Southwest Airlines Newsroom http://swamedia.com en-US no-reply@swamedia.com Copyright 2024 40 Tue, 19 Mar 2024 09:54:23 +0000 Fri, 15 Mar 2024 20:30:00 +0000 /releases/southwest-airlines-announces-new-chief-information-security-officer http://swamedia.com/releases/southwest-airlines-announces-new-chief-information-security-officer?lang=en-US Southwest Airlines Announces New Chief Information Security Officer <p><strong>DALLAS</strong> &ndash; <a href="http://www.southwest.com/?src=PRPRPRNLeadershipAnncmnt240315" target="_blank"><strong>Southwest Airlines Co.</strong></a> (NYSE: LUV) announced today that <a href="https://swamedia.com/carrie-mills">Carrie Mills</a> has beean promoted from Vice President Technology, Cybersecurity to Vice President &amp; Chief Information Security Officer (CISO) effective March 16. As Vice President &amp; CISO, Mills will be responsible for all aspects of cybersecurity across Southwest Airlines&reg; facilities, airports, and aircraft, comprising security engineering, security operations, incident response, threat intelligence, risk and compliance, and vulnerability management.</p> <p>In 2017, Mills joined Southwest&reg; as the Senior Manager Cybersecurity Threat Intelligence and Response. Mills earned a Bachelor of Business Administration in management information systems from the University of Oklahoma, is a Certified Information Systems Security Professional (CISSP), and has a long-standing passion for cybersecurity. Carrie's domain expertise and Leadership talents have been invaluable in evolving Southwest's cybersecurity capabilities.</p> <p>With Mills's shift in responsibility, <a href="https://swamedia.com/jim-dayton">Jim Dayton's</a> role has changed from Vice President &amp; CISO Technology to Vice President Technology&mdash;Platforms &amp; Architecture. In this role, Dayton will be responsible for building modern foundational data, developing technology platforms, and overseeing the technical design of Southwest's systems to continue bolster the resiliency, security, and effectiveness of Southwest's technology solutions.</p> <p>"Both Carrie and Jim are excellent Leaders within our Technology Department, and the evolution of their functions is essential as we continue the ongoing work of modernization," said Southwest Airlines Senior Vice President and Chief Information Officer <a href="https://swamedia.com/pages/lauren-woods">Lauren Woods</a>. "As an airline, we always put Safety first, and our Technology Team guides this commitment through reliable, secure, and effective solutions."</p> <p><strong>ABOUT SOUTHWEST AIRLINES CO.</strong><br /> <a href="http://www.southwest.com/?src=PRPRPRNLeadershipAnncmnt240315" target="_blank"><strong>Southwest Airlines Co.</strong></a>&nbsp;operates one of the world's most admired and awarded airlines, offering its one-of-a-kind value and Hospitality at 121 airports across 11 countries. Southwest took flight in 1971 to democratize the sky through friendly, reliable, and low-cost air travel and now carries more air travelers flying nonstop within the United States than any other airline<em>1</em>. Based in Dallas and famous for an Employee-first corporate Culture, Southwest maintains an unprecedented record of no involuntary furloughs or layoffs in its history. By empowering its nearly 75,000<em>2 </em>People to deliver unparalleled Hospitality, the maverick airline cherishes a passionate loyalty among more than 137 million Customers carried in 2023. That formula for success brought industry-leading prosperity and 47 consecutive years<em>3</em>&nbsp;of profitability for Southwest Shareholders (NYSE: LUV). Southwest leverages a unique legacy and mission to serve communities around the world including harnessing the power of its People and Purpose to put communities at the Heart of its success. Learn more by visiting&nbsp;<a href="https://www.southwest.com/citizenship/" target="_blank"><strong>Southwest.com/citizenship</strong></a>. As the airline with Heart, Southwest has set a goal to work toward achieving net zero carbon emissions by 2050. Southwest has also set near-term targets and a three-pillar strategy to achieve its environmental goals. Learn more by visiting&nbsp;<a href="https://www.southwest.com/citizenship/planet/" target="_blank"><strong>Southwest.com/planet</strong></a>.&nbsp;</p> <ol> <li><em>Based on U.S. Dept. of Transportation quarterly Airline Origin &amp; Destination Survey since Q1 2021</em>&nbsp;</li> <li><em>Fulltime-equivalent active Employees</em>&nbsp;</li> <li><em>1973-2019 annual profitability</em>&nbsp;</li> </ol> <p><strong>Media Contacts:</strong> &nbsp;<br /> Visit the Southwest Newsroom at <a href="http://www.swamedia.com/?src=PRPRPRNTRANAD10815" target="_blank">swamedia.com</a> for multimedia assets and other Company news. </p> <p>Media Relations Team: 214-792-4847, option 1&nbsp;&nbsp;</p> <p align="center"># # #  </p> Mon, 11 Mar 2024 09:45:00 +0000 /releases/southwest-airlines-to-present-at-the-jp-morgan-industrials-conference http://swamedia.com/releases/southwest-airlines-to-present-at-the-jp-morgan-industrials-conference?lang=en-US Southwest Airlines to Present at the J.P. Morgan Industrials Conference <p><span style="text-decoration: underline;"><a href="https://c212.net/c/link/?t=0&amp;l=en&amp;o=4107116-2&amp;h=1204320696&amp;u=https%3A%2F%2Fwww.southwest.com%2F%3FSRC%3DIRPRWBCNTF240305&amp;a=Southwest+Airlines+Co." target="_blank" rel="nofollow">Southwest Airlines Co.</a></span>&nbsp;(NYSE: LUV) has been invited to speak at the J.P. Morgan Industrials Conference. J.P. Morgan will be webcasting the audio presentation live, and a link to the webcast will be made available via the Investor Relations homepage on the Southwest Airlines website.&nbsp;Details of the audio webcast are as follows:</p> <table class="table" border="1"> <tbody> <tr> <td class="prngen1" colspan="1" rowspan="1"> <p class="prnml4"><span class="prnews_span">Date:</span></p> </td> <td class="prngen1" colspan="1" rowspan="1"> <p class="prnml4"><span class="prnews_span">March 12, 2024</span></p> </td> </tr> <tr> <td class="prngen1" colspan="1" rowspan="1">&nbsp;</td> <td class="prngen1" colspan="1" rowspan="1">&nbsp;</td> </tr> <tr> <td class="prngen1" colspan="1" rowspan="1"> <p class="prnml4"><span class="prnews_span">Time:&nbsp;</span></p> </td> <td class="prngen1" colspan="1" rowspan="1"> <p class="prnml4"><span class="prnews_span">10:00am ET</span></p> </td> </tr> <tr> <td class="prngen1" colspan="1" rowspan="1">&nbsp;</td> <td class="prngen1" colspan="1" rowspan="1">&nbsp;</td> </tr> <tr> <td class="prngen1" colspan="1" rowspan="1"> <p class="prnml4"><span class="prnews_span">Speaker:&nbsp;</span></p> </td> <td class="prngen1" colspan="1" rowspan="1"> <p class="prnml4"><span class="prnews_span">Bob <span class="location">Jordan</span>, President and Chief Executive Officer</span></p> </td> </tr> <tr> <td class="prngen1" colspan="1" rowspan="1">&nbsp;</td> <td class="prngen1" colspan="1" rowspan="1">&nbsp;</td> </tr> <tr> <td class="prngen1" colspan="1" rowspan="1"> <p class="prnml4"><span class="prnews_span">Web Address:&nbsp;</span></p> </td> <td class="prngen1" colspan="1" rowspan="1"> <p class="prnml4"><span class="prnews_span"><span style="text-decoration: underline;"><a class="prnews_a" href="https://c212.net/c/link/?t=0&amp;l=en&amp;o=4107116-2&amp;h=4202577531&amp;u=https%3A%2F%2Fc212.net%2Fc%2Flink%2F%3Ft%3D0%26l%3Den%26o%3D3802973-1%26h%3D255622380%26u%3Dhttp%253A%252F%252Fwww.southwestairlinesinvestorrelations.com%252F%26a%3Dwww.southwestairlinesinvestorrelations.com&amp;a=www.southwestairlinesinvestorrelations.com" target="_blank" rel="nofollow">www.southwestairlinesinvestorrelations.com</a></span></span></p> </td> </tr> </tbody> </table> <p>To access the live audio webcast and subsequent replay, click on the link above, or go to&nbsp;<span style="text-decoration: underline;"><a href="https://c212.net/c/link/?t=0&amp;l=en&amp;o=4107116-2&amp;h=545494773&amp;u=https%3A%2F%2Fc212.net%2Fc%2Flink%2F%3Ft%3D0%26l%3Den%26o%3D3802973-1%26h%3D4031837140%26u%3Dhttps%253A%252F%252Fwww.southwest.com%252F%253FSRC%253DIRPRWBCNTF230314%26a%3Dwww.southwest.com&amp;a=www.southwest.com" target="_blank" rel="nofollow">www.southwest.com</a></span> and click on "Investor Relations" under the "About Southwest" menu at the bottom of the page. The audio webcast can be found under "News &amp; Events" in the drop down menu.</p> <p>SOURCE Southwest Airlines Co.</p> Wed, 06 Mar 2024 12:00:00 +0000 /releases/shane-smith-the-saints-perform-live-at-35-inflight-concert http://swamedia.com/releases/shane-smith-the-saints-perform-live-at-35-inflight-concert?lang=en-US Shane Smith & The Saints Perform Live at 35 Inflight Concert <p>In celebration of the release of "Norther" the first album from Shane Smith &amp; The Saints in five years, Southwest Airlines hosted the band for a surprise Live at 35&reg; inflight concert onboard a flight from Austin to Phoenix. Customers onboard the flight enjoyed the concert, many singing along and taking photos and videos on their phones.</p> <p>"These planes and Southwest Airlines have literally been a home away from home with us on tour," said Shane. "This is really cool to get to be able to perform Live at 35."</p> <p>Live at 35 is a unique Southwest program that brings musicians to perform live onboard flights. Since its launch in 2011, Live at 35 has included nearly 100 inflight performances while at 35,000 feet. Southwest has shown our Legendary Hospitality to our Customers and the many artists that performed Live at 35 including Barenaked Ladies, Imagine Dragons, and now Shane Smith &amp; The Saints.</p> <p>Visit&nbsp;<a href="https://southwest.fm/live-at-35/" target="_blank">Southwest.fm</a>&nbsp;to watch Shane Smith &amp; The Saints as well as previous Live at 35 performances!</p> <p style="text-align: center;"># # #</p> Tue, 05 Mar 2024 10:45:00 +0000 /releases/southwest-airlines-to-present-at-the-jp-morgan-industrials-conference http://swamedia.com/releases/southwest-airlines-to-present-at-the-jp-morgan-industrials-conference?lang=en-US Southwest Airlines to Present at the J.P. Morgan Industrials Conference <p><a href="https://www.southwest.com" target="_blank" rel="nofollow">Southwest Airlines Co.</a>&nbsp;(NYSE: LUV) has been invited to speak at the J.P. Morgan Industrials Conference. J.P. Morgan will be webcasting the audio presentation live, and a link to the webcast will be made available via the Investor Relations homepage on the Southwest Airlines website.&nbsp;Details of the audio webcast are as follows:</p> <div> <table class="table" style="max-width: 600px;" border="1"> <tbody> <tr> <td style="width: 100px;"> <p>Date:</p> </td> <td> <p>March 12, 2024</p> </td> </tr> <tr> <td> <p>Time:&nbsp;</p> </td> <td> <p>10:00am ET</p> </td> </tr> <tr> <td> <p>Speaker:&nbsp;</p> </td> <td> <p>Bob Jordan, President and Chief Executive Officer</p> </td> </tr> <tr> <td> <p>Web Address:&nbsp;</p> </td> <td> <p><a class="prnews_a" href="https://www.southwestairlinesinvestorrelations.com" target="_blank" rel="nofollow">www.southwestairlinesinvestorrelations.com</a></p> </td> </tr> </tbody> </table> </div> <p>To access the live audio webcast and subsequent replay, click on the link above, or go to&nbsp;<a href="https://www.southwest.com" target="_blank" rel="nofollow">www.southwest.com</a> and click on "Investor Relations" under the "About Southwest" menu at the bottom of the page. The audio webcast can be found under "News &amp; Events" in the drop down menu.</p> <p>SOURCE Southwest Airlines Co.</p> Wed, 28 Feb 2024 15:15:00 +0000 /releases/southwest-airlines-launches-renewable-ventures-subsidiary-to-advance-sustainable-aviation-fuel-and-announces-investment-in-lanzajet http://swamedia.com/releases/southwest-airlines-launches-renewable-ventures-subsidiary-to-advance-sustainable-aviation-fuel-and-announces-investment-in-lanzajet?lang=en-US Southwest Airlines Launches Renewable Ventures Subsidiary to Advance Sustainable Aviation Fuel And Announces Investment In LanzaJet <p><strong>DALLAS</strong>&nbsp;&ndash;&nbsp;<a href="http://www.southwest.com/?src=PRPRPRNSARVLJInve240228" target="_blank"><strong>Southwest Airlines Co.</strong></a> (NYSE: LUV) today announces the launch of Southwest Airlines Renewable Ventures (SARV), a wholly-owned subsidiary of Southwest Airlines&reg; dedicated to creating more opportunities for Southwest to obtain scalable <a href="https://www.southwest.com/citizenship/planet/sustainable-aviation-fuels/" target="_blank">sustainable aviation fuel</a> (SAF), a critical component in the success of the carrier's goal to replace 10% of its total jet fuel consumption with SAF by 2030. The carrier also announces a $30 million investment in LanzaJet, Inc., a SAF technology provider and producer with a patented ethanol-to-SAF technology and the world's first ethanol-to-SAF commercial plant, as part of the SARV investment portfolio.</p> <p>"Our launch of SARV and our investment in LanzaJet demonstrate that we are not sitting on the sidelines. Rather, we're in the game by taking proactive, disciplined steps toward securing affordable SAF for Southwest, as we continue to march toward our goal of net zero by 2050," said <a href="https://swamedia.com/pages/bob-jordan">Bob Jordan</a>, President &amp; CEO of Southwest Airlines. "We look forward to working with companies and organizations developing important technology, like LanzaJet, which could help us meet our SAF goals."</p> <p>Southwest will continue to work with SAF producers to enter into SAF offtake agreements, while SARV will focus on managing Southwest's SAF-related investments, including the carrier's previously announced equity investment in SAFFiRE Renewables (SAFFiRE). SAFFiRE has been working with the U.S. Department of Energy's National Renewable Energy Laboratory (NREL) and has a license agreement and certain exclusivity rights to this technology for the production of cellulosic ethanol. This technology is an important component in converting corn stover, a widely available agricultural residue feedstock in the U.S., to cellulosic ethanol that can then be converted to SAF using LanzaJet's technology.</p> <p>Additionally, as part of its agreement with Southwest, LanzaJet intends to build an ethanol-to-SAF facility to produce SAF primarily for Southwest. The planned facility includes capabilities to convert SAFFiRE's cellulosic ethanol into SAF, which can produce greater quantities of SAF from SAFFiRE ethanol over time.</p> <p>"SARV's goal is to help scale SAF through strategic investments, better positioning Southwest to have access to high quality, affordable SAF in accordance with the robust standards of Southwest's SAF policy," said Tom Nealon, President of SARV and CEO of SAFFiRE. "Through SARV's investment in LanzaJet, we're also entering the next phase in the commercialization of SAFFiRE technology, which is designed to support the production of cellulosic ethanol that can be converted to SAF."</p> <p>"LanzaJet's ethanol-to-SAF technology represents the next generation of sustainable aviation fuel and will transform global aviation's ability to meet its 2050 net zero targets. We're proud to be working with Southwest Airlines to build out this industry as well as working with SAFFiRE Renewables to use ethanol made right here in the U.S.," said Jimmy Samartzis, CEO of LanzaJet. "Southwest's equity investment in LanzaJet will help us continue to grow and scale to meet the demands of the aviation industry, while unlocking the significant potential of the U.S. biofuels industry to benefit local communities and support the agriculture industry."</p> <p>Securing additional SAF is a key pillar of Southwest's <a href="https://www.southwest.com/citizenship/planet/" target="_blank">Nonstop to Net Zero plan</a>, which outlines the carrier's approach toward sustainability through the strategic pillars of carbon, circularity<sup>1</sup>, and collaboration to achieve a goal of net zero carbon emissions by 2050.</p> <p>For more on the carrier's environmental sustainability plan, visit <a href="https://www.southwest.com/citizenship/planet/" target="_blank"><strong>southwest.com/planet</strong></a>.</p> <ol style="font-size: x-small;"> <li>Circularity at Southwest means working toward reducing waste through maximizing the value of resources by keeping products and materials in circulation as long as possible. This can be through reusing, recycling, and considering what happens to a product at the end of its lifecycle from the time that sourcing begins.</li> </ol> <p><strong>CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS</strong></p> <p>This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Specific forward-looking statements include, without limitation, statements related to (i) the goals and focus areas of Southwest Airlines Renewable Ventures; (ii) the Company's goals with respect to SAF usage; (iii) the Company's expectations regarding the pricing and affordability of SAF; (iv) the Company's environmental sustainability plans, expectations, goals, and projections; (v) the Company's expectations regarding working with companies and organizations to develop technology; (vi) the Company's expectations with respect to SAF offtake agreements; (vii) the Company's expectations regarding SAFFiRE technology; (viii) the Company's expectations with respect to LanzaJet and Lanzajet technology; and (ix) the Company's expectations regarding access to SAF. Forward-looking statements involve risks, uncertainties, assumptions, and other factors that are difficult to predict and that could cause actual results to vary materially from those expressed in or indicated by them. Factors include, among others, (i) any negative developments in any phase of SAFFiRE's business development from current concept to commercialization, including limitations on the availability of feedstock, transportation, and refinery availability; (ii) any negative developments in any phase of LanzaJet's business development; (iii) the continuation of government support for SAFFiRE's and LanzaJet's objectives and renewable fuels generally, including SAF; (iv) the Company's dependence on third parties, in particular with respect to fuel supply, environmental sustainability, and the production, transport, storage, blending, and distribution of SAF, and the impact on the Company's goals and plans of any third party delays or non-performance; (v) the Company's ability to timely and effectively prioritize its initiatives and related expenditures, including its ability to implement and maintain the necessary processes to support the utilization of sustainable aviation fuel; (vi) the consequences of competition with other existing and new sources of aviation fuel, whether or not sustainable; (vii) the ability to obtain and protect intellectual property rights relating to the development and commercialization of technology, including with respect to converting corn stover to renewable ethanol and converting ethanol to SAF; (viii) the impact of governmental regulations and other governmental actions on the Company's business plans and operations, including with respect to carbon emissions, SAF, SAF tax credits, environmental compliance requirements, and other sustainability matters; (ix) the impact of fears or actual outbreaks of diseases, extreme or severe weather and natural disasters, actions of competitors, consumer perception, economic conditions, fuel prices, socio-demographic trends, and other factors beyond the Company's control, on the Company's business plans, expectations, and goals; and (x) other factors, as described in the Company's filings with the Securities and Exchange Commission, including the detailed factors discussed under the heading "Risk Factors" in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2023. Caution should be taken not to place undue reliance on the Company's forward-looking statements, which represent the Company's views only as of the date this release. The Company undertakes no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.</p> <p><strong>ABOUT SOUTHWEST AIRLINES CO.</strong><br /> <a href="http://www.southwest.com/" target="_blank"><strong>Southwest Airlines Co.</strong></a>operates one of the world's most admired and awarded airlines, offering its one-of-a-kind value and Hospitality at 121 airports across 11 countries. Southwest took flight in 1971 to democratize the sky through friendly, reliable, and low-cost air travel and now carries more air travelers flying nonstop within the United States than any other airline<sup>2</sup>. Based in Dallas and famous for an Employee-first corporate Culture, Southwest maintains an unprecedented record of no involuntary furloughs or layoffs in its history. By empowering its nearly 75,000<sup>3</sup> People to deliver unparalleled Hospitality, the maverick airline cherishes a passionate loyalty among more than 137 million Customers carried in 2023. That formula for success brought industry-leading prosperity and 47 consecutive years<sup>4</sup> of profitability for Southwest Shareholders (NYSE: LUV). Southwest leverages a unique legacy and mission to serve communities around the world including harnessing the power of its People and Purpose to put communities at the Heart of its success. Learn more by visiting <a href="https://www.southwest.com/citizenship/" target="_blank"><strong>Southwest.com/citizenship</strong></a>. As the airline with Heart, Southwest has set a goal to work toward achieving net zero carbon emissions by 2050. Southwest has also set near-term targets and a three-pillar strategy to achieve its environmental goals. Learn more by visiting <a href="https://www.southwest.com/citizenship/planet/" target="_blank"><strong>Southwest.com/planet</strong></a>.&nbsp;&nbsp;</p> <ol style="font-size: x-small;" start="2"> <li><em>Based on U.S. Dept. of Transportation quarterly Airline Origin &amp; Destination Survey since Q1 2021</em>&nbsp;&nbsp;</li> <li><em>Fulltime-equivalent active Employees    &nbsp;</em>&nbsp;&nbsp;</li> <li><em>1973-2019 annual profitability   </em>&nbsp;&nbsp;</li> </ol> <p><strong>Media Contacts:</strong> &nbsp;<br /> Visit the Southwest Newsroom at&nbsp;<a href="http://www.swamedia.com/?src=PRPRPRNTRANAD10815" target="_blank">swamedia.com</a> for multimedia assets and other Company news.     &nbsp;<br />     &nbsp;<br /> Media Relations Team: 214-792-4847, option 1&nbsp;&nbsp;</p> <p style="text-align: center;"># # # </p> Mon, 26 Feb 2024 15:30:00 +0000 /releases/southwest-airlines-and-omni-hotels-partner-for-a-solarbration-sweepstakes-to-commemorate-the-upcoming-total-solar-eclipse http://swamedia.com/releases/southwest-airlines-and-omni-hotels-partner-for-a-solarbration-sweepstakes-to-commemorate-the-upcoming-total-solar-eclipse?lang=en-US Southwest Airlines and Omni Hotels Partner for a ‘Solarbration’ Sweepstakes to Commemorate the Upcoming Total Solar Eclipse <p><strong>DALLAS</strong> &mdash; <a href="http://www.southwest.com/?src=PRPRPRNomnisweeps240226" target="_blank"><strong>Southwest Airlines Co.</strong></a> (NYSE: LUV), in partnership with <a href="https://www.omnihotels.com/" target="_blank">Omni Hotels</a> &amp; Resorts, announce a Solarbration sweepstakes with a chance for two lucky winners and their guest to receive a total eclipse experience*. Beginning today through March 11, 2024, enthusiasts can visit <a href="http://www.eclipsesweepstakes.com" target="_blank">www.eclipsesweepstakes.com</a> and enter for a chance to win a prize package that includes air travel on a flight predicted to be in the direct path of the April 8, 2024, total solar eclipse.</p> <p>To complete the Solarbration experience, winners will also stay in custom-designed guest rooms by Omni's in-house interior design team. These rooms, inspired by this year's most significant celestial event, are located at Omni Hotels in the departure cities of Dallas and Austin and the arrival cities of Pittsburgh and Indianapolis. <br /> <br /> "The whole world will be looking up on April 8, and we're over the moon to leverage our place in the sky by extending an opportunity to observe this phenomenon on several Southwest flights in the path of the eclipse," said Julia Melle, Director of Brand and Content for Southwest Airlines. "Connecting People to places and experiences is what we do best and rounding out this once-in-a-lifetime flight opportunity with a celestial stay at Omni Hotels aligns the stars for two lucky winners."<br /> <br /> "At Omni, we believe experiences matter, whether at one of our 50 destinations or at 35,000 feet on a Southwest plane," said Colleen Buckley, Director of Brand Management and Marketing at Omni Hotels and Resorts. "Our partnership with Southwest Airlines allows us to share Omni's genuine hospitality and connect with their customers through the Solarbration sweepstakes. We're excited to offer the sweepstakes winners a unique and one-of-a-kind experience in our eclipse-themed Omni guest rooms. To commemorate this historic occasion, we'll present Customers on select Southwest flights with co-branded eclipse-themed amenities and gift them top-tier in Omni's new Select Guest Loyalty Program for 2024," adds Buckley. <br /> <br /> The following flights, included as sweepstakes prize options, have been identified as having the greatest likelihood of offering Customers onboard the best view** of the eclipse:</p> <ul type="disc"> <li><strong>Southwest Flight #1252: departs Dallas (Love Field) at 12:40 p.m. CDT for Pittsburgh&nbsp;</strong>&nbsp;</li> <li><strong>Southwest Flight #1721: departs Austin at 12:55 p.m. CDT for Indianapolis&nbsp;</strong>&nbsp;</li> </ul> <p>To enter for a chance to win a seat on one of these Southwest&reg; flights and a two-night stay at Omni Hotels, visit <a href="http://www.eclipsesweepstakes.com" target="_blank">www.eclipsesweepstakes.com</a>.</p> <p>*<strong>&nbsp;NO PURCHASE NECESSARY TO ENTER OR WIN.&nbsp; A PURCHASE WILL NOT INCREASE YOUR CHANCES OF WINNING.</strong>&nbsp; Open to legal residents of 50 United States and the&nbsp;District of Columbia&nbsp;(excluding&nbsp;Alaska&nbsp;and&nbsp;Rhode Island) age 21 or older at the time of entry. Void where prohibited. Limit one entry per person. All fields must be completed. Approximate retail value of each prize:&nbsp;$2,200. For complete details and Official Rules, visit&nbsp;<a href="http://www.eclipsesweepstakes.com" target="_blank">www.eclipsesweepstakes.com</a>. By submitting this entry, you agree to the Official Rules. By entering, information collected will be used in accordance with Sponsor's Privacy Policy at&nbsp;<a href="https://c212.net/c/link/?t=0&amp;l=en&amp;o=3989451-1&amp;h=3209893679&amp;u=https%3A%2F%2Fwww.southwest.com%2Fprivacy&amp;a=Southwest.com%2Fprivacy" target="_blank"><strong>Southwest.com/privacy</strong></a>. Sponsor: Southwest Airlines Co., 2702 Love Field Drive,&nbsp;Dallas, TX&nbsp;75235. Enter by&nbsp;March 11, 2024, at&nbsp;8:00 a.m. CT.</p> <p>To download high-resolution images and broadcast-quality b-roll for the eclipse sweepstakes from Southwest Airlines and Omni Hotels, click <a href="https://www.eclipsesweepstakes.com/direct/southwest-airlines-omni-eclipse-sweepstakes-splash" target="_blank">here</a>.</p> <p><sup>**<em>Looking directly at the sun is never recommended, but one can safely observe an eclipse with specialty-rated solar filters provided inflight.</em></sup></p> <p><strong>ABOUT SOUTHWEST AIRLINES CO.</strong><strong>   </strong>&nbsp;<br /> <a href="http://www.southwest.com/?src=PRPRPRNomnisweeps240226" target="_blank"><strong>Southwest Airlines Co.</strong></a> operates one of the world's most admired and awarded airlines, offering its one-of-a-kind value and Hospitality at 121 airports across 11 countries. Southwest took flight in 1971 to democratize the sky through friendly, reliable, and low-cost air travel and now carries more air travelers flying nonstop within the United States than any other airline<sup><em>1</em></sup>. Based in Dallas and famous for an Employee-first corporate Culture, Southwest maintains an unprecedented record of no involuntary furloughs or layoffs in its history. By empowering its nearly 75,000<sup><em>2</em></sup>People to deliver unparalleled Hospitality, the maverick airline cherishes a passionate loyalty among more than 137 million Customers carried in 2023. That formula for success brought industry-leading prosperity and 47 consecutive years<sup><em>3</em></sup> of profitability for Southwest Shareholders (NYSE: LUV). Southwest leverages a unique legacy and mission to serve communities around the world including harnessing the power of its People and Purpose to put communities at the Heart of its success. Learn more by visiting <a href="https://www.southwest.com/citizenship/" target="_blank"><strong>Southwest.com/citizenship</strong></a>. As the airline with Heart, Southwest has set a goal to work toward achieving net zero carbon emissions by 2050. Southwest has also set near-term targets and a three-pillar strategy to achieve its environmental goals. Learn more by visiting <a href="https://www.southwest.com/citizenship/planet/" target="_blank"><strong>Southwest.com/planet</strong></a>.&nbsp;</p> <ol style="font-size: x-small;"> <li><em>Based on U.S. Dept. of Transportation quarterly Airline Origin &amp; Destination Survey since Q1 2021</em>&nbsp;</li> <li><em>Fulltime-equivalent active Employees</em>&nbsp;</li> <li><em>1973-2019 annual profitability</em>&nbsp;</li> </ol> <p><strong>Media Contacts:&nbsp;</strong>&nbsp; <br /> Visit the Southwest Newsroom at <a href="https://swamedia.com/">swamedia.com</a> for multimedia assets and other Company news. Media Relations Team: 214-792-4847, option 1&nbsp;<br /> <br /> Omni Hotels &amp; Resorts:<br /> Magrino Public Relations<br /> <a href="mailto:OmniHotels@magrinopr.com" target="_blank">OmniHotels@magrinopr.com</a> <br /> 646-379-0645</p> <p><strong>About Omni Hotels &amp; Resorts:</strong><br /> Omni Hotels &amp; Resorts creates genuine, authentic guest experiences at over 50 distinct hotels and resorts in the most popular leisure and business destinations across the United States, as well as in Canada. With 28 iconic golf courses, including multiple short courses, 25 award-winning spas featured in dynamic locales nationwide, every Omni proudly opens its doors to share the true spirit of its destination. Reflected through local color, personalized service, unique wellness options, signature restaurants and creative culinary offerings, Omni leaves a lasting impression with every guest and a heightened level of recognition and rewards delivered through its Select Guest&reg; loyalty program. Omni is committed to reducing hunger and is on a mission through its Say Goodnight to Hunger initiative, to provide millions of meals each year for food banks to feed children, families, and seniors in communities in which it operates. Through its partnership with Shared Hope International, Omni is dedicated to the education and training of its associates to help combat human trafficking. Omni Hotels &amp; Resorts is the official hotel of the PGA TOUR&reg; and PGA of America. For information or to book accommodations, visit omnihotels.com or call 1-800-The-Omni.</p> <p align="center"><span style="text-align: center;"># # #</span></p> <div id="gtx-trans" style="position: absolute; left: 112px; top: 510.5px;">&nbsp;</div> Thu, 22 Feb 2024 19:00:00 +0000 /releases/southwest-airlines-earns-top-score-in-human-rights-campaign-foundations-2023-2024-corporate-equality-index-for-ninth-year http://swamedia.com/releases/southwest-airlines-earns-top-score-in-human-rights-campaign-foundations-2023-2024-corporate-equality-index-for-ninth-year?lang=en-US Southwest Airlines Earns Top Score In Human Rights Campaign Foundation’s 2023-2024 Corporate Equality Index for Ninth Year <p><strong>DALLAS</strong> &ndash; <a href="http://www.southwest.com/?src=PRPRPRNequahumanr240219" target="_blank"><strong>Southwest Airlines Co.