LUV - Earnings call transcript Q3 2024

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Operator

Hello, everyone, and welcome to the Southwest Airlines Third Quarter 2024 Conference Call. I'm Gary, and I'll be moderating today's call, which is being recorded. A replay will be available on southwest.com in the Investor Relations section. [Operator Instructions] Now Julia Landrum, Vice President of Investor Relations, will begin the discussion. Please go ahead, Julia.

Julia Landrum

much. so you Thank welcome Airlines and Earnings Quarter Call. to everyone, Third Southwest XXXX Hello, by CEO, and President Operating joined our I'm today and Watterson; Executive Romo. Officer, and Bob Vice Tammy President CFO, Andrew Chief Jordan; updates then will Andrew reflect Southwest's Better our Day initial performance. our our on and progress us points at our to how will last Even by the against framework reviewing Bob our key turn start and third to from industry-leading cover month share introduced it over Investor off revenue quarter plans. He results operational follow Q&A. Tammy Investment provide Elliott sheet, back a before discuss over will capital it into on statement Management, to balance after our cost turning will brief and which performance, to we who Bob, move allocation will is make materially could forward-looking of which current EVP the support future our Commercial in performance, to today on results Green, room statements, will quick differ us of reminder we and from expectation Q&A. A expectations. Transformation also are based that with Ryan actual we our Also, and results non-GAAP GAAP special exclude to reconciled called which in that results, are press items out release. reference earnings will our

call website. the press now planned EBIT both third release results on XXXX a to contributions And to presentation morning and Bob. initiative over this the Our issued you, our that as details Relations additional I'm of on quarter supplemental our the well Investor initiatives includes were as and draft with expected scorecard turn available are pleased

Robert Jordan

today. Thanks, thanks, Julia, joining and for everyone, us

to value our customers. then, of at simple. transformational and with a we we've As our our few The is out Better increased And truly weeks laid the ago for designed Day, plan engaged message you appreciate Investor constructive plan and I since many our feedback. Even Southwest shareholders shareholders its know, deliver

the set I and have widespread path, it's we recognize clear to want today. But will out what that, team be across I about by the and recent the executing before hurricanes that's turning to and a communities exactly devastation that caused discussing all Now southeast.

offering our recover our complementary ensure Assistance we much so disaster requesting longer. Employee it While many, we and leaning they're and on response travel will cared partners, that our is donations, efforts. Catastrophic employees Charity for recovery all operation, know national quickly receive in able were support take immediate And providing currently assisting financial aid to that to the to for relief. We're

Our hearts our are and recover our with as and communities employees they rebuild.

business, we progress the Now to I'll initial in the third out how against returning our reiterating laid plan. our reflect by path quarter results start

Day, Investor actionable, our is plan highly at shared and we intentional. detailed, As

committed fully and are our We to march from delivering set shareholders restoring expect. delivering Southwest financial that strategy. tailwinds the and our supports of initiatives well or XX% above our of ROIC of tactical higher, a presented and in cost strategic that to our prosperity robust without That capital includes the even and steady we plan fleet XXXX,

in of As margin, we operating leverage, specific capacity, for and targets part plan, free flow cash provided the XXXX. ROIC,

planned. forward. The against planned do, of supplemental use on this we to critical we going meaningful are on financial morning a being report and and that are delivering milestones including to as transparent and detail on progress. team and included we and our goals underway all that While those value updates progress actions the expected status well capture to progressing end, I scorecard and have regarding for will development results, initiative accountable the To achieve work results

launch and Value through the our efficiency the the the our through in follows: fleet unlocked most improving business, morning is of XXXX, being on the in by highest this strategic EBIT value is Value strategy. and as our initiatives introduction contribution additional capabilities created plan tactical and assigned that level, the also online, composition to additional the included executing how At initiative-driven including contributions strategic significant and builds on XXXX coming and initiatives. between with the of detail We now driven base clarification builds premium initiatives, XXXX from options. building seating

you at billion initiative this Finally, the realization roughly full benefit run of XXXX a created that you billion $X in rate total are operation incremental the of cumulative from shared the and aimed estimated incremental of includes plan. When value get is Investor cost Day. contribution, at by initiatives add sized strategy, portfolio the hitting core at where $X.X fleet EBIT the we EBIT

business. we core strategy of as do the part not monetization fleet our Importantly, view

combination our strategy. opportunity lucrative we the reduce pricing provides accretion, and benefits fleet our earnings feel drive all confident favorable and a from of can our secondary we XXXX market even CapEx to both significantly and aircraft achieve monetization that our attractive targets of the expected without While a unique aircraft

second industry trends. half the actions from of XXXX, both by and recent at Looking by positive recent our we're encouraged results

our confident to on We ability plan. our are in deliver highly

encouraging. execution. Improvements of load of terms particularly actions hit in commitments. constructive our a to flights improving on record everything tactical and initiatives, reflects last The both a revenue proof year. team resulting needed a achieving backdrop of to with are progressing best-performing operating in what billion XXXX focusing from demand $X unit itineraries. compared strategy quarter X.X% non-dilutive a point more unit In third management of improvement nearly revenues increase line and is our our had our The We effective is while on is revenue industry yields on our revenue lower

all pleased While the in months to rate, we in tracking in improvement XQ better-than-expected not yet expected. we run saw XQ, as see and are

also work as planned. Our strategic is progressing initiative

working allow year. seating cabin new towards our partners begin and approval are certification with and would early to and of both vendor actively successful front, next cabin the retrofits regulatory premium configurations. That we On agencies aircraft

with start larger will aircraft will XXXs the follow. We our and

our mid-next XX first next Southwest our signed to partnership have X to Air completing month, Vegas. year. per includes for in are We're by launch that work product planned the properties Las that the first and lodging aircraft Caesars to is quarter planning finally, Iceland today announcing partners to direct our year, We And XXX XXXX. we are of with the we that also previously retrofit Getaways nearing late of date launch announced

best very and quarter, performance highlights this with service at continue our February. airline Looking and will reliability. efficiency end and shortly. also and year-end headcount X,XXX initiatives, turn domestic cost year reflected compared share industry-leading on-time of begin We're the existing down starting the of to factor additional had any We as this next major November, will to operational Andrew completion in proud in are expect we to red-eye Improved times XXXX. schedules

monetization demonstrating exploring actively we and have our prosperity. commitment market our to to still encouraged I fleet that we progress we're that of strategy, to to results return are fulfill are our are Regarding All starting already a lot financial recognize improvement, while on seeing. do said, the what by work

all to I a great making a a efforts progress Southwest. a this to And at I'm and who our extraordinary plan, by dedication. the committed exciting really you take Thank employees want moment plan our have for results and your execute along We and are ability deliver. be recognize transparent reality. way. It's to in confident the incredible to time all about we will

all possible to you. would progress And I not turn it that, with of will without be Our transformational Andrew. continued over

