American Airlines Group Inc. (NASDAQ: AAL) today reported its
fourth-quarter and full-year 2019 financial results, including
these highlights:
- Fourth-quarter 2019 earnings were $0.95 per diluted
share. Excluding net special items1, earnings were $1.15 per
diluted share, up 19% year over year.
- Full-year 2019 earnings were $3.79 per diluted share.
Excluding net special items2, earnings were $4.90 per diluted
share, up 8% year over year.
- Accrued $213 million for the company’s profit-sharing
program in 2019, including $74 million in the fourth
quarter.
- Returned $1.3 billion to shareholders in the form of
dividends and share repurchases in 2019.
“During the fourth quarter, we made important progress to
address the issues that impacted our business in 2019, and, thanks
to our incredible team, we ended the year with our strongest
operational quarter on record,” said American Airlines Chairman and
CEO Doug Parker.
“While our results for the quarter reflect this progress, we
know there is more work to be done. Looking to 2020, we are focused
on three key areas. First, we will continue to deliver operational
excellence and build on our strong fourth-quarter results. Our team
has done a tremendous job, and we will keep driving improvement in
key operational metrics in the year ahead. Second, we will deliver
those results while growing where we have a competitive advantage
in our most profitable hubs. And third, these initiatives combined
with our capital plan will enable us to drive significant free cash
flow in 2020 and beyond.”
Fourth-Quarter Revenue and Expenses
Pre-tax earnings were $571 million in the fourth quarter of
2019. Pre-tax earnings excluding net special items for the fourth
quarter of 2019 were $679 million, a $90 million increase from the
fourth quarter of 2018, or 15.1% year-over-year increase from the
same period last year.
|
GAAP |
|
Non-GAAP1 |
|
GAAP |
|
Non-GAAP2 |
|
|
4Q19 |
|
4Q18 |
|
|
4Q19 |
|
4Q18 |
|
|
FY19 |
|
FY18 |
|
|
FY19 |
|
FY18 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income ($ mil) |
|
729 |
|
|
571 |
|
|
|
876 |
|
|
749 |
|
|
|
3,065 |
|
|
2,656 |
|
|
|
3,706 |
|
|
3,449 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax
income ($ mil) |
|
571 |
|
|
394 |
|
|
|
679 |
|
|
589 |
|
|
|
2,256 |
|
|
1,884 |
|
|
|
2,900 |
|
|
2,790 |
|
|
Pre-tax
margin |
|
5.0% |
|
|
3.6% |
|
|
|
6.0% |
|
|
5.4% |
|
|
|
4.9% |
|
|
4.2% |
|
|
|
6.3% |
|
|
6.3% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
($ mil) |
|
414 |
|
|
325 |
|
|
|
502 |
|
|
448 |
|
|
|
1,686 |
|
|
1,412 |
|
|
|
2,179 |
|
|
2,117 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per
diluted share |
$ |
0.95 |
|
$ |
0.70 |
|
|
$ |
1.15 |
|
$ |
0.97 |
|
|
$ |
3.79 |
|
$ |
3.03 |
|
|
$ |
4.90 |
|
$ |
4.55 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Continued strength in passenger demand and a record passenger
load factor drove a 3.4% year-over-year increase in fourth-quarter
2019 total revenue to a record $11.3 billion. Driven by a 2.4%
increase in passenger load factor, passenger revenue per available
seat mile (PRASM) grew 0.9% to 14.72 cents, a record for the fourth
quarter. Cargo revenue was down 18.3% to $216 million due primarily
to a 15.6% decline in cargo volume. Other revenue was up 5.4% to
$750 million due primarily to higher loyalty revenue.
Fourth-quarter total revenue per available seat mile (TRASM)
increased by 0.5% compared to the fourth quarter of 2018 on a 2.9%
increase in total available seat miles.
Total fourth-quarter 2019 operating expenses were $10.6 billion,
up 2.1% year over year, driven primarily by higher salaries and
benefits, maintenance, and regional expenses. Total fourth-quarter
2019 cost per available seat mile (CASM) was 15.06 cents, down 0.8%
from fourth-quarter 2018. Excluding fuel and net special items,
consolidated fourth-quarter CASM was 11.59 cents, up 2% year over
year.1
2020
Priorities
In 2020, American is focused on operational excellence,
efficient and profitable growth, and generating significant free
cash flow.
- Operational excellence: Running a reliable
operation is a significant driver of customers’ likelihood to
recommend and American’s goal is to become customers’ airline of
choice.
- Efficient and profitable growth: Grow in
high-revenue markets that produce at or above average unit
revenues, largely due to new gates in Dallas-Fort Worth and
Charlotte, North Carolina.
- Generating significant free cash flow3: Use
free cash flow to naturally de-lever the company’s balance sheet
and return capital to American’s shareholders.
Operational Excellence
Over the past several months, American’s operational performance
has shown significant improvement, including the company’s
best-ever performance for both the holiday peak travel period and
the entire fourth quarter of 2019. American achieved record results
for combined mainline and regional on-time departures, on-time
arrivals and completion factor.
“We are very pleased with the trajectory of our operation and
are well on our way to delivering operational excellence,” said
American Airlines President Robert Isom. “As we look ahead to 2020,
we will continue to strengthen our operation and expect to see
continued improvements in our reliability metrics.”
Efficient and Profitable Growth
American is committed to growing its network efficiently and
profitably. In 2019, the company added 15 new gates at Dallas Fort
Worth International Airport. This growth resulted in a 21% increase
in city pairs served and strong unit revenue. The company also
added four new gates at Charlotte Douglas International Airport,
with plans for three additional gates beginning in 2020. In
addition, the company expects to upgauge 14 gates at Ronald Reagan
Washington National Airport with dual-class regional jets when the
new regional concourse opens in 2021.
Significant Free Cash Flow, Share Repurchases and
Dividends
With American’s historic fleet renewal program winding down, the
company’s level of capital investment is expected to decline. The
company is committed to generating significant free cash flow for
its shareholders in 2020 and beyond and presently expects to
generate approximately $6 billion in free cash flow3 over the next
two years.