</strong></a> is proud to announce its score of 100 on the Human Rights Campaign Foundation's 2023-2024 Corporate Equality Index (CEI), the nation's foremost benchmarking survey and report measuring corporate policies and practices related to LGBTQ+ workplace equality.&nbsp;&nbsp;</p> <p>It's the airline's ninth consecutive year to earn a top score on the CEI&mdash;underscoring the Company's dedication to LGBTQ+ equality. Southwest Airlines&reg; joins 545 major U.S. businesses that earned top marks this year.&nbsp;<br /> &nbsp;&nbsp;<br /> "Southwest has a long history of putting our People first, and this recognition highlights our continued commitment to creating an inclusive and equitable environment for our LGBTQ+ Employees," said <a href="https://swamedia.com/juan-suarez">Juan Suarez</a>, Vice President Diversity, Equity, &amp; Inclusion at Southwest Airlines.</p> <p>The 2023-2024 CEI results showcase how U.S.-based companies promote LGBTQ+-friendly workplace policies in the U.S. and abroad. In its first year, the CEI included 319 participants and the latest results included 1,384 participants, demonstrating the tremendous trajectory and increasing breadth of the CEI. A record-breaking 1,340 businesses have non-discrimination protections specific to gender identity, up from just 17 in 2002. These critical non-discrimination protections cover 21 million employees in the U.S. and around the globe.&nbsp;Southwest's efforts in satisfying all the CEI's criteria earned a score of 100 and the designation as recipient of the <em>Equality 100 Award: Leader in LGBTQ+ Workplace Inclusion</em>.&nbsp;</p> <p>"For over two decades, businesses have played an important role in furthering LGBTQ+ equality by centering employee needs and voices around workplace inclusion. While there's much more work to do, year-over-year growth in CEI participation is evidence of a business community recognizing the responsibility and value in upholding equity and inclusion," said RaShawn "Shawnie" Hawkins, Human Rights Campaign Sr Director of Workplace Equality. "Our goal at the Human Rights Campaign Foundation is to work in a spirit of partnership with companies, providing educational resources and leading benchmarking, and collaborating on ways for businesses to support the LGBTQ+ community at a time when we face unprecedented legislative attacks, heightened anti-LGBTQ+ rhetoric and physical violence. The CEI is an ever-evolving tool&mdash;a blueprint that companies can use to show up more effectively in supporting their LGBTQ+ employees and their families."&nbsp;&nbsp;&nbsp;</p> <p>The CEI rates employers providing these crucial protections to over 20 million U.S. workers. An additional 18 million employees at companies outside the U.S. rated in the CEI include Fortune magazine's 500 largest publicly traded businesses, American Lawyer magazine's top 200 revenue-grossing law firms (AmLaw 200), and hundreds of publicly and privately held mid- to large-sized businesses.&nbsp;<br /> &nbsp;&nbsp;<br /> Companies are rated on detailed criteria falling under four central pillars to achieve the CEI distinction:&nbsp;</p> <ul> <li>Non-discrimination policies across business entities;&nbsp;</li> <li>Equitable benefits for LGBTQ+ workers and their families;&nbsp;</li> <li>Supporting an inclusive culture; and&nbsp;</li> <li>Corporate social responsibility.&nbsp;</li> </ul> <p>The full report is available online at <a href="http://www.hrc.org/cei" target="_blank">www.hrc.org/cei</a>. <br /> <br /> <strong>ABOUT SOUTHWEST AIRLINES CO.</strong><strong>&nbsp;&nbsp;&nbsp;</strong><br /> <a href="http://www.southwest.com/?src=PRPRPRNequahumanr240219" target="_blank"><strong>Southwest Airlines Co.</strong></a> operates one of the world's most admired and awarded airlines, offering its one-of-a-kind value and Hospitality at 121 airports across 11 countries. Southwest took flight in 1971 to democratize the sky through friendly, reliable, and low-cost air travel and now carries more air travelers flying nonstop within the United States than any other airline<sup><em>1</em></sup>. Based in Dallas and famous for an Employee-first corporate Culture, Southwest maintains an unprecedented record of no involuntary furloughs or layoffs in its history. By empowering its nearly 75,000<sup><em>2</em></sup>People to deliver unparalleled Hospitality, the maverick airline cherishes a passionate loyalty among more than 137 million Customers carried in 2023. That formula for success brought industry-leading prosperity and 47 consecutive years<sup><em>3</em></sup> of profitability for Southwest Shareholders (NYSE: LUV). Southwest leverages a unique legacy and mission to serve communities around the world including harnessing the power of its People and Purpose to put communities at the Heart of its success. Learn more by visiting <a href="https://www.southwest.com/citizenship/" target="_blank"><strong>Southwest.com/citizenship</strong></a>. As the airline with Heart, Southwest has set a goal to work toward achieving net zero carbon emissions by 2050. Southwest has also set near-term targets and a three-pillar strategy to achieve its environmental goals. Learn more by visiting <a href="https://www.southwest.com/citizenship/planet/" target="_blank"><strong>Southwest.com/planet</strong></a>.</p> <ol style="font-size: x-small;"> <li><em> Based on U.S. Dept. of Transportation quarterly Airline Origin &amp; Destination Survey since Q1 2021</em></li> <li><em>Fulltime-equivalent active Employees</em></li> <li><em>1973-2019 annual profitability</em></li> </ol> <p><strong>Media Contacts: </strong> Visit the Southwest Newsroom at <a href="https://swamedia.com/">swamedia.com</a> for multimedia assets and other Company news. Media Relations Team: 214-792-4847, option 1</p> <p><strong>ABOUT THE HUMAN RIGHTS CAMPAIGN FOUNDATION&nbsp;</strong><br /> The Human Rights Campaign Foundation is the educational arm of the Human Rights Campaign (HRC), America's largest civil rights organization working to achieve equality for lesbian, gay, bisexual, transgender and queer (LGBTQ+) people. Through its programs, the HRC Foundation seeks to make transformational change in the everyday lives of LGBTQ+ people, shedding light on inequity and deepening the public's understanding of LGBTQ+ issues, with a clear focus on advancing transgender and racial justice. Its work has transformed the landscape for more than 15 million workers, 11 million students, 1 million clients in the adoption and foster care system and so much more. The HRC Foundation provides direct consultation and technical assistance to institutions and communities, driving the advancement of inclusive policies and practices; it builds the capacity of future leaders and allies through fellowship and training programs; and, with the firm belief that we are stronger working together, it forges partnerships with advocates in the U.S. and around the globe to increase our impact and shape the future of our work.&nbsp;</p> <p align="center"># # #</p> Thu, 22 Feb 2024 12:00:00 +0000 /releases/southwest-airlines-announces-tentative-agreement-with-twu-555 http://swamedia.com/releases/southwest-airlines-announces-tentative-agreement-with-twu-555?lang=en-US Southwest Airlines Announces Tentative Agreement With TWU 555 <p><strong>DALLAS</strong> &ndash; <a href="https://www.southwest.com/?src=PRPRPRNTWU555TA240221" target="_blank"><strong>Southwest Airlines Co.</strong></a> (NYSE: LUV) and the Transport Workers Union Local 555 (TWU 555) reached a Tentative Agreement for a new labor contract. TWU 555 represents nearly 18,000 Southwest Airlines&reg; Ramp, Operations, Provisioning, and Cargo Agents.</p> <p>"Our Ramp, Operations, Provisioning, and Cargo Agents help us deliver the Southwest experience to our Customers&mdash;from welcoming Customers as they board our planes, to handling all of the bags, to restocking aircraft galleys, to moving millions of pounds of cargo each year," said <a href="https://swamedia.com/pages/adam-carlisle">Adam Carlisle</a>, Vice President Labor Relations at Southwest Airlines. "This agreement rewards them for their hard work, and I'm grateful for the dedication shown by both negotiating committees as they worked to reach this agreement."</p> <p>TWU 555 will communicate details directly to its members about the agreement and the voting timeline. Since October 2022, nine Southwest&reg; workgroups have ratified new agreements, and the contract status for all workgroups is available on <a href="https://swamedia.com/pages/contracts" target="_blank">SWAMedia.com</a>.</p> <p><strong>ABOUT SOUTHWEST AIRLINES CO.</strong></p> <p><a href="https://www.southwest.com/?src=PRPRPRNTWU555TA240221" target="_blank"><strong>Southwest Airlines Co.</strong></a> operates one of the world's most admired and awarded airlines, offering its one-of-a-kind value and Hospitality at 121 airports across 11 countries. Southwest took flight in 1971 to democratize the sky through friendly, reliable, and low-cost air travel and now carries more air travelers flying nonstop within the United States than any other airline<sup>1</sup>. Based in Dallas and famous for an Employee-first corporate Culture, Southwest maintains an unprecedented record of no involuntary furloughs or layoffs in its history. By empowering its nearly 75,000<sup><em>2 </em></sup>People to deliver unparalleled Hospitality, the maverick airline cherishes a passionate loyalty among more than 137 million Customers carried in 2023. That formula for success brought industry-leading prosperity and 47 consecutive years<sup><em>3</em></sup> of profitability for Southwest Shareholders (NYSE: LUV). Southwest leverages a unique legacy and mission to serve communities around the world including harnessing the power of its People and Purpose to put communities at the Heart of its success. Learn more by visiting&nbsp;<a href="https://www.southwest.com/citizenship/" target="_blank"><strong>Southwest.com/citizenship</strong></a>. As the airline with Heart, Southwest has set a goal to work toward achieving net zero carbon emissions by 2050. Southwest has also set near-term targets and a three-pillar strategy to achieve its environmental goals. Learn more by visiting&nbsp;<a href="https://www.southwest.com/citizenship/planet/" target="_blank"><strong>Southwest.com/planet</strong></a>.</p> <p><sup><em>1</em></sup><em>Based on U.S. Dept. of Transportation quarterly Airline Origin &amp; Destination Survey since Q1 2021</em>&nbsp; <br /> <sup><em>2</em></sup><em>Fulltime-equivalent active Employees     </em> &nbsp; <br /> <sup><em>3</em></sup><em>1973-2019 annual profitability   </em> &nbsp;</p> <p><strong>Media Contacts:</strong> &nbsp;<br /> Visit the Southwest Newsroom at <a href="http://www.swamedia.com/?src=PRPRPRNTWU555TA240221"><strong>swamedia.com</strong></a> for multimedia assets and other Company news.     &nbsp; <br /> Media Relations Team: 214-792-4847, option 1</p> <p align="center"># # # </p> Mon, 19 Feb 2024 17:00:00 +0000 /releases/southwest-airlines-returns-as-official-airline-of-luck-reunion-and-announces-artist-on-the-rise-finalists http://swamedia.com/releases/southwest-airlines-returns-as-official-airline-of-luck-reunion-and-announces-artist-on-the-rise-finalists?lang=en-US Southwest Airlines Returns As Official Airline Of Luck Reunion And Announces Artist On The Rise Finalists <p><strong><a href="https://c212.net/c/link/?t=0&amp;l=en&amp;o=4094896-1&amp;h=698299177&amp;u=http%3A%2F%2Fwww.southwest.com%2F%3Fsrc%3DPRPRPRNLUCK02192024&amp;a=Southwest+Airlines+Co." target="_blank" rel="nofollow">Southwest Airlines Co.</a></strong>&nbsp;(NYSE: LUV) returns as the Official Airline of Luck Reunion, an exclusive music festival held at Willie Nelson's "Luck, TX," ranch outside <span class="location">Austin, Texas</span>. Through this partnership, Southwest<sup>&reg;</sup>&nbsp;is hosting the fifth installment of the signature On The Rise to Luck program, dedicated to supporting up-and-coming artists; offering music fans the opportunity to attend the unique event through a sweepstakes; and engaging with festival attendees by offering surprises and giveaways.&nbsp;&nbsp;</p> <p>&nbsp;Luck Reunion is a one-day music festival for creating and celebrating the evolution of American and roots music. This year's event takes place on March 14. The continued Southwest Airlines<sup>&reg;</sup> and Luck partnership marks both brands' commitment to the music community and elevating Artists On The Rise.&nbsp;</p> <p>"We build connections with our Customers through their passions&mdash;like music&mdash;and our Luck Reunion partnership provides the perfect opportunity to offer a unique experience they're sure to remember," said Brandy King, Managing Director Communications at Southwest Airlines. "As we introduce Customers to these talented emerging artists, we're providing up-and-coming creatives a lift through our Artist On The Rise program."    &nbsp;</p> <p>"Our partnership with Southwest Airlines allows us to tap into our shared passion for highlighting emerging talent," said Luck Reunion organizers. "We are especially excited to continue the Southwest: On The Rise to Luck program."&nbsp;</p> <p><strong>Supporting Artists through Southwest: On The Rise to Luck Reunion</strong><br />Southwest's On The Rise program supports developing artists' careers, including the Luck artist community. More than 80 music acts submitted to participate in the program, with Victoria Bigelow, Lou Hazel, and Jobi Riccio selected as Artist On The Rise finalists. Through Southwest: On The Rise to Luck, music fans are encouraged to visit Southwest's music platform, <strong><a href="https://c212.net/c/link/?t=0&amp;l=en&amp;o=4094896-1&amp;h=3508099739&amp;u=https%3A%2F%2Fsouthwest.fm%2F&amp;a=Southwest.fm" target="_blank" rel="nofollow">Southwest.fm</a></strong>, between Feb. 19 and March 1 to learn about these talented musicians through video content and cast their vote, giving one rising artist the chance to perform an opening set on the World Headquarters Stage at Luck Reunion. Southwest will announce the winner of the On The Rise to Luck contest on March 6. This program features emerging talent, including past participants Arcy Drive, Ida Mae, Katie Pruitt, and Thomas Csorba.&nbsp;</p> <p><strong>Luck Reunion Sweepstakes</strong><br />For fans looking to attend the highly anticipated music festival, Southwest is hosting a sweepstakes* to award a winner a VIP package that includes round trip air travel, tickets to Potluck and Luck Reunion, hotel accommodations, and a $250 Visa<sup>&reg;</sup>&nbsp;gift card for ground transportation. Between Feb. 19 and March 1, fans can visit <strong><a href="https://c212.net/c/link/?t=0&amp;l=en&amp;o=4094896-1&amp;h=659505619&amp;u=https%3A%2F%2Fsouthwest.fm%2Fluckreunion%2F&amp;a=Southwest.fm%2Fluckreunion" target="_blank" rel="nofollow">Southwest.fm/luckreunion</a></strong> to learn more and enter for a chance to win.&nbsp;&nbsp;</p> <p><strong>Southwest Airlines at Luck Reunion</strong><br />Southwest joined Luck Reunion as an official partner in 2017, and each year, the carrier creates an experience to engage festival attendees and artists. This year, Southwest welcomes its <strong><a href="https://c212.net/c/link/?t=0&amp;l=en&amp;o=4094896-1&amp;h=1865481991&amp;u=https%3A%2F%2Fwww.southwest.com%2Fcitizenship%2Fpeople%2Fcommunity-outreach%2Frepurpose-with-purpose%2F&amp;a=Repurpose+with+Purpose" target="_blank" rel="nofollow">Repurpose with Purpose</a> community</strong> partner, Wearsos, to Luck Reunion to provide giveaways made of Southwest's upcycled leather seat coverings. Attendees may also purchase additional Wearsos items.&nbsp;</p> <p>For more information about Luck Reunion, visit <strong><a href="https://c212.net/c/link/?t=0&amp;l=en&amp;o=4094896-1&amp;h=145697503&amp;u=https%3A%2F%2Fluckpresents.com%2Fluck-tx-events&amp;a=luckpresents.com" target="_blank" rel="nofollow">luckpresents.com</a></strong>.&nbsp;&nbsp;</p> <p>*&nbsp;<strong>NO PURCHASE NECESSARY TO ENTER OR WIN. A PURCHASE WILL NOT INCREASE YOUR CHANCES OF WINNING</strong>. Open to legal residents of 50 United States and the <span class="location">District of Columbia</span> (excluding <span class="location">Alaska</span> and <span class="location">Rhode Island</span>) age 21 or older at time of entry. Void where prohibited. All fields must be completed. Approximate retail value of all prizes: $3,800. For complete details and how to enter, see <strong><a href="https://c212.net/c/link/?t=0&amp;l=en&amp;o=4094896-1&amp;h=3436162091&amp;u=https%3A%2F%2Fsouthwest.fm%2Fwp-content%2Fuploads%2F2024%2F02%2FSweepstakes-LuckReunion2024-FINAL021624.pdf&amp;a=Official+Rules" target="_blank" rel="nofollow">Official Rules</a></strong>. By submitting this entry, you agree to the <strong><a href="https://c212.net/c/link/?t=0&amp;l=en&amp;o=4094896-1&amp;h=2905875709&amp;u=https%3A%2F%2Fsouthwest.fm%2Fwp-content%2Fuploads%2F2024%2F02%2FSweepstakes-LuckReunion2024-FINAL021624.pdf&amp;a=Official+Rules." target="_blank" rel="nofollow">Official Rules.</a></strong> By entering, information collected will be used in accordance with Sponsor's <strong><a href="https://c212.net/c/link/?t=0&amp;l=en&amp;o=4094896-1&amp;h=1063670958&amp;u=https%3A%2F%2Fwww.southwest.com%2Fhtml%2Fabout-southwest%2Fterms-and-conditions%2Fprivacy-policy-pol.html&amp;a=Privacy+Policy" target="_blank" rel="nofollow">Privacy Policy</a></strong>. Sponsor: Southwest Airlines Co., 2702 Love Field Drive, <span class="location">Dallas, TX</span> 75235. Enter by March 1, 2024, at 11:59 p.m. CT.&nbsp;</p> <p><strong>ABOUT SOUTHWEST AIRLINES CO. <br /></strong><strong><a href="https://c212.net/c/link/?t=0&amp;l=en&amp;o=4094896-1&amp;h=698299177&amp;u=http%3A%2F%2Fwww.southwest.com%2F%3Fsrc%3DPRPRPRNLUCK02192024&amp;a=Southwest+Airlines+Co." target="_blank" rel="nofollow">Southwest Airlines Co.</a></strong>&nbsp;operates one of the world's most admired and awarded airlines, offering its one-of-a-kind value and Hospitality at 121 airports across 11 countries. Southwest took flight in 1971 to democratize the sky through friendly, reliable, and low-cost air travel and now carries more air travelers flying nonstop within <span class="location">the United States</span> than any other airline<sup>1</sup>. Based in <span class="location">Dallas</span> and famous for an Employee-first corporate Culture, Southwest maintains an unprecedented record of no involuntary furloughs or layoffs in its history. By empowering its nearly 75,000<sup>2</sup>&nbsp;People to deliver unparalleled Hospitality, the maverick airline cherishes a passionate loyalty among more than 137 million Customers carried in 2023. That formula for success brought industry-leading prosperity and 47 consecutive years<sup>3</sup>&nbsp;of profitability for Southwest Shareholders (NYSE: LUV). Southwest leverages a unique legacy and mission to serve communities around the world including harnessing the power of its People and Purpose to put communities at the Heart of its success. Learn more by visiting Southwest.com/citizenship. As the airline with Heart, Southwest has set a goal to work toward&nbsp;achieving net zero carbon emissions by 2050. Southwest has also set near-term targets and a three-pillar strategy to achieve its environmental goals. Learn more by visiting Southwest.com/planet.&nbsp;</p> <p><sup>1. Based on <span class="location">U.S.</span> Dept. of Transportation quarterly Airline Origin &amp; Destination Survey since Q1 2021&nbsp; </sup><br /><sup>2. Fulltime-equivalent active Employees</sup><br /><sup>3. 1973-2019 annual profitability</sup></p> <p>SOURCE Southwest Airlines Co.</p> Fri, 16 Feb 2024 19:49:00 +0000 /releases/phoenix-hangar http://swamedia.com/releases/phoenix-hangar?lang=en-US Southwest Airlines Celebrates Expanded Technical Operations Facility In Phoenix <p><img class="img-responsive img-fluid center-block d-block mx-auto" src="https://swamedia.com/releases/release-0c3622ff1964cc8c017467eee0f9d200/images/18c9b154ee5835d126535c6b9659a9859e57ad12" alt="phoenix hangar opening" /></p> <p style="font-size: small;" align="center">Southwest Airlines Celebrates Opening of Expanded Maintenance Hangar in Phoenix<br /> <em>(L-R: Landon Nitschke, SVP of Technical Operations; Andrew Watterson, COO; Mayor Kate Gallego, Phoenix; Kiani Mann, PHX-based Tech Ops Employee; Phoenix Councilmember Kesha Hodge Washington; &nbsp;Chad Makosvky, Director of Aviation, City of Phoenix; Dennis Epstein, PHX-based Tech Ops Employee; Josh Smith, Sr. Manager of Maintenance- PHX; Don Roberts, Managing Director, Technical Operations; Steve Grauer, Regional Vice President, Hensel Phelps)</em></p> <p><strong>DALLAS</strong> &ndash; <a href="http://www.southwest.com/?src=PRPRPRNPHXHANGAR240216" target="_blank"><strong>Southwest Airlines Co.</strong></a> (NYSE: LUV) is celebrating the completion of a multi-year, $100 million project, which nearly doubles the size of the airline's maintenance hangar at Phoenix Sky Harbor. The 90,000-square foot expansion adds three new aircraft bays to the facility, allowing the airline to work on up to five aircraft simultaneously and brings more maintenance shops to support the nearly 500 Southwest&reg; Technical Operations Employees based at Sky Harbor. The project also included a larger facility for members of the airline's Provisioning and Ground Support Equipment Maintenance Teams that opened in 2020. &nbsp;</p> <p>"The Safety-first work to support a continuous renewal of our fleet benefits our entire network and the community," said <a href="https://swamedia.com/pages/andrew-watterson">Andrew Watterson</a>, Chief Operating Officer at Southwest Airlines. "Investing in our Arizona-based People by equipping them with the latest tools, enhanced processes, and functional spaces is one of the most impactful investments we can make at Southwest Airlines and our future in Phoenix."</p> <p>The expanded hangar has also achieved Leadership in Energy and Environmental Design (LEED) Silver certification. The expansion incorporated sustainable design features including the use of recycled content in over 30% of the building materials; the installation of high-reflectance roof and surrounding paving materials to reduce heat island effect; and the selection of building products from manufacturers with verified environmental performance.</p> <p>Southwest Airlines&reg; first opened a Technical Operations base at Sky Harbor in 1986. In 1993, the airline moved into a new maintenance hangar facility to support its growth throughout the western half of the United States. Today, the carrier's Phoenix-based Technical Operations Teams accept new aircraft deliveries to prepare them to enter revenue service and maintain aircraft as part of daily and scheduled maintenance programs.</p> <p>In addition to Phoenix, Southwest operates hangar facilities in Atlanta, Chicago (Midway), Dallas (Love Field), Denver, Houston (Hobby), and Orlando. Construction is underway on a new hangar facility at Baltimore/Washington International Airport, which is anticipated to open in 2025.</p> <p><strong>Decades-Long Partnership Leads to Runway for Future Success <span style="text-decoration: underline;">&nbsp;</span></strong></p> <p>Southwest began serving Sky Harbor in January 1982 with 13 daily flights. Today, the carrier offers up to 220 departures a day, providing nonstop service to 60 destinations across the United States and Mexico1. In 2022, the airline expanded its operations to operate from 32 gates including a new eight-gate concourse built to support Southwest's growth. The concourse included a new baggage handling system, more concessions, and Employee-support spaces.</p> <p>The airline's local workforce of more than 5,400 People share a passion for making the Phoenix area a great place to live, work, and visit. In 2023, Southwest Employees volunteered more than 10,000 hours while supporting more than 200 organizations focused on improving the quality of life for those who call Arizona home.</p> <p>"We are grateful to Southwest Airlines for believing in Phoenix and going above and beyond to plant roots in our community, whether it's through expanded operations or countless volunteer hours with local organizations,"&nbsp;said Phoenix Mayor Kate Gallego. "Phoenix is proud to be a major service market for Southwest and we stand ready to continue welcoming millions more passengers to the Valley of the Sun!"</p> <p>To download high-resolution images and broadcast-quality b-roll of Southwest's new Technical Operations facility, click <a href="https://swamedia.com/channels/content/channel-0c3622ff1964cc8c017467eee0fa1f70">here</a>.</p> <p align="center"># # #</p> <p><strong>ABOUT SOUTHWEST AIRLINES CO.</strong>  &nbsp;<br /> <a href="http://www.southwest.com/?src=PRPRPRNPHXHANGAR240216" target="_blank"><strong>Southwest Airlines Co.</strong></a> operates one of the world's most admired and awarded airlines, offering its one-of-a-kind value and Hospitality at 121 airports across 11 countries. Southwest took flight in 1971 to democratize the sky through friendly, reliable, and low-cost air travel and now carries more air travelers flying nonstop within the United States than any other airline<sup><em>2</em></sup>. Based in Dallas and famous for an Employee-first corporate Culture, Southwest maintains an unprecedented record of no involuntary furloughs or layoffs in its history. By empowering its nearly 75,000<sup><em>3</em></sup>&nbsp;People to deliver unparalleled Hospitality, the maverick airline cherishes a passionate loyalty among more than 137 million Customers carried in 2023. That formula for success brought industry-leading prosperity and 47 consecutive years<sup><em>4</em></sup>&nbsp;of profitability for Southwest Shareholders (NYSE: LUV). Southwest leverages a unique legacy and mission to serve communities around the world including harnessing the power of its People and Purpose to put communities at the Heart of its success. Learn more by visiting <a href="https://www.southwest.com/citizenship/" target="_blank"><strong>Southwest.com/citizenship</strong></a>. As the airline with Heart, Southwest has set a goal to work toward achieving net zero carbon emissions by 2050. Southwest has also set near-term targets and a three-pillar strategy to achieve its environmental goals. Learn more by visiting&nbsp;<a href="https://www.southwest.com/citizenship/planet/" target="_blank"><strong>Southwest.com/planet</strong></a>.&nbsp;</p> <ol style="font-size: x-small;"> <li><em>Based on flight scheduled published through Nov. 2, 2024, as of Feb. 16, 2024.</em></li> <li><em>Based on U.S. Dept. of Transportation quarterly Airline Origin &amp; Destination Survey since Q1 2021</em>&nbsp;</li> <li><em>Fulltime-equivalent active Employees    &nbsp;</em>&nbsp;</li> <li><em>1973-2019 annual profitability   </em></li> </ol> <p><strong>Media Contacts:</strong>&nbsp;<br /> Visit the Southwest Newsroom at <a href="http://www.swamedia.com/?src=PRPRPRNTRANAD10815">swamedia.com</a> for multimedia assets and other Company news.    &nbsp;<br />    &nbsp;<br /> Media Relations Team: 214-792-4847, option 1.</p> <p align="center"># # #  &nbsp;</p> <p><iframe id="_pericles_content_iframe" style="position: absolute; top: -99px; left: 0px; width: 50px; height: 26px; background: transparent; overflow: visible; margin-top: -30px; transition: top 2s ease-in-out 0s; z-index: 2147483647; border: none; padding: 0px;"></iframe></p> Tue, 13 Feb 2024 15:00:00 +0000 /releases/southwest-airlines-celebrates-recognition-on-fortune-worlds-most-admired-companies-2024-list http://swamedia.com/releases/southwest-airlines-celebrates-recognition-on-fortune-worlds-most-admired-companies-2024-list?lang=en-US Southwest Airlines Celebrates Recognition On Fortune World's Most Admired Companies™ 2024 List <p><strong>DALLAS</strong> &ndash; <a href="http://www.southwest.com/?src=PRPRPRNFORTUNEAdmired240212" target="_blank"><strong>Southwest Airlines Co.</strong></a> (NYSE: LUV) proudly celebrates its recognition on <em>Fortune </em>World's Most Admired Companies&trade; 2024 list<sup><em>1</em></sup>. The carrier ranked No. 39 overall and has been consistently featured on the World's Most Admired Companies&trade; list since 2009.</p> <p>"From our very beginning in 1971, Southwest Airlines has been celebrated for the way we care for our People, Customers, and communities, and it's an honor to be among <em>Fortune </em>World's Most Admired Companies&trade; again this year," <a href="https://swamedia.com/pages/bob-jordan">Bob Jordan</a>, Southwest Airlines President &amp; Chief Executive Officer said. "Our Employees are so deserving of this recognition. Southwest is a unique Company that dared to believe in thinking differently and hiring the best People&mdash;and trusting that they, devoted to the cause, can do anything."</p> <p>To create the list, <em>Fortune</em> collaborated with partner Korn Ferry to survey 15,000 senior executives, outside directors, and industry analysts to identify companies that enjoy the strongest reputations within their industry and across industries. Korn Ferry surveyed 1,500 companies this year in 660 industries in 29 countries.</p> <p>The <em>Fortune </em>World's Most Admired Companies&trade; receive ratings in which corporate reputation and performance are measured against nine attributes: innovation, people management, use of corporate assets, social responsibility, quality of management, financial soundness, long-term investment, quality of products and services, and global competitiveness. Some key accomplishments Southwest Airlines&reg; experienced this past year include:</p> <ul> <li>Continued to make progress on its <a href="https://www.southwest.com/experience/#enhanced-experience" target="_blank">two-billion-dollar plan</a> to transform its Customer and Employee Experience. Since then, the carrier has: <ul> <li>Completed upgrades of WiFi<sup><em>2</em></sup> equipment fleetwide at the end of 2023 to offer an enhanced inflight internet browsing experience with more bandwidth and faster data.</li> <li>Outfitted USB-A and USB-C power ports and larger overhead bins on all new 737 MAX 8 aircraft delivered to Southwest. &nbsp;</li> <li>Added new onboard offerings to its food and beverage menu and Inflight Entertainment Portal.</li> <li>Delivered a robust portfolio of digital enhancements for Customers including Digital Bag Tracking and Online Baggage Check-In, as well as new internal tools for Employees to better enable them to serve Customers more efficiently.</li> <li>Removed expiration dates from flight credits&mdash;an industry first<sup><em>3</em></sup>.</li> <li>Launched free same-day standby for all Customers<sup><em>4</em></sup>.</li> <li>Announced enhancements to the <a href="https://swamedia.com/releases/release-d5bda4d2c147f577fd1d8c167c1f2c5e-southwest-airlines-announces-several-enhancements-to-rapid-rewards-program-for-2024">Southwest Rapid Rewards&trade; program</a> designed to make it easier for Customers to earn tier status and added new premium drink benefits for A-List Preferred Members<sup><em>5</em></sup>.</li> </ul> </li> <li>&nbsp;Hired more than 8,000 Employees, net of attrition, in 2023.</li> <li>Updated its sustainability strategy, <a href="https://www.southwest.com/citizenship/planet/" target="_blank">Nonstop to Net Zero</a>, and new environmental sustainability goals on the Company's path toward net zero carbon emissions by 2050.</li> <li>Enabled eligible corporate Customers to support the purchase of sustainable aviation fuel through Southwest Business Assist&trade;.</li> <li>Published a Supplier Code of Conduct and began integrating sustainability questions in the Company's request for proposal process with its suppliers.