J.B.亨特运输服务公司 (JBHT) 首席执行官约翰罗伯茨于 2019年 第二季度业绩 - 收益电话成绩单

[机器翻译] 电话会议 · 2019年07月16日 · 43 次阅读

J.B. Hunt Transport Services, Inc. (NASDAQ:JBHT) Q2 2019 Results Conference Call July 15, 2019 5:00 PM ET

J.B.亨特运输服务公司(纳斯达克股票代码:[JBHT])2019年第二季度业绩电话会议2019年7月15日美国东部时间下午5:00

公司参与者

David Mee - Chief Financial Officer
John Roberts - CEO
Terry Matthews - President of Intermodal
Nick Hobbs - President of DCS
Shelley Simpson - Chief Commercial Officer and President of Highway Services
John Kuhlow - Chief Accounting Officer
Brad Delco - Vice President, Investor Relations

  • David Mee - 首席财务官
  • John Roberts - 首席执行官
  • 特里马修斯 - 多式联运总裁
  • Nick Hobbs - DCS总裁
  • Shelley Simpson - 首席商务官兼公路服务总裁
  • John Kuhlow - 首席会计官
  • Brad Delco - 投资者关系副总裁

电话会议参与者

Jason Seidl - Cowen
Chris Weatherby - Citi
Tom Wadewitz - UBS
Jordan Alliger - Goldman Sachs
Bascome Majors - Susquehanna
Todd Fowler - KeyBanc
Ben Hartford - Baird
Allison Landry - Credit Suisse
David Vernon - Bernstein
Ken Hoexter - Bank of America Merrill Lynch
Matt Brooklier - Buckingham Research
Justin Long - Stephens
Brian Ossenbeck - JP Morgan
Ravi Shankar - Morgan Stanley
Amit Mehrotra - Deutsche Bank
Dave Ross - Stifel
Scott Group - Wolfe Research

  • 杰森赛德尔 - 考恩
  • Chris Weatherby - 花旗
  • 汤姆韦德维茨 - 瑞银集团
  • Jordan Alliger - Goldman Sachs
  • Bascome Majors - Susquehanna
  • Todd Fowler - KeyBanc
  • 本哈特福德 - 贝尔德
  • 艾莉森兰德里 - 瑞士信贷
  • 大卫弗农 - 伯恩斯坦
  • Ken Hoexter - 美国银行美林证券
  • Matt Brooklier - 白金汉研究
  • Justin Long - 斯蒂芬斯
  • Brian Ossenbeck - 摩根大通
  • Ravi Shankar - 摩根士丹利
  • Amit Mehrotra - 德意志银行
  • 戴夫罗斯 - Stifel
  • 斯科特集团 - 沃尔夫研究

会议主持员

Ladies and gentlemen, welcome. And thank you for joining today's teleconference, the 2019 Q2 Earnings Call. Please note that all lines will be muted until the Q&A portion of the call. We will provide you with instructions on how you can ask the question at that time.
With that, I'll turn the call over to David Mee, Chief Financial Officer. David, please go ahead.

女士们,先生们,欢迎。 感谢您参加今天的电话会议,2019年第二季度收益电话会议。 请注意,所有线路都会被静音,直到通话的问答部分。 我们将为您提供有关如何在当时提出问题的说明。

有了这个,我会把电话转给首席财务官David Mee。 大卫,请继续。

David Mee

Thank you. Good afternoon, everyone and thank you for joining us. I have with me this afternoon John Roberts, our CEO; Terry Matthews, President of Intermodal; Nick Hobbs, President of DCS; Shelley Simpson, the Chief Commercial Officer and President of Highway Services; John Kuhlow, our Chief Accounting Officer and the worst kept secret in Investor Relations community; Brad Delco, our Vice President of Investor Relations.
As far as call goes, same ground rules as before. Let me start with two to three minutes synapses of our view of the quarter, and then we'll open up the lines for questions. If you don't mind, please limit yourself to one question and one follow-up so we can get through this with everybody getting an opportunity to ask a question if they'd like, appreciated.
Overall, we felt like there was some positives and an otherwise weak freight environment. We saw our cost inflation becoming more normalized. And the bid season pricing is performing largely as we expected. Though, the range of pricing from beginning to end is wider than what we had originally anticipated. We expect asset-based pricing in trucking and intermodal to be positive. Though, the year-over-year increases are ending the season in the low single-digits. In private fleet outsourcing interest has not subsided, because dedicated pipeline remains very, very strong.
Specifically in intermodal, we were disappointed with the loads counts for the quarter. But we saw visible signs that the seasonality of freight flows has not completely disappeared as our loads per workday improved throughout the quarter. Our Eastern network loads were down 11%. But we knew we could start off in the whole 9% due to the linked closures alone.
Customer award compliance remained around 7%, which is about 10 to 15 percentage points below historical levels. However, our load count increased sequentially from Q1, and that additional throughput did allow us to see a modest improvement in our profitability.
DCS had a strong quarter on the base business, which we defined as anything that non-Final Mile operated as expected, both from a revenue and profitability perspective. The Final Mile business continues to improve its profitability, excluding the charge for the action and settlement. And it continues to need its EBITDA targets and did for the quarter.
In ICS, while the trend for the quarter was disappointing, we were encouraged with the top line results. We lost or eliminated some LTL business compared to a year ago, but we're able to offset some of the effect with growth in the drive-in sector. And we continue to see conversion to and adoption of the use of the marketplace for J.B. Hunt 360.
The new technology, though, does not come without some hiccups. There's a year-over-year $4.8 million increase in spending, and that's to further develop and harden the platform. And that puts pressure on operating margins, but we expected that. However, with the new technology, we found some bugs in the new applications and missed some internal processes to manage those new features. And that put even further pressure on gross margins, late in the quarter specifically.

谢谢。大家下午好,感谢您加入我们。我今天下午和我一起担任首席执行官John Roberts;多式联运总裁特里马修斯; DCS总裁Nick Hobbs; Shelley Simpson,首席商务官兼公路服务总裁; John Kuhlow,我们的首席会计官,也是投资者关系界最差的秘密; Brad Delco,我们的投资者关系副总裁。

就呼叫而言,与以前相同的基本规则。让我先谈谈我们对本季度的看法的两到三分钟的突触,然后我们将打开问题的界限。如果你不介意,请限制自己一个问题和一个跟进,这样我们就可以通过这个让每个人都有机会提出问题,如果他们愿意,赞赏。

总的来说,我们觉得有一些积极因素和其他疲软的货运环境。我们看到我们的成本通胀变得更加正常化。竞标季节的定价基本符合我们的预期。尽管如此,从始至终的定价范围都比我们原先预期的要宽。我们预计货运和多式联运的基于资产的定价是积极的。尽管如此,同比增长正在以低个位数结束本赛季。私人船队外包的兴趣并未平息,因为专用管道仍然非常非常强大。

特别是在多式联运中,我们对本季度的负荷计数感到失望。但我们看到明显的迹象表明,由于我们每个工作日的负荷在整个季度都有所改善,因此货运流量的季节性并未完全消失。我们的东部网络负载下降了11%。但我们知道,由于仅关联关闭,我们可以从整体9%开始。

客户奖励合规率保持在7%左右,比历史水平低约10至15个百分点。然而,我们的装载数量从第一季度开始依次增加,而额外的吞吐量确实让我们看到我们的盈利能力略有改善。

DCS在基础业务方面表现强劲,我们将其定义为非最终里程按预期运营,从收入和盈利能力的角度来看。最终里程业务继续提高其盈利能力,不包括行动和结算费用。并且它仍然需要其EBITDA目标,并在本季度做到了。

在ICS,虽然本季度的趋势令人失望,但我们对顶线业绩感到鼓舞。与一年前相比,我们失去或消除了一些零担业务,但我们能够抵消部分增长带动增长的影响。我们继续看到转换并采用J.B. Hunt 360的市场。

然而,新技术并没有出现一些小问题。与此同时,支出增加了480万美元,这是为了进一步发展和加强平台。这给经营利润带来压力,但我们预计会这样。但是,通过新技术,我们在新应用程序中发现了一些错误,并错过了一些内部流程来管理这些新功能。这尤其对本季度末的毛利率造成了进一步的压力。

We believe we've added or we've addressed these issues with both technology fixes and human interaction to be better prepared as we continue to increase the scope and functionality of the platform overtime.
Lastly, in truck, the mix fleet of company trucks and independent contractors yielded the expected result in a sluggish rate environment. While revenues down from prior year in-spite of higher customer rates per mile, the flexibility of the total fleet size and the planned efforts to control overhead allow truck to improve its margins, both sequentially and year-over-year.
That pretty much concludes our prepared remarks. [Viju], you can go ahead and open up the lines. And we'll start taking and answering questions to the best of our ability.

我们相信我们已经添加或者我们已经通过技术修复和人工交互解决了这些问题,以便更好地准备,因为我们将继续增加平台的范围和功能。

最后,在卡车中,公司卡车和独立承包商的混合车队在缓慢的费率环境中产生了预期的结果。 尽管每英里客户费率较高,但收入比上年有所下降,但总体规模的灵活性和计划控制管理费用的努力使得卡车能够按顺序和逐年提高利润率。

这几乎是我们准备的评论的结论。 [Viju],你可以继续打开线路。 我们将尽最大努力开始接听和回答问题。

问答环节

[Operator Instructions] First caller, your line is being un-muted.