In the fourth quarter of 2019, American returned $285 million to
shareholders through the repurchase of 9.9 million shares of common
stock and also paid $44 million in dividends. As of Dec. 31, 2019,
the company had $565 million remaining of its existing $2 billion
share repurchase authorization.4 In aggregate, American has
returned more than $13.5 billion to shareholders over the past five
years through share repurchases and dividends, including $1.3
billion in 2019.
American declared a dividend of $0.10 per share to be paid Feb.
19, 2020, to stockholders of record as of Feb. 5, 2020.
Fleet Update
On March 13, 2019, a directive from the Federal Aviation
Administration grounded all U.S.-registered Boeing 737 MAX
aircraft. American’s fleet currently includes 24 MAX aircraft with
an additional 76 aircraft on order. As a result of this directive,
American canceled approximately 10,000 flights in the fourth
quarter of 2019.
The company has removed all MAX flying from its flight schedule
through June 3, 2020, and will continue to asses this timeline.
Guidance and Investor Update
American expects its first-quarter 2020 pre-tax margin excluding
net special items to be approximately flat year over year.5 Based
on today’s guidance, the company expects its 2020 diluted earnings
per share excluding net special items to be between $4.00 and
$6.00.5
For additional financial forecasting detail, please refer to the
company’s investor update, furnished with this release with the SEC
on Form 8-K. This filing will be available at
aa.com/investorrelations.
Conference Call / Webcast Details
The company will conduct a live audio webcast of its
earnings call today at 7:30 a.m. CT, which will be available
to the public on a listen-only basis at aa.com/investorrelations.
An archive of the webcast will be available on the website
through Feb. 23.
Notes
See the accompanying notes in the Financial Tables section of
this press release for further explanation, including a
reconciliation of all GAAP to non-GAAP financial information.
- In the fourth quarter of 2019, the company recognized $108
million in net special items before the effect of income taxes. The
2019 fourth quarter mainline operating special items, net
principally included $85 million of merger integration expenses and
$39 million of fleet restructuring expenses. These were partially
offset by nonoperating net special items of $39 million primarily
related to mark-to-market net unrealized gains associated with
certain equity and other investments.
- For the full year 2019, the company recognized $644 million in
net special items before the effect of income taxes. Total
operating special items totaled a net charge of $641 million, which
principally included $271 million of fleet restructuring expenses,
a $213 million non-cash impairment charge principally related to
the planned retirement of the company's Embraer E190 fleet, and
$191 million of merger integration expenses, offset in part by a
$53 million credit to reduce certain litigation reserves. The
company also recognized $3 million of nonoperating net special
items.
- Free cash flow is defined as operating cash flow minus total
capital expenditures plus proceeds from sale-leaseback
transactions.
- Share repurchases under the company’s repurchase programs may
be made through a variety of methods, which may include open market
purchases, privately negotiated transactions, block trades or
accelerated share repurchase transactions. Any such repurchases
that may be made from time to time will be subject to market and
economic conditions, applicable legal requirements and other
relevant factors. The company is not obligated to repurchase any
specific number of shares and its repurchase of AAG common stock
may be limited, suspended or discontinued at any time at its
discretion and without prior notice.
- American is unable to reconcile certain forward-looking
projections to GAAP, as the nature or amount of special items
cannot be determined at this time.
About American Airlines Group
American Airlines offers customers 6,800 daily flights to more
than 365 destinations in 61 countries from its hubs in Charlotte,
Chicago, Dallas-Fort Worth, Los Angeles, Miami, New York,
Philadelphia, Phoenix and Washington, D.C. With a shared purpose of
caring for people on life's journey, American's 130,000 global team
members serve more than 200 million customers annually. Since 2013,
American has invested more than $30 billion in its product and
people and now flies the youngest fleet among U.S. network
carriers, equipped with industry-leading high-speed Wi-Fi, lie-flat
seats, and more inflight entertainment and access to power.
American also has enhanced food and beverage options in the air and
on the ground in its world-class Admirals Club and Flagship
lounges. American was recently named a Five Star Global Airline by
the Airline Passenger Experience Association and Airline of the
Year by Air Transport World. American is a founding member of
oneworld®, whose members serve 1,100 destinations
in 180 countries and territories. Shares of American Airlines Group
Inc. trade on Nasdaq under the ticker symbol AAL and the company's
stock is included in the S&P 500. Learn more about what's
happening at American by visiting news.aa.com and connect with
American on Twitter @AmericanAir and at
Facebook.com/AmericanAirlines.
Cautionary Statement Regarding Forward-Looking
Statements and Information
Certain of the statements contained in this
report should be considered forward-looking statements within the
meaning of the Securities Act of 1933, as amended (the Securities
Act), the Securities Exchange Act of 1934, as amended (the Exchange
Act), and the Private Securities Litigation Reform Act of 1995.
These forward-looking statements may be identified by words such as
“may,” “will,” “expect,” “intend,” “anticipate,” “believe,”
“estimate,” “plan,” “project,” “could,” “should,” “would,”
“continue,” “seek,” “target,” “guidance,” “outlook,” “if current
trends continue,” “optimistic,” “forecast” and other similar words.
