Company Quick10K Filing
Southwest Airlines
Market
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 547 $27,733
Financial Filings
10-Q 2019-11-08 Quarter: 2019-09-30
10-Q 2019-07-30 Quarter: 2019-06-30
10-Q 2019-04-30 Quarter: 2019-03-31
10-K 2019-02-05 Annual: 2018-12-31
10-Q 2018-10-30 Quarter: 2018-09-30
10-Q 2018-08-01 Quarter: 2018-06-30
10-Q 2018-05-01 Quarter: 2018-03-31
10-K 2018-02-07 Annual: 2017-12-31
10-Q 2017-11-01 Quarter: 2017-09-30
10-Q 2017-08-01 Quarter: 2017-06-30
10-Q 2017-05-03 Quarter: 2017-03-31
10-K 2017-02-07 Annual: 2016-12-31
10-Q 2016-10-31 Quarter: 2016-09-30
10-Q 2016-07-28 Quarter: 2016-06-30
10-Q 2016-04-29 Quarter: 2016-03-31
10-K 2016-02-03 Annual: 2015-12-31
10-Q 2015-10-29 Quarter: 2015-09-30
10-Q 2015-07-31 Quarter: 2015-06-30
10-Q 2015-04-30 Quarter: 2015-03-31
10-K 2015-02-06 Annual: 2014-12-31
10-Q 2014-10-29 Quarter: 2014-09-30
10-Q 2014-07-30 Quarter: 2014-06-30
10-Q 2014-05-01 Quarter: 2014-03-31
10-K 2014-02-04 Annual: 2013-12-31
10-Q 2013-10-30 Quarter: 2013-09-30
10-Q 2013-07-31 Quarter: 2013-06-30
10-Q 2013-05-02 Quarter: 2013-03-31
10-K 2013-02-07 Annual: 2012-12-31
10-Q 2012-10-26 Quarter: 2012-09-30
10-Q 2012-07-27 Quarter: 2012-06-30
10-Q 2012-04-25 Quarter: 2012-03-31
10-K 2012-02-09 Annual: 2011-12-31
10-Q 2011-10-25 Quarter: 2011-09-30
10-Q 2011-08-05 Quarter: 2011-06-30
10-Q 2011-04-25 Quarter: 2011-03-31
10-K 2011-02-08 Annual: 2010-12-31
10-Q 2010-08-02 Quarter: 2010-06-30
10-Q 2010-04-26 Quarter: 2010-03-31
10-K 2010-01-29 Annual: 2009-12-31
Current Reports
8-K 2019-12-17 Regulation FD
8-K 2019-10-24 Earnings, Exhibits
8-K 2019-09-18 Regulation FD, Exhibits
8-K 2019-07-25 Earnings, Exhibits
8-K 2019-06-19 Regulation FD
8-K 2019-05-15 Shareholder Vote
8-K 2019-04-25 Earnings, Exhibits
8-K 2019-03-27 Regulation FD
8-K 2019-02-20 Regulation FD
8-K 2019-01-24 Earnings, Exhibits
8-K 2019-01-08 Earnings, Exhibits
8-K 2018-12-12 Regulation FD
8-K 2018-12-07 Regulation FD, Exhibits
8-K 2018-11-07 Regulation FD, Exhibits
8-K 2018-10-25 Earnings, Exhibits
8-K 2018-10-05 Earnings, Exhibits
8-K 2018-09-12 Regulation FD, Exhibits
8-K 2018-08-08 Regulation FD, Exhibits
8-K 2018-07-26 Earnings, Exhibits
8-K 2018-07-10 Earnings, Exhibits
8-K 2018-06-06 Regulation FD, Exhibits
8-K 2018-06-04 Regulation FD
8-K 2018-05-16 Shareholder Vote
8-K 2018-05-08 Regulation FD, Exhibits
8-K 2018-04-26 Earnings, Exhibits
8-K 2018-04-06 Earnings, Exhibits
8-K 2018-03-20 Earnings, Regulation FD, Exhibits
8-K 2018-03-08 Regulation FD, Exhibits
8-K 2018-02-07 Regulation FD, Exhibits
8-K 2018-01-25 Earnings, Exhibits
8-K 2018-01-09 Earnings, Exhibits
8-K 2018-01-02 Earnings
LUV 2019-09-30
Content
Part I - Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
Part I - Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
Exhibits
EX-31.1 luv-9302019xex311.htm
EX-31.2 luv-9302019xex312.htm
EX-32.1 luv-9302019xex321.htm

