加拿大国家铁路公司 (CNI) 首席执行官 JJ Ruest 在 2019年 第二季度业绩 - 收益电话会议记录

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Canadian National Railway Company (NYSE:CNI) Q2 2019 Earnings Conference Call July 23, 2019 4:30 PM ET

加拿大国家铁路公司(纽约证券交易所代码:[CNI])2019年第二季度收益电话会议2019年7月23日美国东部时间下午4:30

公司参与者

Paul Butcher - Vice President, Investor Relations
JJ Ruest - President and Chief Executive Officer
Ghislain Houle - Executive Vice President and Chief Financial Officer
Keith Reardon - Senior Vice President, Consumer Products, Supply Chain
James Cairns - Senior Vice President, Rail Centric Supply Chain
Rob Reilly - Executive Vice President and Chief Operating Officer

  • Rich Simonelli - IR副总裁
  • Andy Florance - 创始人兼首席执行官
  • Scott Wheeler - 首席财务官

电话会议参与者

Ravi Shanker - Morgan Stanley
Cherilyn Radbourne - TD Securities
Benoit Poirier - Desjardins Capital
Chris Wetherbee - Citi
Allison Landry - Credit Suisse
Jason Seidl - Cowen & Company
Steve Hansen - Raymond James
David Vernon - Bernstein
Walter Spracklin - RBC Capital Markets
Seldon Clarke - Deutsche Bank
Konark Gupta - Scotiabank
Jordan Alliger - Goldman Sachs
Ken Hoexter - Bank of America Merrill Lynch
Scott Group - Wolfe Research
Brian Ossenbeck - JPMorgan
Justin Long - Stephens
Tom Wadewitz - UBS

  • 彼得克里斯蒂安森 - 花旗
  • 比尔沃明顿 - 富国银行
  • 乔治·汤 - 高盛
  • Andrew Jeffrey - SunTrust
  • Sterling Auty - 摩根大通
  • Joe Goodwin - 证券
  • 斯科特巴克 - B.Riley FBR

会议主持员

Welcome to the CN Second Quarter 2019 Financial Results Conference Call. I would now like to turn the meeting over to Paul Butcher, Vice President, Investor Relations. Ladies and gentlemen, Mr. Butcher.

女士们,先生们,感谢您的支持,并欢迎参加CoStar第二季度财务业绩电话会议。 此时,所有参与者都处于只听模式。 之后,我们将进行问答。 当时将给出说明。 [操作员说明]此外,正在记录今天的电话会议。

我现在想把会议转交给你的主持人,投资者关系副总裁Rich Simonelli。 请继续。

Rich Simonelli

Well, thank you Eric. Good afternoon, everyone and thank you for joining us for CN’s second quarter 2019 earnings call. I would like to remind you about the comments already made regarding forward-looking statements.
With me today is JJ Ruest, our President and Chief Executive Officer; Ghislain Houle, our Executive Vice President and Chief Financial Officer; Keith Reardon, our Senior Vice President, Consumer Products, Supply Chain; and James Cairns, our Senior Vice President, Rail Centric Supply Chain and our recently appointed Executive Vice President and Chief Operating Officer, Rob Reilly.
Once again, I do want to remind you to please limit yourself to one question so that everyone has the opportunity to participate in the Q&A session. The IR team will be available after the call for any follow-up questions.
It is now my pleasure to turn the call over to CN’s President and Chief Executive Officer, JJ Ruest.

好的,谢谢Eric。 大家下午好,感谢您加入我们参加CN的2019年第二季度财报电话会议。 我想提醒您有关前瞻性陈述的意见。

今天和我在一起的是我们的总裁兼首席执行官JJ Ruest; Ghislain Houle,我们的执行副总裁兼首席财务官; Keith Reardon,我们的供应链消费品高级副总裁; 我们的铁路中心供应链高级副总裁James Cairns和我们最近任命的执行副总裁兼首席运营官Rob Reilly。

再一次,我想提醒您,请将自己限制在一个问题上,以便每个人都有机会参加问答环节。 在征集任何后续问题后,IR团队将可以使用。

现在,我很高兴将这一呼吁转交给CN的总裁兼首席执行官JJ Ruest。

Andy Florance

Thank you, Paul and good afternoon everyone and welcome to our second quarter earnings call. We had a very positive result from top line revenue growth of 9%, which is actually our best ever quarter in the company history and from adjusting our cost to the slower pace of growth we experienced in selective markets during the quarter. We produced adjusted EPS growth of 15%, revenue growth of over $200 million and the operating ratio was a solid 57.5.
I am going to do a quick review of the last quarter operation. Our GPM production, our production rate was up 3% over last year, but more important, it was up 5% in our key Western region, a record production for the West. Our operating metrics also continued to improve on a year-over-year basis. For example, car velocity was up a strong 9% and railcar dwell time was down a solid 11%. During the quarter, we reduced active rolling stock in part or return lease or scrap, the least productive of our rolling stock for a total of roughly 8,700 railcars and 60 locomotives. We currently have about 200 qualified train crews on temporary layoff in our Western region waiting for the crude-by-rail volume opportunities to pickup higher and we continue to progressively tighten down our overall management headcount. As a result of these actions, our operating ratio sequentially improved every month during the quarter and has stood at a solid 57.5 for Q2 which is 70 basis points better than last year.
Now, a quick review of the second quarter top line, which as I said earlier was our best ever quarter in the company history, with nearly $4 million of revenue. Carload and RTM were both up 2% and the price continued to be solid and above rail inflation. Intermodal revenue was up 15% reflecting the addition of the TransX intermodal product into our suite of product. Automotive revenue was up 5% in line and we have line of sight on future new business. Coal revenue grew 1%, as our Canadian coal export franchise did offset the current weak U.S. coal market, and we like our position in Canadian coal over the mid-term. Canadian grain revenue was up 11%. CN Canadian grain export tonnage is now up 2.1 million ton ahead of last year, and yet the Chinese ban on Canadian canola is pushing some of last year’s crop into a higher carryover opportunity into the next year’s crop. US revenue of grain was also positive, up 21% mostly from exports.
On crude, we moved on average 150,000 barrels a day in April, 180,000 barrels a day in May, and 200,000 barrels a day in June. We estimate our capacity can support a total of about 300,000 barrels a day with ability to generate more revenue ton-mile growth than carload growth because of our unique long haul reach into Louisiana. Lumber production in British Columbia is facing some recent cyclical downturn. So we park or return-lease of 16% of our least efficient lumber car. Frac sand demand did not turn out to be nowhere near what our customers have indicated that the market would require.
Looking to the balance of this year and next, we are cautiously optimistic. We have a diverse pipeline of organic growth and line of sight on some market win ahead of us. We are also integrating TransX and the unique product depth that we now have in the less than truckload intermodal marketplace. Our first market win using our more sophisticated suite of product is a Canadian retailer, Hudson Bay. In regards to 2019, we are reaffirming our guidance with continued focus on costs, focus on our PSR operation and focus on growth, but staying very mindful of market volatility.

谢谢你,保罗,大家下午好,欢迎来到我们的第二季度财报电话会议。我们从收入增长率9%获得了非常积极的结果,这实际上是公司历史上有史以来最好的季度,从调整成本到我们在本季度选择性市场中经历的增长放缓。我们调整后每股盈利增长15%,收入增长超过2亿美元,营业比率为57.5。

我将快速回顾一下上一季度的运营情况。我们的毛利率产量,我们的产量比去年增长了3%,但更重要的是,我们的主要西部地区增长了5%,西部地区创纪录的产量。我们的经营指标也在逐年增长。例如,汽车速度上升了9%,铁路停留时间下降了11%。在本季度,我们减少了部分或回收租赁或废料的活跃铁路车辆,我们的铁路车辆生产率最低,共计约8,700辆铁路车辆和60辆机车。我们目前在西部地区有大约200名合格的火车队员临时解雇,等待原油逐轨增加的机会,我们继续逐步收紧整体管理人员。由于采取了这些措施,我们的营业比率在本季度每个月都有所改善,第二季度稳定在57.5,比去年好70个基点。

现在,快速回顾第二季度的顶线,正如我之前所说,这是公司历史上有史以来最好的一个季度,收入近400万美元。 Carload和RTM均上涨2%,价格继续稳固并高于铁路通胀。多式联运收入增长了15%,反映了TransX多式联运产品加入我们的产品套件。汽车收入增长了5%,我们对未来的新业务有了视线。煤炭收入增长1%,因为我们的加拿大煤炭出口特许经营确实抵消了目前疲软的美国煤炭市场,我们喜欢我们在中期加入煤炭的地位。加拿大谷物收入增长11%。 CN加拿大谷物出口吨位现在比去年增加了210万吨,但中国对加拿大油菜籽的禁令正在推动去年的部分作物进入下一年作物的更高的结转机会。美国粮食收入也呈正增长,增长21%,主要来自出口。

在原油方面,我们4月平均每天增加15万桶,5月份每天增加18万桶,6月份每天增加20万桶。我们估计我们的产能可以支持每天约30万桶的产能,因为我们可以长途跋涉进入路易斯安那州,因此能够产生更多的收入吨英里增长而不是负载增长。不列颠哥伦比亚省的木材生产正面临最近的周期性下滑。所以我们停放或退回16%的最低效木材车。压裂砂的需求并没有达到我们的客户所表明市场需要的水平。

展望今年和明年的平衡,我们持谨慎乐观的态度。我们拥有多元化的有机增长线,并且在某些市场上的视线赢得了我们。我们还整合了TransX和我们现在在低于卡车的多式联运市场中的独特产品深度。使用我们更先进的产品套件,我们的第一个市场赢家是加拿大零售商哈德逊湾。关于2019年,我们重申我们的指导,继续关注成本,关注我们的PSR运营并关注增长,但要始终关注市场波动。

With that, I would like to introduce Rob Reilly, our Chief Operating Officer, as of July 1st, and I have Rob give you some comments. Rob?

总之,本季度的业绩反映了对卓越的纪律和承诺,这将为我们的客户提供服务并为股东提供长期价值。显然,有利的经济环境有助于我们的业绩,我们看不出有任何迹象表明这种情况在短期内会发生变化。尽管如此,我们认识到这可能在某些时候会有所缓和,并且会继续适当地调整我们的信贷策略增长。

在我将调用转到Mark之前,我想强调一下Discover团队的两个重要补充。首先,我想欢迎新任首席法律官兼总法律顾问Wanji Walcott。 Wanji从PayPal加入我们,在美国运通展会上拥有丰富的经验,她为Discover带来了丰富的高度相关知识。我还要欢迎加入我们董事会的Reddit首席运营官Jennifer Wong。 Jen将成为我们董事会的宝贵财富,为媒体和数字广告带来丰富经验。

我现在要求马克更详细地讨论我们的财务结果。

Rob Reilly

别客气。

Thank you, J.J. Thank you. And I’m very excited to join the CN team under J.J.’s leadership, and his vision of one team after 30 years of railroading with the Santa Fe and BNSF Railway companies. In the short-time that I’ve been here, I’ve had the opportunity to spend the majority of my time out in the field, seeing the operation, meeting the key players, and I’ve been very impressed with the leaders I’ve met. Nearly, there is no better example the CN team working together as one than what I personally witnessed at the Sarnia Tunnel derailment a couple of weeks ago with the team working tirelessly around the clock to restore service to our tracks, not only restoring service to our track, but most importantly completing that complex undertaking injury free, it was very impressive to see the CN professionals and action out there.
It’s clear to me that this is a well-run organization and it’s a privilege to be part of it. However, our work is not done here. So I believe we have opportunities to improve in safety, become more efficient, leveraging the technology as you’re able to see at our Investor Day in June, and still continue to grow with our customers, and not only grow, but grow profitably for our shareholders. That is where my focus will be as in running a safe efficient railroad for our customers and shareholders. And again, very glad to be part of this team.
With that, I’ll pass it over to James for the marketing outlook. James?

谢谢J.J.谢谢。我非常高兴能够在J.J.的领导下加入CN团队,以及他在与圣达菲和BNSF铁路公司合作30年之后对一支团队的愿景。在我来到这里的短暂时间里,我有机会把大部分时间都花在了现场,看到了操作,遇到了关键球员,我对领导者印象非常深刻见过面。几乎没有更好的例子,CN团队合作,比我几周前在萨尼亚隧道出轨时亲眼目睹的那样,团队不知疲倦地全天候工作,以恢复我们的轨道服务,不仅恢复我们的服务跟踪,但最重要的是完成复杂的承诺伤害,看到CN专业人士和行动在那里非常令人印象深刻。

我很清楚,这是一个运营良好的组织,能够参与其中是一种荣幸。但是,我们的工作没有在这里完成。因此,我相信我们有机会提高安全性,提高效率,利用技术,因为您可以在6月的投资者日看到,并且仍然继续与客户共同成长,不仅增长,而且还能实现盈利增长我们的股东。这就是我的重点将是为我们的客户和股东运营安全高效的铁路。再次,很高兴成为这个团队的一员。

有了这个,我会把它传递给詹姆斯的营销前景。詹姆士?

James Cairns

感谢您加入我们的CoStar集团2019年第二季度财报电话会议。在这一周,本周是阿波罗1100万登陆50周年,比我们第二季度的收入略微令人印象深刻。

在2019年第二季度,CoStar集团的总收入为3.44亿美元,同比增长16%。这比我们第二季度的指引高出700万美元,所以这是我们最大的收入节拍之一。我们有史以来最好的销售季度,在全公司的净新订单中产生了5900万美元,同比增长了32%。我们卓越的销售业绩背后的主要驱动力是远远超出预期的Apartments.com销售。仅2019年第二季度,Apartments.com净新订单就比去年同期增长了122%。在过去的三个季度中,Apartments.com已经打破了所有先前的销售记录一季度,2019年第二季度和第一季度,Apartments.com的净销售额增长了44%。

根据我的经验,很少有人会得到月度销售收盘数,并且被这个数字的大小所震惊。这是其中一个季度。 Apartments.com销售团队表现非常出色,以我们曾经实现的最高生产力水平运营。我们预计下个季度的Apartments.com将达到5亿美元的年度收入运行率里程碑。这是我们的一个重要里程碑,因为我们在2014年购买了Apartments.com,其收入仅为8600万美元。从五年前的收购到现在,我们已经将Apartments.com的复合年增长率提高了40%以上。我们相信,我们有机会继续保持这种特殊的增长率。

CoStar Suite收入增长强劲,超过了第二季度的6亿美元收入增长率。我们现在有超过150,000个个人订阅CoStar Suite。净新订单比今年第一季度增长26%。我们的核心美国CoStar Suite收入增长3.5%,而我们的同比美国CoStar Suite收入增长15.1%与我们的5年平均值一致。我发现看看我们的核心美国销售团队,我们的CoStar销售团队,即美国CoStar套件和LoopNet Premium Lister订阅产生的收入,我觉得很有价值。该合并的季度环比增长率为3.7%,同比增长率为15.7%。季度环比增长3.7%正是我们的5年平均增长率。

同比增长率高于5年平均值15.5%。我们正在发展CoStar销售队伍,我们相信这将支持未来的预订加速。我们进入2019年,生产了213个代表。我们现在有262家,我们希望到今年年底能够销售CoStar和LoopNet的300名代表。我们在未来三个月内雇佣了约50名正在投产的销售代表。我们相信它们将在投入生产后约九个月影响销售业绩。我们看到第二季度LoopNet Premium Lister产品销售强劲,净新订量环比增长46%。

Thanks, Rob. So looking at the second half of the year, we still see volatility in a few markets including grain, lumber, U.S. coal and crude. Fundamentals for crude remained strong for the second half of 2019. August spreads are challenging for rail, but we have a few new contracts starting in August that will ramp up through the balance of 2019. A change in government curtailment policy could impact demand moving forward.
U.S. coal could recover in Q3 as water levels on the Mississippi River subside. The API2 U.S. coal benchmark pricing has shown some improvement recently and we are watching this closely. Canadian coal will continue to ramp up through H2 as Coalspur’s new mine increases production. We were very happy to see the announced sale of RTI to AMCI at Riverstone. With the right level of investment, Ridley can double its coal handling capacity and this bodes well for CN bulk export opportunities via Prince Rupert.
Propane volume will continue to be strong with sequential growth from Q2 to Q3, driven by full ramp up of the AltaGas facility in Prince Rupert. Next up for propane will be the Pembina project at Watson Island in the Prince Rupert area, which is scheduled to start up in the second half of 2020. We have the capacity to move more grain products than there is current demand. Uncertainty around the ban of canola exports in China will push a larger-than-expected grain carryover into the new crop year. New export facilities on the West Coast combined with newbuild, new track elevators in the country will help us continue to move record volumes into new crop year.
Refined products revenue was up 20% in Q2, and we expect to see continued growth in this segment through the balance of 2019. We handle a significant majority of refined products originate in Alberta and over 90% of Greater Toronto Area Destin-refined petroleum products carloads. Full impact of BC mill closures and production curtailments will be a headwind for the forest products volume for the balance of 2019. We are rightsizing our fleet and resources accordingly.
Thank you. And I’ll now pass it over to Keith Reardon, who will provide a brief overview of the consumer products and market outlook. Keith?