Andrew Watterson

talented to completion for minimal quarter that completion us our of how disruption. a industry emphasize achieve operation allowed plan that challenges and and into our with parts to all in cancellations with with filled storms. Hurricane best performance Southwest operating these to today. and lead the the despite fourth including steadfastly the named These thanks of well, impacted in and want where was and start, focused impacted strong am I Bob, the factor domestic teams weather people, with supporting joining weather, the we XX.X% coordinated major To delivering for on-time with face well-being Milton, managed of We operational factor proud ways continued recently I quarter, network the prioritizing resilient team outstanding even enabled you, we any able hurricanes. Overall, X remain of critical results were third In on events, performance, to incredibly our of by quarter our safely airline communities. these third our proactive Thank quarter. most challenging to

Turning quarter. the for performance to revenue now

plan, our flights. covered systems we mentioned, we which are yield seeing the are to the we rationalization. are Bob initiatives rates implemented revenue unit by and are reflected nominal the recalibrate benefits booking action our Southwest both highest curve from our capacity by evidenced a for with improvements have work the growth supply/demand aided the tactical better significantly optimize our to of and management environment, in As Bob to constructive the and did revenue strength processes from demand improvements more contributing from

was quarter GDS Third success grew improvement. nicely and bookings business business. driven double-digit by Southwest's revenue managed year-over-year our largely of with the also investment in This

to unique accounts, continuing coming of an and see strong are the in penetration existing new X% year-over-year, won quarter our corporate accounts finally, performance. from individual the XX% with We travelers of existing yield deeper customers, increase over up

they we Looking occupy more seats managed business and fewer COVID. did are than they but at therefore ever, year than continue take serving booking trends, fewer per trips customers to pre

So business managed backfill seats we and continue new with our customers. grow to to see opportunities those

with and initiatives. Starting demand. in network also and initiatives with closing These and network to supply the to distribution to load such, -- specific This geographies capacity aimed aligning patterns. also changes from recalibrate starting factor on seasonal at are X our includes network, continue demand August designed schedules include As to focus marketing gap. schedule our we holiday and to demand

multiple increased quarter, we changes, schedules. on benefits demand. election results, we created holiday fourth and the activity schedules including are peak to capitalize additional to trough to see for we Looking XXXX from in the an our and expect to down made periods, changes have have we anticipated Where adjust positive flight seeing lower

earlier the our traditionally customers new our partners low-cost have to We Flights Google this fashion by and month, of Skyscanner. a strengthen also been channels new where introduced we presence extend continue this metasearch weaker. Kayak distribution and Southwest adding reach sale These to including and just in points have year in of

With under anticipate inflected continue August to fourth be capacity a our to seats see a projections Looking initiatives quarter. month. on approximately headwind contemplates sequential from the just ahead of RASM year-over-year and RASM to this about X% down benefits the fourth of with of range RASM we X%. We quarter, capacity the be into our result that, cancellations Milton and the fourth range with seeing as basis. the will to associated trips we point in up earlier positive as The moderation and down expect Hurricane in X.X actions, acceleration X.X% X.X% quarter year-over-year, booking

are efforts revenue to operating These reducing of a key clearly these inefficiencies off. is part In paying and plan addition initiatives, asset increasing strategic our productivity.

continue For gate time to plane but that is turn we example, turn, the at unproductive do a the XXXX. we want time, to by even reduce better. To our plan to end, we the have industry-leading November by have minutes X minimum when

in initiative systemwide implementation. of XX As for schedule the this fleet we of underway, previously current our stations. make productive initiative reduction's is equivalent and XX to will shared, free and our next month's the more turn create at already well built The aircraft

investments into day-to-day the we turn more competitive that operation, Southwest As come unique a will are the differentiator. be confident

on be component reducing improving to XXXX network. published times, with the connectivity base of the red-eye XX. schedule week of XX key of flights another will June addition turn and efficiency increasing next productivity the asset and The daily is In October red-eyes introduction

As initiatives CapEx to modernization. To and the X% to financial recap, and look growth red-eye to we delivering year-over-year in performance, on and our X% and a drive for network, optimize we'll to our strengthen limit capacity of reminder, XXXX, aircraft focused tactical our modest distribution our for continue activities. exclusively on allow management fleet capabilities planned advance us have marketing are initiatives our revenue opportunities to turn

it We provide close, performance. allows financial I to known my our operational without and express hospitality. warrior to do to further safety to over excellence on spirit, want people, them. not Southwest With could on updates turn us our I to share Tammy I'll and Before our that, it gratitude industry-leading which focused drive

Tammy Romo

Andrew, and you, Thank hello, everyone.

including just outlining execute mentioned, our shareholder plans to what We're we and prosperity our adapting Bob As controlling will to needed. sustainable few these deliberately make and on swiftly weeks focused to moving transform even plans better, value. restore can ago, plan, and our our a drive presented how we Southwest company as financial

our place, in employees. team of work focus am amazing whose right the people, of have spirit, deliver dedicated We and these incredible and help by hard will continued our each and results. one supported us so warrior every I appreciative

the to sheet, update. cost fleet, our balance capital will then and spoke revenue, As and operational with Bob and macro, Andrew allocation start and performance, cover I performance

on third at XX.X% cost end quarter performance. the year-over-year CASM-X Looking Overall, better increased of our expectations. our

expect additional of For we currently new increase labor flight range X.X including cancellations the capacity, XX% pressure fourth pressure point CASM-X with from fourth and the XX% by over cost year-over-year. associated We unit the quarter, unexpected from driven of contracts primarily to in continued our lower cost quarter estimate overstaffing with to Hurricane Milton. headwind

pursuing We to cost are mitigate actions inflation. deliberately

ahead, Looking much more in a we stable are position.

