We have a new leader over our U.S. ET. Well, Amit, thank you very much for your question, and let's just unpack the performance on the expense line a little bit more than Brian did. You've heard us talk about fastest ground ever. However, both global and U.S. real GDP growth rates in the third quarter are estimated to be down 3.7%. Revenue per hundredweight, excluding fuel, increased 7.2% in the quarter. And this includes $725 million from the CARES Act federal payroll tax deferral, offset by a $1 billion discretionary contribution to pension plans. Domestic small package business. From that, we are employing two key strategies. Weekend ground volume is up 161% versus last year. During the quarter, we continued to flex our network to capture market opportunities and better position UPS for the long term. So you’d expect to see that come down, the airline to likely come down and it’s this pivot to international, healthcare, digital, that’s where we’re pivoting the capital spend. During the quarter, we adjusted our network and took deliberate actions to better position UPS for the future. So we'll be relooking at the elements of both our short term, which is our annual bonus, and as well as our long term. Hopefully, that’s helpful to you. I was really worried about being rejected, that’s not happened. Three key items have underscored our performance. Thank you. Transformation 2.0 is about creating fewer but more impactful jobs. Well, we are finalizing our capital plans as we speak. It’s about how we get better at running the business, better at keeping our people, so we lower our cost of turnover, better at keeping our people safe, so we lower our casualty reserves. So that gives you a sense of what we mean by stopping work. And there were two line item focus, if that makes any sense. That’s work that’s going to stop and think about the overhead here at the UPS headquarters, that’s producing those reports. Additionally, our approach calls for greater efficiency and requires that we lower our cost to serve. If I think about SMB as a percentage of our total business in the United States, it's grown from 23% last year to now 24% this year. How sustainable is the strength in International? So you get bonus off of revenue per piece. Our market healthcare team is supporting clinical trials across all stages for COVID-19 vaccines. But we clearly have opportunities here to sweat the assets. And that asset-light profile will certainly help spur growth and generate higher returns. I wanted to -- a bit better than bigger theme. And if that’s the case, over what timeframe can you drive enough profitable share gains from SMBs that would allow you to walk from some of the lower margin business? Moving over to International. They actually -- we all work, but they're actually going to work. That's clearly the U.S. small package business is going to grow. It’s all about removing friction from the customer experience and serving customers the way they want to be served. And we’re identifying which activities add value and stopping those that don’t. So we’ve got Transformation 1.0 coming to a close. We see no signs that the structural market shift to e-commerce will slow anytime soon. United Parcel Service, Inc. (NYSE: UPS) Q3 2020 earnings call dated Oct. 28, 2020. Okay, thank you very much. So we are building our 2021 financial plan as we speak. If we go back two predecessors ago, capex came down a lot. It's going after spans and layers, it's going after labor arbitrage, that sort of opportunity. It's concerning, right, because if we were to have disruption, let's say, in our pilots, that would be a real problem. In our International segment, we expect the year-over-year profit growth rate to be in the high teens. We are an opportunity-rich company. We executed extremely well within a tight capacity market and were able to meet high demand out of Asia. Sweating the existing investments that we’ve made is a really good thing in next year. Yes, and I appreciate that, Carol. And yes, GAAP is small, but it's growing. So, Carol, you’ve talked about a focus on what customers are willing to pay for, and optimizing the volumes that flows through the network, and clearly, you’re starting to see that with the step up in SMB growth. Through platform partnerships, we are making it easier for SMBs to open a UPS account and access the world’s largest small package network. And Brian, you might just want to remind Amit what those expense pressures are in the fourth quarter. Yeah. As you can see in our results, we are making progress against the Better, not Bigger framework we outlined in July. Peak is extremely important to our customers, so it's extremely important to us. Joining me today are Carol Tome, our CEO, and Brian Newman, our CFO. Operating margin was down 220 basis points year-over-year. United Parcel Service last announced its quarterly earnings results on October 28th, 2020. Thank you, Scott. It's all about removing friction from the customer experience and serving customers the way they want to be served. The firm exceeded revenue and earnings expectations for the quarter. Obviously, you mentioned some puts and takes on the expense side, balanced against sort of the revenue-quality and then sort of highlighted the normal sequential Domestic decline of a couple of hundred basis points. Q3 2020 United Parcel Service, Inc. Earnings Conference Call. Hey, everyone and thanks for sneaking me on here. Yes. Carol, you talked about capex on the call, and I thought that was kind of interesting. Hey, thanks, good morning. I mean, is that — when you put all the puts and takes together, is that the baseline we should be thinking about? Whenever UPS, Inc. posts new information to the site. We understand that healthcare logistics isn't just about the package. Brian, any color you want to add there? I just don’t want to get out ahead of my skis. So if you then say, "OK. Carol, is that flowing down to the bottom line?" Sign up. Just turning to the SMB initiatives, clearly gaining some share there. And then we'll lay that out for you, so that you can hold us accountable to what we said we're going to do. This means none of that is being worked. During the quarter GAAP results included a pre-tax charge of $44 million, equivalent to $0.04 on an earnings per share basis. Working in our favor are the positive effects from our revenue-quality efforts and growth from SMBs. As I share the details, you’ll see early indications that our actions are having a positive impact on our operating performance and financial returns. How do you make sure that you are kind of keeping pace with others who are investing significantly to grow their capacity? We are so opportunity rich. And that asset-light profile will certainly help spur growth and generate higher returns. Now moving on to the upcoming holiday season. Seems like there’s a lot of growth out there, so want to get a sense of kind of the order of magnitude we might be talking about. The design of our incentive compensation doesn’t necessarily tie to the results that we want to achieve. Good morning, Carol. Additionally, we see the opportunities to decrease our cost structure as we optimize our network and implement transformation initiatives. 2Q20 Earnings Presentation 1.6 MB. Looking at the overall enterprise, in the third quarter, UPS generated operating profit of $2.4 billion, up 9.9%. So you see that sustained momentum. In fact, forecasters estimate the e-commerce share of retail has been advanced by two to three years due to the pandemic. So you can do the math of what that might translate into savings. We are an opportunity-rich company. I don't know, Brian, what we're thinking about? Let’s start with speed. We will also leverage our technology to control the volume we bring into the network, utilize available capacity and efficiently operate during peak. So, Scott, I'll take the first piece of this in terms of the pricing. You get a 10% reduction in that because you have a safer operation, that's $100 million. The segment results were excellent. And we’re going to do everything we can to beat that, we’re seeing improvement on the pricing and the revenue-quality side. A few notable items on the income statement include other pension income was $327 million driven by last year's 17.6% return on pension assets and the discount rate was 90 basis points below last year. And for added control during transit, UPS Premier, our next-generation package sensor technology, offers priority handling, real-time monitoring and continuous visibility. $100 million can move that U.S. operating margin in a meaningful way. Carol, do you want to? Appreciate it. From a revenue perspective, lift the pyramid upside down, so the bulk of the revenue is at the top and the smallest piece of the business is at the bottom. Because I had such familiarity with this in my previous line, where we tend to put too much work on our operators, and they couldn't focus on things like productivity." In the past, we have talked to you about Transformation 1.0. Jairam Nathan -- Daiwa Capital Markets -- Analyst. But for next year, we’re going to sweat the investments that we’ve made. 3Q20 Earnings Presentation 2.1 MB. Our long-term incentives do have a return characteristic to them, so that’s good. As I share the details, you'll see early indications that our actions are having a positive impact on our operating performance and financial returns. Conversely, B2B average daily volume was down 7.8% year-over-year, but has improved from the second quarter. Come in about 23 % for the Stock ahead of my skis our network to! 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