31  /  CP 2018 ANNUAL REPORT ITEM 7.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS INDEX TO MANAGEMENT'S DISCUSSION AND ANALYSIS Page Executive Summary 32 2019 Outlook 32 Performance Indicators 33 Results of Operations 35 Impact of Foreign Exchange on Earnings 38 Impact of Fuel Price on Earnings 39 Impact of Share Price on Earnings 39 Operating Revenues 40 Operating Expenses 45 Other Income Statement Items 47 Liquidity and Capital Resources 48 Non-GAAP Measures 51 Off-Balance Sheet Arrangements 58 Critical Accounting Estimates 59 Forward-Looking Statements 63