Thank you for the question. It's a very important one for travellers.
I think the entrance of ultra-low-cost carriers is a dynamic that has proven to keep prices more affordable in important markets in Canada. We have seen that dynamic play out. As we see the expansion of existing players like Porter, which are entering markets and serving markets they haven't served before, that might serve as a competitive pressure on air carriers that have traditionally served those markets.
I will also point out that I think there is an important role for small carriers to play in intraregional markets in picking up some of the traffic that some of the larger players are perhaps no longer picking up. Again, there is a competitive pressure from smaller players that are present and that may see opportunities where they didn't before, given the crowded field of larger carriers.