谢谢,罗布。因此,从今年下半年开始,我们仍看到一些市场的波动,包括​​谷物,木材,美国煤炭和原油。原油基本面在2019年下半年保持强劲。8月份的利差对铁路构成挑战,但我们从8月开始的一些新合约将在2019年的余额中上升。政府削减政策的变化可能会影响需求的发展。

由于密西西比河的水位下降,美国煤炭可能在第三季度复苏。 API2美国煤炭基准价格最近有所改善,我们正在密切关注这一点。随着Coalspur新矿的产量增加,加拿大煤炭将继续增加H2。我们很高兴看到在Riverstone宣布将AM出售给AMCI。通过适当的投资水平,雷德利可以将其煤炭处理能力提高一倍,这预示着通过鲁珀特王子港的CN大宗出口机会。

由于鲁珀特王子港的AltaGas工厂全面增加,丙烷产量将继续强劲,从第二季度到第三季度连续增长。丙烷的下一个项目是位于鲁珀特王子港地区沃森岛的Pembina项目,计划于2020年下半年启动。我们有能力运送更多的谷物产品,而不是目前的需求。围绕中国油菜籽出口禁令的不确定性将推动谷物结转量大于预期。西海岸的新出口设施与该国新建的新型轨道电梯相结合,将有助于我们继续将创纪录的产量推向新的作物年。

第二季度精炼产品收入增长20%,我们预计2019年余额将持续增长。我们处理大部分来自阿尔伯塔省的成品油和90%以上的大多伦多地区Destin精炼石油产品车皮。 BC工厂关闭和生产削减的全面影响将成为2019年余额林产品量的逆风。我们正在对我们的船队和资源进行相应的调整。

谢谢。我现在将其转交给Keith Reardon,后者将简要介绍消费者产品和市场前景。基思?...

Keith Reardon

Thanks, James, and good afternoon, everybody. While the consumer products market is more tied to consumer spending in North America, we have also been faced with some small softness in the segment. On the international intermodal front, trade tensions between the U.S. and China created a pull-forward of traffic late last year and early this year, which eventually led to a slowdown in volumes in Q2. As we start heading into the traditional peak season, we do expect volumes to recover. It is currently difficult to assess the size of this year’s peak; however, we are seeing volumes improving over Q2.
We are seeing this at the Port of Prince Rupert, for example, where in June, the volumes were up 3% and up more than 24% so far in July. Rupert is running at an annualized run rate of 1.25 million TEUs. I’m also very pleased to announce that we have renewed several of our longstanding customer contracts in this segment including Hapag-Lloyd and Evergreen. When appropriate, we will also announce the other overseas customers that we have successfully concluded negotiations with. This once again highlights the strong relationships with and commitments from our partner’s steamship lines, the benefit from our strong service offering, our unique market reach and our key competitive advantages.
We are also very excited to have teamed up with Hutchison Port, a world-class port operator from Hong Kong and a JV to build a container terminal in Quebec City, which is connected to CN and many destinations across our respective networks. While this is still a few years out, we are committed to continue to grow in the international intermodal segment. We are also looking forward to working with PSA, the new owner of Halterm terminal in Halifax, and developing that long-term relationship to attract more business to Halifax. Moving over to the domestic intermodal market, we’ve been working very closely with our operating team to continue to build on the service improvements that we have been seen. These improvements have enabled us to regain more share of business back from our existing customers and it has led to new business wins.
As JJ mentioned, we continue to work on cross polymerization opportunities between CN and TransX. These efforts are also translating into new business such as recently signing a deal to handle all of the domestic intermodal business of the Hudson Bay Company, a major retailer in Canada. We are also progressing with opportunities in new markets such as the West Coast transload model, full partnership in the E&P program, the new intermodal terminal in Regina opening in September, as well as our continued growth in the cargo coal segment.
Let me finish off by talking briefly on our automotive franchise. While motor vehicle sales in North America remain pretty muted, we are seeing new product launches moving via CN serve locations and also seeing continued growth in the SUV segment. Our new auto port facility in Vancouver is now open and we expect to see volumes begin to move there in a substantial way in October. We have been recently renewing contracts of several of our automotive customers. In time and when appropriate, we will be able to make those individual announcements. But for now, I would like to announce that we have reached an extension agreement with GM that will also see us increase our business with them in October in Vancouver at the new auto compound, and in 2021, at our new auto compound in Minneapolis, which will be opened in the fall of 2020.

谢谢詹姆斯,大家下午好。虽然消费品市场与北美的消费者支出更紧密相关,但我们也面临着细分市场的一些小幅疲软。在国际多式联运方面,中美之间的贸易紧张局势在去年年底和今年年初造成了交通量减少,最终导致第二季度的交通量减速。当我们开始进入传统的旺季时,我们确实期望产量恢复。目前很难评估今年峰值的规模;然而,我们看到第二季度的销量有所改善。

例如,我们在鲁珀特王子港看到了这一点,在6月份,7月份的销量增长了3%,达到了24%以上。鲁珀特的年运行率为125万标准箱。我也非常高兴地宣布,我们已经续签了几个长期的客户合同,包括Hapag-Lloyd和Evergreen。在适当的时候,我们还将宣布与我们成功结束谈判的其他海外客户。这再一次凸显了我们合作伙伴轮船系列的强大关系和承诺,我们强大的服务,我们独特的市场范围和我们的关键竞争优势。

我们也非常高兴能与来自香港的世界级港口运营商和记黄埔公司合作,在魁北克市建立一个集装箱码头,该集装箱码头连接到CN和我们各自网络的许多目的地。虽然这还需要几年时间,但我们仍致力于在国际多式联运领域继续发展。我们也期待与哈利法克斯Halterm终端的新所有者PSA合作,并发展这种长期合作关系以吸引更多哈利法克斯的业务。转移到国内多式联运市场,我们一直与我们的运营团队密切合作,继续巩固我们所看到的服务改进。这些改进使我们能够从现有客户那里重新获得更多业务份额,并带来了新的业务收益。

正如JJ所说,我们继续致力于CN和TransX之间的交叉聚合机会。这些努力也转化为新的业务,例如最近签署了一项协议,以处理加拿大主要零售商哈德逊湾公司的所有国内多式联运业务。我们也在新市场取得进展,例如西海岸转运模式,E&P计划的全面合作伙伴关系,9月份在里贾纳开设的新多式联运终端,以及我们在货物煤炭领域的持续增长。

最后,我简单谈谈我们的汽车专营权。虽然北美的汽车销售仍然相当低迷,但我们看到新产品推出通过CN服务地点,并看到SUV细分市场的持续增长。我们在温哥华的新汽车港口设施现已开放,我们预计10月份将有大量货物开始大量运营。我们最近更新了几家汽车客户的合同。在适当的时候,我们将能够做出这些个别公告。但就目前而言,我想宣布,我们已经与通用汽车达成了延期协议,我们也将在10月份在温哥华的新汽车大楼与他们一起增加业务,并于2021年在明尼阿波利斯的新汽车大楼,将于2020年秋季开业。...

Thanks for your time today, looking forward to answering any of your questions during the Q&A. With that, let me pass it on to Ghislain, who will provide an update on the financials. Ghislain?

强化营销是我们打算将我们的优异表现重新投资到Apartments.com以加速我们的市场份额捕获的第二个领域。与竞争对手相比,我们看到了向行业提供更多引导流量的明确途径。通过这样做,我们期望实现令人信服的投资回报率并建立持久的长期领导地位。

我们的主要竞争对手的资产负债表与我们的资产负债表极为相反。 RentPath拥有超过5亿美元的债务,并被扣上数千万美元的利息,因此他们没有能力像我们一样投资并为客户提供更多租赁。

根据Debtwire的数据,2019年第一季度调整后的EBITDA下降了34.5%,并强调了流动性压力。他们的第二个留置权以1美元的价格低于0.20美元。鉴于该第二留置权的利率约为11%,每年收益约0.11美元,在第一留置权持有人向第二留置权持有人支付0.05美元至0.10美元的违约或破产时,可能会获得可能的支付。是的,有一些期权价值和人数相信RentPath的第二个留置权债务持有人认为大约一年,直到RentPath可以违约,但谁知道。但这似乎是加快投资以增加竞争压力和获取更多市场份额的好时机。

LoopNet仍然是商业房地产中用于出售或出租广告物业的明显头号网站。在第二季度,我们平均每月独立访客580万,同比增长19%。从历史上看,LoopNet没有实质性货币化,这增加了Apartments.com的做法。我们正努力向LoopNet部署我们从Apartments.com学到的一些可行的成功经验教训。

我们相信,在未来,LoopNet的这些重大改进将使我们能够大幅加速我们的收入增长。我们正在使我们的高级,黄金,铂金和钻石广告更有价值。我们正在添加地图,人口统计信息,当地交通等。我们也在上市经纪公司中占据突出地位。在视觉上,我们展示了高级广告,包括出色的摄影,3D漫画和视频。除了我们为我们的LoopNet列表创建视觉内容的160名现场研究人员所做的努力之外,我们正在增加一些高技能的专业建筑摄影师,他们将在我们的广告中实现这些建筑。我们的投资组合研究团队通过添加有关他们所在社区的房产的原始书面内容,帮助推广LoopNet列表。

着陆页的功能,外观和内容不断改进。我们正在添加我们认为对LoopNet的租户和小投资者的目标受众有价值的内容。随着新的增强功能在明年推出,您应该在几个月后前往LoopNet。

Ghislain Houle

Thanks, Keith. Starting on Page 9 of the presentation, I will summarize the key financial highlights of our record second quarter performance. Let me start by highlighting that this is the first quarter of fully integrating TransX into our financials impacting intermodal revenues and on the expense side mostly labor and purchased services.
As JJ previously pointed out, revenues for the quarter were up 9% versus last year just shy of $4 billion. Fuel lag on a year-over-year basis represented a tailwind of $17 million or $0.02 of EPS driven by an unfavorable lag this quarter of $11 million versus an unfavorable lag of $28 million for the same period last year. Operating income came in at $1.682 billion, up $163 million or 11% versus last year. Our Q2 operating ratio is 57.5% or 70 basis points lower than last year. On a comparable basis with every railroad that have reported, excluding the benefit of any land sales, this represents the lowest OR in the industry for the quarter. Also the inclusion of TransX increased our Q2 operating ratio by 110 basis points. Net income is $1.362 billion or $52 million higher than last year with reported diluted earnings per share of $1.88 versus $1.77 in 2018, up 6%. Excluding the impact of a deferred income tax recovery from the enactment of a lower provincial income tax rate this quarter and gains on surplus asset sales in 2018we achieved record adjusted diluted EPS of $1.73, up 15% versus last year. The impact of foreign currency was favorable by $28 million on net income in the quarter or $0.04 of EPS.
Turning to expenses on Page 10, our operating expenses were up 8% versus last year at $2.277 billion. Expressed on a constant currency basis, this represented a 6% increase. At this point, I will refer to the variances in constant currency. Labor and fringe benefit expenses were $681 million, 4% higher than last year. This was mostly the result of higher wages driven by increased headcount and the U.S. payroll tax rate in 2018 of roughly $15 million partly offset by lower incentive compensation expense. Looking at headcount, the year-over-year increase was mainly attributable to the on-boarding of approximately 1,400 TransX employees in March. We also adjusted our workforce in the second quarter in light of weaker volumes in certain markets and have recently been recalling those employees mainly to replace attrition.
Purchased services and material were $571 million, 18% versus last year. This was mostly the result of the addition of TransX business and higher material expenses. Fuel expense came in at $442 million or 2% lower than last year. Lower fuel prices accounted for $20 million of the reduction, while higher volumes were a $13 million unfavorable variance versus 2018. Fuel productivity improved by approximately 2.5% this quarter as our track infrastructure investments enabled increase network fluidity. Depreciation was $363 million or 8% higher than last year mostly a function of net asset additions. Equipment rents were 10% lower than last year driven by reduced locomotive lease expense as we have returned approximately 100 leased locomotive over the past year. Finally, casualty and other costs were $116 million, which was 5% higher than last year mostly due to higher incident cost from the derailment in our Sarnia tunnel at the end of the quarter which was shutdown from over 10 days.

谢谢,基思。从演示文稿的第9页开始,我将总结我们创纪录的第二季度业绩的主要财务亮点。首先我要强调的是,这是将TransX全面整合到影响多式联运收入的财务中的第一季度,而且在费用方面主要是劳务和购买服务。

正如JJ先前指出的那样,本季度的收入比去年增长了9%,仅为40亿美元。与去年同期2800万美元的不利滞后相比,由于本季度1100万美元的不利滞后导致了700万美元或每股盈利0.02美元,因此同比增长的燃料滞后量为1700万美元或0.02美元。营业收入为16.82亿美元,比去年增加1.63亿美元或11%。我们的第二季度运营率比去年低57.5%或70个基点。与所报告的每条铁路相比,不包括任何土地销售的利益,这是本季度行业中最低的OR。此外,TransX的加入使我们的第二季度运营率提高了110个基点。净收入为13.62亿美元,比去年高出5200万美元,报告的每股摊薄收益为1.88美元,而2018年为1.77美元,增长6%。剔除本季度制定的较低省级所得税率的递延所得税回收的影响以及2018年盈余资产销售收益,我们实现创纪录的调整后摊薄后每股收益1.73美元,比去年增长15%。外币的影响在本季度净收入为2800万美元,每股收益为0.04美元。

谈到第10页的费用,我们的营业费用比去年增加了8%,达到22.77亿美元。按固定货币计算,这意味着增加了6%。在这一点上,我将参考恒定货币的差异。劳动力和附加福利费用为6.81亿美元,比去年增加4%。这主要是由于员工人数增加以及2018年美国工资税税率约为1500万美元所带来的工资上涨,部分被激励薪酬支出减少所抵消。从人数来看,同比增长主要归因于3月份约1,400名TransX员工入职。鉴于某些市场的销量疲软,我们还在第二季度调整了员工队伍,并且最近召回这些员工主要是为了取代人员流失。

购买的服务和材料为5.71亿美元,与去年相比增长18%。这主要是因为增加了TransX业务和更高的材料费用。燃料费用为4.42亿美元,比去年下降2%。较低的燃料价格减少了2000万美元,而较高的数量是与2018年相比的1300万美元的不利差异。由于我们的轨道基础设施投资增加了网络的流动性,本季度燃料生产率提高了大约2.5%。折旧为3.63亿美元,比去年增加8%,主要是净资产增加的函数。由于机车租赁费用减少导致设备租金比去年下降10%,因为过去一年我们已经返还了大约100辆租赁机车。最后,伤亡和其他费用为1.16亿美元,比去年高出5%,主要原因是本季度末我们的萨尼亚隧道脱轨事故造成的损失超过10天。

Now, moving to cash on Page 11, free cash flow was $799 million through the end of June. This is $497 million lower than 2018 and mostly the result of higher capital expenditures due to the upfront deliveries of new locomotives partly offset by higher net cash from operating activities.
Finally, let me turn to our 2019 financial outlook on Page 12. While volumes in Q2 came in below our expectations and while trade and geopolitical issues are creating significant volatility, unemployment levels are still at record lows and consumer spending remains resilient. In the second half of the year, we are counting on CN’s specific revenue growth opportunities that continue to ramp up such as the new Coalspur thermal coal mine and the new propane terminal in Prince Rupert both which started shipping in Q2. In addition, as James mentioned earlier, our crude oil shipments have increased significantly in the quarter and we are optimistic that the Alberta Government will enable that momentum to continue for the balance of the year.
We are therefore continuing to expect mid-single digit volume growth in terms of RTMs for the full year versus 2018, implying a step-up in the second half of the year from the 3% RTM growth that we experienced in the first half, along with favorable pricing. In addition, we now expect our full year effective tax rate to be approximately 25% versus the roughly 26% that we discussed last quarter.
The updated estimate reflects a more thorough understanding of the draft regulations related to the U.S. tax reform that were issued last December, as well as the implementation of effective tax strategies to mitigate the unfavorable impact of those regulations for 2019. We are maintaining our EPS guidance of low double-digit growth versus 2018 adjusted diluted EPS of $5.50 and we’ll continue to right-size our resource base as needed. This guidance maintains our assumptions for the Canadian dollar at $0.75 versus the U.S. dollar. However, should foreign currency remain at the current spot rate of approximately $0.76 to $0.77 for the second half of the year, this will create a headwind for us.
On the capital front, we are advancing on our large capacity track expansion program, which are expected to be substantially completed by the end of the third quarter, ahead of our busy fall period. We have received so far around 125 new locomotives out of the 140 expected, and we are taking the opportunity to return expensive, less reliable leased ones. Furthermore, we continue to reward our shareholders with consistent dividend returns and we are on track with our current share buyback program of $1.7 billion having repurchased 6 million shares at a cost of roughly $725 million since the end of January. In closing, we remain committed to our agenda of operational and service excellence, and we continue to manage the business to deliver sustainable value for today and for the long-term.
On this note, back to you, JJ

