Southwest Airlines Files 8-K Investor Update

TL;DR

SW update filed, check for financials and Reg FD info.

AI Summary

Southwest Airlines Co. filed an 8-K on March 12, 2024, to provide an investor update. The filing includes information regarding financial statements and exhibits, as well as a Regulation FD Disclosure. Specific financial figures or operational details were not provided in this summary.

Why It Matters

This filing serves as an official communication channel for Southwest Airlines to disseminate important information to investors and the public, potentially impacting stock valuation.

Risk Assessment

Risk Level: low — This is a routine filing for an investor update and does not appear to contain significant new risks.

Key Players & Entities

• SOUTHWEST AIRLINES CO (company) — Registrant
• 20240312 (date) — Filing Date
• March 12, 2024 (date) — Date of Report
• 2147924000 (dollar_amount) — Business Phone Number

FAQ

Key Financial Figures

• $1.00 — ange on which registered Common Stock ($1.00 par value) LUV New York Stock Exchange
• $2.95 — Economic fuel costs per gallon 1 (c) $2.95 to $3.00 $2.70 to $2.80 Fuel hedging p
• $3.00 — c fuel costs per gallon 1 (c) $2.95 to $3.00 $2.70 to $2.80 Fuel hedging premium ex
• $2.70 — costs per gallon 1 (c) $2.95 to $3.00 $2.70 to $2.80 Fuel hedging premium expense
• $2.80 — r gallon 1 (c) $2.95 to $3.00 $2.70 to $2.80 Fuel hedging premium expense per gallo
• $0.08 — Fuel hedging premium expense per gallon $0.08 No change Fuel hedging cash settlement
• $0.03 — edging cash settlement gains per gallon $0.03 $0.02 CASM-X (d), year-over-year 2 Up
• $0.02 — cash settlement gains per gallon $0.03 $0.02 CASM-X (d), year-over-year 2 Up ~6% U
• $7 — Scheduled debt repayments (millions) ~$7 No change Interest expense (millions)
• $65 — No change Interest expense (millions) ~$65 ~$62 (a) Operating revenue per availa
• $62 — ange Interest expense (millions) ~$65 ~$62 (a) Operating revenue per available s

Filing Documents

• luv-20240312.htm (8-K) — 49KB
• a20240312_luvxjpmorganpr.htm (EX-99.1) — 9KB
• a20240312_luvxjpmorganpr001.jpg (GRAPHIC) — 52KB
• a20240312_luvxjpmorganpr002.jpg (GRAPHIC) — 115KB
• a20240312_luvxjpmorganpr003.jpg (GRAPHIC) — 376KB
• a20240312_luvxjpmorganpr004.jpg (GRAPHIC) — 162KB
• a20240312_luvxjpmorganpr005.jpg (GRAPHIC) — 180KB
• a20240312_luvxjpmorganpr006.jpg (GRAPHIC) — 103KB
• luv-20240312_g1.jpg (GRAPHIC) — 155KB
• 0000092380-24-000047.txt ( ) — 1931KB
• luv-20240312.xsd (EX-101.SCH) — 2KB
• luv-20240312_def.xml (EX-101.DEF) — 16KB
• luv-20240312_lab.xml (EX-101.LAB) — 27KB
• luv-20240312_pre.xml (EX-101.PRE) — 16KB
• luv-20240312_htm.xml (XML) — 3KB

01 Regulation FD Disclosure

Item 7.01 Regulation FD Disclosure. Southwest Airlines Co. (the "Company") is providing updated guidance regarding selected financial trends. The Company's President and Chief Executive Officer, Bob Jordan, will be presenting at the J.P. Morgan Industrials Conference today, March 12, 2024, at 10:00 a.m. Eastern Standard Time. A live webcast of the Company's 2024 J.P. Morgan Industrials Conference presentation is available on the Company's website at www.southwestairlinesinvestorrelations.com, in the Events and Presentations section under Upcoming Events. Likewise, a replay of the webcast will be made available following the conclusion of the live event. The slides used in conjunction with today's presentation are furnished herein as Exhibit 99.1 and are incorporated by reference into this Item 7.01. The following table presents updated selected financial guidance for first quarter 2024. These projections are based on current booking trends and the Company's current outlook, and actual results could differ materially. 1Q 2024 Estimation Previous estimation RASM (a), year-over-year Flat to up 2% Up 2.5% to 4.5% ASMs (b), year-over-year Up ~11% Up ~10% Economic fuel costs per gallon 1 (c) $2.95 to $3.00 $2.70 to $2.80 Fuel hedging premium expense per gallon $0.08 No change Fuel hedging cash settlement gains per gallon $0.03 $0.02 CASM-X (d), year-over-year 2 Up ~6% Up 5% to 6% Scheduled debt repayments (millions) ~$7 No change Interest expense (millions) ~$65 ~$62 (a) Operating revenue per available seat mile ("RASM" or "unit revenues"). (b) Available seat miles ("ASMs" or "capacity"). (c) Based on the Company's existing fuel derivative contracts and market prices as of March 6, 2024. (d) Operating expenses per available seat mile, excluding fuel and oil expense, profitsharing, and special items ("CASM-X"). The Company's first quarter 2024 operational performance has been strong, thus far, and flight cancellations have been lower than was expected

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits: 99.1 Southwest Airlines 2024 J.P. Morgan Industrials Conference Presentation 104 Cover Page Interactive Data File (embedded within the Inline XBRL document). 1 Economic fuel cost projections do not reflect the potential impact of special items because the Company cannot reliably predict or estimate the hedge accounting impact associated with the volatility of the energy markets or the impact to its financial statements in future periods. Accordingly, the Company believes a reconciliation of non-GAAP financial measures to the equivalent GAAP financial measures for projected results is not meaningful or available without unreasonable effort. 2 Projections do not reflect the potential impact of fuel and oil expense, special items, and profitsharing because the Company cannot reliably predict or estimate those items or expenses or their impact to its financial statements in future periods, especially considering the significant volatility of the fuel and oil expense line item. Accordingly, the Company believes a reconciliation of non-GAAP financial measures to the equivalent GAAP financial measures for projected results is not meaningful or available without unreasonable effort. Cautionary Statement Regarding Forward-Looking Statements This Current Report on Form 8-K contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Specific forward-looking statements include, without limitation, statements related to (i) the Company's financial outlook, goals, plans, expectations, and projected results of operations, including factors and assumptions underlying the Company's expectations and projections; (ii) the Company's plans and expectations with respect to capacity, including factors and assumptions underlying the Company's plans and expectations; (iii) the Company's expectations with

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. SOUTHWEST AIRLINES CO. March 12, 2024 By: /s/ Tammy Romo Tammy Romo Executive Vice President & Chief Financial Officer (Principal Financial and Accounting Officer)

View Full Filing

View this 8-K filing on SEC EDGAR