有一點，傑夫。

[Question], and thank you.

[問題]，謝謝。

Thank you. At this time, I would like to turn the call back over to Mr. Mario Harik for closing comments.

謝謝。現在，我想將電話轉回給馬裡奧·哈里克先生，請他作最後評論。

Thank you, operator, and thank you, everyone, for joining us today. As you saw from our results, we delivered above-market results, and these are all direct results, I will focus on execution. As we continue to invest in customer service, network expansion and cost efficiencies. We're confident in delivering another strong performance this year. And more importantly, we have a long runway to unlock many more years of margin expansion and earnings growth. On that note, operator, we can end the call.

謝謝接線生，也謝謝大家今天的參與。正如你從我們的業績中看到的，我們取得了高於市場的業績，這些都是直接結果，我將專注於執行。我們持續對客戶服務、網路擴展和成本效率進行投資。我們有信心今年能再次取得優異成績。更重要的是，我們還有很長的路要走，以實現未來多年的利潤率擴大和獲利成長。接線員，就這樣，我們可以結束通話了。

Thank you. This does conclude today's teleconference. You may disconnect your lines at this time. Thank you for your participation, and have a great day

謝謝。今天的電話會議到此結束。現在您可以斷開您的線路。感謝您的參與，祝您有愉快的一天