In August through October 2020, Southwest reported modest improvements in close-in leisure passenger demand, but, due to a deceleration in improving revenue trends for November and December 2020 in recent weeks, the airline says that it remain cautious for the reminder of the year. Southwest continues to expect its fourth quarter 2020 capacity to decrease approximately 40%, year-over-year. The Company recently adjusted its January 2021 published flight schedule, and currently estimates its January 2021 capacity to decrease in the range of 35 to 40%, year-over-year. Southwest adds that it continues to pursue additional revenue opportunities that utilize idle aircraft and

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