American Airlines Group Inc. (NASDAQ: AAL) today reported its
first-quarter 2022 financial results, including:
- First-quarter revenue of $8.9 billion, representing a
recovery to 84% of comparable period revenue in 2019.
- First-quarter net loss of $1.6 billion, or ($2.52) per
share. Excluding net special
items1, first-quarter net loss of
$1.5 billion, or ($2.32) per share.
- Company was profitable excluding net special items in
March and expects to be profitable in the second quarter based on
the current demand trends and fuel price forecast.
- Ended the first quarter with $15.5 billion of total
available liquidity.
- Company continues to execute on its plan to pay down
approximately $15 billion of debt by the end of 2025.
“Our priorities for this year are clear: Run a reliable
operation and return to profitability,” said American’s CEO Robert
Isom. “The outstanding progress we’ve made is only possible because
of the amazing efforts of the American Airlines team and we’re
optimistic about the continued recovery in the second quarter and
beyond. The demand environment is very strong, and as a result, we
expect to be profitable in the second quarter based on our current
fuel price assumptions. The work we have accomplished over the past
two years — simplifying our fleet, modernizing our facilities,
fine-tuning our network, developing new partnerships, rolling out
new tools for customers and team members, and hiring thousands of
new team members — has us very well-positioned as the industry
continues to rebound.”
Running a reliable operationIn the first
quarter, American led major U.S. airlines in on-time departures and
finished a close second in on-time arrivals while flying a schedule
that was considerably larger than its closest competitor as
measured by available seat miles. Additionally, American delivered
its best-ever combined mainline and regional completion factor for
the month of March.
The airline has taken steps to ensure it is prepared to deliver
for customers during the busy summer travel season. The airline’s
summer preparations began last year as demand returned and American
has 12,000 more team members in place to support the operation this
summer than the summer of 2021.
Returning to profitabilityAmerican produced
revenues of $8.9 billion in the first quarter, including
industry-leading passenger revenues of $7.8 billion, and cargo
revenues of $364 million. The airline also produced record sales in
March, and it was the first month since the onset of the pandemic
that total revenue was above 2019 levels.
Demand for domestic business travel has steadily improved as
offices have reopened and travel restrictions have been lifted.
Revenue from small- to medium-size businesses and customers
traveling for a mix of business and leisure remains very strong and
is approaching a full recovery, and corporate bookings are the
highest they have been since the start of the pandemic. Demand for
international travel has also picked up considerably as travel
restrictions have been lifted in certain parts of the world.
American’s continued progress on the path to profitability is
driven by the strength of its global network and creating value for
customers through consistency, simplicity and transparency.
American is proud to offer customers the largest network of any
U.S. airline this summer, with an average of more than 5,800 peak
daily departures.
Liquidity and balance sheetAmerican ended the
first quarter with $15.5 billion of total available liquidity.
Deleveraging its balance sheet remains a top priority for American,
and the company is committed to significant debt reduction in the
years ahead. The company remains on track to reduce overall debt
levels by $15 billion by the end of 2025. In the first quarter, the
Company completed $317 million of open market repurchases of its
$750 million unsecured senior notes maturing in June. To date,
American has reduced its overall debt by $4.1 billion from peak
levels in the second quarter of 2021. Additionally, the airline has
cost-effective financing in place for all aircraft deliveries
through the third quarter of 2022 and is beginning to evaluate
financing options for the fourth quarter of 2022 and first half of
2023.
Guidance and investor updateAmerican will
continue to match its forward capacity with observed bookings
trends. Based on current trends, the company expects its
second-quarter capacity to be approximately 92% to 94% of what it
was in the second quarter of 2019. American expects its
second-quarter total revenue to be 6% to 8% higher than the second
quarter of 2019.
For additional financial forecasting detail, please refer to the
company’s investor update, filed with this press release with the
SEC on Form 8-K. This filing will also be available at
aa.com/investorrelations.
Conference call and webcast detailsThe
company will conduct a live audio webcast of its financial
results conference call at 7:30 a.m. CDT today. The call 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 May 21.
