American Airlines Reports Third-Quarter 2024 Financial Results
24 Outubro 2024 - 8:00AM
American Airlines Group Inc. (NASDAQ: AAL) today reported its
third-quarter 2024 financial results, including:
- Record third-quarter revenue of $13.6
billion.
- Third-quarter net loss of $149 million, or ($0.23) per
share. Excluding net special
items1, third-quarter net income
of $205 million, or $0.30 per diluted share.
- Led U.S. network carriers in third-quarter completion
factor.
- Ended the third quarter with $11.8 billion of total
available liquidity.
- On track to reduce total
debt2 from peak levels by $15
billion by year-end 2025.
- Full-year adjusted earnings per diluted
share3 expected to be between
$1.35 and $1.60.
“The American Airlines team continues to focus on running a
reliable operation and managing costs across the airline,” said
American’s CEO Robert Isom. “We have taken aggressive action to
reset our sales and distribution strategy and reengage the business
travel community, which we’re confident will improve our revenue
performance over time. We have heard great feedback from travel
agencies and corporate customers as we work to rebuild the
foundation of our commercial strategy and make it easy for
customers to do business with American.”
Sales and distribution strategyAmerican
continues to evolve its sales and distribution strategy to address
feedback from corporate and agency partners and regain lost share.
In the third quarter, the airline renegotiated competitive
contracts with a majority of the largest travel agencies and many
of its top corporate customers, reintroduced Corporate Experience
benefits for corporate travelers, and increased support for
corporate and agency customers by adding sales account managers and
sales support staff.
Operational performanceThe American Airlines
team demonstrated its continued resilience in the third quarter by
quickly recovering from several irregular operations events, most
notably the CrowdStrike outage and Hurricanes Debby and Helene.
Despite the impact of these events, the American team delivered
strong operational results in the third quarter, including the
highest completion factor among U.S. network carriers and
delivering the airline’s highest third-quarter load factor since
the merger of American and US Airways in 2013.
Financial performanceAmerican delivered
earnings results ahead of prior guidance. The company produced
record third-quarter revenue of $13.6 billion, an increase of 1.2%
year over year. On a GAAP basis, the company produced an operating
margin of 0.7% in the quarter. Excluding the impact of net special
items1, the company produced an adjusted operating margin of 4.7%
in the quarter.
Balance sheet and liquidityAmerican continued
to strengthen its balance sheet in the third quarter by reducing
total debt2 by approximately $360 million. The company is more than
$13 billion toward its goal of reducing total debt2 by $15 billion
by the end of 2025. The company ended the quarter with
approximately $11.8 billion of total available liquidity, comprised
of cash and short-term investments plus undrawn capacity under
revolving credit and other facilities.
Guidance and investor updateBased on present
demand trends, the current fuel price forecast and excluding the
impact of special items, the company expects its fourth-quarter
2024 adjusted earnings per diluted share3 to be between $0.25 and
$0.50. The company now expects its full-year 2024 adjusted earnings
per diluted share3 to be between $1.35 and $1.60.
For additional financial forecasting detail, please refer to the
company’s investor update, furnished with this press release with
the SEC on Form 8-K. This filing is also 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. CT 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 through Nov. 24.
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 and the calculation of free cash flow.
- The company recognized $354 million
of net special items in the third quarter after the effect of
taxes, which principally included one-time charges resulting from
the ratification of a new collective bargaining agreement with the
company’s mainline flight attendants.
- All references to total debt
include debt, finance and operating lease liabilities and pension
obligations.
- Adjusted earnings per diluted share
guidance excludes the impact of net special items. The company is
unable to reconcile certain forward-looking information to GAAP as
the nature or amount of net special items cannot be determined at
this time.
About American Airlines GroupAs a leading
global airline, American Airlines offers thousands of flights per
day to more than 350 destinations in more than 60 countries. The
airline is a founding member of the oneworld®
alliance, whose members serve more than 900 destinations around the
globe. Shares of American Airlines Group Inc. trade on Nasdaq under
the ticker symbol AAL. Learn more about what’s happening at
American by visiting news.aa.com and connect with American
@AmericanAir and at Facebook.com/AmericanAirlines. To Care for
People on Life’s Journey®.
