Originally Posted by REF 5

Some good, some bad in the earnings. So as of today, only SWA and UAL are in the black on a GAAP basis, Non GAAP, add in DAL. The initiatives worked. 60% of customers upgraded from the basic fare. Their is your profit. $1.4 Billion in operational cash flow with capex of $630 million. Thats the real biggie. First time in a long time, more cash came in then was spent. Another good nugget is ATL(air traffic liability) was up almost 16%. Yield's were impressive and load factor actually increased with it. Usually one sacrifices the other. Just be glad this all got turned on. If SWA was still doing open seating, the financial picture would be different. 2nd quarter guidance is for .35-.65 EPS. Not great but not horrible. From its peak, Fuel prices are almost 18% lower since the war started. The bad is they suspended guidance for the year. They just don't know. Which basically means their maybe losses come the fall. EM came, saw and demanded change. They got it. Problem is the BOD still demand's healthy buybacks when able. They spent excess cash on buybacks to the tune of $1.25 Billion. Good news is thats all in treasury stock now worth $14.7 Billion. Their has been a lot talk over the years about only airlines that have real premium make money. This is proof that networks and market share matter. The bigger the network, the better the outcome. Although premium is a real thing and most likely eventually will land here at some point, it's not all about two by two and lounges. Money is to be made, as long as you have the market share and network. Airline's that have a limited network, no matter how great the product is, will still have issues without the network to support it.