现在,转向现金,截至6月底,自由现金流为7.99亿美元。这比2018年低4.97亿美元,主要是由于新机车的前期交付导致资本支出增加,部分被经营活动的净现金增加所抵消。

最后,让我转向第12页的2019年财务展望。虽然第二季度的数据低于我们的预期,而贸易和地缘政治问题正在产生重大波动,但失业率仍处于创纪录的低位,消费者支出仍然具有弹性。在今年下半年,我们依靠CN的具体收入增长机会继续增加,例如新的Coalspur动力煤矿和Prince Rupert的新丙烷终端,这两个终端在第二季度开始出货。此外,正如詹姆斯先前提到的那样,本季度我们的原油出货量大幅增加,我们对艾伯塔省政府将在今年的余额中继续保持这种势头持乐观态度。

因此,我们继续预计全年的RTM数量与2018年相比将出现单位数量的增长,这意味着下半年将从上半年实现的3%RTM增长率逐步提升。价格优惠。此外,我们现在预计我们的全年有效税率约为25%,而上一季度我们讨论的这一比例约为26%。

最新估计反映了对去年12月发布的与美国税制改革相关的法规草案的更透彻理解,以及实施有效的税收战略以减轻这些法规对2019年的不利影响。我们正在维持EPS指导两位数增长率低于2018年调整后的摊薄每股收益5.50美元,我们将继续根据需要调整资源基础。该指引维持我们对加元的假设为0.75美元兑美元。但是,如果外币在今年下半年保持目前约0.76美元至0.77美元的即期汇率,这将为我们带来逆风。

在资本方面,我们正在推进我们的大容量轨道扩建计划,预计将在第三季度结束之前大致完成,在繁忙的秋季期之前。到目前为止,我们已经收到了预期的140辆新机车中的大约125辆,我们正借此机会退回昂贵的,不太可靠的租赁机车。此外,我们继续以稳定的股息回报奖励我们的股东,我们正在按照我们目前的17亿美元股票回购计划进行推进,自1月底以来已经回购了600万股,成本约为7.25亿美元。最后,我们将继续致力于我们的运营和卓越服务议程,并继续管理业务,为当前和长期提供可持续的价值。

在这张纸条上,回到你身边,JJ

Andy Florance

Well, thank you, guys. To wrap this up, where we stand right now on operating matrix are at PSR railroading level and we are in good position to have good results going forward. For example, in the last four weeks, the last 28 days, our RTM are running at 6% growth so far. In the next 3 years, as you know, as pretty what we’ve mentioned at the Investor Day, we are aiming for low-double digit diluted EPS growth, normalizing our capital intensity, producing high-50s operating ratio with ROIC in the range of 15% to 17%, free cash flow that is growing faster than earnings and dividend per share the growth in line with earnings.
So, operator, Eric, we will now turn it back to you for question from the people on the call.

伙计们,谢谢你们。 为了解决这个问题,我们现在处于运营矩阵的位置处于PSR铁路水平,我们有能力取得良好的业绩。 例如,过去四周,过去28天,我们的RTM到目前为止增长了6%。 在接下来的3年里,正如您所知,正如我们在投资者日所提到的那样,我们的目标是实现低两位数的稀释每股盈利增长,使我们的资本密集度正常化,在ROIC范围内产生50%的高运营率 15%至17%,自由现金流增长快于收益,每股股息增长与收益一致。

所以,运营商埃里克,我们现在将回复给您的电话中的人提问。

问答环节

[Operator Instructions] The first question is from Ravi Shanker with Morgan Stanley. Please go ahead. Your line is open.

[操作员说明]第一个问题来自Ravi Shanker与摩根士丹利。 请继续。 你的线是开放的。

Ravi Shanker

Thanks. Good evening, everyone. So I have one, Rob, if I can ask you, now that you’ve been in the seat for a while unlike the Analyst Day where you were new, CN obviously has a long and proud history of schedule railroading in its blood, maybe your former employer didn’t have that, but can you just talk about some of the outside of scheduled operations, maybe some of the best practices or what your former employer did really well that maybe you can bring to CN?

谢谢。 各位晚上好。 所以我有一个,Rob,如果我可以问你,既然你已经在座位上待了一段时间而不像你是新手的分析师日那样,那CN显然有着悠久而自豪的历史轨迹,可能是它的血液,也许 你以前的雇主没有那个,但你能谈谈预定运营的一些外部,也许是一些最佳实践,或者你的前雇主做得很好,也许你可以带到CN?

Rob Reilly

别客气。

Yes, thanks, Ravi and look forward to seeing you again. Certainly not here to compare and contrast rank and look at the BNSF, great run company and have great experiences there. What I’ve seen at CN, I’ve been very impressed with in terms of how they make their decisions, the speed in which they make their decisions. Great example was in the second quarter before I got here, some of the decisions were made in terms of reacting to the volumes out there, how quickly they laid up locomotives, how quickly they react in terms of assets, very impressive that their fingers on the pulse. It’s very obvious that this is a season group of schedule railroaders, and they do a lot of things, really, really well and I’ve been very impressed in my few weeks here.

是的,谢谢,拉维,期待再次见到你。 当然不是在这里比较和对比排名,看看BNSF,伟大的公司,并在那里有很棒的经验。 我在CN看过的,就他们如何做出决定,以及他们做出决定的速度而言,我印象非常深刻。 很好的例子是在我到达这里之前的第二季度,一些决定是根据对那里的数量作出反应,他们放置机车的速度,他们对资产的反应速度,他们的手指非常令人印象深刻 脉搏。 很明显,这是一个赛程铁路的季节组合,他们做了很多事情,非常非常好,我在这里的几个星期里给我留下了非常深刻的印象。

Andy Florance

Thank you.

谢谢。

会议主持员

Thank you. The next question is from Cherilyn Radbourne with TD Securities. Please go ahead. Your line is open.

谢谢。 接下来的问题来自Cherilyn Radbourne与道明证券。 请继续。 你的线是开放的。

Cherilyn Radbourne

Thanks very much and good afternoon. So, you knew you were going to get a question on crude by rail, so I’ll go ahead and ask it. Can you just give us your thinking as to when the Alberta crude contract could transition to the private sector and how quickly thereafter you would expect to see a ramp up in volumes?

大家下午好。 恭喜一个不错的季度。

James Cairns

感谢您加入我们的CoStar集团2019年第二季度财报电话会议。在这一周,本周是阿波罗1100万登陆50周年,比我们第二季度的收入略微令人印象深刻。

在2019年第二季度,CoStar集团的总收入为3.44亿美元,同比增长16%。这比我们第二季度的指引高出700万美元,所以这是我们最大的收入节拍之一。我们有史以来最好的销售季度,在全公司的净新订单中产生了5900万美元,同比增长了32%。我们卓越的销售业绩背后的主要驱动力是远远超出预期的Apartments.com销售。仅2019年第二季度,Apartments.com净新订单就比去年同期增长了122%。在过去的三个季度中,Apartments.com已经打破了所有先前的销售记录一季度,2019年第二季度和第一季度,Apartments.com的净销售额增长了44%。

根据我的经验,很少有人会得到月度销售收盘数,并且被这个数字的大小所震惊。这是其中一个季度。 Apartments.com销售团队表现非常出色,以我们曾经实现的最高生产力水平运营。我们预计下个季度的Apartments.com将达到5亿美元的年度收入运行率里程碑。这是我们的一个重要里程碑,因为我们在2014年购买了Apartments.com,其收入仅为8600万美元。从五年前的收购到现在,我们已经将Apartments.com的复合年增长率提高了40%以上。我们相信,我们有机会继续保持这种特殊的增长率。

CoStar Suite收入增长强劲,超过了第二季度的6亿美元收入增长率。我们现在有超过150,000个个人订阅CoStar Suite。净新订单比今年第一季度增长26%。我们的核心美国CoStar Suite收入增长3.5%,而我们的同比美国CoStar Suite收入增长15.1%与我们的5年平均值一致。我发现看看我们的核心美国销售团队,我们的CoStar销售团队,即美国CoStar套件和LoopNet Premium Lister订阅产生的收入,我觉得很有价值。该合并的季度环比增长率为3.7%,同比增长率为15.7%。季度环比增长3.7%正是我们的5年平均增长率。

同比增长率高于5年平均值15.5%。我们正在发展CoStar销售队伍,我们相信这将支持未来的预订加速。我们进入2019年,生产了213个代表。我们现在有262家,我们希望到今年年底能够销售CoStar和LoopNet的300名代表。我们在未来三个月内雇佣了约50名正在投产的销售代表。我们相信它们将在投入生产后约九个月影响销售业绩。我们看到第二季度LoopNet Premium Lister产品销售强劲,净新订量环比增长46%。

So I think, James has been our expert will take that up. Yes, thank you, Cherilyn. So tough to say with governments involved, but I think they have stated publicly that they fully intend to have the contracts transferred to the private sector by the fall. We are ready to go since those contracts get transferred over. I think the real determining factor Cheryl is going to be this pace of scale or wrap up that is going to depend on whether the transfer of contracts is time with the reduction in curtailment or exclusion of curtailment for crude by rail barrels. We are very hopeful that’s going to happen and could see some very positive news here this summer.

所以我认为,詹姆斯一直是我们的专家会接受的。 是的,谢谢你,Cherilyn。 对于涉及的政府来说很难说,但我认为他们已经公开声明他们完全打算在秋季之前将合同转移到私营部门。 我们准备好了,因为这些合同已经转移。 我认为真正的决定性因素谢丽尔将是这种规模或结束的步伐,这取决于合同的转移是否是减少限制或排除原油减产的时间。 我们非常希望能够在今年夏天在这里看到一些非常积极的消息。

Andy Florance

Hopeful and ready.

充满希望和准备。

James Cairns

感谢您加入我们的CoStar集团2019年第二季度财报电话会议。在这一周,本周是阿波罗1100万登陆50周年,比我们第二季度的收入略微令人印象深刻。

在2019年第二季度,CoStar集团的总收入为3.44亿美元,同比增长16%。这比我们第二季度的指引高出700万美元,所以这是我们最大的收入节拍之一。我们有史以来最好的销售季度,在全公司的净新订单中产生了5900万美元,同比增长了32%。我们卓越的销售业绩背后的主要驱动力是远远超出预期的Apartments.com销售。仅2019年第二季度,Apartments.com净新订单就比去年同期增长了122%。在过去的三个季度中,Apartments.com已经打破了所有先前的销售记录一季度,2019年第二季度和第一季度,Apartments.com的净销售额增长了44%。

根据我的经验,很少有人会得到月度销售收盘数,并且被这个数字的大小所震惊。这是其中一个季度。 Apartments.com销售团队表现非常出色,以我们曾经实现的最高生产力水平运营。我们预计下个季度的Apartments.com将达到5亿美元的年度收入运行率里程碑。这是我们的一个重要里程碑,因为我们在2014年购买了Apartments.com,其收入仅为8600万美元。从五年前的收购到现在,我们已经将Apartments.com的复合年增长率提高了40%以上。我们相信,我们有机会继续保持这种特殊的增长率。

CoStar Suite收入增长强劲,超过了第二季度的6亿美元收入增长率。我们现在有超过150,000个个人订阅CoStar Suite。净新订单比今年第一季度增长26%。我们的核心美国CoStar Suite收入增长3.5%,而我们的同比美国CoStar Suite收入增长15.1%与我们的5年平均值一致。我发现看看我们的核心美国销售团队,我们的CoStar销售团队,即美国CoStar套件和LoopNet Premium Lister订阅产生的收入,我觉得很有价值。该合并的季度环比增长率为3.7%,同比增长率为15.7%。季度环比增长3.7%正是我们的5年平均增长率。

同比增长率高于5年平均值15.5%。我们正在发展CoStar销售队伍,我们相信这将支持未来的预订加速。我们进入2019年,生产了213个代表。我们现在有262家,我们希望到今年年底能够销售CoStar和LoopNet的300名代表。我们在未来三个月内雇佣了约50名正在投产的销售代表。我们相信它们将在投入生产后约九个月影响销售业绩。我们看到第二季度LoopNet Premium Lister产品销售强劲,净新订量环比增长46%。

Yes.

是。

Andy Florance

To get the reserves.

获得储备金。

会议主持员

Thank you. The next question is from Benoit Poirier with Desjardins Capital. Please go ahead. Your line is open.

谢谢。 接下来的问题来自Benoit Poirier与Desjardins Capital。 请继续。 你的线是开放的。

Benoit Poirier

Yes. Thank you very much. Keith, could you provide maybe more color on the Yang Ming contract loss and also how that will impact your service at Deltaport given that your competitors’ market share is expected to go from 20% to 70%? Thank you.

是。 非常感谢你。 Keith,你能否提供更多关于杨明合同损失的颜色以及这将如何影响你在Deltaport的服务,因为你的竞争对手的市场份额预计会从20%上升到70%? 谢谢。

Keith Reardon

Sure. So it’s got two questions. Well, I will take them, Benoit, thank you. So the first about the Yang Ming contract, we were sitting at the negotiation table and got to the point where we said no and that’s pretty much the end of that story. With regard to the transfer of the contract over at Vancouver to Deltaport, it’s a very complicated thing because you have multiple alliances, multiple carriers, slot charter agreements and that type of thing. I can tell you within the last 4 years, there has been anywhere between 12 and 13, I look at my notes, but 12 and 13 times that the market share of who is handling the business there has gone up and down for us and back and forth. It’s been a long time though since we have had a significant share in 2015. I think the share right now is right around 50/50. So, we know that there will be a lot of changes. I think there is 4 or 5 different scenarios about what could play out over the next 6 months with different alliances talking to us and talking to the terminal operator about moving some vessels around, strings that type of thing. So I don’t think we can call who is going to have what type of market share and what that’s going to do with regard to how much footage gets dropped on a weekly basis. So we are going to wait and see how it all plays out there.

当然。所以有两个问题。好吧,我会接受他们,Benoit,谢谢你。所以关于杨明合同的第一个,我们坐在谈判桌上,到了我们说不的地步,这几乎就是故事的结局。关于将合同从温哥华转移到Deltaport,这是一个非常复杂的事情,因为你有多个联盟,多个承运人,槽式租船协议和那种类型的东西。我可以告诉你,在过去的4年里,有12到13之间的任何地方,我看着我的笔记,但12和13倍的人在处理业务的市场份额为我们上下起伏来回。这已经很长一段时间了,因为我们在2015年占有很大份额。我认为现在的份额大约在50/50左右。所以,我们知道会有很多变化。我认为在接下来的6个月里有不同的联盟可以发挥作用,有4到5个不同的场景,我们会与我们交谈,并与终端运营商讨论如何移动一些船只,这些类型的东西。因此,我认为我们不能称谁将拥有什么类型的市场份额,以及每周会减少多少素材。所以我们要等一下,看看它们是如何发挥作用的。

Benoit Poirier

Okay, that’s great color. Thank you very much for the time.

好的,那是很好的颜色。 非常感谢您的时间。

Keith Reardon

Thank you.

谢谢。

会议主持员

Thank you. The next question is from Chris Wetherbee with Citi. Please go ahead. Your line is open.

谢谢。 接下来的问题来自Chris Wetherbee和花旗。 请继续。 你的线是开放的。

Chris Wetherbee

Hey, thanks. Good afternoon.

嘿,谢谢。 下午好。

Andy Florance

Good afternoon.

下午好。

Chris Wetherbee

James and Keith maybe you could give us a little bit of a rundown of the specific drivers that you sort of have the most confidence in, in terms of building the RTM growth as we move into the second half of the year. It sounds like crude by rail is likely to be one and I think coal and maybe a couple of others are sort of the key drivers there, but can you sort of break them out a little bit and go into a bit of detail there?

詹姆斯和基思也许你可以给我们一些关于你最有信心的具体驱动因素的概述,以便在我们进入下半年时建立RTM增长。 这听起来像铁路原油可能是一个,我认为煤炭,也许其他几个是那里的关键驱动因素,但你可以稍微分解一下,并在那里进行一些细节吗?

