The 2019 Annual Report shows that LUV ended 2019 with $5.1 billion in liquidity and there’s not even a hint of concessions or furloughs. Yet, with nearly $15 billion in the bank and after approximately 17,000 employees, or 28% of the workforce, signed up for leaves of absence or early retirement AND the CARES Act expired our days are filled with doom and gloom. We know that 630 pilots took early retirement and 5400 flight attendants signed up for one of the programs offered while another 1100 flight attendants signed up for unpaid leave for November and December. It just doesn’t add up.



NO CONCESSIONS





SOUTHWEST AIRLINES CO. - 2019 ANNUAL REPORT TO SHAREHOLDERS

April 2020



“This represented our 47th consecutive year of profitability, a record unmatched in commercial airline history. These earnings translated to strong operating cash flow of $4.0 billion; record free cash flow of $3.4 billion; and record shareholder returns of $2.4 billion. For the sixth consecutive year, we produced exceptional returns on capital, excluding special items, of 22.9 percent, pre-tax, and 17.8 percent, after-tax, in 2019, well in excess of our weighted average cost of capital.



We ended 2019 with exceptionally strong liquidity of $5.1 billion, including $4.1 billion in cash, cash equivalents, and short-term investments, and a fully available, unsecured revolving credit line of $1.0 billion. Our investment-grade balance sheet was rated A3 by Moody’s; BBB+ by S&P; and A- by Fitch. All three rated our debt as stable. We ended the year with the strongest balance sheet in Southwest’s history, with adjusted debt to total invested capital of only 24 percent.”