Looking to the fourth quarter, stage-adjusted, non-fuel unit costs are expected to sequentially improve and booking volume has stabilized, driven by low fare stimulation albeit at higher fuel prices. Fourth quarter capacity is expected to grow by 12 percent to 14 percent over the comparable 2022 quarter. Adjusted total operating expenses are expected to be $655 to $665 million. Fourth quarter adjusted pre-tax margin is expected to be (6) percent to (9) percent, including the impact of the higher fuel cost environment. Capacity Growth 12%-14%, adjusted total operating expenses $655M-$665M, average fuel cost per gallon $3.20-$3.30, effective tax rate 20%, adjusted pre-tax margin (6%)-(9%), pre-delivery deposits $90M-$105M, other capex $30M.
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