[操作员说明]第一个来电者,您的线路未被静音。

Jason Seidl

It's Jason Seidl from Cowen. I wanted to talk a little bit about the pricing that you mentioned. You said asset based trucking. Can you differentiate between your over the road fleet and your dedicated in terms of what you're getting on contract?

来自Cowen的是Jason Seidl。 我想谈谈你提到的定价。 你说基于资产的卡车运输。 您能否区分您的公路车队和您在合同方面的专注?

John Roberts

Go ahead, Nick, that's the -- since you're the differentiation, go ahead.

来吧,尼克,那是 - 因为你是分化,继续前进。

尼克霍布斯

I would just say that in our business and dedicated 68% to 70% of our revenue had some type of index, or built in rate increases in the contract and it just happens automatically. And so, we're not in the cause out dedicated business and so ours are separate. And so we're anywhere from 2% to 4% but its consistent year-in and year-out. If you follow us historically, you'll understand how those indexes work. The other 30% is typically it's at the anniversary date, we're working on rates and it's just vary based on the demand and what driver pay and so forth is doing. But like I say, 70% of ours is already contractually scheduled in the contract.

我只想说,在我们的业务中,我们的68%到70%的收入都有某种类型的指数,或者在合同中内置加价,它只是自动发生。 因此,我们不是专注于业务的原因,因此我们的业务是分开的。 所以我们在2%到4%之间,但它的年复一年。 如果您在历史上关注我们,您将了解这些索引的工作原理。 其他30%通常是在周年纪念日,我们正在研究费率,它只是根据需求和司机支付等等而有所不同。 但就像我说的那样,我们70%的合同已按合同规定。

雪莱辛普森

In truckload business, started off the year much higher as we did discuss earlier that it was in the mid to out for single-digits been actually progressed through this season that didn't lower the, I would say, flat to us.

在卡车运输业务中,我们开始讨论今年开始的时间要高得多,因为在本赛季实际上已达到一位数的中间位置,但这并没有降低,我想说,这对我们来说是平的。

Jason Seidl

And I guess as a follow up. Are you expecting updates going forward for the remainder of the year based on what you're seeing so far with demand?

我想作为一个跟进。 您是否期望在今年剩余时间内根据您目前所看到的需求进行更新?

雪莱辛普森

I would say [Technical Difficulty] and truckload assets parts of business were lapping on top of historically higher prices on published business. So, we don't expect rates to accelerate much from here we think visibly for the full year and second half of the year in the flat to up 2% to 3%.

我会说[技术难度]和卡车运输资产的部分业务在历史上更高的已发布业务价格上徘徊。 因此,我们预计利率不会从这里大幅加速,我们认为整年和下半年的房价明显上涨2%至3%。

会议主持员

And moving to our next question. Caller your line is un-muted.

并转到我们的下一个问题。 来电你的线路未静音。

Chris Weatherby

It's Chris Weatherby from Citi. Thanks for taking the question. I guess I want to talk a little bit about the comment on seasonality and freight return. And if you could talk maybe a bit about intermodal load growth progression through the quarter and maybe what you've been seeing so far in July that'd be helpful?

来自花旗的Chris Weatherby。 谢谢你提出这个问题。 我想我想谈一谈关于季节性和运费回报的评论。 如果你能谈谈整个季度的多式联运负荷增长进展,或许你在7月到目前为止看到的那些有用吗?

泰伦斯马修斯

Sure, Chris. Historically, what I've given everybody was just the change by month, and I'll start with that. And then tell you about workdays, because that's really where we dig into the details and where our comment came from. So monthly, in April, they were -- we were down 9%. In May, we were down 8%. And in June, we were down 5%. Now, on a workday basis, so in April, we saw 7,300 ops, 7,300 loads per work days. In May, we saw 7,450 loads per workday. And in June, we saw 7,800 loads per workday.

当然,克里斯。 从历史上看,我给每个人的只是月份的变化,我将从那开始。 然后告诉你关于工作日的事情,因为这正是我们深入研究细节的地方以及我们评论的来源。 所以每月四月,他们是 - 我们下降了9%。 五月份,我们下跌了8%。 六月份,我们下跌了5%。 现在,在工作日的基础上,4月份我们看到了7,300次操作,每个工作日有7,300次装载。 5月份,我们每个工作日看到7,450个负载。 在6月份,我们每个工作日看到7,800个负载。

Chris Weatherby

And does that progression, does that type of progress carryover into 3Q, or early 3Q?

这种进展是否会延续到第三季度或第三季度初?

泰伦斯马修斯

Well, I mean, it was 4th of July week or -- I don't have enough data to make that assessment. I would say that customers have not run away, so that advantage hidden anywhere.

嗯,我的意思是,它是7月4日那周或 - 我没有足够的数据来进行评估。 我会说顾客还没有逃跑,所以隐藏在任何地方的优势。

Chris Weatherby

Okay, fair enough. I appreciate that. And then, just from a dedicated side some significant improvement in profitability, excluding the charge that you had there. Can you talk a little bit about what the pipeline looks for the back half of the year in terms of potential fleet growth? And then, if you expect that type of productivity and an operating leverage to continue on and move forward through the year?

好的,公平的。 我很感激。 然后,从专业方面来看,盈利能力有了显着改善,不包括您在那里的费用。 您是否可以谈谈管道在潜在的船队增长方面对今年下半年的看法? 那么,如果您希望这种类型的生产力和经营杠杆能够继续并在今年继续前进?

泰伦斯马修斯

We're coming out of a big truck-add the last year and so you're seeing, what we call the wave of they’re up and profitable and running and stable. And so you're starting to see the results of that. We had good truck adds in Q2, and we continue to think we'll have the same level of truck adds in Q3. And so when we look at our top line all the way from beginning stages, we have six or seven different stages. It's just as robust as it has ever been.
The only thing that is a little tepid, I would say, is just the last couple of months, same amount of deals that close the rate, its taking just a little bit longer. Seems like everybody's trying to figure out what's going on with the economy. But we're still on our target plan for this year, feel very good about that and the demand is still very high for pure dedicated business.

我们走出一辆大卡车 - 加上去年,所以你看到了,我们称之为他们的浪潮,盈利,运行和稳定。 所以你开始看到结果了。 我们在第二季度有很好的卡车增加,我们仍然认为我们将在第三季度拥有相同水平的卡车增加量。 因此,当我们从开始阶段一直看到我们的顶线时,我们有六到七个不同的阶段。 它和以前一样强大。

我要说的是,唯一一个不温不火的事情就是过去几个月,同样数量的交易关闭了价格,它只需要更长一点时间。 似乎每个人都想弄清楚经济发生了什么。 但我们仍然按照今年的目标计划,对此感到非常满意,纯粹的专业业务需求仍然非常高。

会议主持员

And moving to our next caller. Caller your line is being unmuted.

并转移到我们的下一个来电者。 呼叫你的线路正在取消静音。

Tom Wadewitz

Good afternoon. It's Tom Wadewitz from UBS. I wanted to see if you could give us a bit of perspective on the, I guess, just the intermodal margin outlook. And how you would think about the second half, whether it's, I guess, similar level of year-over-year pressure, or if there's a reason why things might be ease? It seems like maybe volume gets a little bit favorable, but not clear where the pricing helps you or hurts you in second half. So any thoughts on second half intermodal margin? And thanks.

下午好。 来自瑞银的Tom Wadewitz。 我想看看你是否可以给我们一点看法,我想,只是多式联运保证金前景。 你会怎么想到下半场,不管是,我猜,是否有类似的年度压力水平,或者是否有理由让事情变得轻松? 似乎音量可能有点有利,但不清楚定价在下半场帮助你或伤害你的地方。 那么关于下半年多式联运保证金的任何想法? 谢谢。

泰伦斯马修斯

I think the intermodal margins for the second half, because we think our volumes will pick up going into the third and fourth quarter, should improve from where they are today. And of course, our long term outlook is between 11% and 13% margin. We're just north of that, I believe, for the quarter. And I think if you take the five year history adding years up either say in that 13% to 11% margin, and it should get a little better here the second half.

我认为下半年的多式联运利润,因为我们认为我们的产量将进入第三和第四季度,应该会从现在的状况改善。 当然,我们的长期前景是11%至13%的利润率。 我相信,在本季度,我们就在北方。 而且我认为如果你把五年的历史增加几年就可以说13%到11%的利润率,那么下半年应该会有所改善。

Tom Wadewitz

So you're saying sequential improvement in the OR, or you're saying improved -- I mean, you're not saying year-on-year improvement, you're saying sequentially some improvement. Is that the right way to understand it?

所以你说OR的顺序改进,或者你说改进了 - 我的意思是,你不是说同比改善,你说顺序有所改善。 这是理解它的正确方法吗?

泰伦斯马修斯

Yes, correct.

是,对的。

会议主持员

The caller was unable to hear that response. He said that it's correct. Moving to our next caller, your line is being unmuted.

来电者无法听到回复。 他说这是对的。 移动到我们的下一个呼叫者,您的线路正在取消静音。

Jordan Alliger

Hi, it's Jordan Alliger at Goldman Sachs. Just a question for you, you mentioned that you're looking for second half volumes to pick up on the intermodal front. I'm just curious what the basis for that is primarily rooted in. Is it rail service getting better? Is it an expectation on inventories coming down and pent-up demand for shipping as we move into the third and fourth quarter? Any color would be great.

