While he does reference transition costs he seems to point out more that the routes planned ended up not being as busy as they thought. There's a lot of "We thought" and "So we plan on doing" and "As we redeploy aircraft". He also says there are several things they could do better.
Sounds like charter is doing well and looks like could get better. I get the hint that should Delta want more aircraft they'll start pulling them off the branded.
He did mention investing their money back into the stock which is interesting. Perhaps a reason for it's big jump today.