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  "documentTitle": "Southwest Airlines (LUV)",
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  "authorName": "John Pike and Bobby Xu",
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  "presentationDate": "2024-06-10 00:00:00",
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  "notes": "Uses CEO quotes to contrast management optimism with market consensus reality.",
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      "text": "90% Lower",
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      "kind": "callout",
      "text": "Management's initiatives have not been enough to reverse Southwest's declining profitability despite management's frequent reaffirmation that they are delivering",
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      "text": "Waterfall chart showing 2018 EBIT, 2022-2023 initiatives, 2024 initiatives, Implied 2024 EBIT, and Consensus 2024 EBIT",
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      "text": "EBIT: 90%",
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      "text": "Management’s initiatives have not been enough to reverse Southwest’s declining profitability despite management’s frequent reaffirmation that they are delivering",
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      "kind": "quote",
      "text": "“The last set of initiatives that we took you through several years ago, the $1 billion to $1.5 billion in EBIT this year, are paying off.” CEO Bob Jordan, October 2023",
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      "text": "“... About $1.5 billion in incremental year-over-year pre-tax profit from our network optimization efforts and the contributions from our portfolio of strategic initiatives, is driving us to expect additional revenue records.” CEO Bob Jordan, January 2024",
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      "kind": "quote",
      "text": "“The last set of initiatives that we took you through several years ago, the $1 billion to $1.5 billion in EBIT this year, are paying off.” — CEO Bob Jordan, October 2023; “... About $1.5 billion in incremental year-over-year pre-tax profit from our network optimization efforts and the contributions from our portfolio of strategic initiatives, is driving us to expect additional revenue records.” — CEO Bob Jordan, January 2024",
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      "kind": "source-note",
      "text": "Source: Company filings, Company transcripts, Bloomberg as of 6/7/2024. Note: Emphasis is added to all quotes. (1) Reflects adjusted EBIT.",
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      "kind": "title",
      "text": "Which Failed to Bolster Profits",
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