We overstaffing all XX reduce item. next for the contracts, leave programs labor and cost over our have years ratified We've us voluntary to our better implemented creating that of cost time-off our allow X largest impact. certainty

new ground our operations Day labor cost aimed we optimizing at which addition, improving enhancing operations our efficiencies rules. our includes cost In at around in and outlined efficiency, plan a Investor

opportunities shared, over in would our we $XXX next savings from relative years and incremental over be preserve savings. again, ramp This identified cost the and the expect strategy we've the run As efficiency drive million monetization in demonstrates or these benefits performance. And to to commitment from reach to savings our fleet cost X improve XXXX. rate we

quarter in seen in We to was $X.XX the line estimate $X.XX recently. with and be fuel expectations to as prices quarter down our $X.XX fourth fuel gallon come per range. cost we per have now Our gallon third of fuel

receive we April March, This really Boeing year areas In in we going informed planned seeing detailed deliveries. XX XX is would XX. prudent deliveries impacts. of further We the the fleet. process, to we're After through receive where into planning us our off. Boeing of conservatively to reduce a for Turning the one ability aircraft to key to expecting came and adapt risk pay our operational

expectations. In receive we in XX -XXXs third to our pulled our bringing -XXX the quarter, count returned As XX XX we X at the book X shared expect line aircraft total and a X to Day. monetize to opportunistically received of plans more, additional with forward fleet close -XXX the into exactly have XXXX, and internal order out of lease for retirements this year of we year, Investor our value our We for the retirement and retirements.

to the our which time in provides As of are drive in we aircraft combination and both a secondary through leasebacks. sales our the than this annual to a a X red-eye modernization our to and next Therefore, X% attractive we favorable on unique plans. opportunity aircraft and plan to pricing, to aircraft reminder, earnings our access X% market, of the capacity growth funding over excess capacity available CapEx through flying, turn and years results more our fund reduce us sale accretion. We order opportunity aircraft capitalize book need

sale-leaseback strategy delivering monetization across focus on fleet our pursue will NPV with We portfolio a the of a positive transactions.

our what We we're we encouraged are core as by to and strategy business. incremental the actively are seeing. fleet our consider again, exploring market And

breakout website. additional third the available materials our on Relations earnings quarter our provided we supplemental of in Investor such, As EBIT contribution

and targets nature equal the which complexity positioned competitive transaction, ROIC XXXX our committed the to are And close the we Regardless, in discipline. With are XX% than in to all aircraft of fleet we remain we greater update Day fluidity plan is from in ROIC our committed capacity the as and WACC. and future benefits well doing the of of comfortably without excess of this believe have on we you achieving longer-term to we'll to deals. detail the XXXX, strategy. Investor going of have supports we Given discipline level new are we or of achieve course, that our outlined, financial provided our Ultimately, to well plans transactions market, we deliveries, of goal, our planning. so, limit the

a uncertainty approximately challenges Our given just capital year impact excluding expected there billion at under aircraft of Obviously, fleet is availability, lot spending Boeing. aircraft for our is CapEx, continued is which of strategy. billion, future this any from around $X.X $X

We into XXXX our in contingency taken this risk planning. have consideration

we new defer of better remain sight with aircraft, guidance something need flexibility production is a plan While we're order further Boeing line planning moderated to make XXXX our lot to planned and reduces and additional CapEx providing detail more and capacity and a for we updated closely, retirements. we'll have on replanning until an adjustments have our challenge, watching of a book.

the of Finally, $X.X lasting all short-term excess quarter by our billion with shareholders competitive cash the billion our of $XX.X repurchases. $X and to rating in continue and a with billion, ended returns $X for liquidity and We fully investment-grade an agencies. dividends only providing of of outstanding remain remains billion balance credit a advantage, We we revolving to share total airline debt. committed investments cash line a our net rating sheet and significant in to available be third X position of through well

and more this returned share shareholders $XX.X have in We year. through than dividends billion XXXX, million to including dividends $XXX since repurchases

authorized at our accretive. authorization. announced which to repurchase a we we soon As Investor we ASR we Board billion expect share $X.X launching morning, announced will be this this Day, significantly And as an earnings under initial be program,

foundation wrap we as to I to and to strong return. have prosperity reiterate plan we want a support strong So shareholder and financial return our compelling that up,

cover of at comprehensive taking are a a that, with underway, it measurable And is I body you. There we Bob. over XXXX. back in we after-tax we and will have that deliver. and the in to to XX% achieve We our to significant all expect XXXX necessary and work least plan believe turn enable will of WACC us steps ROIC Thank

Robert Jordan

been settlement with I feedback of and The Q&A, a want Board to a lot get refresh that There's based feedback. taken with taken already to very Elliott. we're Elliott have to and And engage shareholders resolution Thank begun to before our go significant lot steps of briefly and that a to on pleased ongoing, recent night. has is has collaborative time Board you, last Tammy. come with and we address

As to going of talk our set to I'll all interview and forward our it's our do. what Julia generations success on executing for plan, we to know, had are we exactly to whom and to to with that's remains new eyes it focus we to you start all work our Board, members get I can And I that, come. to chance as a welcome here up to back and our Southwest for promise Q&A session. pass

Julia Landrum

Bob. Thank prepared remarks. you, This our completes

We transition the will for [Operator analysts' questions. to Gary, are first ready now question. Instructions] we

Operator

Instructions] first question The with [Operator Stephen is Citi. from Trent

Stephen Trent

I we think sale-leaseback forward, going will to equipment at pace at receive the and the currently XXXX when gains for about how -- just that thinking goals your might are you you in your about respect which expecting? not curious CASM with you're event

Robert Jordan

about those. Steve, like And fully there there's unit lap say hurricane yes, committed realizing will cost driving that's red-eyes lot labor, aircraft in work that labor just efficiency turn, we're ago. of you by we our our compressing are the that obviously, XXXX. of costs we have transformational don't the step-ups, think front generally I'd efficiency. And first, are there like that plan you then you there a that costs pressures just few put lot that of labor of in around weeks in there's are items like out obviously, really and a new and time costs, to occur. But as plan in A onetime step-ups, we onetime like the today, agreements things the

run out guide uncertainty and you're beyond, at a particular. with of not to we're of in looking There's kind Boeing, about there ready so thinking And yet. rate, just just 'XX lot

the that contract approved. not saw was You

point. to obviously, just able we're at if guide focused it's this to the very so And anything? it's be that something to on. Tammy, want you early But year add

Tammy Romo

Obviously, might our I add of period sale-leasebacks. those time. thing in there for flexibility your regard we keep we fleet to just only in The is some on question have would and the

And at just we So again, we targets to on continue manage lot to there out Investor sale-leaseback that to Day. of laid flexibility have front. opportunities a the the