James Cairns

感谢您加入我们的CoStar集团2019年第二季度财报电话会议。在这一周,本周是阿波罗1100万登陆50周年,比我们第二季度的收入略微令人印象深刻。

在2019年第二季度,CoStar集团的总收入为3.44亿美元,同比增长16%。这比我们第二季度的指引高出700万美元,所以这是我们最大的收入节拍之一。我们有史以来最好的销售季度,在全公司的净新订单中产生了5900万美元,同比增长了32%。我们卓越的销售业绩背后的主要驱动力是远远超出预期的Apartments.com销售。仅2019年第二季度,Apartments.com净新订单就比去年同期增长了122%。在过去的三个季度中,Apartments.com已经打破了所有先前的销售记录一季度,2019年第二季度和第一季度,Apartments.com的净销售额增长了44%。

根据我的经验,很少有人会得到月度销售收盘数,并且被这个数字的大小所震惊。这是其中一个季度。 Apartments.com销售团队表现非常出色,以我们曾经实现的最高生产力水平运营。我们预计下个季度的Apartments.com将达到5亿美元的年度收入运行率里程碑。这是我们的一个重要里程碑,因为我们在2014年购买了Apartments.com,其收入仅为8600万美元。从五年前的收购到现在,我们已经将Apartments.com的复合年增长率提高了40%以上。我们相信,我们有机会继续保持这种特殊的增长率。

CoStar Suite收入增长强劲,超过了第二季度的6亿美元收入增长率。我们现在有超过150,000个个人订阅CoStar Suite。净新订单比今年第一季度增长26%。我们的核心美国CoStar Suite收入增长3.5%,而我们的同比美国CoStar Suite收入增长15.1%与我们的5年平均值一致。我发现看看我们的核心美国销售团队,我们的CoStar销售团队,即美国CoStar套件和LoopNet Premium Lister订阅产生的收入,我觉得很有价值。该合并的季度环比增长率为3.7%,同比增长率为15.7%。季度环比增长3.7%正是我们的5年平均增长率。

同比增长率高于5年平均值15.5%。我们正在发展CoStar销售队伍,我们相信这将支持未来的预订加速。我们进入2019年,生产了213个代表。我们现在有262家,我们希望到今年年底能够销售CoStar和LoopNet的300名代表。我们在未来三个月内雇佣了约50名正在投产的销售代表。我们相信它们将在投入生产后约九个月影响销售业绩。我们看到第二季度LoopNet Premium Lister产品销售强劲,净新订量环比增长46%。

Well, I think Chris you hit on the first two, it’s going to be crude, it’s going to be coal, it’s going to be grain and it’s going to be propane and intermodal, key drivers of our RTM growth going into second half of the year.

好吧,我认为克里斯你打前两个,它将是原油,它将是煤炭,它将是谷物,它将是丙烷和多式联运,我们的RTM增长进入下半年的关键驱动因素 年。

Andy Florance

Thank you.

谢谢。

会议主持员

Thank you. The next question is from Allison Landry with Credit Suisse. Please go ahead. Your line is open.

谢谢。 接下来的问题是来自瑞士信贷的Allison Landry。 请继续。 你的线是开放的。

Allison Landry

Thanks. Good afternoon. Just wanted to follow-up on the international intermodal, it sounds like you have got some good success there. And I think you said that you had won some new contracts. So just wondering if you could give us a sense of the potential magnitude and timing of these new contracts and if we should expect any of that volume to flow through in the second half of the year? Thank you.

谢谢。 下午好。 只是想跟进国际多式联运,听起来你在那里取得了一些成功。 我想你说你赢了一些新合同。 所以只是想知道你是否可以让我们了解这些新合同的潜在规模和时间,以及我们是否应该期望在下半年流通这些数量? 谢谢。

James Cairns

感谢您加入我们的CoStar集团2019年第二季度财报电话会议。在这一周,本周是阿波罗1100万登陆50周年,比我们第二季度的收入略微令人印象深刻。

在2019年第二季度,CoStar集团的总收入为3.44亿美元,同比增长16%。这比我们第二季度的指引高出700万美元,所以这是我们最大的收入节拍之一。我们有史以来最好的销售季度,在全公司的净新订单中产生了5900万美元,同比增长了32%。我们卓越的销售业绩背后的主要驱动力是远远超出预期的Apartments.com销售。仅2019年第二季度,Apartments.com净新订单就比去年同期增长了122%。在过去的三个季度中,Apartments.com已经打破了所有先前的销售记录一季度,2019年第二季度和第一季度,Apartments.com的净销售额增长了44%。

根据我的经验,很少有人会得到月度销售收盘数,并且被这个数字的大小所震惊。这是其中一个季度。 Apartments.com销售团队表现非常出色,以我们曾经实现的最高生产力水平运营。我们预计下个季度的Apartments.com将达到5亿美元的年度收入运行率里程碑。这是我们的一个重要里程碑,因为我们在2014年购买了Apartments.com,其收入仅为8600万美元。从五年前的收购到现在,我们已经将Apartments.com的复合年增长率提高了40%以上。我们相信,我们有机会继续保持这种特殊的增长率。

CoStar Suite收入增长强劲,超过了第二季度的6亿美元收入增长率。我们现在有超过150,000个个人订阅CoStar Suite。净新订单比今年第一季度增长26%。我们的核心美国CoStar Suite收入增长3.5%,而我们的同比美国CoStar Suite收入增长15.1%与我们的5年平均值一致。我发现看看我们的核心美国销售团队,我们的CoStar销售团队,即美国CoStar套件和LoopNet Premium Lister订阅产生的收入,我觉得很有价值。该合并的季度环比增长率为3.7%,同比增长率为15.7%。季度环比增长3.7%正是我们的5年平均增长率。

同比增长率高于5年平均值15.5%。我们正在发展CoStar销售队伍,我们相信这将支持未来的预订加速。我们进入2019年,生产了213个代表。我们现在有262家,我们希望到今年年底能够销售CoStar和LoopNet的300名代表。我们在未来三个月内雇佣了约50名正在投产的销售代表。我们相信它们将在投入生产后约九个月影响销售业绩。我们看到第二季度LoopNet Premium Lister产品销售强劲,净新订量环比增长46%。

So, most of those contracts or renewals, Allison, we are working on some of the other, I’ll call them open contracts or renewals for our competitors. Well, we are always looking at that. They are looking at ours. But the renewals that we had, Evergreen and Hapag, I can announce we have renewed some other contracts. It’s just not at the appropriate time to do that to give that announcing per our customers, but we have renewed some, yes.

所以,大多数合同或续约,Allison,我们正在研究其他一些,我会称它们是竞争对手的未平仓合约或续约。 好吧,我们一直在关注这一点。 他们正在看我们的。 但我们有的续约,Evergreen和Hapag,我可以宣布我们已经续签了一些其他合同。 现在还没有在适当的时候为我们的客户宣布这一点,但我们已经更新了一些,是的。

Allison Landry

Okay. Thank you guys.

好的。 感谢你们。

James Cairns

感谢您加入我们的CoStar集团2019年第二季度财报电话会议。在这一周,本周是阿波罗1100万登陆50周年,比我们第二季度的收入略微令人印象深刻。

在2019年第二季度,CoStar集团的总收入为3.44亿美元,同比增长16%。这比我们第二季度的指引高出700万美元,所以这是我们最大的收入节拍之一。我们有史以来最好的销售季度,在全公司的净新订单中产生了5900万美元,同比增长了32%。我们卓越的销售业绩背后的主要驱动力是远远超出预期的Apartments.com销售。仅2019年第二季度,Apartments.com净新订单就比去年同期增长了122%。在过去的三个季度中,Apartments.com已经打破了所有先前的销售记录一季度,2019年第二季度和第一季度,Apartments.com的净销售额增长了44%。

根据我的经验,很少有人会得到月度销售收盘数,并且被这个数字的大小所震惊。这是其中一个季度。 Apartments.com销售团队表现非常出色,以我们曾经实现的最高生产力水平运营。我们预计下个季度的Apartments.com将达到5亿美元的年度收入运行率里程碑。这是我们的一个重要里程碑,因为我们在2014年购买了Apartments.com,其收入仅为8600万美元。从五年前的收购到现在,我们已经将Apartments.com的复合年增长率提高了40%以上。我们相信,我们有机会继续保持这种特殊的增长率。

CoStar Suite收入增长强劲,超过了第二季度的6亿美元收入增长率。我们现在有超过150,000个个人订阅CoStar Suite。净新订单比今年第一季度增长26%。我们的核心美国CoStar Suite收入增长3.5%,而我们的同比美国CoStar Suite收入增长15.1%与我们的5年平均值一致。我发现看看我们的核心美国销售团队,我们的CoStar销售团队,即美国CoStar套件和LoopNet Premium Lister订阅产生的收入,我觉得很有价值。该合并的季度环比增长率为3.7%,同比增长率为15.7%。季度环比增长3.7%正是我们的5年平均增长率。

同比增长率高于5年平均值15.5%。我们正在发展CoStar销售队伍,我们相信这将支持未来的预订加速。我们进入2019年,生产了213个代表。我们现在有262家,我们希望到今年年底能够销售CoStar和LoopNet的300名代表。我们在未来三个月内雇佣了约50名正在投产的销售代表。我们相信它们将在投入生产后约九个月影响销售业绩。我们看到第二季度LoopNet Premium Lister产品销售强劲,净新订量环比增长46%。

Thank you.

谢谢。

会议主持员

Thank you. The next question is from Jason Seidl with Cowen & Company. Please go ahead. Your line is open.

嗯,对我而言,我主要关心的是,我们是一个变化很大的组织。所以,正如我们 - 我们不会保持不变。大多数销售组织在进出10年时做同样的事情。它们没有太大变化。诸如将销售团队与较小社区重新聚焦到在线租赁之类的事情,将信息销售人员重新聚焦到LoopNet方面的新广告机会,这是一个很大的变化,需要大型组织采用变革。而那只是 - 这是繁重的,这可能是我们最大的门控项目。

昨天我和几个技术人员见面。我们在CES和其他一些公司,他们正在谈论招聘销售人员的挑战。敲木头,我们已经能够保持一个非常好的高质量销售人员涌入门口,我们没有看到能够找到那些人的问题。因此,您可以看到CoStar方面最近招聘的50多名员工。然后我也 - 我们将成为 - 并在里士满招聘。我对那里充满信心。我们在里士满市场投入了大量资金。我们在那里拥有一个大品牌,我们已经成功地满足了那里的招聘要求。因此,我们一直在寻求改善销售培训,并尝试为他们提供更多经验并开展持续培训。

但我们喜欢我们看到的生产力数字,即每个销售人员的生产力数字。 Apartments.com现在很特别。如果我们能够保持这一点 - 通过内部销售团队,我们将非常满意这一结果。因此,主要问题是不断重塑组织,例如将公寓和CoStar团队划分为不同的管理线。这是主要的挑战。

Jason Seidl

是。

Thank you operator. Hey, J.J. Hey, team. Wanted to touch on pricing a bit, your outlook is to continue to have pricing above rail inflation, but how would you categorize sort of the pricing environment now and into the back half of the year compared to how it came into the year?

我们的下一个问题来自斯蒂芬谢尔顿和威廉布莱尔。 请继续。

Andy Florance

Yes. Thank you, Jason. I would characterize it as stable. We continue to have success pricing ahead of railway cost inflation. That’s been our model for many years now and we see no reason to deviate from that and we are having success in the marketplace.

是。 谢谢你,杰森。 我认为它稳定。 在铁路成本上涨之前,我们继续保持成功定价。 这是我们多年来的模式,我们认为没有理由偏离这一点,我们在市场上取得了成功。

Jason Seidl

是。

And if I could follow-up in the back half of next year obviously the truckers are going to get some curtailments by the governments with the devices being put in their cars. Do you see that as an opportunity to maybe push up pricing on the domestic intermodal a little bit more?

如果我能够在明年后半段进行跟进,显然卡车司机会因为装置被放入汽车而受到政府的限制。 您是否认为这可能会推高国内多式联运的定价?

Andy Florance

So, maybe you want to pick that up, Keith?

所以,也许你想要选择那个,基思?

Keith Reardon

Sure. So we saw that happened in the states. The ELDs come in line June of 2021 right. So, we have already seen a significant amount of large trucking firms and large intermodal firms in Canada have already begun using those devices, because a lot of them do some trans-border work as well. So, I don’t think you are going to see the big bang that you saw in the states, but there will be some of the smaller firms and some of the – maybe some of the midsized firms that they will be impacted a little bit more. So we see good pricing power now. I don’t know that that’s going to increase at the ELDs.

当然。 所以我们看到发生在各州。 对于2021年6月,ELD正好排成一行。 因此,我们已经看到大量的大型卡车运输公司和加拿大的大型联运公司已经开始使用这些设备,因为他们中的很多人也从事过跨境工作。 所以,我不认为你会看到你在各州看到的大爆炸,但会有一些较小的公司和一些 - 可能是一些中型公司,他们会受到一点点影响 更多。 所以我们现在看到了良好的定价能力 我不知道ELD会增加。...

Andy Florance

Some more of a muted response we saw in the states.

我们在各州看到的更为温和的回应。

James Cairns

感谢您加入我们的CoStar集团2019年第二季度财报电话会议。在这一周,本周是阿波罗1100万登陆50周年,比我们第二季度的收入略微令人印象深刻。

在2019年第二季度,CoStar集团的总收入为3.44亿美元,同比增长16%。这比我们第二季度的指引高出700万美元,所以这是我们最大的收入节拍之一。我们有史以来最好的销售季度,在全公司的净新订单中产生了5900万美元,同比增长了32%。我们卓越的销售业绩背后的主要驱动力是远远超出预期的Apartments.com销售。仅2019年第二季度,Apartments.com净新订单就比去年同期增长了122%。在过去的三个季度中,Apartments.com已经打破了所有先前的销售记录一季度,2019年第二季度和第一季度,Apartments.com的净销售额增长了44%。

根据我的经验,很少有人会得到月度销售收盘数,并且被这个数字的大小所震惊。这是其中一个季度。 Apartments.com销售团队表现非常出色,以我们曾经实现的最高生产力水平运营。我们预计下个季度的Apartments.com将达到5亿美元的年度收入运行率里程碑。这是我们的一个重要里程碑,因为我们在2014年购买了Apartments.com,其收入仅为8600万美元。从五年前的收购到现在,我们已经将Apartments.com的复合年增长率提高了40%以上。我们相信,我们有机会继续保持这种特殊的增长率。

CoStar Suite收入增长强劲,超过了第二季度的6亿美元收入增长率。我们现在有超过150,000个个人订阅CoStar Suite。净新订单比今年第一季度增长26%。我们的核心美国CoStar Suite收入增长3.5%,而我们的同比美国CoStar Suite收入增长15.1%与我们的5年平均值一致。我发现看看我们的核心美国销售团队,我们的CoStar销售团队,即美国CoStar套件和LoopNet Premium Lister订阅产生的收入,我觉得很有价值。该合并的季度环比增长率为3.7%,同比增长率为15.7%。季度环比增长3.7%正是我们的5年平均增长率。

同比增长率高于5年平均值15.5%。我们正在发展CoStar销售队伍,我们相信这将支持未来的预订加速。我们进入2019年,生产了213个代表。我们现在有262家,我们希望到今年年底能够销售CoStar和LoopNet的300名代表。我们在未来三个月内雇佣了约50名正在投产的销售代表。我们相信它们将在投入生产后约九个月影响销售业绩。我们看到第二季度LoopNet Premium Lister产品销售强劲,净新订量环比增长46%。

It’s not going to be the big bang, I don’t think so.

它不会是大爆炸,我不这么认为。

Andy Florance

Just because it as cross-border, a lot of companies are already equipped.

仅仅因为它是跨境的,许多公司已经装备好了。

James Cairns

感谢您加入我们的CoStar集团2019年第二季度财报电话会议。在这一周,本周是阿波罗1100万登陆50周年,比我们第二季度的收入略微令人印象深刻。

在2019年第二季度,CoStar集团的总收入为3.44亿美元,同比增长16%。这比我们第二季度的指引高出700万美元,所以这是我们最大的收入节拍之一。我们有史以来最好的销售季度,在全公司的净新订单中产生了5900万美元,同比增长了32%。我们卓越的销售业绩背后的主要驱动力是远远超出预期的Apartments.com销售。仅2019年第二季度,Apartments.com净新订单就比去年同期增长了122%。在过去的三个季度中,Apartments.com已经打破了所有先前的销售记录一季度,2019年第二季度和第一季度,Apartments.com的净销售额增长了44%。

根据我的经验,很少有人会得到月度销售收盘数,并且被这个数字的大小所震惊。这是其中一个季度。 Apartments.com销售团队表现非常出色,以我们曾经实现的最高生产力水平运营。我们预计下个季度的Apartments.com将达到5亿美元的年度收入运行率里程碑。这是我们的一个重要里程碑,因为我们在2014年购买了Apartments.com,其收入仅为8600万美元。从五年前的收购到现在,我们已经将Apartments.com的复合年增长率提高了40%以上。我们相信,我们有机会继续保持这种特殊的增长率。

CoStar Suite收入增长强劲,超过了第二季度的6亿美元收入增长率。我们现在有超过150,000个个人订阅CoStar Suite。净新订单比今年第一季度增长26%。我们的核心美国CoStar Suite收入增长3.5%,而我们的同比美国CoStar Suite收入增长15.1%与我们的5年平均值一致。我发现看看我们的核心美国销售团队,我们的CoStar销售团队,即美国CoStar套件和LoopNet Premium Lister订阅产生的收入,我觉得很有价值。该合并的季度环比增长率为3.7%,同比增长率为15.7%。季度环比增长3.7%正是我们的5年平均增长率。

同比增长率高于5年平均值15.5%。我们正在发展CoStar销售队伍,我们相信这将支持未来的预订加速。我们进入2019年,生产了213个代表。我们现在有262家,我们希望到今年年底能够销售CoStar和LoopNet的300名代表。我们在未来三个月内雇佣了约50名正在投产的销售代表。我们相信它们将在投入生产后约九个月影响销售业绩。我们看到第二季度LoopNet Premium Lister产品销售强劲,净新订量环比增长46%。

Yes, yes.

是的是的。

Jason Seidl

是。

Makes a lot of sense. Appreciate the time as always, gentlemen.