Cautionary statement regarding forward-looking
statements and informationCertain 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, 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 September 30, 2024 (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. 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.
|
American Airlines Group Inc. |
|
Condensed Consolidated Statements of
Operations |
|
(In millions, except share and per share
amounts) |
|
(Unaudited) |
|
|
|
|
|
3 Months EndedSeptember 30, |
|
PercentIncrease |
|
9 Months EndedSeptember 30, |
|
PercentIncrease |
|
|
|
|
|
|
2024 |
|
|
|
2023 |
|
|
(Decrease) |
|
|
2024 |
|
|
|
2023 |
|
|
(Decrease) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Passenger |
|
$ |
12,523 |
|
|
$ |
12,421 |
|
|
0.8 |
|
|
$ |
37,184 |
|
|
$ |
36,502 |
|
|
1.9 |
|
|
|
|
Cargo |
|
|
202 |
|
|
|
193 |
|
|
5.0 |
|
|
|
584 |
|
|
|
613 |
|
|
(4.7 |
) |
|
|
|
Other |
|
|
922 |
|
|
|
868 |
|
|
6.0 |
|
|
|
2,783 |
|
|
|
2,611 |
|
|
6.5 |
|
|
|
|
Total operating revenues |
|
|
13,647 |
|
|
|
13,482 |
|
|
1.2 |
|
|
|
40,551 |
|
|
|
39,726 |
|
|
2.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aircraft fuel and related taxes |
|
|
2,874 |
|
|
|
3,209 |
|
|
(10.4 |
) |
|
|
8,916 |
|
|
|
9,098 |
|
|
(2.0 |
) |
|
|
|
Salaries, wages and benefits |
|
|
4,098 |
|
|
|
3,974 |
|
|
3.1 |
|
|
|
11,917 |
|
|
|
10,891 |
|
|
9.4 |
|
|
|
|
Regional expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Regional operating expenses |
|
|
1,184 |
|
|
|
1,089 |
|
|
8.8 |
|
|
|
3,495 |
|
|
|
3,224 |
|
|
8.4 |
|
|
|
|
Regional depreciation and amortization |
|
|
80 |
|
|
|
79 |
|
|
0.8 |
|
|
|
238 |
|
|
|
239 |
|
|
(0.2 |
) |
|
|
|
Maintenance, materials and repairs |
|
|
989 |
|
|
|
870 |
|
|
13.8 |
|
|
|
2,823 |
|
|
|
2,389 |
|
|
18.2 |
|
|
|
|
Other rent and landing fees |
|
|
861 |
|
|
|
745 |
|
|
15.5 |
|
|
|
2,514 |
|
|
|
2,214 |
|
|
13.5 |
|
|
|
|
Aircraft rent |
|
|
303 |
|
|
|
342 |
|
|
(11.4 |
) |
|
|
945 |
|
|
|
1,031 |
|
|
(8.3 |
) |
|
|
|
Selling expenses |
|
|
468 |
|
|
|
430 |
|
|
8.8 |
|
|
|
1,331 |
|
|
|
1,357 |
|
|
(1.9 |
) |
|
|
|
Depreciation and amortization |
|
|
479 |
|
|
|
487 |
|
|
(1.5 |
) |
|
|
1,424 |
|
|
|
1,456 |
|
|
(2.2 |
) |
|
|
|
Special items, net |
|
|
554 |
|
|
|
949 |
|
|
(41.6 |
) |
|
|
625 |
|
|
|
962 |
|
|
(35.1 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss) |
|
|
89 |
|
|
|
(223 |
) |
|
nm |
|
(1) |
|
1,480 |
|
|
|
2,378 |
|
|
(37.8 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonoperating income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
117 |
|
|
|
168 |
|
|
(30.3 |
) |
|
|
363 |
|
|
|
456 |
|
|
(20.4 |
) |
|
|
|
Interest expense, net |
|
|
(480 |
) |
|
|
(537 |
) |
|
(10.7 |
) |
|
|
(1,464 |
) |
|
|
(1,626 |
) |
|
(10.0 |
) |
|
|
|
Other income (expense), net |
|
|
18 |
|
|
|
(98 |
) |
|
nm |
|
|
|
(20 |
) |
|
|
(119 |
) |
|
(83.0 |
) |
|
|
|
Total nonoperating expense, net |
|
|
(345 |
) |
|
|
(467 |
) |
|
(26.2 |
) |
|
|
(1,121 |
) |
|
|
(1,289 |
) |
|
(13.0 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income taxes |
|
|
(256 |
) |
|
|
(690 |
) |
|
(62.9 |
) |
|
|
359 |
|
|
|
1,089 |
|
|
(67.0 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax provision (benefit) |
|
|
(107 |
) |
|
|
(145 |
) |
|
(26.0 |
) |
|
|
103 |
|
|
|
286 |
|
|
(64.0 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
(149 |
) |
|
$ |
(545 |
) |
|
(72.7 |
) |
|
$ |
256 |
|
|
$ |
803 |
|
|
(68.1 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
(0.23 |
) |
|
$ |
(0.83 |
) |
|
|
|
$ |
0.39 |
|
|
$ |
1.23 |
|
|
|
|
|
|
Diluted |
|
$ |
(0.23 |
) |
|
$ |
(0.83 |
) |
|
|
|
$ |
0.39 |
|
|
$ |
1.16 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding (in thousands): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
657,424 |
|
|
|
654,119 |
|
|
|
|
|
656,745 |
|
|
|
