LUV - Earnings call 3 2023 | Southwest Airlines Co.

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Operator

Hello, everyone, and welcome to the Southwest Airlines Third Quarter 2023 Conference Call. My name is Jamie, and I will be moderating today's conference. This call is being recorded, and a replay will be available on southwest.com in the Investor Relations section. [Operator Instructions] At this time, I would like to turn the floor over to Ms. Julia Landrum, Vice President of Investor Relations. ahead. go please Ma'am

Julia Landrum

much, call. everyone, we In remarks into our so quarter will our XXXX prepared Q&A. jump then conference just and and you to welcome, third share Thank a moment,

are today, me results Executive that Officer, President on Andrew Chief performance, Jordan; and based and with call Commercial President statements will the expectations. we our make Ryan CEO, our Vice Executive President Romo; and Tammy expectations reminder could Operating Officer; current Watterson. A we of materially have forward-looking CFO, Chief from differ quick Bob and Vice which our and On Green; future actual

We reconciled over to in for our also I'll items and to special GAAP morning exclude press release results turn Bob, the it disclosures from press non-GAAP visit website reference you. refer Relations results, this our in Investor which Please more out that are and that, called our to information. With our release.

Robert Jordan

thanks, Well, morning, Julia, and good everyone.

financials, to catastrophic disasters quarter, in on the our that the and Maui the visited natural past had into world firsthand in jump serve. impacts witnessed Earlier we've the we I and several the team there we acknowledge have the the heart-wrenching around wanted I Before months, challenges been from this that island. communities wildfires

who go volunteer efforts the including suffering, Our employees. of to and we those hearts providing, are the are of all out we're support really proud our

fuel And and were leisure inflationary the Despite again from quarter the million, $XXX record. was Ryan items. Revenue and overall, for will strength Now with uptick details third you, the expected. healthy. more in year revenues continuing but driven demand quarter by other business last income demand pressures, just $X.X with solid profitable managed as recent moving come remains to special share largely net excluding throughout period by a billion, the and are to results. the nearly in same third over we up X% Operating prices quarter of

we of accomplishments. look and are to ahead end with out As our close we the year, pleased the this quarter very

great a delivering forward, immediate with and of the to attendants. great Reaching customer has move order of quarter is significant really measured both to to flexibility opportunities this current restoration us plan operational fourth growth of lot and We adapt as long support environment XXXs modernize and announced in milestone. It This have I heroic business. on our company obviously are yet every are flight gives including completing orderly a with these retire really milestone financial we to entire order and reflowing accomplishments, want announcement the we our effort and supports the options challenging, with will you a us appreciative milestone path combined to labor growth. through and so or incredible order way team in fleet about to running up great just adapt That for walk employee. reaching taking down, a this and actions book dynamic well. we you we agreement this [indiscernible], across a the agreements, organization. focus important starts Boeing, allows will a book, us, yesterday's to fleet behind milestones, single for partner, tentative we are The year. to flexibility our end, well operation, of was our coordination experience am solidify making incredibly of but on been up completion accomplishment. With optimizing now, has new demand that with a in move and that truly sets book a And that our another set just us orderly biggest talk our many progress enhancements. We're of to initiatives our to and to environment It's up we and network this excellence. Perhaps plan the taken and whole I year's

we we the macro as evaluating the move are carefully behaviors to plan post-pandemic and travel possible current the best into Finally, company. XXXX, create for environment

of are expect full ASMs we what and for the same which absorbing approximately approximately patterns. This focus redirect get markets XX% the from an July, to network which full a decline the the will restored expectation Therefore, period sequential all focus was capacity, planning XX% in plan that to of In a XX% quarter-over-quarter is a optimizing better seats so in nominal year the now reduction XXXX. the and in this maturing that of ability the a XX% will XXXX, growth on capacity our worked back we to relative and to for We current offers on growth year, carryover is this designing XXXX. basis result now the development decline -- for operation. quarter us schedules shared of year. Note staff half year-over-year effectively to current basis. on from travel to grow in plan on first nominal have a in in a teams This to year-over-year

reliability to to focus levels. inefficiencies We goal out margins relentless bring drive historic our return increase will and be in to our productivity,

and shareholders. And with long-term still them hard for our building XXXX value our and we priority over plans, on value both the of a are customers that, but will I and, course, are value work value, generating We our employees, for with Tammy. call for a at turn on focus to

Tammy Romo

everyone. Thank you, Bob, and hello,

so and $X.XX to oil peaking September fuel for rising our late year, added in and quarter Andrew of environment. throughout consistently a crude per revenue Ryan higher as price. challenging thanks this gallon performance, to margins employees $XXX jump especially pressure will our will barrel per cost. Beginning fuel, like third refinery speak the trends to our and towards I to work to rose operational wonderful our price the our jet quarter I'd their hard was in First, third another right continued further fuel guidance. prices extend end quarter, nearly to with

gallon per the estimate $X.XX gallon range, currently range, third $X.XX our to market price added price $X.XX an to hedge gains. The fuel be is $X.XX for to XXXX per in Moving of XXXX quarter, fuel fourth XXXX estimated for $XXX of through to full our estimate in our be now $X hedging into the fuel year we $X.XX We which during includes portfolio quarter. position including our fuel to modestly gains. hedge hedging total of million. We fair quarter value fourth

XXXX, with our XX% XX% and line in goal XXXX roughly be in hedged be each roughly are to to continue We hedged in year. hedged currently calendar XX% in

pressure. While we I some that our am to hedging immune not are rising relieve the prices, additional positions of oil grateful

for We continue out our years. to prudent hedge for to build future positions look opportunities

Moving to nonfuel costs.

higher with maintenance Our in range and expenses. by third x quarter previous driven was X.X% year-over-year primarily line our rates all CASM guidance of groups employee right increase work for labor of planned timing the

last is quarter from and fourth disruption. currently year-over-year. is to lower operational decrease to and CASM capacity in in Looking decrease fourth XXXX the a comparisons elevated magnitude X ahead to lot our There significantly estimate of the operating year's of due we quarter, expenses noise a impacts primarily result the as levels of year-over-year

with range attendants. tentative wage with our is flight inclusive of guidance rate associated increases the Our agreement recently announced

release. in can details find this press morning's You additional

growth, are year-over-year pressures, increased our to moderated particularly cost. labor with inflationary rates, Given we expecting headwinds capacity combined XXXX

adapt major While network returns therefore, improved we we both to operation and We, are need and to margins deliver. where reliable be and our this investments. hit until milestones to plan we our not they plans year, intend support capacity to on be, relentless a

