Josh Weinstein: Yes. It’s certainly not off the table. We wouldn’t take anything off of the table. It’s not something we’re planning to implement in the near-term, although that could certainly change. There are certainly considerations that have to be made about what’s the norm in society with the expectations of our customer. Obviously, you don’t go retroactively too. So you’re talking about forward bookings. But I wouldn’t take anything off the table. I would reiterate, though, even a fuel surcharge is temporary. And really, the one thing that we can do, no matter what compiler high water is used less and that’s where our focus is. And we estimate it saved us about $375 million on the bottom line this year versus what our profile looks like in 2019 because of all those efforts.
Patrick Scholes: Okay. And then one more question, Josh. Certainly a similar regarding fuel. And this is sort of a high-level question here. Why is it you folks don’t hedge? One of the pushbacks I get from long-only investor is they don’t like the day-to-day volatility in the stock when oil gets volatile and also the volatility in earnings. There’s certainly a possibility that I understand that hedging does have a real dollar cost to it. But if it brings in a long-only investor base, it may actually be worth it long-term for the stock. Just talk to me about why you folks sort of hold out on not hedging when competitors do it? Thank you.
Josh Weinstein: Sure. Well, I’d start by saying the same thing as a surcharge, which is we don’t take anything off the table, including hedging. We only get the question when fuel prices spike though. We never get the question when it’s not – when it’s going the other way. So I do think that there’s a little bit of a – it’s not a question of hedging. Are you putting wagers on that are either going to benefit you or not depending on the environment? I buy the volatility part. I mean we’ve done empirical studies like everybody else. The last time we did one, it only added about 1% to the share price because even though it might take away day-to-day volatility when you look at the long-term value of the firm, ultimately, it doesn’t make a dent in the grand scheme of the cash flow generation discounted back, et cetera.
So it is, a, consideration, the volatility as is the cost of any kind of hedging program. So we’ll continue to look at it. But thus far, when we’ve laid out all the pros and the cons, we haven’t been there. But I wouldn’t say that, that has become our answer forever. That’s just where we are now.
Patrick Scholes: Understood. And I can clearly get when fuel prices go down, nobody ask questions like these. So thank you. I’m all set.
Josh Weinstein: Thanks, Patrick.
Operator: Our next question comes from Brandt Montour with Barclays. Please proceed.
Brandt Montour: Hey everybody. Good morning. Thanks for the question. So first, I wanted to talk a little bit about the bookings commentary, Josh. You sounded very bullish on what you guys have gotten done so far for 2024. And I’m just – you used the term base loading, you gave us some great data points on where you sit now versus 2019 and the volume trajectory, et cetera. And I guess the question is just sort of qualitatively, do you think that you had to give up some price to do that? Do you feel good about what you had to give up on price to do that? Or just maybe open the hood a little bit and talk qualitatively about the revenue management strategy and success there?
Josh Weinstein: Sure. So this is absolutely part of the plan by pulling – we were able to pull forward 10 points and at higher prices. Now if you think about what does that mean for – are we sacrificing price? When you look at the pricing that was in place by the time we got to this booked position last year, our pricing is very nicely higher. And so the point is you manage the bookings by pulling the volume forward, you avoid the discounting at the end. And that’s how it’s been playing out. And so we’re very encouraged.
