4 unchanged sentences
We bear the economic risk of fuel price fluctuations on our prorate operations.
−Removed: For the three months ended March 31, 2023, approximately 11.6% of our total flying agreements revenue was derived from
−Removed: prorate agreements.
−Removed: For the three months ended March 31, 2023, the average price per gallon of aircraft fuel was $4.01.
+Added: For the six months ended June 30, 2023, approximately 11.7% of our total flying agreements revenue was derived from prorate agreements.
+Added: For the six months ended June 30, 2023, the average price per gallon of aircraft fuel was $3.65.
For illustrative purposes only, we have estimated the impact of the market risk of fuel price fluctuations on our prorate operations using a hypothetical increase of 25% in the price per gallon we purchase.
−Removed: Based on this hypothetical assumption, we would have incurred an additional $5.2 million in fuel expense for the three months ended March 31, 2023.
+Added: Based on this hypothetical assumption, we would have incurred an additional $9.8 million in fuel expense for the six months ended June 30, 2023.
Interest Rates
−Removed: As of March 31, 2023, our long-term debt had fixed interest rates.
+Added: As of June 30, 2023, our long-term debt had fixed interest rates.
We currently intend to finance the acquisition of aircraft through manufacturer financing or long-term borrowings.
6 unchanged sentences
As a result, our costs have become, and we expect they will continue to be, subject to significant inflationary pressures, and we may not be able to fully offset such higher costs through price increases under our capacity purchase agreements.
−Removed: Salaries, wages and benefits expense represented 48.1% of our total operating expense for the three months ended March 31, 2023.
−Removed: For illustrative purposes, a hypothetical increase of 25% to our salaries, wages and benefits during the three months ended March 31, 2023, would have increased our operating expenses by approximately $83.8 million.
+Added: Salaries, wages and benefits expense represented 47.3% of our total operating expense for the six months ended June 30, 2023.
+Added: For illustrative purposes, a hypothetical increase of 25% to our salaries, wages and benefits during the six months ended June 30, 2023, would have increased our operating expenses by approximately $164.4 million.
Our inability or failure to offset a material increase in costs due to inflation and/or labor costs could harm our business, financial condition and operating results.
1 unchanged sentence
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.