Given always our to advantage, and a company's goal manage our maintaining be accordingly. history costs competitive commitment towards cost will

our fleet. Now turning to

we total fleet with of mid-single-digit deliveries with we and time. growth a XX order But gives -XXXs, During the fleet ending Boeing, it us which finalized and to retired our quarter XXX a phase -X X -XXX the total funds new the third plan expect just the XX book unchanged really, release. over expected remains of receive aircraft. We leaves $X.X from the this now full a and provides quarter, Taking our of XXXX ability out long-term And all approximately CapEx This this XX us previous -XXXs. just our XX on a consideration, book morning's lot to details outlook guidance. -Xs order year retire our increase flexibility. We into of new billion. plan aircraft provided this received to in net

to have environment. disciplined plan, financial order year-over-year. to we capacity reiterating Bob that the XXXX, or around are the that the we expect adjust up up the Looking flexibility to fleet our a now match better With adapt X% company shared organize to we what to book, planning We capacity current X% to be levels need can for we one, current down XXXX environment. new

billion of capital X-year our our expect in year. per average be guidance to on continue $X previous with to We spending line roughly

our Lastly, strong. sheet remains balance

are U.S. all airline rating agencies. We only the X by an rating with investment-grade

We cash have we have offset dividend Year-to-date, we to to income continue more cash pay nearly repayments and XXXX payments out made a and short-term a returned position. $XXX expense. and the $X we debt in interest expect more shareholders $XX.X net our than debt million in continue expect XXXX of than our $XX to billion to through Closing be to million. year, modest investments, interest and scheduled million in repayments

and their tremendously our by me people I Let saying, am close proud of work. hard

beyond we remain to building shareholders. our a focused resolute prosperity ahead, our path plans look imperative As for provide employees we company, XXXX and it to on and our our is

to proves Southwest over rest on that, we have Airlines. And needed elements and a success expect turn I'm bring I do all should will Ryan. We from history that you to the about the have confident not laurels, we it our with

Ryan Green

through quarter results, our Tammy. commercial provide revenue updates I'm you today. for walk Thank context quarter our share and with of you, a fourth third review exciting to outlook some going

third period on was operating healthy. on XXXX. travel year-over-year were X.X% third over revenue our up continues nearly quarter revenue performance see up Starting please last still up third and quarter. Demand revenue XX% record just to year. X%, third of underway morning's quarter billion. and When is tough of given on release. And average basis, XXXX, be a X% capacity a domestic over compare fares additional operating revenue on growth. XX% pent-up a up compare you Also, over versus are quarter year-over-year For nearly was with $X.X detail earnings this was performance, that's revenue Operating

unit XX.X% So to our growth right right line XXXX. work revenue X% came and increase travel or while of cover revenue of The direction. The am in for moving have we to pleased declining Day third capacity on challenges, I Labor X.X% year-over-year unit are quarter a expectations. X with the operating we July in had the nearly cost do our RASM

primary for while to and secondary August at our performance lower came September, the stable with of However, start nonpeak and This in of much the expectations. in bookings country. dates continuing aligns earlier schools for shift fall end

of what our is example, For XX% August, session in markets, Day of week pre-pandemic, and nearly Labor weekend. by X/X it were was back before in double back schools nearly which the the schools of second were

XXXX trends August are We for work we planning capacity as our back-to-school plans. to these on continue

had In Rewards had set program. record multiple products third a addition, with quarter and revenue ancillary loyalty for all-time growth quarter revenue our from we an from our for Rapid records XX% the We program. year-over-year best generated set ancillary and

a up a spend member card and to New redemptions period co-brand the and XX% year, same quarter retail the engaged also on were point credit compared quarterly Rapid on basis. Rapid Chase acquisitions record, Rewards was year-over-year our members record. number were Rewards a last grew third of XX%

Consumer Our they still a which the high experiences, below favor we particularly card continues engagement the low that continue. customers will travel with to and Southwest by levels. Overall, services, from attrition, our consumer pre-pandemic cardholder spending the be see evidenced resilient benefits brand. and we as expect trends Airlines love get

travel a leisure fourth Moving booking to business and patterns. stable We're the of quarter. continuation seeing demand healthy

higher by larger-than-normal a investment a nominal has as would however, X in markets, strong. RASM, date, driven plan, fourth bookings that performance impacted operating a sequential improving to and revenue revenue consecutive to holidays in resulting been for and below still quarters As are capacity, in us expect the quarter record levels. seasonally passengers, is operating while revenue. restoration continues by normal bring which October than a development our business network and travel increase strong historical also whole be result, to we record of

load than In range will operational leisure expect up and factors appropriate approximately quarter close result is revenue near to we cost we year, RASM non-holiday for for RASM to a or continuing September does period and and expectation sale also travel requirements. address in, that close-in the demand term, without and We experiencing committed the suboptimal in holiday are this and demand which guidance the capacity we're of execute significant trends ensure X% of placement, saw last from booked basis yield are we periods low-demand return that addressing disruption. fourth load advanced to the finish factor higher including on performance into All that year's steadfastly we capacity point current to away This on will a potential to flights August spill challenges to we fair book of meaningful non-peak environment. last campaigns diluting helps year build the the am January. I a plan to XX% this year's with strategy in impacting quarter portion persist purchase flights expect into had as at XX%. Again, the strength. have a fourth December down encouraged, a year-over-year of our contemplate we not same me indicates holiday higher however, the the

XXXX, we and to schedules travel accommodate optimizing mentioned, Looking our match behaviors. current to by will better Bob capacity moderating demand to as RASM address

will including initiatives, their management strategic participation the revenue XXXX to as incremental system, pretax of they mature profits and contribute GDS hit rates. also set current and Our run full new

tireless on customers. even and more better exciting several experience Rewards Rapid the announced working we're enhancements Southwest and first even award-winning in make updates program. involves Airlines drive loyalty customer our Earlier our we from month, to this several Finally, to

makes Reward ability to for our ubiquity points flights combine additional and easier which of We on cash with spring, next Rapid customers currency the the to increases Airlines. it add Southwest book loyalty will

in them travel. with looking to they and whenever our also to levels We our fly XXXX, made reach entice easier to and and preferred it reward are for their A-List customers A-List us loyalty

Southwest frequent our enhancements and more to We most have reasons an customers more to to more and travelers from drive designed choose win imperative even these them are travel give Airlines.

