...A. Global freight markets in Q2 continued to be impacted by weak demand, high inventories and excess capacity, which resulted in a more competitive marketplace with suppressed transportation rates. B. North American freight volumes and load-to-truck ratios remain near the low levels of 2019. C. In the freight forwarding market, ocean vessel and air freight capacity continues to exceed demand, which has kept ocean and air freight rates low during the period of significant declines that extends back to the second half of 2022. D. Despite the weak demand, new vessel deliveries are expected to continue to add capacity to the ocean market. E. With our record quarterly financial results in Q2 of last year as a comparable, and the macro forces that I outlined as the backdrop, our second quarter total revenues of $4.4 billion declined 35% compared to Q2 last year. F. Our second quarter adjusted gross profit or AGP, was also down 35% year-over-year or [$366 million,] driven by a 45% decline in our...
