The updated 2024 budget includes $33 million in capital expenditures for fleet growth – a sharp reduction from recent years but more than the $18 million originally budgeted at the start of the year. Cargojet recently acquired two Boeing 767-300s as feedstock for future passenger-to-freighter conversions. Management, however, is emphasizing increased cash flow to reward investors with dividend growth and share buybacks. The conservative approach is a reversal from two years ago when management admittedly overreached on fleet growth on the assumption that superheated cargo demand would continue after the pandemic. Cargojet in the past year backed out of investments for eight Boeing 777 converted freighters and sold four aircraft it had already acquired.