Southwest Airlines completes sale-leaseback of 35 Boeing 737-800s, receives $871M, expects $92M gain in Q4 2024

SOUTHWEST AIRLINES CO

Gross proceeds of $871M from sale-leaseback of 35 aircraft to BBAM in late December 2024.
Expected realized gains of $92M in Q4 2024, reducing CASM on both GAAP and non-GAAP bases.
Sale-leaseback of the 36th aircraft expected to close in January 2025.
Lease terms range from 26 to 37 months; annual aircraft ownership cost increases ~$2.6M per aircraft.
Proceeds to be used for capital allocation including fleet modernization and shareholder returns.

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