> It’s essentially free cash for the airline, and it underscores the massive profit potential Point of order, cash is not profit. You can’t (or shouldn’t) book

> It’s essentially free cash for the airline, and it underscores the massive profit potential Point of order, cash is not profit. You can’t (or shouldn’t) book unredeemed loyalty credits as income; on the contrary, they sit on the balance sheet as a liability under “unearned revenue” or similar journal.