{
  "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": 24,
  "pageCount": 51,
  "prevPage": 23,
  "nextPage": 25,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "overcrowded",
  "nDataPoints": 4,
  "notes": "The slide uses a before-after comparison to highlight financial losses for employees.",
  "elementsJson": [
    "headline_text",
    "subtitle_text",
    "bar_chart_vertical",
    "bar_chart_vertical",
    "callout_box",
    "quote_block",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9c-8f15f12c2ba7/24",
  "deckHref": "/decks/019dd923-622c-750b-8b9c-8f15f12c2ba7",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9c-8f15f12c2ba7.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-8f15f12c2ba7#slide-24",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Down >$9,600 Annually",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-2b65-734e-a991-959c6b19692b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.45,
        "w": 0.45,
        "x": 0.52,
        "y": 0.2
      },
      "kind": "chart",
      "text": "Value of Southwest Stock: 2019 ($20,473) vs Today ($10,525)",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "89e6c3c1-5d4d-4560-a426-bde5b03dd575",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.45,
        "w": 0.45,
        "x": 0.05,
        "y": 0.2
      },
      "kind": "chart",
      "text": "Annual Profit Sharing: 2019 ($11,157) vs 2023 ($1,555)",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9e3d90c0-5228-405c-87b4-a65fc30215f1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Profit Sharing Expense: $9,600",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-2b65-734e-a991-9d26faeba012",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.9,
        "x": 0.05,
        "y": 0.12
      },
      "kind": "paragraph",
      "text": "Southwest's poor financial performance has cost employees tens of thousands of dollars on average due to lower profit sharing and declines in the value of Southwest stock held by retirement plans",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "931ba548-a53a-40f8-9cf7-339052cf2d72",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.9,
        "x": 0.05,
        "y": 0.75
      },
      "kind": "quote",
      "text": "[2023 profit sharing was] definitely underwhelming. And it's probably going to continue that way for another year or two... We have a little bit of a revenue problem right now, right?... We also have a lot of cost creep on the expense side of the house, right? So in order to have profit sharing, you have to have profits. And so those profits have been shrinking.",
      "attrs": null,
      "subkind": "testimonial",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "58a5641a-80fc-4ba1-8ae4-d6012676dcad",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "[2023 profit sharing was] definitely underwhelming. And it's probably going to continue that way for another year or two... We have a little bit of a revenue problem right now, right?... We also have a lot of cost creep on the expense side of the house, right? So in order to have profit sharing, you have to have profits. And so those profits have been shrinking. — Southwest Captain Damian Jennette, February 2024",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-2b65-734e-a991-9beaefb7048e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.9,
        "x": 0.05,
        "y": 0.92
      },
      "kind": "source-note",
      "text": "Source: Company filings, Department of Labor, Bloomberg as of 6/7/2024, SWAPA. Note: Emphasis is added to the quote. (1) Reflects the average decline in value of Southwest shares held by Company retirement plans per participant. Based on average shares held per participant account as of 12/31/2019 and the change in share price from 12/31/2019 to 6/7/2024.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2ba6f80a-264f-489e-bba0-d2ed2e187df8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.9,
        "x": 0.05,
        "y": 0.05
      },
      "kind": "title",
      "text": "Poor Performance Has Cost Employees",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e48d0669-df62-429f-8f2b-e26732706a6c",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "before-after-framing",
      "slug": null,
      "matchId": "db4719e6-0198-4b27-9d19-93d398401396",
      "evidence": "The slide compares 2019 financial metrics to 2023/current metrics to demonstrate loss.",
      "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
}