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      "text": "Air Group's full year adjusted pretax margin finished among the best in the industry, driven by strong cost management and diversified revenue generation.\nUnit costs declined 2.6% year-over-year in 2023, leading the industry and landing at the better end of Air Group's initial full year guidance range provided in December 2022.\nAir Group revenue reached a record $10.4 billion in 2023, of which approximately 46% is generated from premium, loyalty, and ancillary revenues.\nFuel costs remained elevated in Q4 2023 and FY 2023 driven by higher West Coast refining margins, adding approximately $160 million of costs to FY 2023 results, and reducing adjusted pretax margin by 1.5 points.\nOur balance sheet remains healthy, with debt-to-capitalization and adjusted net debt/EBITDAR ratios within long-term financial target ranges.",
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