Operator

James. next from Savi is The with question Syth Raymond

Savanthi Syth

quarter wondering going if know impact that there's as on just well the you consider how the that managed progressing, to core. just share generally the from I a given is revenue on perspective noise. trend if Hurricane anything be could quarter seeing was here. But you of what out you're the I corporate side else the wondering as we just Milton the in called should that's kind

Andrew Watterson

was did With business regards in business, to managed specifically travel see imagine, as that because there managed hurricanes, a geography. we different during might you the

the a kind down, then after bounced both up And went returned hurricanes it through, so rate. -- previous but of dip did to that its have run back

any point in see kind don't at this travel for demand we change business of time. structural So in

Robert Jordan

then the unit third. looks here an performance to marketing, management strong that travel the in revenue obviously, in continues here that just generally We really distribution, saw as fourth saw We're in you the fourth with the quarter, and the And across Savi, the network we are actions revenue that and period well. the and and saw quarter holiday and acceleration on quarter. strong revenues, demand trends our pleased into are being taken bookings in

out I'm goals on of of that actions a told performance so tailwind terms Investor but from those pleased More the being we taken good that track we hit you Day. what actions need very XXXX tactical concerning come, to So in that. we're at with are the to

Savanthi Syth

the that. Tammy, the that, that aircraft is it Or about how you I you of up on the that sale-leasebacks? progression? follow delivery When existing it previous the do includes thinking might consideration Appreciate Boeing And given the uncertainty, sale-leasebacks, question. like if fleet could to are in comes

Tammy Romo

include existing Thanks, Yes. No, right. it eligible in Obviously, our in aircraft are Savi. fleet fleet. exactly that's our would so aircraft certainly

the so those we -- to With sale-leasebacks. I would the that outright -- pace delivery of Boeing we would it informed -- flexibility, schedule. comes we a on when believe, have be obviously, sales, again, regard and that based lot by to So

news yesterday. So here, to we've do the got given was work out that some

Operator

from Pfennigwerth with Duane Evercore is question ISI. next The

Duane Pfennigwerth

a should you time the many not dead might for over that gains. new But side? that that reasons, than specific. but Investor be X-year Day that beat the with is horse want monetization be appreciate to it the investors Or Is fleet -- that investors viewing perception is the certainly horizon specifically the how competitive right on only takeaway? to left sale-leaseback means more Not

Tammy Romo

potential it over No, don't have that's we'll book. the include period. and aircraft have But again, would of we Boeing. the moderated X-year to sales the Duane. Yes, our And And fluidity in just at our consider airplanes. that situation with need order just obviously XXX we capacity plans, many

accordingly what's nearer way manage the we'll thrown in based at consideration have our Boeing. But situation opportunities the on we for with regard sale-leasebacks. So to certainly, term, without

a into constantly heard always, solidify changing, plans next world yesterday consideration the again, take news that we'll lot we for of as So as all have just year. the but we, that And we flexibility. is our

Robert Jordan

it sale-leasebacks, we be what approach value we yes, clear. And will We'll market we But is monetizing to Day could Duane, and Investor open I take that be that -- My thought direct think front, where account in sales. book. that, we're order thought the yes, maximizes are, Yes, we're were the to be whatever the I into value. yes, apologies, flexible we obviously, clear on looks it at like. going fleet could I that were be

Duane Pfennigwerth

when maybe half, at new information first was of just quarter, the respect with Investor that cost or that first [ I the unit uncertainty like half? fleet appreciate Is a to trends, us is second to in exceed nonfuel your Day? to high-level cost And do trends X put it, certainly, think, you bow ] but on And expect kind cost revenue growth? growth I thinking the next any shaping X can give year, nonfuel you down on to

Tammy Romo

Duane, guidance. what you believe, were referencing not our our capacity capacity, provide... I Yes, was did We

Duane Pfennigwerth

Exactly, yes.

Tammy Romo

to guidance parts year. our all We specific next for we'll of given didn't that regard earnings margins, and back, that Day next our provide moving operating still CASM-X for next the call at targets here, But give provided with at come we year. Investor And our guidance stands. more

Operator

question Fitzgerald TD next Cowen. from is The Tom with

Thomas Fitzgerald

the where your now you revenue system? what's you an or with Would things with us mind giving providing that update Is management on that? a tailwind stand latest

Andrew Watterson

I X-point factors. Andrew. would and X place drag ended into we processes a QX. just and The X-point drag in to QX. -- QX we with wasn't you It it's And together. if it up Tom. Thanks, organization a and recall, classify late combination just It's we a of thing, as And a put those forecasted in system

So that the last inflection in saw particularly highlighted, we we that at point that, saw an shows of August the think, -- inflection I that we an Day that particularly Investor was where point August. half

which recalibrated new in to we've flights, so yield And and on our driving was the them, that hired tooling processes our system, and support objective. strongest new people, put place growth new is

confidence see for us. working So we can in this the manifesting intended actions it us gives are actual outcomes is so

Thomas Fitzgerald

fares color, you any anecdotally, Hawaii That's up it really And like that? inter-island been any seeing then benefit Are in just picking have seems Andrew. lately. helpful, from

Andrew Watterson

pleasure. My

RASM So increasing Day. RASM, at of franchise, view we quite for as and to significantly our your different which our mainland but and franchise, a as parts knowing also saw increase seeing system results, that above mentioned We're Hawaii, focused efforts is, to you results that we Hawaii. we Investor there's is seen both have inter-island from and

pleased we're so with progress. And the

And We efforts until -- continue are reach that our teams drive this. case. we seeing those and to and we're organized focus the cross-functional are will continue of results business that and teams have those

Robert Jordan

and year helping to connecting red-eyes adding complex inter-airline coming modestly capacity -- really the moderating around future and you've And back next actions moderating and connections then got mainland.

seeing of So well on already what all you're that today. should continue drive improvement top as to

Operator

The Scott is next Wolfe Research. question from with Group

Scott Group

sale-leaseback a for heard. I I little a I think into at Analyst call the apologize just Day confused this still I I something because turning than what So but different heard am

the So include a know you to I if help or why much. side, exclude got that and on has understand down that maybe got I But CASM. XX% like lot I costs sale-leaseback? know then just And margin about I potential any QX Tammy, X% X% we much? Like does year, next so just like talk cost that separately up can X% year-over-year. know clarify up you for we've are just can contracts labor but they're us look, employees just up like don't new cost the labor

Tammy Romo

Yes.

