Chief Commercial Officer and Executive Vice President, People and Human Resources at J.B. Hunt Transport Services
Thanks, John, and good afternoon. My commercial update will cover current market conditions and how we continue to have confidence in our position across our scroll of services to provide value for our customers. I'll also provide an update on our priorities across the key areas of our business, which are our people, technology and capacity, and how the combination of all three allow us to differentiate ourselves and delivering exceptional value to our customers.
The freight market remains dynamic and continues to be presented with unique and evolving challenges at different cross-sections of the broader supply chain. Labor availability, network velocity and fluidity, in addition to varying inventory dynamics around product mix continue to put strain on the effective utilization of available capacity. Some trends we identified last quarter like a softer transactional spot market remain, but what also remains is a healthy demand for our Intermodal capacity and our professionally outsourced private fleet solution in DCS, and the frictionless way we connect customers with capacity in our Highway Services businesses by leveraging our J.B. Hunt 360 platform. The businesses we are in today across our entire scroll were not built or created overnight. Careful thought, planning and execution with durability, strength of financial discipline were and remain top of mind.
We do recognize that broader demand trends are a concern, and we continue to have frequent and open dialog with our customers regarding their capacity needs. We remain optimistic on our ability to compete to deliver the best value to our customers by offering a full suite of services across the scroll that can help eliminate waste, create efficiencies and drive up cost from the system. Last quarter, I said, our opportunity to provide and create efficiencies for our customers is greater this year than at any point over the last two, and that remains true today. Freight has been moving inefficiently, creating additional costs, and we continue to see tremendous opportunity to eliminate waste in the system.
Enhanced visibility powered by the largest multimodal digital freight platform, J.B. Hunt 360, remains a tremendous opportunity for customers to effectively source their capacity needs. During the quarter, we launched new foundational principles that helps define who we are as a Company, what we strive for on behalf of our customers, and what our employees should expect as a member of our organization. In fact, our innovative entrepreneurial and say-do culture is founded on these principles, people you trust, technology that empowers and capacity to deliver, that is J.B. Hunt. It is by no accident that people comes first as it is and remains our top priority to take care of our people who take care of and deliver value for our customers.
We empower our people, our organization and our customers with investments in technology to help provide productivity and efficiencies in our collective processes. And finally, we continue to invest in our capacity to deliver on meeting the growing needs of our customers. I'll close in a similar fashion as I did last quarter. We believe our mode indifferent approach allows us to provide flexible solutions to dynamically meet and respond to the needs of our customers. Our investments in our people, technology and physical capacity have us in the best position to provide the right solutions for our customers in the three key areas of cost, capacity and service.
That concludes my comments, and I'd now like to turn it over to Nick.