Southwest Airlines Earnings 2019-09-30

LUV 10Q Quarterly Report

Balance SheetIncome StatementCash Flow
Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
FDX 45,405 68,452 50,286 69,689 52,974 450 4,620 61,742 76% 13.4 1%
DAL 37,211 62,518 48,560 45,703 0 4,504 8,339 43,782 0% 5.3 7%
GOL 37,113 10,378 0 0 0 0 36,955 0%
LUV 27,733 26,374 16,434 22,337 0 2,397 4,472 27,736 0% 6.2 9%
AZUL 25,036 11,793 0 0 0 0 24,665 0%
UAL 22,604 52,150 41,830 42,485 0 2,644 6,344 33,657 0% 5.3 5%
AAL 14,452 61,967 61,989 45,041 0 1,513 4,881 38,977 0% 8.0 2%
ALK 7,759 12,951 7,440 8,440 0 506 1,166 7,967 0% 6.8 4%
JBLU 5,513 11,236 6,539 7,952 0 440 1,130 6,462 0% 5.7 4%
SAVE 3,222 6,663 4,568 3,636 0 360 562 4,354 0% 7.8 5%
Document
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q
(Mark One)
☒
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2019
 
or
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the transition period from ________ to ________
Commission File No. 1-7259
southwestheartimage.jpg

SOUTHWEST AIRLINES CO.
(Exact name of registrant as specified in its charter)
Texas
74-1563240
(State or other jurisdiction of
(IRS Employer
incorporation or organization)
Identification No.)
P.O. Box 36611
 
Dallas,
Texas
75235-1611
(Address of principal executive offices)
(Zip Code)
Registrant's telephone number, including area code:  (214) 792-4000
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol
Name of each exchange on which registered
Common Stock ($1.00 par value)
LUV
New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes x  No ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes x  No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
x
Accelerated filer
☐
Non-accelerated filer
☐
Smaller reporting company
☐
 
 
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).Yes ☐ No x
Number of shares of Common Stock outstanding as of the close of business on November 6, 2019: 526,276,126



TABLE OF CONTENTS TO FORM 10-Q

PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
Condensed Consolidated Balance Sheet as of September 30, 2019 and December 31, 2018
Condensed Consolidated Statement of Comprehensive Income for the three and nine months ended September 30, 2019 and 2018
Condensed Consolidated Statement of Stockholders' Equity as of September 30, 2019 and 2018
Condensed Consolidated Statement of Cash Flows for the three and nine months ended September 30, 2019 and 2018
Notes to Condensed Consolidated Financial Statements
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
PART II - OTHER INFORMATION
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
SIGNATURES




2


SOUTHWEST AIRLINES CO.
FORM 10-Q
PART I – FINANCIAL INFORMATION

Item 1. Financial Statements
Southwest Airlines Co.
Condensed Consolidated Balance Sheet
(in millions)
(unaudited)
 
September 30, 2019
 
December 31, 2018
ASSETS
 
 
 
Current assets:
 
 
 
Cash and cash equivalents
$
2,488

 
$
1,854

Short-term investments
1,528

 
1,835

Accounts and other receivables
867

 
568

Inventories of parts and supplies, at cost
528

 
461

Prepaid expenses and other current assets
239

 
310

Total current assets
5,650

 
5,028

 
 
 
 
