$LUV
SOUTHWEST AIRLINES CO

2023 Q3 Form 10-Q Financial Statement

#000009238023000038 Filed on July 28, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2 2022 Q2
Revenue $6.525B $7.037B $6.728B
YoY Change 4.9% 4.59% 67.86%
Cost Of Revenue $2.021B $1.862B $2.024B
YoY Change -5.78% -8.0% 67.83%
Gross Profit $4.504B $5.175B $4.704B
YoY Change 10.53% 10.01% 67.88%
Gross Profit Margin 69.03% 73.54% 69.92%
Selling, General & Admin $3.054B $3.057B $2.430B
YoY Change 20.9% 25.8% 18.71%
% of Gross Profit 67.81% 59.07% 51.66%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $376.0M $366.0M $325.0M
YoY Change 12.24% 12.62% 3.17%
% of Gross Profit 8.35% 7.07% 6.91%
Operating Expenses $4.387B $4.380B $3.531B
YoY Change 19.34% 24.04% 19.78%
Operating Profit $117.0M $795.0M $1.158B
YoY Change -70.68% -31.35% 94.95%
Interest Expense $97.00M $84.00M -$58.00M
YoY Change -2040.0% -244.83% -45.28%
% of Operating Profit 82.91% 10.57% -5.01%
Other Income/Expense, Net $120.0M $7.000M -$122.0M
YoY Change 207.69% -105.74% 32.61%
Pretax Income $237.0M $886.0M $1.036B
YoY Change -32.86% -14.48% 106.37%
Income Tax $44.00M $203.0M $276.0M
% Of Pretax Income 18.57% 22.91% 26.64%
Net Earnings $193.0M $683.0M $760.0M
YoY Change -30.32% -10.13% 118.39%
Net Earnings / Revenue 2.96% 9.71% 11.3%
Basic Earnings Per Share $0.32 $1.15 $1.29
Diluted Earnings Per Share $0.31 $1.07 $1.20
COMMON SHARES
Basic Shares Outstanding 595.6M shares 595.1M shares 593.0M shares
Diluted Shares Outstanding 640.0M shares 639.0M shares 635.0M shares

Balance Sheet

Concept 2023 Q3 2023 Q2 2022 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $11.73B $12.18B $16.43B
YoY Change -14.19% -25.88% -2.63%
Cash & Equivalents $9.497B $9.158B $13.23B
Short-Term Investments $2.236B $3.021B $3.197B
Other Short-Term Assets $632.0M $535.0M $825.0M
YoY Change -3.22% -35.15% 58.35%
Inventory $799.0M $714.0M $751.0M
Prepaid Expenses
Receivables $142.0M $689.0M $59.00M
Other Receivables $239.0M $544.0M $279.0M
Total Short-Term Assets $14.63B $14.66B $19.40B
YoY Change -10.88% -24.41% 1.08%
LONG-TERM ASSETS
Property, Plant & Equipment $19.08B $19.93B $15.59B
YoY Change 7.25% 27.81% 2.31%
Goodwill $970.0M $970.0M $970.0M
YoY Change 0.0% 0.0% 0.0%
Intangibles $296.0M $296.0M $295.0M
YoY Change 0.34% 0.34% 0.0%
Long-Term Investments
YoY Change
Other Assets $1.016B $661.0M $847.0M
YoY Change 31.61% -21.96% 1.19%
Total Long-Term Assets $22.35B $21.86B $18.91B
YoY Change 14.45% 15.61% -0.59%
TOTAL ASSETS
Total Short-Term Assets $14.63B $14.66B $19.40B
Total Long-Term Assets $22.35B $21.86B $18.91B
Total Assets $36.98B $36.52B $38.30B
YoY Change 2.88% -4.66% 0.25%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.736B $778.0M $1.908B
YoY Change 11.78% -59.22% 38.46%
Accrued Expenses $2.880B $3.016B $1.587B
YoY Change 36.23% 90.04% -32.55%
Deferred Revenue $7.246B $7.121B $6.312B
YoY Change 13.79% 12.82% 0.0%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $30.00M $31.00M $1.662B
YoY Change -92.13% -98.13% -23.27%
Total Short-Term Liabilities $12.11B $11.73B $11.71B
YoY Change 16.28% 0.15% -6.13%
LONG-TERM LIABILITIES
Long-Term Debt $7.984B $7.994B $8.877B
YoY Change -3.98% -9.95% -3.38%
Other Long-Term Liabilities $880.0M $3.951B $1.096B
YoY Change -79.52% 260.49% -2.14%
Total Long-Term Liabilities $880.0M $11.95B $1.096B
YoY Change -93.02% 989.87% -2.14%
TOTAL LIABILITIES
Total Short-Term Liabilities $12.11B $11.73B $11.71B
Total Long-Term Liabilities $880.0M $11.95B $1.096B
Total Liabilities $12.99B $25.73B $12.81B
YoY Change -48.08% 100.91% -5.8%
SHAREHOLDERS EQUITY
Retained Earnings $16.66B $16.57B $16.31B
YoY Change 0.42% 1.59% 6.89%
Common Stock $5.023B $4.991B $4.854B
YoY Change 2.99% 2.82% -5.88%
Preferred Stock
YoY Change
Treasury Stock (at cost) $10.85B
YoY Change -0.14%
Treasury Stock Shares
Shareholders Equity $11.05B $10.79B $11.12B
YoY Change
Total Liabilities & Shareholders Equity $36.98B $36.52B $38.30B
YoY Change 2.88% -4.66% 0.25%

