“And we expect to repurchase an additional $500 million of common stock in the fourth quarter, bringing total fiscal year '24 repurchases to $2.5 billion while also paying our dividend in line with our previously stated capital return plan.”

In context

“on from last year and down $300 million from our prior forecast of $5.7 billion. We also continue to expect aircraft related CapEx to decline to approximately $1 billion in fiscal year '26. And we expect CapEx as a percentage of revenue will keep declining in the future as we reduce our facilities’ footprint through Network 2.0 and continue to plan for lower annual aircraft CapEx beyond fiscal year '26. We currently have 37 jet aircraft parked, which is up from 20 last quarter. And as previously communicated, we will retire nine more MD-11s in Q4. Consistent with our goal of increasing stockholder returns, we completed a $1 billion accelerated share repurchase transaction in the third quarter, bringing our total share repurchases for the first nine months of the fiscal year to $2 billion. And we expect to repurchase an additional $500 million of common stock in the fourth quarter, bringing total fiscal year '24 repurchases to $2.5 billion while also paying our dividend in line with our previously stated capital return plan. I'm also pleased to announce that our Board of Directors has authorized a new $5 billion share repurchase program, which augments the $600 million that remains available for repurchase under the $5 billion 2021 authorization. This reinforces our commitment to support long term stockholder returns. Overall, I want to acknowledge and thank the entire team for their efforts in continuing to improve profitability in a challenging revenue environment. We have more work to do but I'm encouraged by the commitment and focus I've seen from our teams to advance our transformation and provide our customers and stockholders with even greater value. With that, let's open it up for questions. Operator: [Operator Instructions] Today's first question comes from Jordan Alliger with Goldman Sachs. Jordan A”