Property and equipment, at cost:
 

 
 

Flight equipment
21,736

 
21,753

Ground property and equipment
5,446

 
4,960

Deposits on flight equipment purchase contracts
933

 
775

Assets constructed for others
172

 
1,768

 
28,287

 
29,256

Less allowance for depreciation and amortization
10,445

 
9,731

 
17,842

 
19,525

Goodwill
970

 
970

Operating lease right-of-use assets
1,352

 
—

Other assets
653

 
720

 
$
26,467

 
$
26,243

 
 
 
 
LIABILITIES AND STOCKHOLDERS' EQUITY
 

 
 

Current liabilities:
 

 
 

Accounts payable
$
1,274

 
$
1,416

Accrued liabilities
1,456

 
1,749

Current operating lease liabilities
332

 
—

Air traffic liability
4,930

 
4,134

Current maturities of long-term debt
637

 
606

Total current liabilities
8,629

 
7,905

 
 
 
 
Long-term debt less current maturities
2,398

 
2,771

Air traffic liability - noncurrent
1,036

 
936

Deferred income taxes
2,643

 
2,427

Construction obligation
172

 
1,701

Noncurrent operating lease liabilities
1,014

 
—

Other noncurrent liabilities
644

 
650

Stockholders' equity:
 

 
 

Common stock
808

 
808

Capital in excess of par value
1,554

 
1,510

Retained earnings
17,525

 
15,967

Accumulated other comprehensive income (loss)
(63
)
 
20

Treasury stock, at cost
(9,893
)
 
(8,452
)
Total stockholders' equity
9,931

 
9,853

 
$
26,467

 
$
26,243

See accompanying notes.

3


Southwest Airlines Co.
Condensed Consolidated Statement of Comprehensive Income
(in millions, except per share amounts)
(unaudited)

 
Three months ended September 30,
 
Nine months ended September 30,
 
2019
 
2018
 
2019
 
2018
OPERATING REVENUES:
 
 
 
 
 
 
 
Passenger
$
5,230

 
$
5,194

 
$
15,462

 
$
15,137

Freight
42

 
43

 
129

 
130

Other
367

 
338

 
1,107

 
994

Total operating revenues
5,639

 
5,575

 
16,698

 
16,261

 
 
 
 
 
 
 
 
OPERATING EXPENSES:
 

 
 

 
 

 
 

Salaries, wages, and benefits
2,002

 
1,912

 
6,046

 
5,659

Fuel and oil
1,090

 
1,205

 
3,242

 
3,425

Maintenance materials and repairs
313

 
283

 
916

 
814

Landing fees and airport rentals
345

 
337

 
1,036

 
1,011

Depreciation and amortization
308

 
301

 
906

 
870

Other operating expenses
762

 
739

 
2,260

 
2,096

Total operating expenses
4,820

 
4,777

 
14,406

 
13,875

 
 
 
 
 
 
 
 
OPERATING INCOME
819

 
798

 
2,292

 
2,386

 
 
 
 
 
 
 
 
OTHER EXPENSES (INCOME):
 

 
 

 
 

 
 

Interest expense
30

 
33

 
90

 
99

Capitalized interest
(10
)
 
(9
)
 
(27
)
 
(29
)
Interest income
(23
)
 
(20
)
 
(70
)
 
(47
)
Other (gains) losses, net
3

 
8

 
8

 
16

Total other expenses (income)
—

 
12

 
1

 
39

 
 
 
 
 
 
 
 
INCOME BEFORE INCOME TAXES
819

 
786

 
2,291

 
2,347

PROVISION FOR INCOME TAXES
160

 
171

 
504

 
536

 
 
 
 
 
 
 
 
NET INCOME
$
659

 
$
615

 
$
1,787

 
$
1,811

 
 
 
 
 
 
 
 
NET INCOME PER SHARE, BASIC
$
1.24

 
$
1.08

 
$
3.30

 
$
3.13

 
 
 
 
 
 
 
 
NET INCOME PER SHARE, DILUTED
$
1.23

 
$
1.08

 
$
3.29

 
$
3.13

 
 
 
 
 
 
 
 
COMPREHENSIVE INCOME
$
566

 
$
729

 
$
1,704

 
$
2,229

 
 
 
 
 
 
 
 
WEIGHTED AVERAGE SHARES OUTSTANDING
 
 
 

 
 

 
 

Basic
533

 
569

 
542

 
578

Diluted
534

 
569

 
543

 
579

See accompanying notes.