the a guidance first that provided your fleet contemplates range. fleet that of at on end Day, provided So the strategy we was the range of margin you question be would our and The range strategy. monetization low that end on high without Investor

a which range. -- is you we provided why and So that

you So the can strategy. of less with without think it more fleet or or

that. And the that hopefully, for next mind, starting all growth. would point, a cost -- And inflationary moderated of ahead, regard continue. normal keep our expect pressures, with input pressure cost that I we year is in to just clarifies into our we important an capacity then as So to guess looking

already and So be associated savings costs the plan. launch cost as offsetting our investment seating in capacity year. from with will realize are our And next premium shared, we've have of the seating we'll growth our But we'll -- moderating we then assigned also we initiatives.

labor some Bob but normal just labor some all our inflationary provide inflation insights more we'll And also our as into well. pressures that of next of rule much into the contracts. cost significant. changes earnings that was we'll be baked cost pressures, And obviously cost said, there on abnormal is lapping again, But work annual the as So call. includes more

margin that for in next for again, that X% range. the the all operating you to gave an we So into, guidance is X% year factored

Operator

with question The JPMorgan. Jamie Baker next from is

Jamie Baker

was mine. question as the same Scott's

versus today's separate, margin X% month as should So correct? guidance lift to since we essentially are X% fleet last initiatives interpret now a

Tammy Romo

X% and Jamie, we fleet said operating fleet. on would is it's No. There's include the Day, at is margin here no change what and X% the Investor ex

Robert Jordan

Jamie, than fleet base be then that had we think ROIC without had and we And I way a page each without operating there and we is greater ROIC that an is and with for exceeded about with And to range equal year, XXXX, margin the for business in X or fleet. think XX% would to fleet. the is, was Yes, said there an X range. that

clarified that year. the roughly number. ranges think to And you fleet I $XXX the yes, a was So without contribution then were provide and with also fleet a we intended million

Jamie Baker

Okay.

answers it's tone, your maybe I'm for And prepared also just the up sort just of in something to a special item? and was as topic, why not that? drove just curious. called so what in pushed trying the this misperceptions? it that in remarks Was out And or on Elliott clear change Bob,

Robert Jordan

the On fleet?

Jamie Baker

Yes, yes.

Robert Jordan

without No, no. and even the I with but without. in Yes, of the or around and today the the composition across we with Investor and fleet then presented scorecard no, about at fact, nothing we -- the were scorecard decomposition, Day on also added more then thought And fleet then year. that clarity the clear

nothing had connection to it with all. Elliott no, do So -- no to no, at

that presentation that guessed, did the Now as no, have hey, a of in lot the morning. a -- just and of is the stack little you Day, added more in was, into why items some the you one clarity of would we EBIT filed talked after we engagement things subsequent about, was 'XX Investor this shareholder discussions, and which on

Jamie Baker

offer does announced. to choose benefit on stuff a just that if to Are just And wondering, on it. to you a the, credit top second about offer card to the now. cards like consumer for loyalty. LOPA like plans with wondering seems there free that loyalty through contract, you maybe you card those mechanically, room you've monetize more a stuff guess, mechanics topic, potentially the cabin cabin for work? or It than the changes X that reopening better right third there's me and Chase I already Got premium how and that the require does could I'm that? the then that Just be my whether of that quickly guys

Robert Jordan

But to was Ryan details. seating take said we Investor to the let Chase, monetize the the there the relationship getaways, Chase that be all what I like at a was think there. Day. partnerships, a things lot and you Day the Investor opportunity at just numbers could the the further airline gave that announced, the inside to relationship changes, I'll everything work we monetize not Well, tailwind is in with of continuing do generally, card, what included with there's there we And that

mechanics a get there, of how that. negotiation. that. But the of do So about Ryan obviously, there. top There's to talk you let it's just on it's I'll work

Ryan Green

could on have not we absent card Chase. -- to do can't it. just underwrite We a Jamie. Yes, They create our own

new in on will we seating there be world. come that what product those -- with are the is. associated benefits to and no relevant cards assigned have But time economics And our and agreement the to what seating do the premium today boarding time. an associated We have with longer that benefits to is around card things to from we

It We we're Chase assigned And an product a reopening contract. underway. Chase. for yes, seating on to to that's are between us evolve entire with world the account contract, take amendments make so can premium how discussions but and of currently going conversation and structure the seating just to a the doesn't

Operator

question from Dan is Seaport Securities. Global next with The McKenzie

Daniel McKenzie

know ideas members were know focus to curious are Board how initially. affect interviewing guess begun current I received? any I initiatives when I'm were thought process current But being Bob, have there that And the is plan. I early the and the shared it's additions, your you new the really strategic if you're and contemplating if your

Robert Jordan

those may going I before refresh clarify and undergoing X know then been then Southwest a and all the just we the Gary, of through that make has broader a on and sure little The Elliott. And accelerated. Dan, this. of been off obviously, to Elliott we answer of just X was kind fill then then lot you X. give And that's those, announced And X I that Pierre you with with and we've looking filled to those to Board to was number a looking airline Southwest committed last shareholders. Obviously, through of forward both all they and and Southwest they about announced Board extensively to be could talked what Board, then tell I've chance views added their serving to that I serving their with the And of to experts, Airlines. bring and a of our Southwest and slate, what folks bring they're Southwest, you each what night. part interview our to had we've of from

added added a and I bring variety and bring Gregg We've and and all experience. is wealth now, a David Fornaro Rakesh. of what So airline that they we've like Cush, of experience Saretsky Bob they

do lot got so and service. Not of low-cost, ULCCs, another so something to We're will that any worked, always of to at obviously, have plan. a closer those -- have they Southwest certainly folks and And started going but airlines, a we're of will different that you've types Airlines be have thinking. after at legacy Obviously, had plan things arguing help evolving. there stretch our this

terms working our looking welcome will genuine think Southwest of we constructive can respect At be think I culture assure our input all Southwest, and for history, I X now. and XX how the are all and time, their forward so you years together. about in to XX And and from same have they

Daniel McKenzie

the of that of for putting function to around to reduced just fleet And me, component labor Tammy, wondering estimate thanks the if guess, the Congrats that going back I Yes. the of level, big curious monetization depreciation driver this on And the drivers there. comment maintenance just what and behind are and for pardon I'm Or a a primary expense? again. high But you. really strategy, benefit apologies that there's range. in is just

