Originally Posted by flensr

Honestly I don't know, I started reading the SWA ones instead, back in March when I jumped ship

Seriously, if you can find them, go back a year or two and see what the company is specifically bragging about with respect to CASM drivers (tailwinds) and what they see as both served and potential markets. If you go back 2 years you'd see that the company was bragging about pilot "juniority" (their exact word) as a CASM tailwind, meaning that the fact that they had a high churn rate with new FOs quitting after a year or two, and underpaying the entire pilot group, was reducing their costs. When the contract negotiations got bitter, they removed that entry and then the whole slide kind of went away. Around that time, they were bragging that they were growing fast and had somewhere around 500 routes and markets they could make a profit on, and only growth constraints kept them from making a ton of money in those areas. A quarter or two later they were forced to discuss barriers to growth, specifically why they were not serving all those previously identified profitable routes, and then they finally admitted that they couldn't grow at all without a new pilot contract. The TA was approved just a couple of months later (middle of the quarter actually, just under 2 months later if I recall correctly) and people can draw whatever conclusions they like from how that timing worked out.

So you have to go back almost 2 years to really get a feel for how they've had to change their story and to understand how even minor changes can signal fairly major decisions the company is having to make.