Hi everyone! I'm a lurker and from the eBay purses board that "crashed and burned", lol. Good to be here and thought I could help!
Yes, it does mean it is a "Pilot" bag just like CoachAdd1ct said.
Just know there COULD be some minor differences in the bag, tho. I once bought several bags at the Factory Store...I think they were Soho Pocket Flaps, #11842, and just one of them was a Pilot. The Pilot (11842P as indicated on the creed patch) didn't have an outside back pocket. The others had a full back pocket with a hidden magnetic snap closure!
So just be aware there might be a small difference or two with the pilot bags.
Hope that helps!