product We our in that a to share the travel us new also grow help launched continue week market last customers corporate for managed our will space.

to few conventions, days. booked tool response is Our I'm incentives the and so space. managed new the on just as the pleased X segments we already group of product of the the in process for in have the the travel far, which product fastest-growing in streamlines travel to meetings, book new travel millions very dollars with first

hospitality gives ability we bags improvement and our to throughout Finally, disruption. By and travel we recently checked to was X of travel travel bags our day following This track an the providing introduced early journey, both customer friction of and their for larger additional investments the their bag the their tracking, transparency are during where their is elevating customers experience release we're information last December's customers. which at our plan. removing enhancement the airport digital modernization customers accelerated This in of flight. about

both market have that. With the higher to build for So account to as solutions and committed to plans, teams our win congratulations customers of into strategies great over these inputs to customers. Ultimately, hard our cost I'll continue worked and day to enhancements taking so turn while long-term to the our bring that challenges that, revenue Andrew. it doing to commercial we're and near-term just we we

Andrew Watterson

our on Thank our a our and I'm our network with plans of going performance, on plan next and operational to an details overview and action prepared winter hello, remarks everyone. additional brief update for some you, up year. wrap capacity Ryan, operations

our want on employee increases This just work I details, will flight saw diligently very by attendants, and operational which of agreement Southwest I'm commend very with Before Net and Trip appreciative on pleased intentive voted in committees agreement operating of improvements quality through those into enhancements reach warriors. We our in strong both industry-leading negotiating our offers by [indiscernible]. Promoter customers to compensation performance dive broad-based recognized our improvements I Scores. metrics, our are be increased life our that which

factor, congestion, mishandled been year-over-year even have better. showed turn differential, on-time performance from longer-than-anticipated and compliance substantial our construction, rate runway rate, turn weather for delay originators, and block improvement. If all not long would performance, morning early completion Our and bag times

hard disruption all lots of update be the resulted also in really to the we last driven winter us to was about speaking I'm points customers our on All in reasons is right optimistic of trip It this That right by improved of here year. our proven X weighed winter nearly heavily preparedness. about last reliability, our WiFi. experience on customer We're XXXX. And It at The excited Southwest and certainly an Net direction, Airlines. Score the is than but including our direction. of solid employees. initiatives, our on higher share Promoter that our a us had excited gives trend

We lot year XX-plus our of have a pride history. on based

prevent preparing like something from So imperative. to is again and an was that happening

an was Before causes, unprecedented several That not storm of by to most But hit our triggered that there disruption simultaneously many led stations. critical it. just one. were

out As result, winter which action based Elliott Denver operational impacted road unable to including investments, that When happens, with XX% When Chicago. crew really and operations, already our throughput cross-team on we this are is maintain our our that can't accelerating map, into winter on categories: plan were what it we stress puts in is thing our sufficient the X during happened, collaboration, and of Elliot. divided great network, operations, into is a network. which get us crew our are crew technology. One

we through out we to network be So of so have operate can confident the part a plan robust to key more that weather. crews get winter bad in our is operations, action our

increased the added removal, ice heater stations other invest safely crude key weather. storage effectively throughput pads, we to winter in and calculated the needed Based operate to stations. carts we on and mixing snow in trucks, equipment ice and have network, glycol So increased our maintain

been conducting make We things trained have school we [indiscernible] DIC. the we plenty done. just for few of of a examples have ramp to ready agents have go tangible to sure and summer That's

We are now events. extreme so weather much better prepared for these

to team the together network allowing under quickly. same We have work cross teams to and Moving collaboration. operations make best planning organization. now them to network our decisions the

operating We this events when control events, the I've network have for coordinated there our summer. formed high-risk are pod, decision-making called center a used of and group group disruption the disruption in special

our solutions to tabletop to we of that the our to new large-scale is specific winter have detail we out We're disruption. Early also I enhancement It proprietary the rolling teams caused better unique there that operations. And feel travel season. wide all a an problems caused confident winter winter share weather the lot that those just ever problems the have storm during about I demonstrate as operations talked conducted games technology multiple first disruption, really crew the already often and few in holiday Elliott. on, than misconception systems. war prepare with to go holiday for immediate irregular taken was the we a modernization of problems. Since examples season. were issues are operational an Additionally, upgrades the into and a the called the involving a exercises, we have up system address to we when action industry. developing operational opposite approach technology those we've take systems bolstered level was scenarios experienced

to the financial to year capacity excellence. that on about operational little up a and what talking and with more we're wrap network doing a ensure by I'll next bit path Finally, we're

regain April, helps back Going growth. our operational mature us hiring, orderly performance. and improve to and we workforce Stable committed measured absorb to our efficiency, growth

to take have we demand our growth as consideration and our network. levels determine travel into build patterns and We also

they cities focus travel which challenges our we look growth fleet. that. of new our In accelerate to travel optimize growth patterns. our trends set, we as we capacity, shared developing capacity our to in the absorbed. And are domestic schedules past maturation and business our examples be actions allow current Orlando. our international the combined better announcement, investments network we and revenue to of connectivity This departures and at at quarter, XXXX, our the XXX will were are are Therefore, in recent has we to of offer as to As The to shifting in develop performance. on taking bulk current with our restore exactly That, the nearly MCO. will the network to utilize Lauderdale Hawaii years, in our we created service XXXX daily couple to today's last moderating unit Fort fully via markets we most the doing

that that over turn efficiency Bob employees, are generates delivering to call of committed with value excellence, customers beginning to it the operational at our what plan a fully the said for We and operational I'll improved back Julia. reiterating on and shareholders. And that, enables

Julia Landrum

you, Andrew. Thank

up begin have for analysts go Please queued Instructions] analyst and We questions. [Operator ahead our Q&A.

Operator

from Syth comes Savi Raymond question first Our Instructions] from James. [Operator

Savanthi Syth

be adjust on Good And XXXX you kind of unit afternoon. on kind Is about kind provide more the historically was if unit little going talked how the you in just I cost year-over-year headwinds this once I could of . inflationary you up bit might, we think to costs. drivers trends? the capacity costs necessarily if the bigger of to loaded. of plan, of wondering a don't schedules unit color some should about and XXXX.

