Take a listen or read of the earnings call. CAPEX for 2020 and 2021 is in line with 2017-2019. This is what drove some confusion from some of the big investment firm folks on the call. They asked in a nut shell “so if you are making cuts why is the capex basically unchanged?” Thats when Fred got a little testy and said “look guys we have to replace older airplanes. Look at the data attached to the call for the reasons. Fuel savings, maintenance, reliability, etc.” We are not overstaffed currently we are just miss staffed and not balanced from the growing fleets to the dying fleets. Take a look at the airplanes that are to be retired in the next 2 years and then compare that number to the firm order deliveries we have over that same period. Guess what its a net gain or a wash at worst. The sky isnt falling this is a natural business cycle like all companies go through. Its probably a good wakeup call/innovation booster for the top brass at purple.