</li> <li>Partnered with EcoVadis, a sustainability ratings platform for global supply chains, to increase transparency and measure the impact of the Company's supply chain.</li> <li>Awarded 17 scholarships to the 2023 Southwest Airlines Scholarship Program recipients, for a total commitment of $290,000 over four years.</li> <li>Welcomed Baylor University, Louisiana Tech, Middle Tennessee State University, and Oklahoma State University as university partners and Clay Lacy and Thrive Aviation as program partners in the airline's Pilot development and recruitment program: Destination 225&ordm;.</li> </ul> <p>Visit <a href="https://www.southwest.com/citizenship/?src=PRPRPRNFORTUNEAdmired240212" target="_blank"><strong>Southwest.com/citizenship</strong></a> for more details about the Company's ongoing People, Performance, and Planet work.</p> <ol style="font-size: x-small;"> <li><em>From Fortune, &copy;2024 Fortune Media IP Limited. All rights reserved. Used under license. Fortune is a registered trademark and Fortune World's Most Admired Companies&trade; is a trademark of Fortune Media IP Limited and are used under license. Fortune and Fortune Media IP Limited are not affiliated with, and do not endorse the products or services of Southwest Airlines.</em></li> <li><em>Due to licensing restrictions, on WiFi-enabled international flights, free live TV and iHeartRadio may not be available for the full duration of the flight. Internet access for $8 per device from takeoff to landing. Price is subject to change. May not be available for the full duration of the flight. In order to provide a top-notch Internet experience, we prohibit access to certain high-bandwidth applications and websites. We also prohibit access to certain obscene or offensive content. </em></li> <li><em>Flight credits will be issued as long as the flight is canceled at least 10 minutes prior to the scheduled departure. Flight credits don't expire and are non-transferable. For travel booked with Rapid Rewards&reg; points: starting July 1, 2023 (12:00 a.m. CT), for Wanna Get Away&reg; or Wanna Get Away+&reg; reward travel reservations (booked with points): If a Customer doesn't cancel their reservation at least 10 minutes before the flight's original scheduled departure time, any points used for booking will be forfeited, along with any taxes and fees associated with their reward travel reservation.</em></li> <li><em>Customers can list for same-day standby on an earlier flight via a Southwest Customer Service Agent at the airport or the Southwest app or mobile web. Customers will receive a message based on the contact preference selected during booking if they are cleared on the flight. Customers must change their flight or request to be added to the same-day standby list at least 10 minutes prior to the scheduled departure of their original flight or the no-show policy will apply. If using the app or mobile web for standby, Customers must list their name 30 minutes ahead of scheduled departure. The Customer will be required to pay any government taxes and fees associated with these itinerary changes but refunds will be provided. The Customer's original boarding position is not guaranteed. Southwest Business Customers booked through travel agencies may need to see a Southwest agent at the airport for both a same-day change or standby listing. See southwest.com/standby for more details.</em></li> <li><em>On flights traveling 176 miles or more, A-List Preferred Members receive up to two complimentary premium drinks per leg. Flights traveling 175 miles or less only serve water. Drink coupons are subject to availability. Service may also be limited at Southwest's discretion. This coupon has no cash value. Drink coupon is void if altered, sold, purchased, brokered, or bartered. Non-exchangeable for other goods or services. Southwest Airlines reserves the right to discontinue its drink coupon program at any time. The coupon is invalid after the expiration date and will not be updated or replaced. Must be 21 years of age or older to consume alcoholic beverages. Alcohol purchased with drink coupons must be consumed onboard the aircraft.</em></li> </ol> <p><strong>ABOUT SOUTHWEST AIRLINES CO.  &nbsp;<br /> </strong><a href="http://www.southwest.com/?src=PRPRPRNFORTUNEAdmired240212"><strong>Southwest Airlines Co.</strong></a> operates one of the world's most admired and awarded airlines, offering its one-of-a-kind value and Hospitality at 121 airports across 11 countries. Southwest took flight in 1971 to democratize the sky through friendly, reliable, and low-cost air travel and now carries more air travelers flying nonstop within the United States than any other airline<sup><em>6</em></sup>. Based in Dallas and famous for an Employee-first corporate Culture, Southwest maintains an unprecedented record of no involuntary furloughs or layoffs in its history. By empowering its nearly 75,000<sup><em>7</em></sup>People to deliver unparalleled Hospitality, the maverick airline cherishes a passionate loyalty among more than 137 million Customers carried in 2023. That formula for success brought industry-leading prosperity and 47 consecutive years<sup><em>8</em></sup> of profitability for Southwest Shareholders (NYSE: LUV). Southwest leverages a unique legacy and mission to serve communities around the world including harnessing the power of its People and Purpose to put communities at the Heart of its success. Learn more by visiting <a href="https://www.southwest.com/citizenship/" target="_blank"><strong>Southwest.com/citizenship</strong></a>. As the airline with Heart, Southwest has set a goal to work toward achieving net zero carbon emissions by 2050. Southwest has also set near-term targets and a three-pillar strategy to achieve its environmental goals. Learn more by visiting <a href="https://www.southwest.com/citizenship/planet/" target="_blank"><strong>Southwest.com/planet</strong></a>.</p> <ol style="font-size: x-small;" start="6"> <li><em>Based on U.S. Dept. of Transportation quarterly Airline Origin &amp; Destination Survey since Q1 2021</em></li> <li><em>Fulltime-equivalent active Employees</em></li> <li><em>1973-2019 annual profitability</em></li> </ol> <p><strong>Media Contacts: </strong><br /> Visit the Southwest Newsroom at <a href="https://swamedia.com/" target="_blank">swamedia.com</a> for multimedia assets and other Company news. Media Relations Team: 214-792-4847, option 1</p> <p align="center"># # #</p> Sun, 11 Feb 2024 17:44:00 +0000 /releases/southwest-airlines-hosts-pup-rally-at-louis-armstrong-new-orleans-international-airport http://swamedia.com/releases/southwest-airlines-hosts-pup-rally-at-louis-armstrong-new-orleans-international-airport?lang=en-US Southwest Airlines Hosts “Pup Rally” at Louis Armstrong New Orleans International Airport <p>Southwest Airlines teamed up with Animal Planet to celebrate the Big Game&mdash;Puppy Bowl, that is&mdash;at Louis Armstrong New Orleans International Airport (MSY). Southwest hosted a Surprise &amp; Delight Pup Rally with local Employees and Customers on Flight # 2353 that departed MSY and landed at Harry Reid International Airport (LAS) in Las Vegas. Customers enjoyed Puppy Bowl trivia in the gate area, as well as a special visit by puppies from Take Paws Rescue, prior to boarding the&nbsp; aircraft through a Puppy Bowl-themed jet bridge. Customers, Employees, and the Flight Crew were given Puppy Bowl beanies as a memento of the PAWsome flight.&nbsp;</p> <p>This season, Southwest also had the opportunity to play a small part in this year's event by transporting a V-I-Pup, Beignet, to participate in this Puppy Bowl XX. Beignet is a cute Dachshund Mix, representing Take Paws Rescue in New Orleans (from which&nbsp; he was adopted and now lives with his fur-ever family).&nbsp;</p> <p>Southwest Customers can tune in to a dog-gone good time and cheer on their favorite pups with the Puppy Bowl On Demand TV series on the Southwest <a href="https://community.southwest.com/t5/Blog/What-to-Watch-on-Your-Southwest-Flight-February-2024/ba-p/168565" target="_blank" data-saferedirecturl="https://www.google.com/url?q=https://community.southwest.com/t5/Blog/What-to-Watch-on-Your-Southwest-Flight-February-2024/ba-p/168565&amp;source=gmail&amp;ust=1707759835508000&amp;usg=AOvVaw2BEs_Vh9qt-WKHd78_cGTF">Inflight Entertainment Portal</a>, which features past Puppy Bowl favorites, including last year's game "Puppy Bowl XIX," "Puppy Bowl Presents: Dog Bowl All Stars," and "Journey to Puppy Bowl," which follows puppies as they travel to compete in the Puppy Bowl.&nbsp;&nbsp;</p> <p>Customers can also catch that other Big Game with Southwest's onboard live TV on CBS by connecting to the Southwest Inflight Entertainment Portal. See the full list of channels available and free entertainment options at <a href="https://www.southwest.com/wifi/?src=PRPRSWAMEDIAPPYBBL240209" target="_blank" data-saferedirecturl="https://www.google.com/url?q=https://www.southwest.com/wifi/?src%3DPRPRSWAMEDIAPPYBBL240209&amp;source=gmail&amp;ust=1707759835508000&amp;usg=AOvVaw2z8Kzkcf3D8VQXebP-HKDz"><strong>Southwest.com/wifi</strong></a>.&nbsp;</p> <p align="center"># # #</p> Thu, 08 Feb 2024 16:00:00 +0000 /releases/southwest-airlines-extends-flight-schedule-through-early-november http://swamedia.com/releases/southwest-airlines-extends-flight-schedule-through-early-november?lang=en-US Southwest Airlines Extends Flight Schedule Through Early November <ul> <li><em>Southwest flight schedule now available for booking through Nov. 2, 2024</em></li> <li><em>Seasonal service added between Nashville and Richmond, Va., and between Memphis, Tenn., and Las Vegas</em></li> <li><em>More international and seasonal flights return for fall vacations!</em></li> </ul> <p><strong>DALLAS</strong>&mdash;Feb. 8, 2024&mdash;<a href="http://www.southwest.com/?src=PRPRPRNOCTBSE240208" target="_blank"><strong>Southwest Airlines Co.</strong></a> (NYSE: LUV) today announced more seasonal service this fall as it extends its flight schedule through Nov. 2, 2024. Flights are available for booking at <a href="http://www.southwest.com/?src=PRPRPRNOCTBSE240208" target="_blank"><strong>Southwest.com</strong></a><strong>. </strong></p> <p><strong>More Heart Takes Off from Tennessee</strong><br /> Southwest Airlines&reg; making it easier for Tennessee Customers to reach more places with the addition of two new destinations beginning in October.&nbsp;</p> <p>Effective Oct. 3, 2024, Southwest&reg; will add seasonal nonstop service between: <br /> <strong>Memphis, Tenn.,</strong> and <strong>Las Vegas</strong> (operates Thursdays-Mondays).</p> <p>Effective Oct. 6, 2024, the airline will add seasonal nonstop service between: <br /> <strong>Nashville</strong> and <strong>Richmond, Va.</strong> (operates on Sundays).</p> <p>Then, effective Oct. 5, 2024, seasonal weekend nonstop service returns between <strong>Nashville</strong> and <strong>Cancun, Mexico</strong>.</p> <p><strong>An International Gift for Your Valentine</strong><br /> As Valentine&rsquo;s Day approaches, Customers can purchase their love the gift of an international getaway with several seasonal routes returning for fall travel.&nbsp;</p> <p>Beginning Oct. 5, 2024, Southwest will resume seasonal nonstop service on weekends between:</p> <p><strong>Austin, Texas,</strong> and <strong>Cabo San Lucas/Los Cabos, Mexico</strong> <br /> <strong>Phoenix</strong> and <strong>Cancun, Mexico</strong></p> <p>On the same day, the airline will resume seasonal Saturday service between:</p> <p><strong>Atlanta </strong>and<strong> Cancun, Mexico</strong><br /> <strong>San Antonio</strong> and &nbsp; <strong>Cancun, Mexico</strong> <br /> <strong>Fort Lauderdale, Fla.,</strong> and <strong>Montego Bay, Jamaica</strong><br /> <strong>Kansas City, Mo.,</strong> and <strong>Cabo San Lucas/Los Cabos, Mexico</strong><br /> <strong>Sacramento, Calif.,</strong> and <strong>Cabo San Lucas/Los Cabos, Mexico</strong></p> <p>Additional seasonal routes are taking off beginning Oct. 3, 2024. To view a list of those routes, please visit the <a href="https://swamedia.com/page-3b00a21770a21c5c30a52599d18aed48/attachment/8ede95fb782181ae40dd08b9feabbabd3f6e2b01">this link</a>. The carrier&rsquo;s full schedule is now available for booking through Nov. 2, 2024, at <a href="http://www.southwest.com/?src=PRPRPRNOCTBSE240208" target="_blank"><strong>Southwest.com</strong></a>.</p> <p><strong>ABOUT SOUTHWEST AIRLINES CO.</strong>&nbsp;&nbsp; <br /> &nbsp;<strong><a href="https://c212.net/c/link/?t=0&amp;l=en&amp;o=4083267-1&amp;h=169350243&amp;u=http%3A//www.southwest.com/?src=PRPRPRNBGGAMEEXTFLTS012824&amp;a=Southwest+Airlines+Co." target="_blank" rel="nofollow">Southwest Airlines Co.</a></strong>&nbsp;operates one of the world's most admired and awarded airlines, offering its one-of-a-kind value and Hospitality at 121 airports across 11 countries. Southwest took flight in 1971 to democratize the sky through friendly, reliable, and low-cost air travel and now carries more air travelers flying nonstop within <span class="location">the United States</span> than any other airline<em><sup>1</sup></em>. Based in <span class="location">Dallas</span> and famous for an Employee-first corporate Culture, Southwest maintains an unprecedented record of no involuntary furloughs or layoffs in its history. By empowering its nearly 75,000<em><sup>2</sup></em> People to deliver unparalleled Hospitality, the maverick airline cherishes a passionate loyalty among more than 137 million Customers carried in 2023. That formula for success brought industry-leading prosperity and 47 consecutive years<em><sup>3</sup></em> of profitability for Southwest Shareholders (NYSE: LUV). Southwest leverages a unique legacy and mission to serve communities around the world including harnessing the power of its People and Purpose to put communities at the Heart of its success. Learn more by visiting <strong><a href="https://c212.net/c/link/?t=0&amp;l=en&amp;o=4083267-1&amp;h=247262068&amp;u=https%3A%2F%2Fwww.southwest.com%2Fcitizenship%2F&amp;a=Southwest.com%2Fcitizenship" target="_blank" rel="nofollow">Southwest.com/citizenship</a></strong>. As the airline with Heart, Southwest has set a goal to work toward achieving net zero carbon emissions by 2050. Southwest has also set near-term targets and a three-pillar strategy to achieve its environmental goals. Learn more by visiting <strong><a href="https://c212.net/c/link/?t=0&amp;l=en&amp;o=4083267-1&amp;h=3316520273&amp;u=https%3A%2F%2Fwww.southwest.com%2Fcitizenship%2Fplanet%2F&amp;a=Southwest.com%2Fplanet" target="_blank" rel="nofollow">Southwest.com/planet</a></strong>.</p> <ol style="font-size: x-small;"> <li><em>Based on <span class="location">U.S.</span> Dept. of Transportation quarterly Airline Origin &amp; Destination Survey since Q1 2021</em>&nbsp;</li> <li><em>Fulltime-equivalent active Employees&nbsp;&nbsp;&nbsp;&nbsp; </em>&nbsp;</li> <li><em>1973-2019 annual profitability&nbsp;&nbsp;&nbsp;</em>&nbsp;</li> </ol> <p><strong>Media Contacts:</strong>&nbsp;<br /> Visit the Southwest Newsroom at <a href="http://www.swamedia.com/?src=PRPRPRNTRANAD10815" target="_blank"> swamedia.com </a> for multimedia assets and other Company news.    &nbsp;<br />    &nbsp;<br /> Media Relations Team: 214-792-4847, option 1&nbsp;</p> <p align="center"># # #  &nbsp;</p> Fri, 02 Feb 2024 14:00:00 +0000 /releases/southwest-airlines-plans-customer-experience-enhancements-and-modernization-of-brand-elements-with-a-redesigned-cabin-new-seats-and-a-uniform-refresh http://swamedia.com/releases/southwest-airlines-plans-customer-experience-enhancements-and-modernization-of-brand-elements-with-a-redesigned-cabin-new-seats-and-a-uniform-refresh?lang=en-US Southwest Airlines Plans Customer Experience Enhancements and Modernization of Brand Elements with a Redesigned Cabin, New Seats, and a Uniform Refresh <ul type="disc"> <li><em>Redesigned aircraft cabin interior featuring RECARO aircraft seats to debut in early 2025 </em></li> <li><em>Existing Boeing 737 MAX 8 and -800s to include onboard power ports and larger overhead bins</em></li> <li><em>Uniform refresh process underway to bring newly-designed apparel to Employees</em></li> </ul> <p><strong><a href="https://c212.net/c/link/?t=0&amp;l=en&amp;o=4083267-1&amp;h=4033314625&amp;u=http%3A%2F%2Fwww.southwest.com%2F%3Fsrc%3DPRPRPRNCXMOD240202&amp;a=Southwest+Airlines+Co." target="_blank" rel="nofollow">Southwest Airlines Co.</a></strong>&nbsp;(NYSE: LUV) is onboarding a new look and feel with plans for redesigned aircraft cabin conveniences and interiors that are distinctly Southwest<sup>&reg; </sup>and will feature new aircraft seats from RECARO. Alongside these efforts, Southwest announces an Employee uniform refresh that will bring a modern look to more than 53,000 Southwest Employees.&nbsp;</p> <p><strong>New Interior Design and Seats to Enhance Cabin Comfort</strong></p> <p>Southwest Airlines partnered with Tangerine, a leading design company that specializes in transportation,&nbsp;to create an updated cabin interior for new aircraft deliveries beginning next year. The design is based on extensive research covering Customer and Employee perceptions of color, comfort, and their aspirations for the overall onboard experience. The design brings to life Southwest's warm energy with deep blue tones, sky blue accents, and a nod to the Southwest Heart woven throughout the carpet.</p> <p>As part of this refresh, Customer research and product testing guided Southwest to select the global supplier of premium aircraft seats, RECARO, to provide comfortable seating that complements the calm blue palette planned for the refreshed cabins. The Southwest Heart will be threaded throughout the interior with the recognizable symbol debossed on seat headrests, alongside a sunray pattern on the seats.</p> <p>"Southwest flies above our competition with industry-leading flexibility and our legendary Hospitality," said&nbsp;<a href="https://c212.net/c/link/?t=0&amp;l=en&amp;o=4083267-1&amp;h=16366147&amp;u=https%3A%2F%2Fswamedia.com%2Ftony-roach&amp;a=Tony+Roach" target="_blank" rel="nofollow">Tony Roach</a>, Senior Vice President and Chief Customer Officer at Southwest Airlines. "Our redesigned cabin interior significantly enhances our inflight Customer experience and will complement the amazing service that our Crews provide."</p> <p>The new RECARO seats include a multi-adjustable headrest cushion for enhanced head and neck support, an intuitively designed seat for ultimate comfort while maximizing seat width and overall support. The upgrades continue as each seat also will include a personal electronic device holder for Customers&nbsp;to enjoy free<sup>1</sup> Inflight Entertainment on their devices more easily.</p> <p>"RECARO is proud to collaborate on expanding our footprint in the <span class="location">Americas</span>, especially when working with a local partner like Southwest who began their story at the same time as us," said Mark Hiller, Ph.D., and CEO of RECARO Aircraft Seating and RECARO Holding. "Our new seat will be a great addition to the Southwest Customer Experience, as its durable design and comfort features will serve Passengers well."</p> <p>"We're delighted to be part of Southwest's historic journey and next phase in their modernization plan," said Matt Round, Chief Creative Officer at Tangerine. "We've listened to Southwest's Customers and Employees and responded by creating a distinctive new cabin interior that meets and exceeds their desires. By working closely with Southwest and all suppliers involved, we were able to ensure the design intent was executed in the cabin to the highest possible quality. The stunning result is a testament to what can be achieved through a collaborative spirit from all those involved."&nbsp;</p> <p><strong>Newly-Designed Employee Uniforms Will Also Take to the Sky</strong></p> <p>Additionally, a Uniform Inspiration Team with 75 Southwest Employees is working alongside current apparel vendor, Design Collective by&nbsp;Cintas, and uniform brand consultant and fashion stylist, Bonnie Markel, to develop the new look for Southwest Employees who work in and around airports, including Inflight Operations, Ground&nbsp;Operations, Cargo, and Technical Operations.&nbsp;</p> <p>"This design project brings together unique points of view in a dynamic and engaging co-creation process," said Caroline Bartek, Creative Director with Design Collective by Cintas. "It's a true collaboration between Southwest Airlines and the Uniform Inspiration Team, Design Collective, and Bonnie Markel," said Abby Groshek, Apparel Designer with Design Collective by Cintas. "As the design process unfolds, Design Collective and Bonnie Markel are creating an apparel line that represents the Southwest Brand, with crucial input from the Uniform Inspiration Team Members who bring their everyday working knowledge and experience to ensure the apparel of the future fulfills all their functional and fashion needs."</p> <p><strong>Other Customer Experience Enhancements Continue Making Southwest Easy to Fly</strong></p> <p>Since its first flight in 1971, Southwest has been a maverick, disrupting the airline industry by giving people the freedom to fly and creating a new era of affordable air travel. More than 50 years later, Southwest remains the most flexible airline<sup>2</sup>, giving Customers more value for their money through two free checked bags<sup>3</sup>, no hidden fees, flight credits<sup>4</sup> and Rapid Rewards<sup>&reg;</sup> points that don't expire, and world-renowned Hospitality.</p> <p>Southwest has implemented many enhancements and initiatives outlined in a May 2022 <a href="https://c212.net/c/link/?t=0&amp;l=en&amp;o=4083267-1&amp;h=1859806238&amp;u=https%3A%2F%2Fswamedia.com%2Freleases%2Frelease-a84005da0f079d77044ddb7f0102ab59-southwest-airlines-outlines-two-billion-dollar-plan-to-transform-the-customer-experience-bringing-more-simplicity-and-speed-from-the-ground-up-airline-to-connect-customers-with-faster-wifi-new-in-seat-power-larger-overhead-bins-and-more&amp;a=five-year+plan+of+investment+and+evolution" target="_blank" rel="nofollow">five-year plan of investment and evolution</a>&nbsp;across its Customer Experience. Most recent updates include:</p> <ul type="disc"> <li><strong>Enhanced WiFi</strong>: Southwest completed upgrades of WiFi equipment fleetwide at the end of 2023 to offer an enhanced inflight internet browsing experience with more bandwidth and faster data.</li> <li><strong>Onboard power ports and&nbsp;</strong><strong>larger overhead bins</strong>: All new 737 MAX 8 aircraft delivered to Southwest are outfitted with onboard USB A and USB C power ports and larger overhead bins. Additionally, these features will be added to existing MAX 8 and 737-800 aircraft, a process that is anticipated to be completed over the next several years.</li> <li><strong>New functionality for Southwest's digital platforms and airport kiosks</strong>: Free Same-Day Standby<sup>5</sup>, Digital Bag Tracking, and Online Baggage Check-In allow Customers the option to self-serve on common requests.</li> </ul> <p>This year, <a href="https://c212.net/c/link/?t=0&amp;l=en&amp;o=4083267-1&amp;h=3532217187&amp;u=https%3A%2F%2Fswamedia.com%2Freleases%2Frelease-d5bda4d2c147f577fd1d8c167c1f2c5e-southwest-airlines-announces-several-enhancements-to-rapid-rewards-program-for-2024&amp;a=enhancements+to+the+award-winning+Rapid+Rewards+program" target="_blank" rel="nofollow">enhancements to the award-winning Rapid Rewards program</a><sup>6</sup>&nbsp;make it easier for Customers to earn tier status<sup>7</sup>, and A-List Preferred Members may enjoy up to two complimentary premium drinks per flight<sup>8</sup>. Customers can also pay for Southwest flights using a combination of cash and Rapid Rewards points<sup>9 </sup>soon. Additionally, Southwest plans to introduce a new onboard salty snack and refresh snack offerings on flights between the <span class="location">U.S.</span> mainland and <span class="location">Hawaii</span>.</p> <p>To learn more about improvements in the Southwest Customer Experience, visit <a href="https://c212.net/c/link/?t=0&amp;l=en&amp;o=4083267-1&amp;h=3971802430&amp;u=https%3A%2F%2Fsouthwest.com%2Fexperience%3Fsrc%3DPRPRPRNCXMOD240202&amp;a=Southwest.com%2FExperience" target="_blank" rel="nofollow">Southwest.com/Experience</a>.</p> <ol style="font-size: x-small;"> <li>Where available. Available only on WiFi-enabled aircraft, offered for a limited time.</li> <li>When comparing checked baggage policies, ticket/flight change fee policies, and flight credit expiration policies for Southwest's Wanna Get Away fares to basic economy or other entry level fares flown by <span class="location">U.S.</span>-based carriers flying on routes solely within the 50 United States and Washington D.C.&nbsp; Policies are compared based on customers without certain airline status, credit cards, corporate agreements, or other memberships.</li> <li>First and second checked bags. Weight and size limits apply.&nbsp;</li> <li>Flight credits for non-refundable fares will be issued as long as the flight is cancelled more than 10 minutes prior to the scheduled departure.</li> <li>You can list for same-day standby via a Southwest Customer Service Agent at the airport or the Southwest app or mobile web. You will receive a message based on the contact preference selected during booking if you are cleared on the flight. For both same-day change and same-day standby, you must change your flight or request to be added to the same-day standby list at least 10 minutes prior to the scheduled departure of your original flight or the no-show policy will apply. If using the app or mobile web for standby, you must list your name 30 minutes ahead of scheduled departure. Government taxes and fees may apply but you will be refunded. Your original boarding position is not guaranteed. See Southwest.com/standby for more details.</li> <li>All Rapid Rewards rules and regulations apply and can be found at Southwest.com/rrterms.</li> <li>Tier qualifying flights are revenue flights purchased and flown. Tier qualifying points are earned from revenue flights during the qualifying year or through select Rapid Rewards Credit Cards from Chase and are exclusive of bonuses or promotions. Tier qualifying points (TQP) earned through spending using the Rapid Rewards Premier Credit Card, Rapid Rewards Premier Business Credit Card, Rapid Rewards Priority Credit Card, and the Rapid Rewards Performance Business Credit Card will count toward A-List/A-List Preferred qualification based on when they are posted to the Member's Rapid Rewards account and NOT based on spending date. The points will be posted to the Member's account after the statement closing date, which will be different for each Customer.</li> <li>On flights traveling 176 miles or more, A-List Preferred Members receive up to two complimentary premium drinks per leg. Flights traveling 175 miles or less only serve water. Drink coupons are subject to availability. Service may also be limited at Southwest's discretion. This coupon has no cash value. Drink coupon is void if altered, sold, purchased, brokered, or bartered. Non-exchangeable for other goods or services. Southwest Airlines reserves the right to discontinue its drink coupon program at any time. The coupon is invalid after the expiration date and will not be updated or replaced. Must be 21 years of age or older to consume alcoholic beverages. Alcohol purchased with drink coupons must be consumed onboard the aircraft.</li> <li>Cash + Points will allow Rapid Rewards Members to combine points with other eligible forms of payment to purchase flights, starting in the spring of 2024. Not all Customers will see Cash + Points as an available payment option during the initial rollout. Cash + Points bookings will not earn Rapid Rewards points, tier qualifying points for A-List or A-List Preferred status, or Companion Pass qualifying points.</li> </ol> <p><strong>ABOUT SOUTHWEST AIRLINES CO.</strong>&nbsp;&nbsp; <br />&nbsp;<strong><a href="https://c212.net/c/link/?t=0&amp;l=en&amp;o=4083267-1&amp;h=169350243&amp;u=http%3A%2F%2Fwww.southwest.com%2F%3Fsrc%3DPRPRPRNBGGAMEEXTFLTS012824&amp;a=Southwest+Airlines+Co." target="_blank" rel="nofollow">Southwest Airlines Co.</a></strong>&nbsp;operates one of the world's most admired and awarded airlines, offering its one-of-a-kind value and Hospitality at 121 airports across 11 countries. Southwest took flight in 1971 to democratize the sky through friendly, reliable, and low-cost air travel and now carries more air travelers flying nonstop within <span class="location">the United States</span> than any other airline<em><sup>1</sup></em>. Based in <span class="location">Dallas</span> and famous for an Employee-first corporate Culture, Southwest maintains an unprecedented record of no involuntary furloughs or layoffs in its history. By empowering its nearly 75,000<em><sup>2</sup></em> People to deliver unparalleled Hospitality, the maverick airline cherishes a passionate loyalty among more than 137 million Customers carried in 2023. That formula for success brought industry-leading prosperity and 47 consecutive years<em><sup>3</sup></em> of profitability for Southwest Shareholders (NYSE: LUV). Southwest leverages a unique legacy and mission to serve communities around the world including harnessing the power of its People and Purpose to put communities at the Heart of its success. Learn more by visiting <strong><a href="https://c212.net/c/link/?t=0&amp;l=en&amp;o=4083267-1&amp;h=247262068&amp;u=https%3A%2F%2Fwww.southwest.com%2Fcitizenship%2F&amp;a=Southwest.com%2Fcitizenship" target="_blank" rel="nofollow">Southwest.com/citizenship</a></strong>. As the airline with Heart, Southwest has set a goal to work toward achieving net zero carbon emissions by 2050. Southwest has also set near-term targets and a three-pillar strategy to achieve its environmental goals. Learn more by visiting <strong><a href="https://c212.net/c/link/?t=0&amp;l=en&amp;o=4083267-1&amp;h=3316520273&amp;u=https%3A%2F%2Fwww.southwest.com%2Fcitizenship%2Fplanet%2F&amp;a=Southwest.com%2Fplanet" target="_blank" rel="nofollow">Southwest.com/planet</a></strong>.</p> <ol style="font-size: x-small;"> <li><em>Based on <span class="location">U.S.</span> Dept. of Transportation quarterly Airline Origin &amp; Destination Survey since Q1 2021</em>&nbsp;</li> <li><em>Fulltime-equivalent active Employees&nbsp;&nbsp;&nbsp;&nbsp; </em>&nbsp;</li> <li><em>1973-2019 annual profitability&nbsp;&nbsp;&nbsp;</em>&nbsp;</li> </ol> <p><a href="https://mma.prnewswire.com/media/2333186/Southwest_Interior_Seatback.html" target="_blank" rel="nofollow"><img style="display: block; width: 100%; max-width: 750px; margin: 0 auto 1rem auto;" title="SOUTHWEST AIRLINES PLANS CUSTOMER EXPERIENCE ENHANCEMENTS AND MODERNIZATION OF BRAND ELEMENTS WITH A REDESIGNED CABIN, NEW SEATS, AND A UNIFORM REFRESH" src="/releases/release-04348ac5b321df2dd32727736b0ba97a/images/791af1e51c522685b19de7ba859e57b6afd6d929" alt="SOUTHWEST AIRLINES PLANS CUSTOMER EXPERIENCE ENHANCEMENTS AND MODERNIZATION OF BRAND ELEMENTS WITH A REDESIGNED CABIN, NEW SEATS, AND A UNIFORM REFRESH" /></a></p> Wed, 31 Jan 2024 16:15:00 +0000 /releases/southwest-airlines-declares-180th-quarterly-dividend http://swamedia.com/releases/southwest-airlines-declares-180th-quarterly-dividend?lang=en-US Southwest Airlines Declares 180th Quarterly Dividend <p>&nbsp;<a href="https://c212.net/c/link/?t=0&amp;l=en&amp;o=4080501-1&amp;h=3152783685&amp;u=https%3A%2F%2Fwww.southwest.com%2F%3FSRC%3DIRPRDVDANN240131&amp;a=Southwest+Airlines+Co." target="_blank" rel="nofollow">Southwest Airlines Co.</a> (NYSE: LUV) Board of Directors declared a quarterly cash dividend of $.18 per share to Shareholders of record at the close of business on March 6, 2024, on all shares then issued and outstanding. The quarterly dividend will be paid on March 27, 2024.