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  "documentTitle": "Southwest Airlines (LUV)",
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  "notes": "The slide uses a combination of a bar chart and a series of pull-quotes to frame Southwest's management as the cause of poor performance.",
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      "text": "And guided to increase further by an outsized 7-8% YoY in 2024",
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      "text": "Southwest has delivered peer-worst unit cost performance over the past five years. Poor cost control undermines Southwest's competitive positioning as a low-cost carrier",
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      "text": "When [CEO Bob Jordan] came to the SWAPA Board of Directors meeting, he said specifically that operations wasn't his strong suit.",
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      "text": "Costs are the real glaring issue at Southwest as they over-hired (23% more headcount vs. '19) during the recovery phase and have seen productivity decline (capacity is up 13.8% vs. '19)...",
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      "text": "Southwest has lost the passion for low-cost, low-fare air travel.",
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      "text": "Southwest is tied (with United) for the most growth, but its unit cost inflation is still worse than all others.",
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      "text": "Southwest has lost the passion for low-cost, low-fare air travel. — Ryanair CEO Michael O'Leary, March 2024; Costs are the real glaring issue at Southwest as they over-hired (23% more headcount vs. '19) during the recovery phase and have seen productivity decline (capacity is up 13.8% vs. '19)... — Melius, January 2024; Southwest is tied (with United) for the most growth, but its unit cost inflation is still worse than all others. — J.P. Morgan, July 2023; When [CEO Bob Jordan] came to the SWAPA Board of Directors meeting, he said specifically that operations wasn’t his strong suit. — SWAPA President Casey Murray, August 2022",
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      "kind": "source-note",
      "text": "Source: Company filings, peer company filings, equity research, media reports, SWAPA. Note: Emphasis is added to all quotes. (1) American reported CASMx includes profit sharing expense. Profit sharing expense is excluded in these materials for comparability.",
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      "text": "Bottom-tier Unit Cost Performance",
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