This is one of my favorite parts of the letter:

Our way of doing business is particularly effective at lowering “fixed costs” – the costs we pay regardless of whether or not our airplanes are flying. An example of a fixed cost is an aircraft lease, the money we pay to an aircraft owner for use of their aircraft. A lease for one of our Airbus aircraft is about $150,000 to $200,000 a month.

Which is money that goes right in to his personal pocket, since he now owns all the planes, and Allegiant leases them back from him. Wasn't the $25 million he just made from the company buying back his stock enough????