Tammy Romo

our would value. Again, pricing we in very course, of book gain be the on have driver, aircraft existing report. of big the be that reflected we fleet, would on would that The our net attractive and Yes. course,

of the the the for would particularly sales. driver potential there aircraft strategy, that gains So primary be on the monetization

Operator

Conor Cunningham with The Melius next question from Research. is

Conor Cunningham

build but On enacted? 'XX, most an I network of out You percentage show is about could called what believe already just the revenue, ongoing you $X you for billion talk that's EBIT could and we're talk marketing at about in the now today. of optimization terms doing like of network management. in already revenue I you're where and But you if just know percentages that

Andrew Watterson

I'm overall changes or revenue network Is progression? that sorry. the the

Conor Cunningham

from so you is could already EBIT adjustments doing But lot and have on. marketing the you're network in billion of level you been and general, set Yes, optimization, so marketing made already today? if what's $X I a on. there. What coming in out you just your to market put and network know of so on

Robert Jordan

start can things. I'll Obviously, behind Andrew then Conor, X come just with got you've and details.

to revenue in You've changes management that were take the primarily August. got enacted effect

fourth acceleration the continuing quarter. management quarter are seeing primarily the into far to place and comes today, set with You changes, the you've another distribution the revenue year marketing like had ones is network got just the third that that There that across and in the are unit in next ongoing. that the why that we're and went And active. And contributor revenue trends changes play like Skyscanner so Atlanta. are is things into things efforts then

we're is on take to place we're improvement track hit in different you together, your in that in need So track network, in of management, that is primarily we but terms billion which That's terms what is what XXXX. some I the quantify, so far, XXXX. can't a main all to of for in $X see little again than revenue billion question. a that point that $X on to hit build

Andrew Watterson

think don't decomposed. we've I Bob. right, You're

Robert Jordan

not. have We

Andrew Watterson

as How like actions the next value, as I've that to stuff lead as and week the through far much but be and summer. network, that, when the mentioned published that earlier, will

the -- have couple those the ramp of largely see have pricing which for that waves and business you already you will then Then seeing are actions place changes value are network that get up being first marketing and further So have the XXXX. initiatives in of drive in distribution a reflection management in revenue tactical of what implemented their the you're you'll and to been to both management you'll be marketing then. already see come them us in to reflect benefits. There case to revenue activities, further

year. are up that progress would actions lot underway in done as would say and we value but through ramp the next the market, of I So the a

Conor Cunningham

through your expectations or it. more working aren't given they're feel there aggressive so why employees going through you're the retirements question growth? out being buying be, any helpful. And natural back time-off around with was whether trying Has Scott the attrition. capacity of though, around general on just to some early comfortable you're stock, back to focus Got with to and talking you then ask, as productive been on? as reason That's debate, you're get I more in headcount about. maybe heads I that offering necessarily headcount to been that outlook. paid it's a Has know there The internal

Robert Jordan

you. thank Conor,

to redundant. is are this on level and set Just where sorry, we

compared this Our year X,XXX to year do commitment was on growth, on last down modest that. to even to headcount and we're be track

another of it's invisible. -- kind have We

X,XXX to through out close a another programs have of are day, that a lead short-term We the effectively a kind month thing. week,

being committed on short-term to a So without pay. just leave up there's FTE And again but because effectively then they're or cost an we're show down year. as basically they no next time-off

and what the way through we've at then anything numbers, that, We offer just we project, Now before. are we'll all that predicting to your where sort but typical not as work your things part of starting, farther? kinds as parts, go things And we which do that out. understand -- Maybe cost hard tools the done know, overhead. I'm foresee we And question as you takes efforts, our be the hit early chain now ops, supply tech tools we need addition to willing it we of to of in like is, target. are we just efficiencies, it look the working are around on to

a have efficient we'll we our through with, need there. initiative. across just we way use to being for that corporate the overhead, we the we've to start to committed more more overhead, you cost through hitting get the and progress are we to But company cost lot techniques as So the committed

Andrew Watterson

time I collar to sometimes is FTEs, in equals But do white that it the think, which a hourly hours fact Bob, an salary people there's for workforce. there. cost, a for misses appropriate workforce,

the the is at data, you'd FTEs we pre up XX%. look say ops, pandemic XX% to trip of paid per hours were you versus in if So because ground public about

the between gap you headcount. big see and hours the a out paying So we're

is is [indiscernible] XX% pandemic didn't we we you have did staffing needed -- residual that on, that but need still pre work that we to and we that. that something half roughly of and take saw Elliott, have say to we Now we needed can

used in which So productive in the to portion were airline than we as of less economy or be. there. the many then the is in that that, efficient And general, is like industry

that tools, going So then post the work also work work we're it's of that back headcount lots extra pandemic, whether needs extra demand. and that's in putting of ops we standards the that red-eyes, the we of saw winter the turn, because other kind we in have of to headcount, we're going come forward, that down inefficiency place, needed that

so but more I And still efficient. been the have, reduced a illustrated earlier, are the hours to the get there's remaining yet we by mitigated operation hours to overstaffing portion need has needed the

got And people is pilots, so we of need to our get is step we've discussed The group. in not since previously. necessarily hours the dynamic that And particular dynamic. similar that less X this more we've work journey, a down work work many have efficient next the groups as with our has the does regard group to not

pilots are we will we are that paying year, need which many there's into for we we that months not When when paying meaning we incremental However, every this times need month and year. start of have, as eat a flying because next don't incremental then there number pilots. the we minimums this to period year, red-eyes so but minimums, will add don't where be

a to can't math FTEs journey you just potential it's at time-salary the but So do look savings.

workforce. the You through have hours for work overhead, an this really Bob since It's which to set the hourly is mentioned.

