UAL
#This is <UNK>.
I'll talk a little bit about that.
Pilot availability clearly, particularly for the 50-seat operation, is an issue for us which does indeed affect the ability of our Express operators to fly the schedule.
And moreover, the 50-seat product is something that is not as good a product as the 76-seaters are.
For example, the new Embraer 175s that are in the market are a spectacular product.
It's a very attractive airplane, very comfortable airplane.
It has Wi-Fi.
It has putting first-class food up front.
It has better ancillary revenue opportunities of seats, and it's a very good product.
But the shift of pilots, or reduction in the availability of pilots for smaller airplanes, is clearly affecting us.
As it is affecting all of our competitors who operate this aircraft.
It's fair to assume that, <UNK>.
A lot depends upon on earnings.
But to your point, we tend to build a lot more cash in the first and second quarters.
And we expect very strong cash generation there.
We have a goal, though, of being free cash flow positive in every quarter.
And given the earnings profile of this business, that's not an unreasonable assumption.
Again, it depends upon your earnings assumption.
But yes, potentially.
Well, I think it's reasonable to assume that as we conclude our existing share repurchase program that we'll be in the market with something additional.
Whether it be a share repurchase dividend, whatever we think is the best way to return cash to shareholders at that point in time.
Thank you.
<UNK>rey, this is <UNK>.
The 747 is something that we do intend to keep for a few more years.
We have a couple coming out of our fleet in the near future.
But some of these, we've made some improvements to the operating reliability of the aircraft.
And we could expect to keep them for another few years.
They have another sort of big maintenance event in the 2020 timeframe.
That'll be another decision point for us.
Whether we want to extend them further at that point or go ahead and retire them.
We have not disclosed which model we substituted.
And, we might not elaborate on the discount.
(laughter) That's something we'd like to keep us between us and Boeing.
You bet.
We're still a big believer in the 787.
It's a great aircraft in our fleet today.
The 777-300ER is also a very good aircraft and happens to have the best reliability of any plane in the sky today.
We have an opportunity to put that in some markets that it's a better aircraft than with the 787 or some of our other existing planes out there today.
So this is all part of normal fleet planning that we do from time to time.
And there's nothing to read into this about the 787.
I won't give you a specific route.
But clearly, it integrates well with the 777 we fly out of Newark.
It allows us to upgauge Newark, which has always been a strategy of ours given the constraints there and the demand that we're seeing in New York with the hub and how it's working in New York.
So that's a great aircraft to upgauge in New York with that 777-300.
We haven't disclosed what the fourth quarter in terms of international in total.
We are bringing our Atlantic capacity to flat to down year over year.
Again, for us, we've been very much focused on capacity discipline.
So our Japan capacity, for instance, in the first quarter was down 11%.
It's already planned to be down 7% in the fourth quarter.
So we've been ahead of this as we create the flexibility in our fleet plan to match capacity and demand.
It won't be this year.
Okay, with that, we're out of time and we'll conclude.
Thanks to all of you on the call for joining us today.
Please call Human Relations for your further questions.
We look forward to talking to you next quarter.
Goodbye.