Robert Jordan

kind program. with to new revenues, solid. just the Bob. members first operating mean program of with And how rapid Thanks was spend in retail revenues, card, on or it's we the start the record quarter are just the where I question. passengers, Savi, I I mean, -- for want the really quarter.

pleased our just accomplishment and quarter. mean really aircraft I So the And getting flying. the of obviously, another restoring with network was all

for changing of do but -- XX recovery but a that the we to stubborn than bit as capacity you last for changing seeing we're higher know, business still also is and leisure, higher while general it's gains, -- are little changing as So strong, here. business And XX typical. capacity have for points travel patterns they're just sequential the they're

slaves here. want we So to are capacity Don't be working capacity. to on

tougher essentially now ready quarter. are XXXX on come that has just So January, whole reducing We're talk not our we we're We're about are right to X% year year from first things compared in that all going down the X% phenomenal will February. back working the in be very carrying like half shoulder planning for to plan. as that's XXXX. to into and capacity over going carryover diligently. But 'XX, overall which the result just is the in the capacity periods seats the actually restored next The in but to to 'XX, of down range.

want just and have capacity all groundwork the I thinking So restored set in capacity X capacity. lay the we're about to That's for about we're 'XX how of the in we sort maturing 'XX. thinking things. It's really absorbing and about how that about

As all want and We're on to you training, and pressure, plan. work cost things. bit I to of plan to always on if got work growth of out little hiring on as cost. sides would -- does. Tammy, that side put both the pressure those as still equation. does folks you of the to our kinds we're of capacity, obviously, we create down does. We're the going pull out yes, We've efficiency always admit say focus down a getting slow a anything? the working we but add pull work down But our capacity to just cost efficiencies revenue our lot here. pulling of opportunity It and We're well. the that on as going will going drive

Tammy Romo

covered You well, really everything Bob.

color lot year wrapped as little this seeing a pressures. a the more obvious where Just, agreements of we're our up you we've maybe with give labor on just cost group. Savi, Clearly, to

inflation the in XXX labor, where been, and more than the driven in pressures as outside of seen rates. is as wage see off the of for we'll our holiday. by have year. And then inflationary our labor, We fleet maintenance that's some occurring we've you coming And those normal know, throughout higher

plan. So all I XXXX that are just keep are wanted as in wind in that said, But that -- we focused very you on we down. to mind our

to We efficiencies are here leverage really opportunities. work to certainly going our network drive and hard

to but with keep off you we hard plan what really to we're year, you our for our the working Investor going our So of haven't Day. we manage to little forward. Investor backed on a shared at Day, cost going our XXXX premature guidance CASM-X here And give

is in capacity range, be mid-single-digit goal CASM-X longer-term to Our that growth. and low on grow the would single-digit

Savanthi Syth

goal appreciate all ability fleet of up contractual take fleet that. about have aircraft to just and with it? retirements? following deliveries side, Is I maybe know That's next you on we your offset of helpful. as that, kind year very how aircraft here. many to meet I Boeing's on Maybe then again just it the should think a Or the kind and

Robert Jordan

Yes. order with with reflowing to about been talking Savi, growth #X in #X orderly we've our -- the and Goal the goal to fleet book steady get our plan. Boeing. was just fleet

I in of up we not I look expectation you stacking aircraft delayed. if which, XXXX, you think, course, a were XXX, think I doing. pushed plan, delivery of lot were saw at of that the in -- And think it we're beyond what even

at It the new of a happy. plan in very very us partner. been really and book. has is there fleet us We've I'm So a that got takes great flexibility takes Boeing a orderly. -- is XXXX new lot pricing, attractive order that through

and flex you can we flex we demand as see both ways. down So can up changing trends

year be been XXXX, our talking to about, XX to then again, plan in that control and And planning now delivery Just order we've and with able taking we next will looks we plan thinking XX. take you XX. has schedules, Boeing our of about to to a Boeing, like do solid the want -- directly financial we'll to goal add is offset is anything? from which, retirements, take Tammy, a just trade. course, and of year that this

Tammy Romo

covered it You all.

Robert Jordan

about the is reflowing. again, But new order all

Operator

from O'Brien Goldman comes Catherine from question next Our Sachs.

Catherine O'Brien

year. Two plans last think growth talking cost I said were Maybe pressures we quarter, XXXX. cost just I a table you're inflationary you're to I you the to not you know year-over-year. Do the know And drawing if I changed. appreciate just you have you've exact down we that? totally on But prepared the that for been the talk this things. about, driving then about at labor committed accruing follow-up -- guidance on are question, back don't mind. on

next driving package? year? increases that rate the into just pay So in Is than to they wage else what's that or used something be higher incremental are

Tammy Romo

Yes, Catie.

Just you quarter. of continuing capacity model just a little pressure. have X you quarter One to profile to cost factors. through to give more our moderated is you growth we really and And you fourth sort first there. are to help for as take really boils to labor see It rate help our we plans, maybe down

we've quarter If And would and from our annual inflation, to next costs. would continued X% cost you earlier, exclude expect. And had those CASM as X% beyond of labor increases in relative year-over-year. actually mostly mentioned depreciation while been from quarter, stemming step significant pressure still the our some the year-over-year terms structural cost legacy headwinds labor industry already sequentially then by the to anticipate accelerated the pressures, just we to fleet is overall intact. But labor XX-point modernization outlook, ex year year-over-year much as be costs. increases, is pressure cost our you That the maintenance fourth namely effort year-over-year normal we and our scale move cost and disruption factor. fourth mentioned expect related very our despite you advantage impact if related we are we've the inflationary cost cost still most accruals, down recording carriers profile, And from to Bob here,

here reconciling plan, put are outlook. plans next item with does the content not which our unit pressure and year, key moderated not we further that our So is cost again, our to XXXX done with we've for we're costs. But fact the our capacity

proving and and are that outlook. keep to working we So we're sleeves up on rolling going our

you bringing now And is a those what the gives color focus little growth plans sticky. as is cost bit moderate productivity hopefully kind again, that of into So costs and and more for our efficiency and year. we on better out next our driving

hard So costs. going at managing on our work we're to stay

to We our doing for a record great track manage we're have XX-plus our that. have costs and in we determined history. as

Robert Jordan

coming is timing that's contracts those that different phenomenon be And -- I but seeing of we for you're the some takes are is to of across to and going are structure the good I always network period cost takes, everybody, a And all lump. renegotiate higher labor increases a It to adapt of as a generally mean, as think the move always are back work. and it folks, the time. The cost to cost you for the see they're we board. all in going thing across to course, time

network We profit to $XXX in the action. quarter yield going had already We is last pretax taking a full network over million contribution are of committed very restructuring that in to XXXX. announced

full going that RASM you're the moderating quarter. actually that Beyond half back seats have the Again, year. to in moderating and down revenue the year nominally to help production help of to is We're year-over-year. And we're to network all now, ultimately the be are demand the designed match network of to match production. which the the first going the that demand, should