NotesSee 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.
- The company recognized $160 million
of pre-tax net special items in the first quarter of 2022, which
principally included a non-cash impairment charge to write down the
carrying value of the company’s retired Airbus A330 fleet to the
estimated fair value due to current market conditions for certain
used aircraft. The company retired its Airbus A330 fleet in 2020 as
a result of the decline in demand for air travel due to the
COVID-19 pandemic.
About American Airlines GroupTo Care for People
on Life’s Journey®. 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
Exchange Act of 1934, as amended, 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 the company’s plans, objectives,
expectations, intentions, estimates and strategies for the future,
the continuing availability of borrowings under revolving lines of
credit, and other statements that are not historical facts. These
forward-looking statements are based on the company’s 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 herein as well as in the company’s Quarterly Report
on Form 10-Q for the quarter ended March 31, 2022 (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 the company’s other filings with the Securities and
Exchange Commission. In particular, the consequences of the
coronavirus outbreak to economic conditions and the travel industry
in general and the financial position and operating results of the
company in particular have been material, are changing rapidly, and
cannot be predicted. Additionally, there may be other factors of
which the company is 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. The
company does 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.
Corporate
Communicationsmediarelations@aa.com
Investor
Relationsinvestor.relations@aa.com
American
Airlines Group Inc. |
Condensed
Consolidated Statements of Operations |
(In
millions, except share and per share amounts) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
3 Months Ended March
31, |
|
Percent
Increase |
|
|
|
|
2022 |
|
|
|
2021 |
|
|
(Decrease) |
|
|
|
|
|
|
|
|
|
Operating
revenues: |
|
|
|
|
|
|
|
Passenger |
|
$ |
7,818 |
|
|
$ |
3,179 |
|
|
nm |
|
(1) |
Cargo |
|
|
364 |
|
|
|
315 |
|
|
15.4 |
|
|
Other |
|
|
717 |
|
|
|
514 |
|
|
39.6 |
|
|
Total operating revenues |
|
|
8,899 |
|
|
|
4,008 |
|
|
nm |
|
|
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
Aircraft fuel and related taxes |
|
|
2,502 |
|
|
|
1,034 |
|
|
nm |
|
|
Salaries, wages and benefits |
|
|
3,154 |
|
|
|
2,730 |
|
|
15.5 |
|
|
Regional expenses: |
|
|
|
|
|
|
|
Regional operating expenses |
|
|
972 |
|
|
|
544 |
|
|
78.8 |
|
|
Regional depreciation and amortization |
|
|
80 |
|
|
|
81 |
|
|
(1.9 |
) |
|
Maintenance, materials and repairs |
|
|
617 |
|
|
|
376 |
|
|
64.0 |
|
|
Other rent and landing fees |
|
|
678 |
|
|
|
570 |
|
|
18.9 |
|
|
Aircraft rent |
|
|
353 |
|
|
|
351 |
|
|
0.7 |
|
|
Selling expenses |
|
|
332 |
|
|
|
151 |
|
|
nm |
|
|
Depreciation and amortization |
|
|
492 |
|
|
|
478 |
|
|
2.8 |
|
|
Special items, net |
|
|
157 |
|
|
|
(1,708 |
) |
|
nm |
|
|
Other |
|
|
1,285 |
|
|
|
716 |
|
|
79.5 |
|
|
Total operating expenses |
|
|
10,622 |
|
|
|
5,323 |
|
|
99.6 |
|
|
|
|
|
|
|
|
|
|
Operating loss |
|
|