嗨,这是Goldman Sachs的Jordan Alliger。 对你来说只是一个问题,你提到你正在寻找下半部分来接收多式联运。 我只是好奇它的基础是什么基本根源。铁路服务是否变得更好? 当我们进入第三和第四季度时,是否期望库存下降和运输需求被压抑? 任何颜色都会很棒。

泰伦斯马修斯

Well, as we went through the bid cycle and we look to sell and what the awards were in our bids for the last two or three months. We believe that our volumes will increase via those bids. And as we look at the third quarter, there's probably a month or two that should get us into the positive comp territory. And then by the fourth quarter, the quarter should be positive as a whole with regards to quarter, fourth quarter last year versus fourth quarter this year.

好吧,当我们完成投标周期时,我们期待出售以及过去两三个月我们的出价中的奖励。 我们相信我们的销量将通过这些出价增加。 当我们看第三季度时,可能需要一两个月的时间才能让我们进入积极的领域。 然后到第四季度,该季度整体而言应该是积极的,去年第四季度,第四季度与今年第四季度相比。

Jordan Alliger

And then just as a quick follow-up. I think last quarter you did mention that warehouses were pretty slow and we continue to hear anecdotally at least that that's the case. I mean, are you starting to see or hear about work down of any of that? Or is the trade issue still impacting the port situation and warehouse situation?

然后就像快速跟进一样。 我觉得上个季度你确实提到仓库很慢,我们继续听到至少那种情况。 我的意思是,你是否开始看到或听说过任何一项工作? 或者贸易问题是否仍然影响港口情况和仓库情况?

David Mee

Yes, I'll answer that a little bit. And then I'll have Shelley follow-up on that. From what I've heard from our customers, it's a little mixed. Some customers say some of the inventory has bled off. Other customers say they still have a month or two where they're going to try to lead off inventory. So, it's a mixed message from my perspective.

是的,我会稍微回答一下。 然后我会对Shelley采取后续行动。 从我从客户那里听到的消息来看,它有点混乱。 一些客户表示,部分库存已经流失。 其他客户表示,他们仍有一两个月的时间试图引导库存。 所以,从我的角度来看,这是一个混合的信息。

雪莱辛普森

And I would say from a demand perspective, our customers are optimistic. They did recognize the level of inventory that they brought in incremental to avoid really what was happening around tariffs. But they are studying to work through that inventory and feel better about the back half of the year.

我会从需求的角度说,我们的客户是乐观的。 他们确实认识到他们带来的增量库存水平,以避免真正发生围绕关税的事情。 但他们正在研究如何通过该库存工作,并对今年下半年感觉更好。

会议主持员

And moving to our next caller, your line is being unmuted.

移动到我们的下一个来电者,您的线路正在取消静音。

Bascome专业

Thanks, Bascome Majors from Susquehanna here. In April, you said that the big compliance from your intermodal awards was tracking below normal. Can you guys size up what's "normal compliance" based on, or maybe blended across the book there? And how that progressed during -- sequentially during 2Q from first quarter into July? Do you have more visibility now? Or are things tracking normally? Just anything you could share on that probably helpful? Thanks.

谢谢,来自Susquehanna的Bascome专业人士。 四月,你说你的多式联运奖励的合规性跟踪低于正常水平。 你们可以根据这些书中的“正常合规性”进行调整吗? 以及在第一季度到第七季度的第二季度期间如何进展? 你现在有更多的知名度吗? 或者事情跟踪正常吗? 您可以分享哪些内容可能对您有帮助? 谢谢。

John Roberts

The normal bid compliance is usually 80% to 85% of the state of the award. We think we mentioned that we were around 68%, 70% in the first quarter and that did not change as we went through the second quarter. But I think we'll have a little bit of an uptick going into July, August and September with regards to our compliance.

正常的投标合规率通常为奖励状态的80%至85%。 我们认为我们提到第一季度我们大约在68%,70%左右,并且在第二季度没有变化。 但我认为在7月,8月和9月我们的合规性方面会有一点上升。

Bascome专业

I mean, does the trend stabilization even at a below normal -- I mean does that give you the ability to manage the cost side of the intermodal business and the capacity side tighter in the second half? Or you still need to keep that extra capacity in case the volume starts to pick up? Thanks.

我的意思是,即使在低于正常水平的情况下趋势稳定 - 我的意思是,这能否让您有能力管理多式联运业务的成本方面以及下半年的能力方面更紧张? 或者你仍然需要保持额外的容量,以防音量开始增加? 谢谢。

John Roberts

Well, we anticipate the volumes to increase, because we're going to hit positive territory in the months ahead. So that will help better utilize the assets from a container standpoint, as well as a dray standpoint moving forward.

好吧,我们预计交易量会增加,因为我们将在未来几个月内达到正值。 因此,这将有助于从容器的角度更好地利用资产,以及向前发展的重要观点。

会议主持员

Moving to our next caller, caller your line is being unmuted.

移动到我们的下一个呼叫者,呼叫者您的线路正在取消静音。

Todd Fowler

Great, thanks, good evening. It's Todd Fowler with KeyBanc. I guess maybe you can help us out a little bit with ICS. It sounds like that there were quite a few puts and takes in the quarter. And I guess what I'm just trying to understand with the slight loss here. The expectation that you can return to profitability in the third quarter and then maybe help us to understand how much of the cost was unusual related to J.B. Hunt 360 versus the lost LTL business?

太棒了,谢谢,晚上好。 这是Todd Fowler和KeyBanc。 我想也许你可以帮我们一点点ICS。 听起来这个季度有很多看跌期权。 而且我想我只是想通过这里的轻微损失来理解。 期望您可以在第三季度恢复盈利,然后可能帮助我们了解J.B. Hunt 360与失去的LTL业务有多少不同寻常的成本?

雪莱辛普森

So, Todd, we further accelerated our investment and marketplace in Q2, and we'll continue that acceleration moving into Q3. We do have a good list of projects that we want to try to complete here this year, but we do anticipate continue our accelerated investment as we've been talking to our customers and what they are asking for and really long range to eliminate inefficient losses, and to get to a better way to move goods, that's really our focus, where we're at. And when we're making a little more investments that we have inside our technology and our people, there's been room for any error inside that that space.
So part of what happened inside Q2 happened mostly in the month of June, as traffic get tightened in the month of June but also our acceleration, we've had a very successful bid season. Our acceleration of bids implementing through the quarter yielded lower margins in total as we were on-boarding new business that we were using from our data and the platform and really trying to time through our startup along with spot volumes really falling significantly in the month of June.
Put that on top of some of the new systems that we put in place. We had a few issues with and so we back those out as we ended the month of June. We do feel like those are repaired here in July. However, we are experiencing more growth from the publish side of the business. So the bid season customers, you're continuing to on-board that business as we weighing into here in Q3, and we are operating at the smaller margins and really plan to operate that way.
And then our LTL volume, we are very committed to making sure we can exceed our customers' expectations. There were, as we are transitioning into off the mainframe and into the cloud based system and also on the marketplace, there were a few key pieces in the LTL space that no longer could be supported. And so, we intentionally exited that business, wanting to make promises to our customers that we can keep. We worked with our customers closely make sure that really with good plan for our customers, and really finishing that out here by the end of the year with some of those gaps that were inside on the IP space.

所以,托德,我们在第二季度进一步加快了我们的投资和市场,我们将继续加速进入第三季度。我们确实有一个很好的项目清单,我们希望今年能够在这里完成这些项目,但我们确实预计会继续加速投资,因为我们一直在与客户交谈,他们要求的是什么以及为了消除低效的损失,为了更好地移动货物,这才是我们关注的焦点,我们所处的位置。当我们在我们的技术和员工中进行更多的投资时,那个空间内部存在任何错误的空间。

因此,Q2内部发生的部分事情主要发生在6月份,因为6月份交通收紧,但加速,我们的竞标季节非常成功。我们在整个季度实施的出价加速产生了较低的利润率,因为我们正在从我们的数据和平台上开始使用我们正在使用的新业务,并且真正试图通过我们的创业时间以及现货量在当月实际上大幅下降六月。

把它放在我们实施的一些新系统之上。我们遇到了一些问题,所以我们在6月结束时将这些问题退回去了。我们确实觉得这些都是在七月份修好的。但是,我们正在从业务的发布方面获得更多增长。因此,在竞标季节的客户中,当我们在第三季度进行称重时,您将继续加入这项业务,我们的利润率较低,并且真正计划以这种方式运营。

然后我们的LTL量,我们非常致力于确保我们能够超越客户的期望。当我们正在转向大型机并进入基于云的系统以及市场时,LTL空间中有一些关键部分不再能够得到支持。因此,我们故意退出该业务,希望向我们的客户做出我们可以保留的承诺。我们与客户密切合作,确保为我们的客户提供良好的计划,并在今年年底之前完成这项工作,以及IP空间内部的一些差距。

Todd Fowler

Okay, so all that's helpful. But just to follow-up on the profitability piece of that. You've talked about intermodal improving in the back half of the year. Can we expect improvement in profitability that an ICS will all those moving parts for the second half?

好的,所以这一切都很有帮助。 但只是为了跟进盈利能力。 你已经谈到了今年下半年的多式联运改善。 我们能否预期ICS将在下半年将所有这些活动部件的盈利能力提高?