Catherine O'Brien

data will next be? guess, your Maybe in still just for a earnings through whenever assessing where change offering? quite just premium going might I to what demand focus prove could on another product I your view the those We're downturn, there's hearing in points interested really cyclical products follow-up. mind and premium your you're guess, that season current how products. is of that be on my lot

Robert Jordan

They me don't things there's Yes, seating a now, outperformance And you Southwest got yes, coach We'll to clearly their here. moderate. a predict been think a Airlines, long-haul back it's about it's we've time trend the see. all tremendous product. in and overhead rep clean and to this tend domestic work to premium if and others, always this for and We've long But trends an right always an hard I'll last get time the -- then WiFi outperformance and terrific in start, in here. sort tracking. of bag like there way we're putting But leisure international to up Ryan very in back have was for amenities got great larger year. Typically, kinds announced rewards and and We business want program with of just bins. future. I speak power all

which Airlines. means preferences us, maybe our we'll most think those is in they're are what the we a that, our industry. So and over change. our enhancing different attractive that. what premium, certainly looking always obviously time, what attached and we're take And at Ryan? Southwest than preferences if for a coach ourselves, we're but to have that product little study customers, I always product telling We'll look at the

Ryan Green

add premium I thing overall. historically, the more only cyclical X The is would Yes. of revenue has been in industry items the

the different from other than a been recovery little the So bit pandemic periods. has

they're demand historically time, given If the to very as careful we need here as XX-year very to I and note want we we we there if we've change. over understand cyclical you be revenue. shift do a with take how in how But consumer we're So continue And and we our that history, our to evolved premium study to and closely go of is will. But product, -- listen need customers. have to. that demanding nature and evolve it that over that those we preferences, what We some forward just product we think closely. we'll the watching like

Operator

from from next Our ISI. question comes Duane Pfenningwerth Evercore

Duane Pfennigwerth

get a the handful up unit asked that plan in specific lot and I a is times the seeing I up XXXX? We a path are having time over plan of been But XXXX. of of there hard to that's margins question long the revenue in of is folks your they're kind pushback rate, few think a and over future years. investors kind from time into margins understand over get that hear Probably the exit last to run. extrapolating a about

up required And a next plan? So year? like? margins what to what that is get will that explicitly does And be path look

Robert Jordan

take back about and new absolutely margin. in is that talking plan getting improve and that to obviously, Duane, cost operating outperformance long to the We these adapting we're margins our XXXX, network both put quickly. and customer adapting to but and business for customers, trends these moving the demand our leisure. a demand big piece we're network and that we of out time, the matching to to committed will new term were Yes, is That levels

lot to and slower in come through of up our training through in through opportunity We of a as tools, an example, that our have managing operating costs. cost out growth and as lot bring We've hiring here. are terms locked out folks slow leverage headcount. that of got efficiency will a we new

lot a to Tammy, you absolutely to working in I XXXX make. We're and a cost can know plans. can is that our return shareholders margins that still expect on yes, places don't have want the Tammy? our return industry-leading a I assure We and margins XXXX commitment. add if But we of anything, you a growth then that

Tammy Romo

XXXX enables Yes. very I to we I delivering the No, said. equation. as drive a of we're excellence. operational sides both well thought to going that fully said our But work know was And do, operational again, to We're on we're plan that we and have efficiency. committed earlier,

as for tuned in our ahead, details. And year. work exceed with remind do already of we'll we're we're incremental -- still I be But stay along on just want our profits at development to do shared benefit plans. and year-over-year working of that we've you million the through more back estimated -- we we as continued the efforts work optimization markets, $XXX So shared, network pretax you. expect next we've we'll clearly, hard And more we to work that, as our maturation with

Duane Pfennigwerth

if appreciate on before. can't XX%. But table like you more that going on consider to might an XX% alternative, the the direct those answers. What or I table you your the direction maybe been or throw if hasn't strategically margins get right put in out it's just next year,

an there if more think and fly Historically, to mean, seat those look like about year? the service would base at aggressively economy, if take urgency of more a you offering next there you assignments, I free, have So bags been things the get sacrosanct. product be can't

Robert Jordan

mean, again, $X.X you have The last all lay off, so to year that EBIT that billion ready years not this next we'll we we're are set. $X XXXX our through in and on to working out. several initiatives Yes. we're plan, a took paying the ago, of set I billion

Some of those, sense. perfect I make think, you will

the we have ability obviously, We operating where places can leverage. into drive, put to flights

CASM So those activities flight rates. on flight at and lower come

Rapid push around areas of some we development the where and can continue the have that centers really revenue We program outside cabin. Obviously, other Rewards the to areas. generation

on do. the the I We customers just have convey ready can opportunities trying we not the capital on We're of aircraft to around about work, of them. -- not just we're not whether product said, and and is us customers costs going our customers. And on to just whole ready in the and or which that, what is today. are table. To specific lot would ultimately attribute cabin will they we're is are having obviously what will say to new in up back utilization that important cabin. to dictate additional where if not that ready without boarding to aircraft. we things take the or our follow our to generate to terms Ryan is is boarding want, go tell -- to the we share ASMs fly what I'm an things that of drive that hard what your I'm plan there with that you. we But question lead that's the at in a how

that a taking just something constantly read into we again, much at. So that, is understand that, too don't are to but that look

Duane Pfennigwerth

and you I have it go of doubt want. require what if that. appreciate the margins, years, our guess the lagging to over we're deserve you're you I when a going with harder printing the But saying look. margins may benefit industry-leading customers

Robert Jordan

Yes, side margins. I revenue ourselves efficiency industry-leading back the the includes and productivity driving just -- to goals. equation, just of and add includes in I our out includes will that improving That And be understand. we meeting relentless that would absolutely driving

You commitment. have my

Operator

Mike from from Our next question comes Deutsche Linenberg Bank.