Tammy Romo

embedded what's overstaffing the And in might helpful, just the impact. net that of X be note on final just just terms

And fourth work And I to coming primarily primarily pilot roughly year. again that the quarter, to at with group. we I for our coming you to that down million, took be work through, that As million expect expected shared, is $XXX from the Andrew this the from $XX than as be impact less to Day, continuing we're how Investor impact pilots. demonstrate that believe impact just is

from focused very continue So on we're impact to next working it down and year initiative in to we're rein our overstaffing. the cost

Operator

question from Stathoulopoulos SIG. with The next Chris is

Christopher Stathoulopoulos

back I your it's parts about and about remarks to want keep strategy. question, capacity. you take it it X opening just talked to tactics here, Bob, when to though, X and really

you to and relate you're all to way think network see for those dynamic how pieces the And about out be the Why for focusing considered range not gate a the about that where frequencies composition, all the on, wide about X% the the moving then they as and think side. X% more is? within connectivity? And it's guess? we marketplace particularly I stage, so X% so departures? things to this, where And isn't plan part a revenue year, the markets, speak as also, going with next So guide is the to 'XX, could then opportunities, better but B point, at to you a there again,

Robert Jordan

this being be couple generally bet. decomposing capacity You is that maybe The created created that and to of I'm a through capacity what kind is of that And redundant. things. initiatives. sorry being

coming creates It's amount the aircraft compression, Just aircraft that apply from a making sure CapEx. significant clear. and without having red-eyes that, of turn, to that's

the capacity those we to money modest So created without spending have that aircraft. do buy is being

basically more bit. On the from capacity that decomposition -- of holding that the network, and Andrew add can make a a be lot areas here, may we're struggling

those and we things. closed redeployed Atlanta, the in O'Hare, generally then saw we've it's everything. and announced changes Chicago the strength Austins, a little to bit points a Nashvilles You of kinds of And of like few being cities

maybe thumb, and we're continue of frequency of be to strength pressure a some business where just points to sometimes route, put do the it's short continuing especially back we and it's to apply going the think going haul. way and route. Andrew, on thing is the is new demand. with I rise continuing a stage generally, on see all we're But to little generally, Sometimes a not travel the to rule capacity

over On I'm a versus on I X%, creates the but X%, tight. obviously unit between already the growing question X% really pressure the the yes, and cost that why X% to not earn sure of hit capital, range talked really narrow that's that really, understand amount. And our until modest and be it's that. lower number you of and we've small to the below we But anything rate, a exceed committed cost that capital exacerbates that at about. we're capacity cost just our targets to

planned They our We and of strike is XX I'm the for that. And deliveries, planned 'XX number own about to be Now 'XX, the created wildcard, really for if 'XX. proud folks. strike. will goes come it's longer, much Boeing? of a for right going in effectively impact. top there our We an obviously, on what of

lot with certainly higher a going you're deal hard. -- We'll if time, I'll make admit the to it of a going deliveries. strike hit of it that the the have flexibility make hard long But in the just end and number We to adapt. just capacity to goes it's fleet. have those not it's to that because getting

until know we they lot of more up and in ends, back strike when the online is So they when rate. when hit this their the Boeing, a get air about really

So just the just about we And Boeing. answer I Andrew? as that 'XX, say there an more we would you owe then just on know decomposition,

Andrew Watterson

that up stage as outward our year this go about of was aircraft months is digits. see our our those can are what's gains already start going see single you you lower that we digits actual we to stage for but in our published already next be mid-single Yes, to reflected already year-over-year, And X% and down to increase. pushing into published, year, trips get

reduce and So engaged the drive will frequency. stage ASMs

mixed distance, the on markets these business about are new what what X,XXX be miles you average but stuff. we call to medium which So not all is around expect infer -- short-haul see kind can is that for to going by and that, necessarily of a business/leisure more medium-haul

Julia Landrum

appreciate today's great joining, and all I you Okay. That a analyst day. wraps everyone hope have portion up call. the of

Operator

our Ladies Please leads Communications go Whitney. off. Chief portion Officer, today's call. and gentlemen, we to now of media transition Ms. us Whitney Eichinger, ahead,

Whitney Eichinger

to on Welcome our the today. call media Gary. Thanks,

share how Before we up questions, Gary, begin on queue can taking you please for to your instructions questions?

Operator

first is The with Travel Weekly. Instructions] from Silk question Robert [Operator

Robert Silk

agencies? if decided Getaway through you'll you of product, selling will you that noted, have question the a question part you sell a second also for And or yet as partner. Probably is Ryan. Steve direct all going if -- work you're The to only travel be

there say were are? X Are what to other You others. the X able you said

Ryan Green

partnerships, mid-next lodging lodging launch in Playa we are Vegas, the X partners. Entertainment Caesars Sandos then And Sure, and Las Cancun in in X the know, partnerships. and direct direct announced Caribbean year. yes. as today, we'll you Getaways, and

together. there bank put we announcements hotel We also as announced We technology are outside bed as we're to out today, hotel -- partners well. inventory lodging other partner have our that And to the of couple a well. some access direct there using on packages beds of

So really a year. of today. lot towards announcements mid-next launch our making We're good progress

website. we're As to market primarily to it it our from going relates direct be will to how go there,

these the have large where the -- carry largest that of a We airline have website the markets to share United we in we highest States have packages. of lot leisure customers

have So our we've no, at to. Does packages that through we already can already direct of we all? we that got will on primary -- monetize own travel these source won't customers website mean that agents our is the sell The there but answer be distribution. that

Robert Silk

Okay.

work be or select to you are agencies there have agencies? to still So a you still may is going through be going will it -- general -- reach-out to

Ryan Green

channels. specifically I so as go-to-market through direct share think -- just on that working to on about our our that through own should our distribution today. you nothing we're there's own But Yes, a it plans think primarily generally on

Operator

is Rajesh with Singh next question The Reuters. from

Rajesh Singh

Boeing. I questions, have X X on

earlier, impacting on Second but strike your Boeing growth start when plans? does

Robert Jordan

just we're plan. so talked off Boeing, near don't aircraft expecting We're our I think like -- XX year. this were take far I XX we mean, we're of we about, we going Well, to know. already

The initiatives anyways. track Airlines. in smaller flexibility been be on We We at at But its be difficult of we've higher, we far lowered to because plan delivering Boeing more in lot aircraft that will of track a we the just next our its do certainly terms and fact of no to and our If aircraft strong in because X% capacity off the a our the having coming of number of need X% Southwest of to year. and we'd issue. We doubt appetite a helpful. Boeing a fulfill end need its through much the a to fleet something is plan is terms of that that day, need Boeing. on contractual is good have rate growth growth, we've

to can an much tolerate bit we adjust further, the strike planned of adjust here strike year if we have we'll So decide appetite a the interruption goes our for next our in we our it. But schedule. fleet how because obviously, or with

can the issue an it's what there, deal to more lot But a to Boeing in we happening. do once then no, of with can impact. know sure. obviously, mitigate come that, up So we second, we And for terms clearing what's

Rajesh Singh

And a got there on X But Elliott, that getting come a at congrats Board high for the very done. deal view have deal They price. seats. is the has

it going [ Do calling a you are of people more peace truce foresee a turndown your forward it for deal. than ] disruptive Some strategy? being