(1,723 |
) |
|
|
(1,315 |
) |
|
31.0 |
|
|
|
|
|
|
|
|
|
|
Nonoperating
income (expense): |
|
|
|
|
|
|
|
Interest income |
|
|
8 |
|
|
|
4 |
|
|
nm |
|
|
Interest expense, net |
|
|
(463 |
) |
|
|
(371 |
) |
|
25.1 |
|
|
Other income, net |
|
|
92 |
|
|
|
109 |
|
|
(14.5 |
) |
|
Total nonoperating expense, net |
|
|
(363 |
) |
|
|
(258 |
) |
|
40.5 |
|
|
|
|
|
|
|
|
|
|
Loss before
income taxes |
|
|
(2,086 |
) |
|
|
(1,573 |
) |
|
32.6 |
|
|
|
|
|
|
|
|
|
|
Income tax
benefit |
|
|
(451 |
) |
|
|
(323 |
) |
|
39.6 |
|
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(1,635 |
) |
|
$ |
(1,250 |
) |
|
30.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss per
common share: |
|
|
|
|
|
|
|
Basic and diluted |
|
$ |
(2.52 |
) |
|
$ |
(1.97 |
) |
|
|
|
|
|
|
|
|
|
|
|
Weighted
average shares outstanding (in thousands): |
|
|
|
|
|
|
|
Basic and diluted |
|
|
649,503 |
|
|
|
634,609 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Percent change may not recalculate due to
rounding. |
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Not
meaningful or greater than 100% change. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
American
Airlines Group Inc. |
Consolidated
Operating Statistics (1) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
3 Months Ended March
31, |
|
Increase |
|
|
|
2022 |
|
2021 |
|
(Decrease) |
|
|
|
|
|
|
|
|
|
Revenue passenger miles (millions) |
|
44,290 |
|
22,464 |
|
97.2 |
|
% |
Available
seat miles (ASM) (millions) |
|
59,533 |
|
37,764 |
|
57.6 |
|
% |
Passenger
load factor (percent) |
|
74.4 |
|
59.5 |
|
14.9 |
|
pts |
Yield
(cents) |
|
17.65 |
|
14.15 |
|
24.7 |
|
% |
Passenger
revenue per ASM (cents) |
|
13.13 |
|
8.42 |
|
56.0 |
|
% |
Total
revenue per ASM (cents) |
|
14.95 |
|
10.61 |
|
40.8 |
|
% |
Cargo ton
miles (millions) |
|
536 |
|
532 |
|
0.7 |
|
% |
Cargo yield
per ton mile (cents) |
|
67.81 |
|
59.18 |
|
14.6 |
|
% |
|
|
|
|
|
|
|
|
Fuel
consumption (gallons in millions) |
|
894 |
|
608 |
|
47.0 |
|
% |
Average
aircraft fuel price including related taxes (dollars per
gallon) |
|
2.80 |
|
1.70 |
|
64.7 |
|
% |
|
|
|
|
|
|
|
|
Operating
cost per ASM (cents) |
|
17.84 |
|
14.09 |
|
26.6 |
|
% |
Operating
cost per ASM excluding net special items (cents) |
|
17.58 |
|
19.19 |
|
(8.4 |
) |
% |
Operating
cost per ASM excluding net special items and fuel (cents) |
|
13.38 |
|
16.45 |
|
(18.7 |
) |
% |
|
|
|
|
|
|
|
|
Passenger
enplanements (thousands) |
|
42,722 |
|
24,238 |
|
76.3 |
|
% |
Departures
(thousands): |
|
|
|
|
|
|
|
Mainline |
|
241 |
|
153 |
|
58.1 |
|
% |
Regional |
|
231 |
|
186 |
|
24.1 |
|
% |
Total |
|
472 |
|
339 |
|
39.4 |
|
% |
Average
stage length (miles): |
|
|
|
|
|
|
|
Mainline |
|
1,158 |
|
1,205 |
|
(3.9 |
) |
% |
Regional |
|
484 |
|
505 |
|
(4.2 |
) |
% |
Total |
|
828 |
|
821 |
|
0.9 |
|
% |
Aircraft at
end of period: |
|
|
|
|
|
|
|
Mainline (2) |
|
881 |
|
851 |
|
3.5 |
|
% |
Regional (3) |
|
572 |
|
548 |
|
4.4 |
|
% |
Total |
|
1,453 |
|
1,399 |
|
3.9 |
|
% |
Full-time
equivalent employees at end of period: |
|
|
|
|
|
|
|
Mainline |
|
100,500 |
|
88,500 |
|
13.6 |
|
% |
Regional (4) |
|
26,500 |
|
24,700 |
|
7.3 |
|
% |
Total |
|
127,000 |
|
113,200 |
|
12.2 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Amounts may not recalculate due to
