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Found inside Page 21-77Note that P&G, Delta Air Lines, Southwest Airlines, and Wal-Mart have not yet Delta Air Lines and Southwest Airlines The financial statements and notes A post-retirement curtailment charge related to Employees who accepted the Company's 2020 voluntary separation program and elected to participate in the Company's retiree medical benefits plan. Found inside Page 1Although they offer low cost flights, Southwest differentiates itself through exemplary customer service as well as performance. Annual reports show that Southwest Airlines annual revenue for 2020 was $9.048B, a 59.66% decline from 2019. Based on current debt outstanding and current market interest rates, the Company expects first quarter 2021 interest expense to be approximately $113 million. 2019 Annual Report 3.5 MB. 1,997,963 Borre Family Excluding special items, fourth quarter 2020 operating expenses were also $3.2 billion, a decrease of 36.7 percent, year-over-year. Southwest Airlines Cargo provides expedited air cargo services for Customers who need fast, friendly, and reliable service. Given that the Company's cash burn calculation is derived from Loss before income taxes, non-GAAP, the Company excludes the following items in its calculation of average core cash burn: financing transactions; PSP proceeds; Supplier proceeds; voluntary separation and extended emergency time off program payments; and other changes in working capital. Found inside Page 263The Final Safety Report: Southwest Airlines Flight 812 Failure. Semi-Annual Report-Siemens Westinghouse Power Corporation (United States) (2002) 29. Learn more $69 annual fee. Southwest Airlines Co. engages in the operation of a passenger airline that provides scheduled air transportation in the United States. The Company also received an additional 0.9 million shares of common stock during February 2020 in final settlement of its $550 million fourth quarter 2019 ASR program, launched during fourth quarter 2019 and completed in February 2020. December 11, 2020 To the Citizens, Mayor and Members of the City Council of the City of Houston, Texas: I am pleased to present you with the Comprehensive Annual Financial Report (CAFR) for the City of Houston, Texas, Airport System Fund (the Fund) for the fiscal years ended June 30, 2020 and June 30, 2019, including the Investor Relations. . "Since the Federal Aviation Administration (FAA) issued official requirements in November 2020 that enable airlines to return the Boeing 737 MAX (MAX) to service, we have been working to meet the FAA's requirements by modifying certain operating procedures, implementing enhanced Pilot training requirements, installing FAA-approved flight control software updates, and completing other required maintenance tasks specific to the MAX aircraft. Specifically, Emirates (EK) reported a US$288m profit, a 21% increase from last year's reported profits, despite its revenue declining by 6% to US$25.1b due to the 45-day closure of DXB runway in Q1 and the temporary suspension of passenger flights due to travel . The prior disclosure on February 3, 2020, was 59 percent. Proceeds related to the Payroll Support Program under the CARES Act, which were used to pay Employee salaries, wages, and benefits; Accrued charges related to the special termination benefits upon Employees accepting the Company's 2020 voluntary separation program or extended leave program as of. Found inside Page 15Illustration 10.17 shows excerpts from the Property and equipment notes from the financial statements of Southwest Airlines. Southwest Airlines annual revenue for 2019 was $22.428B, a 2.11% increase from 2018. Marketing Carrier). View now. Gains associated with the sale-leaseback of ten Boeing 737-800 aircraft and ten Boeing 737 MAX 8 aircraft to third parties; A noncash impairment charge related to 20 Boeing 737-700 aircraft that were retired during fourth quarter 2020; Unrealized losses related to twelve forward-starting interest rate swap agreements. See Note Regarding Use of Non-GAAP Financial Measures. Also referred to as "operating unit revenues," this is a measure of operating revenue production based on the total available seat miles flown during a particular period. This book will be accompanied by a web-based tool created by Morningstar, which will enable readers to evaluate their own funds using Kinnel's criteria. 17, 2020. These gallons that are covered by derivative contracts represent the maximum number of gallons hedged for each respective period, which may be at different strike prices and at strike prices materially higher than the current market prices. Details are as follows: The Company continued to operate fewer of its oldest, least fuel-efficient 737-700 aircraft as a result of capacity reductions due to the pandemic, which, combined with lower load factors, resulted in an improvement of 8.4 percent in ASMs per gallon (fuel efficiency) in fourth quarter 2020, and an annual 2020 fuel efficiency improvement of 7.4 percent, both year-over-year. Add Files. Southwest Airlines annual revenue for 2018 was $21.965B, a 3.87% increase from 2017. The Company utilizes average daily core cash burn to monitor the performance of its core business as a proxy for its ability to achieve sustainable cash and profit break-even results. During 2020, the interest rate swap agreements, which were related to twelve 737 MAX 8 aircraft leases (with deliveries originally scheduled between. 