&nbsp;</p> <p>SW-DSR</p> <p>SOURCE Southwest Airlines Co.</p> Mon, 29 Jan 2024 04:02:00 +0000 /releases/southwest-airlines-adds-more-flights-for-the-big-game-in-las-vegas http://swamedia.com/releases/southwest-airlines-adds-more-flights-for-the-big-game-in-las-vegas?lang=en-US Southwest Airlines Adds More Flights For The Big Game in Las Vegas <p><strong>DALLAS</strong>&mdash;Jan. 28, 2024&mdash;<a href="http://www.southwest.com/?src=PRPRPRNBGGAMEEXTFLTS012824" target="_blank"><strong>Southwest Airlines Co.</strong></a> (NYSE: LUV) is gearing up for the Big Game weekend in Las Vegas with more flights for football fans in Kansas City and San Francisco.</p> <p>On <strong>Thursday, Feb. 8, 2024</strong>, Southwest&reg; will offer the following service:</p> <ul> <li>From <strong>Kansas City</strong> to <strong>Las Vegas: </strong>4 nonstop flights and 14 different itineraries.</li> <li>From <strong>San Francisco</strong> to <strong>Las Vegas</strong>: 3 nonstop flights and 13 different itineraries.</li> <li>From <strong>Oakland</strong> to <strong>Las Vegas</strong>: 10 nonstop flights and 20 different itineraries.</li> <li>From <strong>San Jose, Calif. </strong>to <strong>Las Vegas</strong>: 10 nonstop flights and 26 different itineraries.</li> </ul> <p>On <strong>Friday, Feb. 9, 2024</strong>, Southwest will offer the following service:</p> <ul> <li>From <strong>Kansas City</strong> to <strong>Las Vegas</strong>: 3 additional nonstop flights, for a total of up to 7 nonstop options and 17 different itineraries.</li> <li>From <strong>San Francisco</strong> to <strong>Las Vegas</strong>: 1 additional nonstop flight, for a total of up to 4 nonstop options and 14 different itineraries.</li> <li>From <strong>Oakland</strong> to <strong>Las Vegas</strong>: 1 additional nonstop flight, for a total of up to 11 nonstop options and 21 different itineraries.</li> <li>From <strong>San Jose, Calif. </strong>to <strong>Las Vegas</strong>: 1 additional nonstop flight, for a total of up to 11 nonstop options and 26 different itineraries.</li> </ul> <p>On <strong>Saturday, Feb. 10, 2024</strong>, Southwest will offer the following nonstop service:</p> <ul> <li>From <strong>Kansas City</strong> to <strong>Las Vegas</strong>: 1 additional nonstop flight, for a total of up to 4 nonstop options and 15 different itineraries.</li> <li>From <strong>San Francisco</strong> to <strong>Las Vegas</strong>: 1 additional nonstop flight, for a total of up to 4 nonstop options and 15 different itineraries.</li> <li>From <strong>Oakland</strong> to <strong>Las Vegas</strong>: 7 nonstop options and 20 different itineraries.</li> <li>From <strong>San Jose, Calif. </strong>to <strong>Las Vegas: </strong>1 additional nonstop flight, for a total of up to 8 nonstop options and 18 different itineraries.</li> </ul> <p>Once the champion is crowned, Southwest will add additional flights to get fans back home.&nbsp;</p> <p>On <strong>Monday, Feb. 12, 2024,</strong> Southwest will offer the following service:</p> <ul> <li>From <strong>Las Vegas </strong>to<strong> Kansas City:</strong> 4 additional nonstop flights, for a total of up to 8 nonstop options and 19 different itineraries.</li> <li>From <strong>Las Vegas </strong>to <strong>San Francisco:</strong> 1 additional nonstop flight, for a total of up to 4 nonstop options and 14 different itineraries.</li> <li>From <strong>Las Vegas </strong>to <strong>Oakland:</strong> 1 additional nonstop flight, for a total of up to 11 nonstop options and 24 different itineraries.</li> <li>From <strong>Las Vegas </strong>to <strong>San Jose, Calif.:</strong> 1 additional nonstop flight, for a total of up to 11 nonstop options and 22 different itineraries.</li> </ul> <p>On <strong>Tuesday, Feb. 13, 2024,</strong> Southwest will offer the following service:</p> <ul> <li>From <strong>Las Vegas </strong>to<strong> Kansas City:</strong> 4 nonstop flights and 16 different itineraries.</li> <li>From <strong>Las Vegas </strong>to <strong>San Francisco:</strong> 3 nonstop flights and 13 different itineraries.</li> <li>From <strong>Las Vegas </strong>to <strong>Oakland:</strong> 8 nonstop flights and 24 different itineraries.</li> <li>From <strong>Las Vegas </strong>to <strong>San Jose, Calif.:</strong> 8 nonstop flights and 20 different itineraries.</li> </ul> <p>These flights, as well as the carrier&rsquo;s full schedule through Oct. 2, 2024, are available for purchase at&nbsp;<a href="http://www.southwest.com/?src=PRPRPRNBGGAMEEXTFLTS012824" target="_blank"><strong>Southwest.com. </strong></a></p> <p>And, for football fans traveling on Feb. 11, 2024, while the action plays out on the gridiron, they can watch all the action onboard with live TV* on CBS by connecting to the Southwest Inflight Entertainment Portal. See the full list of channels available and free entertainment options at <a href="http://www.southwest.com/WiFi/?src=PRPRPRNBigGameWiFi240128" target="_blank"><strong>Southwest.com/WiFi</strong></a>.</p> <p><em>*Available only on WiFi-enabled aircraft. May not be available for the full duration of the flight.</em></p> <p><strong>ABOUT SOUTHWEST AIRLINES CO.&nbsp;</strong>&nbsp; <br /> <a href="https://www.southwest.com/?src=PRPRPRNPILOTSRAT240111" target="_blank"><strong>Southwest Airlines Co.</strong></a> operates one of the world's most admired and awarded airlines, offering its one-of-a-kind value and Hospitality at 121 airports across 11 countries. Southwest took flight in 1971 to democratize the sky through friendly, reliable, and low-cost air travel and now carries more air travelers flying nonstop within the United States than any other airline<sup><em>1</em></sup>. Based in Dallas and famous for an Employee-first corporate Culture, Southwest maintains an unprecedented record of no involuntary furloughs or layoffs in its history. By empowering its more than 74,000<sup><em>2</em></sup>&nbsp;People to deliver unparalleled Hospitality, the maverick airline cherishes a passionate loyalty among more than 126 million Customers carried in 2022. That formula for success brought industry-leading prosperity and 47 consecutive years<sup><em>3</em></sup>&nbsp;of profitability for Southwest Shareholders (NYSE: LUV). Southwest leverages a unique legacy and mission to serve communities around the world including harnessing the power of its People and Purpose to put communities at the Heart of its success. Learn more by visiting <a href="https://www.southwest.com/citizenship/" target="_blank"><strong>Southwest.com/citizenship</strong></a>. As the airline with Heart, Southwest has set a goal to work toward achieving net zero carbon emissions by 2050. Southwest has also set near-term targets and a three-pillar strategy to achieve its environmental goals. Learn more by visiting&nbsp;<a href="https://www.southwest.com/citizenship/planet/" target="_blank"><strong>Southwest.com/planet</strong></a>.&nbsp;&nbsp;</p> <ol style="font-size: x-small;"> <li><em>Based on U.S. Dept. of Transportation quarterly Airline Origin &amp; Destination Survey since Q1 2021</em>&nbsp;</li> <li><em>Fulltime-equivalent active Employees</em></li> <li><em>1973-2019 annual profitability   </em> &nbsp;</li> </ol> <p><strong>Media Contacts:</strong>&nbsp;<br /> Visit the Southwest Newsroom at  <a href="http://www.swamedia.com/?src=PRPRPRNTRANAD10815" target="_blank">swamedia.com </a> for multimedia assets and other Company news.    &nbsp;<br />    &nbsp;<br /> Media Relations Team: 214-792-4847, option 1&nbsp;</p> <p align="center"># # # </p> Thu, 25 Jan 2024 10:45:00 +0000 /releases/southwest-airlines-reports-fourth-quarter-and-full-year-2023-results http://swamedia.com/releases/southwest-airlines-reports-fourth-quarter-and-full-year-2023-results?lang=en-US Southwest Airlines Reports Fourth Quarter and Full Year 2023 Results <p><strong>DALLAS, TEXAS &ndash; </strong><a href="https://c212.net/c/link/?t=0&amp;l=en&amp;o=4075087-1&amp;h=4213803735&amp;u=https%3A%2F%2Fwww.southwest.com%2F%3FSRC%3DIRPRQ4EARN240125&amp;a=Southwest+Airlines+Co." target="_blank" rel="nofollow">Southwest Airlines Co.</a> (NYSE: LUV) (the "Company") today reported its fourth quarter and full year 2023 financial results:</p> <ul type="disc"> <li>Fourth quarter net loss of $219 million, or $0.37 loss per diluted share</li> <li>Fourth quarter net income, excluding special items<sup>1</sup>, of $233 million, or $0.37 per diluted share</li> <li>Full year net income of $498 million, or $0.81 per diluted share</li> <li>Full year net income, excluding special items<sup>1</sup>, of $986 million, or $1.57 per diluted share</li> <li>Record fourth quarter and full year operating revenues of $6.8 billion and $26.1 billion, respectively</li> <li>Liquidity<sup>2</sup> of $12.5 billion, well in excess of debt outstanding of $8.0 billion</li> </ul> <p>Bob <span class="location">Jordan</span>, President and Chief Executive Officer, stated, "2023 was a year of significant progress. We finished the year a much stronger Company thanks to the efforts of our incredible People. We completed a comprehensive winter action plan, restored our network, reached full utilization of our fleet, delivered significant new capabilities for our Customers, and had our best fourth quarter completion factor in more than a decade. And, importantly, we have maintained the strength of our investment grade balance sheet, despite the extraordinary challenges over the past few years. Our quarterly performance was at the better end of our expectations and included fourth quarter and full year records for operating revenues and passengers. We ratified five labor agreements in 2023, and with the successful ratification of an industry-leading contract for our Pilots, we have now ratified a total of nine agreements in just over a year, providing competitive market compensation packages to our outstanding People.</p> <p>"I am very proud of our many accomplishments in 2023, but we have not yet delivered on our financial targets. As we work urgently to restore our profit margins to historical levels, we believe our 2024 plan provides a line of sight to improve our profitability year-over-year, earn our cost of capital this year, and provide significant progress towards our long-term goal to well exceed our cost of capital. Despite inflationary unit cost pressures from new labor agreements and a planned increase in aircraft maintenance, we plan to counter some of those cost pressures through strategic initiatives and already actioned network adjustments, creating operating margin<sup>3</sup> expansion, excluding special items, in 2024. We also expect to make notable progress regaining efficiencies, with planned headcount at the end of 2024 flat to down year-over-year as we slow hiring to levels below attrition. We currently expect to grow our full year 2024 available seat miles roughly 6 percent, year-over-year, all of which is carryover from 2023 network restoration related growth. So, there is no net-new additional capacity in 2024. With the restoration of our network behind us, we plan to meter growth and continue to make adjustments, including capacity adjustments if needed, as we work vigorously to hit our financial targets.</p> <p>"Our 2024 plan leverages a set of initiatives which, most importantly, includes better aligning the route network to new demand patterns. While it is early in the first quarter, these initiatives are delivering value and we expect them to contribute roughly $1.5 billion in incremental year-over-year pre-tax profits. As a result, we expect double-digit year-over-year operating revenue growth and year-over-year operating margin<sup>3</sup> expansion. We expect our current initiatives to continue to deliver beyond 2024, and we are actively working on new initiatives. We will be relentless in executing against our plans to drive financial results while enhancing our great Hospitality and delivering a reliable and more efficient operation."</p> <p><strong>Guidance and Outlook</strong></p> <p>The following tables introduce or update selected financial guidance for first quarter and full year 2024, as applicable:&nbsp;</p> <table class="table" border="1"> <tbody> <tr> <td>&nbsp;</td> <td> <p align="center"><strong>1Q 2024 Estimation&nbsp;</strong></p> </td> </tr> <tr> <td> <p align="center"><strong>RASM (a), year-over-year</strong></p> </td> <td> <p align="center"><strong>Up 2.5% to 4.5%</strong></p> </td> </tr> <tr> <td> <p align="center"><strong>ASMs (b), year-over-year</strong></p> </td> <td> <p align="center"><strong>Up ~10%</strong></p> </td> </tr> <tr> <td> <p align="center"><strong>Economic fuel costs per gallon1,4</strong></p> </td> <td> <p align="center"><strong>$2.70 to $2.80</strong></p> </td> </tr> <tr> <td> <p align="center"><strong>Fuel hedging premium expense per gallon</strong></p> </td> <td> <p align="center"><strong>$0.08</strong></p> </td> </tr> <tr> <td> <p align="center"><strong>Fuel hedging cash settlement gains per gallon</strong></p> </td> <td> <p align="center"><strong>$0.02</strong></p> </td> </tr> <tr> <td> <p align="center"><strong>ASMs per gallon (fuel efficiency)</strong></p> </td> <td> <p align="center"><strong>79 to 81</strong></p> </td> </tr> <tr> <td> <p align="center"><strong>CASM-X (c), year-over-year1,5</strong></p> </td> <td> <p align="center"><strong>Up 6% to 7%</strong></p> </td> </tr> <tr> <td> <p align="center"><strong>Scheduled debt repayments (millions)</strong></p> </td> <td> <p align="center"><strong>~$7</strong></p> </td> </tr> <tr> <td> <p align="center"><strong>Interest expense (millions)</strong></p> </td> <td> <p align="center"><strong>~$62</strong></p> </td> </tr> </tbody> </table> <table class="table" border="1"> <tbody> <tr> <td>&nbsp;</td> <td> <p align="center"><strong>2024 Estimation</strong></p> </td> </tr> <tr> <td> <p align="center"><strong>ASMs (b), year-over-year</strong></p> </td> <td> <p align="center"><strong>Up ~6%</strong></p> </td> </tr> <tr> <td> <p align="center"><strong>Economic fuel costs per gallon1,4</strong></p> </td> <td> <p align="center"><strong>$2.55 to $2.65</strong></p> </td> </tr> <tr> <td> <p align="center"><strong>Fuel hedging premium expense per gallon</strong></p> </td> <td> <p align="center"><strong>$0.07</strong></p> </td> </tr> <tr> <td> <p align="center"><strong>Fuel hedging cash settlement gains per gallon</strong></p> </td> <td> <p align="center"><strong>$0.01</strong></p> </td> </tr> <tr> <td> <p align="center"><strong>CASM-X (c), year-over-year1,5</strong></p> </td> <td> <p align="center"><strong>Up 6% to 7%</strong></p> </td> </tr> <tr> <td> <p align="center"><strong>Scheduled debt repayments (millions)</strong></p> </td> <td> <p align="center"><strong>~$29</strong></p> </td> </tr> <tr> <td> <p align="center"><strong>Interest expense (millions)</strong></p> </td> <td> <p align="center"><strong>~$249</strong></p> </td> </tr> <tr> <td> <p align="center"><strong>Aircraft (d)</strong></p> </td> <td> <p align="center"><strong>847</strong></p> </td> </tr> <tr> <td> <p align="center"><strong>Effective tax rate</strong></p> </td> <td> <p align="center"><strong>23% to 24%</strong></p> </td> </tr> <tr> <td> <p align="center"><strong>Capital spending (billions)</strong></p> </td> <td> <p align="center"><strong>$3.5 to $4.0</strong></p> </td> </tr> </tbody> </table> <p>(a) Operating revenue per available seat mile ("RASM" or "unit revenues").</p> <p>(b) Available seat miles ("ASMs" or "capacity"). The Company's flight schedule is currently published for sale through October 2, 2024. The Company currently expects second quarter 2024 capacity to increase in the range of 8 percent to 10 percent, year-over-year, and third quarter 2024 capacity to increase in the range of 3 percent to 5 percent, year-over-year.</p> <p>(c) Operating expenses per available seat mile, excluding fuel and oil expense, special items, and profitsharing ("CASM-X").</p> <p>(d) Aircraft on property, end of period. The Company currently plans for approximately 79 Boeing 737 MAX ("MAX") aircraft deliveries and 49 aircraft retirements in 2024, including 45 Boeing 737-700s ("-700") and four Boeing 737-800s ("-800"). The delivery schedule for the 737-7 ("-7") is dependent on the Federal Aviation Administration ("FAA") issuing required certifications and approvals to The Boeing Company ("Boeing") and the Company. The FAA will ultimately determine the timing of the -7 certification and entry into service, and Boeing may continue to experience supply chain challenges, so the Company offers no assurances that current estimations and timelines will be met.</p> <p><strong>Revenue Results and Outlook:</strong></p> <ul> <li>Fourth quarter 2023 operating revenues were a fourth quarter record $6.8 billion, a 10.5 percent increase, year-over-year</li> <li>Full year 2023 operating revenues were a record $26.1 billion, a 9.6 percent increase, year-over-year</li> <li>Fourth quarter 2023 RASM decreased 8.9 percent, year-over-year&mdash;better than the Company's previous guidance range due to higher-than-expected close-in bookings and continued yield strength</li> </ul> <p>The Company had record fourth quarter and full year 2023 revenue performance due to healthy leisure demand and continued yield strength, especially during the holiday time periods,coupled with record fourth quarter ancillary revenue, loyalty program revenue, and passengers carried. Close-in bookings, including managed business bookings, performed at the better end of expectations in November and December, driving fourth quarter unit revenues to outperform the Company's previous guidance range.</p> <p>The Company expects first quarter 2024 RASM to increase in the range of 2.5 percent to 4.5 percent, year-over-year. This increase includes an approximate five point tailwind due to the negative revenue impact incurred in first quarter 2023 associated with the December 2022 operational disruption. Sequentially, the performance represents a healthy improvement driven primarily by network optimization, market share contributions from the Company's Global Distribution System ("GDS") initiative, growth in the Rapid Rewards<sup>&reg;</sup>loyalty program, and continued strength in overall demand. The network optimization is materially complete with the March 2024 schedule, at which point the Company expects a return to profitability.</p> <p>After finalizing its 2024 plan, the Company now expects the combination of its network optimization efforts, the continued maturation of its development markets, and the incremental benefit of new and existing strategic initiatives to support 2024 operating margin<sup>3</sup>expansion, excluding special items, driven by double-digit operating revenue growth, year-over-year, and lower market jet fuel prices, year-over-year. The Company also believes its 2024 plan provides a line of sight to earn its weighted average cost of capital ("WACC") this year, and provides significant progress towards its long-term goal to consistently achieve after-tax return on invested capital ("ROIC")<sup>6</sup>well above the Company's WACC.</p> <p><strong>Fuel Costs and Outlook:</strong></p> <ul type="disc"> <li>Fourth quarter 2023 economic fuel costs were $3.00 per gallon<sup>1</sup>&mdash;at the lower end of the Company's previous expectations&mdash;and included $0.05 per gallon in premium expense and $0.12 per gallon in favorable cash settlements from fuel derivative contracts</li> <li>Full year 2023 economic fuel costs were $2.89 per gallon<sup>1</sup>&mdash;in line with previous guidance&mdash;and included $0.06 per gallon in premium expense and $0.12 per gallon in favorable cash settlements from fuel derivative contracts</li> <li>Fourth quarter 2023 fuel efficiency improved 4.0 percent, year-over-year, primarily due to more Boeing 737-8 ("-8") aircraft, the Company's most fuel-efficient aircraft, as a percentage of its fleet</li> <li>As of January 17, 2024, the fair market value of the Company's fuel derivative contracts settling in 2024 through the end of 2026 was an asset of $252 million</li> </ul> <p>The Company's multi-year fuel hedging program continues to provide insurance against spikes in energy prices.The Company's current fuel derivative contracts contain a combination of instruments based on West Texas Intermediate and Brent crude oil. The economic fuel price per gallon sensitivities<sup>4</sup>provided in the table below assume the relationship between Brent crude oil and refined products based on market prices as ofJanuary17, 2024.</p> <table class="table" border="1"> <tbody> <tr> <td>&nbsp;</td> <td class="prngen3" colspan="6" rowspan="1" nowrap="nowrap"> <p align="center"><span class="prnews_span"><strong><span class="prnews_span">Estimated economic fuel price per gallon,<br />including taxes and fuel hedging premiums</span></strong></span></p> </td> </tr> <tr> <td> <p align="center"><span class="prnews_span"><strong><span class="prnews_span">Average Brent Crude Oil<br />price per barrel</span></strong></span></p> </td> <td class="prngen5" colspan="3" rowspan="1" nowrap="nowrap"> <p align="center"><span class="prnews_span"><strong><span class="prnews_span">1Q 2024</span></strong></span></p> </td> <td class="prngen5" colspan="3" rowspan="1" nowrap="nowrap"> <p align="center"><span class="prnews_span"><strong>2024</strong></span></p> </td> </tr> <tr> <td> <p align="center"><span class="prnews_span">$60</span></p> </td> <td class="prngen5" colspan="3" rowspan="1" nowrap="nowrap"> <p align="center"><span class="prnews_span">$2.15 to $2.25</span></p> </td> <td class="prngen5" colspan="3" rowspan="1" nowrap="nowrap"> <p align="center"><span class="prnews_span">$2.10 to $2.20</span></p> </td> </tr> <tr> <td> <p align="center"><span class="prnews_span">$70</span></p> </td> <td class="prngen5" colspan="3" rowspan="1" nowrap="nowrap"> <p align="center"><span class="prnews_span">$2.50 to $2.60</span></p> </td> <td class="prngen5" colspan="3" rowspan="1" nowrap="nowrap"> <p align="center"><span class="prnews_span">$2.40 to $2.50</span></p> </td> </tr> <tr> <td> <p align="center"><span class="prnews_span"><strong><span class="prnews_span">Current market (a)</span></strong></span></p> </td> <td class="prngen5" colspan="3" rowspan="1" nowrap="nowrap"> <p align="center"><span class="prnews_span"><strong><span class="prnews_span">$2.70 to $2.80</span></strong></span></p> </td> <td class="prngen5" colspan="3" rowspan="1" nowrap="nowrap"> <p align="center"><span class="prnews_span"><strong><span class="prnews_span">$2.55 to $2.65</span></strong></span></p> </td> </tr> <tr> <td> <p align="center"><span class="prnews_span">$80</span></p> </td> <td class="prngen5" colspan="3" rowspan="1" nowrap="nowrap"> <p align="center"><span class="prnews_span">$2.80 to $2.90</span></p> </td> <td class="prngen5" colspan="3" rowspan="1" nowrap="nowrap"> <p align="center"><span class="prnews_span">$2.70 to $2.80</span></p> </td> </tr> <tr> <td> <p align="center"><span class="prnews_span">$90</span></p> </td> <td class="prngen5" colspan="3" rowspan="1" nowrap="nowrap"> <p align="center"><span class="prnews_span">$3.10 to $3.20</span></p> </td> <td class="prngen5" colspan="3" rowspan="1" nowrap="nowrap"> <p align="center"><span class="prnews_span">$3.00 to $3.10</span></p> </td> </tr> <tr> <td> <p align="center"><span class="prnews_span">$100</span></p> </td> <td class="prngen5" colspan="3" rowspan="1" nowrap="nowrap"> <p align="center"><span class="prnews_span">$3.35 to $3.45</span></p> </td> <td class="prngen5" colspan="3" rowspan="1" nowrap="nowrap"> <p align="center"><span class="prnews_span">$3.25 to $3.35</span></p> </td> </tr> <tr> <td> <p align="center"><span class="prnews_span"><strong><span class="prnews_span">Fair market value of<br />fuel derivative contracts settling in period</span></strong></span></p> </td> <td class="prngen5" colspan="3" rowspan="1" nowrap="nowrap"> <p align="center"><span class="prnews_span"><strong><span class="prnews_span">$12 million</span></strong></span></p> </td> <td class="prngen5" colspan="3" rowspan="1" nowrap="nowrap"> <p align="center"><span class="prnews_span"><strong><span class="prnews_span">$86 million</span></strong></span></p> </td> </tr> <tr> <td> <p align="center"><span class="prnews_span"><strong><span class="prnews_span">Estimated premium costs</span></strong></span></p> </td> <td class="prngen5" colspan="3" rowspan="1" nowrap="nowrap"> <p align="center"><span class="prnews_span"><strong><span class="prnews_span">$39 million</span></strong></span></p> </td> <td class="prngen5" colspan="3" rowspan="1" nowrap="nowrap"> <p align="center"><span class="prnews_span"><strong><span class="prnews_span">$158 million</span></strong></span></p> </td> </tr> </tbody> </table> <p>(a) Brent crude oil average market prices as of January 17, 2024, were $77 and $76 per barrel for first quarter and full year 2024, respectively.</p> <p>In addition, the Company is providing its maximum percentage of estimated fuel consumption<sup>7</sup> covered by fuel derivative contracts in the following table:</p> <table class="table" border="1"> <tbody> <tr> <td> <p align="center"><strong>Period</strong></p> </td> <td> <p align="center"><strong>Maximum fuel hedged percentage (a)</strong></p> </td> </tr> <tr> <td> <p align="center"><strong>2024</strong></p> </td> <td> <p align="center">57%</p> </td> </tr> <tr> <td> <p align="center"><strong>2025</strong></p> </td> <td> <p align="center">46%</p> </td> </tr> <tr> <td> <p align="center"><strong>2026</strong></p> </td> <td> <p align="center">18%</p> </td> </tr> </tbody> </table> <p>(a) Based on the Company's current available seat mile plans. The Company is currently 60 percent hedged in first quarter 2024, 55 percent hedged in second quarter 2024, and 56 percent hedged in second half 2024.</p> <p><strong>Non-Fuel Costs and Outlook:</strong></p> <ul type="disc"> <li>Fourth quarter 2023 operating expenses increased 9.5 percent, year-over-year, to $7.2 billion</li> <li>Fourth quarter 2023 operating expenses, excluding fuel and oil expense, special items, and profitsharing<sup>1</sup>, decreased 0.7 percent, year-over-year</li> <li>Fourth quarter 2023 CASM-X decreased 18.1 percent, year-over-year, and full year 2023 CASM-X decreased 1.2 percent, year-over-year&mdash;both in line with previous expectations</li> <li>Accrued $118 million of profitsharing expense for 2023 for the benefit of Employees</li> </ul> <p>The Company's fourth quarter 2023 CASM-X decreased 18.1 percent, year-over-year, primarily due to the elevated operating expenses and lower capacity levels in fourth quarter 2022 as a result of the December 2022 operational disruption. This unit cost decrease was partially offset by year-over-year general inflationary cost pressures, including higher labor rates for all Employee workgroups, as well as the timing of planned maintenance expenses.</p> <p>The Company's fourth quarter 2023 results included an approximate $426million operating expense driven by an increase in the ratification bonus for Pilots as part of the new contract with the Southwest Airlines Pilots' Association ("SWAPA"). The $426 million change in estimate relates to prior periods and was, therefore, treated as a special item in the Company's fourth quarter 2023 Non-GAAP financial results. Of the $426 million change in estimate, $54 million relates to first quarter 2023, $24 million relates to second quarter 2023, $30 million relates to third quarter 2023, and the remaining $318 million relates to periods prior to 2023. As a result, only the $318 million relating to periods prior to 2023 was treated as a special item in the Company's full year 2023 Non-GAAP financial results. The change in estimate recorded in fourth quarter 2023 represents the Company's best current estimate with regards to the final ratification bonus that is due to be paid to each eligible Pilot, as determined as of the agreement ratification date of January 22, 2024. The process to determine the exact amount due to each Pilot, which must also be reconciled with and approved by SWAPA, is complex as it takes into account items that are inherently difficult to estimate. Therefore, the amount is subject to change.</p> <p>Full year 2023 net interest income, which is included in Other expenses (income), increased $431 million, year-over-year, primarily due to a $366 million increase in interest income driven by higher interest rates, coupled with an $81 million decrease in interest expense driven by various debt repurchases and repayments throughout 2022.</p> <p>The Company's 2023 effective tax rate was 26.3 percent, approximately three points higher than the Company's expectations primarily due to the tax impact of the settlement reached with the Department of Transportation ("DOT") regarding the December 2022 operational disruption. The Company currently estimates its 2024 effective tax rate to be in the range of 23 percent to 24 percent.</p> <p>The Company currently expects its first quarter 2024 CASM-X to increase in the range of 6 percent to 7 percent, year-over-year. Approximately three to four points of the increase are driven by higher 2024 market wage rate accruals for Employee workgroups with open agreements and for overall 2024 labor cost increases, including the wage rate increases and agreed-upon work rule changes associated with the recently ratified Pilot contract. The majority of the remaining increase is driven by year-over-year pressure from maintenance expenses.</p> <p>Furthermore, the Company currently expects similar cost pressures throughout the year, driving 2024 CASM-X to increase in the range of 6 percent to 7 percent, year-over-year. Specifically, the Company expects approximately four to five points of the increase to be driven by higher year-over-year labor costs, and approximately two points of the increase to be driven by higher year-over-year maintenance expenses. Progressing through the year, the Company's focus will be on regaining efficiencies to help counter inflationary cost pressures. To this end, the Company plans to end the year with headcount in the range of flat to down on a year-over-year basis.</p> <p><strong>Capacity, Fleet, and Capital Spending:</strong></p> <p>The Company's fourth quarter 2023 capacity increased 21.4 percent, and full year 2023 capacity increased 14.7 percent, both year-over-year. The Company's flight schedule is currently published for sale through October 2, 2024. In light of the Company's efforts to finalize its 2024 plans and moderate capacity growth, the Company now expects first quarter 2024 capacity to increase approximately 10 percent; second quarter 2024 capacity to increase in the range of 8 percent to 10 percent; third quarter 2024 capacity to increase in the range of 3 percent to 5 percent; and full year 2024 capacity to increase approximately 6 percent, all year-over-year. Planned ASM growth in the second half of the year is driven by an expected increase in average aircraft trip stage length with both seats and trips flown expected to be down, year-over-year, in the third and fourth quarters of 2024. The Company continues to plan for capacity growth beyond 2024 in the low- to mid-single-digits, year-over-year. However, the Company will continue to evaluate plans based on progress made against its long-term financial goals.</p> <p>The Company received 17 -8 aircraft during fourth quarter 2023, including one more -8 aircraft delivery than previously planned, for a total of 86 -8 aircraft deliveries in 2023, compared with previous guidance of 85 -8 aircraft. The Company ended 2023 with 817 aircraft, which reflected 39 -700 aircraft retirements, compared with its previous guidance of 41 retirements, due to shifting two -700 retirements into 2024.