Operating cash flow decreased to $158.4 million from $558.6 million a year ago. As of June 30, cash and cash equivalents stood at $1.70 billion. Expeditors CEO Jeffrey S. Musser said the company will continue to "manage down" its headcount to align costs with lower levels of demand. "In many ways, current conditions are very much the reverse of what we experienced in the early days of the pandemic, as the current marketplace shifts to a lower gear on increased capacity and falling rates and demand," he said. "We do not see those conditions changing meaningfully before the end of the current year. Shippers are cautious, the economy remains uncertain, and carrier capacity does not adequately reflect the current levels of marketplace demand." Price Action : EXPD shares are trading lower by 3.24% at $120.77 on the last check Tuesday.