rounding. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Unless
otherwise noted, operating statistics include mainline and regional
operations. Regional includes wholly-owned regional airline
subsidiaries and operating results from capacity purchase
carriers. |
(2) Excludes 29
Boeing 737-800 mainline aircraft that are in temporary storage at
March 31, 2022. |
(3) Includes
aircraft owned and leased by American as well as aircraft operated
by third-party regional carriers under capacity purchase
agreements. Excludes 11 Embraer 145 and one Embraer 170 regional
aircraft that are in temporary storage at March 31, 2022. |
(4) Regional
full-time equivalent employees only include our wholly-owned
regional airline subsidiaries. |
|
|
|
|
|
|
|
|
American
Airlines Group Inc. |
Consolidated
Revenue Statistics by Region |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
3 Months Ended March
31, |
|
Increase |
|
|
|
|
|
2022 |
|
2021 |
|
(Decrease) |
|
|
|
|
|
|
|
|
|
|
|
|
Domestic (1) |
|
|
|
|
|
|
|
|
Revenue passenger miles (millions) |
|
32,632 |
|
18,538 |
|
76.0 |
% |
|
Available seat miles (ASM) (millions) |
|
41,873 |
|
27,952 |
|
49.8 |
% |
|
Passenger load factor (percent) |
|
77.9 |
|
66.3 |
|
11.6 |
pts |
|
Passenger revenue (dollars in millions) |
|
6,060 |
|
2,655 |
|
nm |
% |
|
Yield (cents) |
|
18.57 |
|
14.32 |
|
29.7 |
% |
|
Passenger revenue per ASM (cents) |
|
14.47 |
|
9.50 |
|
52.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
Latin America (2) |
|
|
|
|
|
|
|
|
Revenue passenger miles (millions) |
|
7,652 |
|
3,576 |
|
nm |
% |
|
Available seat miles (millions) |
|
10,310 |
|
7,865 |
|
31.1 |
% |
|
Passenger load factor (percent) |
|
74.2 |
|
45.5 |
|
28.7 |
pts |
|
Passenger revenue (dollars in millions) |
|
1,227 |
|
482 |
|
nm |
% |
|
Yield (cents) |
|
16.04 |
|
13.47 |
|
19.1 |
% |
|
Passenger revenue per ASM (cents) |
|
11.90 |
|
6.12 |
|
94.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
Atlantic |
|
|
|
|
|
|
|
|
|
Revenue passenger miles (millions) |
|
3,605 |
|
199 |
|
nm |
% |
|
Available seat miles (millions) |
|
6,380 |
|
1,151 |
|
nm |
% |
|
Passenger load factor (percent) |
|
56.5 |
|
17.4 |
|
39.1 |
pts |
|
Passenger revenue (dollars in millions) |
|
466 |
|
22 |
|
nm |
% |
|
Yield (cents) |
|
12.94 |
|
11.10 |
|
16.6 |
% |
|
Passenger revenue per ASM (cents) |
|
7.31 |
|
1.93 |
|
nm |
% |
|
|
|
|
|
|
|
|
|
|
|
Pacific |
|
|
|
|
|
|
|
|
|
Revenue passenger miles (millions) |
|
401 |
|
151 |
|
nm |
% |
|
Available seat miles (millions) |
|
970 |
|
796 |
|
21.9 |
% |
|
Passenger load factor (percent) |
|
41.4 |
|
18.9 |
|
22.5 |
pts |
|
Passenger revenue (dollars in millions) |
|
65 |
|
20 |
|
nm |
% |
|
Yield (cents) |
|
16.13 |
|
13.53 |
|
19.2 |
% |
|
Passenger revenue per ASM (cents) |
|
6.67 |
|
2.56 |
|
nm |
% |
|
|
|
|
|
|
|
|
|
|
|
Total International |
|
|
|
|
|
|
|
|
Revenue passenger miles (millions) |
|
11,658 |
|
3,926 |
|
nm |
% |
|
Available seat miles (millions) |
|
17,660 |
|
9,812 |
|
80.0 |
% |
|
Passenger load factor (percent) |
|
66.0 |
|
40.0 |
|
26.0 |
pts |
|
Passenger revenue (dollars in millions) |
|
1,758 |
|
524 |
|
nm |
% |
|
Yield (cents) |
|
15.08 |
|
13.35 |
|
13.0 |
% |
|
Passenger revenue per ASM (cents) |
|
9.96 |
|
5.34 |
|
86.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
