Company Quick10K Filing
Southwest Airlines
Price54.44 EPS4
Shares539 P/E13
MCap29,345 P/FCF7
Net Debt-702 EBIT3,671
TEV28,643 TEV/EBIT8
TTM 2019-12-31, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-07-27
10-Q 2020-03-31 Filed 2020-04-28
10-K 2019-12-31 Filed 2020-02-04
10-Q 2019-09-30 Filed 2019-11-08
10-Q 2019-06-30 Filed 2019-07-30
10-Q 2019-03-31 Filed 2019-04-30
10-K 2018-12-31 Filed 2019-02-05
10-Q 2018-09-30 Filed 2018-10-30
10-Q 2018-06-30 Filed 2018-08-01
10-Q 2018-03-31 Filed 2018-05-01
10-K 2017-12-31 Filed 2018-02-07
10-Q 2017-09-30 Filed 2017-11-01
10-Q 2017-06-30 Filed 2017-08-01
10-Q 2017-03-31 Filed 2017-05-03
10-K 2016-12-31 Filed 2017-02-07
10-Q 2016-09-30 Filed 2016-10-31
10-Q 2016-06-30 Filed 2016-07-28
10-Q 2016-03-31 Filed 2016-04-29
10-K 2015-12-31 Filed 2016-02-03
10-Q 2015-09-30 Filed 2015-10-29
10-Q 2015-06-30 Filed 2015-07-31
10-Q 2015-03-31 Filed 2015-04-30
10-K 2014-12-31 Filed 2015-02-06
10-Q 2014-09-30 Filed 2014-10-29
10-Q 2014-06-30 Filed 2014-07-30
10-Q 2014-03-31 Filed 2014-05-01
10-K 2013-12-31 Filed 2014-02-04
10-Q 2013-09-30 Filed 2013-10-30
10-Q 2013-06-30 Filed 2013-07-31
10-Q 2013-03-31 Filed 2013-05-02
10-K 2012-12-31 Filed 2013-02-07
10-Q 2012-09-30 Filed 2012-10-26
10-Q 2012-06-30 Filed 2012-07-27
10-Q 2012-03-31 Filed 2012-04-25
10-K 2011-12-31 Filed 2012-02-09
10-Q 2011-09-30 Filed 2011-10-25
10-Q 2011-06-30 Filed 2011-08-05
10-Q 2011-03-31 Filed 2011-04-25
10-K 2010-12-31 Filed 2011-02-08
10-Q 2010-09-30 Filed 2010-10-22
10-Q 2010-06-30 Filed 2010-08-02
10-Q 2010-03-31 Filed 2010-04-26
10-K 2009-12-31 Filed 2010-01-29
8-K 2020-07-31 Enter Agreement, Off-BS Arrangement, Other Events, Exhibits
8-K 2020-07-30 Off-BS Arrangement
8-K 2020-07-23 Earnings, Exhibits
8-K 2020-06-30 Off-BS Arrangement
8-K 2020-06-11
8-K 2020-06-08
8-K 2020-05-29
8-K 2020-05-21
8-K 2020-05-19
8-K 2020-05-08
8-K 2020-05-04
8-K 2020-05-01
8-K 2020-04-28
8-K 2020-04-20
8-K 2020-03-30
8-K 2020-03-12
8-K 2020-03-05
8-K 2020-02-10
8-K 2020-01-23
8-K 2019-12-17
8-K 2019-10-24
8-K 2019-09-18
8-K 2019-07-25
8-K 2019-06-19
8-K 2019-05-15
8-K 2019-04-25
8-K 2019-03-27
8-K 2019-02-20
8-K 2019-01-24
8-K 2019-01-08
8-K 2018-12-12
8-K 2018-12-07
8-K 2018-11-07
8-K 2018-10-25
8-K 2018-10-05
8-K 2018-09-12
8-K 2018-08-08
8-K 2018-07-26
8-K 2018-07-10
8-K 2018-06-06
8-K 2018-06-04
8-K 2018-05-16
8-K 2018-05-08
8-K 2018-04-26
8-K 2018-04-06
8-K 2018-03-20
8-K 2018-03-08
8-K 2018-02-07
8-K 2018-01-25
8-K 2018-01-09
8-K 2018-01-02
8-K 2015-09-23
8-K 2015-09-18
8-K 2015-09-08
8-K 2015-08-11
8-K 2015-07-29
8-K 2015-07-23
8-K 2015-07-08
8-K 2015-06-09
8-K 2015-06-09
8-K 2015-05-19
8-K 2015-05-13
8-K 2015-05-07
8-K 2015-04-23
8-K 2015-04-09
8-K 2015-03-11
8-K 2015-03-03
8-K 2015-02-09
8-K 2015-01-22
8-K 2015-01-12

LUV 10Q Quarterly Report

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
EX-10.1 exhibit101boeingapplic.htm
EX-10.2 exhibit102boeingdelive.htm
EX-10.3 exhibit103boeingcustom.htm
EX-31.1 luv-6302020xex311.htm
EX-31.2 luv-6302020xex312.htm
EX-32.1 luv-6302020xex321.htm

Southwest Airlines Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
30241812602011201420172021
Assets, Equity
10.08.06.04.02.00.02011201420172021
Rev, G Profit, Net Income
2.11.50.90.2-0.4-1.02011201420172021
Ops, Inv, Fin

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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 June 30, 2020
 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
luv-20200630_g1.jpg

SOUTHWEST AIRLINES CO.
(Exact name of registrant as specified in its charter)
Texas74-1563240
(State or other jurisdiction of(IRS Employer
incorporation or organization)Identification No.)
P.O. Box 36611
Dallas,Texas75235-1611
(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 classTrading SymbolName of each exchange on which registered
Common Stock ($1.00 par value)LUVNew 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 July 23, 2020: 589,872,108



