Senior pilots productivity nearing retirement is a data point with significant history that the company has and can see its a continued trend. It will continue to occur by new people nearing retirement and so I don’t believe there will be any less backfills from retirements. The trickle down affect of a 787 captain retiring is significant. At the lowest affect he/ she would be replaced by a 737 CA which would create 3 events, the 737 CA to 787 CA upgrade and then for instance 737 FO to 737 CA which in turn creates 737 FO event either a new hire or some kind of internal. Similarly how furloughs/ displacements are cost prohibitive.

I think we will see pilot hiring at retirement numbers or more.

I was very pleased with the outlook, even should a recession hit they believe they will turn a good profit.