653,241 |
|
|
|
|
|
|
Diluted |
|
|
657,424 |
|
|
|
654,119 |
|
|
|
|
|
658,775 |
|
|
|
719,956 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 EndedSeptember 30, |
|
Increase |
|
|
9 Months EndedSeptember 30, |
|
Increase |
|
|
| |
|
2024 |
|
|
|
2023 |
|
|
(Decrease) |
|
|
|
2024 |
|
|
|
2023 |
|
|
(Decrease) |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue passenger miles (millions) |
|
65,502 |
|
|
|
61,561 |
|
|
6.4 |
|
% |
|
|
188,120 |
|
|
|
173,595 |
|
|
8.4 |
|
% |
|
|
Available seat miles (ASM) (millions) |
|
75,665 |
|
|
|
73,285 |
|
|
3.2 |
|
% |
|
|
221,445 |
|
|
|
207,950 |
|
|
6.5 |
|
% |
|
|
Passenger load factor (percent) |
|
86.6 |
|
|
|
84.0 |
|
|
2.6 |
|
pts |
|
|
85.0 |
|
|
|
83.5 |
|
|
1.5 |
|
pts |
|
|
Yield (cents) |
|
19.12 |
|
|
|
20.18 |
|
|
(5.2 |
) |
% |
|
|
19.77 |
|
|
|
21.03 |
|
|
(6.0 |
) |
% |
|
|
Passenger revenue per ASM (cents) |
|
16.55 |
|
|
|
16.95 |
|
|
(2.3 |
) |
% |
|
|
16.79 |
|
|
|
17.55 |
|
|
(4.3 |
) |
% |
|
|
Total revenue per ASM (cents) |
|
18.04 |
|
|
|
18.40 |
|
|
(2.0 |
) |
% |
|
|
18.31 |
|
|
|
19.10 |
|
|
(4.1 |
) |
% |
|
|
Cargo ton miles (millions) |
|
542 |
|
|
|
490 |
|
|
10.5 |
|
% |
|
|
1,541 |
|
|
|
1,339 |
|
|
15.1 |
|
% |
|
|
Cargo yield per ton mile (cents) |
|
37.33 |
|
|
|
39.31 |
|
|
(5.0 |
) |
% |
|
|
37.92 |
|
|
|
45.78 |
|
|
(17.2 |
) |
% |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fuel consumption (gallons in millions) |
|
1,147 |
|
|
|
1,102 |
|
|
4.1 |
|
% |
|
|
3,322 |
|
|
|
3,107 |
|
|
6.9 |
|
% |
|
|
Average aircraft fuel price including related taxes (dollars per
gallon) |
|
2.50 |
|
|
|
2.91 |
|
|
(14.0 |
) |
% |
|
|
2.68 |
|
|
|
2.93 |
|
|
(8.3 |
) |
% |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating cost per ASM (cents) |
|
17.92 |
|
|
|
18.70 |
|
|
(4.2 |
) |
% |
|
|
17.64 |
|
|
|
17.96 |
|
|
(1.8 |
) |
% |
|
|
Operating cost per ASM excluding net special items (cents) |
|
17.19 |
|
|
|
17.40 |
|
|
(1.2 |
) |
% |
|
|
17.36 |
|
|
|
17.49 |
|
|
(0.8 |
) |
% |
|
|
Operating cost per ASM excluding net special items and fuel
(cents) |
|
13.39 |
|
|
|
13.02 |
|
|
2.8 |
|
% |
|
|
13.34 |
|
|
|
13.12 |
|
|
1.7 |
|
% |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Passenger enplanements (thousands) |
|
58,645 |
|
|
|
54,608 |
|
|
7.4 |
|
% |
|
|
170,599 |
|
|
|
157,125 |
|
|
8.6 |
|
% |
|
|
Departures (thousands): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mainline |
|
304 |
|
|
|
296 |
|
|
2.8 |
|
% |
|
|
900 |
|
|
|
860 |
|
|
4.7 |
|
% |
|
|
Regional |
|
254 |
|
|
|
223 |
|
|
13.9 |
|
% |
|
|
716 |
|
|
|
633 |
|
|
13.1 |
|
% |
|
|
Total |
|
558 |
|
|
|
519 |
|
|
7.6 |
|
% |
|
|
1,616 |
|
|
|
1,493 |
|
|
8.3 |
|
% |
|
|
Average stage length (miles): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mainline |
|
1,159 |
|
|
|
1,166 |
|
|
(0.6 |
) |
% |
|
|
1,156 |
|
|
|
1,144 |
|
|
1.1 |
|
% |
|
|
Regional |
|
456 |
|
|
|
461 |
|
|
(1.1 |
) |
% |
|
|
459 |
|
|
|
464 |
|
|
(1.1 |
) |
% |
|
|
Total |
|
839 |
|
|
|
864 |
|
|
(2.8 |
) |
% |
|
|
847 |
|
|
|
856 |
|
|
(1.0 |
) |
% |
|
|
Aircraft at end of period: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mainline |
|
971 |
|
|
|
950 |
|
|
2.2 |
|
% |
|
|
971 |
|
|
|
950 |
|
|
2.2 |
|
% |
|
|
Regional (2) |
|
575 |
|
|
|
549 |
|
|
4.7 |
|
% |
|
|
575 |
|
|
|
549 |
|
|
4.7 |
|
% |
|
|
Total |
|
1,546 |
|
|
|
1,499 |
|
|
3.1 |
|
% |
|
|
1,546 |
|
|
|
1,499 |
|
|
3.1 |
|
% |
|
|
Full-time equivalent employees at end of period: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mainline |
|
104,400 |
|
|
|
104,300 |
|
|
0.1 |
|
% |
|
|
104,400 |
|
|
|
104,300 |
|
|
0.1 |
|
% |
|
|
Regional (3) |
|
29,800 |
|
|
|
28,500 |
|
|
4.6 |
|
% |
|
|
29,800 |
|
|
|
28,500 |
|
|
4.6 |
|
% |
|
|
Total |
|
134,200 |
|
|
|
132,800 |
|
|
1.1 |
|
% |
|
|
134,200 |
|
|
|
132,800 |
|
|