4


Southwest Airlines Co.
Condensed Consolidated Statement of Stockholders' Equity
(in millions, except per share amounts)
(unaudited)
  
 
Common
Stock
 
Capital in
excess of
par value
 
Retained
earnings
 
Accumulated
other
comprehensive
income (loss)
 
Treasury
stock
 
Total
Balance at December 31, 2018 (as reported)
 
$
808

 
$
1,510

 
$
15,967

 
$
20

 
$
(8,452
)
 
$
9,853

Cumulative effect of adopting Accounting Standards Update No. 2016-02, Leases, codified in Accounting Standards Codification 842 (See Note 2)
 
—

 
—

 
55

 
—

 
—

 
55

Balance after adjustment for the new accounting standard
 
$
808

 
$
1,510

 
$
16,022

 
$
20

 
$
(8,452
)
 
$
9,908

Repurchase of common stock
 
—

 
—

 
—

 
—

 
(500
)
 
(500
)
Issuance of common and treasury stock pursuant to Employee stock plans
 
—

 
(10
)
 
—

 
—

 
6

 
(4
)
Share-based compensation
 
—

 
13

 
—

 
—

 
—

 
13

Cash dividends, $.160 per share
 
—

 
—

 
(89
)
 
—

 
—

 
(89
)
Comprehensive income
 
—

 
—

 
387

 
76

 
—

 
463

Balance at March 31, 2019
 
$
808

 
$
1,513

 
$
16,320

 
$
96

 
$
(8,946
)
 
$
9,791

Repurchase of common stock
 
—

 
—

 
—

 
—

 
(450
)
 
(450
)
Issuance of common and treasury stock pursuant to Employee stock plans
 
—

 
8

 
—

 
—

 
2

 
10

Share-based compensation
 
—

 
13

 
—

 
—

 
—

 
13

Cash dividends, $.180 per share
 
—

 
—

 
(99
)
 
—

 
—

 
(99
)
Comprehensive income
 
—

 
—

 
741

 
(66
)
 
—

 
675

Balance at June 30, 2019
 
$
808

 
$
1,534

 
$
16,962

 
$
30

 
$
(9,394
)
 
$
9,940

Repurchase of common stock
 
—

 
—

 
—

 
—

 
(500
)
 
(500
)
Issuance of common and treasury stock pursuant to Employee stock plans
 
—

 
8

 
—

 
—

 
1

 
9

Share-based compensation
 
—

 
12

 
—

 
—

 
—

 
12

Cash dividends, $.180 per share
 
—

 
—

 
(96
)
 
—

 
—

 
(96
)
Comprehensive income
 
—

 
—

 
659

 
(93
)
 
—

 
566

Balance at September 30, 2019
 
$
808

 
$
1,554

 
$
17,525

 
$
(63
)
 
$
(9,893
)
 
$
9,931

























5


Southwest Airlines Co.
Condensed Consolidated Statement of Stockholders' Equity
(in millions, except per share amounts)
(unaudited)
  
 
Common
Stock
 
Capital in
excess of
par value
 
Retained
earnings
 
Accumulated
other
comprehensive
income (loss)
 
Treasury
stock
 
Total
Balance at December 31, 2017 (as reported)
 
$
808

 
$
1,451

 
$
13,832

 
$
12

 
$
(6,462
)
 
