250 million in free cash for Q1

RFP is a "timing" issue not a cash issue! AKA, bad time to announce new jets because of where the investors want to see capacity discipline.

Still showing strong forward bookings for Atlantic. (+7-8% YOY) but expect that to fall of this fall, and that is where the capacity reduction is aimed.

Reduced CAPex to 325 million for Q1, a reduction of 15 million.
Still looking at 5.4billion in unrestricted liquidity.

Hedging looks good.

Overall a conservative position.

No fear should be generated by this news.