time I then of how spend some will the performance we brief Thanks, with Matt. and quarter start for are fourth about XXXX. our overview outlook a thinking explaining financial
see anticipated reversal increases This share of in driven and in airport opposed volume largely to pandemic-related fourth came to as this anticipated would better due airport adjustments. had We non-fuel we than lower fees a that costs airport the at of expected, fees signatory shifts. reversal to stabilized, rents rents billing operating Our rates. reduced form favorable came and adjustments in quarter landing by primarily landing as future or due true-ups
costs suggest refining we the prices were jet average large about in in lower fuel on XX% part fourth remained the XXX% have fuel up increase prices move high volume current a Fuel compared quarter the does to the gallon, of by to XX% margins, progress high but stubbornly more XXXX curve will as historically due year. through driven per fuel more price than
it For the we adjusted fourth reach XXXX. below in will still of higher the was utilization. full Total good valued margin believe XX, well the associated million September than operating saw to what valuation our non-operating once improvement was with operating income normalized be derivative quarter-to-quarter, than $X quarter, on expense we but higher periodic being came due we estimated in previously margin liability XXXX the notes operating convertible
notes aggregate secured private to fourth $XXX of offering senior During X% a we senior bringing XXXX, billion. secured the amount of outstanding to principal $X.X the million these add-on company’s completed quarter, the due notes
During the commitment we $XX credit million, our drawn of available increased bringing the under to our the is facility $XXX secured total revolving by amount today. million, which also facility quarter, senior under none
billion, under at AXXXneo the We cash of with and aircraft end delivery unrestricted in XXX revolving million $X.X took the ending cash facility. credit the fleet. was $XXX short-term of and capacity undrawn Liquidity of which during equivalents, aircraft quarter, the includes XX XXXX period the the investments
AXXXceo announced sell unencumbered agreement our signed As month, we XX aircraft. last an of to
took the XX million of to over expect fleet $XXX in remove XXXX, We an remainder removed the fourth years quarter to transaction our and $XXX proceeds be and between the from expected the aircraft $XXX be in charge million. the XXXX. operating will of expected with We in of X million impairment next these
year so, last AXXX fleet, have the aircraft. plans been for Over long-term least-efficient AXXXceo this we our or family oldest, of vintage assessing our our
AXXX the some otherwise so would retirement of the the a fourth these accelerate removals expected. in to impact smaller capacity scheduled flying has had the quarter, previous in we XXXX XXXX guide, included In reduction be impact we the made our XX decision of AXXX In than aircraft.
The to We year. XXXX objective as primary. view utilization of transition continue to full returning a still is
objective. have the made reach this necessary investments We to internal
for would be. to be our schedule Ted listed, reasons we with the than all planning are conservative more However, we otherwise forced
Matt reduction AXXX we The buffers continued availability. We XX% we what driven no delivery place likely related half of around engine by about will to Given X% XX% the is modest consider our the QX. the support performance previous is coupled fleet estimate mentioned estimate improve XXXX This QX utilization about the should plan in this levels and the related about versus of remaining the aircraft. We or accelerated reduction to XXX engine of the by about up delays industry for due XXX normal infrastructure XX% basis versus to to XXXX. to underutilize buildup point diminished have Airbus to with to the about spare XXXX and retirement in constraints. XX% is continued being in XX% for our the operation first related is capacity to to limited neo that a reduction back plan. XX%
For XXXX, we expenditures capital be about million. will $XXX total estimate
XXXX. approximately some of the the of is related our million which related million is will spare highlights $XX and $XXX deposits building is Beach, first to Dania related about occupy million purchase of in we to new in the engines. here, to of this facility net headquarter pre-delivery quarter For $XX
$XX our increases that $XXX an month, benefits of rates estimate and and other about We vacation a million first additional related and benefits. expense an XXXX quarter pay time. and revaluation onetime bargaining ratified $XX to agreement enhanced $XX amended Last wages, the of the of expense benefits to bank sick for million in drive about of with million pilots quarter the significant or additional year full million new collective and the provides salaries
increase X.X% In CASM total, ex. about our we adds XXXX estimate the new contract to
This we the negative assumption billion margin $X.X X% to quarter negative expenses X%. first $X.XX. price $X.XX operating operating For a fuel total per and XXXX, to billion our between range of will gallon of assumes estimate
utilization Xs. expected given our contract, will XXXX, year full pilot now the new For in and actual be expect the CASM the levels we high
year. and the We full be the also profitable all for do expect in of first to quarter profitable
was XXXX With back persevered team challenging fronts it closing close, entire Spirit thank continued a XXXX. to I us our Ted want well for I over the for set that, I’ll Before to for up team. year to turn on many remarks. and