Such statements include, but are not limited to, statements about
our plans, objectives, expectations, intentions, estimates and
strategies for the future, and other statements that are not
historical facts. These forward-looking statements are based on our
current objectives, beliefs and expectations, and they are subject
to significant risks and uncertainties that may cause actual
results and financial position and timing of certain events to
differ materially from the information in the forward-looking
statements. These risks and uncertainties include, but are not
limited to, those set forth in our Quarterly Report on Form 10-Q
for the quarter ended September 30, 2019 (especially in Part I,
Item 2. Management’s Discussion and Analysis of Financial Condition
and Results of Operations, and Part II, Item 1A. Risk Factors), and
other risks and uncertainties listed from time to time in our other
filings with the Securities and Exchange Commission. There may be
other factors of which we are not currently aware that may affect
matters discussed in the forward-looking statements and may also
cause actual results to differ materially from those
discussed. We do not assume any obligation to publicly update
or supplement any forward-looking statement to reflect actual
results, changes in assumptions or changes in other factors
affecting these forward-looking statements other than as required
by law. Any forward-looking statements speak only as of the
date hereof or as of the dates indicated in the statement.
|
American
Airlines Group Inc. |
Condensed
Consolidated Statements of Operations |
(In
millions, except share and per share amounts) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 Months Ended
December 31, |
|
Percent |
|
12 Months Ended
December 31, |
|
Percent |
|
|
|
2019 |
|
|
|
2018 |
|
|
Change |
|
|
2019 |
|
|
|
2018 |
|
|
Change |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
Passenger |
|
$ |
10,347 |
|
|
$ |
9,962 |
|
|
3.9 |
|
|
$ |
42,010 |
|
|
$ |
40,676 |
|
|
3.3 |
|
Cargo |
|
|
216 |
|
|
|
264 |
|
|
(18.3 |
) |
|
|
863 |
|
|
|
1,013 |
|
|
(14.8 |
) |
Other |
|
|
750 |
|
|
|
712 |
|
|
5.4 |
|
|
|
2,895 |
|
|
|
2,852 |
|
|
1.5 |
|
Total operating revenues |
|
|
11,313 |
|
|
|
10,938 |
|
|
3.4 |
|
|
|
45,768 |
|
|
|
44,541 |
|
|
2.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Aircraft fuel and related taxes |
|
|
1,816 |
|
|
|
1,953 |
|
|
(7.0 |
) |
|
|
7,526 |
|
|
|
8,053 |
|
|
(6.5 |
) |
Salaries, wages and benefits |
|
|
3,100 |
|
|
|
3,007 |
|
|
3.0 |
|
|
|
12,609 |
|
|
|
12,251 |
|
|
2.9 |
|
Regional expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Fuel |
|
|
475 |
|
|
|
474 |
|
|
0.2 |
|
|
|
1,869 |
|
|
|
1,843 |
|
|
1.4 |
|
Depreciation and amortization |
|
|
90 |
|
|
|
77 |
|
|
15.9 |
|
|
|
336 |
|
|
|
318 |
|
|
5.5 |
|
Other |
|
|
1,355 |
|
|
|
1,259 |
|
|
7.7 |
|
|
|
5,296 |
|
|
|
4,972 |
|
|
6.5 |
|
Maintenance, materials and repairs |
|
|
635 |
|
|
|
550 |
|
|
15.3 |
|
|
|
2,380 |
|
|
|
2,050 |
|
|
16.1 |
|
Other rent and landing fees |
|
|
487 |
|
|
|
437 |
|
|
11.6 |
|
|
|
2,055 |
|
|
|
1,900 |
|
|
8.2 |
|
Aircraft rent |
|
|
330 |
|
|
|
326 |
|
|
1.4 |
|
|
|
1,326 |
|
|
|
1,264 |
|
|
4.9 |
|
Selling expenses |
|
|
407 |
|
|
|
383 |
|
|
6.2 |
|
|
|
1,602 |
|
|
|
1,520 |
|
|
5.4 |
|
Depreciation and amortization |
|
|
513 |
|
|
|
474 |
|
|
8.4 |
|
|
|
1,982 |
|
|
|
1,839 |
|
|
7.7 |
|
Special items, net |
|
|
147 |
|
|
|
173 |
|
|
(14.5 |
) |
|
|
635 |
|
|
|
787 |
|
|
(19.4 |
) |
Other |
|
|
1,229 |
|
|
|
1,254 |
|
|
(2.0 |
) |
|
|
5,087 |
|
|
|
5,088 |
|
|
- |
|
Total operating expenses |
|
|
10,584 |
|
|
|
10,367 |
|
|
2.1 |
|
|
|
42,703 |
|
|
|
41,885 |
|
|
2.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income |
|
|
729 |
|
|
|
571 |
|
|
27.6 |
|
|
|
3,065 |
|
|
|
2,656 |
|
|
15.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonoperating
income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
24 |
|
|
|
34 |
|
|
(29.4 |
) |
|
|
127 |
|
|
|
118 |
|
|
7.1 |
|
Interest expense, net |
|
|
(265 |
) |
|
|
(270 |
) |
|
(1.0 |
) |
|
|
(1,095 |
) |
|
|
(1,056 |
) |
|
3.7 |
|
Other income, net |
|
|
83 |
|
|
|
59 |
|
|
43.5 |
|
|
|
159 |
|
|
|
166 |
|
|
(3.8 |
) |
Total nonoperating expense, net |
|
|
(158 |
) |
|
|
(177 |
) |
|
(10.2 |
) |
|
|
(809 |
) |
|
|
(772 |
) |
|
4.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
before income taxes |
|
|
571 |
|
|
|
394 |
|
|
44.4 |
|
|
|
2,256 |
|
|
|
1,884 |
|
|
19.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
provision |
|
|
157 |
|
|
|
69 |
|
|
nm |
|
|
570 |
|
|
|
472 |
|
|
20.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
414 |
|
|
$ |
325 |
|
|
27.5 |
|
|
$ |
1,686 |
|
|
$ |
1,412 |
|
|
19.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per
common share: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.95 |
|
|
$ |
0.71 |
|
|
|
|
$ |
3.80 |
|
|
$ |
3.04 |
|
|
|
Diluted |
|
$ |
0.95 |
|
|
$ |
0.70 |
|
|
|
|
$ |
3.79 |
|
|
$ |
3.03 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average shares outstanding (in thousands): |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
434,578 |
|
|
|
460,589 |
|
|
|
|
|
443,363 |
|
|
|
464,236 |
|
|
|
Diluted |
|
|
435,659 |
|
|
|
461,915 |
|
|
|
|
|
444,269 |
|
|
|
