...plus I'd assume that yield was probably lower-than-average in the first couple of months (introductory offers, more availability at lower fares to tempt people to try the service, etc.), whereas the business plan breakeven percentage he quotes is likely to be a steady-state figure (i.e. once yield has reached its "normal" level). So in practice saying "our load factor is over 50%, our breakeven is 70%" is likely to be an apples-to-oranges comparison.