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  "documentTitle": "Southwest Airlines (LUV)",
  "authorId": "02_Elliott_Management",
  "authorName": "John Pike & Bobby Xu",
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  "presentationDate": "2024-06-10 00:00:00",
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  "notes": "Uses a 'before-after' style contradiction framework to highlight management's failure to meet cost guidance.",
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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 list of management quotes 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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      "kind": "quote",
      "text": "“We are very focused on bending our cost down again in 2024.” — CFO Tammy Romo (April 2023); “We've got a lot of opportunity to now go work on bringing out inefficiencies...” — CEO Bob Jordan (June 2023); “As we look ahead to next year, we are absolutely committed to driving our unit cost down.” — CFO Tammy Romo (July 2023); “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 (Jan 2024); “[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 (April 2024)",
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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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