Michael Linenberg

know to is that international I gateways. meaningful mean, smaller factors Orlando, pretty drove move seems but Lauderdale, here. if I think, it Lauderdale to the a I you Fort pilot to been in in caught service one you mean had X you to were your up you of you What have first international domicile be Two moving Andrew, That a local correctly, I guess were has a original I market. move. up? that . I Orlando. indicated your

Andrew Watterson

as -- We network we were we earlier, at around. relooked moved question. we have our the appreciate our I Mike. capacity -- mentioned Thanks, and

nature that reconfiguration for with the So do referenced were have of first. large both doing they northbound they modest-sized that require international the even markets. destinations, will. fill are connectivity our Tammy amount kind capacity. moves nature more of of The Orlando, you mind, those a it's the both earlier. And We them lot our of and amount actually did We in of capacity to we up. loom though decent if flight, a the

and allows further plus bit us Airlines complement flow. And more the being the the a north little Orlando to good have local north Orlando having Southwest so of of flights for

were international destinations here So customer vacation because purchase of were our the to base take business. a lot repeat on a

our on to offer in want go so And to to to [indiscernible] vacation any to business. see network go we chances Vegas for Orlando beach. the given to location Grand go to to fly in go

of kind a so it at for that's some requires And a of cities. the not as international, connection connecting. to northern sometimes some And for offer that of lot us our further

capacity, market if the makes network bases given sense you more combination Northeast the local us Midwest a on and our Orlando, So will. plus access allowing of customer big Upper the to scarce

made also, crew you then Orlando cost in as go Lauderdale. to down you're Fort that sense. base serve also makes And because down that net-net, staging in the not mentioned, So the crews to

anchor to Bob as made said, equation, the for the be sense our of and Orlando. sides in both it on more we're international costs, revenue So Southeast

Michael Linenberg

years that, sort of to just about X your X.X talked years guys initiatives. when on follow of ago, like up ago Andrew, you some

One here? your applying succeeds that type that gateway sort of on increase longer that sort of X cities. plan it term bit look of or run focusing trial And other the of in you this if Is a to Is was of connectivity, at the this to a market? focuses connectivity.

Andrew Watterson

have of fill RJs. during We and don't -- in demand move as also is been post-COVID, and certain XX% had this areas we us bigger is up -- our when lot but the they're think to and concentrated a and and fill normal, connectivity itinerary, COVID, they more customers we parts of we down, aircraft. we they aircraft, kind which to way use we our of a had connect XX% that's early I between go our the late in usual back certain help support fairly us No, felt then geographies. to our than of stable, was And have day help

So Hawaii. going to

-- Baltimore our we a these certain land in combination that access network. of of plus international, allow to parts there have you customers The have helps gateways We now access international Orlando our Hawaii. same us thing for access from

we but always the has not very cake, we been were connectivity it. about So the icing, intentional use how

Michael Linenberg

about Ryan. revenue Okay. good. various the one the second think pretax I just to Very benefits initiatives. $XXX When And million then coming from

they loyalty I any and go? size maybe on at does sense of quarter. the rough give remuneration in of where records from historically? were ancillary, numbers you look loyalty, of As Can both us Where And ancillary just maybe the per been program? a that that it's sort today, where is passenger

Ryan Green

products boarding had prices excess Yes, that look things upgraded expect able that. on our like to the third our We've the the no as fees, on as quarter, of effect I on into Bird performance hold Ancillary I and -- largely We've revenue to pet prices fees, outpacing of is performer. or rates. Early bird prices bag good August. increase benefit. is into price forward here some take both. well ancillary there increase raised ancillary in rate and as records a fourth to in early back been as problem. We we it able strong other and well went been passenger loyalty on several growth, were expect We our Yes, quarter.

different Rewards to measures, they're because use Rapid of customers I our industry I'm passenger it, Loyalty are to part in to preferred able very quarter. So as that on the loyalty is expecting the it's you earning. key sure continue the a of following standout. -- exceed it's overall, -- growth program strategy absolutely a points is fourth forward. as primarily going actually the you're And it ancillary, a think in most I'm lots

And spend so on card. driving the that's

the growing to continue over we card time. on spend quarter Third was program expect the a and record,

get Rapid here about continue to our Rewards We I easier changes also of fly some to that they engagement going see that And also Southwest to more out with customers. We redemption, it's customers drive month a value further making spend this drives their think it all to redemption card. more, Airlines. is make from made customers. after on additional they just the engagement program for us It earlier when

will with provide trend all so points. points, bucking That's and to tier to Preferred. combine about to back of doing in reward lowering We're use A-List the requirements kind like it value A-List and ability for turn making thing which adding easier the And Southwest. Same there. things the cash rapid then industry

value as harder it it We're and access there, again, making back consumer to are there's more, the A-List And spend close value reach Southwest. Customers competitors stretch cards Preferred benefits. they A-List fly they but pass. easier. also making to They get companion Our their there's to more to on that. to

better And the value closer so it bringing in those customer, back also thresholds for it Southwest. drives to makes but

to program Rewards So we'll And ancillary see continue should the we'll we think to and in invest I in expect continued overall. growth. Rapid --

Operator

more take And ladies question. Helane we gentlemen, X question our time from for from We'll Becker TD last Cowen. have and

Helane Becker

couple up. questions to a follow Just of

to board? the and fair Rapid of making kind Rewards it in call what isn't the you easier earn changes amounting cuts to With status, would that across

Ryan Green

the to across cuts fair board? Amounting

Helane Becker

I mean, fewer seats? my it you to selling easier points, Yes. I me don't makes it up redeem mean revenue if wind for

Ryan Green

the program So to the number designed of and the the redeem. way the from that it customer points that and Reward value takes we've Rapid loyalty exchange

customer for cash. reward We indifferent the paying or points or flying we're is whether us are rapid not -- on

is actually So business change individuals before, bit those equation taken number in what managed are traveling that the is, customers same then of up. really are table. The we've kind is leisure flying for here and and less customers off gap a that are what were difference than the the they The of today travel post-pandemic frequently.

explaining, more the be that, customers change I threshold value which to get to And back able to we'll because benefit A-List And drives the that capitalizing us. to on fact, in for will is Preferred, stretch A-List as too, easier threshold make so what and our just from bringing earlier. achieve was just really

Helane Becker

Got it.

really might That's I I And the to think Okay. billion other then guess, guided last I that? one feel comp that . to you for in is point, able I be $X be billion of achieve at contribution is EBIT because my that that helpful. year question $X.X to had follow-up easier -- that But was, in -- an Elliott like XXXX. you'll

