Originally Posted by REF 5

The fact that SWA is still running capacity at 60%-70% below normal is very alarming. Going into the busiest season of the year. That goes for all airlines. Capacity will be an important gauge going forward. All the other numbers are metrics that can't be analyzed until July earnings release(or lack their of). Real metrics to follow going forward are cash flow and capacity. All other metrics, CASM/yield/average airfare, breakeven load factor, etc are all distorted due to grounding of so many airplanes. Airlines are capping capacity well below the airplanes ability. Basically SWA as well as others are adding capacity to make passengers feel safe. Not because its profitable. Bizarre to say the least. Their is a reason why Buffet bailed on airlines.

Even if they ran all their airplanes and capped it at 60-65% capacity for sale, that's still 35-40 below what the should be. Companies can last a long time with positive cash flow. Pan Am, TWA, etc lasted many decades losing money but still had cash(flow) coming in. If we can get to about a million a day going through the TSA by mid July I think that helps build confidence not only for passengers that flying is safe and places are open, executive management teams will have confidence to minimize furloughs. I hope.