{
  "docId": "019dd923-622c-750b-8b9c-8bc9f8f954bc",
  "docSlug": "0c8bae70d86d",
  "documentTitle": "Southwest Airlines (LUV)",
  "authorId": "02_Elliott_Management",
  "authorName": "Elliott",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2024-06-10 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 36,
  "pageCount": 51,
  "prevPage": 35,
  "nextPage": 37,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "overcrowded",
  "nDataPoints": 12,
  "notes": "Uses a combination of bar charts and a CEO quote to frame the company's growth strategy as value-destructive.",
  "elementsJson": [
    "headline_text",
    "subtitle_text",
    "bar_chart_grouped",
    "bar_chart_vertical",
    "quote_block",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9c-8bc9f8f954bc/36",
  "deckHref": "/decks/019dd923-622c-750b-8b9c-8bc9f8f954bc",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9c-8bc9f8f954bc.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-8bc9f8f954bc#slide-36",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "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",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-e6ed-775b-bcb0-cad185526d44",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.55,
        "w": 0.45,
        "x": 0.04,
        "y": 0.22
      },
      "kind": "chart",
      "text": "Substantial Increase in Uneconomic Flying",
      "attrs": null,
      "subkind": "bar-grouped",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "df09bb4a-9436-4d1b-8c00-9b217d8681a9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.55,
        "w": 0.45,
        "x": 0.51,
        "y": 0.22
      },
      "kind": "chart",
      "text": "Example of Growth Ambition: Hawaii Inter-island Markets",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3ba87ff5-9025-4e43-b725-a8b7b9266b77",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Load Factor: 12%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-e6ed-775b-bcb0-d162df29a63c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.85,
        "x": 0.04,
        "y": 0.11
      },
      "kind": "paragraph",
      "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",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d791e16d-5148-4e10-b459-ec86603c0b72",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.92,
        "x": 0.04,
        "y": 0.82
      },
      "kind": "quote",
      "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.",
      "attrs": null,
      "subkind": "pull-quote",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ccfc22da-6662-4370-b028-15aeaa876610",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "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",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd952-e6ed-775b-bcb0-cea14f8b2c51",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.6,
        "x": 0.04,
        "y": 0.95
      },
      "kind": "source-note",
      "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.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1a95279b-4f1f-492e-a1b6-4c8a65fd04a3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.5,
        "x": 0.04,
        "y": 0.04
      },
      "kind": "title",
      "text": "Simplistic Growth Strategy is Failing",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f09f37ce-4aee-4567-9018-78a58249ba3c",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "ceo-quote-contradiction",
      "slug": null,
      "matchId": "cdaa153b-f30a-4282-aee9-827870483409",
      "evidence": "Uses a CEO quote to validate the thesis that the company's strategy is failing.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}