Note: Amounts may not recalculate due to
rounding. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Domestic results include Canada, Puerto Rico and U.S. Virgin
Islands. |
|
|
(2) Latin America results include the Caribbean. |
|
|
|
|
|
|
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 Loss (GAAP measure) to Pre-Tax Loss
Excluding Net Special Items (non-GAAP measure) - Pre-Tax Margin
(GAAP measure) to Pre-Tax Margin Excluding Net Special Items
(non-GAAP measure) - Net Loss (GAAP measure) to Net Loss Excluding
Net Special Items (non-GAAP measure) - Basic and Diluted Loss Per
Share (GAAP measure) to Basic and Diluted Loss Per Share Excluding
Net Special Items (non-GAAP measure) - Operating Loss (GAAP
measure) to Operating Loss 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) and total operating costs per ASM
(CASM) to CASM excluding net special items and fuel. Management
uses total operating costs excluding net special items and fuel and
CASM 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 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 March
31, |
|
Percent
Increase |
|
Reconciliation of Pre-Tax Loss Excluding Net Special
Items |
|
|
2022 |
|
|
|
2021 |
|
|
(Decrease) |
|
|
|
(in millions, except
share and per share amounts) |
|
|
|
|
|
|
|
|
|
|
|
Pre-tax loss
as reported |
|
$ |
(2,086 |
) |
|
$ |
(1,573 |
) |
|
|
|
Pre-tax net
special items: |
|
|
|
|
|
|
|
Mainline
operating special items, net (1) |
|
|
157 |
|
|
|
(1,708 |
) |
|
|
|
Regional
operating special items, net (2) |
|
|
- |
|
|
|
(215 |
) |
|
|
|
Nonoperating
special items, net (3) |
|
|
3 |
|
|
|
(23 |
) |
|
|
|
Total
pre-tax net special items |
|
|
160 |
|
|
|
(1,946 |
) |
|
|
|
|
|
|
|
|
|
|
|
Pre-tax loss excluding net special items |
|
$ |
(1,926 |
) |
|
$ |
(3,519 |
) |
|
(45.3 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of Pre-Tax Margin |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax loss
as reported |
|
$ |
(2,086 |
) |
|
$ |
(1,573 |
) |
|
|
|
|
|
|
|
|
|
|
|
Total
operating revenues as reported |
|
$ |
8,899 |
|
|
$ |
4,008 |
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax
margin |
|
|
(23.4%) |
|
|
|
(39.3%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of Pre-Tax Margin Excluding Net Special
Items |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax loss
excluding net special items |
|
$ |
(1,926 |
) |
|
$ |
(3,519 |
) |
|
|
|
|
|
|
|
|
|
|
|
Total
operating revenues as reported |
|
$ |
8,899 |
|
|
$ |
4,008 |
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax
margin excluding net special items |
|
|
(21.6%) |
|
|
|
(87.8%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Net Loss Excluding Net Special
Items |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss as
reported |
|
$ |
(1,635 |
) |
|
$ |
(1,250 |
) |
|
|
|
Net special
items: |
|
|
|
|
|
|
|
Total
pre-tax net special items (1), (2), (3) |
|
|
160 |
|
|
|
(1,946 |
) |
|
|
|
Net tax effect of net special items |
|
|
(35 |
) |
|
|
453 |
|
|
|
|
Net loss
excluding net special items |
|
$ |
(1,510 |
) |
|
$ |
(2,743 |
) |
|
(45.0 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Basic and Diluted Loss Per Share
Excluding Net Special Items |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
excluding net special items |