2020 One Report. 2018 Proxy Statement 817.2 KB. In April 2020, the Company reached an agreement in principle with the U.S. Treasury for proceeds of approximately $3.3 billion under the PSP as part of the CARES Act for which the Company expects to provide the U.S. Treasury consideration in the form of a promissory note representing a $948 million unsecured, low-interest, 10-year term loan (the "unsecured loan") and warrants to purchase up to an aggregate of 2.6 million shares of the Company's common stock, subject to adjustment by the U.S. Treasury in each case. Found inside4 Pacific Southwest Airlines V. NLRB , 587 F.2d 1032 , 199 LRRM 2566 ( 9th Cir . 2 Other Authorities N.L.R.B. Fifteenth Annual Report 45 ( 1950 ) . Readers should not assume that the information contained on this site has been updated or otherwise contains current information. Southwest is one of the most honored airlines in the world, known for a triple bottom line approach that contributes to the carrier's performance and productivity, the importance of its People and the communities they serve, and an overall commitment to efficiency and the planet. Download Entire File (11,717KB) PDF Opens in a new window.In the case of an external site,it may or may not meet accessibility guidelines. The Company has continued to experience weak passenger demand and bookings in April 2020, and operating revenues are currently estimated to decrease, year-over-year, in the range of 90 to 95 percent; available seat miles (ASMs, or capacity) are estimated to decrease approximately 60 percent, year-over-year; and load factor is estimated to be approximately 6 percent. Since the beginning of 2020, we have raised approximately $6.8 billion through $5.2 billion in debt financings and $1.6 billion in proceeds received from the PSP, thus far. (a) Brent crude oil average market prices as of January21, 2021, were approximately $56 and $55 per barrel for first quarter 2021 and full year 2021, respectively. Cautionary Statement Regarding Forward-Looking Statements. 20. The Company is currently working to meet the FAA's requirements by modifying certain operating procedures, implementing enhanced Pilot training requirements, installing FAA-approved flight control software updates, and completing other required maintenance tasks specific to the MAX aircraft. We have implemented enhanced aircraft cleaning procedures, and we are continuing to explore options to further protect the health and safety of our Employees and Customers. However, this negative impact on fuel efficiency was more than offset by flight cancellations and load factor decline in March 2020, due to the pandemic. Found insideThe book is equal parts theory, research and practice, the result of 7 year journey and a new marketing paradigm for the modern marketer. Following a modest sequential improvement in passenger traffic trends in October 2020, the Company began to experience a deceleration in improving revenue trends in November 2020 that continued through the remainder of 2020, due to the spike in COVID-19 cases and hospitalizations, as well as renewed quarantine requirements, travel restrictions, and related government orders. See Note Regarding Use of Non-GAAP Financial Measures. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. DALLAS, April 28, 2020 /PRNewswire/ --Southwest Airlines Co. (NYSE: LUV) (the "Company") today reported its first quarter 2020 results: Gary C. Kelly, Chairman of the Board and Chief Executive Officer, stated, "This is an unprecedented time for our Nation and the airline industry. (a) A revenue passenger mile is one paying passenger flown one mile. DALLAS, Jan. 21, 2021 /PRNewswire/ -- Southwest Airlines Co. (NYSE: LUV) invites you to listen to a live webcast of its fourth quarter and annual 2020 financial results. No profitsharing expense was accrued in first quarter 2020 due to the Company's net loss, compared with a profitsharing accrual of $88 million in first quarter 2019. Found inside Page 95Itisastandard measure of output activity in the airline industry. Thedatainthis table was reported in Southwest Airlines' published annual report for 2017. Also referred to as "yield," this is the average cost paid by a paying passenger to fly one mile, which is a measure of revenue production and fares. Economic fuel cost projections do not reflect the potential impact of special items because the Company cannot reliably predict or estimate the hedge accounting impact associated with the volatility of the energy markets, the impact of COVID-19 cases on air travel demand, or the impact to its financial statements in future periods. (k) Included 93 Boeing 737 Next Generation aircraft removed from active fleet and placed in long-term storage as of March 31, 2020. The PSP under the CARES Act allows us to protect the jobs of the more than 60,000 Southwest Employees through September 30, 2020. Also referred to as "traffic," which is a measure of demand for a given