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  "documentTitle": "Southwest Airlines (LUV)",
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      "text": "Investors and research analysts have been calling for changes for years, but Southwest's management and Board have pressed forward with incrementalism and inaction",
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      "text": "We have long made the case that the Company's inability to monetize its cabin and participate in various high-margin revenue streams was a drag on relative margin performance.",
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      "text": "There is a lot of debate about the airline's lack of a premium product vs. peers and ancillary revenue opportunities beyond boarding... The drum beat on closing the margin gap with the network airlines will continue to beat louder...",
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      "text": "Everything [they're] doing is incremental. [They] need to make radical changes.",
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      "text": "Quite frankly, I think [regaining the high ground] is going to require evolution... They have a product and price points that skew more toward discount airlines but a cost structure overall that skews a bit more toward the Big 3. It’s a bit of an identity crisis.",
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      "text": "Time to pull the RASM lever?... The main – and perhaps only – lever they have now to overcome cost inflation is to boost RASM... LUV still remains at a relative disadvantage to all their major competitors in the pursuit of premiumization.",
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      "text": "...What might you consider strategically or put on the table that hasn't been on the table before? So if we think about things like seat assignments, basic economy, bags fly free, historically, those have been sacrosanct... If you have lagging margins, it may require a harder look.",
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      "text": "Everything [they're] doing is incremental. [They] need to make radical changes. — Wolfe Research Weekly Webcast, October 2023",
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