Good day, and welcome to the FedEx fiscal year 2025 first quarter earnings call. All participants are in listen-only mode. [Operator instructions] After today's presentation, there will be an opportunity to ask questions.

FedEx Corp ( NYSE:FDX) has implemented significant new pricing actions, including demand and fuel surcharges, which are expected to benefit future quarters. The rollout of Network 2.0 and the redesign of the global air network (Tricolor) are well underway, aimed at increasing network flexibility and lowering costs.

FedEx reported first-quarter revenue of $21.6 billion, missing analyst estimates of $21.955 billion, according to Pro.