period. This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company continues to evaluate its longer-term fleet needs and continues discussions with Boeing to restructure its order book beyond 2021. Provides the final report of the 9/11 Commission detailing their findings on the September 11 terrorist attacks. We expect to receive the remainder of PSP proceeds, approximately $1.6 billion, over the next three months. Southwest Airlines Co., typically referred to as Southwest, is one of the major airlines of the United States and the world's largest low-cost carrier airline. Found insideBest Cars, SUVs, and Trucks for 2020, Consumer Reports, accessed March 12, Southwest Airlines, accessed March 15, 2020, http://investors.southwest Southwest Airlines does not review past postings to determine whether they remain accurate, and information contained in such postings may have been superseded. The following table presents selected monthly revenue and load factor results for fourth quarter 2020: Due to Thanksgiving holiday travel dates falling completely in November 2020 compared with both November and December 2019, November 2020 year-over-year operating revenues benefited by one to two points, and December 2020 year-over-year operating revenues were negatively impacted by six to seven points, with the greater impact in December 2020 due to higher passenger and revenue volumes in December 2019. The Company also provided consideration of warrants to purchase up to 1.3 million shares of the Company's common stock to the U.S. Treasury and is expected to issue warrants to purchase approximately 1.3 million additional shares of the Company's common stock to the U.S. Treasury in conjunction with the balance of the PSP proceeds. Accordingly, the Company has chosen not to present ROIC in this release and does not expect to present it again until and if the operating environment normalizes sufficiently to return the Company to operating income instead of operating loss. In first quarter 2020, the Company launched a new accelerated share repurchase ("ASR") program by advancing $500 million to a third party financial institution in a privately negotiated transaction (the "first quarter 2020 ASR program"). The Company utilizes average daily core cash burn to monitor the performance of its core business as a proxy for its ability to achieve sustainable cash and profit break-even results. See Note Regarding Use of Non-GAAP Financial Measures. Their hard work and adaptability last year did not go unnoticed, as Southwest was just named the #1 U.S. airline in the Wall Street Journal's annual ranking for 2020, which ranks airlines on key. (e) Seats per trip is calculated by dividing seats flown by trips flown. Specific forward-looking statements include, without limitation, statements related to (i) the Company's environmental sustainability beliefs, plans, and . In the fiscal year of 2020, Southwest Airlines generated over 9 billion U.S. dollars in revenue. New Destinations. "Our Employees are taking great care of each other and our Customers. The Company assumes no obligation to update any forward-looking statements as a result of new information, future events, or developments, except as required by federal securities laws. Also referred to as "operating unit revenues," this is a measure of operating revenue production based on the total available seat miles flown during a particular period. Found inside Page 49Due to the limitation of available information, the annual reports of forty Company Name Subsector Country Company Age Size (Total Assets - 2020) CVC Thus, Fuel and oil expense on an economic basis has historically been utilized by the Company, as well as some of the other airlines that utilize fuel hedging, as it reflects the Company's actual net cash outlays for fuel during the applicable period, inclusive of settled fuel derivative contracts. However, due to the uncertain severity and duration of the pandemic, including the impact on the economy, the Company is currently unable to reasonably estimate the future impact on specific operational and financial trends. It is headquartered in Dallas, Texas and has scheduled service to 121 destinations in the United States and ten additional countries. MIAMI - Emirates Group has recorded profits of US$456m in its 2019-2020 annual report, resulting in a 28% jump from last year.. Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities: Unrealized/realized (gain) loss on fuel derivative instruments. Further information on (i) the Company's fuel hedging program, (ii) the requirements of accounting for derivative instruments, and (iii) the causes of hedge ineffectiveness and/or mark-to-market gains or losses from derivative instruments is included in the Company's Annual Report on Form 10-K for the fiscal year ended December31, 2019. ANNUAL REPORTS. Found insideCash as per Table 3.18 Key financial ratios for major airlines by region, FY2019/2020 Airline (Financial Operating Return on Interest yearend) ratio The pandemic persists and travel demand remains depressed, but we celebrate our 50th year of service in 2021 with renewed hope and optimism about the future of Southwest Airlines.". 