Southwest Airlines reported a $220M loss, or 37 cents a share, for its Q4 earnings following the collapse of its systems over the holidays.  The airline posted a profit of $514M in Q4 2021. Southwest generated record revenue of $6.2B in Q4, up 22% from last year and ~8% from 2019. Full-year 2022 revenue was $23.8B, another record, up 6.2% from 2019. Full-year net income came in at $539M or 87 cents per share. The airline canceled more than 17,000 flights from late December into early January and took an $800M hit from the mass cancellations. Southwest canceled about 16,700 from Dec. 21 through Dec. 31. The U.S. Department of Transportation is investigating Southwest over the system's failure. Southwest said it has seen an increase in flight cancellations and slowed bookings for January and February travel, for which it faults the disruptions in December. The airline noted that bookings trends for March look positive. The airline expects Q1 2023 revenue to increase by 20% to 24% compared to Q1 2022, with a 10% increase in capacity. Southwest shares were down nearly 4% during afternoon trading on Thursday.