$LUV
SOUTHWEST AIRLINES CO

2019 Q1 Form 10-Q Financial Statement

#000009238019000049 Filed on April 30, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q1
Revenue $5.149B $4.944B
YoY Change 4.15% 1.85%
Cost Of Revenue $1.348B $1.388B
YoY Change -2.88% 4.91%
Gross Profit $3.801B $3.556B
YoY Change 6.89% 0.71%
Gross Profit Margin 73.82% 71.93%
Selling, General & Admin $2.270B $2.078B
YoY Change 9.24% 5.32%
% of Gross Profit 59.72% 58.44%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $297.0M $277.0M
YoY Change 7.22% -12.89%
% of Gross Profit 7.81% 7.79%
Operating Expenses $4.644B $4.328B
YoY Change 7.3% 1.88%
Operating Profit $505.0M $616.0M
YoY Change -18.02% 1.65%
Interest Expense $31.00M $32.00M
YoY Change -3.13% 10.34%
% of Operating Profit 6.14% 5.19%
Other Income/Expense, Net -$1.000M -$14.00M
YoY Change -92.86% -81.08%
Pretax Income $504.0M $602.0M
YoY Change -16.28% 13.16%
Income Tax $117.0M $139.0M
% Of Pretax Income 23.21% 23.09%
Net Earnings $387.0M $463.0M
YoY Change -16.41% 36.58%
Net Earnings / Revenue 7.52% 9.36%
Basic Earnings Per Share $0.70 $0.79
Diluted Earnings Per Share $0.70 $0.79
COMMON SHARES
Basic Shares Outstanding 551.0M shares 587.0M shares
Diluted Shares Outstanding 552.0M shares 588.0M shares

Balance Sheet

Concept 2019 Q1 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.861B $3.243B
YoY Change 19.06% -6.86%
Cash & Equivalents $2.344B $1.822B
Short-Term Investments $1.517B $1.421B
Other Short-Term Assets $354.0M $448.0M
YoY Change -20.98% 90.64%
Inventory $484.0M $430.0M
Prepaid Expenses
Receivables $784.0M $680.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $5.483B $4.801B
YoY Change 14.21% 3.07%
LONG-TERM ASSETS
Property, Plant & Equipment $17.77B $18.77B
YoY Change -5.33% 8.6%
Goodwill $970.0M $970.0M
YoY Change 0.0% 0.0%
Intangibles $313.0M $410.0M
YoY Change -23.66% -3.07%
Long-Term Investments
YoY Change
Other Assets $725.0M $959.0M
YoY Change -24.4% 12.96%
Total Long-Term Assets $20.98B $20.70B
YoY Change 1.32% 8.36%
TOTAL ASSETS
Total Short-Term Assets $5.483B $4.801B
Total Long-Term Assets $20.98B $20.70B
Total Assets $26.46B $25.50B
YoY Change 3.75% 7.32%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.412B $1.243B
YoY Change 13.6% 2.39%
Accrued Expenses $1.350B $1.134B
YoY Change 19.05% -41.76%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $571.0M $365.0M
YoY Change 56.44% 28.07%
Total Short-Term Liabilities $8.723B $7.162B
YoY Change 21.8% -3.97%
LONG-TERM LIABILITIES
Long-Term Debt $2.602B $3.302B
YoY Change -21.2% 14.02%
Other Long-Term Liabilities $608.0M $706.0M
YoY Change -13.88% 0.43%
Total Long-Term Liabilities $608.0M $706.0M
YoY Change -13.88% 0.43%
TOTAL LIABILITIES
Total Short-Term Liabilities $8.723B $7.162B
Total Long-Term Liabilities $608.0M $706.0M
Total Liabilities $9.331B $7.868B
YoY Change 18.59% -3.59%
SHAREHOLDERS EQUITY
Retained Earnings $16.32B $14.24B
YoY Change 14.62% 21.61%
Common Stock $2.321B $2.260B
YoY Change 2.7% 1.48%
Preferred Stock
YoY Change
Treasury Stock (at cost) $8.946B $6.957B
YoY Change 28.59% 28.38%
Treasury Stock Shares
Shareholders Equity $9.791B $9.619B
YoY Change
Total Liabilities & Shareholders Equity $26.46B $25.50B
YoY Change 3.75% 7.32%

