If out of 50 million reported pax, there were only 10,000 no-show zero-fare bookings, most shareholders would consider this largely irrelevant. If on the other hand, the distortion is over 1 million no-show zero-fare bookings, the distortion in figures reported becomes more significant.
Since the free flights offer went online a few days ago I know of several people who have booked over 100 flights and will probably only fly around 20% of them. I would imagine that they are not the only people at this therefore the figure has the potential to be high - especially as they claim to be releasing '1 million' of them at times