# EDGAR Filing Document

**Accession Number:** 0000092380
**File Stem:** 0000092380-23-000004
**Filing Date:** 2023-1
**Character Count:** 9294
**Document Hash:** fbd1f417bb20d5eb18958c5802b1979c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000092380-23-000004.hdr.sgml**: 20230106

**ACCESSION NUMBER**: 0000092380-23-000004

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20230106

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**FILED AS OF DATE**: 20230106

**DATE AS OF CHANGE**: 20230106

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SOUTHWEST AIRLINES CO
- **CENTRAL INDEX KEY:** 0000092380
- **STANDARD INDUSTRIAL CLASSIFICATION:** AIR TRANSPORTATION, SCHEDULED [4512]
- **IRS NUMBER:** 741563240
- **STATE OF INCORPORATION:** TX
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-07259
- **FILM NUMBER:** 23513712

**BUSINESS ADDRESS:**
- **STREET 1:** 2702 LOVE FIELD DR
- **STREET 2:** P O BOX 36611
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75235
- **BUSINESS PHONE:** 2147924000

**MAIL ADDRESS:**
- **STREET 1:** PO BOX 36611
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75235-1611

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AIR SOUTHWEST CO
- **DATE OF NAME CHANGE:** 19760108

?xml version="1.0" ? luv-20230106

 **UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K** 

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported): **January 6, 2023**![luv-20230106_g1.jpg](luv-20230106_g1.jpg)

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| |
|:---|
| **SOUTHWEST AIRLINES CO.** |
| (Exact name of registrant as specified in its charter) |

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| | | |
|:---|:---|:---|
| **Texas** | **1-7259** | **74-1563240** |
| (State or other jurisdiction | (Commission | (I.R.S. Employer |
| of incorporation) | File Number) | Identification No.) |

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| | | |
|:---|:---|:---|
| **P. O. Box 36611** | **P. O. Box 36611** | |
| **Dallas,** | **Texas** |<br>**75235-1611** |
| (Address of principal executive offices) | (Address of principal executive offices) | (Zip Code) |

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Registrant's telephone number, including area code: **(214) 792-4000** 

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| |
|:---|
| **Not Applicable** |
| Former name or former address, if changed since last report |

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the

filing obligation of the registrant under any of the following provisions:

☐&nbsp;&nbsp;&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act

(17 CFR 230.425)

☐&nbsp;&nbsp;&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17

CFR 240.14a-12)

☐&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the

Exchange Act (17 CFR 240.14d-2(b))

☐&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the

Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol | Name of each exchange on which registered |
| Common Stock ($1.00 par value) | LUV | New York Stock Exchange |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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**Item 2.02&nbsp;&nbsp;&nbsp;&nbsp;Results of Operations and Financial Condition.**

The financial information included in Item 7.01 is incorporated by reference into this Item 2.02.

The information furnished in this Item 2.02 shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, regardless of any general incorporation language in such filing, except as shall be expressly set forth by specific reference in such filing.

**Item 7.01&nbsp;&nbsp;&nbsp;&nbsp;Regulation FD Disclosure.**

Southwest Airlines Co. (the "Company") is providing guidance regarding selected fourth quarter 2022 financial trends in connection with operational disruptions in December 2022.

The Company canceled more than 16,700 flights from December 21, 2022 through December 31, 2022. The Company's preliminary estimate of fourth quarter 2022 available seat miles (capacity) is a decline of approximately 6 percent, as compared with fourth quarter 2019, which is roughly 4 points lower than previous guidance.

As a result of the operational disruptions, the Company currently expects to report a net loss in fourth quarter 2022, driven by a preliminary estimated fourth quarter 2022 pre-tax negative impact in the range of $725 million to $825 million. A significant portion of this impact is from an estimated revenue loss in the range of $400 million to $425 million. The remaining impact relates to an estimated net increase in operating expenses, primarily due to estimated travel expense reimbursements to Customers, the estimated value of Rapid Rewards<sup>®</sup> points offered as a gesture of goodwill to Customers that are expected to be redeemed, and premium pay and additional compensation for Employees, which was partially offset by lower fuel and oil and profitsharing expenses.

The information furnished in this Item 7.01 shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, regardless of any general incorporation language in such filing, except as shall be expressly set forth by specific reference in such filing.

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**Cautionary Statement Regarding Forward-Looking Statements**

This Current Report on Form 8-K contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Specific forward-looking statements include, without limitation, statements related to (i) the Company's estimates of the number of, and financial and operational effects of, the flight cancellations; (ii) the Company's estimates regarding available seat miles (capacity); and (iii) the Company's financial expectations and projected results of operations, including factors and assumptions underlying the Company's expectations and projections. These forward-looking statements are based on the Company's current estimates, intentions, beliefs, expectations, goals, strategies, and projections for the future and are not guarantees of future performance. Forward-looking statements involve risks, uncertainties, assumptions, and other factors that are difficult to predict and that could cause actual results to vary materially from those expressed in or indicated by them. Factors include, among others, (i) the number and amount of Customer reimbursement requests received and granted by the Company; (ii) variation from existing estimates in the actual amount of other costs, and in benefits such as lower fuel and oil expense and profitsharing expense, associated with the cancelled flights; (iii) emergence of additional costs associated with the cancelled flights that have not yet been identified or included in these estimates; (iv) the Company's ability to timely and effectively implement, transition, and maintain the necessary information technology systems and infrastructure to support its operations; (v) any adjustments associated with closing the end of period books and records of the Company; and (vi) other factors, as described in the Company's filings with the Securities and Exchange Commission, including the detailed factors discussed under the heading "Risk Factors" in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2021, and in the Company's Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2022. Caution should be taken not to place undue reliance on the Company's forward-looking statements, which represent the Company's views only as of the date this report is filed. The Company undertakes no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | |
|:---|:---|:---|
| | SOUTHWEST AIRLINES CO. | SOUTHWEST AIRLINES CO. |
| January 6, 2023 | By: | <u>/s/ Tammy Romo</u> |
|  |  | Tammy Romo |
|  |  | *Executive Vice President & Chief Financial Officer* |
|  |  | *(Principal Financial and Accounting Officer)* |

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