1.1 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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) Includes aircraft owned and leased by American as well as
aircraft operated by third-party regional carriers under capacity
purchase agreements. Excluded from the aircraft count above are 52
regional aircraft in temporary storage as of September 30, 2024 as
follows: 51 Embraer 145 and one Embraer 170. |
|
(3) 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 EndedSeptember 30, |
|
Increase |
|
|
9 Months EndedSeptember 30, |
|
Increase |
|
|
| |
|
2024 |
|
|
|
2023 |
|
|
(Decrease) |
|
|
|
2024 |
|
|
|
2023 |
|
|
(Decrease) |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue passenger miles (millions) |
|
43,105 |
|
|
|
40,255 |
|
|
7.1 |
|
% |
|
|
125,100 |
|
|
|
115,764 |
|
|
8.1 |
|
% |
|
|
Available seat miles (ASM) (millions) |
|
50,040 |
|
|
|
48,146 |
|
|
3.9 |
|
% |
|
|
146,755 |
|
|
|
138,400 |
|
|
6.0 |
|
% |
|
|
Passenger load factor (percent) |
|
86.1 |
|
|
|
83.6 |
|
|
2.5 |
|
pts |
|
|
85.2 |
|
|
|
83.6 |
|
|
1.6 |
|
pts |
|
|
Passenger revenue (dollars in millions) |
|
8,681 |
|
|
|
8,616 |
|
|
0.8 |
|
% |
|
|
26,285 |
|
|
|
25,848 |
|
|
1.7 |
|
% |
|
|
Yield (cents) |
|
20.14 |
|
|
|
21.40 |
|
|
(5.9 |
) |
% |
|
|
21.01 |
|
|
|
22.33 |
|
|
(5.9 |
) |
% |
|
|
Passenger revenue per ASM (cents) |
|
17.35 |
|
|
|
17.90 |
|
|
(3.1 |
) |
% |
|
|
17.91 |
|
|
|
18.68 |
|
|
(4.1 |
) |
% |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Latin
America (2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue passenger miles (millions) |
|
7,906 |
|
|
|
7,833 |
|
|
0.9 |
|
% |
|
|
26,578 |
|
|
|
24,767 |
|
|
7.3 |
|
% |
|
|
Available seat miles (millions) |
|
8,872 |
|
|
|
8,872 |
|
|
- |
|
% |
|
|
30,484 |
|
|
|
28,582 |
|
|
6.7 |
|
% |
|
|
Passenger load factor (percent) |
|
89.1 |
|
|
|
88.3 |
|
|
0.8 |
|
pts |
|
|
87.2 |
|
|
|
86.7 |
|
|
0.5 |
|
pts |
|
|
Passenger revenue (dollars in millions) |
|
1,433 |
|
|
|
1,490 |
|
|
(3.8 |
) |
% |
|
|
4,897 |
|
|
|
5,045 |
|
|
(2.9 |
) |
% |
|
|
Yield (cents) |
|
18.13 |
|
|
|
19.02 |
|
|
(4.7 |
) |
% |
|
|
18.43 |
|
|
|
20.37 |
|
|
(9.5 |
) |
% |
|
|
Passenger revenue per ASM (cents) |
|
16.16 |
|
|
|
16.80 |
|
|
(3.8 |
) |
% |
|
|
16.07 |
|
|
|
17.65 |
|
|
(9.0 |
) |
% |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Atlantic |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue passenger miles (millions) |
|
12,412 |
|
|
|
11,764 |
|
|
5.5 |
|
% |
|
|
30,394 |
|
|
|
28,274 |
|
|
7.5 |
|
% |
|
|
Available seat miles (millions) |
|
14,329 |
|
|
|
14,262 |
|
|
0.5 |
|
% |
|
|
37,001 |
|
|
|
35,328 |
|
|
4.7 |
|
% |
|
|
Passenger load factor (percent) |
|
86.6 |
|
|
|
82.5 |
|
|
4.1 |
|
pts |
|
|
82.1 |
|
|
|
80.0 |
|
|
2.1 |
|
pts |
|
|
Passenger revenue (dollars in millions) |
|
2,110 |
|
|
|
2,056 |
|
|
2.6 |
|
% |
|
|
5,122 |
|
|
|
4,875 |
|
|
5.1 |
|
% |
|
|
Yield (cents) |
|
17.00 |
|
|
|
17.48 |
|
|
(2.7 |
) |
% |
|
|
16.85 |
|
|
|
17.24 |
|
|
(2.3 |
) |
% |
|
|
Passenger revenue per ASM (cents) |
|
14.73 |
|
|
|
14.41 |
|
|
2.2 |
|
% |
|
|
13.84 |
|
|
|
13.80 |
|
|
0.3 |
|
% |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pacific |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue passenger miles (millions) |
|
2,079 |
|
|
|
1,709 |
|
|
21.7 |
|
% |
|
|
6,048 |
|
|
|
4,790 |
|
|
26.3 |
|
% |
|
|
Available seat miles (millions) |
|
2,424 |
|
|
|
2,005 |
|
|
20.9 |
|
% |
|
|
7,205 |
|
|
|
5,640 |
|
|
27.7 |
|
% |
|
|
Passenger load factor (percent) |
|
85.8 |
|
|
|
85.2 |
|
|
0.6 |
|
pts |
|
|
83.9 |
|
|
|
84.9 |
|
|
(1.0 |
) |
pts |
|
|
Passenger revenue (dollars in millions) |
|
299 |
|
|
|
259 |
|
|
15.3 |
|
% |
|
|
880 |
|
|
|
734 |
|
|
19.9 |
|
% |
|
|
Yield (cents) |
|
14.37 |
|
|
|
15.16 |
|
|
(5.2 |
) |
% |
|
|
14.55 |
|
|
|
15.32 |
|
|
(5.0 |
) |
% |
|
|
Passenger revenue per ASM (cents) |
