Good morning. I hope everyone had a good night’s sleep, because, ah, I’m sure you’re all aware of, ah, unfolding events. Oh, and help yourself to the éclairs and brandy croissants. Thanks, Denise.

I’d like to start with a line chart. Lights, please.

Here’s where we were. Way up here. Cruising altitude. All systems go, doing what we do best. Moving the product like champions. Not a cloud in the sky.

Maybe an air pocket here and there, but not enough to spill your drink!

Here’s where we are now. Nosedive from 30,000 feet.

Lights, please.

To stick with the plane crash analogy, we are approaching terminal impact at maximum velocity. The wings have come off.

These croissants are delicious, Denise.