Tammy Romo

in tracking loyal. we've makes like initiatives. that Helane, more what investments you revenue obviously, we're the -- in from on of Ryan driving system, you. And includes are And investments shared our invest, even our And and our with terms through. more things And fleet delivering modernization our line what then et just the management those customers just those with continuing but initiatives, new cetera. are drive more took those we're as in that them to and engagement GDS,

you. what with shared with we've shared line we've are value incremental driving continuing that initiatives and the to you So in track with we're

So those are actually delivering.

answers see fill XXXX you plan, for said, all -- so stand are not we're we've all not you, already just here. that it and in now to we're not together -- Now but that the it into out kind on today, we've where we you of shared working satisfied we're going as our more we'll weaves lay we with of but certainly with shared, can ready how

come So more and stay there. to tuned

I Okay. day. portion concludes everyone of have joining, the our appreciate analyst a That call. great and

Operator

Ms. of like begin our with Chief call. will gentlemen, now to we portion Administration Officer. and media Ladies Linda today's introduce Rutherford, I'd first and Communications

Linda Rutherford

welcome to I'd the of Jamie. media to like you, Thank call today. members our

questions, give instructions queue just we on begin taking can Jamie, how up. Before we everyone them

Operator

today News. from comes Alexandria our question And the Instructions] [Operator first Dallas from Morning Skores

Alexandra Skores

yesterday. headquarters their agreement to ask, were obviously, attendants the wanted tentative pilots at picketing And I today. reach flight

on with I that? what steel I like kind little can time throughout when might So bit pilot of give the wanted all look meetings of a about you November. has sense frame may What NMB and -- come you -- a ask know scheduled to us that a

Robert Jordan

just pleased training just out is can just we've attendants. still here your have promise, really materials I'll agreement I'm I then working to information -- with all we The There's we but had and real so are XX answer question, with our more that that flight can so I'm I do. grateful vote. to milestone. Obviously, want wanted awesome and they get to months. good the work tentative a say union our then flight quickly to they the I on attendants But Alexandra, a

committed to I eighth in and finishing others. months. are think our XX that's the agreement we up

every by Our like swap are negotiations get meeting line. -- but I got Andrew, progress. know it swap week. -- we've you agreement There's is finish what over I continuing. add believe, obviously, would to And any. the don't to we're our

Andrew Watterson

we're really last pace the of think the both I every encouraged and couple with week. months quality negotiation meeting over

Sometimes mediators and mediators. the without that's with the that's sometimes

and And enhanced leadership really from sides, made we've well. we've both that's and leadership had so of negotiations worked negotiation sides, from presence -- out also both

active. quite been have mediators Our

to And deal. so we have a get sides both to have to agree

negotiating substantial but to us TWXXX. to out, with mediator can side barring that a have made things shutdown, and date also of progress be able with committed ramp So we've in this fashion. The month to rest throughout rated swap when going the say and no and list And our confidence our month. the I negotiations would a in difficult the is timely but also for predict finish, team small do unit, X next that government I to no a more and close it's has of --

to be them engaged couple next here next hope for so step And there. the in of with weeks

us then can -- for we be the to that out. deal close last So would

Alexandra Skores

but an was a Yes, it that reached they was agreement, I my announcement. understand like ratification seem doesn't second question TWXXX. there was

So all if an can I'm update you there. wondering give

Andrew Watterson

loaded that like the a feedback, the down. X of slate the union changes. the follow-up do ago. based will survey was can't month understand recall most But develop That as a that workers, the so union frontline a they've Their to or Bob. did proposed agreement members unions where not of on exactly, I

the And then talk get with as side do in back our that steps for will We on not with next mid-November that. we'll next round. early well. in mediation We're about to together them

that think very the have with and we productive without We continue. negotiations expect I to XXX mediators

Operator

Our Josephs comes next CNBC. question from Leslie from

Jamie Baker

frequently, with the previous your how but of quarter? fourth it put fair discounting about have sales sales currently. the kind and that fare are how fares you like curious into pretty thinking low about Just strategy. seems I context and that you're Could compares

Robert Jordan

here. finishing do up Yes, we -- Leslie. restoration We are

we activity and fill, have more is be tectonic promote normal. bit I seats when shift fair slightly historically, do being there more we would the put some out very been promotional sophisticated to there, have we have but use demand. not little as strategies characterize where so as to have sales It's more we we from -- fairly have a tactics our drive than And definitely in been promotional how surgical a those we

not the on higher keep oftentimes, higher fares So promotion sale the well, those those demand we distressed applicable demand sell. have flights. sale flights. is are we when -- fares The always available inventory And to

also diluting quarter yields. Yes. comment your fare low would us just -- The relative drive fares allows point out to it load was the really to without up X.X%. I to in fares So our third out average there. on

if to wouldn't having were we fares be -- overly if discount, being expect So were you we average to up.

So overall seats as We're higher-yield working of protecting fill. lot discounting designed. got the strategy our to I through think flights. is inventory and our We've selling a distressed

Jamie Baker

where specific seeing or or months? to more or month you're even discount times any or of there the regions week having are And routes you're recent

Ryan Green

travel the today, -- and different periods day tougher, markets of patterns it's Tuesdays more the are about about less and shoulder Wednesdays are less tougher. It's in about geographies

move after happening. our actually the is little is we lot a and first the adapting a some patterns to year trends is that help as with inventory geographies. that's so reduce -- the But those to of to network particular some flying, optimization than travel discounting here more of it's forward where shoulder further that flying And reduce We're Tuesday, that. address starting reduce Wednesday it

Operator

Mary from from comes News. question next Our Schlangenstein Bloomberg

Jonnathan Handshoe

you as adjustments, to answered but going it hasn't and of times reshaping the that. there. back of those little that you help days specifics question you bit to may just to could expected. question, have wanted I adjusting out or business travel way if like on weeks, things And ask the about see the I are with come was more how a capacity put a frequency, days, cutting Ryan