</p> <p>The Company is currently planning for approximately 79 MAX aircraft deliveries in 2024, which differs from its contractual order book displayed in the table below due to Boeing's continued supply chain challenges and the current status of the -7 certification. The Company plans to retire approximately 49 aircraft, including 45 -700s and four -800s, ending 2024 with roughly 847 aircraft in its fleet. The Company's current capacity plans do not assume placing the -7 in service this year and is subject to Boeing's productioncapability.</p> <p>The Company's full year 2023 capital expenditures were $3.5billion, in line with the Company's previous guidance. The Company estimates its 2024 capital spending to be in the range of $3.5 billion to $4.0 billion, which includes approximately $2.2 billion in aircraft capital spending and $1.6 billion in non-aircraft capital spending. Including both capital spending and operating expense budgets, the Company currently expects to spend approximately $1.7 billion in 2024 on technology investments, upgrades, and system maintenance. The Company currently estimates its average annual capital spending to be approximately $4 billion through 2027 and will continue to evaluate this level of capital spending based on the Company's performance compared with its long-term financial goals.</p> <p>Since the previous financial results release on October 26, 2023, the Company exercised eight -7 options for delivery in 2025. Additionally, the Company accelerated one 2024 -8 firm order into 2023, converted and shifted three 2025 -7 firm orders to three 2024 -8 firm orders, and shifted an additional three 2025 -8 firm orders into 2024, resulting in 85 2024 contractual MAX aircraft deliveries (27 -7s and 58 -8s). The following tables provide further information regarding the Company's contractual order book and compare its contractual order book as of January 25, 2024, with its previous order book as of October 26, 2023.</p> <p><strong>Current 737 Contractual Order Book as of January 25, 2024:</strong></p> <table class="table" border="1"> <tbody> <tr> <td colspan="8" valign="bottom"> <p align="center"><strong>The Boeing Company</strong></p> </td> </tr> <tr> <td valign="bottom">&nbsp;</td> <td valign="bottom"> <p align="center"><strong>-7 Firm Orders</strong></p> </td> <td valign="bottom"> <p>&nbsp;</p> </td> <td valign="bottom"> <p align="center"><strong>-8 Firm Orders</strong></p> </td> <td valign="bottom"> <p>&nbsp;</p> </td> <td valign="bottom"> <p align="center"><strong>-7 or -8 Options</strong></p> </td> <td valign="bottom"> <p align="center"><strong>Total</strong></p> </td> <td valign="bottom"> <p>&nbsp;</p> </td> </tr> <tr> <td valign="bottom"> <p>2024</p> </td> <td valign="bottom"> <p align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27</p> </td> <td valign="bottom"> <p>&nbsp;</p> </td> <td valign="bottom"> <p align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58</p> </td> <td valign="bottom"> <p>&nbsp;</p> </td> <td valign="bottom"> <p align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &mdash;</p> </td> <td valign="bottom"> <p align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85</p> </td> <td valign="bottom"> <p><strong>(c)</strong></p> </td> </tr> <tr> <td valign="bottom"> <p>2025</p> </td> <td valign="bottom"> <p align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59</p> </td> <td valign="bottom"> <p>&nbsp;</p> </td> <td valign="bottom"> <p align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &mdash;</p> </td> <td valign="bottom"> <p>&nbsp;</p> </td> <td valign="bottom"> <p align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15</p> </td> <td valign="bottom"> <p align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74</p> </td> <td valign="bottom"> <p>&nbsp;</p> </td> </tr> <tr> <td valign="bottom"> <p>2026</p> </td> <td valign="bottom"> <p align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59</p> </td> <td valign="bottom"> <p>&nbsp;</p> </td> <td valign="bottom"> <p align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &mdash;</p> </td> <td valign="bottom"> <p>&nbsp;</p> </td> <td valign="bottom"> <p align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26</p> </td> <td valign="bottom"> <p align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85</p> </td> <td valign="bottom"> <p>&nbsp;</p> </td> </tr> <tr> <td valign="bottom"> <p>2027</p> </td> <td valign="bottom"> <p align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19</p> </td> <td valign="bottom"> <p>&nbsp;</p> </td> <td valign="bottom"> <p align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46</p> </td> <td valign="bottom"> <p>&nbsp;</p> </td> <td valign="bottom"> <p align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25</p> </td> <td valign="bottom"> <p align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90</p> </td> <td valign="bottom"> <p>&nbsp;</p> </td> </tr> <tr> <td valign="bottom"> <p>2028</p> </td> <td valign="bottom"> <p align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15</p> </td> <td valign="bottom"> <p>&nbsp;</p> </td> <td valign="bottom"> <p align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50</p> </td> <td valign="bottom"> <p>&nbsp;</p> </td> <td valign="bottom"> <p align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25</p> </td> <td valign="bottom"> <p align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90</p> </td> <td valign="bottom"> <p>&nbsp;</p> </td> </tr> <tr> <td valign="bottom"> <p>2029</p> </td> <td valign="bottom"> <p align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38</p> </td> <td valign="bottom"> <p>&nbsp;</p> </td> <td valign="bottom"> <p align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34</p> </td> <td valign="bottom"> <p>&nbsp;</p> </td> <td valign="bottom"> <p align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18</p> </td> <td valign="bottom"> <p align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90</p> </td> <td valign="bottom"> <p>&nbsp;</p> </td> </tr> <tr> <td valign="bottom"> <p>2030</p> </td> <td valign="bottom"> <p align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45</p> </td> <td valign="bottom"> <p>&nbsp;</p> </td> <td valign="bottom"> <p align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &mdash;</p> </td> <td valign="bottom"> <p>&nbsp;</p> </td> <td valign="bottom"> <p align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45</p> </td> <td valign="bottom"> <p align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90</p> </td> <td valign="bottom"> <p>&nbsp;</p> </td> </tr> <tr> <td valign="bottom"> <p>2031</p> </td> <td valign="bottom"> <p align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45</p> </td> <td valign="bottom"> <p>&nbsp;</p> </td> <td valign="bottom"> <p align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &mdash;</p> </td> <td valign="bottom"> <p>&nbsp;</p> </td> <td valign="bottom"> <p align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45</p> </td> <td valign="bottom"> <p align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90</p> </td> <td valign="bottom"> <p>&nbsp;</p> </td> </tr> <tr> <td valign="bottom"> <p>&nbsp;</p> </td> <td valign="bottom"> <p align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 307</p> </td> <td valign="bottom"> <p align="center"><strong>(a)</strong></p> </td> <td valign="bottom"> <p align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 188</p> </td> <td valign="bottom"> <p align="center"><strong>(b)</strong></p> </td> <td valign="bottom"> <p align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 199</p> </td> <td valign="bottom"> <p align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 694</p> </td> <td valign="bottom"> <p>&nbsp;</p> </td> </tr> </tbody> </table> <p>&nbsp;</p> <p><span class="prnews_span">(a) The delivery timing for the -7 is dependent on the FAA issuing required certifications and approvals to Boeing and the Company. The FAA will ultimately determine the timing of the -7 certification and entry into service, and the Company therefore offers no assurances that current estimations and timelines are correct.</span></p> <p><span class="prnews_span">(b) The Company has flexibility to designate firm orders or options as -7s or -8s, upon written advance notification as stated in the contract.</span></p> <p><span class="prnews_span">(c) The Company currently plans for approximately 79 MAX aircraft deliveries in 2024.</span></p> <table class="table" border="1"> <tbody> <tr> <td colspan="11"> <p align="center"><strong style="text-align: center;">Previous 737 Order Book as of October 26, 2023 (a):</strong></p> </td> </tr> <tr> <td class="prngen6" colspan="11"> <p align="center"><strong>The Boeing Company</strong></p> </td> </tr> <tr> <td class="prngen2" colspan="3" rowspan="1">&nbsp;</td> <td class="prngen4" colspan="2" rowspan="1" align="center"> <p align="center"><span class="prnews_span"><strong><span class="prnews_span">-7 Firm Orders</span></strong></span></p> </td> <td class="prngen4" colspan="2" rowspan="1" align="center"> <p align="center"><span class="prnews_span"><strong><span class="prnews_span">-8 Firm Orders</span></strong></span></p> </td> <td class="prngen4" colspan="2" rowspan="1" align="center"> <p align="center"><span class="prnews_span"><strong><span class="prnews_span">-7 or -8 Options</span></strong></span></p> </td> <td class="prngen6" colspan="2" rowspan="1" align="center"> <p align="center"><span class="prnews_span"><strong><span class="prnews_span">Total</span></strong></span></p> </td> </tr> <tr> <td class="prngen2" colspan="3" rowspan="1"> <p align="center"><span class="prnews_span">2023</span></p> </td> <td class="prngen20" colspan="2" rowspan="1" align="center"> <p align="center"><span class="prnews_span">&mdash;</span></p> </td> <td class="prngen20" colspan="2" rowspan="1" align="center"> <p align="center"><span class="prnews_span">85</span></p> </td> <td class="prngen20" colspan="2" rowspan="1" align="center"> <p align="center"><span class="prnews_span">&mdash;</span></p> </td> <td class="prngen20" colspan="2" rowspan="1" align="center"> <p align="center"><span class="prnews_span">85</span></p> </td> </tr> <tr> <td class="prngen2" colspan="3" rowspan="1"> <p align="center"><span class="prnews_span">2024</span></p> </td> <td class="prngen2" colspan="2" rowspan="1" align="center"> <p align="center"><span class="prnews_span">27</span></p> </td> <td class="prngen2" colspan="2" rowspan="1" align="center"> <p align="center"><span class="prnews_span">53</span></p> </td> <td class="prngen2" colspan="2" rowspan="1" align="center"> <p align="center"><span class="prnews_span">&mdash;</span></p> </td> <td class="prngen2" colspan="2" rowspan="1" align="center"> <p align="center"><span class="prnews_span">80</span></p> </td> </tr> <tr> <td class="prngen2" colspan="3" rowspan="1"> <p align="center"><span class="prnews_span">2025</span></p> </td> <td class="prngen2" colspan="2" rowspan="1" align="center"> <p align="center"><span class="prnews_span">54</span></p> </td> <td class="prngen2" colspan="2" rowspan="1" align="center"> <p align="center"><span class="prnews_span">3</span></p> </td> <td class="prngen2" colspan="2" rowspan="1" align="center"> <p align="center"><span class="prnews_span">23</span></p> </td> <td class="prngen2" colspan="2" rowspan="1" align="center"> <p align="center"><span class="prnews_span">80</span></p> </td> </tr> <tr> <td class="prngen2" colspan="3" rowspan="1"> <p align="center"><span class="prnews_span">2026</span></p> </td> <td class="prngen2" colspan="2" rowspan="1" align="center"> <p align="center"><span class="prnews_span">59</span></p> </td> <td class="prngen2" colspan="2" rowspan="1" align="center"> <p align="center"><span class="prnews_span">&mdash;</span></p> </td> <td class="prngen2" colspan="2" rowspan="1" align="center"> <p align="center"><span class="prnews_span">26</span></p> </td> <td class="prngen2" colspan="2" rowspan="1" align="center"> <p align="center"><span class="prnews_span">85</span></p> </td> </tr> <tr> <td class="prngen2" colspan="3" rowspan="1"> <p align="center"><span class="prnews_span">2027</span></p> </td> <td class="prngen2" colspan="2" rowspan="1" align="center"> <p align="center"><span class="prnews_span">19</span></p> </td> <td class="prngen2" colspan="2" rowspan="1" align="center"> <p align="center"><span class="prnews_span">46</span></p> </td> <td class="prngen2" colspan="2" rowspan="1" align="center"> <p align="center"><span class="prnews_span">25</span></p> </td> <td class="prngen2" colspan="2" rowspan="1" align="center"> <p align="center"><span class="prnews_span">90</span></p> </td> </tr> <tr> <td class="prngen2" colspan="3" rowspan="1"> <p align="center"><span class="prnews_span">2028</span></p> </td> <td class="prngen2" colspan="2" rowspan="1" align="center"> <p align="center"><span class="prnews_span">15</span></p> </td> <td class="prngen2" colspan="2" rowspan="1" align="center"> <p align="center"><span class="prnews_span">50</span></p> </td> <td class="prngen2" colspan="2" rowspan="1" align="center"> <p align="center"><span class="prnews_span">25</span></p> </td> <td class="prngen2" colspan="2" rowspan="1" align="center"> <p align="center"><span class="prnews_span">90</span></p> </td> </tr> <tr> <td class="prngen2" colspan="3" rowspan="1"> <p align="center"><span class="prnews_span">2029</span></p> </td> <td class="prngen2" colspan="2" rowspan="1" align="center"> <p align="center"><span class="prnews_span">38</span></p> </td> <td class="prngen2" colspan="2" rowspan="1" align="center"> <p align="center"><span class="prnews_span">34</span></p> </td> <td class="prngen2" colspan="2" rowspan="1" align="center"> <p align="center"><span class="prnews_span">18</span></p> </td> <td class="prngen2" colspan="2" rowspan="1" align="center"> <p align="center"><span class="prnews_span">90</span></p> </td> </tr> <tr> <td class="prngen2" colspan="3" rowspan="1"> <p align="center"><span class="prnews_span">2030</span></p> </td> <td class="prngen2" colspan="2" rowspan="1" align="center"> <p align="center"><span class="prnews_span">45</span></p> </td> <td class="prngen2" colspan="2" rowspan="1" align="center"> <p align="center"><span class="prnews_span">&mdash;</span></p> </td> <td class="prngen2" colspan="2" rowspan="1" align="center"> <p align="center"><span class="prnews_span">45</span></p> </td> <td class="prngen2" colspan="2" rowspan="1" align="center"> <p align="center"><span class="prnews_span">90</span></p> </td> </tr> <tr> <td class="prngen2" colspan="3" rowspan="1"> <p align="center"><span class="prnews_span">2031</span></p> </td> <td class="prngen2" colspan="2" rowspan="1" align="center"> <p align="center"><span class="prnews_span">45</span></p> </td> <td class="prngen2" colspan="2" rowspan="1" align="center"> <p align="center"><span class="prnews_span">&mdash;</span></p> </td> <td class="prngen2" colspan="2" rowspan="1" align="center"> <p align="center"><span class="prnews_span">45</span></p> </td> <td class="prngen2" colspan="2" rowspan="1" align="center"> <p align="center"><span class="prnews_span">90</span></p> </td> </tr> <tr> <td class="prngen2" colspan="3" rowspan="1">&nbsp;</td> <td class="prngen21" colspan="2" rowspan="1" align="center"> <p align="center"><span class="prnews_span">302</span></p> </td> <td class="prngen21" colspan="2" rowspan="1" align="center"> <p align="center"><span class="prnews_span">271</span></p> </td> <td class="prngen21" colspan="2" rowspan="1" align="center"> <p align="center"><span class="prnews_span">207</span></p> </td> <td class="prngen21" colspan="2" rowspan="1" align="center"> <p align="center"><span class="prnews_span">780</span></p> </td> </tr> </tbody> </table> <p>(a) The 'Previous 737 Order Book' is for reference and comparative purposes only. It should no longer be relied upon. See 'Current 737 Contractual Order Book' for the Company's current aircraft order book.</p> <p><strong>Liquidity and Capital Deployment:</strong></p> <ul type="disc"> <li>The Company ended 2023 with $11.5 billion in cash and cash equivalents and short-term investments, and a fully available revolving credit line of $1.0 billion</li> <li>The Company continues to have a large base of unencumbered assets with a net book value of approximately $17.3 billion, including $14.5 billion in aircraft value and $2.8 billion in non-aircraft assets such as spare engines, ground equipment, and real estate</li> <li>The Company had a net cash position<sup>8</sup> of $3.5 billion, and adjusted debt to invested capital ("leverage")<sup>9</sup> of 46 percent as of December 31, 2023</li> <li>The Company returned $428 million to its Shareholders through the payment of dividends during 2023</li> <li>The Company paid $85 million during 2023 to retire debt and finance lease obligations, including the retirement of $53 million in principal related to lease buyout transactions and $32 million related to scheduled lease payments</li> </ul> <p><strong>Awards and Recognitions:</strong></p> <ul type="disc"> <li>Named to FORTUNE's list of World's Most Admired&reg; Companies; ranked #23 overall and #3 on the airline industry list</li> <li>Received the 2023 Freddie Awards title of Best Customer Service (Airline): Southwest Rapid Rewards&trade;</li> <li>Recognized for providing the Best Loyalty Credit Card by the 2023 Freddie Awards for the Southwest Rapid Rewards&trade; Premier Credit Card</li> <li>Named the #2 domestic airline by the 2023 Elliot Readers' Choice Awards</li> <li>Ranked #2 on the Business Travel News (BTN) 2023 Airline Survey; only carrier on the survey to receive an increased total score two years in a row</li> <li>Named to Glassdoor's Best Places to Work list for the 14th consecutive year</li> <li>Recognized by Newsweek as one of America's Greatest Workplaces for Diversity 2023</li> <li>Recognized by Newsweek as one of America's Greatest Workplaces for Women</li> <li>Designated a 2023 Military Friendly Company by Viqtory</li> <li>Designated one of the 25 Best Companies for Latinos to Work 2023 by Latino Leaders Magazine</li> <li>Named a Best Place to Work for Disability Inclusion after achieving a top score on Disability:IN's 2023 Disability Equality Index</li> <li>Named a 2023 Sustainability, Environmental Achievement, and Leadership ("SEAL") Business Awards winner in the Environmental Initiative category for the Company's investment in SAFFiRE Renewables, LLC</li> <li>Recognized in D CEO Magazine 2023 Nonprofit &amp; Corporate Citizenship Awards in the Sustainability Leadership category</li> </ul> <p><strong>Environmental, Social, and Governance (ESG):</strong></p> <ul type="disc"> <li>Published the Company's annual corporate social responsibility and environmental sustainability report&mdash;the Southwest Airlines One Report&mdash;a comprehensive, integrated report that includes information on the Company's Citizenship efforts and key topics including People, Performance, and Planet, along with reporting guided by the Global Reporting Initiatives ("GRI") Standards, Sustainability Accounting Standards Board ("SASB"), United Nations Sustainable Development Goals ("UNSDG"), and the Task Force on Climate-Related Financial Disclosures ("TCFD") frameworks</li> <li>Published the Southwest Airlines Diversity, Equity, &amp; Inclusion ("DEI") Report, a companion piece to the One Report. This comprehensive report is focused on the Company's current DEI priorities and path forward</li> <li>Announced an updated sustainability strategy, Nonstop to Net Zero, and new environmental sustainability goals on the Company's path toward net zero carbon emissions by 2050</li> <li>Announced an offtake agreement with <span class="location">USA</span> BioEnergy, LLC, for up to 680 million gallons of neat sustainable aviation fuel ("SAF")</li> <li>Launched a new tool enabling eligible corporate Customers to support the growth of SAF through Southwest Business Assist&trade;</li> <li>Published a Supplier Code of Conduct and began integrating sustainability questions in the Company's request for proposal process with its suppliers</li> <li>Began partnering with EcoVadis, a sustainability ratings platform for global supply chains, to increase the transparency and measure the impact of the Company's supply chain</li> <li>Awarded 17 scholarships for a total commitment of $290,000 over four years to the 2023 Southwest Airlines Scholarship Program recipients</li> <li>Awarded 185 students four round trip tickets through the &iexcl;L&aacute;nzate!/Take Off! Higher Education Travel Award Program to stay connected with their loved ones and community while pursuing higher education</li> <li>Announced collaboration with Boeing, the National Aeronautics and Space Administration ("NASA"), and other <span class="location">U.S.</span> airlines to advise the Sustainable Flight Demonstrator ("SFD") project and development of the X-66A research aircraft</li> <li>Celebrated the 25th anniversary of the award-winning Adopt-A-Pilot&reg; Program. This program has inspired thousands of fifth graders through science, technology, engineering, and mathematics ("STEM")-centered activities, connecting Southwest Pilots with classrooms to engage students in aviation-related lessons</li> <li>Announced Baylor University, Louisiana Tech, Middle Tennessee State University, and Oklahoma State University as university partners and Clay Lacy and Thrive Aviation as program partners in the airline's First Officer development and recruitment program: Destination 225&ordm;</li> <li>Visit southwest.com/citizenship for more details about the Company's ongoing ESG efforts</li> </ul> <p><strong>Conference Call</strong></p> <p>The Company will discuss its fourth quarter and full year 2023 results on a conference call at 12:30 p.m. Eastern Time today. To listen to a live broadcast of the conference call please go to<br /><a href="https://c212.net/c/link/?t=0&amp;l=en&amp;o=4075087-1&amp;h=3779096990&amp;u=https%3A%2F%2Fwww.southwestairlinesinvestorrelations.com%2F&amp;a=www.southwestairlinesinvestorrelations.com" target="_blank" rel="nofollow"><strong><span style="text-decoration: underline;">www.southwestairlinesinvestorrelations.com</span></strong></a><strong>.</strong></p> <p><strong>Footnotes</strong></p> <ol style="font-size: x-small;"> <li>See Note Regarding Use of Non-GAAP Financial Measures for additional information on special items. In addition, information regarding special items and economic results is included in the accompanying table Reconciliation of Reported Amounts to Non-GAAP Items (also referred to as "excluding special items").</li> <li>Includes $11.5 billion in cash and cash equivalents and short-term investments, and a fully available revolving credit line of $1.0 billion.</li> <li>Operating margin, excluding special items, is calculated as operating income, excluding special items, divided by operating revenues. Projections do not reflect the potential impact of special items because the Company cannot reliably predict or estimate those items or expenses or their impact to its financial statements in future periods. Accordingly, the Company believes reconciliation of non-GAAP financial measures to the equivalent GAAP financial measures for these projected results is not meaningful or available without unreasonable effort.</li> <li>Based on the Company's existing fuel derivative contracts and market prices as of January 17, 2024, first quarter and full year 2024 economic fuel costs per gallon are estimated to be in the range of $2.70 to $2.80 and $2.55 to $2.65, respectively. Economic fuel cost projections do not reflect the potential impact of special items because the Company cannot reliably predict or estimate the hedge accounting impact associated with the volatility of the energy markets, or the impact to its financial statements in future periods. Accordingly, the Company believes a reconciliation of non-GAAP financial measures to the equivalent GAAP financial measures for projected results is not meaningful or available without unreasonable effort. See Note Regarding Use of Non-GAAP Financial Measures.</li> <li>Projections do not reflect the potential impact of fuel and oil expense, special items, and profitsharing because the Company cannot reliably predict or estimate those items or expenses or their impact to its financial statements in future periods, especially considering the significant volatility of the fuel and oil expense line item. Accordingly, the Company believes a reconciliation of non-GAAP financial measures to the equivalent GAAP financial measures for these projected results is not meaningful or available without unreasonable effort.</li> <li>See Note Regarding Use of Non-GAAP Financial Measures for additional information on ROIC. In addition, information regarding ROIC and economic results is included in the accompanying table Non-GAAP Return on Invested Capital (ROIC).</li> <li>The Company's maximum fuel hedged percentage is calculated using the maximum number of gallons that are covered by derivative contracts divided by the Company's estimate of total fuel gallons to be consumed for each respective period. The Company's maximum number of gallons that are covered by derivative contracts may be at different strike prices and at strike prices materially higher than the current market prices. The volume of gallons covered by derivative contracts that ultimately get exercised in any given period may vary significantly from the volumes used to calculate the Company's maximum fuel hedged percentages, as market prices and the Company's fuel consumption fluctuate.</li> <li>Net cash position is calculated as the sum of cash and cash equivalents and short-term investments, less the sum of short-term and long-term debt.</li> <li>See Note Regarding Use of Non-GAAP Financial Measures for an explanation of the Company's leverage calculation.</li> </ol> <p><strong>Cautionary Statement Regarding Forward-Looking Statements</strong></p> <p style="font-size: x-small;">This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Specific forward-looking statements include, without limitation, statements related to (i) the Company's financial and operational outlook, expectations, goals, plans, and projected results of operations, including with respect to its network adjustment and optimization efforts and the maturation of development markets, and including factors and assumptions underlying the Company's expectations and projections; (ii) the Company's plans and expectations with respect to aircraft maintenance; (iii) the Company's ongoing strategic initiatives and planned initiatives; (iv) the Company's plans and expectations with respect to restoring efficiencies and delivering a more efficient operation; (v) the Company's 2024 hiring plans and expectations, including its plans and expectations with respect to headcount; (vi) the Company's plans and expectations with respect to capacity, capacity adjustments, and network adjustments, including with respect to stage length, aligning the route network to demand patterns, and factors and assumptions underlying the Company's expectations and projections; (vii) the Company's expectations with respect to fuel costs, hedging gains, and fuel efficiency, and the Company's related management of risks associated with changing jet fuel prices, including factors underlying the Company's expectations; (viii) the Company's plans, estimates, and assumptions related to repayment of debt obligations, interest expense, effective tax rate, and capital spending, including factors and assumptions underlying the Company's expectations and projections; (ix) the Company's plans, expectations, and goals regarding its fleet and fleet delivery schedule, including with respect to deliveries and retirements, and including factors and assumptions underlying the Company's plans and expectations; (x) the Company's expectations with respect to global distribution systems, its loyalty program, and passenger demand; and (xi) the Company's labor plans and expectations. These forward-looking statements are based on the Company's current estimates, intentions, beliefs, expectations, goals, strategies, and projections for the future and are not guarantees of future performance. Forward-looking statements involve risks, uncertainties, assumptions, and other factors that are difficult to predict and that could cause actual results to vary materially from those expressed in or indicated by them. Factors include, among others, (i) the impact of fears or actual outbreaks of diseases, extreme or severe weather and natural disasters, actions of competitors (including, without limitation, pricing, scheduling, capacity, and network decisions, and consolidation and alliance activities), consumer perception, economic conditions, banking conditions, fears or actual acts of terrorism or war, sociodemographic trends, and other factors beyond the Company's control, on consumer behavior and the Company's results of operations and business decisions, plans, strategies, and results; (ii) the Company's ability to timely and effectively implement, transition, and maintain the necessary information technology systems and infrastructure to support its operations and initiatives; (iii) the emergence of additional costs or effects associated with the cancelled flights in December 2022, including litigation, government investigation and actions, and internal actions; (iv) the Company's dependence on its workforce, including its ability to employ and retain sufficient numbers of qualified Employees to effectively and efficiently maintain its operations; (v) the Company's ability to obtain and maintain adequate infrastructure and equipment to support its operations and initiatives; (vi) the impact of fuel price changes, fuel price volatility, volatility of commodities used by the Company for hedging jet fuel, and any changes to the Company's fuel hedging strategies and positions, on the Company's business plans and results of operations; (vii) the Company's dependence on Boeing and Boeing suppliers with respect to the Company's aircraft deliveries, fleet and capacity plans, operations, maintenance, strategies, and goals; (viii) the Company's dependence on Boeing and the Federal Aviation Administration with respect to the certification of the Boeing MAX 7 aircraft and Boeing production volumes; (ix) the Company's dependence on other third parties, in particular with respect to its technology plans, fuel supply, maintenance, environmental sustainability; Global Distribution Systems, and the impact on the Company's operations and results of operations of any third party delays or non-performance; (x) the Company's ability to timely and effectively prioritize its initiatives and focus areas and related expenditures; (xi) the impact of labor matters on the Company's business decisions, plans, strategies, and results; (xii) the impact of governmental regulations and other governmental actions on the Company's business plans, results, and operations; and (xiii) other factors, as described in the Company's filings with the Securities and Exchange Commission, including the detailed factors discussed under the heading "Risk Factors" in the Company's Annual Report on Form 10- K for the fiscal year ended December 31, 2022.</p> <p><strong>Southwest Airlines Co.