Southwest Airlines has reported a first quarter 2021 net loss of $1bn, or $1.72 loss per diluted share. First quarter net income declined to $116 million, driven by a $1.2 billion offset of salaries, wages, and benefits expenses from the extended Payroll Support Program (PSP Extension). Southwest ended the first quarter with liquidity2 of $15.3 billion, well in excess of debt outstanding of $10.8 billion Gary C. Kelly, Chairman of the Board and Chief Executive Officer, said that the company was grateful for “much-needed federal payroll support on the heels of substantial losses in 2020, and ongoing non-GAAP losses in first quarter 2021”. Kelly added