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  "documentTitle": "Southwest Airlines (LUV)",
  "authorId": "02_Elliott_Management",
  "authorName": "John Pike & Bobby Xu",
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  "notes": "The chart uses a color gradient to emphasize the worsening cost performance over time.",
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      "text": "$1.3 Billion of Incremental Costs",
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      "text": "Management revised unit costs four times in 2023. Poor execution has substantially eroded management's credibility and damaged Southwest’s competitive positioning as a low-cost carrier",
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      "text": "Unit Cost Guidance Revisions in 2023",
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      "text": "CASMx Growth: $1.3 Billion",
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      "text": "Management revised unit costs up four times in 2023. Poor execution has substantially eroded management's credibility and damaged Southwest's competitive positioning as a low-cost carrier",
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      "text": "Source: Company filings. (1) 2022 baseline reflects FY'22 CASMx guidance as of the Company's December 2022 Investor Day and prior to the December 2022 meltdown.",
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      "kind": "title",
      "text": "2023 Cost Execution Missed Targets...",
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