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  "documentTitle": "Southwest Airlines (LUV)",
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  "presentationDate": "2024-06-10 00:00:00",
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  "notes": "Uses a 'say-do' gap framework to highlight management credibility issues.",
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      "text": "Only 11 months ago, management said it was “absolutely committed” to driving unit costs down in 2024. Today, management is guiding to a 7-8% increase, representing $1.7B of incremental costs",
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      "text": "Chronological quotes from management showing the shift in guidance.",
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      "text": "CASMx growth: 7-8%",
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      "text": "Only 11 months ago, management said it was “absolutely committed” to driving unit costs down in 2024. Today, management is guiding to a 7-8% increase, representing $1.7B of incremental costs",
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      "text": "\"We are very focused on bending our cost down again in 2024.\" — CFO Tammy Romo; \"We've got a lot of opportunity to now go work on bringing out inefficiencies...\" — CEO Bob Jordan; \"As we look ahead to next year, we are absolutely committed to driving our unit cost down.\" — CFO Tammy Romo; \"Our [FY'24] CASMx guidance of a 6% to 7% increase year-over-year is also essentially driven by labor and maintenance cost pressures...\" — CFO Tammy Romo; \"[We expect] our full year CASM-X to increase in the range of 7% to 8% year-over-year, elevated from our previous full year CASM-X guidance due to lower capacity plans in the second half of the year.\" — CFO Tammy Romo",
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      "text": "Source: Company filings, Company transcripts. Note: Emphasis is added to all quotes.",
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      "kind": "title",
      "text": "And 2024 is Off to an Even Worse Start",
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