465,660 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Percent change may not recalculate due to
rounding. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
American
Airlines Group Inc. |
Consolidated
Operating Statistics |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 Months Ended
December 31, |
|
|
|
|
12 Months Ended
December 31, |
|
|
|
|
|
2019 |
|
2018 |
|
Change |
|
|
2019 |
|
2018 |
|
Change |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mainline |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
passenger miles (millions) |
|
51,675 |
|
49,143 |
|
5.2 |
|
% |
|
212,859 |
|
205,451 |
|
3.6 |
|
% |
Available
seat miles (ASM) (millions) |
|
60,985 |
|
59,852 |
|
1.9 |
|
% |
|
248,833 |
|
248,562 |
|
0.1 |
|
% |
Passenger
load factor (percent) |
|
84.7 |
|
82.1 |
|
2.6 |
|
pts |
|
85.5 |
|
82.7 |
|
2.8 |
|
pts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Passenger
enplanements (thousands) |
|
38,757 |
|
36,581 |
|
5.9 |
|
% |
|
155,821 |
|
148,228 |
|
5.1 |
|
% |
Departures
(thousands) |
|
279 |
|
273 |
|
2.3 |
|
% |
|
1,115 |
|
1,098 |
|
1.6 |
|
% |
Aircraft at
end of period |
|
942 |
|
956 |
|
(1.5 |
) |
% |
|
942 |
|
956 |
|
(1.5 |
) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Block hours
(thousands) |
|
847 |
|
846 |
|
0.1 |
|
% |
|
3,456 |
|
3,493 |
|
(1.1 |
) |
% |
Average
stage length (miles) |
|
1,177 |
|
1,198 |
|
(1.8 |
) |
% |
|
1,202 |
|
1,236 |
|
(2.7 |
) |
% |
Fuel
consumption (gallons in millions) |
|
895 |
|
877 |
|
2.0 |
|
% |
|
3,667 |
|
3,644 |
|
0.6 |
|
% |
Average
aircraft fuel price including related taxes (dollars per
gallon) |
|
2.03 |
|
2.23 |
|
(8.9 |
) |
% |
|
2.05 |
|
2.21 |
|
(7.1 |
) |
% |
Full-time
equivalent employees at end of period |
|
104,200 |
|
102,900 |
|
1.3 |
|
% |
|
104,200 |
|
102,900 |
|
1.3 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Regional (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
passenger miles (millions) |
|
7,242 |
|
6,427 |
|
12.7 |
|
% |
|
28,393 |
|
25,709 |
|
10.4 |
|
% |
Available
seat miles (millions) |
|
9,287 |
|
8,446 |
|
10.0 |
|
% |
|
36,255 |
|
33,492 |
|
8.3 |
|
% |
Passenger
load factor (percent) |
|
78.0 |
|
76.1 |
|
1.9 |
|
pts |
|
78.3 |
|
76.8 |
|
1.5 |
|
pts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Passenger
enplanements (thousands) |
|
15,096 |
|
13,902 |
|
8.6 |
|
% |
|
59,361 |
|
55,517 |
|
6.9 |
|
% |
Aircraft at
end of period |
|
605 |
|
595 |
|
1.7 |
|
% |
|
605 |
|
595 |
|
1.7 |
|
% |
Fuel
consumption (gallons in millions) |
|
222 |
|
203 |
|
9.3 |
|
% |
|
870 |
|
803 |
|
8.3 |
|
% |
Average
aircraft fuel price including related taxes (dollars per
gallon) |
|
2.14 |
|
2.34 |
|
(8.4 |
) |
% |
|
2.15 |
|
2.30 |
|
(6.4 |
) |
% |
Full-time
equivalent employees at end of period (2) |
|
29,500 |
|
26,000 |
|
13.5 |
|
% |
|
29,500 |
|
26,000 |
|
13.5 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Mainline & Regional |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
passenger miles (millions) |
|
58,917 |
|
55,570 |
|
6.0 |
|
% |
|
241,252 |
|
231,160 |
|
4.4 |
|
% |
Available
seat miles (millions) |
|
70,272 |
|
68,298 |
|
2.9 |
|
% |
|
285,088 |
|
282,054 |
|
1.1 |
|
% |
Passenger
load factor (percent) |
|
83.8 |
|
81.4 |
|
2.4 |
|
pts |
|
84.6 |
|
82.0 |
|
2.6 |
|
pts |
Yield
(cents) |
|
17.56 |
|
17.93 |
|
(2.0 |
) |
% |
|
17.41 |
|
17.60 |
|
(1.0 |
) |
% |
Passenger
revenue per ASM (cents) |
|
14.72 |
|
14.59 |
|
0.9 |
|
% |
|
14.74 |
|
14.42 |
|
2.2 |
|
% |
Total
revenue per ASM (cents) |
|
16.10 |
|
16.02 |
|
0.5 |
|
% |
|
16.05 |
|
15.79 |
|
1.7 |
|
% |
Cargo ton
miles (millions) |
|
599 |
|
710 |
|
(15.6 |
) |
% |
|
2,489 |
|
2,908 |
|
(14.4 |
) |
% |
Cargo yield
per ton mile (cents) |
|
36.03 |
|
37.25 |
|
(3.3 |
) |
% |
|
34.67 |
|
34.81 |
|
(0.4 |
) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Passenger
enplanements (thousands) |
|
53,853 |
|
50,483 |
|
6.7 |
|
% |
|
215,182 |
|
203,745 |
|
5.6 |
|
% |
Aircraft at
end of period (3) |
|
1,547 |
|
1,551 |
|
(0.3 |
) |
% |
|
1,547 |
|
1,551 |
|
(0.3 |
) |
% |
Fuel
consumption (gallons in millions) |
|
1,117 |
|
1,080 |
|
3.4 |
|
% |
|
4,537 |
|
4,447 |
|
2.0 |
|
% |
Average
aircraft fuel price including related taxes (dollars per
gallon) |
|
2.05 |
|
2.25 |
|
(8.7 |
) |
% |
|
2.07 |
|
2.23 |
|
(6.9 |
) |
% |
Full-time
equivalent employees at end of period |
|
133,700 |
|
128,900 |
|
3.7 |
|
% |
|
133,700 |
|
128,900 |
|
3.7 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
cost per ASM (cents) |
|
15.06 |
|
15.18 |
|
(0.8 |
) |
% |
|
14.98 |
|
14.85 |
|
0.9 |
|
% |
Operating
cost per ASM excluding net special items (cents) |
|
14.85 |
|
14.92 |
|
(0.5 |
) |
% |
|
14.75 |
|
14.57 |
|
1.3 |
|
% |
Operating
cost per ASM excluding net special items and fuel (cents) |
|
11.59 |
|
11.37 |
|
2.0 |
|
% |
|
11.46 |
|
11.06 |
|
3.6 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Regional includes wholly-owned regional airline subsidiaries
and operating results from capacity purchase carriers. |
|
|
|
|
|
|
|
(2) Regional full-time
equivalent employees only include our wholly-owned regional airline
subsidiaries. |
(3) Includes aircraft
owned and leased by American as well as aircraft operated by
third-party regional carriers under capacity purchase agreements.