Cashflow Statement

Concept 2023 Q3 2023 Q2 2022 Q2
OPERATING ACTIVITIES
Net Income $193.0M $683.0M $760.0M
YoY Change -30.32% -10.13% 118.39%
Depreciation, Depletion And Amortization $376.0M $366.0M $325.0M
YoY Change 12.24% 12.62% 3.17%
Cash From Operating Activities $616.0M $1.417B $1.906B
YoY Change 163.25% -25.66% -4.94%
INVESTING ACTIVITIES
Capital Expenditures $850.0M $933.0M -$989.0M
YoY Change -178.78% -194.34% 941.05%
Acquisitions
YoY Change
Other Investing Activities $786.0M $306.0M -$565.0M
YoY Change -2017.07% -154.16% 51.07%
Cash From Investing Activities -$64.00M -$627.0M -$1.555B
YoY Change -94.29% -59.68% 231.56%
FINANCING ACTIVITIES
Cash Dividend Paid $214.0M $0.00 $0.00
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $209.0M
YoY Change
Cash From Financing Activities -$213.0M 9.000M -$215.0M
YoY Change -88.82% -104.19% -134.85%
NET CHANGE
Cash From Operating Activities $616.0M 1.417B $1.906B
Cash From Investing Activities -$64.00M -627.0M -$1.555B
Cash From Financing Activities -$213.0M 9.000M -$215.0M
Net Change In Cash $339.0M 799.0M $136.0M
YoY Change -112.15% 487.5% -93.68%
FREE CASH FLOW
Cash From Operating Activities $616.0M $1.417B $1.906B
Capital Expenditures $850.0M $933.0M -$989.0M
Free Cash Flow -$234.0M $484.0M $2.895B
YoY Change -117.82% -83.28% 37.86%

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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%">In late December 2022, the Company experienced a wide-scale operational disruption as historically extreme winter weather across a significant portion of the United States impacted its operational plan and flight schedules. Subsequent to Winter Storm Elliott, the Company was challenged to realign flight crews, flight schedules, and aircraft for a period of several days during this peak demand travel period. This disruption and subsequent recovery efforts resulted in the cancellation of more than 16,700 flights during the period from December 21 through December 31, 2022. These events also created a deceleration in bookings, primarily isolated to January and February 2023, as well as increased first quarter 2023 expenses by approximately $55 million, which are included in the accompanying unaudited Condensed Consolidated Statement of Comprehensive Income for the six months ended June 30, 2023. These first quarter 2023 expenses included reimbursements to Customers impacted by the cancellations for costs they incurred in excess of the amounts accrued as of December 31, 2022, adjustments to the estimated value of Rapid Rewards points offered as a gesture of goodwill to Customers as a result of changes in the estimates of the points expected to be redeemed, and additional premium pay and additional compensation for Employees directly or indirectly impacted by the cancellations and recovery efforts. There were no material impacts to operating revenues or expenses for the three months ended June 30, 2023 as a result of this disruption.</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, 2023 and 2022 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 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 3 for further information on fuel and the Company's hedging program. Operating results for the three and six months ended June 30, 2023, are not necessarily indicative of the results that may be expected for future quarters or for the year ended December 31, 2023. 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, 2022.</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 six months ended June 30, 2022, the Company has reclassified $43 million and $116 million from Other (gains) losses, net to Loss on extinguishment of debt.
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