雪莱辛普森

Yes, we would expect from the second quarter, is that your question? I think it is. From the second quarter, we would expect the second half of the year to improve. Certainly, we want to operate in a profit base scenario and that's what we're marching towards.

是的,我们预计从第二季开始,那是你的问题吗? 我觉得是这样的。 从第二季度开始,我们预计今年下半年将会有所改善。 当然,我们希望在利润基础方案中运营,这就是我们正在向前迈进的方向。

John Roberts

But our expectations -- and I'll add onto this, Shelly. The expectation was that ICS would still be below its historical operating income margins, simply because of the tech spend that we knew we're going to have on this. So while we did expect, we would expect a recovery in the back half of the year, we would not expect it to be in that normal 4% to 6% range, or get to 4% to 6%.

但是我们的期望 - 我会加上这个,雪莉。 期望ICS仍然低于其历史营业收入利润率,仅仅是因为我们知道我们将在这方面拥有的技术支出。 因此,虽然我们确实预期,我们预计会在今年下半年出现复苏,我们预计它不会在正常的4%至6%范围内,或者达到4%至6%。

会议主持员

Moving to our next question, caller your line is unmuted.

转到我们的下一个问题,调用您的线路是未取消静音的。

本哈特福德

Ben Hartford with Baird. Shelley, maybe interested in your perspective on supply capacity. You made a comment, I think in June, perhaps comment about tightening up. Just curious about how supply trended through the quarter and what the outlook is for the back half of the year from an ICS perspective, or even from a JBT point of view as it relates to recruiting. Where do you think we are in the industry supply correction cycle?

本哈特福德与贝尔德。 雪莱,也许对你对供应能力的看法感兴趣。 你发表了评论,我想在六月,也许是关于收紧的评论。 只是对于整个季度的供应趋势以及从ICS角度看后半年的前景是什么感到好奇,甚至从与招聘相关的JBT观点来看。 您认为我们在哪个行业供应更正周期?

雪莱辛普森

So, I would say as the quarter progressed in Q2, we did see a tightening in June. Part of that was road check, which was to be expected but that came right on the hill really a religious holiday. And the combination of those two things really put pressure, more pressure than expected on margins and tightens more quickly than we expected in this environment. As we move into July, we've seen a seasonal softening, just like has happened every other year. And we would expect the second half of the year to be more balanced market, maybe even on the supply side more plentiful and supply than it was in the month of June.
And then if I could just talk about the truckload side of it. I think you're talking about drivers, in general on the truckload side. And I would say, drivers are slightly easier to come by on the truckload space, but significantly more expensive to on-board. So, we really increased the level of pay for our professional drivers. And we've seen that happen here two years in a row, so our cost per hire is up and our W-2 is up with drivers. So although, we're seeing a little bit of anything inside that space, I guess our W-2 increases that I've heard inside JBT had good result, attract many people into our business.

因此,我认为随着第二季度的进展,我们确实看到了6月的紧缩。部分原因是道路检查,这是预期的,但在山上真的是一个宗教节日。这两件事的结合确实给我们带来了压力,比预期的压力更大,并且比我们在这种环境中预期的更快收紧。当我们进入7月份时,我们已经看到了季节性的软化,就像每隔一年发生一样。而且我们预计今年下半年市场将更均衡,甚至可能在供应方面比6月份更加充足和供应。

然后,如果我可以谈谈卡车的一面。我认为你在谈论司机,一般在卡车方面。而且我想说,在卡车空间上驾驶员稍微容易一些,但是车上的驾驶员要贵得多。因此,我们确实提高了我们的专业司机的薪酬水平。我们已经看到这种情况连续两年发生,所以我们的每次租用成本都在上升,而我们的W-2则与司机相关。所以虽然我们在这个空间内看到了一些东西,但我猜我在WT 2中听到的W-2增加了很好的结果,吸引了很多人进入我们的业务。

本哈特福德

And if I could just follow up on that comment, I think you said you expect supply to be a little -- more plentiful in the back half of the year than June, or what do you think the supply growth is coming from? There is obviously some discussion about small carriers that have failed and I think owner operator equipment has improved generally among the larger carriers? Where you think that net supply growth is going to come from? And how long is it going to take or what is it going to take for that to return to a more balanced or even tight market?

如果我能跟进这个评论,我想你说你预计今年下半年的供应量会比6月份更多 - 或者您认为供应增长来自哪里? 显然有一些关于小型运营商失败的讨论,我认为业主运营商设备在大型运营商中普遍有所改善? 您认为净供应增长的来源是什么? 它需要多长时间才能恢复到更平衡甚至更紧张的市场需要多长时间?

雪莱辛普森

Well, I mean, I would say second quarter is normally the tightest environment, which is in June inside the supply side. So we say we return to a more normalized second half -- 2018 was an anomaly. If you look at really many of our trends that have happened, we've had a couple of new issue in the last six years that have been unusual on the supply side, but we would expect adopting and have seen an it's getting happen here in July.

嗯,我的意思是,我会说第二季度通常是最紧张的环境,这是6月份供应方面。 所以我们说我们回归到更加正常化的下半场 - 2018年是一个异常现象。 如果你看看我们真正发生的许多趋势,过去六年我们在供应方面遇到了一些不寻常的新问题,但是我们希望采用并且已经看到它在这里发生了 七月。

会议主持员

And moving to our next caller, caller your line is unmuted.

移动到我们的下一个呼叫者,呼叫者您的线路未被静音。

Allison Landry

Thanks, good afternoon. So I want to go back to your intermodal volume outlook comment. I know there has been quite a few questions on this. But if I'm hearing it right, it sounds like you had maybe a couple of significant contract wins are in the bid season. So I guess, first, could you clarify whether you would expect loads to show better than normal seasonality in Q3? And then did you have to trade price for volume more than you originally anticipated in order to get some of these wins? I know that earlier here you had talked about leaning more towards volume versus weight. But just curious, I'm curious to understand how that tracked relative to your expectations? And what that means for the pricing and revenue per loads on in the back half of the year? Thank you.

谢谢,下午好。 所以我想回到你的多式联运量展望评论。 我知道这方面有很多问题。 但是,如果我听到的话,听起来你可能会在竞标季中获得一些重要的合同。 所以我想,首先,你能澄清一下你是否会期望第三季度的负荷比正常的季节性更好? 那么为了获得一些胜利,您是否必须交易价格超过您原先预期的价格? 我知道你早些时候曾谈到过更倾向于体积与体重。 但只是好奇,我很想知道相对于你的期望如何追踪? 这对于今年下半年的定价和每个负载的收入意味着什么? 谢谢。

John Roberts

Allison, is that you?

艾莉森,是你吗?

Allison Landry

This is me. I’m sorry for asking seven questions in one.

这就是我。 对不起要问七个问题。

John Roberts

Oh, smart. You just didn’t announce first. That's why I was just double checking that it was you.

哦,聪明。 你刚才没有先宣布。 这就是为什么我只是仔细检查它是你。

Allison Landry

Oh, I'm sorry, Allison Landry from Credit Suisse.

哦,对不起,来自瑞士信贷的Allison Landry。

John Roberts

No problem.

没问题。

Allison Landry

Sorry about that.

对于那个很抱歉。

John Roberts

The volume increases, we should see in the second half of the year, are from a group of customers, not foreign individual customer or two customers. It was not a price play and I think you will see that play out in the next few quarters when you start looking at the revenue per loads. It's more of a service play in terms of the quality of service and the differentiation that we've been able to work with our customers on through difficult time last year. I think we separate ourselves from that.
And as I stated earlier, if you look at the third quarter, we believe there's a month or two in there that will hit positive comps versus the third quarter last year. And we should hit positive comps in the fourth quarter, in general.

数量增加,我们应该看到在下半年,来自一组客户,而不是外国个人客户或两个客户。 这不是一个价格游戏,我认为当你开始考虑每个负载的收入时,你会看到在未来几个季度发挥作用。 在服务质量和差异化方面,它更像是一种服务,在去年的艰难时期,我们已经能够与客户合作。 我想我们将自己与众不同。

正如我之前所说的那样,如果你看看第三季度,我们认为那里将会有一两个月的时间与去年第三季度相比将达到正值。 总的来说,我们应该在第四季度达到积极的比赛。

会议主持员

Moving to our next caller, caller your line is being unmuted.

移动到我们的下一个呼叫者,呼叫者您的线路正在取消静音。

大卫弗农

Yes, David Vernon with Bernstein. David, could you talk a little bit about how much OpEx was J.B. Hunt went through…

是的,大卫弗农与伯恩斯坦。 大卫,你能谈谈有多少运营支出J.B.亨特经历过......

会议主持员

We're sorry, caller your connection seems very unstable. If you wouldn't mind please hang up and dial back in. Moving to our next caller…

很抱歉,打电话给你的连接似乎非常不稳定。 如果您不介意,请挂断电话并重新拨入。转到我们的下一位来电者...

Ken Hoexter

Hi, it’s Ken Hoexter from Bank of America Merrill Lynch. Dave, maybe just to step back and bigger picture. Is there anything that shifted recently during the conference season? It sounded like you were maybe a bit more pessimistic on the outlook? And here, it sounds like the outlook into third quarter, both intermodal even ICS maybe turning more positive. Is there is there something underlying the shifting that we should be taking away from this from your point of view?

