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  "documentTitle": "Southwest Airlines (LUV)",
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  "authorName": "John Pike and Bobby Xu",
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  "notes": "Uses a CEO quote to frame the argument that core airline performance is being masked by unprofitable growth segments.",
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      "text": "A significant increase in unprofitable flying driven by a growth strategy focused on capacity expansion (rather than product innovation) appears to have driven substantial unnecessary losses",
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      "text": "Substantial Increase in Uneconomic Flying",
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      "text": "Example of Growth Ambition: Hawaii Inter-island Markets",
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      "text": "load factor: 12%",
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      "text": "A significant increase in unprofitable flying driven by a growth strategy focused on capacity expansion (rather than product innovation) appears to have driven substantial unnecessary losses",
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      "text": "If you look even at the big airlines that have lower margins than the top two, there’s a core airline within them that has the same kind of margins as United and Delta, but it’s dragged down by the stuff that loses money.",
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      "text": "If you look even at the big airlines that have lower margins than the top two, there’s a core airline within them that has the same kind of margins as United and Delta, but it’s dragged down by the stuff that loses money. — United CEO Scott Kirby, June 2024",
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      "text": "Source: Cirium as of 6/7/2024, media reports. Note: Emphasis is added to the quote. (1) Hawaii inter-island markets include HNL, ITO, KOA, LIH and OGG.",
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      "text": "Simplistic Growth Strategy is Failing",
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