Ken Hoexter
BofA Securities, Research Division

Great. Good morning, everybody. Welcome to the start of day 2 of our 33rd Annual Industrials Transportation and Airlines Key Leaders Conference. I'm Ken Hoexter, BofA's Air Freight and Surface Transportation and Shipping analyst. To kick us off this morning, we have Canadian Pacific Kansas City's CFO, Nadeem Velani; and COO, Mark Redd.

Nadeem has been CFO for 10 years now, and we welcome him to his second time here as CFO, and I know there were many more times at your prior shop. Mark, welcome to BofA for your first go around since taking over the role in 2019. This is CP's 19th time participating in the 25 years we've hosted the event. So we thank the company for your dedication and participation.

Also from the company, we've got Ashley Thorne from Investor Relations in the audience, joining us for the seventh time here going back to her KSU days. So with that, welcome. Good morning, and Nadeem, let me turn it over to you for your thoughts on the state of the market and maybe just also in that, if you want to include 3 key takeaways you want us to walk away with.

Nadeem Velani
Executive VP & CFO

Sure. Well, first of all, thanks for having us, Ken. It's great to be here. It's been a great start to the year so far. I think Q1 was a little noisy with some of the headwinds tied to FX and fuel. But overall, volumes are trending kind of in