Kind of lost in the earnings numbers is the fact that not only does SWA have about $13Bn in cash on hand, if they paid back all the loans they'd STILL have around $3Bn in cash.

During the earnings call they noted that as other airlines aggressively shrink, SWA's insourcing business model means they will lose CASM advantage. Contractors can be downsized far more quickly than full time employees of the company, so during a rapidly shrinking environment SWA's cost advantages decrease. The upside however is that when things pick back up, SWA will be first out of the gate to take advantage of improving conditions and would also then see cost advantages come back.