Robert Jordan

off. And and We've Well, added had been we has X, have in would the Board that off been -- then to, the just first, those that if ongoing an a we you part X what march an Elliott, -- X agreement is through adding lot were of Pierre. couldn't saw to November seats, you announced Gary, with and period had the continue us of long-planned I'd coming remind already new to filling so refreshment that's agreement, members. we here. that We X announced plans but accelerate had we have get step did as we we with which

X So X off, still it's is basically Board the shrinking. with on so Pierre

think to shareholders you Southwest along and bring these assimilate. Because they to subset. members not understanding not our Board got they'll I like, think chance how plans. the at on And get and company, members we've and our personalities Board who some control are members experience of great here. our they we Board They I support a our end to been I took, wealth be is X the current not the had the And Airlines control. again, what with what at Board of of a additive interview portion their a and the to bring focus is that interviewing and want thing of Board. really, day, their great then our of main Board folks they'll It's that well the is are, Board, it control the has and the

whether board came route, they for from good So another Elliott looking just or we're members.

with a lot Breber, NCR, just others; of a retail; gas again, at brings Patty background. lot of Alaska. oil experience WestJet, America both airline experience Cush, Feinberg, CIO financial a you background background; list, can Virgin Sara If ourselves, Watson, down technology of use. a President with who brings the a FAA which Pierre and Marriott, and go Gregg retired Saretsky, experience, lot governmental and of CFO an we And then we Chevron, brings sourced have the affairs,

will and think, serve well. our I folks, shareholders those of all So expertise Board, our serve bring

Operator

CNBC. is question next with from The Joseph Leslie

Leslie Josephs

look years' what stand you're knowing you years' it then and when know reasonably Southwest? like X do what this X, a changes lot slimming MAX And And it the in expect the legacy expect how do we on that look existential How down How Boeing -- think fly the little curious of carriers? is now, Just do airline X time lot more making at time? And to and all years, of but do at a a secondly, is Southwest. do in out? some will would its you for you you you XX changes. see like looking to

Andrew Watterson

you the take the engineers the And issue in is next still pacing The give second ultimately that our and be the -- technical FAA The that one. year. have to are And which proposed. MAX sufficient. the is now. decide changes expect X, middle we Bob it we of first item. It's have Obviously, engine once I'll undergoing the in a will certified X change, is it's tests sufficient, bring sometime of by rush into confidence updated if that at X-month to us have we'll things. it revenue can't manuals and a in obviously, certificate, almost least certification And then such. after to obviously service our activities, because the but they all of done. And we between lag it the putting have us which type then to the then get look and and finish FAA approved those that, need then rest

us they do as closer plan deliver we our would our that integrate schedule. last therefore, year to [indiscernible] perhaps down we our in type for we regards few lock delivery into over to we XXXX don't does given the But year X. plan, But we the began include not next flying the gauge details the then plan could, that at in get the Boeing's with and for of point this So see the following time. for our years, plan their that certification, in earnest MAX

Robert Jordan

to -- attractive of a goes Southwest Boeing, pricing. And through longer-term in place Airlines, with much book the aircraft got we've very tell longer on maybe Leslie, XXXX, access Boeing just that at a you lot longer-term great the -- I'll order

what issues good and about aircraft. lot of those monetizing deliver want with thing got the protection we fix have of access. to monetize we we've fleet Boeing lot do we to main the really talked there aircraft a So have a to matter we opportunity the kind pricing. access need that. We've the and is Again, but to terrific no And

you're transformational out. focus we Getaways you on partnerships targets Southwest laid a going. Airlines, that extra our As those so where weeks than the legroom delivering one the Number about focused that's and we that just by and much few and is out and laid further think more. And maybe initiatives assigned hitting that, and seating we're all for delivering Southwest plan ago,

there. any there's out always you're company, a As mode always strategy --

speculating. into on well just takes the executing front The kinds book that we're us us. evolving. And of But always order a great thing in all You're -- from not we're sure always now? thinking like to look that won't What of years thing years XX future because is could the you you talk about include about just from the X that's any and XX see plan that we've And Boeing. I'd One the yes, about what now? for main XXXX of just with in about years be focused Southwest you you're today see fully ready got is Southwest that. know things. It to

Leslie Josephs

the the the you're plan. is mentioned Okay. going longer, And on Is What weeks? cutoff? fleet couple much a Is then you that strike much to earlier, to of goes revisit through if end year? the it What more longer? is have that Bob, it

Robert Jordan

because We strike an X-ish strike range, planned historically, believe a Andrew, roughly, that's typical a I think, we answer. of been where kind weeks probably for in inexact of kind Boeing. are the I It's for

a for how adjustment, based planned we this goes. long So it that. obviously And on the lot of amount fluctuates

our to so about disruptive So the maintain are becomes sets customers. what schedules future. do capacity and to point to look can want the because you it's to at again, we that don't do some that in think it hard a really lot adjust strike it's goes do difficult opportunities way having in that out of just We to our at and further, speculate. If as fleet we'll -- terms

to control at well that to of And we total So what on you of the was. control, the is moderated you of our we expectation in speculation they it's original proud this planned planned kind can a compared the planned all number that what on. what getting this appropriately. folks planned most and and for strike aircraft 'XX point. And as exactly I'm number got We're year

yet. just we some fleet. capacity and schedules. Again, to options moderate we point, we manage there But our think have the have just you'd not have to I at to We're this see within where are.

Andrew Watterson

in it trickle se the And more and the ramp-up it's cause on, back longer the than afterwards. less about The it the goes there. per could delays duration supply chain

aircraft or up you whatever, longer So longer -- often down manufacturing any takes airlines, ramp not the and one-for-one. of shut it down, you it's shut to process the back if

Boeing that it's understanding and have to their we that now master the long be. can ramp-up speculate it, communicate will plan for It that will will but be So with how really customers. pace and ultimately,

Robert Jordan

Yes.

and place. be they that has the seen and in then to a once contract have all furloughs, or You've furloughs suppliers restarted Boeing now plans have has

Operator

over question-and-answer for concludes closing so thoughts. now back media, This our to session some Whitney for

Whitney Eichinger

Thanks, everyone.

available If Their you at is by. contact further have are news information, with swamedia.com. our any group all questions, today's communications along release standing

Operator

you The here concluded. Thank attending. quarter. has again next conference We'll all for meet

may disconnect. You now

Southwest Airlines (LUV) 24 Oct 242024 Q3 Earnings call transcript