2017 Proxy Statement 874.3 KB. The Company is currently planning to take delivery of less than the 27 MAX aircraft previously expected from Boeing in 2020, and is evaluating the need to temporarily remove or retire additional aircraft from its fleet. The Company estimates its first quarter 2021 weighted average diluted shares outstanding to be approximately 591 million. The Company currently estimates its average daily cash burn4 to be in the range of $30 million to $35 million in second quarter 2020, compared with its original expectations, prior to the pandemic, in the range of $60 million to $65 million. The Net present value of aircraft operating leases represents the assumption that all aircraft in the Company's fleet are owned, as it reflects the remaining contractual commitments discounted at the Company's estimated incremental borrowing rate as of the time each individual lease was signed. Baltimore/Washington International Airport (BWI) . Found inside Page 463Southwest Airlines Excerpts from December 31, 2015, 10-K (amounts in 474 2019 45 407 2020 44 307 Thereafter 209 1,529 Total minimum lease payments $435 Even with our preparedness and swift response to the pandemic in 2020, we are not standing still. The Company's average daily core cash burn was approximately $14 million in December 2020 and approximately $12 million in fourth quarter 2020. Southwest Airlines Co. annual income statement. The following table presents selected monthly estimates of operating revenues and load factor for January and February 2021: Annual 2020 total operating revenues decreased 59.7 percent, year-over-year, to $9.0 billion. "Southwest and American will go without the Boeing 737 Max until April," Accessed Apr. Southwest Airlines Co., typically referred to as Southwest, is one of the major airlines of the United States and the world's largest low-cost carrier airline. Found inside Page 158 22 MIDLAND RABBIT PRODUCTS INC MIDLAND SOUTHWEST CCRP MIDLANTIC BANKS INC MIDSOUTH BANCORP INC MIDSOUTH CORP MIDWAY AIRLINES INC / DE MIDWEST BANC Add Files. Southwest is the first major U.S carrier to post a profit since the beginning of the pandemic, after recording its first-ever annual loss in 2020. Why it's the best Southwest Airlines credit card for a low annual fee: The Southwest Rapid Rewards Plus Credit Card has the lowest annual fee among the current crop of Southwest cards: $69. As of December 31, 2020, the Company had current and noncurrent debt obligations of $10.3 billion. "We applaud the work of our federal leaders, President Trump, Secretaries Mnuchin and Chao, and the entire United States Congress for recognizing the unprecedented health and economic crisis that our Nation is currently facing due to the pandemic, as well as the importance of airlines to the U.S. economy. filing type: Annual Report filing year: 2020 filing Date: 08/25/2021 ScHeDule a: a SSetS anD "u nearneD" i ncome asset owner value of asset income type(s) income tx. In fact, the entire industry improved, landing 83.6% of flights on time, compared with 79.4% . from 8 AM - 9 PM ET. The Company also experienced an increase in trip cancellations in November and December 2020, although leisure passenger demand was more resilient for the holiday travel periods compared with non-holiday weeks. Find low fares to top destinations on the official Southwest Airlines website. Southwest Airlines annual revenue for 2019 was $22.428B, a 2.11% increase from 2018. This enables the Company's management, as well as investors and analysts, to consistently assess the Company's operating performance on a year-over-year or quarter-over-quarter basis after considering all efforts in place to manage fuel expense. Factors that could cause these differences include, but are not limited to, the factors described under the heading "Risk Factors" in the Company's most recent Annual Report on Form 10-K and in other filings, and as described in the press releases and other materials contained on this website. Details are as follows: The Company's economic Fuel and oil expense results differ from GAAP results in that they only include the actual cash settlements from fuel hedge contracts - all reflected within Fuel and oil expense in the period of settlement. (d) Seats flown is calculated using total number of seats available by aircraft type multiplied by the total trips flown by the same aircraft type during a particular period. Therefore, the Company currently estimates its annual 2021 capital expenditures to be no more than $500 million, driven primarily by technology, facilities, and operational investments. Found insideThe philosophy of the airlines is best summed up from Southwest's 1994 Annual Report: Southwest Airlines is the nation's low fare, high customer Southwest Airlines annual net income for 2019 was $2.3B, a 6.69% decline from 2018. (g) RASM (unit revenue) - Operating revenue yield per ASM, calculated as operating revenue divided by available seat miles. While vaccine availability should mark the beginning of the end of this pandemic, current passenger booking trends do not indicate significant improvement through March 2021. Through . DALLAS, Jan. 27, 2021 /PRNewswire/ -- Southwest Airlines Co. (NYSE: LUV) invites you to listen to a live webcast of its fourth quarter and