“And lastly, we expect the tax rate for the full-year to be approximately 22%.”

In context

“s putting additional downward pressure on market rates. In fact, in ocean, there was extreme overcapacity versus demand in the market, and the forwarding demand outlook in the fourth quarter remains weak. Turning to capital allocation for the full-year, capital expenditures are still expected to be about $5.3 billion. We are still planning to pay out around $5.4 billion in dividends in 2023, subject to Board approval. We have repaid $1.6 billion in debt this year as planned, and expect to repay an additional EUR700 million of debt in the fourth quarter. We now expect $2.25 billion in share buybacks in 2023, which we have already completed. In the fourth quarter, we're redeploying cash, back into the business for growth initiatives, such as strategic acquisitions to drive shareowner value. And lastly, we expect the tax rate for the full-year to be approximately 22%. In closing, while navigating a very challenging macroenvironment, we remain focused on the job in hand. For the past five years, we've held the record as the industry-leader in service during peak. We intend to do it again this year. Thank you. And operator, please open the lines. PJ Guido: Steven, we're ready for our first question. Operator: We will begin the question-and-answer period and our first question will come from the line of Chris Wetherbee of Citigroup. Please go ahead. Chris Wetherbee: Hey, thanks, good morning guys. Maybe to start on the guidance, and specifically for the fourth quarter, so I think it implies a pretty meaningful step-up in operating profit, and we understand that, you know, I'm guessing ADV probably has a significant piece to do with that improvement in the”