$
9,641

Cumulative effect of adopting Accounting Standards Update No. 2017-12, Targeted Improvements to Accounting for Hedging Activities
 
—

 
—

 
18

 
(18
)
 
—

 
—

Balance after adjustment for the new accounting standard
 
$
808

 
$
1,451

 
$
13,850

 
$
(6
)
 
$
(6,462
)
 
$
9,641

Repurchase of common stock
 
—

 
—

 
—

 
—

 
(500
)
 
(500
)
Issuance of common and treasury stock pursuant to Employee stock plans
 
—

 
(9
)
 
—

 
—

 
5

 
(4
)
Share-based compensation
 
—

 
10

 
—

 
—

 
—

 
10

Cash dividends, $.125 per share
 
—

 
—

 
(75
)
 
—

 
—

 
(75
)
Comprehensive income
 
—

 
—

 
463

 
84

 
—

 
547

Balance at March 31, 2018
 
$
808

 
$
1,452

 
$
14,238

 
$
78

 
$
(6,957
)
 
$
9,619

Repurchase of common stock
 
—

 
—

 
—

 
—

 
(500
)
 
(500
)
Issuance of common and treasury stock pursuant to Employee stock plans
 
—

 
8

 
—

 
—

 
1

 
9

Share-based compensation
 
—

 
9

 
—

 
—

 
—

 
9

Cash dividends, $.160 per share
 
—

 
—

 
(93
)
 
—

 
—

 
(93
)
Comprehensive income
 
—

 
—

 
733

 
220

 
—

 
953

Balance at June 30, 2018
 
$
808

 
$
1,469

 
$
14,878

 
$
298

 
$
(7,456
)
 
$
9,997

Repurchase of common stock
 
—

 
—

 
—

 
—

 
(500
)
 
(500
)
Issuance of common and treasury stock pursuant to Employee stock plans
 
—

 
7

 
—

 
—

 
2

 
9

Share-based compensation
 
—

 
9

 
—

 
—

 
—

 
9

Cash dividends, $.160 per share
 
—

 
—

 
(91
)
 
—

 
—

 
(91
)
Comprehensive income
 
—

 
—

 
615

 
114

 
—

 
729

Balance at September 30, 2018
 
$
808

 
$
1,485

 
$
15,402

 
$
412

 
$
(7,954
)
 
$
10,153


See accompanying notes.

6


Southwest Airlines Co.
Condensed Consolidated Statement of Cash Flows
(in millions)
(unaudited)
 
Three months ended
 
Nine months ended
 
September 30,
 
September 30,
 
2019
 
2018
 
2019
 
2018
CASH FLOWS FROM OPERATING ACTIVITIES:
 
 
 
 
 
 
 
Net income
$
659

 
$
615

 
$
1,787

 
$
1,811

Adjustments to reconcile net income to cash provided by (used in) operating activities:
 

 
 

 
 

 
 

Depreciation and amortization
308

 
301

 
906

 
870

Unrealized/realized gains on fuel derivative instruments
—

 
(2
)
 
—

 
(13
)
Deferred income taxes
174

 
104

 
224

 
308

Changes in certain assets and liabilities:
 

 
 

 
 

 
 

Accounts and other receivables
(88
)
 
(13
)
 
(292
)
 
(109
)
Other assets
79

 
(30
)
 
195

 
(243
)
Accounts payable and accrued liabilities
106

 
161

 
(240
)
 
80

Air traffic liability
(17
)
 
52

 
897

 
1,018

Other liabilities
(87
)
 
—

 
(210
)
 
—

Cash collateral received from derivative counterparties
—

 
10

 
—

 
150

Other, net
(43
)
 
73

 
(104
)
 
32

Net cash provided by operating activities
1,091

 
1,271

 
3,163

 
3,904

 
 
 
 
 
 
 
 
CASH FLOWS FROM INVESTING ACTIVITIES:
 

 
 

 
 

 
 

Capital expenditures