很有道理。 绅士们一如既往地欣赏时间。

Andy Florance

Thank you.

谢谢。

会议主持员

Thank you. The next question is from Steve Hansen with Raymond James. Please go ahead. Your line is open.

谢谢。 接下来的问题来自Steve Hansen和Raymond James。 请继续。 你的线是开放的。

史蒂夫汉森

Yes. Good afternoon, guys. Just a quick one here on the coal side, the Coalspur facility ramp up is encouraging, but I think it has been a little bit slower than expected. Can you maybe just give us a sense for the cadence through the back half of this year and into next year? Any specific issues that you see is accelerating or slowing that down? Thanks.

是。 大家下午好。 在煤炭方面只是一个快速的,Coalspur设施的增加令人鼓舞,但我认为它比预期的要慢一点。 您是否可以让我们了解今年下半年到明年的节奏? 您看到的任何具体问题都在加速或减缓? 谢谢。

James Cairns

感谢您加入我们的CoStar集团2019年第二季度财报电话会议。在这一周,本周是阿波罗1100万登陆50周年,比我们第二季度的收入略微令人印象深刻。

在2019年第二季度,CoStar集团的总收入为3.44亿美元,同比增长16%。这比我们第二季度的指引高出700万美元,所以这是我们最大的收入节拍之一。我们有史以来最好的销售季度,在全公司的净新订单中产生了5900万美元,同比增长了32%。我们卓越的销售业绩背后的主要驱动力是远远超出预期的Apartments.com销售。仅2019年第二季度,Apartments.com净新订单就比去年同期增长了122%。在过去的三个季度中,Apartments.com已经打破了所有先前的销售记录一季度,2019年第二季度和第一季度,Apartments.com的净销售额增长了44%。

根据我的经验,很少有人会得到月度销售收盘数,并且被这个数字的大小所震惊。这是其中一个季度。 Apartments.com销售团队表现非常出色,以我们曾经实现的最高生产力水平运营。我们预计下个季度的Apartments.com将达到5亿美元的年度收入运行率里程碑。这是我们的一个重要里程碑,因为我们在2014年购买了Apartments.com,其收入仅为8600万美元。从五年前的收购到现在,我们已经将Apartments.com的复合年增长率提高了40%以上。我们相信,我们有机会继续保持这种特殊的增长率。

CoStar Suite收入增长强劲,超过了第二季度的6亿美元收入增长率。我们现在有超过150,000个个人订阅CoStar Suite。净新订单比今年第一季度增长26%。我们的核心美国CoStar Suite收入增长3.5%,而我们的同比美国CoStar Suite收入增长15.1%与我们的5年平均值一致。我发现看看我们的核心美国销售团队,我们的CoStar销售团队,即美国CoStar套件和LoopNet Premium Lister订阅产生的收入,我觉得很有价值。该合并的季度环比增长率为3.7%,同比增长率为15.7%。季度环比增长3.7%正是我们的5年平均增长率。

同比增长率高于5年平均值15.5%。我们正在发展CoStar销售队伍,我们相信这将支持未来的预订加速。我们进入2019年,生产了213个代表。我们现在有262家,我们希望到今年年底能够销售CoStar和LoopNet的300名代表。我们在未来三个月内雇佣了约50名正在投产的销售代表。我们相信它们将在投入生产后约九个月影响销售业绩。我们看到第二季度LoopNet Premium Lister产品销售强劲,净新订量环比增长46%。

Yes, I won’t speak to any kind of the specific challenges that Coalspur has had. Anytime you startup a new facility or a mine like that you are going to have a bumps and starts kind of we have seen that. Talking with our good customer, Coalspur, we see a continued ramp up going through the balance of this year, Q3 and then into Q4. All signs are very positive for continuing growth in the carload volume that we see out of that facility.

是的,我不会谈到Coalspur所遇到的任何具体挑战。 无论何时你启动一个新的设施或矿井,你都会有一个颠簸,并开始我们已经看到了。 与我们的好客户Coalspur交谈,我们看到今年第三季度到第四季度的平衡持续增长。 对于我们从该设施中看到的载重量的持续增长,所有迹象都非常积极。

Andy Florance

And we also see the fact that the RTI coal terminal in Rupert is now finally been sold. It’s in ahead of the good private investors who have intent to invest and that’s what creates fortunately the mid-term to see some growth in Rupert because of the new ownership.

我们也看到鲁珀特的RTI煤炭终端现在终于被出售了。 它优先于那些有意投资的优秀私人投资者,而幸运的是,由于新的所有权,鲁珀特在中期看到了一些增长。

史蒂夫汉森

That’s great. Thanks, guys.

那很棒。 多谢你们。

Andy Florance

Thank you.

谢谢。

会议主持员

Thank you. The next question is from David Vernon with Bernstein. Please go ahead. Your line is open.

谢谢。 接下来的问题来自大卫弗农和伯恩斯坦。 请继续。 你的线是开放的。

大卫弗农

Hey, guys. Just a quick question on the intermodal RPU, is there a way you can separate out kind of what the growth was from TransX versus what the core growth was in the business?

大家好。 关于多式联运RPU的一个简单问题,有没有一种方法可以将TransX的增长与业务中的核心增长分开?

Andy Florance

Specific to you want me to break just TransX and then our intermodal business and what the growth was?

具体到你想让我打破TransX,然后我们的多式联运业务和增长是什么?

大卫弗农

In terms of the RPU growth of 14% or whatever it is year-over-year, I am just trying to get a sense for what it was for rail versus TransX?

就RPU增长14%或同比增长而言,我只是想了解铁路与TransX的相关性?

James Cairns

感谢您加入我们的CoStar集团2019年第二季度财报电话会议。在这一周,本周是阿波罗1100万登陆50周年,比我们第二季度的收入略微令人印象深刻。

在2019年第二季度,CoStar集团的总收入为3.44亿美元,同比增长16%。这比我们第二季度的指引高出700万美元,所以这是我们最大的收入节拍之一。我们有史以来最好的销售季度,在全公司的净新订单中产生了5900万美元,同比增长了32%。我们卓越的销售业绩背后的主要驱动力是远远超出预期的Apartments.com销售。仅2019年第二季度,Apartments.com净新订单就比去年同期增长了122%。在过去的三个季度中,Apartments.com已经打破了所有先前的销售记录一季度,2019年第二季度和第一季度,Apartments.com的净销售额增长了44%。

根据我的经验,很少有人会得到月度销售收盘数,并且被这个数字的大小所震惊。这是其中一个季度。 Apartments.com销售团队表现非常出色,以我们曾经实现的最高生产力水平运营。我们预计下个季度的Apartments.com将达到5亿美元的年度收入运行率里程碑。这是我们的一个重要里程碑,因为我们在2014年购买了Apartments.com,其收入仅为8600万美元。从五年前的收购到现在,我们已经将Apartments.com的复合年增长率提高了40%以上。我们相信,我们有机会继续保持这种特殊的增长率。

CoStar Suite收入增长强劲,超过了第二季度的6亿美元收入增长率。我们现在有超过150,000个个人订阅CoStar Suite。净新订单比今年第一季度增长26%。我们的核心美国CoStar Suite收入增长3.5%,而我们的同比美国CoStar Suite收入增长15.1%与我们的5年平均值一致。我发现看看我们的核心美国销售团队,我们的CoStar销售团队,即美国CoStar套件和LoopNet Premium Lister订阅产生的收入,我觉得很有价值。该合并的季度环比增长率为3.7%,同比增长率为15.7%。季度环比增长3.7%正是我们的5年平均增长率。

同比增长率高于5年平均值15.5%。我们正在发展CoStar销售队伍,我们相信这将支持未来的预订加速。我们进入2019年,生产了213个代表。我们现在有262家,我们希望到今年年底能够销售CoStar和LoopNet的300名代表。我们在未来三个月内雇佣了约50名正在投产的销售代表。我们相信它们将在投入生产后约九个月影响销售业绩。我们看到第二季度LoopNet Premium Lister产品销售强劲,净新订量环比增长46%。

I believe the – I am going to give you a roundabout number, how about this – the numbers for TransX are about $100 million.

我相信 - 我会给你一个迂回数字,这个怎么样 - TransX的数字大约是1亿美元。

Andy Florance

In total revenue.

总收入。

James Cairns

感谢您加入我们的CoStar集团2019年第二季度财报电话会议。在这一周,本周是阿波罗1100万登陆50周年,比我们第二季度的收入略微令人印象深刻。

在2019年第二季度,CoStar集团的总收入为3.44亿美元,同比增长16%。这比我们第二季度的指引高出700万美元,所以这是我们最大的收入节拍之一。我们有史以来最好的销售季度,在全公司的净新订单中产生了5900万美元,同比增长了32%。我们卓越的销售业绩背后的主要驱动力是远远超出预期的Apartments.com销售。仅2019年第二季度,Apartments.com净新订单就比去年同期增长了122%。在过去的三个季度中,Apartments.com已经打破了所有先前的销售记录一季度,2019年第二季度和第一季度,Apartments.com的净销售额增长了44%。

根据我的经验,很少有人会得到月度销售收盘数,并且被这个数字的大小所震惊。这是其中一个季度。 Apartments.com销售团队表现非常出色,以我们曾经实现的最高生产力水平运营。我们预计下个季度的Apartments.com将达到5亿美元的年度收入运行率里程碑。这是我们的一个重要里程碑,因为我们在2014年购买了Apartments.com,其收入仅为8600万美元。从五年前的收购到现在,我们已经将Apartments.com的复合年增长率提高了40%以上。我们相信,我们有机会继续保持这种特殊的增长率。

CoStar Suite收入增长强劲,超过了第二季度的6亿美元收入增长率。我们现在有超过150,000个个人订阅CoStar Suite。净新订单比今年第一季度增长26%。我们的核心美国CoStar Suite收入增长3.5%,而我们的同比美国CoStar Suite收入增长15.1%与我们的5年平均值一致。我发现看看我们的核心美国销售团队,我们的CoStar销售团队,即美国CoStar套件和LoopNet Premium Lister订阅产生的收入,我觉得很有价值。该合并的季度环比增长率为3.7%,同比增长率为15.7%。季度环比增长3.7%正是我们的5年平均增长率。

同比增长率高于5年平均值15.5%。我们正在发展CoStar销售队伍,我们相信这将支持未来的预订加速。我们进入2019年,生产了213个代表。我们现在有262家,我们希望到今年年底能够销售CoStar和LoopNet的300名代表。我们在未来三个月内雇佣了约50名正在投产的销售代表。我们相信它们将在投入生产后约九个月影响销售业绩。我们看到第二季度LoopNet Premium Lister产品销售强劲,净新订量环比增长46%。

In total revenue, should be able to back into the rest of it from there.

在总收入中,应该能够从那里回到其余部分。

Andy Florance

Okay?

好的?

大卫弗农

Okay.

好的。

会议主持员

Okay, thank you. The next question is from Walter Spracklin with RBC Capital Markets.

好的谢谢你。 接下来的问题来自Walter Spracklin和RBC Capital Markets。

Walter Spracklin

Thanks so much. Good afternoon, everyone. So when I look at your operating performance on a sequential quarterly basis barring last year, it’s very typical you are getting summer railroading in Canada tends to be a lot easier. So, your operating ratio historically has been a lot better in the third quarter versus Q2. Just wondering if there is anything as you say if you are flagging anything in the operating side that might pop up or anything that would indicate that historical trend albeit barring last year that historical trend wouldn’t continue into the summer period here for CN this year?

非常感谢。 大家下午好。 因此,当我以去年的顺序季度为基础查看您的经营业绩时,通常情况下,您在加拿大获得夏季铁路运输往往要容易得多。 因此,与第二季度相比,第三季度的运营率在历史上要好得多。 只是想知道如果你在操作方面标记任何可能弹出的东西,或者任何表明历史趋势虽然禁止去年历史趋势不会持续到今年CN的夏季期间?

Ghislain Houle

Yes. Walter. Thanks for the question. Listen, I think it’s steady as she goes. Obviously, we are not going to give any guidance on the OR on a quarterly basis, but as you can see, we are continuously improving our OR in a year-over-year basis as the capacity is there and as we have the right infrastructure. So that’s exactly our game plan. And I think over the next couple of years as we have provided guidance at our Analyst Day that you have attended, I think that we are comfortable that will get into the high-50 OR which is what we have said to the market. And on a quarterly basis, you can make your own assumptions. We are not going to go there on a quarterly basis, just be careful when you look at it on a quarterly basis, there is sometimes timing. So, OR, you need to look at it and we look at it over the next few years and we are right on our game plan and we are very pleased this quarter, because we actually delivered what we said we were going to deliver. So we are very pleased about this. And when you adjust for asset sales as I said in my remarks, then we have the lowest OR in the industry. So we are pretty pleased about that.

是。沃尔特。谢谢你的提问。听着,我觉得她走的时候很稳定。显然,我们不会每季度就OR进行任何指导,但正如您所看到的,由于产能和我们拥有合适的基础设施,我们在不断改进OR的同比增长。这就是我们的游戏计划。我认为,在接下来的几年中,我们已经在您参加的分析师日提供了指导,我认为我们很乐意进入高50或者这就是我们对市场的看法。每季度,您可以做出自己的假设。我们不会按季度去那里,只要每季度看一次就要小心,有时候会有时间。所以,或者,你需要看看它,我们会在接下来的几年里看一下它们,我们对我们的游戏计划是正确的,我们非常高兴本季度,因为我们实际上交付了我们所说的我们要提供的东西。所以我们对此感到非常高兴。正如我在发言中所说,当你调整资产出售时,我们拥有行业中最低的OR。所以我们对此感到非常高兴。

Walter Spracklin

Okay. Thank you very much.

好的。 非常感谢你。

Andy Florance

Thank you.

谢谢。

会议主持员

Thank you. The next question is from Brandon Oglenski with Barclays. Please go ahead. Your line is open.

谢谢。 接下来的问题来自Brandon Oglenski和Barclays。 请继续。 你的线是开放的。

身份不明的分析师

This is David [indiscernible] on for Brandon. Just had a quick question, what we saw at the Investor Day was the infusion of some outside talent that you have brought in. We had heard from Rob already. We noted you had hired a new Chief Digital Officer and I was wondering if you could talk about some of the experiences and things you will bring to the table as they apply to the digital initiatives and technology initiatives you had highlighted at the Investor Day? Thanks.

对于Brandon来说,这是David [音频不清晰]。 刚刚提出一个简短的问题,我们在投资者日看到的是你带来的一些外部人才的注入。我们已经从Rob那里听到了。 我们注意到您聘请了一位新的首席数字官,我想知道您是否可以谈谈您将在投资者日强调的数字计划和技术举措中提出的一些经验和事项? 谢谢。

Andy Florance

Yes, yes. So, it’s J.J., maybe I can pick this one up. So, David comes from a big Canadian industrial company, which is also has a lot of remote location, been in business with companies and been in business for a long time, heavily unionized. So, he comes from a background that’s similar to what we experienced here in the rail industry at CN. And also his role is to help us out apply technology, advanced technology to our operation, but also to help us automate regular administration process. We have still have it in the rail industry at CN, a lot of jobs, which are repetitive combining data, going to a spreadsheet and we can automate those through RPA. But also we are looking as we saw in the Investor Day to automate track inspection, train inspection and him and Michael Foster and the [indiscernible] basically are mandated to bring in new level of scale and efficiencies to schedule railroading that takes into account what’s now readily available to any large industrial company like CN. So, it’s time for us to really – as an industry, CN to really put forward on that and David was the last piece of the talent that where we are looking to add to our team. In fact, he already bought his house, but he is going to be with CN sometime in mid-August. So, it’s all coming up together nicely. The rail industry can automate just like any other industry. I think that helps.

是的是的。所以,这是J.J.,也许我可以选择这个。因此,大卫来自加拿大一家大型工业公司,该公司也有很多偏远的地方,与公司有业务往来,并且经营了很长时间,工会很多。因此,他的背景与我们在CN的铁路行业所遇到的背景类似。此外,他的职责是帮助我们将技术,先进技术应用于我们的运营,同时也帮助我们实现定期管理流程的自动化。我们在CN的铁路行业仍有它,很多工作,重复组合数据,转到电子表格,我们可以通过RPA自动化。但我们也看到了我们在投资者日看到的自动化轨道检查,列车检查和他和迈克尔福斯特以及[音频不清晰]基本上被授权带来新的规模和效率来安排铁路,考虑到现在的情况随时可用于CN等大型工业公司。所以,现在是时候让我们真正 - 作为一个行业,CN真正提出这一点,大卫是我们希望增加到我们团队的最后一块人才。事实上,他已经买了他的房子,但他将在8月中旬的某个时候和CN在一起。所以,这一切都很好地融合在一起。铁路行业可以像任何其他行业一样实现自动化。我觉得这有帮助。

身份不明的分析师

Thanks for that.

感谢那。

Andy Florance

Thank you.

谢谢。

会议主持员

Thank you. The next question is from Seldon Clarke with Deutsche Bank. Please go ahead. Your line is open.

