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  "documentTitle": "Southwest Airlines (LUV)",
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  "authorName": "Elliott",
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  "presentationDate": "2024-06-10 00:00:00",
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  "notes": "The slide highlights a significant margin contraction for Southwest compared to its peers, specifically calling out a 1,300 bps delta.",
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      "text": "In 2018, Southwest had best-in-class margins. Today, Southwest’s margins are the lowest in the peer group and approximately 900 basis points below best-in-class",
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      "text": "EBITDAR Margins vs. Peers",
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      "text": "Source: Company filings, peer company filings, Bloomberg as of 6/7/2024. (1) Historical figures reflect adjusted EBITDAR margins. 2024E margins reflect consensus estimates.",
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