Actually, our property and equipment assets have increased dramatically from 2014, we started purchasing our own aircraft.

The fact that we have so much cash on hand means a couple of things, shielding against future downturns and lower interest. But, that cash can't just sit there without being used and over 2014 it's only been used to repurchase shares, that amount of cash makes investors nervous. Management will claim the cash is needed to fund growth, but growth (increased capacity) drives down yields, which hurts the expectations or the appearance of expectations. Plus, that much cash puts a target on the company's back, especially with such a low share price.

Interesting to hear Mr. Fornaro's intent and focus on improving reliability and the customer service aspect of the airline. Decreased utilization rate was an interesting aspect as was the fact that he doesn't anticipate a reduction in growth.

First question is on M&A, you can see where analysts are hoping further action in share price is going to come from.