|
$ |
(1,510 |
) |
|
$ |
(2,743 |
) |
|
|
|
|
|
|
|
|
|
|
|
Shares used
for computation (in thousands): |
|
|
|
|
|
|
|
Basic and diluted |
|
|
649,503 |
|
|
|
634,609 |
|
|
|
|
|
|
|
|
|
|
|
|
Loss per
share excluding net special items: |
|
|
|
|
|
|
|
Basic and diluted |
|
$ |
(2.32 |
) |
|
$ |
(4.32 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
3 Months Ended March
31, |
|
|
|
Reconciliation of Operating Loss Excluding Net Special
Items |
|
|
2022 |
|
|
|
2021 |
|
|
|
|
|
|
(in millions) |
|
|
|
|
|
|
|
|
|
|
|
Operating
loss as reported |
|
$ |
(1,723 |
) |
|
$ |
(1,315 |
) |
|
|
|
|
|
|
|
|
|
|
|
Operating
net special items: |
|
|
|
|
|
|
|
Mainline
operating special items, net (1) |
|
|
157 |
|
|
|
(1,708 |
) |
|
|
|
Regional
operating special items, net (2) |
|
|
- |
|
|
|
(215 |
) |
|
|
|
Operating
loss excluding net special items |
|
$ |
(1,566 |
) |
|
$ |
(3,238 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Total Operating Cost per ASM Excluding
Net Special Items and Fuel |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
operating expenses as reported |
|
$ |
10,622 |
|
|
$ |
5,323 |
|
|
|
|
|
|
|
|
|
|
|
|
Operating
net special items: |
|
|
|
|
|
|
|
Mainline
operating special items, net (1) |
|
|
(157 |
) |
|
|
1,708 |
|
|
|
|
Regional
operating special items, net (2) |
|
|
- |
|
|
|
215 |
|
|
|
|
Total
operating expenses, excluding net special items |
|
|
10,465 |
|
|
|
7,246 |
|
|
|
|
|
|
|
|
|
|
|
|
Aircraft
fuel and related taxes |
|
|
(2,502 |
) |
|
|
(1,034 |
) |
|
|
|
Total
operating expenses, excluding net special items and fuel |
|
$ |
7,963 |
|
|
$ |
6,212 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in cents) |
|
|
|
|
|
|
|
|
|
|
|
Total
operating expenses per ASM as reported |
|
|
17.84 |
|
|
|
14.09 |
|
|
|
|
|
|
|
|
|
|
|
|
Operating
net special items per ASM: |
|
|
|
|
|
|
|
Mainline
operating special items, net (1) |
|
|
(0.26 |
) |
|
|
4.52 |
|
|
|
|
Regional
operating special items, net (2) |
|
|
- |
|
|
|
0.57 |
|
|
|
|
Total
operating expenses per ASM, excluding net special items |
|
|
17.58 |
|
|
|
19.19 |
|
|
|
|
|
|
|
|
|
|
|
|
Aircraft
fuel and related taxes per ASM |
|
|
(4.20 |
) |
|
|
(2.74 |
) |
|
|
|
Total
operating expenses per ASM, excluding net special items and
fuel |
|
|
13.38 |
|
|
|
16.45 |
|
|
|
|
|
|
|
|
|
|
|
|
Note: Amounts may not recalculate due to
rounding. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FOOTNOTES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
The 2022 first
quarter mainline operating special items, net principally included
a non-cash impairment charge to write down the carrying value of
the Company's retired Airbus A330 fleet to the estimated fair value
due to current market conditions for certain used aircraft. The
Company retired its Airbus A330 fleet in 2020 as a result of the
decline in demand for air travel due to the COVID-19 pandemic. The
2021 first quarter mainline operating special items, net
principally included $1.9 billion of Payroll Support Program (PSP)
financial assistance, offset in part by $168 million of salary and
medical costs associated with certain team members who opted into
voluntary early retirement programs offered as a result of
reductions to the Company's operation due to the COVID-19 pandemic.