Cashflow Statement

Concept 2019 Q1 2018 Q1
OPERATING ACTIVITIES
Net Income $387.0M $463.0M
YoY Change -16.41% 36.58%
Depreciation, Depletion And Amortization $297.0M $277.0M
YoY Change 7.22% -12.89%
Cash From Operating Activities $1.105B $1.002B
YoY Change 10.28% -38.34%
INVESTING ACTIVITIES
Capital Expenditures -$160.0M -$433.0M
YoY Change -63.05% -6.48%
Acquisitions
YoY Change
Other Investing Activities $324.0M $360.0M
YoY Change -10.0% -5242.86%
Cash From Investing Activities $164.0M -$73.00M
YoY Change -324.66% -84.47%
FINANCING ACTIVITIES
Cash Dividend Paid $178.0M $148.0M
YoY Change 20.27% 20.33%
Common Stock Issuance & Retirement, Net $500.0M $500.0M
YoY Change 0.0% -9.09%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$779.0M -$602.0M
YoY Change 29.4% -38.82%
NET CHANGE
Cash From Operating Activities $1.105B $1.002B
Cash From Investing Activities $164.0M -$73.00M
Cash From Financing Activities -$779.0M -$602.0M
Net Change In Cash $490.0M $327.0M
YoY Change 49.85% 91.23%
FREE CASH FLOW
Cash From Operating Activities $1.105B $1.002B
Capital Expenditures -$160.0M -$433.0M
Free Cash Flow $1.265B $1.435B
YoY Change -11.85% -31.27%

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BASIS OF PRESENTATION<div style="line-height:120%;font-size:11pt;"><span style="font-family:inherit;font-size:11pt;"><br/></span></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><span style="font-family:inherit;font-size:11pt;">Southwest Airlines Co. (the "Company" or "Southwest") operates Southwest Airlines, a major passenger airline that provides scheduled air transportation in the United States and near-international markets. The unaudited Condensed Consolidated Financial Statements include accounts of the Company and its wholly owned subsidiaries. </span></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><span style="font-family:inherit;font-size:11pt;"><br/></span></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><span style="font-family:inherit;font-size:11pt;">The accompanying unaudited Condensed Consolidated Financial Statements of the Company and its subsidiaries have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles in the United States ("GAAP") for complete financial statements. The unaudited Condensed Consolidated Financial Statements for the interim periods ended </span><span style="font-family:Times New Roman;font-size:11pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">March 31, 2019</span><span style="font-family:inherit;font-size:11pt;"> and </span><span style="font-family:Times New Roman;font-size:11pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2018</span><span style="font-family:inherit;font-size:11pt;"> include all adjustments which are, in the opinion of management, necessary for a fair presentation of the results for the interim periods. This includes all normal and recurring adjustments and elimination of significant intercompany transactions. Financial results for the Company and airlines in general can be seasonal in nature. In many years, the Company's revenues, as well as its Operating income and Net income, have been better in its second and third fiscal quarters than in its first and fourth fiscal quarters. Air travel is also significantly impacted by general economic conditions, the amount of disposable income available to consumers, unemployment levels, corporate travel budgets, extreme or severe weather and natural disasters, fears of terrorism or war, and other factors beyond the Company's control. These and other factors, such as the price of jet fuel in some periods, the nature of the Company's fuel hedging program, and the periodic volatility of commodities used by the Company for hedging jet fuel, have created, and may continue to create, significant volatility in the Company's financial results. See</span><span style="font-family:inherit;font-size:10pt;"> </span><span style="font-family:inherit;font-size:11pt;color:#000000;text-decoration:none;">Note 3</span><span style="font-family:inherit;font-size:11pt;"> for further information on fuel and the Company's hedging program. Operating results for the </span><span style="font-family:inherit;font-size:11pt;">three months ended</span><span style="font-family:inherit;font-size:10pt;"> </span><span style="font-family:inherit;font-size:11pt;color:#000000;text-decoration:none;">March 31, 2019</span><span style="font-family:inherit;font-size:11pt;">, are not necessarily indicative of the results that may be expected for future quarters or for the year ended </span><span style="font-family:inherit;font-size:11pt;color:#000000;text-decoration:none;">December 31, 2019</span><span style="font-family:inherit;font-size:11pt;">. For further information, refer to the Consolidated Financial Statements and footnotes thereto included in the Southwest Airlines Co. Annual Report on Form 10-K for the year ended </span><span style="font-family:inherit;font-size:11pt;">December 31, 2018</span><span style="font-family:inherit;font-size:11pt;">.</span></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><span style="font-family:inherit;font-size:11pt;"><br/></span></div><span style="font-family:inherit;font-size:11pt;">Effective as of January 1, 2019, the Company adopted Accounting Standards Update ("ASU") No. 2016-02, Leases, codified in Accounting Standards Codification ("ASC") 842 (the "New Lease Standard"). All amounts and disclosures set forth in this Form 10-Q for </span><span style="font-family:inherit;font-size:11pt;">first quarter 2019</span><span style="font-family:inherit;font-size:11pt;"> reflect the adoption of this ASU, while all periods prior to 2019 remain in accordance with prior accounting requirements. See Note </span><span style="font-family:inherit;font-size:11pt;">2</span> for further information.
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CY2019Q1 us-gaap Intangible Assets Net Excluding Goodwill
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CY2019Q1 us-gaap Other Assets
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580000000 USD
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403000000 USD
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96000000 USD
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107000000 USD
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166000000 USD
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425000000 USD
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1350000000 USD
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1749000000 USD
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232000000 USD
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272000000 USD
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247000000 USD
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101000000 USD
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171000000 USD
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608000000 USD
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650000000 USD
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120000000 USD
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120000000 USD
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34

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