$LUV
SOUTHWEST AIRLINES CO

2021 Q2 Form 10-Q Financial Statement

#000009238021000143 Filed on July 27, 2021

View on sec.gov

Income Statement

Concept 2021 Q2 2021 Q1 2020 Q2
Revenue $4.008B $2.052B $1.008B
YoY Change 297.62% -51.54% -82.94%
Cost Of Revenue $1.206B $782.0M $532.0M
YoY Change 126.69% -35.32% -64.37%
Gross Profit $2.802B $1.270B $476.0M
YoY Change 488.66% -58.02% -89.22%
Gross Profit Margin 69.91% 61.89% 47.22%
Selling, General & Admin $2.047B $1.744B $1.854B
YoY Change 10.41% -17.97% -23.48%
% of Gross Profit 73.05% 137.32% 389.5%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $315.0M $312.0M $313.0M
YoY Change 0.64% 0.32% 3.99%
% of Gross Profit 11.24% 24.57% 65.76%
Operating Expenses $2.948B $2.519B $2.609B
YoY Change 12.99% -19.65% -47.2%
Operating Profit $594.0M $199.0M -$1.127B
YoY Change -152.71% -280.91% -216.43%
Interest Expense -$106.0M -$101.0M -$80.00M
YoY Change 32.5% 1583.33% -358.06%
% of Operating Profit -17.85% -50.75%
Other Income/Expense, Net -$92.00M -$53.00M -$112.0M
YoY Change -17.86% 55.88%
Pretax Income $502.0M $146.0M -$1.239B
YoY Change -140.52% -201.39% -228.0%
Income Tax $154.0M $30.00M -$324.0M
% Of Pretax Income 30.68% 20.55%
Net Earnings $348.0M $116.0M -$915.0M
YoY Change -138.03% -223.4% -223.48%
Net Earnings / Revenue 8.68% 5.65% -90.77%
Basic Earnings Per Share $0.59 $0.20 -$1.63
Diluted Earnings Per Share $0.57 $0.19 -$1.63
COMMON SHARES
Basic Shares Outstanding 591.0M shares 591.0M shares 563.0M shares
Diluted Shares Outstanding 615.0M shares 609.0M shares 563.0M shares

Balance Sheet

Concept 2021 Q2 2021 Q1 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $16.88B $14.35B $14.46B
YoY Change 16.73% 158.76% 262.69%
Cash & Equivalents $14.12B $11.97B $12.35B
Short-Term Investments $2.751B $2.377B $2.106B
Other Short-Term Assets $521.0M $367.0M $223.0M
YoY Change 133.63% 43.36% -20.64%
Inventory $464.0M $448.0M $422.0M
Prepaid Expenses
Receivables $81.00M $132.0M $480.0M
Other Receivables $42.00M $8.000M $21.00M
Total Short-Term Assets $19.19B $16.10B $15.87B
YoY Change 20.89% 129.08% 185.78%
LONG-TERM ASSETS
Property, Plant & Equipment $15.24B $15.65B $16.25B
YoY Change -6.19% -7.89% -8.38%
Goodwill $970.0M $970.0M $970.0M
YoY Change 0.0% 0.0% 0.0%
Intangibles $295.0M $295.0M $295.0M
YoY Change 0.0% -0.34% -5.45%
Long-Term Investments
YoY Change
Other Assets $837.0M $743.0M $662.0M
YoY Change 26.44% 19.84% -4.47%
Total Long-Term Assets $19.02B $19.39B $19.72B
YoY Change -3.58% -2.34% -5.26%
TOTAL ASSETS
Total Short-Term Assets $19.19B $16.10B $15.87B
Total Long-Term Assets $19.02B $19.39B $19.72B
Total Assets $38.21B $35.49B $35.60B
YoY Change 7.33% 32.02% 34.97%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.378B $1.094B $970.0M
YoY Change 42.06% 4.89% -27.07%
Accrued Expenses $2.353B $1.665B $2.372B
YoY Change -0.8% 60.56% 80.38%
Deferred Revenue $6.312B $4.906B $4.988B
YoY Change 26.54% -2.58%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $2.166B $225.0M $695.0M
YoY Change 211.65% -91.95% 6.27%
Total Short-Term Liabilities $12.48B $8.182B $9.361B
YoY Change 33.28% -20.11% 8.71%
LONG-TERM LIABILITIES
Long-Term Debt $9.188B $10.55B $8.905B
YoY Change 3.18% 360.93% 263.62%
Other Long-Term Liabilities $1.120B $1.123B $722.0M
YoY Change 55.12% 61.82% 12.99%
Total Long-Term Liabilities $1.120B $1.123B $722.0M
YoY Change 55.12% 61.82% 12.99%
TOTAL LIABILITIES
Total Short-Term Liabilities $12.48B $8.182B $9.361B
Total Long-Term Liabilities $1.120B $1.123B $722.0M
Total Liabilities $13.60B $9.305B $10.08B
YoY Change 34.84% -14.91% 9.01%
SHAREHOLDERS EQUITY
Retained Earnings $15.26B $14.91B $16.84B
YoY Change -9.39% -16.02% -0.71%
Common Stock $5.157B $5.108B $5.047B
YoY Change 2.18% 113.72% 115.5%
Preferred Stock
YoY Change
Treasury Stock (at cost) $10.87B $10.87B $10.88B
YoY Change -0.15% -0.17% 15.83%
Treasury Stock Shares
Shareholders Equity $9.688B $9.093B $10.88B
YoY Change
Total Liabilities & Shareholders Equity $38.21B $35.49B $35.60B
YoY Change 7.33% 32.02% 34.97%