Cash payments for salary and medical costs associated with the
Company's voluntary early retirement programs were approximately
$90 million and $170 million for the 2022 first quarter and 2021
first quarter, respectively. |
|
|
|
|
|
|
|
|
(2) |
The 2021 first
quarter regional operating special items, net principally included
$244 million of PSP financial assistance, offset in part by a $27
million non-cash impairment charge to write down regional aircraft
resulting from the retirement of the remaining Embraer 140 fleet
earlier than planned. |
|
|
|
|
|
|
|
|
(3) |
Principally
included mark-to-market net unrealized gains and losses associated
with certain equity and other investments as well as non-cash
charges associated with debt refinancings and extinguishments. |
|
|
|
|
|
|
|
|
American
Airlines Group Inc. |
Condensed
Consolidated Statements of Cash Flows |
(In
millions)(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
3 Months Ended March
31, |
|
|
|
|
|
2022 |
|
|
|
2021 |
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities |
$ |
1,185 |
|
|
$ |
174 |
|
|
Cash flows from investing activities: |
|
|
|
|
Capital expenditures, net of aircraft purchase deposit returns |
|
(807 |
) |
|
|
19 |
|
|
Airport construction projects, net of reimbursements |
|
(62 |
) |
|
|
(42 |
) |
|
Proceeds from sale of property and equipment |
|
8 |
|
|
|
108 |
|
|
Proceeds from sale-leaseback transactions |
|
- |
|
|
|
99 |
|
|
Sales of short-term investments |
|
7,089 |
|
|
|
1,415 |
|
|
Purchases of short-term investments |
|
(7,035 |
) |
|
|
(8,557 |
) |
|
Decrease (increase) in restricted short-term investments |
|
36 |
|
|
|
(194 |
) |
|
Net cash used in investing activities |
|
(771 |
) |
|
|
(7,152 |
) |
|
Cash flows from financing activities: |
|
|
|
|
Payments on long-term debt and finance leases |
|
(661 |
) |
|
|
(4,054 |
) |
|
Proceeds from issuance of long-term debt |
|
367 |
|
|
|
10,861 |
|
|
Shares withheld for taxes pursuant to employee stock plans |
|
(14 |
) |
|
|
(13 |
) |
|
Proceeds from issuance of equity |
|
- |
|
|
|
316 |
|
|
Deferred financing costs |
|
- |
|
|
|
(162 |
) |
|
Other financing activities |
|
(2 |
) |
|
|
65 |
|
|
Net cash provided by (used in) financing activities |
|
(310 |
) |
|
|
7,013 |
|
|
Net increase in cash and restricted cash |
|
104 |
|
|
|
35 |
|
|
Cash and restricted cash at beginning of period |
|
408 |
|
|
|
399 |
|
(1) |
Cash and restricted cash at end of period |
$ |
512 |
|
|
$ |
434 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
The following table
provides a reconciliation of cash and restricted cash to amounts
reported within the condensed consolidated balance sheets: |
|
|
|
|
|
|
|
|
Cash |
|
$ |
376 |
|
|
$ |
277 |
|
|
Restricted cash included in restricted cash and short-term
investments |
|
136 |
|
|
|
157 |
|
|
Total cash and restricted cash |
$ |
512 |
|
|
$ |
434 |
|
|
|
|
|
|
