A few questions:

1) Do I understand correctly most of Fedex aircraft orders are replacements, not net growth? I read the 767 is replacing all the A310, MD-10 and A300. So receiving a bunch of additional 767's (something like 60 additional) but truly very little NET GROWTH? Versus the 30+ net new planes at UPS?

2) Are retirements pretty accurate on APC? Seems similar (percentage wise) to UPS.

3) With most new planes showing up for Fedex replacements (assumption), why is Fedex hiring 400+ per year? Increase in retirements don't seem to kick in for another 4-5 years.

4) If had to guess, what percentage of flying is day flying vs UPS?

5) Lots of DH's at Fedex, easier to commute? (not moving).

6) System bids not very frequent at Fedex? UPS? My understanding is while Nov 2016 hire was awarded 75 Captain at Fedex, upgrade at UPS will start to come down very soon as no hiring occurred between 2007-2014?