SOUTHWEST AIRLINES CO amended revolving credit of Commitments unchanged; no amounts outstanding with syndicate of lenders at Based on Adjusted Term SOFR Rate (floor 1%) or alternate base rate, with margins maturing August 4, 2028.
“On August 4, 2023, Southwest Airlines Co. (the “Company”) amended its revolving credit facility agreement with a syndicate of lenders expiring in August 2025 (the “A&R Credit Agreement”) to (i) extend the maturity to August 4, 2028, (ii) release all aircraft and other assets constituting collateral securing the loans made under the A&R Credit Agreement, (iii) delete all provisions and terminate all agreements, in each case, relating to the grant of such collateral, (iv) eliminate the role of “Collateral Agent” under the A&R Credit Agreement after giving effect to the amendment, terminations, and releases, (v) eliminate the minimum liquidity covenant, (vi) add a Coverage Ratio financial covenant, (vii) amend the Collateral Coverage Test covenant requiring that a pool of lien-free specified aircraft and related assets have a minimum aggregate appraised value, and add certain covenants with respect to such pool of assets, (viii) amend the pricing and fees, (ix) increase certain materialit”
Earnings Releases
SOUTHWEST AIRLINES CO reported second quarter 2023 results: revenue $7.0 billion, net income $683 million, EPS $1.08 per diluted share.
“• Net income of $683 million, or $1.08 per diluted share • Net income, excluding special items 1 , of $693 million, or $1.09 per diluted share • Record quarterly operating revenues of $7.0 billion”
Roy Blunt was appointed as Director at SOUTHWEST AIRLINES CO.
“On July 16, 2023, the Board of Directors (the "Board") of Southwest Airlines Co. (the "Company") appointed Roy Blunt as a member of the Board, effective July 16, 2023.”
Shareholder Votes
SOUTHWEST AIRLINES CO shareholders rejected Shareholder proposal to require ratification of termination pay at the 2023-05-17 meeting.
“6. Proposal 6 – An advisory (non-binding) vote on a shareholder proposal to require shareholder ratification of termination pay:”
Shareholder Votes
SOUTHWEST AIRLINES CO shareholders approved Shareholder proposal to permit shareholder removal of directors without cause at the 2023-05-17 meeting.
“5. Proposal 5 – An advisory (non-binding) vote on a shareholder proposal to permit shareholder removal of directors without cause:”
Shareholder Votes
SOUTHWEST AIRLINES CO shareholders approved Ratification of Ernst & Young LLP as independent auditors at the 2023-05-17 meeting.
“4. Proposal 4 – A proposal to ratify the selection of Ernst & Young LLP as the Company’s independent auditors for the fiscal year ending December 31, 2023:”
Shareholder Votes
SOUTHWEST AIRLINES CO shareholders approved Advisory vote on the frequency of executive compensation advisory votes at the 2023-05-17 meeting.
“3. Proposal 3 – An advisory (non-binding) vote on the frequency of executive compensation advisory votes:”
Shareholder Votes
SOUTHWEST AIRLINES CO shareholders approved Advisory vote to approve the compensation of the Company's named executive officers at the 2023-05-17 meeting.
“2. Proposal 2 – An advisory (non-binding) vote to approve the compensation of the Company’s named executive officers:”
Shareholder Votes
SOUTHWEST AIRLINES CO shareholders approved Election of fourteen directors at the 2023-05-17 meeting.
“1. Proposal 1 – Election of fourteen Directors for terms expiring at the 2024 Annual Meeting of Shareholders:”
Earnings Releases
SOUTHWEST AIRLINES CO reported first quarter 2023 results: revenue $5.7 billion, net income Net loss of $159 million, or $0.27 loss per diluted share, EPS $0.27 loss per diluted share.
“million, or $0.27 loss per diluted share • Net loss, excluding special items 1 , of $163 million, or $0.27 loss per diluted share • Record first quarter operating revenues of $5.7 billion • Liquidity 2 of $12.7 billion, well in excess of debt outstanding of $8.0 billion Bob Jordan, President and Chief Executive Officer, stated, "As expected, we incurred a first”
Jill Soltau was appointed as member of the Board at SOUTHWEST AIRLINES CO.
“On February 1, 2023, the Board of Directors (the "Board") of Southwest Airlines Co. (the "Company") appointed Jill Soltau as a member of the Board, effective February 15, 2023.”
Earnings Releases
SOUTHWEST AIRLINES CO reported full year 2022 results: revenue $23.8 billion, net income $539 million, EPS $0.87 per diluted share.
“Full year net income of $539 million, or $0.87 per diluted share • Full year net income, excluding special items, of $723 million , or $1.16 per diluted share • Record fourth quarter and full year operating revenues of $6.2 billion and $23.8 billion, respectively”
Earnings Releases
SOUTHWEST AIRLINES CO reported fourth quarter 2022 results: revenue $6.2 billion, net income $220 million, EPS ($0.37) loss per diluted share.
“Fourth quarter net loss of $220 million, or $0.37 loss per diluted share • Fourth quarter net loss, excluding special items 1 , of $226 million , or $0.38 loss per diluted share • Full year net income of $539 million, or $0.87 per diluted share • Full year net income, excluding special items, of $723 million , or $1.16 per diluted share • Record fourth quarter and full year operating revenues of $6.2 billion and $23.8 billion, respectively”
Robert E. Jordan was elected as President at SOUTHWEST AIRLINES CO.
“and Robert E. Jordan to succeed to the position of President, effective January 1, 2023.”
Andrew M. Watterson was elected as Chief Operating Officer at SOUTHWEST AIRLINES CO.
“the Board of Directors of the Company (the “Board”) unanimously elected Andrew M. Watterson to succeed to the position of Chief Operating Officer, effective October 1, 2022”
Michael G. Van de Ven resigned as President at SOUTHWEST AIRLINES CO.
“On September 25, 2022, Michael G. Van de Ven, President & Chief Operating Officer of Southwest Airlines Co. (the “Company”), submitted his resignation from his position of Chief Operating Officer, effective at the end of September 2022, and from his position of President, effective at the end of 2022.”
Michael G. Van de Ven resigned as Chief Operating Officer at SOUTHWEST AIRLINES CO.
“On September 25, 2022, Michael G. Van de Ven, President & Chief Operating Officer of Southwest Airlines Co. (the “Company”), submitted his resignation from his position of Chief Operating Officer, effective at the end of September 2022, and from his position of President, effective at the end of 2022.”
David Hess was appointed as member of the Board at SOUTHWEST AIRLINES CO.
“On November 18, 2021, the Board of Directors (the "Board") of Southwest Airlines Co. (the "Company") appointed David Hess as a member of the Board, effective November 18, 2021.”
Michael G. Van de Ven was elected as President at SOUTHWEST AIRLINES CO.
“In connection with Mr. Nealon’s resignation, the Board of Directors of the Company unanimously elected Michael G. Van de Ven to succeed to the position of President, effective September 13, 2021.”
Thomas M. Nealon resigned as President at SOUTHWEST AIRLINES CO.
“On September 13, 2021, Thomas M. Nealon, President of Southwest Airlines Co. (the “Company”), submitted his resignation from the Company, effective September 13, 2021.”
Facts are extracted by an LLM and gated to those whose source quote is present verbatim in the filing text. Coverage is best-effort while backfill and monitoring mature; this is not yet a full-market index. See methodology.