The flip side to that argument is that their aircraft are mostly owner outright, they seem to continually be acquiring new metal (including an order for 2 brand new 777Fs and one optioned), they haven't "lost" any significant flying (apart from the UPS flying lost due to UPS scope) - and seem to be gaining flying each time I look, etc. From the outward appearances it seems things are strategically going "to plan"; though with it being a relatively low key and privately held company it's hard to be certain - and it wouldn't be the first time someone misjudged something, myself included. The abundance of parked aircraft at a specific moment would raise questions, though to get a good gauge on it you'd need to look at it from a quarterly perspective at least.