</strong></p> <p><strong>Condensed Consolidated Statement of Income (Loss)</strong></p> <p>(in millions, except per share amounts)</p> <p>(unaudited)</p> <table class="table" border="1"> <tbody> <tr> <td rowspan="3">&nbsp;</td> <td colspan="3"> <p align="center"><strong>Three months ended</strong></p> </td> <td colspan="3"> <p align="center"><strong>Year ended</strong></p> </td> </tr> <tr> <td colspan="3"> <p align="center"><strong>December 31,</strong></p> </td> <td colspan="3"> <p align="center"><strong>December 31,</strong></p> </td> </tr> <tr> <td> <p align="center"><strong>2023</strong></p> </td> <td> <p align="center">2022</p> </td> <td> <p align="center">Percent Change</p> </td> <td> <p align="center"><strong>2023</strong></p> </td> <td> <p align="center">2022</p> </td> <td> <p align="center">Percent Change</p> </td> </tr> <tr> <td> <p align="center"><strong>OPERATING REVENUES:</strong></p> </td> <td colspan="6">&nbsp;</td> </tr> <tr> <td> <p align="center">Passenger</p> </td> <td> <p align="center"><strong>$ 6,211 </strong></p> </td> <td> <p align="center">$ 5,541</p> </td> <td> <p align="center">12.1</p> </td> <td> <p align="center"><strong>$ 23,637 </strong></p> </td> <td> <p align="center">$ 21,408</p> </td> <td> <p align="center">10.4</p> </td> </tr> <tr> <td> <p align="center">Freight</p> </td> <td> <p align="center"><strong> 44 </strong></p> </td> <td> <p align="center">43</p> </td> <td> <p align="center">2.3</p> </td> <td> <p align="center"><strong> 175 </strong></p> </td> <td> <p align="center">177</p> </td> <td> <p align="center">(1.1)</p> </td> </tr> <tr> <td> <p align="center">Other</p> </td> <td> <p align="center"><strong> 567 </strong></p> </td> <td> <p align="center">588</p> </td> <td> <p align="center">(3.6)</p> </td> <td> <p align="center"><strong> 2,279 </strong></p> </td> <td> <p align="center">2,229</p> </td> <td> <p align="center">2.2</p> </td> </tr> <tr> <td> <p align="center">Total operating revenues</p> </td> <td> <p align="center"><strong> 6,822 </strong></p> </td> <td> <p align="center">6,172</p> </td> <td> <p align="center">10.5</p> </td> <td> <p align="center"><strong> 26,091 </strong></p> </td> <td> <p align="center">23,814</p> </td> <td> <p align="center">9.6</p> </td> </tr> <tr> <td> <p align="center"><strong>OPERATING EXPENSES:</strong></p> </td> <td colspan="6">&nbsp;</td> </tr> <tr> <td> <p align="center">Salaries, wages, and benefits</p> </td> <td> <p align="center"><strong> 3,118 </strong></p> </td> <td> <p align="center">2,605</p> </td> <td> <p align="center">19.7</p> </td> <td> <p align="center"><strong> 11,109 </strong></p> </td> <td> <p align="center">9,376</p> </td> <td> <p align="center">18.5</p> </td> </tr> <tr> <td> <p align="center">Fuel and oil</p> </td> <td> <p align="center"><strong> 1,703 </strong></p> </td> <td> <p align="center">1,585</p> </td> <td> <p align="center">7.4</p> </td> <td> <p align="center"><strong> 6,217 </strong></p> </td> <td> <p align="center">5,975</p> </td> <td> <p align="center">4.1</p> </td> </tr> <tr> <td> <p align="center">Maintenance materials and repairs</p> </td> <td> <p align="center"><strong> 351 </strong></p> </td> <td> <p align="center">228</p> </td> <td> <p align="center">53.9</p> </td> <td> <p align="center"><strong> 1,188 </strong></p> </td> <td> <p align="center">852</p> </td> <td> <p align="center">39.4</p> </td> </tr> <tr> <td> <p align="center">Landing fees and airport rentals</p> </td> <td> <p align="center"><strong> 465 </strong></p> </td> <td> <p align="center">380</p> </td> <td> <p align="center">22.4</p> </td> <td> <p align="center"><strong> 1,789 </strong></p> </td> <td> <p align="center">1,508</p> </td> <td> <p align="center">18.6</p> </td> </tr> <tr> <td> <p align="center">Depreciation and amortization</p> </td> <td> <p align="center"><strong> 415 </strong></p> </td> <td> <p align="center">367</p> </td> <td> <p align="center">13.1</p> </td> <td> <p align="center"><strong> 1,522 </strong></p> </td> <td> <p align="center">1,351</p> </td> <td> <p align="center">12.7</p> </td> </tr> <tr> <td> <p align="center">Other operating expenses</p> </td> <td> <p align="center"><strong> 1,131 </strong></p> </td> <td> <p align="center">1,393</p> </td> <td> <p align="center">(18.8)</p> </td> <td> <p align="center"><strong> 3,999 </strong></p> </td> <td> <p align="center">3,735</p> </td> <td> <p align="center">7.1</p> </td> </tr> <tr> <td> <p align="center">Total operating expenses</p> </td> <td> <p align="center"><strong> 7,183 </strong></p> </td> <td> <p align="center">6,558</p> </td> <td> <p align="center">9.5</p> </td> <td> <p align="center"><strong> 25,824 </strong></p> </td> <td> <p align="center">22,797</p> </td> <td> <p align="center">13.3</p> </td> </tr> <tr> <td> <p align="center"><strong>OPERATING INCOME (LOSS)</strong></p> </td> <td> <p align="center"><strong> (361)</strong></p> </td> <td> <p align="center">(386)</p> </td> <td> <p align="center">(6.5)</p> </td> <td> <p align="center"><strong> 267 </strong></p> </td> <td> <p align="center">1,017</p> </td> <td> <p align="center">(73.7)</p> </td> </tr> <tr> <td> <p align="center"><strong>OTHER EXPENSES (INCOME):</strong></p> </td> <td colspan="6">&nbsp;</td> </tr> <tr> <td> <p align="center">Interest expense</p> </td> <td> <p align="center"><strong> 66 </strong></p> </td> <td> <p align="center">68</p> </td> <td> <p align="center">(2.9)</p> </td> <td> <p align="center"><strong> 259 </strong></p> </td> <td> <p align="center">340</p> </td> <td> <p align="center">(23.8)</p> </td> </tr> <tr> <td> <p align="center">Capitalized interest</p> </td> <td> <p align="center"><strong> (8)</strong></p> </td> <td> <p align="center">(8)</p> </td> <td> <p align="center">&mdash;</p> </td> <td> <p align="center"><strong> (23)</strong></p> </td> <td> <p align="center">(39)</p> </td> <td> <p align="center">(41.0)</p> </td> </tr> <tr> <td> <p align="center">Interest income</p> </td> <td> <p align="center"><strong> (159)</strong></p> </td> <td> <p align="center">(116)</p> </td> <td> <p align="center">37.1</p> </td> <td> <p align="center"><strong> (583)</strong></p> </td> <td> <p align="center">(217)</p> </td> <td> <p align="center">168.7</p> </td> </tr> <tr> <td> <p align="center">Loss on extinguishment of debt</p> </td> <td> <p align="center"><strong> &mdash; </strong></p> </td> <td> <p align="center">1</p> </td> <td> <p align="center">n.m.</p> </td> <td> <p align="center"><strong> &mdash; </strong></p> </td> <td> <p align="center">193</p> </td> <td> <p align="center">n.m.</p> </td> </tr> <tr> <td> <p align="center">Other (gains) losses, net</p> </td> <td> <p align="center"><strong> (17)</strong></p> </td> <td> <p align="center">(45)</p> </td> <td> <p align="center">(62.2)</p> </td> <td> <p align="center"><strong> (62)</strong></p> </td> <td> <p align="center">12</p> </td> <td> <p align="center">n.m.</p> </td> </tr> <tr> <td> <p align="center">Total other expenses (income)</p> </td> <td> <p align="center"><strong> (118)</strong></p> </td> <td> <p align="center">(100)</p> </td> <td> <p align="center">18.0</p> </td> <td> <p align="center"><strong> (409)</strong></p> </td> <td> <p align="center">289</p> </td> <td> <p align="center">n.m.</p> </td> </tr> <tr> <td> <p align="center"><strong>INCOME (LOSS) BEFORE INCOME TAXES</strong></p> </td> <td> <p align="center"><strong> (243)</strong></p> </td> <td> <p align="center">(286)</p> </td> <td> <p align="center">(15.0)</p> </td> <td> <p align="center"><strong> 676 </strong></p> </td> <td> <p align="center">728</p> </td> <td> <p align="center">(7.1)</p> </td> </tr> <tr> <td> <p align="center"><strong>PROVISION (BENEFIT) FOR INCOME TAXES</strong></p> </td> <td> <p align="center"><strong> (24)</strong></p> </td> <td> <p align="center">(66)</p> </td> <td> <p align="center">(63.6)</p> </td> <td> <p align="center"><strong> 178 </strong></p> </td> <td> <p align="center">189</p> </td> <td> <p align="center">(5.8)</p> </td> </tr> <tr> <td> <p align="center"><strong>NET INCOME (LOSS)</strong></p> </td> <td> <p align="center"><strong>$ (219)</strong></p> </td> <td> <p align="center">$ (220)</p> </td> <td> <p align="center">(0.5)</p> </td> <td> <p align="center"><strong>$ 498 </strong></p> </td> <td> <p align="center">$ 539</p> </td> <td> <p align="center">(7.6)</p> </td> </tr> <tr> <td> <p align="center"><strong>NET INCOME (LOSS) PER SHARE:</strong></p> </td> <td colspan="6">&nbsp;</td> </tr> <tr> <td> <p align="center">Basic</p> </td> <td> <p align="center"><strong>$ (0.37)</strong></p> </td> <td> <p align="center">$ (0.37)</p> </td> <td> <p align="center">&mdash;</p> </td> <td> <p align="center"><strong>$ 0.84 </strong></p> </td> <td> <p align="center">$ 0.91</p> </td> <td> <p align="center">(7.7)</p> </td> </tr> <tr> <td> <p align="center">Diluted</p> </td> <td> <p align="center"><strong>$ (0.37)</strong></p> </td> <td> <p align="center">$ (0.37)</p> </td> <td> <p align="center">&mdash;</p> </td> <td> <p align="center"><strong>$ 0.81 </strong></p> </td> <td> <p align="center">$ 0.87</p> </td> <td> <p align="center">(6.9)</p> </td> </tr> <tr> <td colspan="1" align="center"> <p><strong>WEIGHTED AVERAGE SHARES OUTSTANDING:</strong></p> </td> <td colspan="6">&nbsp;</td> </tr> <tr> <td> <p align="center">Basic</p> </td> <td> <p align="center"><strong> 596 </strong></p> </td> <td> <p align="center">594</p> </td> <td> <p align="center">0.3</p> </td> <td> <p align="center"><strong> 595 </strong></p> </td> <td> <p align="center">593</p> </td> <td> <p align="center">0.3</p> </td> </tr> <tr> <td> <p align="center">Diluted</p> </td> <td> <p align="center"><strong> 596 </strong></p> </td> <td> <p align="center">594</p> </td> <td> <p align="center">0.3</p> </td> <td> <p align="center"><strong> 640 </strong></p> </td> <td> <p align="center">642</p> </td> <td> <p align="center">(0.3)</p> </td> </tr> </tbody> </table> <p><strong>Southwest Airlines Co.</strong></p> <p><strong>Reconciliation of Reported Amounts to Non-GAAP Items (excluding special items)</strong></p> <p><strong>(See Note Regarding Use of Non-GAAP Financial Measures)</strong></p> <p>(in millions, except per share amounts) (unaudited)</p> <table class="table" border="1"> <tbody> <tr> <td colspan="2" rowspan="3" align="center">&nbsp;</td> <td colspan="4"> <p align="center"><strong>Three months ended</strong></p> </td> <td colspan="5"> <p align="center"><strong>Year ended</strong></p> </td> </tr> <tr> <td colspan="4"> <p align="center"><strong>December 31,</strong></p> </td> <td colspan="5"> <p align="center"><strong>December 31,</strong></p> </td> </tr> <tr> <td colspan="2" align="center"> <p><strong>2023</strong></p> </td> <td> <p align="center">2022</p> </td> <td> <p align="center">Percent Change</p> </td> <td colspan="2" align="center"> <p><strong>2023</strong></p> </td> <td colspan="2" align="center"> <p>2022</p> </td> <td> <p align="center">Percent Change</p> </td> </tr> <tr> <td colspan="2" align="center"> <p><strong>Fuel and oil expense, unhedged</strong></p> </td> <td colspan="2" align="center"> <p><strong>$ 1,738 </strong></p> </td> <td> <p align="center">$ 1,701</p> </td> <td>&nbsp;</td> <td colspan="2" align="center"> <p><strong>$ 6,346 </strong></p> </td> <td colspan="2" align="center"> <p>$ 6,780</p> </td> <td>&nbsp;</td> </tr> <tr> <td colspan="2" align="center"> <p>Add: Premium cost of fuel contracts designated as hedges</p> </td> <td colspan="2" align="center"> <p><strong> 30 </strong></p> </td> <td> <p align="center">26</p> </td> <td>&nbsp;</td> <td colspan="2" align="center"> <p><strong> 121 </strong></p> </td> <td colspan="2" align="center"> <p>105</p> </td> <td>&nbsp;</td> </tr> <tr> <td colspan="2" align="center"> <p>Deduct: Fuel hedge gains included in Fuel and oil expense, net</p> </td> <td colspan="2" align="center"> <p><strong> (65)</strong></p> </td> <td> <p align="center">(142)</p> </td> <td>&nbsp;</td> <td colspan="2" align="center"> <p><strong> (250)</strong></p> </td> <td colspan="2" align="center"> <p>(910)</p> </td> <td>&nbsp;</td> </tr> <tr> <td colspan="2" align="center"> <p><strong>Fuel and oil expense, as reported</strong></p> </td> <td colspan="2" align="center"> <p><strong>$ 1,703 </strong></p> </td> <td> <p align="center">$ 1,585</p> </td> <td>&nbsp;</td> <td colspan="2" align="center"> <p><strong>$ 6,217 </strong></p> </td> <td colspan="2" align="center"> <p>$ 5,975</p> </td> <td>&nbsp;</td> </tr> <tr> <td colspan="2" align="center"> <p>Deduct: Fuel hedge contracts settling in the current period, but for which gains were reclassified from AOCI</p> </td> <td colspan="2" align="center"> <p><strong> (5)</strong></p> </td> <td> <p align="center">(28)</p> </td> <td>&nbsp;</td> <td colspan="2" align="center"> <p><strong> (16)</strong></p> </td> <td colspan="2" align="center"> <p>(40)</p> </td> <td>&nbsp;</td> </tr> <tr> <td colspan="2" align="center"> <p>Deduct: Premium benefit of fuel contracts not designated as hedges</p> </td> <td colspan="2" align="center"> <p><strong> &mdash; </strong></p> </td> <td> <p align="center">(14)</p> </td> <td>&nbsp;</td> <td colspan="2" align="center"> <p><strong> &mdash; </strong></p> </td> <td colspan="2" align="center"> <p>(28)</p> </td> <td>&nbsp;</td> </tr> <tr> <td colspan="2" align="center"> <p><strong>Fuel and oil expense, excluding special items (economic)</strong></p> </td> <td colspan="2" align="center"> <p><strong>$ 1,698 </strong></p> </td> <td> <p align="center">$ 1,543</p> </td> <td> <p align="center">10.0</p> </td> <td colspan="2" align="center"> <p><strong>$ 6,201 </strong></p> </td> <td colspan="2" align="center"> <p>$ 5,907</p> </td> <td> <p align="center">5.0</p> </td> </tr> <tr> <td colspan="2" align="center"> <p><strong>Total operating expenses, as reported</strong></p> </td> <td colspan="2" align="center"> <p><strong>$ 7,183 </strong></p> </td> <td> <p align="center">$ 6,558</p> </td> <td>&nbsp;</td> <td colspan="2" align="center"> <p><strong>$ 25,824 </strong></p> </td> <td colspan="2" align="center"> <p>$ 22,797</p> </td> <td>&nbsp;</td> </tr> <tr> <td colspan="2" align="center"> <p>Deduct: TWU 556 Labor contract adjustment (a)</p> </td> <td colspan="2" align="center"> <p><strong> &mdash; </strong></p> </td> <td> <p align="center">&mdash;</p> </td> <td>&nbsp;</td> <td colspan="2" align="center"> <p><strong> (180)</strong></p> </td> <td colspan="2" align="center"> <p>&mdash;</p> </td> <td>&nbsp;</td> </tr> <tr> <td colspan="2" align="center"> <p>Deduct: SWAPA Labor contract adjustment (b)</p> </td> <td colspan="2" align="center"> <p><strong> (426)</strong></p> </td> <td> <p align="center">&mdash;</p> </td> <td>&nbsp;</td> <td colspan="2" align="center"> <p><strong> (318)</strong></p> </td> <td colspan="2" align="center"> <p>&mdash;</p> </td> <td>&nbsp;</td> </tr> <tr> <td colspan="2" align="center"> <p>Deduct: Fuel hedge contracts settling in the current period, but for which gains were reclassified from AOCI</p> </td> <td colspan="2" align="center"> <p><strong> (5)</strong></p> </td> <td> <p align="center">(28)</p> </td> <td>&nbsp;</td> <td colspan="2" align="center"> <p><strong> (16)</strong></p> </td> <td colspan="2" align="center"> <p>(40)</p> </td> <td>&nbsp;</td> </tr> <tr> <td colspan="2" align="center"> <p>Deduct: Premium benefit of fuel contracts not designated as hedges</p> </td> <td colspan="2" align="center"> <p><strong> &mdash; </strong></p> </td> <td> <p align="center">(14)</p> </td> <td>&nbsp;</td> <td colspan="2" align="center"> <p><strong> &mdash; </strong></p> </td> <td colspan="2" align="center"> <p>(28)</p> </td> <td>&nbsp;</td> </tr> <tr> <td colspan="2" align="center"> <p>Deduct: Impairment of long-lived assets</p> </td> <td colspan="2" align="center"> <p><strong> &mdash; </strong></p> </td> <td> <p align="center">&mdash;</p> </td> <td>&nbsp;</td> <td colspan="2" align="center"> <p><strong> &mdash; </strong></p> </td> <td colspan="2" align="center"> <p>(35)</p> </td> <td>&nbsp;</td> </tr> <tr> <td colspan="2" align="center"> <p>Deduct: DOT settlement</p> </td> <td colspan="2" align="center"> <p><strong> (107)</strong></p> </td> <td> <p align="center">&mdash;</p> </td> <td>&nbsp;</td> <td colspan="2" align="center"> <p><strong> (107)</strong></p> </td> <td colspan="2" align="center"> <p>&mdash;</p> </td> <td>&nbsp;</td> </tr> <tr> <td colspan="2" align="center"> <p>Deduct: Litigation settlement</p> </td> <td colspan="2" align="center"> <p><strong> &mdash; </strong></p> </td> <td> <p align="center">&mdash;</p> </td> <td>&nbsp;</td> <td colspan="2" align="center"> <p><strong> (12)</strong></p> </td> <td colspan="2" align="center"> <p>&mdash;</p> </td> <td>&nbsp;</td> </tr> <tr> <td colspan="2" align="center"> <p><strong>Total operating expenses, excluding special items</strong></p> </td> <td colspan="2" align="center"> <p><strong>$ 6,645 </strong></p> </td> <td> <p align="center">$ 6,516</p> </td> <td> <p align="center">2.0</p> </td> <td colspan="2" align="center"> <p><strong>$ 25,191 </strong></p> </td> <td colspan="2" align="center"> <p>$ 22,694</p> </td> <td> <p align="center">11.0</p> </td> </tr> <tr> <td colspan="2" align="center"> <p>Deduct: Fuel and oil expense, excluding special items (economic)</p> </td> <td colspan="2" align="center"> <p><strong> (1,698)</strong></p> </td> <td> <p align="center">(1,543)</p> </td> <td>&nbsp;</td> <td colspan="2" align="center"> <p><strong> (6,201)</strong></p> </td> <td colspan="2" align="center"> <p>(5,907)</p> </td> <td>&nbsp;</td> </tr> <tr> <td colspan="2" align="center"> <p><strong>Operating expenses, excluding Fuel and oil expense and special items</strong></p> </td> <td colspan="2" align="center"> <p><strong>$ 4,947 </strong></p> </td> <td> <p align="center">$ 4,973</p> </td> <td> <p align="center">(0.5)</p> </td> <td colspan="2" align="center"> <p><strong>$ 18,990 </strong></p> </td> <td colspan="2" align="center"> <p>$ 16,787</p> </td> <td> <p align="center">13.1</p> </td> </tr> <tr> <td colspan="2" align="center"> <p>Add (Deduct): Profitsharing expense</p> </td> <td colspan="2" align="center"> <p><strong> 41 </strong></p> </td> <td> <p align="center">49</p> </td> <td>&nbsp;</td> <td colspan="2" align="center"> <p><strong> (118)</strong></p> </td> <td colspan="2" align="center"> <p>(127)</p> </td> <td>&nbsp;</td> </tr> <tr> <td colspan="2" align="center"> <p><strong>Operating expenses, excluding Fuel and oil expense, special items, and profitsharing</strong></p> </td> <td colspan="2" align="center"> <p><strong>$ 4,988 </strong></p> </td> <td> <p align="center">$ 5,022</p> </td> <td> <p align="center">(0.7)</p> </td> <td colspan="2" align="center"> <p><strong>$ 18,872 </strong></p> </td> <td colspan="2" align="center"> <p>$ 16,660</p> </td> <td> <p align="center">13.3</p> </td> </tr> <tr> <td colspan="2" align="center"> <p><strong>Operating income (loss), as reported</strong></p> </td> <td colspan="2" align="center"> <p><strong>$ (361)</strong></p> </td> <td> <p align="center">$ (386)</p> </td> <td>&nbsp;</td> <td colspan="2" align="center"> <p><strong>$ 267 </strong></p> </td> <td colspan="2" align="center"> <p>$ 1,017</p> </td> <td>&nbsp;</td> </tr> <tr> <td colspan="2" align="center"> <p>Add: TWU 556 contract adjustment (a)</p> </td> <td colspan="2" align="center"> <p><strong> &mdash; </strong></p> </td> <td> <p align="center">&mdash;</p> </td> <td>&nbsp;</td> <td colspan="2" align="center"> <p><strong> 180 </strong></p> </td> <td colspan="2" align="center"> <p>&mdash;</p> </td> <td>&nbsp;</td> </tr> <tr> <td colspan="2" align="center"> <p>Add: SWAPA contract adjustment (b)</p> </td> <td colspan="2" align="center"> <p><strong> 426 </strong></p> </td> <td> <p align="center">&mdash;</p> </td> <td>&nbsp;</td> <td colspan="2" align="center"> <p><strong> 318 </strong></p> </td> <td colspan="2" align="center"> <p>&mdash;</p> </td> <td>&nbsp;</td> </tr> <tr> <td colspan="2" align="center"> <p>Add: Fuel hedge contracts settling in the current period, but for which gains were reclassified from AOCI</p> </td> <td colspan="2" align="center"> <p><strong> 5 </strong></p> </td> <td> <p align="center">28</p> </td> <td>&nbsp;</td> <td colspan="2" align="center"> <p><strong> 16 </strong></p> </td> <td colspan="2" align="center"> <p>40</p> </td> <td>&nbsp;</td> </tr> <tr> <td colspan="2" align="center"> <p>Add: Premium benefit of fuel contracts not designated as hedges</p> </td> <td colspan="2" align="center"> <p><strong> &mdash; </strong></p> </td> <td> <p align="center">14</p> </td> <td>&nbsp;</td> <td colspan="2" align="center"> <p><strong> &mdash; </strong></p> </td> <td colspan="2" align="center"> <p>28</p> </td> <td>&nbsp;</td> </tr> <tr> <td colspan="2" align="center"> <p>Add: Impairment of long-lived assets</p> </td> <td colspan="2" align="center"> <p><strong> &mdash; </strong></p> </td> <td> <p align="center">&mdash;</p> </td> <td>&nbsp;</td> <td colspan="2" align="center"> <p><strong> &mdash; </strong></p> </td> <td colspan="2" align="center"> <p>35</p> </td> <td>&nbsp;</td> </tr> <tr> <td colspan="2" align="center"> <p>Add: DOT settlement</p> </td> <td colspan="2" align="center"> <p><strong> 107 </strong></p> </td> <td> <p align="center">&mdash;</p> </td> <td>&nbsp;</td> <td colspan="2" align="center"> <p><strong> 107 </strong></p> </td> <td colspan="2" align="center"> <p>&mdash;</p> </td> <td>&nbsp;</td> </tr> <tr> <td colspan="2" align="center"> <p>Add: Litigation settlement</p> </td> <td colspan="2" align="center"> <p><strong> &mdash; </strong></p> </td> <td> <p align="center">&mdash;</p> </td> <td>&nbsp;</td> <td colspan="2" align="center"> <p><strong> 12 </strong></p> </td> <td colspan="2" align="center"> <p>&mdash;</p> </td> <td>&nbsp;</td> </tr> <tr> <td colspan="2" align="center"> <p><strong>Operating income (loss), excluding special items</strong></p> </td> <td colspan="2" align="center"> <p><strong>$ 177 </strong></p> </td> <td> <p align="center">$ (344)</p> </td> <td> <p align="center">n.m.</p> </td> <td colspan="2" align="center"> <p><strong>$ 900 </strong></p> </td> <td colspan="2" align="center"> <p>$ 1,120</p> </td> <td> <p align="center">(19.6)</p> </td> </tr> <tr> <td colspan="2" align="center"> <p><strong>Other (gains) losses, net, as reported</strong></p> </td> <td colspan="2" align="center"> <p><strong>$ (17)</strong></p> </td> <td> <p align="center">$ (45)</p> </td> <td>&nbsp;</td> <td colspan="2" align="center"> <p><strong>$ (62)</strong></p> </td> <td colspan="2" align="center"> <p>$ 12</p> </td> <td>&nbsp;</td> </tr> <tr> <td colspan="2" align="center"> <p>Add: Mark-to-market impact from fuel contracts settling in current periods</p> </td> <td colspan="2" align="center"> <p><strong> (9)</strong></p> </td> <td> <p align="center">17</p> </td> <td>&nbsp;</td> <td colspan="2" align="center"> <p><strong> 17 </strong></p> </td> <td colspan="2" align="center"> <p>41</p> </td> <td>&nbsp;</td> </tr> <tr> <td colspan="2" align="center"> <p>Add: Premium benefit of fuel contracts not designated as hedges</p> </td> <td colspan="2" align="center"> <p><strong> &mdash; </strong></p> </td> <td> <p align="center">14</p> </td> <td>&nbsp;</td> <td colspan="2" align="center"> <p><strong> &mdash; </strong></p> </td> <td colspan="2" align="center"> <p>28</p> </td> <td>&nbsp;</td> </tr> <tr> <td colspan="2" align="center"> <p>Add (Deduct): Unrealized mark-to-market adjustment on available for sale securities</p> </td> <td colspan="2" align="center"> <p><strong> &mdash; </strong></p> </td> <td> <p align="center">3</p> </td> <td>&nbsp;</td> <td colspan="2" align="center"> <p><strong> 4 </strong></p> </td> <td colspan="2" align="center"> <p>(4)</p> </td> <td>&nbsp;</td> </tr> <tr> <td colspan="2" align="center"> <p><strong>Other (gains) losses, net, excluding special items</strong></p> </td> <td colspan="2" align="center"> <p><strong>$ (26)</strong></p> </td> <td> <p align="center">$ (11)</p> </td> <td> <p align="center">136.4</p> </td> <td colspan="2" align="center"> <p><strong>$ (41)</strong></p> </td> <td colspan="2" align="center"> <p>$ 77</p> </td> <td> <p align="center">n.m.</p> </td> </tr> <tr> <td rowspan="3">&nbsp;</td> <td colspan="6"> <p align="center"><strong>Three months ended</strong></p> </td> <td colspan="4"> <p align="center"><strong>Year ended</strong></p> </td> </tr> <tr> <td colspan="6"> <p align="center"><strong>December 31,</strong></p> </td> <td colspan="4"> <p align="center"><strong>December 31,</strong></p> </td> </tr> <tr> <td colspan="2" align="center"> <p><strong>2023</strong></p> </td> <td colspan="2" align="center"> <p>2022</p> </td> <td colspan="2" align="center"> <p>Percent Change</p> </td> <td colspan="2" align="center"> <p><strong>2023</strong></p> </td> <td> <p align="center">2022</p> </td> <td> <p align="center">Percent Change</p> </td> </tr> <tr> <td> <p align="center"><strong>Income (loss) before income taxes, as reported</strong></p> </td> <td colspan="2" align="center"> <p><strong>$ (243)</strong></p> </td> <td colspan="2" align="center"> <p>$ (286)</p> </td> <td colspan="2" align="center">&nbsp;</td> <td colspan="2" align="center"> <p><strong>$ 676 </strong></p> </td> <td> <p align="center">$ 728</p> </td> <td>&nbsp;</td> </tr> <tr> <td> <p align="center">Add: TWU 556 contract adjustment (a)</p> </td> <td colspan="2" align="center"> <p><strong> &mdash; </strong></p> </td> <td colspan="2" align="center"> <p>&mdash;</p> </td> <td colspan="2" align="center">&nbsp;</td> <td colspan="2" align="center"> <p><strong> 180 </strong></p> </td> <td> <p align="center">&mdash;</p> </td> <td>&nbsp;</td> </tr> <tr> <td> <p align="center">Add: SWAPA contract adjustment (b)</p> </td> <td colspan="2" align="center"> <p><strong> 426 </strong></p> </td> <td colspan="2" align="center"> <p>&mdash;</p> </td> <td colspan="2" align="center">&nbsp;</td> <td colspan="2" align="center"> <p><strong> 318 </strong></p> </td> <td> <p align="center">&mdash;</p> </td> <td>&nbsp;</td> </tr> <tr> <td> <p align="center">Add: Fuel hedge contracts settling in the current period, but for which gains were reclassified from AOCI</p> </td> <td colspan="2" align="center"> <p><strong> 5 </strong></p> </td> <td colspan="2" align="center"> <p>28</p> </td> <td colspan="2" align="center">&nbsp;</td> <td colspan="2" align="center"> <p><strong> 16 </strong></p> </td> <td> <p align="center">40</p> </td> <td>&nbsp;</td> </tr> <tr> <td> <p align="center">Add: Impairment of long-lived assets</p> </td> <td colspan="2" align="center"> <p><strong> &mdash; </strong></p> </td> <td colspan="2" align="center"> <p>&mdash;</p> </td> <td colspan="2" align="center">&nbsp;</td> <td colspan="2" align="center"> <p><strong> &mdash; </strong></p> </td> <td> <p align="center">35</p> </td> <td>&nbsp;</td> </tr> <tr> <td> <p align="center">Add (Deduct): Mark-to-market impact from fuel contracts settling in current periods</p> </td> <td colspan="2" align="center"> <p><strong> 9 </strong></p> </td> <td colspan="2" align="center"> <p>(17)</p> </td> <td colspan="2" align="center">&nbsp;</td> <td colspan="2" align="center"> <p><strong> (17)</strong></p> </td> <td> <p align="center">(41)</p> </td> <td>&nbsp;</td> </tr> <tr> <td> <p align="center">Add (Deduct): Unrealized mark-to-market adjustment on available for sale securities</p> </td> <td colspan="2" align="center"> <p><strong> &mdash; </strong></p> </td> <td colspan="2" align="center"> <p>(3)</p> </td> <td colspan="2" align="center">&nbsp;</td> <td colspan="2" align="center"> <p><strong> (4)</strong></p> </td> <td> <p align="center">4</p> </td> <td>&nbsp;</td> </tr> <tr> <td> <p align="center">Add: Loss on extinguishment of debt</p> </td> <td colspan="2" align="center"> <p><strong> &mdash; </strong></p> </td> <td colspan="2" align="center"> <p>1</p> </td> <td colspan="2" align="center">&nbsp;</td> <td colspan="2" align="center"> <p><strong> &mdash; </strong></p> </td> <td> <p align="center">193</p> </td> <td>&nbsp;</td> </tr> <tr> <td> <p align="center">Add: DOT settlement</p> </td> <td colspan="2" align="center"> <p><strong> 107 </strong></p> </td> <td colspan="2" align="center"> <p>&mdash;</p> </td> <td colspan="2" align="center">&nbsp;</td> <td colspan="2" align="center"> <p><strong> 107 </strong></p> </td> <td> <p align="center">&mdash;</p> </td> <td>&nbsp;</td> </tr> <tr> <td> <p align="center">Add: Litigation settlement</p> </td> <td colspan="2" align="center"> <p><strong> &mdash; </strong></p> </td> <td colspan="2" align="center"> <p>&mdash;</p> </td> <td colspan="2" align="center">&nbsp;</td> <td colspan="2" align="center"> <p><strong> 12 </strong></p> </td> <td> <p align="center">&mdash;</p> </td> <td>&nbsp;</td> </tr> <tr> <td> <p align="center"><strong>Income (loss) before income taxes, excluding special items</strong></p> </td> <td colspan="2" align="center"> <p><strong>$ 304 </strong></p> </td> <td colspan="2" align="center"> <p>$ (277)</p> </td> <td colspan="2" align="center"> <p>n.m.</p> </td> <td colspan="2" align="center"> <p><strong>$ 1,288 </strong></p> </td> <td> <p align="center">$ 959</p> </td> <td> <p align="center">34.3</p> </td> </tr> <tr> <td> <p align="center"><strong>Provision (benefit) for income taxes, as reported</strong></p> </td> <td colspan="2" align="center"> <p><strong>$ (24)</strong></p> </td> <td colspan="2" align="center"> <p>$ (66)</p> </td> <td colspan="2" align="center">&nbsp;</td> <td colspan="2" align="center"> <p><strong>$ 178 </strong></p> </td> <td> <p align="center">$ 189</p> </td> <td>&nbsp;</td> </tr> <tr> <td> <p align="center">Add: Net income tax impact of fuel and special items (c)</p> </td> <td colspan="2" align="center"> <p><strong> 95 </strong></p> </td> <td colspan="2" align="center"> <p>15</p> </td> <td colspan="2" align="center">&nbsp;</td> <td colspan="2" align="center"> <p><strong> 124 </strong></p> </td> <td> <p align="center">47</p> </td> <td>&nbsp;</td> </tr> <tr> <td> <p align="center"><strong>Provision (benefit) for income taxes, net, excluding special items</strong></p> </td> <td colspan="2" align="center"> <p><strong>$ 71 </strong></p> </td> <td colspan="2" align="center"> <p>$ (51)</p> </td> <td colspan="2" align="center"> <p>n.m.</p> </td> <td colspan="2" align="center"> <p><strong>$ 302 </strong></p> </td> <td> <p align="center">$ 236</p> </td> <td> <p align="center">28.0</p> </td> </tr> <tr> <td> <p align="center"><strong>Net income (loss), as reported</strong></p> </td> <td colspan="2" align="center"> <p><strong>$ (219)</strong></p> </td> <td colspan="2" align="center"> <p>$ (220)</p> </td> <td colspan="2" align="center">&nbsp;</td> <td colspan="2" align="center"> <p><strong>$ 498 </strong></p> </td> <td> <p align="center">$ 539</p> </td> <td>&nbsp;</td> </tr> <tr> <td> <p align="center">Add: TWU 556 contract adjustment (a)</p> </td> <td colspan="2" align="center"> <p><strong> &mdash; </strong></p> </td> <td colspan="2" align="center"> <p>&mdash;</p> </td> <td colspan="2" align="center">&nbsp;</td> <td colspan="2" align="center"> <p><strong> 180 </strong></p> </td> <td> <p align="center">&mdash;</p> </td> <td>&nbsp;</td> </tr> <tr> <td> <p align="center">Add: SWAPA contract adjustment (b)</p> </td> <td colspan="2" align="center"> <p><strong> 426 </strong></p> </td> <td colspan="2" align="center"> <p>&mdash;</p> </td> <td colspan="2" align="center">&nbsp;</td> <td colspan="2" align="center"> <p><strong> 318 </strong></p> </td> <td> <p align="center">&mdash;</p> </td> <td>&nbsp;</td> </tr> <tr> <td> <p align="center">Add: Fuel hedge contracts settling in the current period, but for which gains were reclassified from AOCI</p> </td> <td colspan="2" align="center"> <p><strong> 5 </strong></p> </td> <td colspan="2" align="center"> <p>28</p> </td> <td colspan="2" align="center">&nbsp;</td> <td colspan="2" align="center"> <p><strong> 16 </strong></p> </td> <td> <p align="center">40</p> </td> <td>&nbsp;</td> </tr> <tr> <td> <p align="center">Add: Impairment of long-lived assets</p> </td> <td colspan="2" align="center"> <p><strong> &mdash; </strong></p> </td> <td colspan="2" align="center"> <p>&mdash;</p> </td> <td colspan="2" align="center">&nbsp;</td> <td colspan="2" align="center"> <p><strong> &mdash; </strong></p> </td> <td> <p align="center">35</p> </td> <td>&nbsp;</td> </tr> <tr> <td> <p align="center">Add (Deduct): Mark-to-market impact from fuel contracts settling in current periods</p> </td> <td colspan="2" align="center"> <p><strong> 9 </strong></p> </td> <td colspan="2" align="center"> <p>(17)</p> </td> <td colspan="2" align="center">&nbsp;</td> <td colspan="2" align="center"> <p><strong> (17)</strong></p> </td> <td> <p align="center">(41)</p> </td> <td>&nbsp;</td> </tr> <tr> <td> <p align="center">Add: Loss on extinguishment of debt</p> </td> <td colspan="2" align="center"> <p><strong> &mdash; </strong></p> </td> <td colspan="2" align="center"> <p>1</p> </td> <td colspan="2" align="center">&nbsp;</td> <td colspan="2" align="center"> <p><strong> &mdash; </strong></p> </td> <td> <p align="center">193</p> </td> <td>&nbsp;</td> </tr> <tr> <td> <p align="center">Add (Deduct): Unrealized mark-to-market adjustment on available for sale securities</p> </td> <td colspan="2" align="center"> <p><strong> &mdash; </strong></p> </td> <td colspan="2" align="center"> <p>(3)</p> </td> <td colspan="2" align="center">&nbsp;</td> <td colspan="2" align="center"> <p><strong> (4)</strong></p> </td> <td> <p align="center">4</p> </td> <td>&nbsp;</td> </tr> <tr> <td> <p align="center">Add: DOT settlement</p> </td> <td colspan="2" align="center"> <p><strong> 107 </strong></p> </td> <td colspan="2" align="center"> <p>&mdash;</p> </td> <td colspan="2" align="center">&nbsp;</td> <td colspan="2" align="center"> <p><strong> 107 </strong></p> </td> <td> <p align="center">&mdash;</p> </td> <td>&nbsp;</td> </tr> <tr> <td> <p align="center">Add: Litigation settlement</p> </td> <td colspan="2" align="center"> <p><strong> &mdash; </strong></p> </td> <td colspan="2" align="center"> <p>&mdash;</p> </td> <td colspan="2" align="center">&nbsp;</td> <td colspan="2" align="center"> <p><strong> 12 </strong></p> </td> <td> <p align="center">&mdash;</p> </td> <td>&nbsp;</td> </tr> <tr> <td> <p align="center">Deduct: Net income (loss) tax impact of fuel and special items (c)</p> </td> <td colspan="2" align="center"> <p><strong> (95)</strong></p> </td> <td colspan="2" align="center"> <p>(15)</p> </td> <td colspan="2" align="center">&nbsp;</td> <td colspan="2" align="center"> <p><strong> (124)</strong></p> </td> <td> <p align="center">(47)</p> </td> <td>&nbsp;</td> </tr> <tr> <td> <p align="center"><strong>Net income (loss), excluding special items</strong></p> </td> <td colspan="2" align="center"> <p><strong>$ 233 </strong></p> </td> <td colspan="2" align="center"> <p>$ (226)</p> </td> <td colspan="2" align="center"> <p>n.m.