Excludes 12 Embraer 140 regional aircraft that are in temporary
storage. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Amounts may not recalculate due to
rounding. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
American
Airlines Group Inc. |
Consolidated
Revenue Statistics by Region |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 Months Ended
December 31, |
|
|
|
|
12 Months Ended
December 31, |
|
|
|
|
|
|
2019 |
|
2018 |
|
Change |
|
|
2019 |
|
2018 |
|
Change |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue passenger miles (millions) |
|
40,436 |
|
38,096 |
|
6.1 |
|
% |
|
161,580 |
|
154,746 |
|
4.4 |
|
% |
Available seat miles (ASM) (millions) |
|
48,068 |
|
45,932 |
|
4.7 |
|
% |
|
189,221 |
|
184,901 |
|
2.3 |
|
% |
Passenger load factor (percent) |
|
84.1 |
|
82.9 |
|
1.2 |
|
pts |
|
85.4 |
|
83.7 |
|
1.7 |
|
pts |
Passenger revenue (dollars in millions) |
|
7,833 |
|
7,502 |
|
4.4 |
|
% |
|
30,881 |
|
29,573 |
|
4.4 |
|
% |
Yield (cents) |
|
19.37 |
|
19.69 |
|
(1.6 |
) |
% |
|
19.11 |
|
19.11 |
|
- |
|
% |
Passenger revenue per ASM (cents) |
|
16.30 |
|
16.33 |
|
(0.2 |
) |
% |
|
16.32 |
|
15.99 |
|
2.0 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Latin America (2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue passenger miles (millions) |
|
7,235 |
|
7,229 |
|
0.1 |
|
% |
|
31,029 |
|
30,628 |
|
1.3 |
|
% |
Available seat miles (millions) |
|
8,476 |
|
9,085 |
|
(6.7 |
) |
% |
|
36,653 |
|
38,493 |
|
(4.8 |
) |
% |
Passenger load factor (percent) |
|
85.4 |
|
79.6 |
|
5.8 |
|
pts |
|
84.7 |
|
79.6 |
|
5.1 |
|
pts |
Passenger revenue (dollars in millions) |
|
1,218 |
|
1,186 |
|
2.6 |
|
% |
|
5,047 |
|
5,125 |
|
(1.5 |
) |
% |
Yield (cents) |
|
16.83 |
|
16.41 |
|
2.6 |
|
% |
|
16.27 |
|
16.73 |
|
(2.8 |
) |
% |
Passenger revenue per ASM (cents) |
|
14.37 |
|
13.06 |
|
10.0 |
|
% |
|
13.77 |
|
13.31 |
|
3.4 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Atlantic |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue passenger miles (millions) |
|
7,639 |
|
6,652 |
|
14.8 |
|
% |
|
34,152 |
|
30,282 |
|
12.8 |
|
% |
Available seat miles (millions) |
|
9,372 |
|
8,624 |
|
8.7 |
|
% |
|
42,010 |
|
39,178 |
|
7.2 |
|
% |
Passenger load factor (percent) |
|
81.5 |
|
77.1 |
|
4.4 |
|
pts |
|
81.3 |
|
77.3 |
|
4.0 |
|
pts |
Passenger revenue (dollars in millions) |
|
947 |
|
905 |
|
4.6 |
|
% |
|
4,624 |
|
4,376 |
|
5.7 |
|
% |
Yield (cents) |
|
12.40 |
|
13.61 |
|
(8.9 |
) |
% |
|
13.54 |
|
14.45 |
|
(6.3 |
) |
% |
Passenger revenue per ASM (cents) |
|
10.11 |
|
10.50 |
|
(3.7 |
) |
% |
|
11.01 |
|
11.17 |
|
(1.5 |
) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pacific |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue passenger miles (millions) |
|
3,607 |
|
3,593 |
|
0.4 |
|
% |
|
14,491 |
|
15,504 |
|
(6.5 |
) |
% |
Available seat miles (millions) |
|
4,356 |
|
4,657 |
|
(6.5 |
) |
% |
|
17,204 |
|
19,482 |
|
(11.7 |
) |
% |
Passenger load factor (percent) |
|
82.8 |
|
77.1 |
|
5.7 |
|
pts |
|
84.2 |
|
79.6 |
|
4.6 |
|
pts |
Passenger revenue (dollars in millions) |
|
349 |
|
369 |
|
(5.3 |
) |
% |
|
1,458 |
|
1,602 |
|
(9.0 |
) |
% |
Yield (cents) |
|
9.68 |
|
10.26 |
|
(5.7 |
) |
% |
|
10.06 |
|
10.33 |
|
(2.6 |
) |
% |
Passenger revenue per ASM (cents) |
|
8.02 |
|
7.92 |
|
1.3 |
|
% |
|
8.47 |
|
8.22 |
|
3.1 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total International |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue passenger miles (millions) |
|
18,481 |
|
17,474 |
|
5.8 |
|
% |
|
79,672 |
|
76,414 |
|
4.3 |
|
% |
Available seat miles (millions) |
|
22,204 |
|
22,366 |
|
(0.7 |
) |
% |
|
95,867 |
|
97,153 |
|
(1.3 |
) |
% |
Passenger load factor (percent) |
|
83.2 |
|
78.1 |
|
5.1 |
|
pts |
|
83.1 |
|
78.7 |
|
4.4 |
|
pts |
Passenger revenue (dollars in millions) |
|
2,514 |
|
2,460 |
|
2.2 |
|
% |
|
11,129 |
|
11,103 |
|
0.2 |
|
% |
Yield (cents) |
|
13.60 |
|
14.08 |
|
(3.4 |
) |
% |
|
13.97 |
|
14.53 |
|
(3.9 |
) |
% |
Passenger revenue per ASM (cents) |
|
11.32 |
|
11.00 |
|
2.9 |
|
% |
|
11.61 |
|
11.43 |
|
1.6 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Domestic results
include Canada, Puerto Rico and U.S. Virgin Islands. |
(2) Latin America
results include the Caribbean. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Amounts may not recalculate due to
rounding. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation
of GAAP Financial Information to Non-GAAP Financial
Information |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
American Airlines
Group Inc. (the company) sometimes uses financial measures that are
derived from the condensed consolidated financial statements but
that are not presented in accordance with GAAP to understand and
evaluate its current operating performance and to allow for
period-to-period comparisons. The company believes these non-GAAP