谢谢。 接下来的问题来自Seldon Clarke和德意志银行。 请继续。 你的线是开放的。

塞尔登克拉克

Hey, thanks. Can you just talk about some of the maintenance projects that you are undertaking in the third quarter and whether we should expect the same type of network disruption that we saw in 2018?

嘿,谢谢。 您能否谈谈您在第三季度开展的一些维护项目,以及我们是否应该期待2018年出现的相同类型的网络中断?

Andy Florance

Jamie, you are on that?

杰米,你在那吗?

James Cairns

感谢您加入我们的CoStar集团2019年第二季度财报电话会议。在这一周,本周是阿波罗1100万登陆50周年,比我们第二季度的收入略微令人印象深刻。

在2019年第二季度,CoStar集团的总收入为3.44亿美元,同比增长16%。这比我们第二季度的指引高出700万美元,所以这是我们最大的收入节拍之一。我们有史以来最好的销售季度,在全公司的净新订单中产生了5900万美元,同比增长了32%。我们卓越的销售业绩背后的主要驱动力是远远超出预期的Apartments.com销售。仅2019年第二季度,Apartments.com净新订单就比去年同期增长了122%。在过去的三个季度中,Apartments.com已经打破了所有先前的销售记录一季度,2019年第二季度和第一季度,Apartments.com的净销售额增长了44%。

根据我的经验,很少有人会得到月度销售收盘数,并且被这个数字的大小所震惊。这是其中一个季度。 Apartments.com销售团队表现非常出色,以我们曾经实现的最高生产力水平运营。我们预计下个季度的Apartments.com将达到5亿美元的年度收入运行率里程碑。这是我们的一个重要里程碑,因为我们在2014年购买了Apartments.com,其收入仅为8600万美元。从五年前的收购到现在,我们已经将Apartments.com的复合年增长率提高了40%以上。我们相信,我们有机会继续保持这种特殊的增长率。

CoStar Suite收入增长强劲,超过了第二季度的6亿美元收入增长率。我们现在有超过150,000个个人订阅CoStar Suite。净新订单比今年第一季度增长26%。我们的核心美国CoStar Suite收入增长3.5%,而我们的同比美国CoStar Suite收入增长15.1%与我们的5年平均值一致。我发现看看我们的核心美国销售团队,我们的CoStar销售团队,即美国CoStar套件和LoopNet Premium Lister订阅产生的收入,我觉得很有价值。该合并的季度环比增长率为3.7%,同比增长率为15.7%。季度环比增长3.7%正是我们的5年平均增长率。

同比增长率高于5年平均值15.5%。我们正在发展CoStar销售队伍,我们相信这将支持未来的预订加速。我们进入2019年,生产了213个代表。我们现在有262家,我们希望到今年年底能够销售CoStar和LoopNet的300名代表。我们在未来三个月内雇佣了约50名正在投产的销售代表。我们相信它们将在投入生产后约九个月影响销售业绩。我们看到第二季度LoopNet Premium Lister产品销售强劲,净新订量环比增长46%。

The combination maintenance and also capital program, yes, so we are in the middle of work block season right now obviously put in rail and tie-in during the summer months. We do have our expansion plan well underway. We have got a couple of those projects completed in the first half of this year and the rest that are planned to be completed in the third and fourth quarter are all on track and should be completed as well.

组合维护和资本计划,是的,所以我们现在正处于工作区的中间位置,现在显然在夏季月份进行了铁路和搭配。 我们的扩张计划正在顺利进行中。 我们已经在今年上半年完成了几个项目,计划在第三和第四季度完成的其余项目都在按计划进行,也应该完成。

Keith Reardon

And just to add on, I mean we did learn from our deployment of our basic CapEx maintenance and also our capacity from last year. Obviously, this is a big program this year similar to last year. So, the team did a good postmortem starting to season. So, the way that we’re deploying our capital is actually better so that you should not expect to have some of the impact that you had last year in the third quarter; we did learn. So stay tuned. But as Rob said, we’re on track and this capacity will help us when we get to the busy fall season which is coming up.

仅仅补充一点,我的意思是我们从我们基本的CapEx维护部署以及去年的容量中学到了很多。 显然,今年这是一个与去年相似的大项目。 因此,球队在赛季结束后做了一个很好的事后。 因此,我们部署资本的方式实际上更好,因此您不应期望在去年第三季度产生一些影响; 我们确实学到了 所以请继续关注。 但正如罗布所说,我们正在走上正轨,当我们进入即将到来的繁忙的秋季时,这种能力将帮助我们。

Andy Florance

Thank you.

谢谢。

塞尔登克拉克

Thanks.

谢谢。

会议主持员

Thank you. The next question is from Konark Gupta with Scotiabank. Please go ahead, your line is open.

谢谢。 接下来的问题来自加拿大丰业银行的Konark Gupta。 请继续,你的线路是开放的。

Konark Gupta

Thanks, and good afternoon. Just wanted to follow-up on the volume outlook for the second half, so like you pointed out a few commodities and segments, which are obviously clearly ramping up and then you also have easier comps and frac sand and autos, I guess, in the second half. So I just wanted to understand the 6%, 6.5% RTM growth we have seen so far in July and with the contracts that you have mentioned that you’ve just won or renewed. What do you think the second half volume outlook should be in that upper sort of mid-single digit range is that sustainable or you think there is this further acceleration you are going to expect?

谢谢,下午好。 只是想跟进下半年的音量前景,所以就像你指出一些商品和细分市场,这显然明显增加,然后你也有更容易的comps和压裂沙子和汽车,我猜,在 下半场。 所以我只是想了解7月到目前为止我们已经看到的6%,6.5%的RTM增长以及您刚刚获得或续约的合同。 您认为下半年的成交量前景应该是那么高的中等单位数范围是可持续的还是您认为您会期望进一步加速?

Andy Florance

Well, I think we – just to make a point before I pass it onto Keith and James is all we’re talking about is 2019; we’re not to 2020 at this point. But – and the contract win we’re talking about in case of General Motors is starting in October. James or Keith, you want to add to what you said earlier?

嗯,我想我们 - 只是在我把它传递给基思和詹姆斯之前说明我们所说的只是2019年; 到目前为止我们还没到2020年。 但是 - 如果通用汽车公司在10月开始,我们谈论的是合同。 詹姆斯或基思,你想补充你之前说的话吗?

James Cairns

感谢您加入我们的CoStar集团2019年第二季度财报电话会议。在这一周,本周是阿波罗1100万登陆50周年,比我们第二季度的收入略微令人印象深刻。

在2019年第二季度,CoStar集团的总收入为3.44亿美元,同比增长16%。这比我们第二季度的指引高出700万美元,所以这是我们最大的收入节拍之一。我们有史以来最好的销售季度,在全公司的净新订单中产生了5900万美元,同比增长了32%。我们卓越的销售业绩背后的主要驱动力是远远超出预期的Apartments.com销售。仅2019年第二季度,Apartments.com净新订单就比去年同期增长了122%。在过去的三个季度中,Apartments.com已经打破了所有先前的销售记录一季度,2019年第二季度和第一季度,Apartments.com的净销售额增长了44%。

根据我的经验,很少有人会得到月度销售收盘数,并且被这个数字的大小所震惊。这是其中一个季度。 Apartments.com销售团队表现非常出色,以我们曾经实现的最高生产力水平运营。我们预计下个季度的Apartments.com将达到5亿美元的年度收入运行率里程碑。这是我们的一个重要里程碑,因为我们在2014年购买了Apartments.com,其收入仅为8600万美元。从五年前的收购到现在,我们已经将Apartments.com的复合年增长率提高了40%以上。我们相信,我们有机会继续保持这种特殊的增长率。

CoStar Suite收入增长强劲,超过了第二季度的6亿美元收入增长率。我们现在有超过150,000个个人订阅CoStar Suite。净新订单比今年第一季度增长26%。我们的核心美国CoStar Suite收入增长3.5%,而我们的同比美国CoStar Suite收入增长15.1%与我们的5年平均值一致。我发现看看我们的核心美国销售团队,我们的CoStar销售团队,即美国CoStar套件和LoopNet Premium Lister订阅产生的收入,我觉得很有价值。该合并的季度环比增长率为3.7%,同比增长率为15.7%。季度环比增长3.7%正是我们的5年平均增长率。

同比增长率高于5年平均值15.5%。我们正在发展CoStar销售队伍,我们相信这将支持未来的预订加速。我们进入2019年,生产了213个代表。我们现在有262家,我们希望到今年年底能够销售CoStar和LoopNet的300名代表。我们在未来三个月内雇佣了约50名正在投产的销售代表。我们相信它们将在投入生产后约九个月影响销售业绩。我们看到第二季度LoopNet Premium Lister产品销售强劲,净新订量环比增长46%。

So as J.J. just pointed out, the contract win that we have with General Motors in Vancouver is in October, and we feel confident with the numbers that all line up to the mid-single-digits.

所以作为J.J. 刚刚指出,我们与通用汽车公司在温哥华的合同赢得了10月,我们对所有排在中等个位数的数字充满信心。

Keith Reardon

Yes, I could talk a little bit more about kind of what we see that sequential ramp up in H2 compared to H1. So if you think about what we did with – on the coal side of things, we got the full ramp-up of Coalspur that we talked about. Then, we have the full ramp up of our propane export facility with our good friends at AltaGas. On the grain side, we’re looking very positive on grain, could be a crop in the range of the average for the last three years. But they carryover from this crop season to new crop season and potential to have a 10 or maybe two-week earlier start up compared to last year’s late start for the crop. I mean, these are easy times to execute when you can got to get the grain crops started a couple of weeks early there. And I think the last one I talked about was coal, propane intermodal you did?

是的,我可以更多地谈谈我们看到在H2中与H1相比连续增加的情况。 因此,如果你考虑我们做了什么 - 在煤炭方面,我们得到了我们谈到的Coalspur的全面提升。 然后,我们与AltaGas的好朋友一起完成了丙烷出口设施的全面升级。 在谷物方面,我们对谷物看起来非常积极,可能是过去三年平均范围内的作物。 但它们从这个作物季节延续到新作物季节,并且与去年的作物晚期开始相比,有可能提前10周或两周开始。 我的意思是,这些都是很容易执行的时候,你可以在那里提前几周开始播种。 而且我认为我谈到的最后一个是煤炭,丙烷多式联运你做了什么?

Andy Florance

Yes, maybe we should talk a little bit about the follow-up on the press release on the new stuffing facility in Prince Rupert, where we will be moving some resins that way. And it will be about 400 containers the month that will be stuffing there with our Charlie Reymann and his team that not only add to the revenues for James, but it’s very helpful to our steamship line folks that are looking for a write-back – revenue write-back to Asia. So it’s a really, really great thing that the team has been working on, it will come to fruition here very shortly.

是的,也许我们应该谈谈在鲁珀特王子港的新填充设施的新闻稿的后续工作,我们将在那里移动一些树脂。 我们的Charlie Reymann和他的团队将在那个月填充400个集装箱,这不仅增加了詹姆斯的收入,而且对我们寻求回拨的轮船业者非常有帮助 - 收入 回写亚洲。 所以这是团队一直在努力的真正非常棒的事情,它很快就会在这里实现。

Keith Reardon

And there is some further market shift or contract shift, if you wish, we will only talk about those things when our customers are comfortable that we can talk about them. Thank you

还有一些市场转移或合同转移,如果您愿意,我们只会在客户满意的时候谈论这些事情,我们可以谈论它们。 谢谢

Konark Gupta

Thanks.

谢谢。

会议主持员

The next question is from Jordan Alliger from Goldman Sachs. Please go ahead.

接下来的问题来自Goldman Sachs的Jordan Alliger。 请继续。

Jordan Alliger

Yes, hi. Afternoon everyone. Just a quick follow-up, I just want to make sure I heard right, you talked, I think about the frac sand markets, and I think you said that perhaps customers were suggesting something and then maybe it wasn’t coming in quite as expected. I know that was an opportunity set for you guys, you talked about, and I just wanted to get a little color around that to make sure I heard that correct.

是的,嗨。 下午大家。 只是一个快速的跟进,我只是想确保我说得对,你说话,我想到了压裂沙市场,我想你说也许客户在暗示某些东西,然后它可能不会像 预期。 我知道这对你们来说是一个机会,你们谈到了,我只是希望得到一点颜色,以确保我听到了正确的。

Andy Florance

Yes, so it’s J.J. talking. So these were my comments. It is basically, we were geared up in the second quarter to much more frac sand and what we did. What’s more than – we basically to be in line with our customers on prediction, and the combination of, I guess, they were too optimistic, but also that marketplace is maybe little tough or tougher than what they thought plus they are also competing with local sand in different areas. So we have the resources ready and you may remember that winter of 2018, there was a lot of public comment made that CN wasn’t ready for frac sand, while we’ve got geared up with people, track, locomotive and whatnot. But then in second quarter here is – was the reverse. What the industry was talking that would happened, did not quite happen. So that’s what it was.

是的,所以这是J.J. 说。 所以这些是我的评论。 基本上,我们在第二季度准备好了更多的压裂沙子和我们所做的。 更重要的是 - 我们基本上与我们的客户在预测方面保持一致,并且我认为他们过于乐观,但是市场可能比他们想象的更难或更难,而且他们也在与当地竞争 沙子在不同的地方。 所以我们已经准备好了资源,你可能还记得2018年的冬天,有很多公众评论认为CN还没有为压裂沙子做好准备,而我们已经准备好了人,赛道,机车和诸如此类的东西。 但在第二季度,这是 - 反过来。 这个行业正在谈论会发生什么,并没有完全发生。 这就是它的本质。

Jordan Alliger

When you say, I mean is – do you anticipate sort of shorter-term or just not clear yet?

当你说,我的意思是 - 你是否预期短期或不清楚?

Andy Florance

This is all related to how much drilling activities that there is right now and related to, I think, the frac sand industry in North America is maybe not quite getting the volume across the board that we’re hoping for and CN is experiencing the same thing.

这一切都与现在的钻井活动有多少有关,我认为,北美的压裂砂行业可能并没有完全达到我们希望的全面量,而CN正在经历相同的 事情。

Jordan Alliger

Thank you.

谢谢。

Andy Florance

So in term of how much sand will be required in future, again, it will be back to the basic that James kind of was talking about, what’s the price of natural gas, what’s the price of crude, and how much drilling activities will there be.

因此,就将来需要多少沙子而言,它将再次回到詹姆斯所说的基本问题,天然气价格是多少,原油价格是多少,以及钻井活动的数量是多少? 是。

Jordan Alliger

Thank you.

谢谢。

Andy Florance

Thank you.

谢谢。

会议主持员

The next question is from Ken Hoexter with Bank of America Merrill Lynch. Please go ahead. Your line is open.

接下来的问题来自肯·赫克斯特(Ken Hoexter)和美国银行美林(Bank of America Merrill Lynch)。 请继续。 你的线是开放的。

Ken Hoexter

Good afternoon, J.J. and team. J.J., maybe you could just revisit some of your opening comments. You talked about balanced growth and parked capacity and it sounds like you’re bringing some employees back from furlough. It looks like employees were up 5% normalized for the TransX. Maybe you could just talk about the kind of what’s going on the employee side and how you balance out with the, I guess, mid-single-digit growth here you’re looking for in the second half? Thanks.

下午好,J.J。 和团队。 J.J.,也许你可以重温一些开场白评论。 你谈到了平衡增长和停车容量,听起来你正在让一些员工退休。 看起来员工的Transx标准化率提高了5%。 也许你可以谈谈员工方面的情况,以及你如何在下半年寻找中期单位数增长的平衡点? 谢谢。

Andy Florance

Yes. So maybe I’ll start and then maybe just Ghislain can add some, but on the headcount side, on the people side, we are doing three things. One is, we’ve had in last year, quite a few – remember, we used to talk paycheck and employee, and really paycheck is really to what knows the most, and we are trying to reduce the number of contractors, consultants we have at CN, because those paychecks are more inspected than the people work full time. So on one end we are in sourcing work because that work is done more cost effectively with full-time employee, and also where we retain the skill, that’s mostly in the world of IT, in the world a PTC for example. And on the other end, on the operating side, we want to size up the size of our labor sort of workload and we were prepared for more workload this summer than what we had, crude by rail, for example, is even – it’s a growth story. We’ve been quite what it was, we had some layoff in the second quarter, 500, and the 500 is now down to 200 because of attrition, and we are at – and the third leg is on the management side. When I say management, I mean, the headquarter, but all non-unionized job at CN. And to give you a reference point, on October 15, 2018, we had 6,900 management job at CN, and now in July, we’re roughly at 6,030 to be precise and we want to finish to end the year at 5,700. So we are streamlining our management structure, we are sizing our crews based on volume and attrition. And then also by the same time, we are insourcing some work on the consultant, mostly in IT, because these consultants they are too expensive and also we end up training people for their next consulting job as opposed to in the next project at CN. And I’ll let Ghislain, you want to have?