</p> </td> <td colspan="2" align="center"> <p><strong>$ 986 </strong></p> </td> <td> <p align="center">$ 723</p> </td> <td> <p align="center">36.4</p> </td> </tr> <tr> <td> <p align="center"><strong>Net income (loss) per share, diluted, as reported</strong></p> </td> <td colspan="2" align="center"> <p><strong>$ (0.37)</strong></p> </td> <td colspan="2" align="center"> <p>$ (0.37)</p> </td> <td colspan="2" align="center">&nbsp;</td> <td colspan="2" align="center"> <p><strong>$ 0.81 </strong></p> </td> <td> <p align="center">$ 0.87</p> </td> <td>&nbsp;</td> </tr> <tr> <td> <p align="center">Add (Deduct): Impact of special items</p> </td> <td colspan="2" align="center"> <p><strong> 0.83 </strong></p> </td> <td colspan="2" align="center"> <p>(0.01)</p> </td> <td colspan="2" align="center">&nbsp;</td> <td colspan="2" align="center"> <p><strong> 0.96 </strong></p> </td> <td> <p align="center">0.36</p> </td> <td>&nbsp;</td> </tr> <tr> <td> <p align="center">Add: Net impact of net income (loss) above from fuel contracts divided by dilutive shares</p> </td> <td colspan="2" align="center"> <p><strong> 0.02 </strong></p> </td> <td colspan="2" align="center"> <p>0.02</p> </td> <td colspan="2" align="center">&nbsp;</td> <td colspan="2" align="center"> <p><strong> &mdash; </strong></p> </td> <td> <p align="center">&mdash;</p> </td> <td>&nbsp;</td> </tr> <tr> <td> <p align="center">Deduct: Net income (loss) tax impact of special items (c)</p> </td> <td colspan="2" align="center"> <p><strong> (0.14)</strong></p> </td> <td colspan="2" align="center"> <p>(0.02)</p> </td> <td colspan="2" align="center">&nbsp;</td> <td colspan="2" align="center"> <p><strong> (0.20)</strong></p> </td> <td> <p align="center">(0.07)</p> </td> <td>&nbsp;</td> </tr> <tr> <td> <p align="center">Add: GAAP to Non-GAAP diluted weighted average shares difference (d)</p> </td> <td colspan="2" align="center"> <p><strong> 0.03 </strong></p> </td> <td colspan="2" align="center"> <p>&mdash;</p> </td> <td colspan="2" align="center">&nbsp;</td> <td colspan="2" align="center"> <p><strong> &mdash; </strong></p> </td> <td> <p align="center">&mdash;</p> </td> <td>&nbsp;</td> </tr> <tr> <td> <p align="center"><strong>Net income (loss) per share, diluted, excluding special items</strong></p> </td> <td colspan="2" align="center"> <p><strong>$ 0.37 </strong></p> </td> <td colspan="2" align="center"> <p>$ (0.38)</p> </td> <td colspan="2" align="center"> <p>n.m.</p> </td> <td colspan="2" align="center"> <p><strong>$ 1.57 </strong></p> </td> <td> <p align="center">$ 1.16</p> </td> <td> <p align="center">35.3</p> </td> </tr> <tr> <td> <p align="center"><strong>Operating expenses per ASM (cents)</strong></p> </td> <td colspan="2" align="center"> <p><strong>&cent; 15.78 </strong></p> </td> <td colspan="2" align="center"> <p>&cent; 17.49</p> </td> <td colspan="2" align="center">&nbsp;</td> <td colspan="2" align="center"> <p><strong>&cent; 15.16 </strong></p> </td> <td> <p align="center">&cent; 15.36</p> </td> <td>&nbsp;</td> </tr> <tr> <td> <p align="center">Deduct: Impact of special items</p> </td> <td colspan="2" align="center"> <p><strong> (8.47)</strong></p> </td> <td colspan="2" align="center"> <p>(8.20)</p> </td> <td colspan="2" align="center">&nbsp;</td> <td colspan="2" align="center"> <p><strong> (7.80)</strong></p> </td> <td> <p align="center">(0.03)</p> </td> <td>&nbsp;</td> </tr> <tr> <td> <p align="center">Add (Deduct): Fuel and oil expense divided by ASMs</p> </td> <td colspan="2" align="center"> <p><strong> 3.74 </strong></p> </td> <td colspan="2" align="center"> <p>4.23</p> </td> <td colspan="2" align="center">&nbsp;</td> <td colspan="2" align="center"> <p><strong> 3.65 </strong></p> </td> <td> <p align="center">(4.03)</p> </td> <td>&nbsp;</td> </tr> <tr> <td> <p align="center">Add (Deduct): Profitsharing expense divided by ASMs</p> </td> <td colspan="2" align="center"> <p><strong> (0.09)</strong></p> </td> <td colspan="2" align="center"> <p>(0.13)</p> </td> <td colspan="2" align="center">&nbsp;</td> <td colspan="2" align="center"> <p><strong> 0.07 </strong></p> </td> <td> <p align="center">(0.08)</p> </td> <td>&nbsp;</td> </tr> <tr> <td> <p align="center"><strong>Operating expenses per ASM, excluding Fuel and oil expense, profitsharing, and special items (cents)</strong></p> </td> <td colspan="2" align="center"> <p><strong>&cent; 10.96 </strong></p> </td> <td colspan="2" align="center"> <p>&cent; 13.39</p> </td> <td colspan="2" align="center"> <p>(18.1)</p> </td> <td colspan="2" align="center"> <p><strong>&cent; 11.08 </strong></p> </td> <td> <p align="center">&cent; 11.22</p> </td> <td> <p align="center">(1.2)</p> </td> </tr> </tbody> </table> <p>(a) Represents changes in estimate related to the contract ratification bonus for the Company's Flight Attendants as part of the tentative agreement reached in October 2023 with the Transport Workers Union 556 ("TWU 556"). The Company began accruing for all of its open labor contracts on April 1, 2022, and this incremental $180 million expense extends the timeframe covered by the ratification bonus to the date the Flight Attendant contract became amendable on November 1, 2018, to compensate for missed wage increases over that time period. The Company's consolidated financial statements for the year ended December 31, 2023 include market rate wage accruals for all workgroups with open collective bargaining agreements. See the Note Regarding Use of Non-GAAP Financial Measures for further information.</p> <p>(b) Represents changes in estimate related to the contract ratification bonus for the Company's Pilots as part of the tentative agreement reached in December 2023 with SWAPA. The Company began accruing for all of its open labor contracts on April 1, 2022, and this incremental $426 million expense for the three months ended December 31, 2023 represents an increase in retroactive pay associated with wage rates for purposes of calculating the ratification bonus agreed to for Pilots for periods prior to fourth quarter 2023. The Company's consolidated financial results for all periods prior to the fourth quarter of 2023 had included estimated market rate wage accruals for Pilots, however the tentative agreement includes higher pay rates for those periods in the amounts of $318&nbsp;million for periods prior to 2023 and $54&nbsp;million, $24&nbsp;million, and $30&nbsp;million for the first, second, and third quarters of 2023, respectively. See the Note Regarding Use of Non-GAAP Financial Measures for further information.</p> <p>(c) Tax amounts for each individual special item are calculated at the Company's effective rate for the applicable period and totaled in this line item.</p> <p>(d) Adjustment related to GAAP and Non-GAAP diluted weighted average shares difference, due to the Company being in a Net loss position on a GAAP basis versus a Net income position on a Non-GAAP basis for the three months ended December 31, 2023.</p> <p><strong>Southwest Airlines Co.</strong></p> <p><strong>Comparative Consolidated Operating Statistics</strong></p> <p>(unaudited)</p> <table class="table" border="1"> <tbody> <tr> <td rowspan="3">&nbsp;</td> <td colspan="3"> <p align="center"><strong>Three months ended</strong></p> </td> <td colspan="3"> <p align="center"><strong>Year ended</strong></p> </td> </tr> <tr> <td colspan="2"> <p align="center"><strong>December 31,</strong></p> </td> <td rowspan="2"> <p align="center">Percent Change</p> </td> <td colspan="2"> <p align="center"><strong>December 31,</strong></p> </td> <td rowspan="2"> <p align="center">Percent Change</p> </td> </tr> <tr> <td> <p align="center"><strong>2023</strong></p> </td> <td> <p align="center">2022</p> </td> <td> <p align="center"><strong>2023</strong></p> </td> <td> <p align="center">2022</p> </td> </tr> <tr> <td> <p align="center">Revenue passengers carried (000s)</p> </td> <td> <p align="center"><strong> 35,983 </strong></p> </td> <td> <p align="center">32,899</p> </td> <td> <p align="center">9.4</p> </td> <td> <p align="center"><strong> 137,279 </strong></p> </td> <td> <p align="center">126,586</p> </td> <td> <p align="center">8.4</p> </td> </tr> <tr> <td> <p align="center">Enplaned passengers (000s)</p> </td> <td> <p align="center"><strong> 44,766 </strong></p> </td> <td> <p align="center">40,536</p> </td> <td> <p align="center">10.4</p> </td> <td> <p align="center"><strong> 171,817 </strong></p> </td> <td> <p align="center">156,982</p> </td> <td> <p align="center">9.5</p> </td> </tr> <tr> <td> <p align="center">Revenue passenger miles (RPMs) (in millions) (a)</p> </td> <td> <p align="center"><strong> 35,580 </strong></p> </td> <td> <p align="center">31,303</p> </td> <td> <p align="center">13.7</p> </td> <td> <p align="center"><strong> 136,256 </strong></p> </td> <td> <p align="center">123,843</p> </td> <td> <p align="center">10.0</p> </td> </tr> <tr> <td> <p align="center">Available seat miles (ASMs) (in millions) (b)</p> </td> <td> <p align="center"><strong> 45,513 </strong></p> </td> <td> <p align="center">37,490</p> </td> <td> <p align="center">21.4</p> </td> <td> <p align="center"><strong> 170,323 </strong></p> </td> <td> <p align="center">148,467</p> </td> <td> <p align="center">14.7</p> </td> </tr> <tr> <td> <p align="center">Load factor (c)</p> </td> <td> <p align="center"><strong> 78.2 %</strong></p> </td> <td> <p align="center">83.5 %</p> </td> <td> <p align="center">(5.3) pts.</p> </td> <td> <p align="center"><strong> 80.0 %</strong></p> </td> <td> <p align="center">83.4 %</p> </td> <td> <p align="center">(3.4) pts.</p> </td> </tr> <tr> <td> <p align="center">Average length of passenger haul (miles)</p> </td> <td> <p align="center"><strong> 989 </strong></p> </td> <td> <p align="center">952</p> </td> <td> <p align="center">3.9</p> </td> <td> <p align="center"><strong> 993 </strong></p> </td> <td> <p align="center">978</p> </td> <td> <p align="center">1.5</p> </td> </tr> <tr> <td> <p align="center">Average aircraft stage length (miles)</p> </td> <td> <p align="center"><strong> 739 </strong></p> </td> <td> <p align="center">713</p> </td> <td> <p align="center">3.6</p> </td> <td> <p align="center"><strong> 730 </strong></p> </td> <td> <p align="center">728</p> </td> <td> <p align="center">0.3</p> </td> </tr> <tr> <td> <p align="center">Trips flown</p> </td> <td> <p align="center"><strong> 385,291 </strong></p> </td> <td> <p align="center">332,402</p> </td> <td> <p align="center">15.9</p> </td> <td> <p align="center"><strong> 1,459,427 </strong></p> </td> <td> <p align="center">1,298,219</p> </td> <td> <p align="center">12.4</p> </td> </tr> <tr> <td> <p align="center">Seats flown (000s) (d)</p> </td> <td> <p align="center"><strong> 61,293 </strong></p> </td> <td> <p align="center">52,000</p> </td> <td> <p align="center">17.9</p> </td> <td> <p align="center"><strong> 231,409 </strong></p> </td> <td> <p align="center">201,913</p> </td> <td> <p align="center">14.6</p> </td> </tr> <tr> <td> <p align="center">Seats per trip (e)</p> </td> <td> <p align="center"><strong> 159.1 </strong></p> </td> <td> <p align="center">156.4</p> </td> <td> <p align="center">1.7</p> </td> <td> <p align="center"><strong> 158.6 </strong></p> </td> <td> <p align="center">155.5</p> </td> <td> <p align="center">2.0</p> </td> </tr> <tr> <td> <p align="center">Average passenger fare</p> </td> <td> <p align="center"><strong>$ 172.60 </strong></p> </td> <td> <p align="center">$ 168.42</p> </td> <td> <p align="center">2.5</p> </td> <td> <p align="center"><strong>$ 172.18 </strong></p> </td> <td> <p align="center">$ 169.12</p> </td> <td> <p align="center">1.8</p> </td> </tr> <tr> <td> <p align="center">Passenger revenue yield per RPM (cents) (f)</p> </td> <td> <p align="center"><strong> 17.46 </strong></p> </td> <td> <p align="center">17.70</p> </td> <td> <p align="center">(1.4)</p> </td> <td> <p align="center"><strong> 17.35 </strong></p> </td> <td> <p align="center">17.29</p> </td> <td> <p align="center">0.3</p> </td> </tr> <tr> <td> <p align="center">RASM (cents) (g)</p> </td> <td> <p align="center"><strong> 14.99 </strong></p> </td> <td> <p align="center">16.46</p> </td> <td> <p align="center">(8.9)</p> </td> <td> <p align="center"><strong> 15.32 </strong></p> </td> <td> <p align="center">16.04</p> </td> <td> <p align="center">(4.5)</p> </td> </tr> <tr> <td> <p align="center">PRASM (cents) (h)</p> </td> <td> <p align="center"><strong> 13.65 </strong></p> </td> <td> <p align="center">14.78</p> </td> <td> <p align="center">(7.6)</p> </td> <td> <p align="center"><strong> 13.88 </strong></p> </td> <td> <p align="center">14.42</p> </td> <td> <p align="center">(3.7)</p> </td> </tr> <tr> <td> <p align="center">CASM (cents) (i)</p> </td> <td> <p align="center"><strong> 15.78 </strong></p> </td> <td> <p align="center">17.49</p> </td> <td> <p align="center">(9.8)</p> </td> <td> <p align="center"><strong> 15.16 </strong></p> </td> <td> <p align="center">15.36</p> </td> <td> <p align="center">(1.3)</p> </td> </tr> <tr> <td> <p align="center">CASM, excluding Fuel and oil expense (cents)</p> </td> <td> <p align="center"><strong> 12.04 </strong></p> </td> <td> <p align="center">13.26</p> </td> <td> <p align="center">(9.2)</p> </td> <td> <p align="center"><strong> 11.51 </strong></p> </td> <td> <p align="center">11.33</p> </td> <td> <p align="center">1.6</p> </td> </tr> <tr> <td> <p align="center">CASM, excluding special items (cents)</p> </td> <td> <p align="center"><strong> 14.60 </strong></p> </td> <td> <p align="center">17.38</p> </td> <td> <p align="center">(16.0)</p> </td> <td> <p align="center"><strong> 14.79 </strong></p> </td> <td> <p align="center">15.29</p> </td> <td> <p align="center">(3.3)</p> </td> </tr> <tr> <td> <p align="center">CASM, excluding Fuel and oil expense and</p> <p>special items (cents)</p> </td> <td> <p align="center"><strong> 10.87 </strong></p> </td> <td> <p align="center">13.26</p> </td> <td> <p align="center">(18.0)</p> </td> <td> <p align="center"><strong> 11.15 </strong></p> </td> <td> <p align="center">11.31</p> </td> <td> <p align="center">(1.4)</p> </td> </tr> <tr> <td> <p align="center">CASM, excluding Fuel and oil expense, special items, and profitsharing expense (cents)</p> </td> <td> <p align="center"><strong> 10.96 </strong></p> </td> <td> <p align="center">13.39</p> </td> <td> <p align="center">(18.1)</p> </td> <td> <p align="center"><strong> 11.08 </strong></p> </td> <td> <p align="center">11.22</p> </td> <td> <p align="center">(1.2)</p> </td> </tr> <tr> <td> <p align="center">Fuel costs per gallon, including fuel tax</p> <p>(unhedged)</p> </td> <td> <p align="center"><strong>$ 3.07 </strong></p> </td> <td> <p align="center">$ 3.50</p> </td> <td> <p align="center">(12.3)</p> </td> <td> <p align="center"><strong>$ 2.95 </strong></p> </td> <td> <p align="center">$ 3.52</p> </td> <td> <p align="center">(16.2)</p> </td> </tr> <tr> <td> <p align="center">Fuel costs per gallon, including fuel tax</p> </td> <td> <p align="center"><strong>$ 3.01 </strong></p> </td> <td> <p align="center">$ 3.27</p> </td> <td> <p align="center">(8.0)</p> </td> <td> <p align="center"><strong>$ 2.89 </strong></p> </td> <td> <p align="center">$ 3.10</p> </td> <td> <p align="center">(6.8)</p> </td> </tr> <tr> <td> <p align="center">Fuel costs per gallon, including fuel tax</p> <p>(economic)</p> </td> <td> <p align="center"><strong>$ 3.00 </strong></p> </td> <td> <p align="center">$ 3.18</p> </td> <td> <p align="center">(5.7)</p> </td> <td> <p align="center"><strong>$ 2.89 </strong></p> </td> <td> <p align="center">$ 3.07</p> </td> <td> <p align="center">(5.9)</p> </td> </tr> <tr> <td> <p align="center">Fuel consumed, in gallons (millions)</p> </td> <td> <p align="center"><strong> 565 </strong></p> </td> <td> <p align="center">484</p> </td> <td> <p align="center">16.7</p> </td> <td> <p align="center"><strong> 2,143 </strong></p> </td> <td> <p align="center">1,922</p> </td> <td> <p align="center">11.5</p> </td> </tr> <tr> <td> <p align="center">Active fulltime equivalent Employees</p> </td> <td> <p align="center"><strong> 74,806 </strong></p> </td> <td> <p align="center">66,656</p> </td> <td> <p align="center">12.2</p> </td> <td> <p align="center"><strong> 74,806 </strong></p> </td> <td> <p align="center">66,656</p> </td> <td> <p align="center">12.2</p> </td> </tr> <tr> <td> <p align="center">Aircraft at end of period (j)</p> </td> <td> <p align="center"><strong> 817 </strong></p> </td> <td> <p align="center">770</p> </td> <td> <p align="center">6.1</p> </td> <td> <p align="center"><strong> 817 </strong></p> </td> <td> <p align="center">770</p> </td> <td> <p align="center">6.1</p> </td> </tr> </tbody> </table> <p>(a) A revenue passenger mile is one paying passenger flown one mile. Also referred to as "traffic," which is a measure of demand for a given period.</p> <p>(b) An available seat mile is one seat (empty or full) flown one mile. Also referred to as "capacity," which is a measure of the space available to carry passengers in a given period.</p> <p>(c) Revenue passenger miles divided by available seat miles.</p> <p>(d) Seats flown is calculated using total number of seats available by aircraft type multiplied by the total trips flown by the same aircraft type during a particular period.</p> <p>(e) Seats per trip is calculated by dividing seats flown by trips flown.</p> <p>(f) Calculated as passenger revenue divided by revenue passenger miles. Also referred to as "yield," this is the average cost paid by a paying passenger to fly one mile, which is a measure of revenue production and fares.</p> <p>(g) RASM (unit revenue) - Operating revenue yield per ASM, calculated as operating revenue divided by available seat miles. Also referred to as "operating unit revenues," this is a measure of operating revenue production based on the total available seat miles flown during a particular period.</p> <p>(h) PRASM (Passenger unit revenue) - Passenger revenue yield per ASM, calculated as passenger revenue divided by available seat miles. Also referred to as "passenger unit revenues," this is a measure of passenger revenue production based on the total available seat miles flown during a particular period.</p> <p>(i) CASM (unit costs) - Operating expenses per ASM, calculated as operating expenses divided by available seat miles. Also referred to as "unit costs" or "cost per available seat mile," this is the average cost to fly an aircraft seat (empty or full) one mile, which is a measure of cost efficiencies.</p> <p>(j) Included four Boeing 737 Next Generation aircraft in temporary storage as of December&nbsp;31, 2022.</p> <p><strong>Southwest Airlines Co.</strong></p> <p><strong>Non-GAAP Return on Invested Capital (ROIC)</strong></p> <p><strong>(See Note Regarding Use of Non-GAAP Financial Measures, and see note below)</strong></p> <p>(in millions)</p> <p>(unaudited)</p> <table class="table" border="1"> <tbody> <tr> <td rowspan="2">&nbsp;</td> <td> <p align="center"><strong>Twelve Months Ended</strong></p> </td> </tr> <tr> <td> <p align="center"><strong>December 31, 2023</strong></p> </td> </tr> <tr> <td> <p align="center"><strong>Operating income, as reported</strong></p> </td> <td> <p align="center">$ 267</p> </td> </tr> <tr> <td> <p align="center">TWU 556 contract adjustment</p> </td> <td> <p align="center">180</p> </td> </tr> <tr> <td> <p align="center">SWAPA contract adjustment</p> </td> <td> <p align="center">318</p> </td> </tr> <tr> <td> <p align="center">Net impact from fuel contracts</p> </td> <td> <p align="center">16</p> </td> </tr> <tr> <td> <p align="center">DOT settlement</p> </td> <td> <p align="center">107</p> </td> </tr> <tr> <td> <p align="center">Litigation settlement</p> </td> <td> <p align="center">12</p> </td> </tr> <tr> <td> <p align="center"><strong>Operating income, non-GAAP</strong></p> </td> <td> <p align="center">$ 900</p> </td> </tr> <tr> <td> <p align="center">Net adjustment for aircraft leases (a)</p> </td> <td> <p align="center">128</p> </td> </tr> <tr> <td> <p align="center"><strong>Adjusted operating income, non-GAAP (A)</strong></p> </td> <td> <p align="center">$ 1,028</p> </td> </tr> <tr> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr> <td> <p align="center"><strong>Non-GAAP tax rate (B)</strong></p> </td> <td> <p align="center">23.5 % (d)</p> </td> </tr> <tr> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr> <td> <p align="center"><strong>Net operating profit after-tax, NOPAT (A* (1-B) = C)</strong></p> </td> <td> <p align="center">$ 786</p> </td> </tr> <tr> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr> <td> <p align="center">Debt, including finance leases (b)</p> </td> <td> <p align="center">$ 8,033</p> </td> </tr> <tr> <td> <p align="center">Equity (b)</p> </td> <td> <p align="center">10,676</p> </td> </tr> <tr> <td> <p align="center">Net present value of aircraft operating leases (b)</p> </td> <td> <p align="center">1,029</p> </td> </tr> <tr> <td> <p align="center"><strong>Average invested capital</strong></p> </td> <td> <p align="center">$ 19,738</p> </td> </tr> <tr> <td> <p align="center">Equity adjustment (c)</p> </td> <td> <p align="center">(168)</p> </td> </tr> <tr> <td> <p align="center"><strong>Adjusted average invested capital (D)</strong></p> </td> <td> <p align="center">$ 19,570</p> </td> </tr> <tr> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr> <td> <p align="center"><strong>Non-GAAP ROIC, pre-tax (A/D)</strong></p> </td> <td> <p align="center">5.3 %</p> </td> </tr> <tr> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr> <td> <p align="center"><strong>Non-GAAP ROIC, after-tax (C/D)</strong></p> </td> <td> <p align="center">4.0 %</p> </td> </tr> </tbody> </table> <p>(a) Net adjustment related to presumption that all aircraft in fleet are owned (i.e., the impact of eliminating aircraft rent expense and replacing with estimated depreciation expense for those same aircraft). The Company makes this adjustment to enhance comparability to other entities that have different capital structures by utilizing alternative financing decisions.</p> <p>(b) Calculated as an average of the five most recent quarter end balances or remaining obligations. The Net present value of aircraft operating leases represents the assumption that all aircraft in the Company's fleet are owned, as it reflects the remaining contractual commitments discounted at the Company's estimated incremental borrowing rate as of the time each individual lease was signed.</p> <p>(c) The Equity adjustment in the denominator adjusts for the cumulative impacts, in Accumulated other comprehensive income and Retained earnings, of gains and/or losses that will settle in future periods, including those associated with the Company's fuel hedges. The current period impact of these gains and/or losses is reflected in the Net impact from fuel contracts in the numerator.</p> <p>(d) The GAAP full year tax rate as of December&nbsp;31, 2023, was 26.3 percent, and the full year Non-GAAP tax rate was 23.5 percent. See Note Regarding Use of Non-GAAP Financial Measures for additional information.</p> <p>&nbsp;</p> <p><strong>Southwest Airlines Co.</strong></p> <p><strong>Condensed Consolidated Balance Sheet</strong></p> <p>(in millions)</p> <p>(unaudited)</p> <table class="table" border="1"> <tbody> <tr> <td>&nbsp;</td> <td> <p align="center"><strong>December 31, 2023</strong></p> </td> <td> <p align="center">December 31, 2022</p> </td> </tr> <tr> <td> <p align="center"><strong>ASSETS</strong></p> </td> <td colspan="2">&nbsp;</td> </tr> <tr> <td> <p align="center">Current assets:</p> </td> <td colspan="2">&nbsp;</td> </tr> <tr> <td> <p align="center">Cash and cash equivalents</p> </td> <td> <p align="center"><strong>$ 9,288 </strong></p> </td> <td> <p align="center">$ 9,492</p> </td> </tr> <tr> <td> <p align="center">Short-term investments</p> </td> <td> <p align="center"><strong> 2,186 </strong></p> </td> <td> <p align="center">2,800</p> </td> </tr> <tr> <td> <p align="center">Accounts and other receivables</p> </td> <td> <p align="center"><strong> 1,154 </strong></p> </td> <td> <p align="center">1,040</p> </td> </tr> <tr> <td> <p align="center">Inventories of parts and supplies, at cost</p> </td> <td> <p align="center"><strong> 807 </strong></p> </td> <td> <p align="center">790</p> </td> </tr> <tr> <td> <p align="center">Prepaid expenses and other current assets</p> </td> <td> <p align="center"><strong> 520 </strong></p> </td> <td> <p align="center">686</p> </td> </tr> <tr> <td> <p align="center">Total current assets</p> </td> <td> <p align="center"><strong> 13,955 </strong></p> </td> <td> <p align="center">14,808</p> </td> </tr> <tr> <td> <p align="center">Property and equipment, at cost:</p> </td> <td colspan="2">&nbsp;</td> </tr> <tr> <td> <p align="center">Flight equipment</p> </td> <td> <p align="center"><strong> 26,060 </strong></p> </td> <td> <p align="center">23,725</p> </td> </tr> <tr> <td> <p align="center">Ground property and equipment</p> </td> <td> <p align="center"><strong> 7,460 </strong></p> </td> <td> <p align="center">6,855</p> </td> </tr> <tr> <td> <p align="center">Deposits on flight equipment purchase contracts</p> </td> <td> <p align="center"><strong> 236 </strong></p> </td> <td> <p align="center">376</p> </td> </tr> <tr> <td> <p align="center">Assets constructed for others</p> </td> <td> <p align="center"><strong> 62 </strong></p> </td> <td> <p align="center">28</p> </td> </tr> <tr> <td> <p align="center">&nbsp;</p> </td> <td> <p align="center"><strong> 33,818 </strong></p> </td> <td> <p align="center">30,984</p> </td> </tr> <tr> <td> <p align="center">Less allowance for depreciation and amortization</p> </td> <td> <p align="center"><strong> 14,443 </strong></p> </td> <td> <p align="center">13,642</p> </td> </tr> <tr> <td> <p align="center">&nbsp;</p> </td> <td> <p align="center"><strong> 19,375 </strong></p> </td> <td> <p align="center">17,342</p> </td> </tr> <tr> <td> <p align="center">Goodwill</p> </td> <td> <p align="center"><strong> 970 </strong></p> </td> <td> <p align="center">970</p> </td> </tr> <tr> <td> <p align="center">Operating lease right-of-use assets</p> </td> <td> <p align="center"><strong> 1,223 </strong></p> </td> <td> <p align="center">1,394</p> </td> </tr> <tr> <td> <p align="center">Other assets</p> </td> <td> <p align="center"><strong> 964 </strong></p> </td> <td> <p align="center">855</p> </td> </tr> <tr> <td> <p align="center">&nbsp;</p> </td> <td> <p align="center"><strong>$ 36,487 </strong></p> </td> <td> <p align="center">$ 35,369</p> </td> </tr> <tr> <td> <p align="center"><strong>LIABILITIES AND STOCKHOLDERS' EQUITY</strong></p> </td> <td colspan="2">&nbsp;</td> </tr> <tr> <td> <p align="center">Current liabilities:</p> </td> <td colspan="2">&nbsp;</td> </tr> <tr> <td> <p align="center">Accounts payable</p> </td> <td> <p align="center"><strong>$ 1,862 </strong></p> </td> <td> <p align="center">$ 2,004</p> </td> </tr> <tr> <td> <p align="center">Accrued liabilities</p> </td> <td> <p align="center"><strong> 3,563 </strong></p> </td> <td> <p align="center">2,043</p> </td> </tr> <tr> <td> <p align="center">Current operating lease liabilities</p> </td> <td> <p align="center"><strong> 208 </strong></p> </td> <td> <p align="center">225</p> </td> </tr> <tr> <td> <p align="center">Air traffic liability</p> </td> <td> <p align="center"><strong> 6,551 </strong></p> </td> <td> <p align="center">6,064</p> </td> </tr> <tr> <td> <p align="center">Current maturities of long-term debt</p> </td> <td> <p align="center"><strong> 29 </strong></p> </td> <td> <p align="center">42</p> </td> </tr> <tr> <td> <p align="center">Total current liabilities</p> </td> <td> <p align="center"><strong> 12,213 </strong></p> </td> <td> <p align="center">10,378</p> </td> </tr> <tr> <td> <p align="center">Long-term debt less current maturities</p> </td> <td> <p align="center"><strong> 7,978 </strong></p> </td> <td> <p align="center">8,046</p> </td> </tr> <tr> <td> <p align="center">Air traffic liability - noncurrent</p> </td> <td> <p align="center"><strong> 1,728 </strong></p> </td> <td> <p align="center">2,186</p> </td> </tr> <tr> <td> <p align="center">Deferred income taxes</p> </td> <td> <p align="center"><strong> 2,053 </strong></p> </td> <td> <p align="center">1,985</p> </td> </tr> <tr> <td> <p align="center">Noncurrent operating lease liabilities</p> </td> <td> <p align="center"><strong> 985 </strong></p> </td> <td> <p align="center">1,118</p> </td> </tr> <tr> <td> <p align="center">Other noncurrent liabilities</p> </td> <td> <p align="center"><strong> 981 </strong></p> </td> <td> <p align="center">969</p> </td> </tr> <tr> <td> <p align="center">Stockholders' equity:</p> </td> <td colspan="2">&nbsp;</td> </tr> <tr> <td> <p align="center">Common stock</p> </td> <td> <p align="center"><strong> 888 </strong></p> </td> <td> <p align="center">888</p> </td> </tr> <tr> <td> <p align="center">Capital in excess of par value</p> </td> <td> <p align="center"><strong> 4,153 </strong></p> </td> <td> <p align="center">4,037</p> </td> </tr> <tr> <td> <p align="center">Retained earnings</p> </td> <td> <p align="center"><strong> 16,331 </strong></p> </td> <td> <p align="center">16,261</p> </td> </tr> <tr> <td> <p align="center">Accumulated other comprehensive income</p> </td> <td> <p align="center"><strong> &mdash; </strong></p> </td> <td> <p align="center">344</p> </td> </tr> <tr> <td> <p align="center">Treasury stock, at cost</p> </td> <td> <p align="center"><strong> (10,823)</strong></p> </td> <td> <p align="center">(10,843)</p> </td> </tr> <tr> <td> <p align="center">Total stockholders' equity</p> </td> <td> <p align="center"><strong> 10,549 </strong></p> </td> <td> <p align="center">10,687</p> </td> </tr> <tr> <td> <p align="center">&nbsp;</p> </td> <td> <p align="center"><strong>$ 36,487 </strong></p> </td> <td> <p align="center">$ 35,369</p> </td> </tr> </tbody> </table> <p><strong>Southwest Airlines Co.