![]() We have an unprecedented run of 47 years of profitability and that was built on low cost and low fares and coupled with great service. We have investment-grade credit ratings, and we have cash well in excess of our outstanding debt. We have the strongest balance sheet and pre-pandemic debt to total capital was a company record low at 24%. We have $14.3 billion including $13.3 billion in cash and equivalents, $12 billion in unencumbered assets, and that doesn't include our frequent flyer program. It was a big one and with non-GAAP losses coming in at $3.5 billion.īut having said that, we were and remain very well-prepared to weather this continuing storm and especially, important is that we want to emerge on top in the airline industry. And even Southwest is not immune to COVID-19 and we recognized our first annual loss since 1972. ![]() We closed out the year as expected with no surprises. ![]() Thank you, Ryan and good morning everybody and thanks for joining us for our fourth quarter 2020 call. So, let's get started and I will turn it over to Gary. You can find our release and other helpful resources on our Investor Relations website. We will make forward-looking statements today which are based on our current expectations of future performance and our actual results could differ substantially from these expectations.Īnd we also had several special items in our fourth quarter results which we excluded from our trends for non-GAAP purposes and we will reference those non-GAAP results in our remarks.Īnd we have more information in our press release this morning regarding forward-looking statements, non-GAAP reconciliations to GAAP results, and other important risk factors. ![]() #SOUTHWEST AIRLINES CEO GARY KELLY UPDATE#First, you will hear a comprehensive update from our Chairman of the Board and CEO, Gary Kelly Chief Operating Officer, Mike Van de Ven our President, Tom Nealon and Executive Vice President and CFO, Tammy Romo.Ī few reminders. In just a moment, we will share our prepared remarks and then open it up for Q&A. Thank you, Chad and I appreciate everyone joining us for our call today. Ryan Martinez, Managing Director of Investor Relations. Īt this time, I'd like to turn the call over to Mr. After today's prepared remarks, there will be an opportunity to ask questions. This call is being recorded and a replay will be available on in the Investor Relations section. My name is Chad and I will be moderating today's call. Good day and welcome to the Southwest Airlines Fourth Quarter and Annual 2020 Conference Call. Linda Rutherford - Senior Vice President & Chief Communications OfficerĪndrew Watterson - Executive Vice President & Chief Commercial Officer Tammy Romo - Executive Vice President & Chief Financial Officer Mike Van de Ven - Chief Operating Officer Gary Kelly - Chairman and Chief Executive Officer Ryan Martinez - Managing Director, Investor Relations ( NYSE: LUV) Q4 2020 Earnings Conference Call Janu12:30 PM ET Isom is heir apparent to American Chief Executive Doug Parker.Southwest Airlines Co. Kirby landed at United from American Airlines (AAL.O) in 2016 after the board passed over him as a potential leader.įollowing Kirby's departure, American elevated Robert Isom, then chief operating officer, to the role of president. Rival United Airlines (UAL.O) last year named insider Scott Kirby to succeed Oscar Munoz to the top job. This is the latest transition at the top at a major U.S. "We’ll continue to stabilize the company coming out of this pandemic and be ready for what I hope will be a really strong 2022 with a lot of momentum," he said. Southwest did not consider any external candidates for the job, Kelly said. "There’s a lot to step into," Jordan said, adding that his first areas of focus will be ensuring a stable transition and getting out with team members. The stock has more than tripled in value during Kelly's tenure. Southwest's shares were down 0.8% at $55.32 in early afternoon. REUTERS/Lucy Nicholsonĭuring the pandemic, he played a key role in reducing the airline's labor costs and avoiding layoffs and furloughs, the company said. A Southwest Airlines Boeing 737-800 plane is seen at Los Angeles International Airport (LAX) in the Greater Los Angeles Area, California, U.S., April 10, 2017. ![]()
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