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Southwest Airlines Co (LUV) SEC Filing 10-Q Quarterly Report for the period ending Thursday, March 31, 2022

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Southwest Airlines Co

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CIK: 1625101 Ticker: LUV

SOUTHWEST AIRLINES REPORTS FIRST QUARTER 2022 RESULTS

DALLAS, TEXAS - April 28, 2022 - Southwest Airlines Co. (NYSE: LUV) (the "Company") today reported its first quarter 2022 financial results:

•Net loss of $278 million, or $0.47 loss per diluted share
•Excluding special items1, net loss of $191 million, or $0.32 loss per diluted share
•Operating revenues of $4.7 billion, down 8.8 percent compared with first quarter 2019
•Cash provided by operations of $1.1 billion
•Liquidity2 of $16.7 billion, well in excess of debt outstanding of $10.7 billion

Bob Jordan, Chief Executive Officer, stated, "While the impact from the Omicron variant in January and February disrupted our anticipated profit recovery in first quarter 2022, we returned to strong profitability in March 2022 on surging travel demand. First quarter 2022 operating revenues per available seat mile (RASM, or unit revenues) increased slightly compared with first quarter 2019, representing our first quarterly RASM increase relative to respective 2019 levels since the pandemic began. Our operational performance improved during February and March 2022 following acute staffing challenges experienced in January due to the Omicron variant. We have made great progress against our hiring plans for this year, increasing our headcount by approximately 3,300 in first quarter 2022, alone, net of attrition. We remain intensely focused on our hiring and training efforts as we work diligently to restore our network and position the Company for future growth. While we are experiencing inflationary pressure from higher jet fuel prices, our fuel hedge is providing significant protection against rising oil prices.

"Based on current plans and expected continued strong bookings, we continue to expect to be solidly profitable for the remaining three quarters of this year, and for full year 2022. Barring any unforeseen events and based on current trends, and despite higher fuel prices and managed business revenues and available seat miles (ASMs, or capacity) remaining below pre-pandemic levels, we expect solid second quarter 2022 profits and operating margins, excluding special items3.

"As we focus on the basics, our priorities for 2022 are clear: getting properly staffed and returning to historic operational reliability; restoring our Customer Service advantage; growing our fleet with The Boeing Company's (Boeing) most-modern, fuel-efficient 737 aircraft; adding flights and restoring our network, especially on shorter-haul business routes; investing in enabling technologies for enhanced efficiencies; and producing consistent quarterly profits. Among our primary goals is to return to pre-pandemic levels of productivity as we plan to restore the majority of our route network and better

The following information was filed by Southwest Airlines Co (LUV) on Thursday, April 28, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Southwest Airlines Co's Definitive Proxy Statement (Form DEF 14A) filed after their 2022 10-K Annual Report includes:

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Inside Southwest Airlines Co's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover
Condensed Consolidated Balance Sheet
Condensed Consolidated Statement Of Cash Flows
Condensed Consolidated Statement Of Comprehensive Income (Loss)
Condensed Consolidated Statement Of Stockholders' Equity
Basis Of Presentation
Commitment And Contingencies - Long Term Purchase Commitments (Details)
Commitments And Contingencies
Commitments And Contingencies (Tables)
Commitments And Contingencies - Narrative (Details)
Comprehensive Income (Loss)
Comprehensive Income (Loss) (Tables)
Comprehensive Income (Loss) - Differences Between Net Income And Comprehensive Income (Loss) (Details)
Comprehensive Income (Loss) - Reclassifications (Details)
Comprehensive Income (Loss) - Schedule Of Aoci Components (Details)
Fair Value Instruments - Carrying And Estimated Fair Value Of Debt (Details)
Fair Value Measurement - Fair Value Assets And Liabilities Measured On Recurring Basis With Unobservable Inputs (Details)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Measured On Recurring Basis (Details)
Fair Value Measurements - Quantitative Information About Level 3 Fair Value (Details)
Financial Derivative Instruments
Financial Derivative Instruments (Tables)
Financial Derivative Instruments - (Gain) Loss By Hedging Relationship (Details)
Financial Derivative Instruments - Fair Values By Balance Sheet Location (Details)
Financial Derivative Instruments - Fair Values Of Fuel Derivatives Amounts Posted As Collateral (Details)
Financial Derivative Instruments - Fuel Hedging (Details)
Financial Derivative Instruments - Location And Amount Recognized In Income By Hedging Relationship (Details)
Financial Derivative Instruments - Narrative (Details)
Financial Derivative Instruments - Offsetting Derivative Liabilities (Details)
Financial Derivative Instruments - Offsetting Of Derivative Assets (Details)
Financial Derivative Instruments - Premiums For Fuel Derivative Contracts (Details)
Financing Activities
Financing Activities (Tables)
Financing Activities - Convertible Debt (Details)
Financing Activities - Interest Expense (Details)
Financing Activities - Narrative (Details)
Net Income (Loss) Per Share
Net Income (Loss) Per Share (Details)
Net Income (Loss) Per Share (Tables)
New Accounting Pronouncements
New Accounting Pronouncements (Details)
New Accounting Pronouncements (Policies)
Revenue
Revenue (Tables)
Revenue - Air Traffic Liability - Loyalty Program Rollforward (Details)
Revenue - Air Traffic Liability Breakout (Details)
Revenue - Air Traffic Liability Rollforward (Details)
Revenue - Narrative (Details)
Revenue - Passenger Revenue Breakout (Details)
Supplemental Financial Information
Supplemental Financial Information (Tables)
Supplemental Financial Information - Accounts And Other Receivables (Details)
Supplemental Financial Information - Accounts Payable (Details)
Supplemental Financial Information - Accrued Liabilities (Details)
Supplemental Financial Information - Other Assets (Details)
Supplemental Financial Information - Other Non-Current Liabilities (Details)
Worldwide Pandemic
Worldwide Pandemic (Tables)
Worldwide Pandemic - Narrative (Details)
Worldwide Pandemic - Payroll Support Program (Details)
Ticker: LUV
CIK: 92380
Form Type: 10-Q Quarterly Report
Accession Number: 0000092380-22-000020
Submitted to the SEC: Mon May 02 2022 3:21:26 PM EST
Accepted by the SEC: Mon May 02 2022
Period: Thursday, March 31, 2022
Industry: Air Transportation Scheduled

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