financial measures may also provide useful information to investors
and others. These non-GAAP measures may not be comparable to
similarly titled non-GAAP measures of other companies, and should
be considered in addition to, and not as a substitute for or
superior to, any measure of performance, cash flow or liquidity
prepared in accordance with GAAP. The company is providing a
reconciliation of reported non-GAAP financial measures to their
comparable financial measures on a GAAP basis. The tables below
present the reconciliations of the following GAAP measures to their
non-GAAP measures: - Pre-Tax Income (GAAP measure) to Pre-Tax
Income Excluding Net Special Items (non-GAAP measure) - Pre-Tax
Margin (GAAP measure) to Pre-Tax Margin Excluding Net Special Items
(non-GAAP measure) - Net Income (GAAP measure) to Net Income
Excluding Net Special Items (non-GAAP measure) - Basic and Diluted
Earnings Per Share (GAAP measure) to Basic and Diluted Earnings Per
Share Excluding Net Special Items (non-GAAP measure) - Operating
Income (GAAP measure) to Operating Income Excluding Net Special
Items (non-GAAP measure) Management uses these non-GAAP financial
measures to evaluate the company's current operating performance
and to allow for period-to-period comparisons. As net special items
may vary from period-to-period in nature and amount, the adjustment
to exclude net special items allows management an additional tool
to understand the company’s core operating performance.
Additionally, the tables below present the reconciliations of total
operating costs (GAAP measure) to total operating costs excluding
net special items and fuel (non-GAAP measure). Management uses
total operating costs excluding net special items and fuel to
evaluate the company's current operating performance and for
period-to-period comparisons. The price of fuel, over which the
company has no control, impacts the comparability of
period-to-period financial performance. The adjustment to exclude
aircraft fuel and net special items allows management an additional
tool to understand and analyze the company’s non-fuel costs and
core operating performance. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 Months Ended
December 31, |
|
Percent Change |
|
12 Months Ended
December 31, |
|
Percent Change |
Reconciliation of Pre-Tax Income Excluding Net Special
Items |
|
|
2019 |
|
|
|
2018 |
|
|
|
|
2019 |
|
|
|
2018 |
|
|
|
|
(in millions, except
per share amounts) |
|
|
|
(in millions, except
per share amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax
income as reported |
|
$ |
571 |
|
|
$ |
394 |
|
|
|
|
$ |
2,256 |
|
|
$ |
1,884 |
|
|
|
Pre-tax net
special items: |
|
|
|
|
|
|
|
|
|
|
|
|
Mainline
operating special items, net (1) |
|
|
147 |
|
|
|
173 |
|
|
|
|
|
635 |
|
|
|
787 |
|
|
|
Regional operating special items, net |
|
|
- |
|
|
|
5 |
|
|
|
|
|
6 |
|
|
|
6 |
|
|
|
Nonoperating
special items, net (2) |
|
|
(39 |
) |
|
|
17 |
|
|
|
|
|
3 |
|
|
|
113 |
|
|
|
Total
pre-tax net special items |
|
|
108 |
|
|
|
195 |
|
|
|
|
|
644 |
|
|
|
906 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax
income excluding net special items |
|
$ |
679 |
|
|
$ |
589 |
|
|
15.1 |
% |
|
$ |
2,900 |
|
|
$ |
2,790 |
|
|
3.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of Pre-Tax Margin |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax
income as reported |
|
$ |
571 |
|
|
$ |
394 |
|
|
|
|
$ |
2,256 |
|
|
$ |
1,884 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
operating revenues as reported |
|
$ |
11,313 |
|
|
$ |
10,938 |
|
|
|
|
$ |
45,768 |
|
|
$ |
44,541 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax
margin |
|
|
5.0 |
% |
|
|
3.6 |
% |
|
|
|
|
4.9 |
% |
|
|
4.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of Pre-Tax Margin Excluding Net Special
Items |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax
income excluding net special items |
|
$ |
679 |
|
|
$ |
589 |
|
|
|
|
$ |
2,900 |
|
|
$ |
2,790 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
operating revenues as reported |
|
$ |
11,313 |
|
|
$ |
10,938 |
|
|
|
|
$ |
45,768 |
|
|
$ |
44,541 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax
margin excluding net special items |
|
|
6.0 |
% |
|
|
5.4 |
% |
|
|
|
|
6.3 |
% |
|
|
6.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Net Income Excluding Net Special
Items |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
as reported |
|
$ |
414 |
|
|
$ |
325 |
|
|
|
|
$ |
1,686 |
|
|
$ |
1,412 |
|
|
|
Net special
items: |
|
|
|
|
|
|
|
|
|
|
|
|
Total
pre-tax net special items (1), (2) |
|
|
108 |
|
|
|
195 |
|
|
|
|
|
644 |
|
|
|
906 |
|
|
|
Income tax
special items, net (3) |
|
|
- |
|
|
|
(22 |
) |
|
|
|
|
- |
|
|
|
18 |
|
|
|
Net
tax effect of net special items |
|
|
(20 |
) |
|
|
(50 |
) |
|
|
|
|
(151 |
) |
|
|
(219 |
) |
|
|
