Mike Lenz: Okay. First, Brian, weather was roughly about a $50 million year-over-year headwind. So, if you want to put some dimensions around that. I think Raj wants to highlight what to expect here at DRIVE Day.
Raj Subramaniam: Well, let me just say this much. I think I’m just delighted with the sense of urgency and with what the team is working. The DRIVE program is — creates a lot more rigor, and I’m just thrilled with the progress as the team has applied this rigor and discipline to the work at hand and look forward to showcasing them to you in just a couple of weeks here. During that update, you can expect a deeper dive onto the domains that we have identified, which is shown on this slide. We’ll show you the metrics that we’ve been tracking. And I think that will be — it will give you a much better way for you to understand our business. And I think it’s fundamental to the transformation underway at FedEx. Thank you, Brian.
Operator: Our next question is from Bascome Majors of Susquehanna.
Bascome Majors: You generated about $1 billion of free cash flow in the first three quarters of the year on a fully burdened GAAP basis. Can you talk a little bit about with the raised EPS outlook in just 2.5 months left in the fiscal year, where do you think you’re going to come out in free cash flow for fiscal €˜23? And maybe qualify that with how much of a drag do you think you’re seeing on a cash basis for some onetime costs related to the initiatives that you’re rolling out to take structural costs out of the business? Thank you.
Mike Lenz: Okay. Bascome, it’s Mike. So yes, we’ve continued to generate solid free cash flow even amidst the challenged business environment, which heightens our emphasis on capital efficiency. And you’ll see that going forward across the board. Sorry, what was the last part of your question? Oh, sorry, the onetime cost…
Bascome Majors: On what free cash flow could be. Yes.
Mike Lenz: Yes. The expenses we had that were $120 million for the third quarter. That’s the business optimization that we identified and about $180 million year-to-date.
Operator: Our next question is from Bruce Chan of Stifel.
Bruce Chan: Hey. Thanks for the time. And congratulations, everyone. Brie, I maybe just wanted to follow up on your comments about the higher capture on the GRI in Europe. I guess, I’m a little surprised by that given the softer demand environment. Can you maybe just give us a sense of what’s driving that GRI capture? Is it just having the fully integrated network now or maybe something else?
Brie Carere: Yes. Hey. It’s a very fair question. From a European perspective, I do think it’s important to remind everybody that we have a very unique value proposition in Europe. There are real stickiness with the parcel and the freight bundle. And also, our sales and our customer service team do an incredible job with very personalized and social — or solution-oriented selling. So, for the customer base that is there, it is sticky. They value the bundle. We’ve got opportunity to take profitable share. But I think the ability to get that GRI capture really emphasizes the loyalty that we do have in that customer base and honestly, an opportunity to go take some more profitable share in Europe.
Operator: Our next question is from David Vernon of Bernstein.