嗨,这是Bank of America Merrill Lynch的Ken Hoexter。 戴夫,也许只是退一步,更大的画面。 会议期间最近有什么转变吗? 听起来你对前景可能有点悲观吗? 在这里,这听起来像第三季度的前景,即联合国甚至ICS也许会变得更加积极。 从你的角度来看,我们应该从这个转变中找到一些潜在的变化吗?

David Mee

Well, I think that it's just a matter of volume starting to appear to show up. Now, I'm still cautious and my point of view and obviously, I'm probably the biggest skeptic in the group, which is one of the reasons I don't likely talk to customers. But I was happy to see the trends throughout the quarter. While they are below expectations are at least directionally correct, I think that yet we can get through July, because I think July is not a good month to gauge anything off. I mean, from our perspective every month worse than July is typically February. So I'd like to see a little bit more in August. But based on sentiment, what I know are the awards and as the volumes are starting to come on, yes, I'm a little more optimistic than I was when we this good in May. Sure.

嗯,我认为这只是体积开始出现的问题。 现在,我仍然谨慎和我的观点,显然,我可能是该组中最大的怀疑论者,这是我不太可能与客户交谈的原因之一。 但我很高兴看到整个季度的趋势。 虽然他们低于预期至少在方向上是正确的,但我认为我们可以通过7月,因为我认为7月不是衡量任何事情的好月份。 我的意思是,从我们的角度来看,每月比7月更糟的是2月。 所以我想在8月份再看一点。 但基于情绪,我所知道的是奖项,随着数量开始出现,是的,我比5月份的好时候更加乐观。 当然。

Ken Hoexter

And just to clarify, I guess, on that particular intermodal thought. You thought, hey, intermodal margins are not likely to hit our target range. I think, Terry, maybe mentioned earlier that we expect to get right back on that. Is that -- am I reading that commentary right in terms of your margin outlook for intermodal?

我想,只是为了澄清这种特殊的多式联运思想。 您认为,嘿,多式联运的利润率不太可能达到我们的目标范围。 我想,特里,也许早些时候提到过,我们希望能够重新回到原点。 那是 - 我是否正在根据您的多式联运保证金前景阅读该评论?

David Mee

Well, let's clarify. The question that I got asked, I believe at your conference. I interpreted that as for the year. And so my response is, no. We would have knocked it inside the 11% to 13% for the year of 2019. I stand by that statement today. I think that the first quarter is just something that would be extremely difficult to overcome.
Now, I understand and I've seen what Terry is looking at, and his field is projections. So yes, it's possible that we get back into 11% for a particular quarter. But I stand by my statement that we would not show an 11% or -- 11% to 13% for the full year of 2019.

好吧,让我们澄清一下。 我被问到的问题,我相信你的会议。 我解释说今年。 所以我的回答是,不。 我们本可以将它在2019年的11%到13%之内。我支持今天的声明。 我认为第一季度是一个非常难以克服的问题。

现在,我理解并且我已经看到了特里正在看的东西,他的领域是预测。 所以是的,我们有可能在特定季度重新回到11%。 但我支持我的声明,即2019年的全年我们不会显示11%或 - 11%至13%。

会议主持员

Moving to our next caller, your line is unmuted.

移动到我们的下一个呼叫者,您的线路将取消静音。

Matt Brooklier

Thanks, Matt Brooklier at Buckingham Research. So I wanted to circle back to intermodal pricing questions for you. If you could talk to of your contract volume, what to-date has been priced at the end of second quarter and maybe your expectations for what remains and where potentially contract rates could follow off for that portion of contract side of your business?

谢谢,白金汉研究中心的Matt Brooklier。 所以我想回到你的联运定价问题。 如果您可以谈谈您的合同数量,那么到目前为止,第二季度末的定价是什么,也许您对剩余的预期以及合同价格可能会在合同期间的合同价格中断的期限是什么?

John Roberts

So I think I've mentioned before that the first start of the bids, we're in higher single-digits, middle third was middle-single-digits and the last third were lower-single-digits. And we're basically through all of our major bids. For the most part, some we don't haven't implemented yet but we know what we're going to be basically looking at. So, I think that'll end up somewhere in the middle-single-digits when it's all said and done for this bid cycle.

所以我想我之前已经提到过第一次出价,我们是高位数,中间三位是中位数,最后三位是低位数。 我们基本上通过所有主要出价。 在大多数情况下,有些我们还没有实现,但我们知道我们基本上会看到什么。 因此,我认为,当这个出价周期全部说完并完成时,它会以中间个位数结束。

Matt Brooklier

Okay, so it sounds like the contract pricing pretty much in line, I think, with your expectations a little bit of a fade into the second half of the year. But I think that's what you guys have been conveying through that. And then, the more positive outlook at intermodal in terms of volume, I think, you guys mentioned that some of it had to do with your ability to execute the relative service levels that you're providing. Is this partially driven by UMP's PSR efforts, or am I not reading this correctly?

好吧,我认为这听起来像合同定价非常一致,你的期望会在今年下半年略微淡化。 但我认为这就是你们通过那些传达的东西。 然后,就数量而言,多式联运的前景越积极,我想,你们提到其中一些与你执行你所提供的相对服务水平的能力有关。 这部分是由UMP的PSR努力推动的,还是我没有正确阅读?

John Roberts

Well, the service levels we received, especially from the Eastern railroads, are up significantly from last year at this time, not to where their goals are or where our goals would be. But being assessed started off extremely well. Then we had a weather issue in February into March, starting to rebound. And then we had flooding issues here in the last couple of weeks in June that they're starting to rebound here. And this we're starting to see an uptick on as a service, obviously, it was help there. And some of the technology investments that we've made, we've been able to better set appointments that are analyzing rail schedules and predictability of what will happen. And has allowed us to be able to communicate to our customers a better level of service, even though it might be a couple hours slower here and there. But we've been able to use those tools to what we think is differentiate our product from others.

那么,我们收到的服务水平,尤其是来自东部铁路的服务水平,与去年相比显着上升,而不是他们的目标或我们的目标。 但评估开始时非常好。 然后我们在二月到三月有一个天气问题,开始反弹。 然后我们在六月的最后几周发生了洪水问题,他们开始在这里反弹。 而且,我们开始看到服务的增长,显然,它在那里有所帮助。 我们已经进行了一些技术投资,我们已经能够更好地设定分析铁路时刻表的预约和将要发生的事情的可预测性。 并且使我们能够与客户沟通更好的服务水平,即使在这里和那里可能会慢几个小时。 但是我们已经能够使用这些工具来实现我们认为的产品与其他产品的区别。

会议主持员

Moving to our next question, caller your line is unmuted.

转到我们的下一个问题,调用您的线路是未取消静音的。

Justin Long

Hi, this is Justin Long with Stephens. Good afternoon. So, Dave, I think…

嗨,这是Justin Long和Stephens。 下午好。 所以,戴夫,我想......

John Roberts

Finally, you've got [Technical Difficulty]…

最后,你有[技术难度] ......

Justin Long

I don't know about that. It only took me about a decade to get coverage of the stock, but the day is finally here. So, Dave, I think you gave a number earlier on the intermodal volume headwind from lane closures in the second quarter. Could you clarify what that percentage wise? And then on the loads per workday that you saw monthly in the second quarter, you noted the pickup. But I'm curious how that acceleration compares to the normal seasonality in that metric that you've seen historically in the second quarter?

我不知道。 我只花了大约十年时间才能获得股票的报道,但这一天终于来了。 所以,戴夫,我想你早些时候在第二季度关闭车道的多式联运量方面提供了一些数据。 你能澄清那个百分比明智吗? 然后根据您在第二季度每月看到的每个工作日的负载,您注意到了拾取。 但我很好奇这种加速度与你在第二季度历史上看到的那个指标的正常季节性相比如何?

David Mee

Yes, the 9% volume decline, if you will, due to the lane closures is simply the snapshot of the number of loads that we saw disappear that could no longer be serviced. And like I said, that was expected. We understood that going into the end of the quarter. But obviously, our goal was, we said this earlier, that we were going to try to overcome that. And we just didn't see the demand to allow that to occur. As far as the trajectory of the loads per workday, I would say that -- Terry, you jump in on this -- that was pretty normal to me as far as the trajectory from month-to-month-to-month, even though it's at a lower base.

是的,9%的体积下降,如果你愿意,由于车道关闭只是我们看到消失的负载数量的快照,无法再进行维修。 就像我说的那样,这是预期的。 我们了解到本季度末。 但显然,我们的目标是,我们之前说过,我们将尝试克服这个问题。 我们只是没有看到允许这种情况发生的要求。 至于每个工作日负荷的轨迹,我会说 - 特里,你跳进去 - 这对我来说是非常正常的,尽管每个月到月的轨迹,尽管 它位于较低的基础上。

Terrance Matthews

Right. The trajectory was good, obviously, from April through May and ended June and it should continue into the months and quarters ahead. The other comment I would make is that the floods in May and June costs us about 2,500 loads that we weren't able to handle that had to run truck, because of the various floods that we were not able to handle.