</strong></p> <p><strong>Condensed Consolidated Statement of Cash Flows</strong></p> <p>(in millions) (unaudited)</p> <table class="table" border="1"> <tbody> <tr> <td rowspan="3">&nbsp;</td> <td colspan="2"> <p align="center"><strong>Three months ended</strong></p> </td> <td colspan="2"> <p align="center"><strong>Year ended</strong></p> </td> </tr> <tr> <td colspan="2"> <p align="center"><strong>December 31,</strong></p> </td> <td colspan="2"> <p align="center"><strong>December 31</strong>,</p> </td> </tr> <tr> <td> <p align="center"><strong>2023</strong></p> </td> <td> <p align="center">2022</p> </td> <td> <p align="center"><strong>2023</strong></p> </td> <td> <p align="center">2022</p> </td> </tr> <tr> <td> <p align="center"><strong>CASH FLOWS FROM OPERATING ACTIVITIES:</strong></p> </td> <td colspan="4">&nbsp;</td> </tr> <tr> <td> <p align="center">Net income (loss)</p> </td> <td> <p align="center"><strong>$ (219)</strong></p> </td> <td> <p align="center">$ (220)</p> </td> <td> <p align="center"><strong>$ 498 </strong></p> </td> <td> <p align="center">$ 539</p> </td> </tr> <tr> <td> <p align="center">Adjustments to reconcile net income (loss) to cash provided by operating activities:</p> </td> <td colspan="4">&nbsp;</td> </tr> <tr> <td> <p align="center">Depreciation and amortization</p> </td> <td> <p align="center"><strong> 415 </strong></p> </td> <td> <p align="center">367</p> </td> <td> <p align="center"><strong> 1,522 </strong></p> </td> <td> <p align="center">1,351</p> </td> </tr> <tr> <td> <p align="center">Impairment of long-lived assets</p> </td> <td> <p align="center"><strong> &mdash; </strong></p> </td> <td> <p align="center">&mdash;</p> </td> <td> <p align="center"><strong> &mdash; </strong></p> </td> <td> <p align="center">35</p> </td> </tr> <tr> <td> <p align="center">Unrealized mark-to-market adjustment on available for sale securities</p> </td> <td> <p align="center"><strong> &mdash; </strong></p> </td> <td> <p align="center">(3)</p> </td> <td> <p align="center"><strong> (4)</strong></p> </td> <td> <p align="center">4</p> </td> </tr> <tr> <td> <p align="center">Unrealized/realized (gain) loss on fuel derivative instruments</p> </td> <td> <p align="center"><strong> 14 </strong></p> </td> <td> <p align="center">(44)</p> </td> <td> <p align="center"><strong> &mdash; </strong></p> </td> <td> <p align="center">(2)</p> </td> </tr> <tr> <td> <p align="center">Deferred income taxes</p> </td> <td> <p align="center"><strong> (42)</strong></p> </td> <td> <p align="center">32</p> </td> <td> <p align="center"><strong> 169 </strong></p> </td> <td> <p align="center">228</p> </td> </tr> <tr> <td> <p align="center">Loss on extinguishment of debt</p> </td> <td> <p align="center"><strong> &mdash; </strong></p> </td> <td> <p align="center">1</p> </td> <td> <p align="center"><strong> &mdash; </strong></p> </td> <td> <p align="center">193</p> </td> </tr> <tr> <td> <p align="center">Changes in certain assets and liabilities:</p> </td> <td colspan="4">&nbsp;</td> </tr> <tr> <td> <p align="center">Accounts and other receivables</p> </td> <td> <p align="center"><strong> 316 </strong></p> </td> <td> <p align="center">259</p> </td> <td> <p align="center"><strong> (89)</strong></p> </td> <td> <p align="center">422</p> </td> </tr> <tr> <td> <p align="center">Other assets</p> </td> <td> <p align="center"><strong> (14)</strong></p> </td> <td> <p align="center">(51)</p> </td> <td> <p align="center"><strong> 60 </strong></p> </td> <td> <p align="center">(66)</p> </td> </tr> <tr> <td> <p align="center">Accounts payable and accrued liabilities</p> </td> <td> <p align="center"><strong> 697 </strong></p> </td> <td> <p align="center">500</p> </td> <td> <p align="center"><strong> 1,343 </strong></p> </td> <td> <p align="center">936</p> </td> </tr> <tr> <td> <p align="center">Air traffic liability</p> </td> <td> <p align="center"><strong> (721)</strong></p> </td> <td> <p align="center">(175)</p> </td> <td> <p align="center"><strong> 29 </strong></p> </td> <td> <p align="center">525</p> </td> </tr> <tr> <td> <p align="center">Other liabilities</p> </td> <td> <p align="center"><strong> 43 </strong></p> </td> <td> <p align="center">(43)</p> </td> <td> <p align="center"><strong> (137)</strong></p> </td> <td> <p align="center">(334)</p> </td> </tr> <tr> <td> <p align="center">Cash collateral provided to derivative counterparties</p> </td> <td> <p align="center"><strong> (50)</strong></p> </td> <td> <p align="center">(28)</p> </td> <td> <p align="center"><strong> (56)</strong></p> </td> <td> <p align="center">(69)</p> </td> </tr> <tr> <td> <p align="center">Other, net</p> </td> <td> <p align="center"><strong> (14)</strong></p> </td> <td> <p align="center">(16)</p> </td> <td> <p align="center"><strong> (171)</strong></p> </td> <td> <p align="center">28</p> </td> </tr> <tr> <td> <p align="center">Net cash provided by operating activities</p> </td> <td> <p align="center"><strong> 425 </strong></p> </td> <td> <p align="center">579</p> </td> <td> <p align="center"><strong> 3,164 </strong></p> </td> <td> <p align="center">3,790</p> </td> </tr> <tr> <td> <p align="center"><strong>CASH FLOWS FROM INVESTING ACTIVITIES:</strong></p> </td> <td colspan="4">&nbsp;</td> </tr> <tr> <td> <p align="center">Capital expenditures</p> </td> <td> <p align="center"><strong> (707)</strong></p> </td> <td> <p align="center">(1,355)</p> </td> <td> <p align="center"><strong> (3,520)</strong></p> </td> <td> <p align="center">(3,924)</p> </td> </tr> <tr> <td> <p align="center">Assets constructed for others</p> </td> <td> <p align="center"><strong> (11)</strong></p> </td> <td> <p align="center">(9)</p> </td> <td> <p align="center"><strong> (33)</strong></p> </td> <td> <p align="center">(22)</p> </td> </tr> <tr> <td> <p align="center">Purchases of short-term investments</p> </td> <td> <p align="center"><strong> (1,623)</strong></p> </td> <td> <p align="center">(1,379)</p> </td> <td> <p align="center"><strong> (6,970)</strong></p> </td> <td> <p align="center">(5,592)</p> </td> </tr> <tr> <td> <p align="center">Proceeds from sales of short-term and other investments</p> </td> <td> <p align="center"><strong> 1,677 </strong></p> </td> <td> <p align="center">1,810</p> </td> <td> <p align="center"><strong> 7,591 </strong></p> </td> <td> <p align="center">5,792</p> </td> </tr> <tr> <td> <p align="center">Net cash used in investing activities</p> </td> <td> <p align="center"><strong> (664)</strong></p> </td> <td> <p align="center">(933)</p> </td> <td> <p align="center"><strong> (2,932)</strong></p> </td> <td> <p align="center">(3,746)</p> </td> </tr> <tr> <td> <p align="center"><strong>CASH FLOWS FROM FINANCING ACTIVITIES:</strong></p> </td> <td colspan="4">&nbsp;</td> </tr> <tr> <td> <p align="center">Proceeds from Employee stock plans</p> </td> <td> <p align="center"><strong> 12 </strong></p> </td> <td> <p align="center">12</p> </td> <td> <p align="center"><strong> 48 </strong></p> </td> <td> <p align="center">45</p> </td> </tr> <tr> <td> <p align="center">Payments of long-term debt and finance lease obligations</p> </td> <td> <p align="center"><strong> (7)</strong></p> </td> <td> <p align="center">(611)</p> </td> <td> <p align="center"><strong> (85)</strong></p> </td> <td> <p align="center">(2,437)</p> </td> </tr> <tr> <td> <p align="center">Payments of cash dividends</p> </td> <td> <p align="center"><strong> &mdash; </strong></p> </td> <td> <p align="center">&mdash;</p> </td> <td> <p align="center"><strong> (428)</strong></p> </td> <td> <p align="center">&mdash;</p> </td> </tr> <tr> <td> <p align="center">Proceeds of terminated interest rate derivative instruments</p> </td> <td> <p align="center"><strong> 23 </strong></p> </td> <td> <p align="center">&mdash;</p> </td> <td> <p align="center"><strong> 23 </strong></p> </td> <td> <p align="center">&mdash;</p> </td> </tr> <tr> <td> <p align="center">Payments for repurchases and conversions of convertible debt</p> </td> <td> <p align="center"><strong> &mdash; </strong></p> </td> <td> <p align="center">&mdash;</p> </td> <td> <p align="center"><strong> &mdash; </strong></p> </td> <td> <p align="center">(648)</p> </td> </tr> <tr> <td> <p align="center">Other, net</p> </td> <td> <p align="center"><strong> 2 </strong></p> </td> <td> <p align="center">2</p> </td> <td> <p align="center"><strong> 6 </strong></p> </td> <td> <p align="center">8</p> </td> </tr> <tr> <td> <p align="center">Net cash provided by (used in) financing activities</p> </td> <td> <p align="center"><strong> 30 </strong></p> </td> <td> <p align="center">(597)</p> </td> <td> <p align="center"><strong> (436)</strong></p> </td> <td> <p align="center">(3,032)</p> </td> </tr> <tr> <td> <p align="center"><strong>NET CHANGE IN CASH AND CASH EQUIVALENTS</strong></p> </td> <td> <p align="center"><strong> (209)</strong></p> </td> <td> <p align="center">(951)</p> </td> <td> <p align="center"><strong> (204)</strong></p> </td> <td> <p align="center">(2,988)</p> </td> </tr> <tr> <td> <p align="center"><strong>CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD</strong></p> </td> <td> <p align="center"><strong> 9,497 </strong></p> </td> <td> <p align="center">10,443</p> </td> <td> <p align="center"><strong> 9,492 </strong></p> </td> <td> <p align="center">12,480</p> </td> </tr> <tr> <td> <p align="center"><strong>CASH AND CASH EQUIVALENTS AT END OF PERIOD</strong></p> </td> <td> <p align="center"><strong>$ 9,288 </strong></p> </td> <td> <p align="center">$ 9,492</p> </td> <td> <p align="center"><strong>$ 9,288 </strong></p> </td> <td> <p align="center">$ 9,492</p> </td> </tr> </tbody> </table> <p><strong>NOTE REGARDING USE OF NON-GAAP FINANCIAL MEASURES</strong></p> <p>The Company's unaudited Condensed Consolidated Financial Statements are prepared in accordance with accounting principles generally accepted in the United States ("GAAP"). These GAAP financial statements may include (i) unrealized noncash adjustments and reclassifications, which can be significant, as a result of accounting requirements and elections made under accounting pronouncements relating to derivative instruments and hedging and (ii) other charges and benefits the Company believes are unusual and/or infrequent in nature and thus may make comparisons to its prior or future performance difficult.</p> <p>As a result, the Company also provides financial information in this release that was not prepared in accordance with GAAP and should not be considered as an alternative to the information prepared in accordance with GAAP. The Company provides supplemental non-GAAP financial information (also referred to as "excluding special items"), including results that it refers to as "economic," which the Company's management utilizes to evaluate its ongoing financial performance and the Company believes provides additional insight to investors as supplemental information to its GAAP results. The non-GAAP measures provided that relate to the Company's performance on an economic fuel cost basis include Fuel and oil expense, non-GAAP; Total operating expenses, non-GAAP; Operating expenses, non-GAAP excluding Fuel and oil expense; Operating expenses, non-GAAP excluding Fuel and oil expense and profitsharing; Operating income (loss), non-GAAP; Other (gains) losses, net, non-GAAP; Income (loss) before income taxes, non-GAAP; Provision (benefit) for income taxes, net, non-GAAP; Net income (loss), non-GAAP; Net income (loss) per share, diluted, non-GAAP; and Operating expenses per ASM, non-GAAP, excluding Fuel and oil expense and profitsharing (cents). The Company's economic Fuel and oil expense results differ from GAAP results in that they only include the actual cash settlements from fuel hedge contracts - all reflected within Fuel and oil expense in the period of settlement. Thus, Fuel and oil expense on an economic basis has historically been utilized by the Company, as well as some of the other airlines that utilize fuel hedging, as it reflects the Company's actual net cash outlays for fuel during the applicable period, inclusive of settled fuel derivative contracts. Any net premium costs paid related to option contracts that are designated as hedges are reflected as a component of Fuel and oil expense, for both GAAP and non-GAAP (including economic) purposes in the period of contract settlement. The Company believes these economic results provide further insight into the impact of the Company's fuel hedges on its operating performance and liquidity since they exclude the unrealized, noncash adjustments and reclassifications that are recorded in GAAP results in accordance with accounting guidance relating to derivative instruments, and they reflect all cash settlements related to fuel derivative contracts within Fuel and oil expense. This enables the Company's management, as well as investors and analysts, to consistently assess the Company's operating performance on a year-over-year or quarter-over-quarter basis after considering all efforts in place to manage fuel expense. However, because these measures are not determined in accordance with GAAP, such measures are susceptible to varying calculations, and not all companies calculate the measures in the same manner. As a result, the aforementioned measures, as presented, may not be directly comparable to similarly titled measures presented by other companies.</p> <p>Further information on (i) the Company's fuel hedging program, (ii) the requirements of accounting for derivative instruments, and (iii) the causes of hedge ineffectiveness and/or mark-to-market gains or losses from derivative instruments is included in the Company's Annual Report on Form 10-K for the fiscal year ended December&nbsp;31, 2022 and subsequent filings.</p> <p>The Company's GAAP results in the applicable periods may include other charges or benefits that are also deemed &ldquo;special items&rdquo; that the Company believes make its results difficult to compare to prior periods, anticipated future periods, or industry trends. Financial measures identified as non-GAAP (or as excluding special items) have been adjusted to exclude special items. For the periods presented, in addition to the items discussed above, special items include:</p> <ol> <li>Accruals associated with ongoing labor contract negotiations with TWU 556, which represents the Company's Flight Attendants. These amounts accrued in 2023 relate to additional compensation for services performed by Employees outside of this fiscal year;</li> <li>Accruals associated with labor contract negotiations with SWAPA, which represents the Company's Pilots. These amounts accrued during the fourth quarter 2023 and/or for the fiscal year 2023, relate to additional compensation for services performed by Employees outside of those applicable fiscal periods;</li> <li>Noncash impairment charges, primarily associated with adjustments to the salvage values for previously retired airframes;</li> <li>A charge associated with a settlement reached with the Department of Transportation as a result of the Company's December 2022 operational disruption;</li> <li>A charge associated with a tentative litigation settlement regarding certain California state meal-and-rest-break regulations for flight attendants;</li> <li>Unrealized mark-to-market adjustment associated with certain available for sale securities; and</li> <li>Losses associated with the partial extinguishment of the Company's Convertible Notes and early prepayment of debt. Such losses are incurred as a result of opportunistic decisions made by the Company to prepay portions of its debt, most of which was incurred during the pandemic in order to provide liquidity during the prolonged downturn in air travel.</li> </ol> <p>Because management believes special items can distort the trends associated with the Company's ongoing performance as an airline, the Company believes that evaluation of its financial performance can be enhanced by a supplemental presentation of results that exclude the impact of special items in order to enhance consistency and comparativeness with results in prior periods that do not include such items and as a basis for evaluating operating results in future periods. The following measures are often provided, excluding special items, and utilized by the Company's management, analysts, and investors to enhance comparability of year-over-year results, as well as to industry trends: Fuel and oil expense, non-GAAP; Total operating expenses, non-GAAP; Operating expenses, non-GAAP excluding Fuel and oil expense; Operating expenses, non-GAAP excluding Fuel and oil expense and profitsharing; Operating income (loss), non-GAAP; Other (gains) losses, net, non-GAAP; Income (loss) before income taxes, non-GAAP; Provision (benefit) for income taxes, net, non-GAAP; Net income (loss), non-GAAP; Net income (loss) per share, diluted, non-GAAP; and Operating expenses per ASM, non-GAAP, excluding Fuel and oil expense and profitsharing (cents).</p> <p>The Company has also provided its calculation of return on invested capital, which is a measure of financial performance used by management to evaluate its investment returns on capital. Return on invested capital is not a substitute for financial results as reported in accordance with GAAP and should not be utilized in place of such GAAP results. Although return on invested capital is not a measure defined by GAAP, it is calculated by the Company, in part, using non-GAAP financial measures. Those non-GAAP financial measures are utilized for the same reasons as those noted above for Net income (loss), non-GAAP and Operating income (loss), non-GAAP. The comparable GAAP measures include charges or benefits that are deemed "special items" that the Company believes make its results difficult to compare to prior periods, anticipated future periods, or industry trends, and the Company's profitability targets and estimates, both internally and externally, are based on non-GAAP results since "special items" cannot be reliably predicted or estimated. The Company believes non-GAAP return on invested capital is a meaningful measure because it quantifies the Company's effectiveness in generating returns relative to the capital it has invested in its business. Although return on invested capital is commonly used as a measure of capital efficiency, definitions of return on invested capital differ; therefore, the Company is providing an explanation of its calculation for non-GAAP return on invested capital in the accompanying reconciliation in order to allow investors to compare and contrast its calculation to the calculations provided by other companies.</p> <p>The Company has also provided adjusted debt, invested capital, and adjusted debt to invested capital (leverage), which are non-GAAP measures of financial performance. Management believes these supplemental measures can provide a more accurate view of the Company's leverage and risk, since they consider the Company's debt and debt-like obligation profile and capital. Leverage ratios are widely used by investors, analysts, and rating agencies in the valuation, comparison, rating, and investment recommendations of companies. Although adjusted debt, invested capital, and leverage ratios are commonly-used financial measures, definitions of each differ; therefore, the Company is providing an explanation of its calculations for non-GAAP adjusted debt and adjusted equity in the accompanying reconciliation below in order to allow investors to compare and contrast its calculations to the calculations provided by other companies. Invested capital is adjusted debt plus adjusted equity. Leverage is calculated as adjusted debt divided by invested capital.</p> <table class="table" border="1"> <tbody> <tr> <td>&nbsp;</td> <td> <p align="center"><strong>December 31, 2023</strong></p> </td> </tr> <tr> <td> <p align="center"><strong>(in millions)</strong></p> </td> <td>&nbsp;</td> </tr> <tr> <td> <p align="center">Current maturities of long-term debt, as reported</p> </td> <td> <p align="center">$ 29</p> </td> </tr> <tr> <td> <p align="center">Long-term debt less current maturities, as reported</p> </td> <td> <p align="center">7,978</p> </td> </tr> <tr> <td> <p align="center">Total debt, including finance leases</p> </td> <td> <p align="center">8,007</p> </td> </tr> <tr> <td> <p align="center">Add: Net present value of aircraft operating leases</p> </td> <td> <p align="center">950</p> </td> </tr> <tr> <td> <p align="center"><strong>Adjusted debt (A)</strong></p> </td> <td> <p align="center"><strong>$ 8,957 </strong></p> </td> </tr> <tr> <td> <p align="center">Total stockholders' equity, as reported</p> </td> <td> <p align="center">$ 10,549</p> </td> </tr> <tr> <td> <p align="center">Deduct: Equity Adjustment (a)</p> </td> <td> <p align="center">4</p> </td> </tr> <tr> <td> <p align="center"><strong>Adjusted equity (B)</strong></p> </td> <td> <p align="center"><strong>$ 10,545 </strong></p> </td> </tr> <tr> <td> <p align="center"><strong>Invested capital (A+B)</strong></p> </td> <td> <p align="center"><strong>$ 19,502 </strong></p> </td> </tr> <tr> <td> <p align="center"><strong>Leverage: Adjusted debt to invested capital (A/(A+B))</strong></p> </td> <td> <p align="center"><strong> 46 %</strong></p> </td> </tr> </tbody> </table> <p>(a) The Equity adjustment adjusts for the cumulative impacts, in Accumulated other comprehensive income and Retained earnings, of gains and/or losses that will settle in future periods, including those associated with the Company's fuel hedges.</p> <p>SW-QFS</p> <p>SOURCE Southwest Airlines Co.</p> Wed, 24 Jan 2024 10:45:00 +0000 /releases/southwest-airlines-to-discuss-fourth-quarter-2023-financial-results-on-january-25-2024 http://swamedia.com/releases/southwest-airlines-to-discuss-fourth-quarter-2023-financial-results-on-january-25-2024?lang=en-US Southwest Airlines to Discuss Fourth Quarter 2023 Financial Results on January 25, 2024 <p><a href="https://c212.net/c/link/?t=0&amp;l=en&amp;o=4071932-2&amp;h=3740684267&amp;u=https%3A%2F%2Fwww.southwest.com%2F%3FSRC%3DIRPRWBCNTFQ2EARN230727&amp;a=Southwest+Airlines+Co." target="_blank" rel="nofollow">Southwest Airlines Co.</a> (NYSE: LUV) invites you to listen to a live webcast of its fourth quarter 2023 financial results. Details are as follows:</p> <table class="table" style="max-width: 600px;" border="1"> <tbody> <tr><th style="width: 100px; text-align: left;" scope="row"> <p>When:</p> </th> <td> <p>Thursday, January 25, 2024 at 12:30 PM Eastern Time</p> </td> </tr> <tr><th style="width: 100px; text-align: left;" scope="row"> <p>Who:</p> </th> <td> <p>Bob <span class="location">Jordan, President and Chief Executive Officer</span></p> </td> </tr> <tr> <td colspan="1" rowspan="1">&nbsp;</td> <td> <p>Andrew Watterson, Chief Operating Officer</p> </td> </tr> <tr> <td colspan="1" rowspan="1">&nbsp;</td> <td> <p>Ryan Green, Executive Vice President and Chief Commercial Officer</p> </td> </tr> <tr> <td colspan="1" rowspan="1">&nbsp;</td> <td> <p>Tammy Romo, Executive Vice President and Chief Financial Officer</p> </td> </tr> <tr><th style="width: 100px; text-align: left;" scope="row"> <p>Web Address:</p> </th> <td> <p><a href="https://c212.net/c/link/?t=0&amp;l=en&amp;o=4071932-2&amp;h=2439745712&amp;u=http%3A%2F%2Fwww.southwestairlinesinvestorrelations.com%2F&amp;a=http%3A%2F%2Fwww.southwestairlinesinvestorrelations.com%2F" target="_blank" rel="nofollow">http://www.southwestairlinesinvestorrelations.com/</a></p> </td> </tr> </tbody> </table> <p>To access the live audio webcast and subsequent replay, click on the link above, or go to&nbsp;<a href="https://c212.net/c/link/?t=0&amp;l=en&amp;o=4071932-2&amp;h=3166296843&amp;u=https%3A%2F%2Fwww.southwest.com%2F%3FSRC%3DIRPRWBCNTFQ4EARN220127&amp;a=www.southwest.com" target="_blank" rel="nofollow">www.southwest.com</a> and click on "Investor Relations" under the "About Southwest" menu at the bottom of the page. The audio webcast can be found under "News &amp; Events" in the drop down menu. Registration for this event begins 20 minutes prior to the start of the call.</p> <p><a href="https://c212.net/c/link/?t=0&amp;l=en&amp;o=4071932-2&amp;h=3070465586&amp;u=https%3A%2F%2Fwww.southwest.com%2F%3FSRC%3DIRPRWBCNTFQ4EARN230125&amp;a=https%3A%2F%2Fwww.southwest.com%2F%3FSRC%3DIRPRWBCNTFQ4EARN230125" target="_blank" rel="nofollow">https://www.southwest.com/?SRC=IRPRWBCNTFQ4EARN230125</a></p> <p>SOURCE Southwest Airlines Co.</p> Mon, 22 Jan 2024 18:43:00 +0000 /releases/southwest-airlines-pilots-approve-new-contract http://swamedia.com/releases/southwest-airlines-pilots-approve-new-contract?lang=en-US Southwest Airlines Pilots Approve New Contract <p><strong>DALLAS</strong> &ndash; <a href="https://www.southwest.com/?src=PRPRPRNPILOTSRAT240111" target="_blank"><strong>Southwest Airlines Co.</strong></a> (NYSE: LUV) announced today its Pilots, represented by the Southwest Airlines Pilots Association (SWAPA), overwhelmingly approved a new collective bargaining agreement.</p> <p>"Our Pilots are world-class aviators who uphold Southwest's commitments to Safety, Hospitality, and connecting People to what's important in their lives," said <a href="https://c212.net/c/link/?t=0&amp;l=en&amp;o=3764317-1&amp;h=920808658&amp;u=https%3A%2F%2Fwww.swamedia.com%2Fpages%2Fadam-carlisle&amp;a=Adam+Carlisle" target="_blank">Adam Carlisle</a>, Vice President Labor Relations at Southwest Airlines&reg;. "This agreement justly rewards our Pilots and supports our operational needs."</p> <p>The five-year agreement covers nearly 11,000 Southwest&reg; Pilots, and provides them with industry-leading compensation, modified scheduling practices, and quality-of-life enhancements, including paid maternity and parental leave, with an opportunity for an additional extended bonding leave. In addition, the contract maintains Southwest's operational advantages, including a new process for recovering our Pilot network, if needed.</p> <p>Since October 2022, nine union-represented workgroups have ratified new agreements:</p> <ul> <li>Appearance Technicians</li> <li>Customer Service Agents, Customer Representatives, and Source of Support Representatives</li> <li>Dispatchers</li> <li>Facilities Maintenance Technicians</li> <li>Flight Instructors</li> <li>Material Specialists</li> <li>Mechanics and Related Employees</li> <li>Meteorologists</li> <li>Pilots</li> </ul> <p>Southwest remains in negotiations with two union-represented workgroups and is committed to reaching agreements that reward those Employees for their Southwest contributions.</p> <p><strong>ABOUT SOUTHWEST AIRLINES CO.&nbsp;</strong>&nbsp; <br /> <a href="https://www.southwest.com/?src=PRPRPRNPILOTSRAT240111" target="_blank"><strong>Southwest Airlines Co.</strong></a> operates one of the world's most admired and awarded airlines, offering its one-of-a-kind value and Hospitality at 121 airports across 11 countries. Southwest took flight in 1971 to democratize the sky through friendly, reliable, and low-cost air travel and now carries more air travelers flying nonstop within the United States than any other airline<sup><em>1</em></sup>. Based in Dallas and famous for an Employee-first corporate Culture, Southwest maintains an unprecedented record of no involuntary furloughs or layoffs in its history. By empowering its more than 74,000<sup><em>2</em></sup>&nbsp;People to deliver unparalleled Hospitality, the maverick airline cherishes a passionate loyalty among more than 126 million Customers carried in 2022. That formula for success brought industry-leading prosperity and 47 consecutive years<sup><em>3</em></sup>&nbsp;of profitability for Southwest Shareholders (NYSE: LUV). Southwest leverages a unique legacy and mission to serve communities around the world including harnessing the power of its People and Purpose to put communities at the Heart of its success. Learn more by visiting <a href="https://www.southwest.com/citizenship/" target="_blank"><strong>Southwest.com/citizenship</strong></a>. As the airline with Heart, Southwest has set a goal to work toward achieving net zero carbon emissions by 2050. Southwest has also set near-term targets and a three-pillar strategy to achieve its environmental goals. Learn more by visiting&nbsp;<a href="https://www.southwest.com/citizenship/planet/" target="_blank"><strong>Southwest.com/planet</strong></a>.&nbsp;&nbsp;</p> <ol style="font-size: x-small;"> <li><em>Based on U.S. Dept. of Transportation quarterly Airline Origin &amp; Destination Survey since Q1 2021</em>&nbsp;</li> <li><em>Fulltime-equivalent active Employees</em></li> <li><em>1973-2019 annual profitability   </em> &nbsp;</li> </ol> <p align="center"># # # </p> Thu, 18 Jan 2024 10:15:00 +0000 /releases/southwest-airlines-to-discuss-fourth-quarter-2023-financial-results-on-january-25-2024 http://swamedia.com/releases/southwest-airlines-to-discuss-fourth-quarter-2023-financial-results-on-january-25-2024?lang=en-US Southwest Airlines to Discuss Fourth Quarter 2023 Financial Results on January 25, 2024 <p><a href="https://www.southwest.com" target="_blank" rel="nofollow">Southwest Airlines Co.</a> (NYSE: LUV) invites you to listen to a live webcast of its fourth quarter 2023 financial results. Details are as follows:</p> <div> <table class="table" border="1"> <tbody> <tr> <td class="prngen2" colspan="1" rowspan="1" nowrap="nowrap"> <p class="prnml4"><span class="prnews_span">When:</span></p> </td> <td class="prngen2" colspan="1" rowspan="1" nowrap="nowrap"> <p class="prnml4"><span class="prnews_span">Thursday, January 25, 2024 at 12:30 PM Eastern Time</span></p> </td> </tr> <tr> <td class="prngen3" colspan="1" rowspan="1" nowrap="nowrap">&nbsp;</td> <td class="prngen3" colspan="1" rowspan="1" nowrap="nowrap">&nbsp;</td> </tr> <tr> <td class="prngen2" colspan="1" rowspan="1" nowrap="nowrap"> <p class="prnml4"><span class="prnews_span">Who:</span></p> </td> <td class="prngen2" colspan="1" rowspan="1" nowrap="nowrap"> <p class="prnml4"><span class="prnews_span">Bob <span class="location">Jordan</span>, President and Chief Executive Officer</span></p> </td> </tr> <tr> <td class="prngen3" colspan="1" rowspan="1" nowrap="nowrap">&nbsp;</td> <td class="prngen2" colspan="1" rowspan="1" nowrap="nowrap"> <p class="prnml4"><span class="prnews_span">Andrew Watterson, Chief Operating Officer</span></p> </td> </tr> <tr> <td class="prngen3" colspan="1" rowspan="1" nowrap="nowrap">&nbsp;</td> <td class="prngen2" colspan="1" rowspan="1" nowrap="nowrap"> <p class="prnml4"><span class="prnews_span">Ryan Green, Executive Vice President and Chief Commercial Officer</span></p> </td> </tr> <tr> <td class="prngen3" colspan="1" rowspan="1" nowrap="nowrap">&nbsp;</td> <td class="prngen2" colspan="1" rowspan="1" nowrap="nowrap"> <p class="prnml4"><span class="prnews_span">Tammy Romo, Executive Vice President and Chief Financial Officer</span></p> </td> </tr> <tr> <td class="prngen3" colspan="1" rowspan="1" nowrap="nowrap">&nbsp;</td> <td class="prngen3" colspan="1" rowspan="1" nowrap="nowrap">&nbsp;</td> </tr> <tr> <td colspan="1" rowspan="1" nowrap="nowrap"> <p class="prnml4">Web Address:</p> </td> <td colspan="1" rowspan="1" nowrap="nowrap"> <p class="prnml4"><a class="prnews_a" href="https://www.southwestairlinesinvestorrelations.com" target="_blank" rel="nofollow">http://www.southwestairlinesinvestorrelations.com/</a></p> </td> </tr> </tbody> </table> </div> <p>To access the live audio webcast and subsequent replay, click on the link above, or go to&nbsp;<a href="https://c212.net/c/link/?t=0&amp;l=en&amp;o=4071932-1&amp;h=2234836942&amp;u=https%3A%2F%2Fwww.southwest.com%2F%3FSRC%3DIRPRWBCNTFQ4EARN220127&amp;a=www.southwest.com" target="_blank" rel="nofollow">www.southwest.com</a> and click on "Investor Relations" under the "About Southwest" menu at the bottom of the page. The audio webcast can be found under "News &amp; Events" in the drop down menu. Registration for this event begins 20 minutes prior to the start of the call.</p> <p><a href="https://c212.net/c/link/?t=0&amp;l=en&amp;o=4071932-1&amp;h=2391714551&amp;u=https%3A%2F%2Fwww.southwest.com%2F%3FSRC%3DIRPRWBCNTFQ4EARN230125&amp;a=https%3A%2F%2Fwww.southwest.com%2F%3FSRC%3DIRPRWBCNTFQ4EARN230125" target="_blank" rel="nofollow">https://www.southwest.com/?SRC=IRPRWBCNTFQ4EARN230125</a></p> <p>SOURCE Southwest Airlines Co.</p>