|
12.33 |
|
|
|
12.92 |
|
|
(4.6 |
) |
% |
|
|
12.21 |
|
|
|
13.01 |
|
|
(6.1 |
) |
% |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total International |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue passenger miles (millions) |
|
22,397 |
|
|
|
21,306 |
|
|
5.1 |
|
% |
|
|
63,020 |
|
|
|
57,831 |
|
|
9.0 |
|
% |
|
|
Available seat miles (millions) |
|
25,625 |
|
|
|
25,139 |
|
|
1.9 |
|
% |
|
|
74,690 |
|
|
|
69,550 |
|
|
7.4 |
|
% |
|
|
Passenger load factor (percent) |
|
87.4 |
|
|
|
84.7 |
|
|
2.7 |
|
pts |
|
|
84.4 |
|
|
|
83.2 |
|
|
1.2 |
|
pts |
|
|
Passenger revenue (dollars in millions) |
|
3,842 |
|
|
|
3,805 |
|
|
1.0 |
|
% |
|
|
10,899 |
|
|
|
10,654 |
|
|
2.3 |
|
% |
|
|
Yield (cents) |
|
17.16 |
|
|
|
17.86 |
|
|
(3.9 |
) |
% |
|
|
17.29 |
|
|
|
18.42 |
|
|
(6.1 |
) |
% |
|
|
Passenger revenue per ASM (cents) |
|
15.00 |
|
|
|
15.14 |
|
|
(0.9 |
) |
% |
|
|
14.59 |
|
|
|
15.32 |
|
|
(4.7 |
) |
% |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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:- Operating Income (Loss) (GAAP measure) to
Operating Income Excluding Net Special Items (non-GAAP measure)-
Operating Margin (GAAP measure) to Operating Margin Excluding Net
Special Items (non-GAAP measure)- Pre-Tax Income (Loss) (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 (Loss) (GAAP
measure) to Net Income Excluding Net Special Items (non-GAAP
measure)- Basic and Diluted Earnings (Loss) Per Share (GAAP
measure) to Basic and Diluted Earnings Per Share 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. |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Operating Income Excluding Net Special
Items |
|
3 Months EndedSeptember 30, |
|
PercentIncrease |
|
9 Months EndedSeptember 30, |
PercentIncrease |
|
|
|
|
|
2024 |
|
|
|
2023 |
|
|
(Decrease) |
|
|
2024 |
|
|
|
2023 |
|
|
(Decrease) |
|
|
|
|
|
(in millions) |
|
|
|
(in millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss) as reported |
|
$ |
89 |
|
|
$ |
(223 |
) |
|
|
|
$ |
1,480 |
|
|
$ |
2,378 |
|
|
|
|
|
|
Operating net special items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mainline operating special items, net (1) |
|
|
554 |
|
|
|
949 |
|
|
|
|
|
625 |
|
|
|
962 |
|
|
|
|
|
|
Regional operating special items, net |
|
|
- |
|
|
|
2 |
|
|
|
|
|
- |
|
|
|
8 |
|
|
|
|
|
|
Operating income excluding net special items |
|
$ |
643 |
|
|
$ |
728 |
|
|
(11.7%) |
|
$ |
2,105 |
|
|
$ |
3,348 |
|
|
(37.1%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of Operating Margin |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss) as reported |
|
$ |
89 |
|
|
$ |
(223 |
) |
|
|
|
$ |
1,480 |
|
|
$ |
2,378 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating revenues as reported |
|
$ |
13,647 |
|
|
$ |
13,482 |
|
|
|
|
$ |
40,551 |
|
|
$ |
39,726 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating margin |
|
|
0.7% |
|
|
|
(1.7% |
) |
|
|
|
|
3.7% |
|
|
|
6.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of Operating Margin Excluding Net Special
Items |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income excluding net special items |
|
$ |
643 |
|
|
$ |
728 |
|
|
|
|
$ |
2,105 |
|
|
$ |
3,348 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating revenues as reported |
|
$ |
13,647 |
|
|
$ |
13,482 |
|
|
|
|
$ |
40,551 |
|
|
$ |
39,726 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating margin excluding net special items |
|
|
4.7% |
|
|
|
5.4% |
|
|
|
|
|
5.2% |
|
|
|
8.4% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Pre-Tax Income Excluding Net Special
Items |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax income (loss) as reported |
|
$ |
(256 |
) |
|
$ |
(690 |
) |
|
|
|
$ |
359 |
|
|
$ |
1,089 |
|
|
|
|
|
|
Pre-tax net special items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mainline operating special items, net (1) |
