FedEx Corporation

Good afternoon, everyone, and welcome to the FedEx Corporation Third Quarter Fiscal Year 2020 Earnings Conference Call. Today's conference is being recorded. At this time, I would like to turn things over to Mickey Foster, Vice President of Investor Relations for FedEx Corporation. Please go ahead.

Good afternoon, and welcome to FedEx Corporation's Third Quarter Earnings Conference Call. The Third Quarter Form 10-Q, Earnings Release and Stat Book are on our website at FedEx.com. This call is being streamed from our website, where the replay will be available for about one year. Joining us on the call today are members of the media. During our question and answer session, callers will be limited to one question in order to allow us to accommodate all those who would like to participate. I want to remind all listeners that FedEx Corporation desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act. Certain statements in this conference call such as projections regarding future performance, may be considered forward-looking statements within the meaning of the act. Such forward-looking statements are subject to risks, uncertainties, and other factors which would cause actual results to differ materially from those expressed or implied by such forward-looking statements. For additional information on these factors, please refer to our press releases and filings with the SEC. Please refer to the investor relations portion of our website at FedEx.com for reconciliation of the non-GAAP financial measures discussed on this call to the most directly comparable GAAP measures. Joining us on the call today are Fred Smith, Chairman, Raj Subramanian, President and COO, Alan Graf, Executive Vice President and CFO, Mark Allen, Executive VP, General Counsel and Secretary, Rob Carter, Executive Vice President, FedEx Information Services and CIO, and Bea Carreri, Brie Carrere, Executive Vice President, Chief Marketing Communications Officer. And now Fred Smith will share his view on the quarter.

Thanks for participating on this call. As we announced last June, FY20 would be a year of challenge and change. And beginning in early January, the coronavirus entered the picture for FedEx. FedEx addressed this issue decisively with our team members. Safety is our number one priority. in our extensive planning and execution. Let me thank and praise profusely all those at FedEx who have kept our system operating to the great benefit of our customers. FedEx is proud to have played a significant role in supplying medical supplies, both donated and commercial, to and within China in concert with China Post and globally. We continue to work with relief organizations worldwide. With the curtailment of passenger flights across the Atlantic, we will provide the lift required to keep vital commerce moving. As was the case in Asia, our FedEx team members in Europe and the Americas are dealing with this crisis competently and with great dedication. Again, their safety is our first consideration. Regarding broader issues, we remain very confident and focused on these strategic issues as previously announced. improving FedEx Express margins and completing T&T integration, becoming the most successful North American package delivery company, particularly for e-commerce shipments, and completing the retirement and replacement of 159 very old and inefficient aircraft by the fourth quarter FY22, after which we will be able to significantly lower go-forward CapEx while still funding profitable growth across the enterprise. We also continue to work on several entrepreneurial initiatives, such as the FedEx Same Day Bot Roxo, sensor-based shipping, and new digital services, which we think have great potential. Let me now ask Bree, Raj, and Alan to provide their comments, after which we will take your questions. Bree?