2022 Q4 Form 10-Q Financial Statement

#000009238022000060 Filed on October 31, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3
Revenue $6.172B $6.220B
YoY Change 22.19% 32.93%
Cost Of Revenue $1.965B $2.145B
YoY Change 39.07% 57.03%
Gross Profit $4.207B $4.075B
YoY Change 15.64% 23.0%
Gross Profit Margin 68.16% 65.51%
Selling, General & Admin $2.833B $2.526B
YoY Change 16.44% 6.49%
% of Gross Profit 67.34% 61.99%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $367.0M $335.0M
YoY Change 13.62% 4.04%
% of Gross Profit 8.72% 8.22%
Operating Expenses $4.593B $3.676B
YoY Change 33.98% 9.54%
Operating Profit -$386.0M $399.0M
YoY Change -283.81% -45.57%
Interest Expense $59.00M -$5.000M
YoY Change -154.63% -95.19%
% of Operating Profit -1.25%
Other Income/Expense, Net $42.00M $39.00M
YoY Change 600.0% -129.32%
Pretax Income -$286.0M $353.0M
YoY Change -471.43% -41.17%
Income Tax -$66.00M $76.00M
% Of Pretax Income 21.53%
Net Earnings -$220.0M $277.0M
YoY Change -423.53% -37.89%
Net Earnings / Revenue -3.56% 4.45%
Basic Earnings Per Share $0.47
Diluted Earnings Per Share -$370.4K $433.5K
COMMON SHARES
Basic Shares Outstanding 593.8M shares 593.4M shares
Diluted Shares Outstanding 639.0M shares

Balance Sheet

Concept 2022 Q4 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $12.29B $13.67B
YoY Change -20.72% -14.57%
Cash & Equivalents $9.492B $10.44B
Short-Term Investments $2.800B $3.230B
Other Short-Term Assets $686.0M $653.0M
YoY Change 7.52% 16.61%
Inventory $790.0M $776.0M
Prepaid Expenses
Receivables $1.040B $1.316B
Other Receivables $0.00 $0.00
Total Short-Term Assets $14.81B $16.42B
YoY Change -17.9% -11.51%
LONG-TERM ASSETS
Property, Plant & Equipment $18.74B $17.79B
YoY Change 26.24% 18.13%
Goodwill $970.0M $970.0M
YoY Change 0.0% 0.0%
Intangibles $296.0M $295.0M
YoY Change 0.34% 0.0%
Long-Term Investments
YoY Change
Other Assets $855.0M $772.0M
YoY Change -3.06% -16.0%
Total Long-Term Assets $20.56B $19.53B
YoY Change 12.45% 5.24%
TOTAL ASSETS
Total Short-Term Assets $14.81B $16.42B
Total Long-Term Assets $20.56B $19.53B
Total Assets $35.37B $35.95B
YoY Change -2.62% -3.14%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.004B $1.553B
YoY Change 56.32% 26.36%
Accrued Expenses $2.268B $2.114B
YoY Change 39.66% 25.31%
Deferred Revenue $6.064B $6.368B
YoY Change 8.95% 10.73%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $42.00M $381.0M
YoY Change -90.73% 69.33%
Total Short-Term Liabilities $10.38B $10.42B
YoY Change 13.25% 14.02%
LONG-TERM LIABILITIES
Long-Term Debt $8.046B $8.315B
YoY Change -21.69% -24.5%
Other Long-Term Liabilities $4.273B $4.296B
YoY Change 249.1% 291.26%
Total Long-Term Liabilities $12.32B $12.61B
YoY Change 906.45% 1048.54%
TOTAL LIABILITIES
Total Short-Term Liabilities $10.38B $10.42B
Total Long-Term Liabilities $12.32B $12.61B
Total Liabilities $24.68B $25.02B
YoY Change 137.6% 144.52%
SHAREHOLDERS EQUITY
Retained Earnings $16.26B $16.59B
YoY Change 3.09% 5.62%
Common Stock $4.925B $4.877B
YoY Change -3.66% -5.1%
Preferred Stock
YoY Change
Treasury Stock (at cost) $10.84B $10.85B
YoY Change -0.16% -0.15%
Treasury Stock Shares 294.1M shares
Shareholders Equity $10.69B $10.92B
YoY Change
Total Liabilities & Shareholders Equity $35.37B $35.95B
YoY Change -2.62% -3.14%

Cashflow Statement

Concept 2022 Q4 2022 Q3
OPERATING ACTIVITIES
Net Income -$220.0M $277.0M
YoY Change -423.53% -37.89%
Depreciation, Depletion And Amortization $367.0M $335.0M
YoY Change 13.62% 4.04%
Cash From Operating Activities $579.0M $234.0M
YoY Change 134.41% -140.7%
INVESTING ACTIVITIES
Capital Expenditures -$1.364B -$1.079B
YoY Change 645.36% 681.88%
Acquisitions
YoY Change
Other Investing Activities $431.0M -$41.00M
YoY Change -84.98%
Cash From Investing Activities -$933.0M -$1.120B
YoY Change 409.84% 171.84%
FINANCING ACTIVITIES
Cash Dividend Paid $0.00
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -597.0M -1.905B
YoY Change 5.85% 1113.38%
NET CHANGE
Cash From Operating Activities 579.0M 234.0M
Cash From Investing Activities -933.0M -1.120B
Cash From Financing Activities -597.0M -1.905B
Net Change In Cash -951.0M -2.791B
YoY Change 90.2% 143.97%
FREE CASH FLOW
Cash From Operating Activities $579.0M $234.0M
Capital Expenditures -$1.364B -$1.079B
Free Cash Flow $1.943B $1.313B
YoY Change 351.86% -400.46%

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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 September 30, 2022 and 2021 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 nine months ended September 30, 2022, are not necessarily indicative of the results that may be expected for future quarters or for the year ended December 31, 2022. 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, 2021.</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%"> </span></div>Certain prior period amounts have been reclassified to conform to the current presentation. In the unaudited Condensed Consolidated Statement of Comprehensive Income for the three and nine months ended September 30, 2021, the Company has reclassified $12 million, in both periods, from Other (gains) losses, net to Loss on extinguishment of debt.
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