是。所以也许我会开始,然后也许只是Ghislain可以添加一些,但在人员方面,在人员方面,我们做三件事。一个是,我们去年已经有了相当多 - 记住,我们过去经常谈薪水和员工,真正的薪水真的是最了解的,我们正在努力减少承包商的数量,我们有顾问在CN,因为那些薪水比人们全职工作更受检查。因此,我们一直在寻找工作,因为这项工作是通过全职员工更有成本效益地完成的,也是我们保留技能的地方,主要是在IT世界,在世界上,例如PTC。而另一方面,在运营方面,我们希望调整我们的劳动力工作量的大小,我们准备今年夏天的工作量比我们的工作量多,例如铁路原油,甚至是 - 它是一个成长故事。我们一直都是这样,我们在第二季度有500人的裁员,由于人员流失,500现在已经下降到200人,我们处于 - 而第三站是在管理方面。当我说管理层,我的意思是,总部,但CN的所有非工会工作。为了给你一个参考点,在2018年10月15日,我们在CN有6,900个管理工作,现在在7月,我们大致精确到6,030,我们希望在今年年底达到5,700。因此,我们正在精简我们的管理结构,我们正在根据数量和减员来调整我们的工作人员。然后同时,我们正在为顾问提供一些工作,主要是在IT部门,因为这些顾问他们太贵了,我们最终培训人员为他们的下一个咨询工作而不是CN的下一个项目。而且我会让Ghislain,你想拥有?

Ghislain Houle

You covered it very well. I think what, Ken, you need to be mindful of again is attrition is a good lever for us because there’s quite a few people that go, that retire and therefore, when we are a little bit up on the headcount side, it only takes a couple of months and the attrition eats into it. So that’s really a good lever that we have and that we use. So, but otherwise JJ, you covered it very well.

你很好地覆盖了它。 我认为肯,你需要再次注意的是消耗对我们来说是一个很好的杠杆,因为有很多人会去,退休,因此,当我们在人数方面有点上升时,它只需要 几个月,磨损消耗了它。 所以这真的是我们拥有和使用的好杠杆。 所以,但除此之外,JJ,你很好地报道了它。

Andy Florance

So, Ken Hoexter we are focused on head count, but remember the discussion that we learned back and it is with Hunter. It’s more about the paycheck and the head count. So some time, you have to increase your headcount to reduce the cost of these outsource services that we buy from outside.

所以,Ken Hoexter我们专注于人数,但请记住我们学到的讨论,而且是与Hunter的讨论。 它更多的是薪水和人数。 所以有一段时间,你必须增加员工人数,以降低我们从外部购买的外包服务的成本。

Ken Hoexter

Helpful. I’ll wrap up. Thanks, JJ and Ghislain. I appreciate it.

很有帮助。 我会结束。 谢谢,JJ和Ghislain。 我很感激。

Andy Florance

Thank you.

谢谢。

会议主持员

The next question is from Scott Group with Wolfe Research. Please go ahead.

下一个问题来自斯科特集团与沃尔夫研究。 请继续。

斯科特集团

Hi, thanks. Afternoon guys.

你好谢谢。 下午的伙计们。

Andy Florance

Good afternoon.

下午好。

斯科特集团

So the 10,000 carloads accrued in June, what’s the run rate you’re assuming for third quarter? And then separately, Ghislain, if I look comp per employees down 2% year-over-year in the quarter, how much of that’s the incentive comp, how much is just the mix of TransX. I’m just trying to understand is that – if we should think that that continues to fall year-over-year in the back half of the year?

因此,6月累计的10,000辆车,第三季度的运行率是多少? 然后另外,Ghislain,如果我认为每个员工在本季度同比下降2%,那么多少是激励因素,多少只是TransX的混合。 我只是想了解一下 - 如果我们认为今年下半年这种情况会继续下降?

Andy Florance

James, you want to add some more colors on the crude by rail?

詹姆斯,你想通过铁路在原油上添加更多颜色吗?

James Cairns

感谢您加入我们的CoStar集团2019年第二季度财报电话会议。在这一周,本周是阿波罗1100万登陆50周年,比我们第二季度的收入略微令人印象深刻。

在2019年第二季度,CoStar集团的总收入为3.44亿美元,同比增长16%。这比我们第二季度的指引高出700万美元,所以这是我们最大的收入节拍之一。我们有史以来最好的销售季度,在全公司的净新订单中产生了5900万美元,同比增长了32%。我们卓越的销售业绩背后的主要驱动力是远远超出预期的Apartments.com销售。仅2019年第二季度,Apartments.com净新订单就比去年同期增长了122%。在过去的三个季度中,Apartments.com已经打破了所有先前的销售记录一季度,2019年第二季度和第一季度,Apartments.com的净销售额增长了44%。

根据我的经验,很少有人会得到月度销售收盘数,并且被这个数字的大小所震惊。这是其中一个季度。 Apartments.com销售团队表现非常出色,以我们曾经实现的最高生产力水平运营。我们预计下个季度的Apartments.com将达到5亿美元的年度收入运行率里程碑。这是我们的一个重要里程碑,因为我们在2014年购买了Apartments.com,其收入仅为8600万美元。从五年前的收购到现在,我们已经将Apartments.com的复合年增长率提高了40%以上。我们相信,我们有机会继续保持这种特殊的增长率。

CoStar Suite收入增长强劲,超过了第二季度的6亿美元收入增长率。我们现在有超过150,000个个人订阅CoStar Suite。净新订单比今年第一季度增长26%。我们的核心美国CoStar Suite收入增长3.5%,而我们的同比美国CoStar Suite收入增长15.1%与我们的5年平均值一致。我发现看看我们的核心美国销售团队,我们的CoStar销售团队,即美国CoStar套件和LoopNet Premium Lister订阅产生的收入,我觉得很有价值。该合并的季度环比增长率为3.7%,同比增长率为15.7%。季度环比增长3.7%正是我们的5年平均增长率。

同比增长率高于5年平均值15.5%。我们正在发展CoStar销售队伍,我们相信这将支持未来的预订加速。我们进入2019年,生产了213个代表。我们现在有262家,我们希望到今年年底能够销售CoStar和LoopNet的300名代表。我们在未来三个月内雇佣了约50名正在投产的销售代表。我们相信它们将在投入生产后约九个月影响销售业绩。我们看到第二季度LoopNet Premium Lister产品销售强劲,净新订量环比增长46%。

Yes, specifically on crude, we’re going to see a slight ramp up from our June volumes as we go into the third quarter and then into the fourth quarter.

是的,特别是在原油方面,当我们进入第三季度然后进入第四季度时,我们将看到6月份的数量略有上升。

Andy Florance

And this is all based on our own gut feel of the spread and what the government of Alberta may or may not do and how early they will do it.

这完全取决于我们对传播的直觉以及艾伯塔省政府可能做或不做的事情,以及他们将多早做到这一点。

James Cairns

感谢您加入我们的CoStar集团2019年第二季度财报电话会议。在这一周,本周是阿波罗1100万登陆50周年,比我们第二季度的收入略微令人印象深刻。

在2019年第二季度,CoStar集团的总收入为3.44亿美元,同比增长16%。这比我们第二季度的指引高出700万美元,所以这是我们最大的收入节拍之一。我们有史以来最好的销售季度,在全公司的净新订单中产生了5900万美元,同比增长了32%。我们卓越的销售业绩背后的主要驱动力是远远超出预期的Apartments.com销售。仅2019年第二季度,Apartments.com净新订单就比去年同期增长了122%。在过去的三个季度中,Apartments.com已经打破了所有先前的销售记录一季度,2019年第二季度和第一季度,Apartments.com的净销售额增长了44%。

根据我的经验,很少有人会得到月度销售收盘数,并且被这个数字的大小所震惊。这是其中一个季度。 Apartments.com销售团队表现非常出色,以我们曾经实现的最高生产力水平运营。我们预计下个季度的Apartments.com将达到5亿美元的年度收入运行率里程碑。这是我们的一个重要里程碑,因为我们在2014年购买了Apartments.com,其收入仅为8600万美元。从五年前的收购到现在,我们已经将Apartments.com的复合年增长率提高了40%以上。我们相信,我们有机会继续保持这种特殊的增长率。

CoStar Suite收入增长强劲,超过了第二季度的6亿美元收入增长率。我们现在有超过150,000个个人订阅CoStar Suite。净新订单比今年第一季度增长26%。我们的核心美国CoStar Suite收入增长3.5%,而我们的同比美国CoStar Suite收入增长15.1%与我们的5年平均值一致。我发现看看我们的核心美国销售团队,我们的CoStar销售团队,即美国CoStar套件和LoopNet Premium Lister订阅产生的收入,我觉得很有价值。该合并的季度环比增长率为3.7%,同比增长率为15.7%。季度环比增长3.7%正是我们的5年平均增长率。

同比增长率高于5年平均值15.5%。我们正在发展CoStar销售队伍,我们相信这将支持未来的预订加速。我们进入2019年,生产了213个代表。我们现在有262家,我们希望到今年年底能够销售CoStar和LoopNet的300名代表。我们在未来三个月内雇佣了约50名正在投产的销售代表。我们相信它们将在投入生产后约九个月影响销售业绩。我们看到第二季度LoopNet Premium Lister产品销售强劲,净新订量环比增长46%。

Yes, I’m not sure. I got your question, Scott, on the second piece, I know there is one on incentive comp. So, yes, incentive comp helped us absolutely on the labor side this quarter and this just demonstrates that some of our incentive model is working. And I mean, on the people side, I think we’ve answered it and we’re going to try to right-size our resources. What we’re proud about this quarter is, we obviously, our volumes are lower or softer than what we expected, but we were very quick to react and this is partly why we have the quarter we have. So again, we’ve talked about in our opening remarks that the markets are changing very quickly, very volatile. So, our policy is very close to the demand and we can react very quickly to what’s happening out there in terms of the cost side. So, we’re very pleased about that and I think, stay tuned, our business plan is working and we’re delivering what we said we’re going to deliver.

是的,我不确定。 我得到了你的问题,斯科特,在第二部分,我知道有一个关于激励comp。 所以,是的,激励补偿本季度完全帮助了我们劳动方面,这只是表明我们的一些激励模式正在发挥作用。 我的意思是,在人们方面,我认为我们已经回答了这个问题,我们将努力调整我们的资源规模。 我们对本季度感到自豪的是,我们显然,我们的产量低于或低于我们的预期,但我们很快就做出了反应,这也是我们拥有季度的部分原因。 我们再次在开场白中谈到市场正在迅速变化,非常不稳定。 因此,我们的政策非常接近需求,我们可以对成本方面的情况做出快速反应。 所以,我们对此感到非常高兴,我认为,敬请期待,我们的商业计划正在发挥作用,我们正在实现我们所说的将要实现的目标。

斯科特集团

Maybe I maybe I didn’t ask right, if I can just ask it more directly. The comp per employees for the TransX people, is that lower than the overall average, meaning as we add that into the model, does that bring does that bring comp per employee lower?

也许我也许我没有问过,如果我可以直接问它。 TransX人员的每位员工的薪酬低于整体平均水平,这意味着当我们将其添加到模型中时,是否会带来每位员工的薪酬降低?

Andy Florance

TransX is part of CN, I wouldn’t start commenting on their comp model versus our comp model. I think comp is comp and the numbers are there and I’m going to let you make an assumption.

TransX是CN的一部分,我不会开始评论他们的comp模型与我们的comp模型。 我认为comp是comp,数字就在那里,我会让你做一个假设。

James Cairns

感谢您加入我们的CoStar集团2019年第二季度财报电话会议。在这一周,本周是阿波罗1100万登陆50周年,比我们第二季度的收入略微令人印象深刻。

在2019年第二季度,CoStar集团的总收入为3.44亿美元,同比增长16%。这比我们第二季度的指引高出700万美元,所以这是我们最大的收入节拍之一。我们有史以来最好的销售季度,在全公司的净新订单中产生了5900万美元,同比增长了32%。我们卓越的销售业绩背后的主要驱动力是远远超出预期的Apartments.com销售。仅2019年第二季度,Apartments.com净新订单就比去年同期增长了122%。在过去的三个季度中,Apartments.com已经打破了所有先前的销售记录一季度,2019年第二季度和第一季度,Apartments.com的净销售额增长了44%。

根据我的经验,很少有人会得到月度销售收盘数,并且被这个数字的大小所震惊。这是其中一个季度。 Apartments.com销售团队表现非常出色,以我们曾经实现的最高生产力水平运营。我们预计下个季度的Apartments.com将达到5亿美元的年度收入运行率里程碑。这是我们的一个重要里程碑,因为我们在2014年购买了Apartments.com,其收入仅为8600万美元。从五年前的收购到现在,我们已经将Apartments.com的复合年增长率提高了40%以上。我们相信,我们有机会继续保持这种特殊的增长率。

CoStar Suite收入增长强劲,超过了第二季度的6亿美元收入增长率。我们现在有超过150,000个个人订阅CoStar Suite。净新订单比今年第一季度增长26%。我们的核心美国CoStar Suite收入增长3.5%,而我们的同比美国CoStar Suite收入增长15.1%与我们的5年平均值一致。我发现看看我们的核心美国销售团队,我们的CoStar销售团队,即美国CoStar套件和LoopNet Premium Lister订阅产生的收入,我觉得很有价值。该合并的季度环比增长率为3.7%,同比增长率为15.7%。季度环比增长3.7%正是我们的5年平均增长率。

同比增长率高于5年平均值15.5%。我们正在发展CoStar销售队伍,我们相信这将支持未来的预订加速。我们进入2019年,生产了213个代表。我们现在有262家,我们希望到今年年底能够销售CoStar和LoopNet的300名代表。我们在未来三个月内雇佣了约50名正在投产的销售代表。我们相信它们将在投入生产后约九个月影响销售业绩。我们看到第二季度LoopNet Premium Lister产品销售强劲,净新订量环比增长46%。

So maybe, they may not have as many senior Position and they are all basic [indiscernible] all the salaries on Canadian funds, maybe that could help because on the rail operation, we have quite a few people who are based in the United States.

也许,他们可能没有那么多的高级职位,他们都是基本[音频不清晰]所有加拿大基金的工资,也许这可能会有所帮助,因为在铁路运营方面,我们有很多人在美国。

斯科特集团

Alright. Thank you guys.

好的。 感谢你们。

Andy Florance

Thank you.

谢谢。

会议主持员

Thank you. The next question is from Brian Ossenbeck with JP Morgan. Please go ahead.

谢谢。 接下来的问题来自Brian Ossenbeck和摩根大通。 请继续。

Brian Ossenbeck

Alright, thank you for taking the question.

好的,谢谢你接受了这个问题。

Andy Florance

Thank you.

谢谢。

Brian Ossenbeck

Just wanted to go back to the resource allocation, it sounds like you’ve obviously made some adjustments to where it seems a little softer. If you could just give us a sense which areas are you watching closely that could be a little bit weaker into the back half of the year? And also give us a little bit of context as to how the Digital Twin that you’re rolling out, I believe, at year-end imagine you have a decent working model for that. Is that starting to show some benefits in terms of adjusting more in real time or is that something you don’t expect to get a lot of mileage out this year versus next when it’s fully ramped out?

只是想回到资源分配,听起来你显然已经做了一些调整,看起来有点软。 如果你能给我们一个感觉,你在哪些区域密切关注,在今年下半年可能会稍微弱一些? 并且还给我们一些关于如何推出数字双胞胎的背景,我相信,在年底时你会想到你有一个体面的工作模式。 这是开始显示在实时调整更多方面的一些好处,还是那些你不希望今年能够获得很多里程的东西,而不是下一个完全适应的东西?

Andy Florance

Yes. So, if I may start on the digital twin, the tool that we want to have in term refers to models our capital, then the resource plan. We’re not using it yet. And today, I would in term of a day-to-day tool, that’s not where we’re at. We’re still building that tool and we want to use that tool at this point for the first use to be modeling the network and making the capacity decision, more kind of a month-by-month, it’s kind of a mid-term tool, and ultimately, eventually will go for mid-term to more short-term to more and more short term. So that’s work in progress, but huge payback in what we might be able to extract as incremental capacity by using the network much smarter. I think I forgot what was your first question within the two questions?

是。 所以,如果我可以从数字双胞胎开始,我们想要的工具是指模型我们的资本,然后是资源计划。 我们还没有使用它。 今天,我想用一个日常工具,那不是我们所处的位置。 我们仍在构建该工具,我们希望在此时使用该工具,以便首次使用该网络进行建模并进行容量决策,每月更多,这是一种中期工具 最终,最终将在短期内更短期到更短期内。 因此,这项工作正在进行中,但我们可以通过更智能地使用网络来提取增量容量,从而获得巨额回报。 我想我忘记了你在这两个问题中的第一个问题是什么?

Brian Ossenbeck

Yes. I’m just asking, if you could give us a sense of where you’re looking at in the second half that it might be a little softer, you kind of hit the highlights in terms of whole crude [indiscernible]?

是。 我只想问,如果你能给我们一个关于你在下半场看到它可能会有点软的地方的感觉,那你就有点整个原油[音频不清晰]的亮点?