Net income
excluding net special items |
|
$ |
502 |
|
|
$ |
448 |
|
|
12.2 |
% |
|
$ |
2,179 |
|
|
$ |
2,117 |
|
|
2.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Basic and Diluted Earnings Per Share
Excluding Net Special Items |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
excluding net special items |
|
$ |
502 |
|
|
$ |
448 |
|
|
|
|
$ |
2,179 |
|
|
$ |
2,117 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used
for computation (in thousands): |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
434,578 |
|
|
|
460,589 |
|
|
|
|
|
443,363 |
|
|
|
464,236 |
|
|
|
Diluted |
|
|
435,659 |
|
|
|
461,915 |
|
|
|
|
|
444,269 |
|
|
|
465,660 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per
share excluding net special items: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
1.15 |
|
|
$ |
0.97 |
|
|
|
|
$ |
4.91 |
|
|
$ |
4.56 |
|
|
|
Diluted |
|
$ |
1.15 |
|
|
$ |
0.97 |
|
|
|
|
$ |
4.90 |
|
|
$ |
4.55 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 Months Ended
December 31, |
|
|
|
12 Months Ended
December 31, |
|
|
Reconciliation of Operating Income Excluding Net Special
Items |
|
|
2019 |
|
|
|
2018 |
|
|
|
|
|
2019 |
|
|
|
2018 |
|
|
|
|
|
(in millions) |
|
|
|
(in millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income as reported |
|
$ |
729 |
|
|
$ |
571 |
|
|
|
|
$ |
3,065 |
|
|
$ |
2,656 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
net special items: |
|
|
|
|
|
|
|
|
|
|
|
|
Mainline
operating special items, net (1) |
|
|
147 |
|
|
|
173 |
|
|
|
|
|
635 |
|
|
|
787 |
|
|
|
Regional operating special items, net |
|
|
- |
|
|
|
5 |
|
|
|
|
|
6 |
|
|
|
6 |
|
|
|
Operating
income excluding net special items |
|
$ |
876 |
|
|
$ |
749 |
|
|
|
|
$ |
3,706 |
|
|
$ |
3,449 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Total Operating Cost per ASM Excluding
Net Special Items and Fuel |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
operating expenses as reported |
|
$ |
10,584 |
|
|
$ |
10,367 |
|
|
|
|
$ |
42,703 |
|
|
$ |
41,885 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
net special items: |
|
|
|
|
|
|
|
|
|
|
|
|
Mainline
operating special items, net (1) |
|
|
(147 |
) |
|
|
(173 |
) |
|
|
|
|
(635 |
) |
|
|
(787 |
) |
|
|
Regional operating special items, net |
|
|
- |
|
|
|
(5 |
) |
|
|
|
|
(6 |
) |
|
|
(6 |
) |
|
|
Total
operating expenses, excluding net special items |
|
|
10,437 |
|
|
|
10,189 |
|
|
|
|
|
42,062 |
|
|
|
41,092 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fuel: |
|
|
|
|
|
|
|
|
|
|
|
|
Aircraft fuel and related taxes - mainline |
|
|
(1,816 |
) |
|
|
(1,953 |
) |
|
|
|
|
(7,526 |
) |
|
|
(8,053 |
) |
|
|
Aircraft fuel and related taxes - regional |
|
|
(475 |
) |
|
|
(474 |
) |
|
|
|
|
(1,869 |
) |
|
|
(1,843 |
) |
|
|
Total
operating expenses, excluding net special items and fuel |
|
$ |
8,146 |
|
|
$ |
7,762 |
|
|
|
|
$ |
32,667 |
|
|
$ |
31,196 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in cents) |
|
|
|
(in cents) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
operating expenses per ASM as reported |
|
|
15.06 |
|
|
|
15.18 |
|
|
|
|
|
14.98 |
|
|
|
14.85 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
net special items per ASM: |
|
|
|
|
|
|
|
|
|
|
|
|
Mainline
operating special items, net (1) |
|
|
(0.21 |
) |
|
|
(0.25 |
) |
|
|
|
|
(0.22 |
) |
|
|
(0.28 |
) |
|
|
Regional operating special items, net |
|
|
- |
|
|
|
(0.01 |
) |
|
|
|
|
- |
|
|
|
- |
|
|
|
Total
operating expenses per ASM, excluding net special items |
|
|
14.85 |
|
|
|
14.92 |
|
|
|
|
|
14.75 |
|
|
|
14.57 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fuel per
ASM: |
|
|
|
|
|
|
|
|
|
|
|
|
Aircraft fuel and related taxes - mainline |
|
|
(2.58 |
) |
|
|
(2.86 |
) |
|
|
|
|
(2.64 |
) |
|
|
(2.86 |
) |
|
|
Aircraft fuel and related taxes - regional |
|
|
(0.68 |
) |
|
|
(0.69 |
) |
|
|
|
|
(0.66 |
) |
|
|
(0.65 |
) |
|
|
Total
operating expenses per ASM, excluding net special items and
fuel |
|
|
11.59 |
|
|
|
11.37 |
|
|
|
|
|
11.46 |
|
|
|
11.06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Amounts may not recalculate due to
rounding. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FOOTNOTES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) The 2019 fourth
quarter mainline operating special items, net principally included
$85 million of merger integration expenses and $39 million of fleet
restructuring expenses. The 2019 twelve month period mainline
operating special items, net principally included $271 million of
fleet restructuring expenses, a $213 million non-cash impairment
charge principally related to the planned retirement of the
company's Embraer E190 fleet and $191 million of merger integration
expenses, offset in part by a $53 million credit to reduce certain
litigation reserves. The 2018 fourth quarter mainline operating