|
|
554 |
|
|
|
949 |
|
|
|
|
|
625 |
|
|
|
962 |
|
|
|
|
|
|
Regional operating special items, net |
|
|
- |
|
|
|
2 |
|
|
|
|
|
- |
|
|
|
8 |
|
|
|
|
|
|
Nonoperating special items, net (2) |
|
|
(27 |
) |
|
|
101 |
|
|
|
|
|
30 |
|
|
|
146 |
|
|
|
|
|
|
Total pre-tax net special items |
|
|
527 |
|
|
|
1,052 |
|
|
|
|
|
655 |
|
|
|
1,116 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax income excluding net special items |
|
$ |
271 |
|
|
$ |
362 |
|
|
(25.2%) |
|
$ |
1,014 |
|
|
$ |
2,205 |
|
|
(54.0%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of Pre-Tax Margin |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax income (loss) as reported |
|
$ |
(256 |
) |
|
$ |
(690 |
) |
|
|
|
$ |
359 |
|
|
$ |
1,089 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating revenues as reported |
|
$ |
13,647 |
|
|
$ |
13,482 |
|
|
|
|
$ |
40,551 |
|
|
$ |
39,726 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax margin |
|
|
(1.9% |
) |
|
|
(5.1% |
) |
|
|
|
|
0.9% |
|
|
|
2.7% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of Pre-Tax Margin Excluding Net Special
Items |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax income excluding net special items |
|
$ |
271 |
|
|
$ |
362 |
|
|
|
|
$ |
1,014 |
|
|
$ |
2,205 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating revenues as reported |
|
$ |
13,647 |
|
|
$ |
13,482 |
|
|
|
|
$ |
40,551 |
|
|
$ |
39,726 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax margin excluding net special items |
|
|
2.0% |
|
|
|
2.7% |
|
|
|
|
|
2.5% |
|
|
|
5.6% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 Months EndedSeptember 30, |
|
PercentIncrease |
|
9 Months EndedSeptember 30, |
PercentIncrease |
|
|
|
Reconciliation of Net Income Excluding Net Special
Items |
|
|
2024 |
|
|
|
2023 |
|
|
(Decrease) |
|
|
2024 |
|
|
|
2023 |
|
|
(Decrease) |
|
|
|
|
|
(in millions, except share and per share amounts) |
|
|
|
(in millions, except share and per share amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) as reported |
|
$ |
(149 |
) |
|
$ |
(545 |
) |
|
|
|
$ |
256 |
|
|
$ |
803 |
|
|
|
|
| |
Net special items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Total pre-tax net special items (1), (2) |
|
|
527 |
|
|
|
1,052 |
|
|
|
|
|
655 |
|
|
|
1,116 |
|
|
|
|
| |
Net tax effect of net special items |
|
|
(173 |
) |
|
|
(244 |
) |
|
|
|
|
(158 |
) |
|
|
(252 |
) |
|
|
|
| |
Net income excluding net special items |
|
$ |
205 |
|
|
$ |
263 |
|
|
(21.9%) |
|
$ |
753 |
|
|
$ |
1,667 |
|
|
(54.8%) |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Basic and Diluted Earnings Per Share
Excluding Net Special Items |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income excluding net special items |
|
$ |
205 |
|
|
$ |
263 |
|
|
|
|
$ |
753 |
|
|
$ |
1,667 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used for computation (in thousands): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
657,424 |
|
|
|
654,119 |
|
|
|
|
|
656,745 |
|
|
|
653,241 |
|
|
|
|
|
|
Diluted |
|
|
720,086 |
|
|
|
722,087 |
|
|
|
|
|
720,503 |
|
|
|
719,956 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share excluding net special items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.31 |
|
|
$ |
0.40 |
|
|
|
|
$ |
1.15 |
|
|
$ |
2.55 |
|
|
|
|
|
|
Diluted (3) |
|
$ |
0.30 |
|
|
$ |
0.38 |
|
|
|
|
$ |
1.10 |
|
|
$ |
2.36 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Total Operating Costs per ASM Excluding
Net Special Items and Fuel |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Total operating expenses as reported |
|
$ |
13,558 |
|
|
$ |
13,705 |
|
|
|
|
$ |
39,071 |
|
|
$ |
37,348 |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Operating net special items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Mainline operating special items, net (1) |
