Southwest Airlines
K Annual SEC Report Review
What 3 items of important information does the income statement reveal about the financial performance of the company over the last three years?
There are many different items that the income statement reveals about Southwest Airlines. In 2015, the company really had a good year financially. The company's total revenues grew considerably, while at the same time the total operating expenses also dropped significantly which lead to the total operating income that was nearly double that of the previous reporting year. However, many of these points were already made in the report introduction. Passenger ticket sales were up, fueling revenue growth, while at the same time, costs, primarily from decreases in fuel costs, which resulted in the company having one of its best years in the company's history.
There are some more subtle insights that can also be gained from the income statements that were not yet mentioned. For example, the aircraft rental account shows a steady decrease over the three-year period included in the reporting. It is likely that Southwest uses third-party vendors in which they rent planes from when their own internal fleet is at its capacity. It is also likely that these rentals would be associated with the freight operations, as opposed to the passenger revenues. Therefore, given that the freight business had increases in revenues, while also used less "aircraft rentals", then it is reasonable to suspect that Southwest has increased its own internal fleet of planes from the previous year. In fact, if you look at the "acquisition and integration" account it appears that the company made a large investment in acquisition in 2014 (126 million), which could explain the decreases in aircraft rental expenses that appear on the income statement.
Question 2: What 3 items of important information does the balance sheet reveal about the financial position of the company over the last two years?
Most of the asset accounts that Southwest maintains show increases over the...
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