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  "documentTitle": "Southwest Airlines (LUV)",
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  "authorName": "John Pike & Bobby Xu",
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      "text": "We believe a Stronger Southwest would deliver substantially more value to employees from higher profit sharing driven by enhanced profitability and better share price performance",
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      "text": "Source: Company filings, Department of Labor, Bloomberg as of 6/7/2024, Elliott analysis and estimates. (1) Stronger Southwest reflects estimated 2025E profit sharing expense assuming Southwest realizes 19% EBITDAR margins. (2) Based on shares held by Southwest retirement plans as of year-end 2022 (latest available disclosure) and assuming the $49 target share price implied by the Stronger Southwest calculation.",
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