|
|
|
|
|
|
American
Airlines Group Inc. |
Condensed
Consolidated Balance Sheets |
(In
millions, except shares) |
|
|
|
|
|
|
March 31, 2022 |
|
December 31, 2021 |
|
(unaudited) |
|
|
Assets |
|
|
|
|
|
|
|
Current
assets |
|
|
|
Cash |
$ |
376 |
|
|
$ |
273 |
|
Short-term investments |
|
12,108 |
|
|
|
12,158 |
|
Restricted cash and short-term investments |
|
952 |
|
|
|
990 |
|
Accounts receivable, net |
|
1,537 |
|
|
|
1,505 |
|
Aircraft fuel, spare parts and supplies, net |
|
2,002 |
|
|
|
1,795 |
|
Prepaid expenses and other |
|
787 |
|
|
|
615 |
|
Total current assets |
|
17,762 |
|
|
|
17,336 |
|
|
|
|
|
Operating
property and equipment |
|
|
|
Flight equipment |
|
38,359 |
|
|
|
37,856 |
|
Ground property and equipment |
|
9,418 |
|
|
|
9,335 |
|
Equipment purchase deposits |
|
545 |
|
|
|
517 |
|
Total property and equipment, at cost |
|
48,322 |
|
|
|
47,708 |
|
Less accumulated depreciation and amortization |
|
(18,464 |
) |
|
|
(18,171 |
) |
Total property and equipment, net |
|
29,858 |
|
|
|
29,537 |
|
|
|
|
|
Operating
lease right-of-use assets |
|
7,745 |
|
|
|
7,850 |
|
|
|
|
|
Other
assets |
|
|
|
Goodwill |
|
4,091 |
|
|
|
4,091 |
|
Intangibles, net |
|
1,970 |
|
|
|
1,988 |
|
Deferred tax asset |
|
4,000 |
|
|
|
3,556 |
|
Other assets |
|
1,975 |
|
|
|
2,109 |
|
Total other assets |
|
12,036 |
|
|
|
11,744 |
|
|
|
|
|
Total assets |
$ |
67,401 |
|
|
$ |
66,467 |
|
|
|
|
|
Liabilities
and Stockholders’ Equity (Deficit) |
|
|
|
|
|
|
|
Current
liabilities |
|
|
|
Current maturities of long-term debt and finance leases |
$ |
2,382 |
|
|
$ |
2,489 |
|
Accounts payable |
|
2,546 |
|
|
|
1,772 |
|
Accrued salaries and wages |
|
1,369 |
|
|
|
1,489 |
|
Air traffic liability |
|
8,346 |
|
|
|
6,087 |
|
Loyalty program liability |
|
3,110 |
|
|
|
2,896 |
|
Operating lease liabilities |
|
1,490 |
|
|
|
1,507 |
|
Other accrued liabilities |
|
2,623 |
|
|
|
2,766 |
|
Total current liabilities |
|
21,866 |
|
|
|
19,006 |
|
|
|
|
|
Noncurrent
liabilities |
|
|
|
Long-term debt and finance leases, net of current maturities |
|
35,461 |
|
|
|
35,571 |
|
Pension and postretirement benefits |
|
4,913 |
|
|
|
5,053 |
|
Loyalty program liability |
|
6,194 |
|
|
|
6,239 |
|
Operating lease liabilities |
|
6,529 |
|
|
|
6,610 |
|
Other liabilities |
|
1,378 |
|
|
|
1,328 |
|
Total noncurrent liabilities |
|
54,475 |
|
|
|
54,801 |
|
|
|
|
|
Stockholders' equity (deficit) |
|
|
|
Common stock, 649,497,768 shares outstanding at March 31, 2022 |
|
6 |
|
|
|
6 |
|
Additional paid-in capital |
|
7,243 |
|
|
|
7,234 |
|
Accumulated other comprehensive loss |
|
(5,916 |
) |
|
|
(5,942 |
) |
Retained deficit |
|
(10,273 |
) |
|
|
(8,638 |
) |
Total stockholders' deficit |
|
(8,940 |
) |
|
|
(7,340 |
) |
|
|
|
|
Total liabilities and stockholders’ equity (deficit) |
$ |
67,401 |
|
|
$ |
66,467 |
|
|
|
|
|
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