对。 从4月到5月到6月结束,这条轨迹很好,应该会持续到未来几个月和几个季度。 我要提出的另一个评论是,由于我们无法处理的各种洪水,5月和6月的洪水使我们花费了大约2,500个载荷,这些载荷是我们无法处理的必须运行的卡车。

Justin Long

And then circling back on the 11% to 13% margin target in intermodal. Dave, you said it sounds like that won't happen in 2019. But is this something you think of achievable next year if we continue to see low-single-digit pricing environment where we're exiting, like we're exiting this bid season? Or do we need to see an acceleration in the pricing environment from here to get to that target?

然后在多式联运中回调11%至13%的保证金目标。 戴夫,你说这听起来似乎不会在2019年发生。但如果我们继续看到我们退出的低个位数定价环境,就像我们退出这个出价一样,你认为明年可以实现这个目标吗? 季节? 或者我们是否需要从这里看到定价环境的加速才能达到目标?

David Mee

That would be -- I guess, given guidance for one and I'm not ready to do that yet. And the second thing is I have to wait and see what their plan for next year looks like. And I haven't seen that yet either, Justin, so I don't know the answer to that.

那将是 - 我想,给予一个人的指导,我还没有做好准备。 第二件事是我必须等待,看看他们明年的计划是什么样的。 我还没见过贾斯汀,所以我不知道答案。

会议主持员

And moving to our next question, caller your line is being unmuted.

转到我们的下一个问题,打电话你的线路正在取消静音。

Brian Ossenbeck

Good afternoon. It's Brian Ossenbeck from JP Morgan. So want to ask another question on ICS in the marketplace. Shelley, maybe if you can give us a sense what type of benefits you're seeing, excluding the extra spending on IT and maybe even on headcount, getting more of the transactions pushed through the marketplace, leaving up to that two-thirds which continue to climb. But I'm a little surprised to see that the loads per employee are down significantly and headcounts up. And maybe that's a function of adding more IT folks. But maybe you can give us a sense as to what benefits you're seeing, and when you think they'll start to flow through that second line item?

下午好。 这是摩根大通的Brian Ossenbeck。 所以想在市场上提出关于ICS的另一个问题。 雪莱,也许你可以告诉我们你看到的是什么类型的好处,不包括IT上的额外开支,甚至可能是人数,更多的交易推进市场,剩下三分之二继续 爬。 但是,我看到每名员工的负担显着下降并且人数增加,我感到有些惊讶。 也许这是增加更多IT人员的功能。 但也许您可以让我们了解您所看到的好处,以及当您认为它们将开始流经第二个项目时?

雪莱辛普森

So the mix is that LTL and truckload does change our volumes, going forward. But we also did add employee as part of our further investment in marketplace, because we're trying to build the marketplace as new systems are coming on board, taking more time spending more time with those customers and carriers making sure that their experience is top notch. So as we move into 2020 and start thinking about our automation, that's everything that we're really trying to invest in this year really reviewing [Technical Difficulty] it is not automated and the things that we need to do to move us inside automation.
And then lastly, probably the thing that impacts us the very much is the level of data and the granularity that we get of the data through the platform. So earlier I spoke of the supply side come back. We can see that immediately inside the platform all from a digital space what authors are doing, how many peers are on board, what percent are on board, what lanes are becoming softer or harder. All of those pieces are allowing us to get better at our pricing, better at serving our customers. And we think that we'll see that really push up here towards the end of the year as we come -- and come to better comps against LTL was being fourth quarter moving into next year we'll have market share gains as a result.

因此,LTL和卡车装载确实会改变我们的产量。但我们也确实增加了员工作为我们进一步投资市场的一部分,因为随着新系统的加入,我们正在努力建立市场,花更多的时间与这些客户和运营商共度时间,确保他们的体验是最好的缺口。因此,当我们进入2020年并开始考虑我们的自动化时,我们今年真正想要投资的一切都是真正回顾[技术难度],它不是自动化的,而是我们需要做的事情来推动我们进入自动化领域。

最后,可能影响我们的事情可能是我们通过平台获得数据的数据级别和粒度。所以早些时候我谈到供应方回来了。我们可以看到,在平台内部,所有人都可以从数字空间进行作者正在做的事情,船上有多少同行,船上有多少百分比,哪些车道变得更柔软或更难。所有这些都使我们能够更好地定价,更好地为客户服务。而且我们认为,随着我们的到来,我们将会看到真正推动到今年年底 - 并且更好地反对LTL是第四季度进入明年我们将获得市场份额增长。

Brian Ossenbeck

Okay, thanks for all the details, Shelley. And, Dave, a quick follow-up for you. Can you just remind us of the buyback program? Looks like it was pretty active this last quarter, you still got some left on the optimization. So maybe you can just give us a sense as to why you're so active this last quarter and what you expect to be doing it from a capital allocation standpoint throughout the rest of the year?

好的,谢谢你的所有细节,Shelley。 而且,戴夫,快速跟进你。 你能告诉我们回购计划吗? 在上个季度看起来它非常活跃,你仍然有一些优化。 那么也许您可以让我们了解一下为什么您在上个季度如此活跃以及您希望在今年剩余时间从资本分配角度做到这一点?

John Roberts

Well, I mean, the one of the reasons we were active in the quarter. I mean, we definitely had cash, if you will. We typically use our revolver as cash, or our debt to EBITDA ratio as a cash indicator. So, we had availability. And frankly, we thought the price was attractive. So we've always said we would be an opportunistic buyer. I think that we would continue that approach on a go forward basis. And so, if we see something happening in the future, where we either have additional room on our debt to EBITDA ratio or we end up seeing another attractive price and we have the ability, we'll probably participate again in the future.

嗯,我的意思是,我们在本季度活跃的原因之一。 我的意思是,如果你愿意,我们肯定有现金。 我们通常使用我们的左轮手枪作为现金,或将我们的债务与EBITDA比率作为现金指标。 所以,我们有空。 坦率地说,我们认为价格很有吸引力。 所以我们总是说我们会成为一个机会主义买家。 我认为我们会继续前进。 因此,如果我们看到未来发生的事情,我们要么在债务与EBITDA比率上有额外的空间,要么我们最终看到另一个有吸引力的价格而且我们有能力,我们可能会在未来再次参与。

会议主持员

Moving to our next question, caller your line is unmuted.

转到我们的下一个问题,调用您的线路是未取消静音的。

Ravi Shankar

Thanks, everyone. Ravi Shankar from Morgan Stanley. Just couple of questions on DCS. Can you just clarify what drove that big decline in DCS salaries and wages and was that related to the charge? And if you can give us any more details on that charge, was that an in-sourcing decision by customers?

感谢大家。 来自摩根士丹利的Ravi Shankar。 关于DCS的几个问题。 您能否澄清一下是什么导致了DCS工资和工资的大幅下降?这与收费有关吗? 如果您可以向我们提供有关该费用的更多详细信息,那是客户的内部决策吗?

John Roberts

No, it was not an in-sourcing decision by customer. It was -- a lot of it was a workers' compensation and insurance policy accrual adjustment that came back in that frankly everybody participated to a certain level. But it showed up more materially inside of DCS, simply because they got more people just the way the policy works. So, as they got a benefit, it went back to the business units and DCS was just a more material effect.

不,这不是客户的内部决策。 这是 - 很多是工人赔偿和保险政策的应计调整,坦白地说,每个人都参与到一定程度。 但它在DCS中显示出更为重要的内容,仅仅因为它们只是按照政策的方式获得了更多的人。 因此,当他们获益时,它又回到了业务部门,DCS只是一个更重要的影响。

Ravi Shankar

And just a follow-up. I know you probably wouldn't comment on the BNSF arbitration. But do your results include any charge or reserve for a potential verdict or result in the future? I mean, you had $44 million, I think, each last three quarters. So are you taking like $11 million a quarter for that in the guided results?

只是一个后续行动。 我知道你可能不会对BNSF仲裁发表评论。 但是,您的结果是否包括对未来可能的判决或结果的任何指控或保留? 我的意思是,我认为,每过四个季度你就有4400万美元。 那么你在指导结果中每季度花费1100万美元吗?

John Roberts

We haven't commented on that. People have asked that in the past, Ravi, should they do that inside their models. And frankly, my response has been since I don't have any other additional information to give to them. If they were to do that, there's nothing I could do to argue to say that was inappropriate conclusion.

我们没有对此发表评论。 人们在过去曾经问过Ravi,他们是否应该在他们的模特中做到这一点。 坦率地说,我的回答是因为我没有任何其他信息可以提供给他们。 如果他们这样做,那么我就无法证明这是不恰当的结论。

会议主持员

Moving to our next caller, caller your line is unmuted.

移动到我们的下一个呼叫者,呼叫者您的线路取消静音。

Amit Mehrotra

Thanks, Amit Mehrotra here from Deutsche Bank. Thanks for taking the question. And Brad, congrats on the appointment. Terry, on the commentary around intermodal volumes, any update on how PSR may impact the outlook for the second half? Union Pacific is taking significant action in Chicago this month, I believe and Berkshire has talked publicly about PSR quite openly over the last few months. So maybe any updated thoughts on how you're thinking about PSR as being a headwind or not on the volumes in the second half? Thank you.