Robert Jordan

the I'll new set we in can than then yes, next before. first Yes. and shoulder the and the nonpeak announced talk and capacity Ryan million really over really making why quarter about the in is period. finish, worth the in that that's -- Mary, adjustment then periods more optimization $XXX then the had Andrew that both and profit to the is quarter in already XXXX adjustments, obviously, shoulder throughout year. And both are nonpeak being that first network It's correct me. this But we of period

for in levels. to just So travel, prepandemic fully some business an just backfilled rising as again, steady. which, reduction not travel example, of as But is much That was all trends anything. that's business as travel this it's and It's by that really of patterns is recovered for next XXXX us is business new it matching February January -- demand and quarter. about example,

but. XXXX, So carries that through

Andrew Watterson

business is travel this that Andrew, XXXX. Bob, versus maybe down heard or XX% is say You XX% overall

to So recalibration on just modest it's It's a move. more like network. guardrail a not guardrail

more more towards day So which been leisure historically of Monday, heavy it leisure a less little towards much Friday. business or bit is a business. Tuesday, has a be bit little will mixed -- geared versus business, lower travel kind Wednesday, less Thursday,

it. So you business combinations, that was if X at root certain some travel on of cities, would part And also, the have big look look at predominantly it. you routes if

leisure replaced of those have mix business. in kind a routes pure ones of leisure we've cities, either those that and so And or

Wednesday the it's portfolio in adjustment well as modest routes overall a of of kind reduction as So capacity. really Tuesday, a of

Operator

question from next comes Our TPG. David Slotnick from

Helane Becker

have to curve is on one-off wondering you the element? think something this this the was little I of maybe lengthening a the a of booking do close-in sort lower-than-expected the Or present if again, expand bit is a return just booking to with pre-pandemic you could a Do that trends? bookings.

Andrew Watterson

characterize norms. back towards just pre-pandemic moving as David, are I we would it more

relative the business is of in in remains down market levels. up with baseline initiatives business business -- course, picking space. travel kind to we're and managed recovery, Of and managed our It's managed steady pre-pandemic share slow the

today so And but what the the close-in more leisure was that. But good than feel we year. at is not it we to turn of piece level leisure this, saw is earlier of end year pre-pandemic, last this there of at the there when you about still

usually are X/X the So leisure, my end I kids, it here kind August week to before to out begin back trends double And here in think in there's the school also anybody of X/X in kids of reversing you pre-pandemic. would markets, return That's of go in that your called specifically, our bit. I schools remarks, second it's session. third more change that things in office to impacted was prepared the like has close calendar have travel other back to school. And of and a significant a pretty things trends as but it of norms the changes were don't what specifically. that August. week back quarter,

of for of there X/X almost market. travel kind in that August of all our out So wipes

macro the back I am. I at in characterizing of risk being environment think around moving it. just things to we're some which kind redundant, that And the there's of generally But So impacting probably norms. reverting

new caused these the the new things by not about network that are about business being pandemic. There trends All is it's of a for not out and behaviors of the are problem. things demand or demand recovered coming trends -- and just business there fully tweaking and like below

participation and in on, retail on we're the again, Rapid new and and -- spend on our record record card, operating Southwest, expecting revenues, again, passengers, seeing, fourth quarter. revenues revenues, on Rewards record operating we're record members we again on passengers So record and record

So generating not demand. as if not we're it's

capacity our because the can a work that, -- down that just here the new this rapid demand network rate about we our the is do the aligned that lot and that back to we is is and demand. tweaking why stepping patterns in new lot just in normal. And have saw which But about to seats, to growth I do, strong mature restored time adjusting we're is absorbing not a 'XX it's trends. me, the growth out want to we also and drove so that. to It's year, take that, more really of a now just the a Southwest to time point travel half getting slowing that of than more It's and with this more while there's problem. absorb generating precisely sequentially we

David Vernon

remarks. then Got during Where in just for now? we your think curve are it. you of booking the the specifically this you And prepared when looking right up, mentioned you What's that? excluded like curve following the sort holiday do

Ryan Green

pleased any we're well. we'll how and if fourth the disruption, that holiday Yes. where our the sit quarter booking. the not at operational for beyond last the the sort period. And are strong. absorb. as weakness I comment suffering I specifically, this of in booked to I'm holidays the a of capacity December versus are were ahead, We've December customers point look vote that period, have the I got are curve year confidence is as would over bookings you earlier of with -- here the made Thanksgiving But today, at characterize a lot we just think demand holiday holiday for that in strong which period

Operator

is And our follow-up from next Schlangenstein News. Bloomberg question from Mary a comes from --

Mary Schlangenstein

that placed time that extra decided now aircraft because the additional an book do over that why I to if MAXes? wanted new taking frame. you aircraft an order it appreciate And you're question. today, order you been additional long since to see to over the laid you I the that out would wanted on you hasn't order book, in I ask, for comment XXX

Robert Jordan

Yes, start add chain and couple really about great Again, Boeing Mary, issues. is can a then on. supply delivery, all I Tammy But it's partner. of and I'll other think suffered We've a we things.

back clean of delivery forward, all want the reflects we quarterly just the just got we aircraft to appropriate and a So where back to challenges through growth. book its we and have order sure that let's -- up, pushed get and lot make

to to see year That pretty XX, sort year to you normal XX why number was that's year XX, number So of a year. one.

of new that is access to the done aircraft the two, Let's we've sure aircraft through we want partner, last, we that pricing, locked Boeing, ensure sort ever our there's future. in market XXXX. tight. variability have we just that think -- attractive great make -- to up. Number aircraft more and I've industry clean with we which We to a want I accomplished And that. And the then into as all very have that we've been again, this again, And seen. the in

plenty you've flexed just of because need things flex of as and numbers down make to and dictates. other of that's got those so we move And up demand level that, and to down that's opportunity annual options up flexibility, of sure you have and plenty

the about So that of Tammy? it much it those the access to sort future, pricing. also was out really was -- as attracted of uncertainty walking aircraft taking up but

Tammy Romo

our to It's have hit you with certainly, just on Yes, And is to everything modernization our our it add covered. discussions Bob fleet key we're efforts. up Bob. all, one wrapped initiatives, thrilled of very Yes, Boeing.

a to book flexibility over and also believe growth again, modernization our plan. this path us us -XXX significant coming quarterly initiative So we our our gives fleet order years. supports provides fleet great and for retire the

needs to that book thrilled forward. have cost-effective meets going are a we So order just our

Operator

I'd Rutherford closing back this session. will gentlemen, the over Ms. question-and-answer like floor turn and ladies remarks. And our conclude to any to for

Linda Rutherford

any Thank Thanks so you you reach of media our all swamedia.com. for media, with out the us. have being you our at for follow-up website obviously at XXX-XXXX, questions, or us. communications team (XXX) Members on can if to much joining

Operator

conference attending Ladies concluded. thank and for presentation. today's has the you now We gentlemen,

disconnect may now your You lines.

Southwest Airlines (LUV) 26 Oct 232023 Q3 Earnings call transcript