Cashflow Statement

Concept 2021 Q2 2021 Q1 2020 Q2
OPERATING ACTIVITIES
Net Income $348.0M $116.0M -$915.0M
YoY Change -138.03% -223.4% -223.48%
Depreciation, Depletion And Amortization $315.0M $312.0M $313.0M
YoY Change 0.64% 0.32% 3.99%
Cash From Operating Activities $2.005B $645.0M $897.0M
YoY Change 123.52% -271.09% -7.14%
INVESTING ACTIVITIES
Capital Expenditures -$95.00M -$95.00M -$112.0M
YoY Change -15.18% -57.59% -51.3%
Acquisitions
YoY Change
Other Investing Activities -$374.0M -$106.0M $444.0M
YoY Change -184.23% -148.4% -2214.29%
Cash From Investing Activities -$469.0M -$201.0M $332.0M
YoY Change -241.27% 3920.0% -231.75%
FINANCING ACTIVITIES
Cash Dividend Paid $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
Common Stock Issuance & Retirement, Net $0.00 $0.00 -$2.294B
YoY Change -100.0% -100.0% -609.78%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $617.0M $464.0M $7.182B
YoY Change -91.41% -73.84% -1273.53%
NET CHANGE
Cash From Operating Activities $2.005B $645.0M $897.0M
Cash From Investing Activities -$469.0M -$201.0M $332.0M
Cash From Financing Activities $617.0M $464.0M $7.182B
Net Change In Cash $2.153B $908.0M $8.411B
YoY Change -74.4% -34.77% 8146.08%
FREE CASH FLOW
Cash From Operating Activities $2.005B $645.0M $897.0M
Capital Expenditures -$95.00M -$95.00M -$112.0M
Free Cash Flow $2.100B $740.0M $1.009B
YoY Change 108.13% -583.66% -15.64%

Facts In Submission

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BASIS OF PRESENTATION<div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">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="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">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 June 30, 2021 and 2020 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. However, beginning in early 2020, as a result of the COVID-19 pandemic, the Company's results have not always been in line with such historical trends. See Note 2 for further information. Air travel is also significantly impacted by general economic conditions, the amount of disposable income available to consumers and changes in consumer behavior, unemployment levels, corporate travel budgets, global pandemics such as COVID-19, extreme or severe weather and natural disasters, fears of terrorism or war, governmental actions, 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 Note 4 for further information on fuel and the Company's hedging program. Operating results for the three and six months ended June 30, 2021, are not necessarily indicative of the results that may be expected for future quarters or for the year ended December 31, 2021. For further information, refer to the Consolidated Financial Statements and footnotes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2020. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">In the unaudited Condensed Consolidated Statement of Comprehensive Income (Loss), for the six months ended June 30, 2021, Payroll support and voluntary Employee programs, net, includes the correction of previously underaccrued payroll tax credits, related to fourth quarter 2020, of $88 million, pre-tax. Other gains and losses, net, includes gains of $60 million, pre-tax, to correct investment gains related to prior periods previously recorded in Accumulated other comprehensive income (loss) ("AOCI"). </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">In the unaudited Condensed Consolidated Statement of Stockholders' Equity, for the six months ended June 30, 2021, the Company recorded a decrease of $19 million, net of tax, in AOCI and a corresponding increase in Retained earnings to correct the amount of the impact of the cumulative effect of adopting Accounting Standards Update ("ASU") 2016-01, Financial Instruments in 2018.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">These corrections are not considered material to prior period financial statements and are not expected to be material to the full year 2021 financial statements.</span></div>
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Files In Submission

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