谢谢,Amit Mehrotra来自德意志银行。 谢谢你提出这个问题。 布拉德,恭喜约会。 特里,关于多式联运量的评论,关于PSR如何影响下半年前景的任何更新? 联合太平洋本月正在芝加哥采取重大行动,我相信伯克希尔在过去几个月中公开谈论过PSR。 那么也许有关于你如何将PSR视为下半场数据的逆风还是更新的想法? 谢谢。

泰伦斯马修斯

Well, we obviously don't use the Union Pacific. But I believe that the benefit of PSR is we should get better service, which should give us better turn times. It should give us the ability to be able to move more freight from the highway over. We've always talked about sometimes with PSR that they get into a fixture derailment. Sometimes they're not quite as resilient. They don't have extra crews waiting around to play catch up. So that there is a watch out with regards to PSR.
With regards to the BNSF, we see some of the things that they're doing. I don't think they're public is maybe what the EP is with regards to what they're doing. But I don't see anything out of the ordinary that should come about in the second half of this year that be the pause in terms of what we're seeing and what we've been doing in the past, and how we should react going forward.

好吧,我们显然不使用联合太平洋。 但我相信PSR的好处是我们应该得到更好的服务,这应该给我们更好的转弯时间。 它应该使我们能够从高速公路上运送更多的货物。 我们总是经常和PSR讨论过他们会遇到夹具脱轨问题。 有时它们不那么有弹性。 他们没有额外的工作人员在等待追赶。 因此,有关于PSR的注意事项。

关于BNSF,我们看到了他们正在做的一些事情。 我不认为他们的公开可能是EP关于他们正在做什么的。 但我没有看到今年下半年应该出现的任何不寻常的事情,那就是我们所看到的以及过去我们一直在做的事情的停顿,以及我们应该如何反应 往前走。

Amit Mehrotra

Okay, thank you for that. And just as a follow-up just sticking with intermodal, if I could and on the cadence for pricing. You talked about earlier at the top of this call up low-single-digits pricing, and truck spot rates have obviously been pretty negative for a while and the expectations for contract rates have been coming down pretty consistently over the last year. Just in that context. Terry, what are the risks that you might have positive volume in the back half of the year but the yields turn negative in the back half of the year? If you can talk about the comfort you have around positive yield in back half of the year, either based on the negotiations you've done to-date, or the volume outlook just in the context of the trucking environment getting a lot weaker, at least in the contract expectation side?

好的,谢谢你。 正如一个后续行动只是坚持多式联运,如果我可以和节奏定价。 你之前谈到了这个低位数单位定价的最高点,卡车现货价格显然已经相当不利了一段时间,并且合约利率的预期在过去一年中一直在下降。 就在这种背景下。 特里,你可能在今年下半年有多大的风险,但收益率在今年下半年变为负值? 如果你可以谈谈你在今年下半年的正收益率所带来的舒适度,要么是基于你迄今为止所做的谈判,要么是基于卡车运输环境变得更弱的情况下的交易量前景, 至少在合同期望方面?

泰伦斯马修斯

Yes, I think I'd mentioned in the previous conference calls that we thought that intermodal pricing would stay higher than truck pricing throughout the year, and I think that's been unfold and be true. As I mentioned, the bid cycle is over with the results are in. And we know what those results are, and we know what our path is moving forward for the next couple of quarters with regards to pricing. And I don't see that moving around going negative at all.

是的,我想在之前的电话会议中我曾提到过,我们认为多式联运定价全年都会高于卡车价格,我认为这种情况已经展开并且是真实的。 正如我所提到的,投标周期已结束,结果已经结束。我们知道这些结果是什么,我们知道未来几个季度我们在定价方面的发展方向。 而且我没有看到任何变动都会消极。

会议主持员

Moving to our final question for now, caller your line is unmuted.

现在转到我们的最后一个问题,调用您的线路是未取消静音的。

大卫弗农

Hi, hopefully, the lines a little bit better. David Vernon from Bernstein. Dave, could you talk a little bit about how much development OpEx for J.B. Hunt 360 is going through the P&L today? And when, over the course of the next several years, you might be able to expect some fall-off in that investment into the software?

嗨,希望,线条好一点。 来自伯恩斯坦的大卫弗农。 Dave,你能谈谈J.B. Hunt 360今天的P&L有多少开发OpEx? 而且,在接下来的几年中,您可能会期望对该软件的投资有所下降?

David Mee

What we said was we got an extra $4.8 million, or we got $4.8 million in the quarter OpEx spend were inside of ICS. I'm looking at Shelly.

我们说的是我们额外获得了480万美元,或者我们在本季度获得了480万美元的OpEx花费在ICS内部。 我在看雪莉。

雪莱辛普森

Incremental…

增加的…

David Mee

It's incremental.

这是递增的。

雪莱辛普森

Correct.

正确。

David Mee

Basis off of our $2 million base, so it's up to $6.8 million.

基于我们200万美元的基数,所以它高达680万美元。

雪莱辛普森

Roughly.

大致。

David Mee

Roughly, yes, and so it was off of -- okay, so we're up $5 million off of $6 million prior. So we're spending $11 million a quarter in ICS, primarily for the development of marketplace 360. Now, if there's other pieces inside that, because you also have to harden the systems to handle the capacity, expand the available capacity, they're also doing further development through the intelligence pieces and stuff. So it's not all just for the marketplace 360 but it is part of the 360 platform.
When do we realize the revenue side? I mean, we're starting to see a little bit trickle in now. Do we see capitalizing on our further development? I think that that probably plays out over the next two to three years. How much more do I have to spend to get it to the point where we're seeing what we would expect to be maximum revenue generation out of this thing? I don't know the answer that yet, David.

粗略地,是的,所以它已经离开了 - 好吧,所以我们从之前的600万美元中获得了500万美元。 所以我们每季度在ICS上花费1100万美元,主要用于开发360市场。现在,如果内部有其他部分,因为你还需要强化系统来处理容量,扩展可用容量,它们是 通过情报片和东西进一步发展。 所以它不仅仅适用于360市场,而是360平台的一部分。

我们什么时候才意识到收入方面? 我的意思是,我们现在开始看到一点点涓涓细流。 我们是否看到利用我们的进一步发展? 我认为这可能会在未来两到三年内发挥作用。 我还需要花多少钱才能达到这样的程度,即我们看到我们期望从这件事中获得最大的收益? 大卫,我还不知道答案。

大卫弗农

Thanks for that color. One separate follow-up question on the DCS business. I was just wondering if you can give us some qualitative commentary on the impact of Final Mile from a margin perspective in that segment. The results were a lot stronger than we thought and obviously, that seasoning is some of the prior contracts. So I'm just wondering are you also getting some margin gain on that Final Mile that you've acquired last year.

谢谢你的颜色。 关于DCS业务的一个单独的后续问题。 我只是想知道你是否可以从该领域的保证金角度给我们一些关于最终里程影响的定性评论。 结果比我们想象的要强很多,显然,调味是一些先前的合同。 所以我只是想知道你是否也获得了去年收购的最终里程的保证金。

泰伦斯马修斯

So I would just say, as Dave talked about early on. The DCS business minus Final Mile is hitting right in the middle of our target range of where we want to go. So that portion of DCS is doing well. Final Mile, if you take out the onetime adjustment, it's making incremental improvement. The acquisitions are coming along and hitting their EBITDA targets. And we're continuing our sales pipeline, there is very strong. We're going to hit our expectations on sales there. So, it is going well. The integrations are all going very well. So, we're very pleased with how that's moving and progressing in the right way. But the margins on Final Mile are not at the level of the margins. So it's actually diluted, David, because non-asset, lot of the mix stuff going on this non-asset.

所以我只想说,就像戴夫早就谈到的那样。 DCS业务减去最终里程是在我们想要去的目标范围的正中间。 所以DCS的那部分表现良好。 最后一英里,如果你进行一次性调整,它会逐步改进。 这些收购正在实现并达到EBITDA目标。 我们正在继续我们的销售渠道,非常强大。 我们将在那里达到销售预期。 所以,进展顺利。 整合进展顺利。 因此,我们对这种方式如何以正确的方式发展和进步感到非常满意。 但最终里程的利润率并未处于利润水平。 所以它实际上被稀释了,大卫,因为非资产,很多混合物都在这个非资产上。

会议主持员

And we did have a couple more questions come in as well. Caller, your line is unmuted.

而且我们确实还有一些问题。 来电者,你的线路是无线的。

戴夫罗斯

Good afternoon. Dave Ross here from Stifel. I wanted to dig into the truck segment. Better than expected given soft 2Q in the overall truckload market, and it looks like you improved the margin due to some internal initiatives. Could you expand on those comments as to what specifically helped the profitability in the quarter and the truck segment?

下午好。 Dave Ross来自Stifel。 我想挖掘卡车部分。 由于整体卡车市场的第二季度疲软,预期好于预期,看起来由于一些内部举措,您提高了利润率。 您能否就这一季度和卡车部门的盈利能力做出哪些具体贡献?

雪莱辛普森

Well, inside truckload, we are continuing our transition to move to more of an asset light model. In total, we did change the number of company owned trucks as we move some of those trucks into our dedicated contract services group and continued moving forward. And we planned for the rest of this year to increase the percentage of independent contractors inside that space. That mix of business is more of a variable compensation model and so that did benefit us in total.
And then I think we just talked about some of the cost cutting measures that we have inside that segment. We did a better job in yield management. Just with the trust that we had and what the freight that we moved with our customers, the type of freight product that we move with their customers, we move those trucks into more committed relationships and that helped our quarter as well.

