{
  "docId": "019dd923-622c-750b-8b9c-8f15f12c2ba7",
  "docSlug": "c81ff0738a2c",
  "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": 23,
  "pageCount": 51,
  "prevPage": 22,
  "nextPage": 24,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 4,
  "notes": "Uses a line chart with numbered annotations to correlate specific events with stock performance.",
  "elementsJson": [
    "headline_text",
    "subtitle_text",
    "line_chart",
    "quote_block"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9c-8f15f12c2ba7/23",
  "deckHref": "/decks/019dd923-622c-750b-8b9c-8f15f12c2ba7",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9c-8f15f12c2ba7.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-8f15f12c2ba7#slide-23",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Southwest's operational meltdown stranded 2 million customers over the holidays and drove 30%+ share price underperformance relative to peers over 2 months",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-2b65-734e-a991-5f8efae117c4",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.65,
        "w": 0.45,
        "x": 0.04,
        "y": 0.22
      },
      "kind": "chart",
      "text": "Indexed Relative Share Price Performance vs. Peers",
      "attrs": null,
      "subkind": "line",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f73cd39b-adb8-4f3c-a6af-38883f459e43",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.65,
        "w": 0.4,
        "x": 0.55,
        "y": 0.22
      },
      "kind": "list",
      "text": "Media headlines highlighting management failures and regulatory fines.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4975e177-226d-4e80-b65b-c01a34221007",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "share price performance: 30%+",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-2b65-734e-a991-6785ebc4c8c2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "Its Reputation in Tatters, Southwest Aims to Resume Normal Schedule on Friday — The New York Times; U.S. Senators blast Southwest holiday meltdown, labelled 'unmitigated disaster' — THOMSON REUTERS; Southwest Doubles CEO Pay, Neglects Boardroom Risks Despite Crisis — Forbes; Southwest Airlines meltdown highlights insular management team — FORTUNE; Southwest hit by record $140 million fine for holiday service meltdown in 2022 — CNN",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-2b65-734e-a991-62d820a2a975",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.6,
        "x": 0.12,
        "y": 0.95
      },
      "kind": "source-note",
      "text": "Source: Bloomberg as of 6/7/2024, Company transcripts, Company filings, media reports, Department of Transportation. (1) Reflects share price performance relative to peers from 12/20/2022 to 2/28/2023.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "af74babc-578f-47df-a813-f80ce952ba6d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.9,
        "x": 0.04,
        "y": 0.12
      },
      "kind": "title",
      "text": "Southwest's operational meltdown stranded 2 million customers over the holidays and drove 30%+ share price underperformance relative to peers over 2 months",
      "attrs": null,
      "subkind": "action-title",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e93d155e-780f-4df1-98d3-17a03035cc03",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.6,
        "x": 0.04,
        "y": 0.05
      },
      "kind": "title",
      "text": "December 2022 Operational Meltdown",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d0f5dd94-a72b-4477-a8f7-3529cf9669d5",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "10bc227e-7ed9-481f-9215-cb8029a32127",
      "evidence": "Exposes contradiction between management claims and operational reality.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 24,
      "from": 17,
      "beatId": "9e496488-d021-4a28-a5c6-588cd9182411",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Agitate",
      "beatSlug": "problem-agitate-solution-agitate-make-it-worse",
      "evidence": "The deck agitates the problem by highlighting Southwest's underperformance compared to peers",
      "position": 1,
      "confidence": 0.9,
      "parentBeatName": "Development",
      "parentBeatSlug": "development"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}