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  "documentTitle": "Southwest Airlines (LUV)",
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  "authorName": "John Pike and Bobby Xu",
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  "notes": "Includes a quote from Deutsche Bank (Oct 2023) emphasizing the margin gap.",
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      "text": "While peer EBITDAR is expected to be in-line with or meaningfully exceed pre-COVID levels, Southwest EBITDAR is expected to be nearly 50% lower despite record travel demand",
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      "text": "EBITDAR: -48%",
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      "text": "While peer EBITDAR is expected to be in-line with or meaningfully exceed pre-COVID levels, Southwest EBITDAR is expected to be nearly 50% lower despite record travel demand",
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      "text": "These record top-line results are not translating to record profitability, nor the Southwest standard of profitability levels (i.e., Southwest was once a profit leader) ... [Southwest's margins are] roughly 1,000 basis points below the industry leader.",
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      "text": "These record top-line results are not translating to record profitability, nor the Southwest standard of profitability levels (i.e., Southwest was once a profit leader) ... [Southwest’s margins are] roughly 1,000 basis points below the industry leader. — Deutsche Bank, October 2023",
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      "text": "Source: Company filings, peer company filings, Bloomberg as of 6/7/2024, equity research. Note: Emphasis is added to the quote. (1) Historical figures reflect adjusted EBITDAR. 2024E EBITDAR reflects consensus estimates.",
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      "text": "Southwest's Issues Are Unique",
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