James Cairns

感谢您加入我们的CoStar集团2019年第二季度财报电话会议。在这一周,本周是阿波罗1100万登陆50周年,比我们第二季度的收入略微令人印象深刻。

在2019年第二季度,CoStar集团的总收入为3.44亿美元,同比增长16%。这比我们第二季度的指引高出700万美元,所以这是我们最大的收入节拍之一。我们有史以来最好的销售季度,在全公司的净新订单中产生了5900万美元,同比增长了32%。我们卓越的销售业绩背后的主要驱动力是远远超出预期的Apartments.com销售。仅2019年第二季度,Apartments.com净新订单就比去年同期增长了122%。在过去的三个季度中,Apartments.com已经打破了所有先前的销售记录一季度,2019年第二季度和第一季度,Apartments.com的净销售额增长了44%。

根据我的经验,很少有人会得到月度销售收盘数,并且被这个数字的大小所震惊。这是其中一个季度。 Apartments.com销售团队表现非常出色,以我们曾经实现的最高生产力水平运营。我们预计下个季度的Apartments.com将达到5亿美元的年度收入运行率里程碑。这是我们的一个重要里程碑,因为我们在2014年购买了Apartments.com,其收入仅为8600万美元。从五年前的收购到现在,我们已经将Apartments.com的复合年增长率提高了40%以上。我们相信,我们有机会继续保持这种特殊的增长率。

CoStar Suite收入增长强劲,超过了第二季度的6亿美元收入增长率。我们现在有超过150,000个个人订阅CoStar Suite。净新订单比今年第一季度增长26%。我们的核心美国CoStar Suite收入增长3.5%,而我们的同比美国CoStar Suite收入增长15.1%与我们的5年平均值一致。我发现看看我们的核心美国销售团队,我们的CoStar销售团队,即美国CoStar套件和LoopNet Premium Lister订阅产生的收入,我觉得很有价值。该合并的季度环比增长率为3.7%,同比增长率为15.7%。季度环比增长3.7%正是我们的5年平均增长率。

同比增长率高于5年平均值15.5%。我们正在发展CoStar销售队伍,我们相信这将支持未来的预订加速。我们进入2019年,生产了213个代表。我们现在有262家,我们希望到今年年底能够销售CoStar和LoopNet的300名代表。我们在未来三个月内雇佣了约50名正在投产的销售代表。我们相信它们将在投入生产后约九个月影响销售业绩。我们看到第二季度LoopNet Premium Lister产品销售强劲,净新订量环比增长46%。

We keep an eye on all of our markets. We try and keep take control over that, make sure that we are rightsizing our resources continually. Some of the markets that we’re watching very closely forest products, for example, U.S. coal and of course, crude, need to make sure that we’re able to react either way. Crude, could have to react up, could have to react down, it’s going to be very interesting to see what happens in the fourth quarter here.

我们密切关注所有市场。 我们努力控制这一点,确保我们不断调整资源。 我们密切关注森林产品的一些市场,例如美国的煤炭,当然还有原油,需要确保我们能够以任何一种方式做出反应。 原油,可能不得不做出反应,可能不得不做出反应,看看第四季度会发生什么事情会非常有趣。

Andy Florance

Forrest products are so, and the Mississippi River is still high and the [indiscernible] in Europe is always, we need to stay very close to that.

福雷斯特的产品是如此,密西西比河仍然很高,欧洲的[音频不清晰]总是如此,我们需要保持非常接近。

Brian Ossenbeck

Okay, great, thanks very much.

好的,太棒了,非常感谢。

Andy Florance

Thank you.

谢谢。

会议主持员

The next question is from Justin Long with Stephens. Please go ahead.

接下来的问题来自Justin Long和Stephens。 请继续。

Justin Long

Thanks and good afternoon. So, I was wondering if you could help us understand the quarterly cadence of RTM growth. It’s baked into the guidance for the third quarter and fourth quarter, just given some of the moving pieces with new contracts, the comps, etc? And then just lying on the tax rate, even after the adjustment, it was lower than the 26% you guided to last quarter, so curious if that assumption in the guidance has changed as well?

谢谢,下午好。 所以,我想知道你是否可以帮助我们了解RTM增长的季度节奏。 它已经成为第三季度和第四季度的指导,只是给出了一些带有新合同的移动件,comps等? 然后只是在税率上,即使在调整之后,它也低于你引导到上一季度的26%,所以如果指导中的假设也发生了变化那么好奇吗?

Andy Florance

Yes, I can start with the tax, Justin, so I did last quarter, as you know, we discussed and I did provide some visibility that our effective tax rate for the full year would be 26%. I’ve just said in my remarks prepared remarks that now, we see 25% of effective tax rate for the full year, and that’s mainly due to tax strategies that we are employing to reduce some of the unfavorable impact that the U.S. tax reform has on CN. So, this is good news. And on the I can comment and then if my colleagues in the marketing wants to jump in on the RTM, I mean, if you look, we’re still guiding for and it’s not a guidance, it’s an assumptions so our assumption is still mid-single-digit volume growth in terms of RTM. So I mean, that is mid, so you can decide what you decide what mid is, but and freight in the first half of the year, we delivered 3%, so you can but just do the math and you can see that and that’s what I said in my remarks as well that we need an uptick in RTM growth in the second half, but at the end of the day, volumes are volumes. What we are focused on is to protect earnings. That’s what we’re focused on. At the end of the day, if volumes come at 4% instead of 5% or 6% or whatever it is and whatever your midpoint is, we want to protect earnings and what’s important for us is to deliver our guidance on earnings, which is low double-digit EPS growth. I think that’s what our investors wants to see and that’s what this team is committed to deliver.

是的,我可以从税收开始,贾斯汀,所以我在上个季度做了,如你所知,我们讨论过,我确实提供了一些可见性,我们的全年有效税率为26%。我刚才在发言时说过,现在我们看到全年有效税率的25%,这主要是由于我们采用税收策略来减少美国税制改革带来的一些不利影响。在CN上。所以,这是个好消息。我可以发表评论然后如果营销部门的同事想要加入RTM,我的意思是,如果你看,我们仍在指导,它不是指导,这是一个假设,所以我们的假设仍然是中期 - RTM方面的单位数量增长。所以我的意思是,这是中期,所以你可以决定你的中期是什么,但是在今年上半年的运费,我们交付了3%,所以你可以只是做数学,你可以看到那就是那个我在发言中也说过,我们需要在下半年实现RTM增长,但在一天结束时,数量就是数量。我们关注的是保护收益。这就是我们关注的重点。在一天结束时,如果交易量为4%而不是5%或6%或者无论您的中点是什么,我们都希望保护收益,对我们来说重要的是提供我们的收益指导,即低两位数的每股盈利增长。我认为这是我们的投资者希望看到的,而这正是该团队致力于提供的。

Keith Reardon

That’s right. It’s about modulating the resource to the volume slower growth means slower increase in resource. And as the network is also becoming more efficient, we need to bring that to the bottom line. So rolling stock, headcount either permanent head count like management, as I said earlier that we are aggressively bringing down and it gives the operation side is to go from week-to-week, month-to-month to see this how many people we need to have and make sure we have enough people, but at the same time not more than what we need. So, it’s almost basically now a weekly exercise in terms of how much rolling stock we have out there and how many people we have on the furlough board on lay off. It’s very dynamic, we keep it tight.

那就对了。 它是关于将资源调节到体积较慢的增长意味着资源的增长较慢。 随着网络效率的提高,我们需要将其提升到底线。 所以车辆库存,人数就像管理层一样永久人头,就像我之前说的那样,我们正在积极降低它给运营方面是每周一个月,每月一个月来看看我们有多少人 需要拥有并确保我们有足够的人,但同时不超过我们的需要。 因此,就我们在那里有多少车辆以及我们在休假板上停车的人数而言,现在几乎基本上每周一次。 这是非常有活力的,我们保持紧张。

Andy Florance

Thank you.

谢谢。

Justin Long

Okay, great, thanks for the time.

好的,太棒了,谢谢你的时间。

Andy Florance

Thank you.

谢谢。

会议主持员

The next question is from Tom Wadewitz with UBS. Please go ahead. Your line is open.

接下来的问题来自汤姆韦德维茨和瑞银。 请继续。 你的线是开放的。

Tom Wadewitz

Yes, thank you for the time. There were some comments I think about peak season that some optimism and I think your comments on intermodal in general in second half showing some expecting some growth. How much visibility do you have at this point? What kind of underpins the view you have at this point on peak season?

是的,谢谢你的时间。 有一些评论我认为旺季会有一些乐观情绪,而且我认为你对下半年多式联运的评论显示出一些预期会有所增长。 你现在有多少能见度? 在旺季,你有什么样的观点支持你的观点?

Andy Florance

Keith?

基思?

Keith Reardon

Yes. So, a couple of different things. We have the ability to talk to our domestic customers who have the inventories in the warehouses and what they see is going to be their needs, but we also have our discussions with the Allianz and what they’re doing with their vessel calls and the size of their ships, and where they’re calling if they’re moving some stuff around. And we can see out I mean, we know what’s on the vessel, three, four, weeks out, anyway. So that’s the guidance or that’s the visibility that we have and we make the best decisions we can with it.

是。 所以,有几件不同的事情。 我们有能力与我们在仓库中有库存的国内客户交谈,他们看到的将是他们的需求,但我们也与Allianz进行了讨论,以及他们在船舶电话和尺寸方面所做的工作 如果他们正在移动一些东西,他们的船只,以及他们在哪里打电话。 我们可以看出我的意思是,无论如何,我们知道船上有什么,四周,四周。 这就是我们所拥有的指导或可见性,我们可以用它做出最好的决策。

James Cairns

感谢您加入我们的CoStar集团2019年第二季度财报电话会议。在这一周,本周是阿波罗1100万登陆50周年,比我们第二季度的收入略微令人印象深刻。

在2019年第二季度,CoStar集团的总收入为3.44亿美元,同比增长16%。这比我们第二季度的指引高出700万美元,所以这是我们最大的收入节拍之一。我们有史以来最好的销售季度,在全公司的净新订单中产生了5900万美元,同比增长了32%。我们卓越的销售业绩背后的主要驱动力是远远超出预期的Apartments.com销售。仅2019年第二季度,Apartments.com净新订单就比去年同期增长了122%。在过去的三个季度中,Apartments.com已经打破了所有先前的销售记录一季度,2019年第二季度和第一季度,Apartments.com的净销售额增长了44%。

根据我的经验,很少有人会得到月度销售收盘数,并且被这个数字的大小所震惊。这是其中一个季度。 Apartments.com销售团队表现非常出色,以我们曾经实现的最高生产力水平运营。我们预计下个季度的Apartments.com将达到5亿美元的年度收入运行率里程碑。这是我们的一个重要里程碑,因为我们在2014年购买了Apartments.com,其收入仅为8600万美元。从五年前的收购到现在,我们已经将Apartments.com的复合年增长率提高了40%以上。我们相信,我们有机会继续保持这种特殊的增长率。

CoStar Suite收入增长强劲,超过了第二季度的6亿美元收入增长率。我们现在有超过150,000个个人订阅CoStar Suite。净新订单比今年第一季度增长26%。我们的核心美国CoStar Suite收入增长3.5%,而我们的同比美国CoStar Suite收入增长15.1%与我们的5年平均值一致。我发现看看我们的核心美国销售团队,我们的CoStar销售团队,即美国CoStar套件和LoopNet Premium Lister订阅产生的收入,我觉得很有价值。该合并的季度环比增长率为3.7%,同比增长率为15.7%。季度环比增长3.7%正是我们的5年平均增长率。

同比增长率高于5年平均值15.5%。我们正在发展CoStar销售队伍,我们相信这将支持未来的预订加速。我们进入2019年,生产了213个代表。我们现在有262家,我们希望到今年年底能够销售CoStar和LoopNet的300名代表。我们在未来三个月内雇佣了约50名正在投产的销售代表。我们相信它们将在投入生产后约九个月影响销售业绩。我们看到第二季度LoopNet Premium Lister产品销售强劲,净新订量环比增长46%。

Yes, we have more and more a better system and also cooperation with some of the terminal operator, who have the visibility of what’s coming for CN, right, for CN Rail to and fill in as the vessel are loaded. So, we kind of see three weeks out. I mean, what’s loaded today, we’ll get two or three weeks from now, so we have at least that better visibility on what’s loaded in the ship, which are a distant to CN, CN port and CN cities. So that’s helpful.

是的,我们拥有越来越多的更好的系统,并且还与一些终端运营商合作,这些终端运营商可以看到CN正在发生什么,对于CN Rail来说,并且当船只装载时填写。 所以,我们看到三周了。 我的意思是,今天装的是什么,我们将从现在开始两三个星期,所以我们至少可以更好地了解船上装载的物品,这些物品远离CN,CN港口和CN城市。 这很有帮助。

Tom Wadewitz

And what about...

那怎么样......

Andy Florance

Yes, go ahead.

好,去吧。

Tom Wadewitz

Yeah, you commented a bit on the inventories, is that something that’s is there much visibility in terms of, you think inventories have actually come down or coming down or is that kind of a broader macro data that you’re looking at?

是的,你对库存做了一点评论,是否存在大量的可见性,你认为库存实际上已经下降或下降,或者你正在研究那种更广泛的宏观数据?

Andy Florance

Well, that’s also what I said earlier is that we can’t say how big the peak is going to be, but we do feel that there will be volume growth over Q2. There will be a peak season, we just don’t know how big of a peak it will be, right? So can’t regulate what the answer is, but we do make a lot of, a lot of phone calls and a lot of visits to our domestic side to triangulate the information to see if we can figure that out, and it’s probably not an exact science, but we do our part and we do a lot of work to try and figure that out.

那么,这也是我之前所说的,我们不能说峰值有多大,但我们确实认为第二季度会有量增长。 会有一个旺季,我们只是不知道它会有多大的高峰,对吧? 因此无法规范答案是什么,但我们做了很多,很多电话和很多访问我们国内方面来三角测量信息,看看我们是否可以解决这个问题,而且可能不是 确切的科学,但我们尽自己的本分,我们做了很多工作来试图弄明白。

Tom Wadewitz

Okay. Thank you.

好的。 谢谢。

Andy Florance

Thank you, Tom.

汤姆,谢谢你。

会议主持员

Thank you. There are no further questions registered at this time. So, I would like to turn the meeting over to Mr. Ruest.

谢谢。 目前没有其他问题。 所以,我想把会议转交给Ruest先生。

Andy Florance

Okay.

好的。

会议主持员

I am sorry, I am sorry, we have one that just had, Mr. Scott Group pop up from Wolfe Research. Please go ahead.

对不起,对不起,我们有一个刚出现的,斯科特集团先生从沃尔夫研究中心出现。 请继续。

斯科特集团

Hey, guys. Thanks for the follow-up. Just big picture, the guidance you have got, you are assuming accelerating volume growth, but decelerating earnings growth to get to low double-digit earnings growth. Maybe help walk us through that and do you think that there is potentially upside on the low double-digit for earnings growth based on the first half?

大家好。 感谢您的跟进。 总而言之,您所获得的指引,您正在假设销量增长加速,但收益增长放缓以实现低两位数的盈利增长。 也许有助于我们完成这一点,您是否认为基于上半年盈利增长的低两位数可能会有上行空间?

Andy Florance

Yes, listen the guidance is there. I mean, there is a lot of – Scott, as you know, there is a lot of different moving parts to the equation and I mean there is freight thing, there is volume, there is various commodities, etcetera, etcetera. And then there is comparables as well what we did versus last year, in Q3, Q4. So, all-in-all our best foot forward right now and what I can tell you is we are maintaining our mid single digit volume growth in terms of RTM, but we need an uptick to get there as an assumption, because we did 3% in the first half and with our math and you can do your math obviously, but with our math then we are confident at this point that this will result in low double-digit EPS growth for the year and we are proud of that and we are confident that we will deliver on that.

是的,听取指导就在那里。 我的意思是,有很多 - 斯科特,如你所知,这个等式中有很多不同的运动部件,我的意思是有货运的东西,有货量,有各种商品,等等等等。 此外,我们在去年第三季度的第四季度也有可比性。 所以,我们现在最好的一步,我可以告诉你的是我们在RTM方面保持了我们的单位数量增长,但是我们需要一个上升来作为假设,因为我们做了3 上半年的百分比和我们的数学,你可以明显地做数学,但是通过我们的数学计算,我们有信心在这一点上,这将导致今年每股盈利低两位数,我们为此感到自豪,我们 相信我们会兑现这一点。

斯科特集团

Okay. Okay, thank you.

好的。 好的谢谢你。

Andy Florance

Thank you. Thank you, operator.

谢谢。 谢谢运营商。

会议主持员

Thank you. There are no more questions registered at this time. So, I would like to turn the meeting over to Mr. Ruest.

谢谢。 目前没有其他问题。 所以,我想把会议转交给Ruest先生。

JJ Ruest

Okay, thank you everyone for joining us today. We are very proud of our results, but the race goes on and we have already working in the third quarter. So, thank you for all joining us today and this is the end of our call. Thank you.

好的,谢谢大家今天加入我们。 我们为我们的成绩感到自豪,但竞争还在继续,我们已经在第三季度开展工作。 所以,感谢大家今天加入我们,这就是我们电话会议的结束。 谢谢。

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