The company reported a 12% increase in ocean containers shipped and a 19% increase in airfreight tonnage compared to Q3 2023. This demonstrates strong volume growth across key service lines, indicating effective market penetration and customer acquisition.

Importers front-loaded shipments in anticipation of potential labor disruptions at US East and Gulf Coast ports, resulting in higher volumes and sharp increases in average buy and sell rates.

Continued capacity constraints from longer ocean transit times, resulting from the Red Sea disruptions, and e-commerce business demand on airfreight capacity led to growth in volumes and increases in overall average buy and sell rates.

The company's compensation philosophy offers a modest base salary and the opportunity to share in a fixed and determinable percentage of the operating profit of the business unit controlled by each key employee. Changes in individual incentive compensation occur in proportion to changes in our operating income, creating an alignment between branch and corporate performance and shareholder interests.

So long as the economic environment remains uncertain, we will be focused on aligning operational headcount and our overhead expenses commensurate with our transactional volumes.

The company identified material weaknesses in internal control over financial reporting related to ineffective information technology general controls. This could result in loss of investor confidence and adversely impact our stock price.

The global economic and trade environments remain uncertain, including inflation remaining higher than historical levels, greater volatility in oil prices, high interest rates and the conflicts in the Middle East and Ukraine.

Carriers are adding new vessels which will increase capacity. In addition, if safe passage through the Red Sea resumes, additional capacity will become available due to shorter transit times. These conditions could depress sell and buy rates.

The company identified material weaknesses in internal control over financial reporting related to ineffective information technology general controls which, if not remediated appropriately or timely, could result in loss of investor confidence and adversely impact our stock price.

While customers continue to value our brokerage services due to changing tariffs and increasing complexity in the declaration process, some customers are opting to use back up customs brokerage service providers as a risk reduction strategy.

Customers continue to seek knowledgeable customs brokers with sophisticated computerized capabilities critical to an overall logistics management program that are necessary to rapidly respond to changes in the regulatory and security environment.

Due to the high degree of competition in the marketplace we may not be able to increase our prices to our customers to offset this inflationary pressure, which could lead to an erosion in our margins and operating income in the future.

Salaries and related costs increased 9% for the three months ended September 30, 2024 as compared with the same period in 2023 principally due to increases in commissions and bonuses earned from higher revenues and operating income while headcount remained flat.

So long as the economic environment remains uncertain, we will be focused on aligning operational headcount and our overhead expenses commensurate with our transactional volumes.

Other overhead expenses decreased 3% or $5 million for the three months ended September 30, 2024, as compared with the same period in 2023. This decrease in 2024 is primarily the result of a $14 million decrease in expenses related to indirect tax contingencies

We expect to continue to enhance security and internal controls over our technology and systems and plan to deploy additional solutions which will result in increased expenses in the future.

We are developing a new accounting system, which is being implemented on a worldwide basis over the next several years. This system is expected to improve the efficiency of certain financial and transactional processes and reporting.

Customers continue to seek knowledgeable customs brokers with sophisticated computerized capabilities critical to an overall logistics management program that are necessary to rapidly respond to changes in the regulatory and security environment.

During both the three and nine months ended September 30, 2024, we used cash to repurchase 1.2 million and 5.1 million shares of common stock, compared to 2.6 million and 10.5 million shares of common stock during the same periods in 2023.

Subsequent to the end of the third quarter of 2024, on November 4, 2024, the Board of Directors declared a semi-annual dividend of $0.73 per share payable on December 16, 2024 to shareholders of record as of December 2, 2024.

Capital expenditures in the three and nine months ended September 30, 2024 were primarily related to continuing investments in building and leasehold improvements and technology and facilities equipment.

The 10-Q filing does not contain any specific information or disclosures related to environmental, social, or governance initiatives.

The global economic and trade environments remain uncertain, including inflation remaining higher than historical levels, greater volatility in oil prices, high interest rates and the conflicts in the Middle East and Ukraine.

Importers front loaded shipments creating a peak in demand starting in June 2024 in anticipation of potential US East and Gulf Coast ports disruptions.

Starting in the second quarter of 2024, we saw capacity constraints on exports out of Asia resulting in increases in average buy and sell rates.