Jason Moser

Dan, I want to do a flyover on Southwest Airlines, ticker LUV.

It's a tough time for airlines, as we've discussed, jet fuel prices spiking, concerns about the consumer.

But Southwest in particular is interesting right now because they are changing the way they do business.

They're adopting policies like charging for bags, assigned seating, a lot of questions about what consumers think about that.

Well, they had earnings.

The good news is those changes are generating more revenue.

60% of ticket buyers upgraded from the base fare in the first quarter, up from 20% a year ago.

Cash flow, profitability both improved.

Dan, right now, there's a lot of talk about M&A all over the industry.

United, JetBlue, American, Alaska, all seem to be caught up in rumors.

I think that works well for Southwest right now because they're in a period of chaos overhauling their business.

Let's see chaos everywhere.

Stock has lost a third of its value over the past five years, underperforming the industry.

I think there's smoother air on the hip.

That's a good question.

It's kind of like, hey, what does Salesforce do, right?

The

The proper answer, it does a little bit of a lot of stuff, but primarily, it's seen as a content delivery platform, focuses on application development, and most importantly, I think, in today's day and age, cybersecurity.

There is a big cybersecurity dynamic to Cloudflare, and it's one we even talk a lot about with

in our Quantum Leap service, thinking about beyond classical computing and into that post-quantum cryptography stage of life that we will ultimately hit Travis.