TABLE OF CONTENTS TO FORM 10-Q

PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
Condensed Consolidated Balance Sheet as of June 30, 2020 and December 31, 2019
Condensed Consolidated Statement of Comprehensive Income for the three and six months ended June 30, 2020 and 2019
Condensed Consolidated Statement of Stockholders' Equity as of June 30, 2020 and 2019
Condensed Consolidated Statement of Cash Flows for the three and six months ended June 30, 2020 and 2019
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)
June 30, 2020December 31, 2019
ASSETS  
Current assets: 
Cash and cash equivalents$12,351  $2,548  
Short-term investments2,106  1,524  
Accounts and other receivables770  1,086  
Inventories of parts and supplies, at cost422  529  
Prepaid expenses and other current assets223  287  
Total current assets15,872  5,974  
Property and equipment, at cost:  
Flight equipment20,943  21,629  
Ground property and equipment5,923  5,672  
Deposits on flight equipment purchase contracts306  248  
Assets constructed for others239  164  
27,411  27,713  
Less allowance for depreciation and amortization11,164  10,688  
 16,247  17,025  
Goodwill970  970  
Operating lease right-of-use assets1,845  1,349  
Other assets662  577  
 $35,596  $25,895  
LIABILITIES AND STOCKHOLDERS' EQUITY  
Current liabilities:  
Accounts payable$970  $1,574  
Accrued liabilities2,372  1,749  
Current operating lease liabilities336  353  
Air traffic liability4,988  4,457  
Current maturities of long-term debt695  819  
Total current liabilities9,361  8,952  
Long-term debt less current maturities8,905  1,846  
Air traffic liability - noncurrent1,891  1,053  
Deferred income taxes2,114  2,364  
Construction obligation239  164  
Noncurrent operating lease liabilities1,486  978  
Other noncurrent liabilities722  706  
Stockholders' equity:  
Common stock888  808  
Capital in excess of par value4,159  1,581  
Retained earnings16,842  17,945  
Accumulated other comprehensive loss(130) (61) 
Treasury stock, at cost(10,881) (10,441) 
Total stockholders' equity10,878  9,832  
 $35,596  $25,895  
See accompanying notes.
3


Southwest Airlines Co.
Condensed Consolidated Statement of Comprehensive Income (Loss)
(in millions, except per share amounts)
(unaudited)
 Three months ended June 30,Six months ended June 30,
 2020201920202019
OPERATING REVENUES:    
Passenger$704  $5,487  $4,549  $10,231  
Freight38  44  77  87  
Other266  378  616  741  
Total operating revenues1,008  5,909  5,242  11,059  
OPERATING EXPENSES:    
Salaries, wages, and benefits1,714  2,068  3,568  4,043  
Payroll support, voluntary separation, net(784)   (784)   
Fuel and oil257  1,136  1,128  2,152  
Maintenance materials and repairs140  310  412  603  
Landing fees and airport rentals275  357  614  691  
Depreciation and amortization313  302  624  598  
Other operating expenses, net220  768  917  1,499  
Total operating expenses2,135  4,941  6,479  9,586  
OPERATING INCOME (LOSS)(1,127) 968  (1,237) 1,473  
OTHER EXPENSES (INCOME):    
Interest expense96  31  124  61  
Capitalized interest(7) (9) (12) (17) 
Interest income(9) (24) (26) (47) 
Other (gains) losses, net32  2  60  4  
Total other expenses (income)112    146  1  
INCOME (LOSS) BEFORE INCOME TAXES(1,239) 968  (1,383) 1,472  
PROVISION FOR INCOME TAXES(324) 227  (374) 344  
NET INCOME (LOSS)$(915) $741  $(1,009) $1,128  
NET INCOME (LOSS) PER SHARE, BASIC$(1.63) $1.37  $(1.87) $2.06  
NET INCOME (LOSS) PER SHARE, DILUTED$(1.63) $1.37  $(1.87) $2.06  
COMPREHENSIVE INCOME (LOSS)$(859) $675  $(1,078) $1,138  
WEIGHTED AVERAGE SHARES OUTSTANDING   
Basic563  542  539  547  
Diluted563  542  539  547  
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, 2019$808  $1,581  $17,945  $(61) $(10,441) $9,832  
Repurchase of common stock        (451) (451) 
Issuance of common and treasury stock pursuant to Employee stock plans  (8)     6  (2) 
Share-based compensation  9        9  
Cash dividends, $0.180 per share    (94)     (94) 
Comprehensive loss    (94) (125)   (219) 
Balance at March 31, 2020$808  $1,582  $17,757  $(186) $(10,886) $9,075  
Issuance of common stock, net of issuance costs80  2,144        2,224  
Issuance of common and treasury stock pursuant to Employee stock plans  8      5  13  
Share-based compensation  (2)       (2) 
Stock warrants  35        35  
Equity feature of convertible notes, net of issuance costs  392        392  
Comprehensive loss    (915) 56    (859) 
Balance at June 30, 2020$888  $4,159  $16,842  $(130) $(10,881) $10,878  



  
Common
Stock
Capital in
excess of
par value
Retained
earnings
Accumulated
other
comprehensive
income (loss)
Treasury
stock
Total
Balance at December 31, 2018$808  $1,510  $15,967  $20  $(8,452) $9,853  
Cumulative effect of adopting Accounting Standards Update No. 2016-12, Leases, codified in Accounting Standards Codification 842    55      55  
Balance after adjustment for the new accounting standard$808  $1,510  $16,022  $20  $(8,452)