好吧,在卡车内部,我们正在继续转型,转向更多的资产轻型车型。 总的来说,我们确实改变了公司自有卡车的数量,因为我们将其中一些卡车转移到我们的专用合同服务组并继续前进。 我们计划在今年剩余时间内增加该空间内独立承包商的比例。 这种业务组合更像是一种可变薪酬模式,因此确实使我们受益。

然后我想我们刚刚谈到了我们在该细分市场中的一些成本削减措施。 我们在收益管理方面做得更好。 只要我们拥有信任以及我们与客户一起运送的货物,我们与客户一起搬运的货运类型,我们就会将这些卡车转移到更加忠诚的关系中,这也有助于我们的季度。

大卫罗斯

And then any change in the used truck markets, what are you seeing going on there right now?

二手卡车市场的任何变化,你现在看到的是什么?

John Roberts

We actually had one of our OEMs in last week. Their view of used truck market was that it's -- I'm going to use the term stabilized, I can't remember the exact quote they said. They weren't seeing any increase in used truck prices nor would they see an additional deceleration. They do expect, frankly, a change in the value depending on what does happened with the ultimate delivery of the inventory that they have at the dealers right now. Obviously, it's well-known that the new order bids or new order placements are down considerably, but the backlog is still working its way through the system.
I believe that their conversation with [Technical Difficulty] more course, they're worried about October, it's the next month, I'm looking at John Robert, he know, talking to them. I think October was the next date that they were really trying to figure out then what do they do. So in order to stay at this level is at productivity or not. So, I think that they're still in search mode but the immediate used truck pricing, they have not seen any material change, one way or the other.

我们上周实际上有一个OEM。他们对二手卡车市场的看法是 - 我将使用稳定的术语,我不记得他们所说的确切报价。他们没有看到二手卡车价格的任何增加,也没有看到额外的减速。坦率地说,他们确实期望价值的变化取决于他们现在在经销商处最终交付库存的情况。显而易见的是,众所周知,新订单出价或新订单放置大幅下降,但积压仍然在整个系统中运行。

我相信他们与[技术难度]的对话更多,他们担心十月,这是下个月,我看着约翰罗伯特,他知道,与他们交谈。我想10月是他们真正试图找出他们做了什么的下一个日期。因此,为了保持这个水平,生产力与否。因此,我认为他们仍然处于搜索模式但是直接使用的卡车定价,他们没有看到任何重大变化,无论如何。

会议主持员

Moving to our final caller for now, your line is being unmuted.

现在转到我们的最终来电者,您的线路正在取消静音。

斯科特集团

It's Scott Group from Wolfe. How are you?

这是来自沃尔夫的斯科特集团。 你好吗?

John Roberts

We're just wondering where you were. I was worried…

我们只是想知道你在哪里。 我很担心…

斯科特集团

I think I was hitting the wrong numbers to get in the call.

我想我打错了号码才能接听电话。

John Roberts

I do that all the time myself that's not a problem.

我一直这样做,这不是问题。

斯科特集团

The monthly loads per day that you gave. Dave, do you have those from a year ago just so we can understand that this is a good or bad progression?

您提供的每月每月负载量。 戴夫,你有一年前的那些,所以我们可以理解这是一个好的或坏的进展?

David Mee

A year ago?

一年前?

斯科特集团

Yes.

是。

David Mee

Well, yes, you're talking about April 18.

嗯,是的,你说的是4月18日。

斯科特集团

Yes, so that 7,300 to 7,400…

是的,所以7,300到7,400 ......

David Mee

I know that. I'm horrible with technology. So, I have to stack the paper here. I don't know, but that will..

我知道。 我对技术太可怕了。 所以,我必须在这里堆叠论文。 我不知道,但那会..

斯科特集团

I'll keep going maybe for -- I hear you there, if you want. Oh, you don't, okay.

我会继续前进 - 如果你愿意,我会在那里听到你的声音。 哦,你没有,好的。

David Mee

No, I've got April, was 8,000. And May '18 was 8,100and June was 8,200.

不,我有四月,是8,000。 18年5月是8,100,6月是8,200。

斯科特集团

Okay, perfect.

好的,完美的。

David Mee

And as we've mentioned -- like I said, it's at a lower level.

正如我们所提到的 - 就像我说的那样,它处于较低的水平。

斯科特集团

Okay. When we think about that 11% to 13% margin and maybe not getting there in 2020. What do you think are the bigger swing factors? Is it volume growth? Or is it the ability to keep pricing positive? Where is the bigger risk to 11%, 13% on volume or price?

好的。 当我们考虑到11%至13%的利润率并且可能在2020年没有达到目标时。您认为更大的波动因素是什么? 是增长量吗? 或者是保持定价积极的能力? 11%的风险在哪里,数量或价格的风险是13%?

John Roberts

I'll let Terry answer that question.

我会让特里回答这个问题。

泰伦斯马修斯

Yes, I think the biggest benefits try to get to volume on pricing is pretty well locked into '19 and then the cost control.

是的,我认为最大限度的好处是试图定价,很好地锁定在'19然后成本控制。

斯科特集团

I was thinking…

我刚在想…

泰伦斯马修斯

My apologies please go ahead.

我道歉,请继续。

斯科特集团

Sorry, I was thinking about 2020 and the ability to get to the 11% to 13% next year.

对不起,我在考虑2020年和明年能够达到11%到13%的能力。

John Roberts

Well, obviously, if price falls apart that that would have the biggest impact of any of the above. But at this point, we don't see that happening, haven't seen that happen yet.

嗯,显然,如果价格下跌,那将会产生上述任何一个影响最大的影响。 但在这一点上,我们没有看到发生这种情况,还没有看到这种情况发生。

会议主持员

And with that, there are no further questions on the line.

有了这个,就没有其他问题了。

John Roberts

Well, then will be this as one last call. So if there's couple of minutes here and going once, going twice. Thank you all. Appreciate it. I'm sure we will catch up. And I'm sure you know where to find Brad.

那么,这将是最后一次电话会议。 因此,如果这里有几分钟而且去过一次,那就去两次。 谢谢你们。 欣赏它。 我相信我们会赶上来。 我相信你知道在哪里可以找到布拉德。

会议主持员

We have one questioner come in from someone who's already asked a question. Would you like to take that?

我们有一个提问者来自已经问过问题的人。 你想要那个吗?

John Roberts

Fine, go ahead. Let it through.

好的,继续吧。 让它通过。

会议主持员

Caller, your line is unmuted.

来电者,你的线路是无线的。

斯科特集团

Hey, Scott, again, sorry for this. My other question was on ICS. Can you just talk about what's causing the big drop in the LTL volumes? And what's the impact on the gross margins from that?

嘿,斯科特,再次,抱歉。 我的另一个问题是关于ICS。 你能谈谈导致LTL数量大幅下降的原因吗? 那对毛利率的影响是什么?

雪莱辛普森

Yes, so I've mentioned this earlier, I'm not sure if you were able to hear it. As we're moving our system off the mainframe into cloud based system, some of the business that we had in LTL, we had not completed the development in the new system and we needed to work with our customers really to exit part of that business. So we set the tone with our customers that was intentional on change, we do have on the roadmap this year to complete some of the work that is needed to really onboard those customers again and we've done it.

是的,所以我之前已经提到过,我不确定你是否能够听到它。 当我们将我们的系统从大型机转移到基于云的系统时,我们在LTL中拥有的一些业务,我们还没有在新系统中完成开发,我们需要真正与客户合作以退出部分业务。 因此,我们为客户设定了有意改变的基调,我们今年在路线图上确实完成了真正重新加入这些客户所需的一些工作,我们已经完成了。

斯科特集团

And, Shelley, does that explain some of the big drop in gross margin percentages, the big drop in LTL?

并且,雪莱,这是否解释了毛利润百分比的大幅下降,LTL的大幅下降?

雪莱辛普森

Well, LTL has a greater percentage of gross margin or gross margin percent. Certainly, it's higher because there's a lower gross margin dollar per load. But the change overall was our mix that happened the new publish business that came on, and accelerated as the quarter progressed. I would say that was more of a material impact in LTL.

那么,LTL的毛利率或毛利率百分比更高。 当然,它更高,因为每个负载的毛利率较低。 但整体变化是我们的混合发生了新的发布业务,并随着季度的进展而加速。 我想说这对LTL来说更具实质性影响。

会议主持员

Okay with that, there are no more questions.

好的,没有其他问题了。

John Roberts

All right, Viju. Thank you very much. Appreciate it. Thanks everyone.

好的,Viju。 非常感谢你。 欣赏它。 感谢大家。

会议主持员

Thank you for using AT&T Event Conferencing. And you may now disconnect.

感谢您使用AT&T Event Conferencing。 你现在可能会断开连接。

相关问题

  • JB Hunt运输服务 电话会议
  • JB Hunt运输服务 财务报告

互联网券商的港股、美股开户教程

如果您对美股 或者 港股也感兴趣, 或者想要了解如何开户, 可以加我wechat: xiaobei006006, 同时也可以拉您进美股交流群哦。
最后的最后 祝大家都有一个美好的投资生活哦。

大家也可以关注【美股指南】公众号, 即可获得《小白投资美股指南(雪球「岛」系列)》电子书

写在最后

友情提示 转载请注明出处: https://investguider.com/topics/10873
暂无回复。
需要 登录 后方可回复, 如果你还没有账号请点击这里 注册