annual 2020 financial results. I am very proud of our many Teams who are working diligently to prepare us for returning the MAX to revenue service on March 11, 2021, once all FAA requirements are met and all active Pilots have received updated, MAX-related training. As a result, the aforementioned measures, as presented, may not be directly comparable to similarly titled measures presented by other companies. In January 2021, the Company reached an agreement with the U.S. Department of Treasury (Treasury) for proceeds of approximately $1.7 billion under the PSP Extension, for which the Company expects to provide the Treasury consideration in the form of a promissory note representing a $488 million unsecured, low-interest, 10-year term loan (the "unsecured loan") and warrants to purchase up to an aggregate of approximately 1.1 million shares of the Company's common stock, subject to adjustment by the Treasury in each case. (c) Revenue passenger miles divided by available seat miles. During first quarter 2020, the interest rate swap agreements, which were related to nine 737 MAX 8 aircraft leases (with deliveries originally scheduled between June 2020 and September 2020), were de-designated due to the scheduled delivery range no longer being probable, resulting in the mark-to-market changes being recorded to earnings. As a result, the Company also provides financial information in this release that was not prepared in accordance with GAAP and should not be considered as an alternative to the information prepared in accordance with GAAP. These factors, combined, resulted in a slight year-over-year improvement of 0.8 percent in fuel efficiency in first quarter 2020. (d) Based on the Company's existing fuel derivative contracts and market prices as of January21, 2021, annual 2021 economic fuel costs are estimated to be in the $1.65 to $1.75 per gallon range, including fuel hedging premium expense of approximately $100 million and no cash settlements from fuel derivative contracts, on a per gallon basis. The Company's estimated tax refund from its annual 2020 NOL carryback is approximately $470 million. Found insideUp in the Air provides clear and realistic strategies for achieving a better, more equitable balance among the interests of customers, employees, and shareholders. Southwest Airlines CEO Gary Kelly's 2020 pay rises 5% to $9.2M Southwest Airlines reports 2020 executive compensation. Loading . The Company expects to repay approximately $220 million in debt and finance lease obligations in 2021, of which $67 million is expected to be repaid in first quarter 2021. Airline Loyalty Program and Best Airline Cobranded Credit Card, Named Best Airline-North America, Best Airline-United States, Best Economy-North America, and Best Low Cost Airline-North America in the 2020 TripAdvisor Travelers' Choice, Named Loyalty Program of the Year for Rapid Rewards Program and recognized for providing the Best Loyalty Credit Card and the Best Airline Redemption Ability for the eighth consecutive year by the Freddie Awards; Received the Freddie Awards title of Best Customer Service for the fifth consecutive year, Named the Most Trusted Airline in America by Reader's Digest Magazine, Named a Top 100 Company by BetterInvesting Magazine, Named to Glassdoor's Best Places to Work list for the 11th consecutive year, Named as one of MilitaryTimes Best for Vets: Employers 2020, Recognized as a Top 50 Employer byEqual Opportunity Magazine, Scored a top score (100) on Disability:IN's benchmarking tool for disability inclusion: the 2020 Disability Equality Index, Named as A Best Place to Work for LGBTQ Equality in 2020 from the Human Rights Campaign Foundation. 2020. This book presents an insightful discussion of the travel industry's significant strengths, weaknesses, threats and opportunities. 2018 Annual Report 5.2 MB. Southwest Airlines is responsible for the redemption of Rapid Rewards points toward benefits and services. The significant year-over-year decrease was driven primarily by the decrease in variable, flight-driven expenses, such as salaries, wages, and benefits; maintenance expense; and landing fees; combined with the Company's focus on managing costs and cash burn. Based on the Company's existing fuel derivative contracts and market prices as of January 21, 2021, the following table presents estimates of economic fuel costs per gallon6, including the estimated impact of fuel hedging premium expense and fuel derivative contracts, for first quarter and annual 2021 and prior year periods: (a) Due to continued uncertainty regarding available seat mile plans for 2021, the Company cannot reasonably provide an estimate for its full year 2021 fuel hedging premium expense per gallon. Emergency Time Off program as of January 27, 2021, the aforementioned measures, as presented, not! The Best U.S assets worth nearly $ 9 billion in 2020 - its first quarter 2021: passenger and! Of financial accounting regardless of whether the student has chosen to major in accounting of stock and option and. And provided average cash burn, which are non-GAAP financial measures for additional information since southwest airlines annual report 2020 to! 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