|
|
(554 |
) |
|
|
(949 |
) |
|
|
|
|
(625 |
) |
|
|
(962 |
) |
|
|
|
| |
Regional operating special items, net |
|
|
- |
|
|
|
(2 |
) |
|
|
|
|
- |
|
|
|
(8 |
) |
|
|
|
| |
Total operating expenses excluding net special items |
|
|
13,004 |
|
|
|
12,754 |
|
|
|
|
|
38,446 |
|
|
|
36,378 |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Aircraft fuel and related taxes |
|
|
(2,874 |
) |
|
|
(3,209 |
) |
|
|
|
|
(8,916 |
) |
|
|
(9,098 |
) |
|
|
|
| |
Total operating expenses excluding net special items and fuel |
|
$ |
10,130 |
|
|
$ |
9,545 |
|
|
|
|
$ |
29,530 |
|
|
$ |
27,280 |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
(in cents) |
|
|
|
(in cents) |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Total operating expenses per ASM as reported |
|
|
17.92 |
|
|
|
18.70 |
|
|
|
|
|
17.64 |
|
|
|
17.96 |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Operating net special items per ASM: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Mainline operating special items, net (1) |
|
|
(0.73 |
) |
|
|
(1.29 |
) |
|
|
|
|
(0.28 |
) |
|
|
(0.46 |
) |
|
|
|
| |
Regional operating special items, net |
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
|
| |
Total operating expenses per ASM excluding net special items |
|
|
17.19 |
|
|
|
17.40 |
|
|
|
|
|
17.36 |
|
|
|
17.49 |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Aircraft fuel and related taxes per ASM |
|
|
(3.80 |
) |
|
|
(4.38 |
) |
|
|
|
|
(4.03 |
) |
|
|
(4.38 |
) |
|
|
|
| |
Total operating expenses per ASM excluding net special items and
fuel |
|
|
13.39 |
|
|
|
13.02 |
|
|
|
|
|
13.34 |
|
|
|
13.12 |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Note: Amounts may not recalculate due to
rounding. |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
FOOTNOTES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
The 2024 third quarter mainline operating special items, net
principally included $516 million of one-time charges resulting
from the ratification of a new collective bargaining agreement with
our mainline flight attendants. The 2024 nine month period mainline
operating special items, net included $573 million of one-time
charges resulting from the ratifications of new collective
bargaining agreements with our mainline flight attendants as
discussed above and with our mainline passenger service team
members. |
|
|
|
|
|
|
|
The 2023 third quarter and nine month period mainline operating
special items, net principally included $983 million of one-time
charges resulting from the ratification of a new collective
bargaining agreement with our mainline pilots, including a one-time
payment of $754 million as well as adjustments to other
benefit-related items of $229 million. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) |
Principally included charges associated with debt refinancings and
extinguishments as well as mark-to-market net unrealized gains and
losses associated with certain equity investments. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3) |
The 2024 third quarter and nine month period diluted earnings per
share gives effect to, among other things, the Company's
outstanding 6.5% senior convertible notes by (a) adding back to
earnings $14 million and $36 million of interest expense,
respectively, related to such convertible notes, net of estimated
profit sharing and tax effects and (b) including in the diluted
shares outstanding, 61.7 million shares issuable in respect to such
convertible notes. The 2023 third quarter and nine month period
diluted earnings per share gives effect to, among other things, the
Company's outstanding 6.5% senior convertible notes by (a) adding
back to earnings $11 million and $33 million of interest expense,
respectively, related to such convertible notes, net of estimated