special items, net principally included $94 million of fleet
restructuring expenses, $81 million of merger integration expenses,
$37 million in severance costs associated with reductions of
management and support staff team members, offset in part by a $37
million net credit resulting from mark-to-market adjustments on
bankruptcy obligations. The 2018 twelve month period mainline
operating special items, net principally included $422 million of
fleet restructuring expenses, $268 million of merger integration
expenses, $58 million in severance costs as described above, a $45
million litigation settlement, a $26 million non-cash charge to
write off the company's Brazil route authority intangible asset as
a result of the U.S.-Brazil open skies agreement, offset in part by
a $76 million net credit resulting from mark-to-market adjustments
on bankruptcy obligations. Fleet restructuring expenses principally
included accelerated depreciation and rent expense for aircraft and
related equipment grounded or expected to be grounded earlier than
planned. Merger integration expenses included costs associated with
integration projects, principally the company's technical
operations, flight attendant, human resources and payroll
systems. |
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) Principally
included mark-to-market net unrealized gains and losses associated
with certain equity and other investments. |
|
|
|
|
|
|
|
|
|
|
|
|
|
(3) The 2018 fourth
quarter income tax special credit of $22 million was the result of
the reversal of the valuation allowance previously recognized in
the 2018 first quarter related to the company's estimated refund
for Alternative Minimum Tax (AMT) credits, which was no longer
subject to sequestration. The 2018 twelve month period income tax
special charge of $18 million is related to an international income
tax matter. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
American
Airlines Group Inc. |
|
Condensed
Consolidated Balance Sheets |
|
(In
millions) |
|
|
|
|
|
|
|
|
|
December 31, 2019 |
|
December 31, 2018 |
|
|
(unaudited) |
|
|
|
Assets |
|
|
|
|
|
|
|
|
|
Current
assets |
|
|
|
|
Cash |
$ |
280 |
|
|
$ |
275 |
|
|
Short-term investments |
|
3,546 |
|
|
|
4,485 |
|
|
Restricted cash and short-term investments |
|
158 |
|
|
|
154 |
|
|
Accounts receivable, net |
|
1,750 |
|
|
|
1,706 |
|
|
Aircraft fuel, spare parts and supplies, net |
|
1,851 |
|
|
|
1,522 |
|
|
Prepaid expenses and other |
|
621 |
|
|
|
495 |
|
|
Total current assets |
|
8,206 |
|
|
|
8,637 |
|
|
|
|
|
|
|
Operating
property and equipment |
|
|
|
|
Flight equipment |
|
42,537 |
|
|
|
41,499 |
|
|
Ground property and equipment |
|
9,443 |
|
|
|
8,764 |
|
|
Equipment purchase deposits |
|
1,674 |
|
|
|
1,278 |
|
|
Total property and equipment, at cost |
|
53,654 |
|
|
|
51,541 |
|
|
Less accumulated depreciation and amortization |
|
(18,659 |
) |
|
|
(17,443 |
) |
|
Total property and equipment, net |
|
34,995 |
|
|
|
34,098 |
|
|
|
|
|
|
|
Operating
lease right-of-use assets |
|
8,737 |
|
|
|
9,151 |
|
|
|
|
|
|
|
Other
assets |
|
|
|
|
Goodwill |
|
4,091 |
|
|
|
4,091 |
|
|
Intangibles, net |
|
2,084 |
|
|
|
2,137 |
|
|
Deferred tax asset |
|
645 |
|
|
|
1,145 |
|
|
Other assets |
|
1,237 |
|
|
|
1,321 |
|
|
Total other assets |
|
8,057 |
|
|
|
8,694 |
|
|
|
|
|
|
|
Total assets |
$ |
59,995 |
|
|
$ |
60,580 |
|
|
|
|
|
|
|
Liabilities
and Stockholders’ Equity (Deficit) |
|
|
|
|
|
|
|
|
|
Current
liabilities |
|
|
|
|
Current maturities of long-term debt and finance leases |
$ |
2,861 |
|
|
$ |
3,294 |
|
|
Accounts payable |
|
2,062 |
|
|
|
1,773 |
|
|
Accrued salaries and wages |
|
1,541 |
|
|
|
1,427 |
|
|
Air traffic liability |
|
4,808 |
|
|
|
4,339 |
|
|
Loyalty program liability |
|
3,193 |
|
|
|
3,267 |
|
|
Operating lease liabilities |
|
1,708 |
|
|
|
1,654 |
|
|
Other accrued liabilities |
|
2,138 |
|
|
|
2,342 |
|
|
Total current liabilities |
|
18,311 |
|
|
|
18,096 |
|
|
|
|
|
|
|
Noncurrent
liabilities |
|
|
|
|
Long-term debt and finance leases, net of current maturities |
|
21,454 |
|
|
|
21,179 |
|
|
Pension and postretirement benefits |
|
6,052 |
|
|
|
6,907 |
|
|
Loyalty program liability |
|
5,422 |
|
|
|
5,272 |
|
|
Operating lease liabilities |
|
7,421 |
|
|
|
7,902 |
|
|
Other liabilities |
|
1,453 |
|
|
|
1,393 |
|
|
Total noncurrent liabilities |
|
41,802 |
|
|
|
42,653 |
|
|
|
|
|
|
|
Stockholders' equity (deficit) |
|
|
|
|
Common stock |
|
4 |
|
|
|
5 |
|
|
Additional paid-in capital |
|
3,945 |
|
|
|
4,964 |
|
|
Accumulated other comprehensive loss |
|
(6,331 |
) |
|
|
(5,896 |
) |
|
Retained earnings |
|
2,264 |
|
|
|
758 |
|
|
Total stockholders' deficit |
|
(118 |
) |
|
|
(169 |
) |
|
|
|
|
|
|
Total liabilities and stockholders’ equity (deficit) |
$ |
59,995 |
|
|
$ |
60,580 |
|
|
|
|
|
|
|
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