“Wrapping up on Slide 19, we are maintaining our 2023 full year guidance to achieve volumes above industrial production, price gains in excess of inflation and operating ratio improvement.”

In context

“expense related to elevated cycle times, and the other expense line grew 6% related primarily to higher environmental remediation costs. Turning to Slide 18 and our cash flows. Cash from operations in the first quarter decreased to $1.8 billion from $2.2 billion in 2022. The primary driver was Presidential Emergency Board back pay settlements paid in January which totaled $383 million. That payment also impacted our quarterly cash flow conversion rate and free cash flow, with both roughly in line with last year's performance when you exclude that payment. In the quarter, we returned $1.4 billion to shareholders through dividends and share repurchases. And we finished the first quarter with an adjusted debt-to-EBITDA ratio of 2.9x as we continue to be A-rated by our three credit agencies. Wrapping up on Slide 19, we are maintaining our 2023 full year guidance to achieve volumes above industrial production, price gains in excess of inflation and operating ratio improvement. Our plans for capital allocation also are unchanged. As with every year, there are puts and takes to how the year plays out. While 2023 started a bit slower than expected, I need to remind everyone, it is only April 20. We have 8.5 months in front of us and many opportunities with volume, service and productivity. Before I turn it back to Lance, I'd like to express my thanks to the UP team. We are skilled in running the outdoor factory that is our railroad. But Mother Nature seemed very focused on testing those skills this year given the extremes we faced, and yet the team forged ahead, keeping the network fluid and our customers served. Fantastic work by everyone. With that, I'll turn it back to Lance. Lance Fritz : And thank you, Jennifer. As Eric discussed, we continue to make great st”