The reduction in rent will likely be greater since they primarily rejected newer, more expensive leased NEOs including the paperweights in the desert as well as some operational ones that likely just cost too much, maintaining only the ones they needed for the lessor and IAE deals. Most of the retained planes are older CEOs on more favorable terms as far as plane cost (though with higher fuel cost per flight).

Revenue will shrink with flight cuts somewhat, yes, but they are cutting staffing costs to an even greater percentage than the flight reductions. And most of the cancelled routes were underperforming LAS flights or small stations with consistently half empty planes. So the revenue reduction will be to a lesser extent than the cost reductions, improving the margins.

Will it be enough? Open question. And I agree with some of your earlier posts about a pending debt disaster down the road even if the operational fixes work. But fixing the operational bleeding is the immediate priority, and they seem to be taking decisive action on that front.