Southwest Airlines

 

southwest airlines annual report

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Southwest Airlines Company Common Stock (LUV) Financials | Nasdaq


Company Search Documents. Stock Ticker Lookup. Zoom In Zoom Out. Washington, D. FORM K, southwest airlines annual report.

Mark One. Commission File No. Southwest Airlines Co. Exact name of registrant as specified in its charter. State or other jurisdiction of. IRS Employer. Identification No. Box Dallas, Texas. Address of principal executive offices. Zip Code, southwest airlines annual report.

Title of Each Class. Name of Each Exchange on Which Registered. New York Stock Exchange. Indicate by checkmark whether the registrant has submitted electronically and posted on its corporate Website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule of Regulation S-T during the preceding 12 months or for such shorter period that the registrant was required to submit and post such files.

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, southwest airlines annual report, or an emerging growth company. If an emerging growth company, southwest airlines annual report, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13 a of the Exchange Act.

Number of shares of common stock outstanding as of the close of business on February 5, : , shares. Item 1. Risk Factors. Unresolved Staff Comments. Item 2. Item 3. Legal Proceedings. Item 4. Mine Safety Disclosures, southwest airlines annual report.

Item 5. Item 6. Selected Financial Data. Item 7. Liquidity and Capital Resources. Critical Accounting Policies and Estimates. Item 8. Financial Statements and Supplementary Data. Consolidated Balance Sheet. Consolidated Statement of Income. Consolidated Statement of Comprehensive Income. Consolidated Statement of Cash Flows. Notes to Consolidated Financial Statements. Item 9. Controls and Procedures.

Other Information. Directors, Executive Officers, and Corporate Governance. Executive Compensation. Principal Accounting Fees and Services. Exhibits and Financial Statement Schedules. Form K Summary. Company Overview. Duringthe Company announced plans to begin selling tickets in for service to Hawaii, southwest airlines annual report, subject to requisite governmental approvals, including approval from the Federal Aviation Administration "FAA" for Extended Operations "ETOPS"a regulatory requirement to operate between the U.

The Company further announced its decision to cease service at Bishop International Airport in Flint, Michigan, southwest airlines annual report, with the last day of service on June 6, In Januarythe Company announced its intent to begin service at a new commercial aircraft facility at Paine Field in Everett, Washington, scheduled to be completed in Inthe Company completed its deployment of a new single reservation system, the largest technology project in the Company's history, southwest airlines annual report.

The new reservation system was designed to improve flight scheduling and inventory management, enable revenue southwest airlines annual report, support additional international growth, and enable other foundational and operational capabilities. Further, inthe Company became the first airline in North America to offer scheduled service utilizing Boeing's new, more fuel efficient, MAX 8 aircraft. The Company also retired its remaining Boeing aircraft.

Based on the most recent data available from the U. The airline industry has historically been an extremely volatile industry subject to numerous challenges. Among other things, it has southwest airlines annual report cyclical, energy intensive, labor intensive, capital intensive, technology intensive, highly regulated, southwest airlines annual report, heavily taxed, and extremely competitive.

The airline industry has also been particularly susceptible to detrimental events such as acts of terrorism, poor weather, and natural disasters. The U. In recent years, the U. Strategic capacity increases are expected to continue in ULCCs offer "unbundled" service offerings, which enable them to appeal to price-sensitive travelers through promotion to consumers of an extremely low relative base fare for a seat, while separately charging for related services and products. In response, certain major U.

The Basic Economy product provides for a lower. Also in response to ULCC pricing, some legacy carriers have removed their fare floors for certain routes, leading to lower fares across the industry. Conversely, some legacy carriers offer a "Premium Economy" fare that targets consumers willing to pay extra for additional amenities such as more favorable seating options in segmented aircraft.

Company Operations. Route Southwest airlines annual report. Southwest principally provides point-to-point service, rather than the "hub-and-spoke" service provided by most major U. The hub-and-spoke system concentrates most of an airline's operations at a limited number of central hub cities and serves most other destinations in the system by providing one-stop or connecting service through a hub.

By not concentrating operations through one or more central transfer points, Southwest's point-to-point route structure has allowed for more direct nonstop routing than hub-and-spoke service. Approximately 76 percent of the Company's Customers flew nonstop duringsouthwest airlines annual report, and, as of Southwest airlines annual report 31,Southwest served nonstop city pairs.

This has enabled the Company to more economically serve long-haul routes, as well as high-demand, slot-controlled, and gate-restricted airports, by adding seats for such routes without increasing the number of flights a "slot" is the right of an air carrier, pursuant to regulations of the FAA, to operate a takeoff or landing at a specific time at certain airports. The Company continued its focus on California inand continues to invest significant resources to solidify its leadership position in California, including the planned addition of new domestic and international destination options and flights for California Customers, as well as additional marketing programs, loyalty incentives, and local outreach efforts designed to retain, engage, and acquire Customers.

Based on the most recent data available from the DOT, for the year ending October 31,Southwest carried more domestic Revenue Passengers to, from, and within California than any other airline.

The Company ended with international service to 14 destinations through 16 international gateway cities within the 48 contiguous United States. Into further support its near-international operations, the Company opened southwest airlines annual report new five-gate international concourse at Fort Lauderdale-Hollywood International Airport FLL.

The Company's southwest airlines annual report are not allocated to a geographic area because the Company's tangible assets primarily consist of flight equipment, the majority of which are interchangeable and are deployed systemwide, with no individual aircraft dedicated to any specific route or region.

Cost Structure. A key component of the Company's business strategy is its focus on cost discipline and profitably charging competitively low fares. The Company's strategy includes the use of a single aircraft type, the Boeingthe Company's operationally efficient point-to-point route structure, and its highly productive Employees. Southwest's use of a single aircraft type allows for simplified scheduling, maintenance, flight operations, and training activities.

These conveniently located airports are typically less congested than other airlines' hub airports, which has contributed to Southwest's ability to achieve high asset utilization because aircraft can be scheduled to minimize the amount of time they are on the ground. This, in turn, has reduced the number of aircraft and gate facilities that would otherwise southwest airlines annual report required southwest airlines annual report allows for high Employee productivity lower headcount per aircraft.

The Company's focus on controlling costs also includes a continued commitment to pursuing, implementing, and enhancing initiatives to reduce fuel consumption and improve fuel efficiency.

Fuel and oil expense remained the Company's second largest operating cost in Although fuel prices were moderately higher than fuel prices, as evidenced by the table below, energy prices can fluctuate significantly in a relatively short amount of time.

The table below shows the Company's average cost of jet fuel for each year beginning in and during each quarter of First Quarter Second Quarter Third Quarter Fourth Quarter The Company focuses on reducing fuel consumption and improving fuel efficiency through fleet modernization and other fuel initiatives.

 

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southwest airlines annual report

 

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