profit sharing, short-term incentive and tax effects and (b)
including in the diluted shares outstanding, 61.7 million shares
issuable in respect to such convertible notes. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
American Airlines Group Inc. |
|
|
|
Condensed Consolidated Statements of Cash
Flows |
|
|
|
(In millions)(Unaudited) |
|
|
| |
|
|
|
|
|
|
|
| |
|
|
|
9 Months EndedSeptember 30, |
|
|
| |
|
|
|
2024 |
|
2023 |
|
| |
|
|
|
|
|
|
|
| |
Net cash provided by operating activities |
$ |
3,585 |
|
|
$ |
5,154 |
|
|
| |
Cash flows from investing activities: |
|
|
|
|
| |
Capital expenditures and aircraft purchase deposits |
|
(1,943 |
) |
|
|
(1,753 |
) |
|
| |
Proceeds from sale-leaseback transactions and sale of property and
equipment |
|
598 |
|
|
|
219 |
|
|
| |
Purchases of short-term investments |
|
(6,528 |
) |
|
|
(8,323 |
) |
|
| |
Sales of short-term investments |
|
5,901 |
|
|
|
6,857 |
|
|
| |
Decrease in restricted short-term investments |
|
159 |
|
|
|
39 |
|
|
| |
Other investing activities |
|
(21 |
) |
|
|
300 |
|
|
| |
Net cash used in investing activities |
|
(1,834 |
) |
|
|
(2,661 |
) |
|
| |
Cash flows from financing activities: |
|
|
|
|
| |
Payments on long-term debt and finance leases |
|
(2,698 |
) |
|
|
(4,624 |
) |
|
| |
Proceeds from issuance of long-term debt |
|
1,252 |
|
|
|
2,324 |
|
|
| |
Other financing activities |
|
(53 |
) |
|
|
(92 |
) |
|
| |
Net cash used in financing activities |
|
(1,499 |
) |
|
|
(2,392 |
) |
|
| |
Net increase in cash and restricted cash |
|
252 |
|
|
|
101 |
|
|
| |
Cash and restricted cash at beginning of period |
|
681 |
|
|
|
586 |
|
|
|
(1) |
Cash and restricted cash at end of period |
$ |
933 |
|
|
$ |
687 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
(1) |
The following table provides a reconciliation of cash and
restricted cash to amounts reported within the condensed
consolidated balance sheets: |
|
|
| |
|
|
|
|
|
|
|
|
|
Cash |
|
$ |
834 |
|
|
$ |
577 |
|
|
| |
Restricted cash included in restricted cash and short-term
investments |
|
99 |
|
|
|
110 |
|
|
| |
Total cash and restricted cash |
$ |
933 |
|
|
$ |
687 |
|
|
| |
|
|
|
|
|
|
|
|
Free Cash Flow |
|
|
|
|
|
|
|
|
|
The Company's free cash flow summary is presented in the table
below, which is a non-GAAP measure that management believes is
useful information to investors and others in evaluating the
Company's ability to generate cash from its core operating
performance that is available for use to reinvest in the business
or to reduce debt. The Company defines free cash flows as net cash
provided by operating activities less net cash used in investing
activities, adjusted for (1) net purchases of short-term
investments and (2) change in restricted cash. We believe that
calculating free cash flow as adjusted for these items is more
useful for investors because short-term investment activity and
restricted cash are not representative of activity core to our
operations.This non-GAAP measure 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. Our calculation of free cash flow is not
intended, and should not be used, to measure the residual cash flow
available for discretionary expenditures because, among other
things, it excludes mandatory debt service requirements and certain
other non-discretionary expenditures. |
|
|
| |
|
|
|
|
|
|
| |
|
|
|
9 Months EndedSeptember 30, 2024 |
|
|
| |
|
|
|
|
|
| |
|
|
|
(in millions) |
|
|
| |
|
|
|
|
|
|
|
|
Net cash provided by operating activities |
$ |
3,585 |
|
|
|
|
Adjusted net cash used in investing
activities (1) |
(1,203 |
) |
|
|
|
Free cash flow |
$ |
2,382 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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(1) |
The following table provides a reconciliation of adjusted net cash
used in investing activities for the nine months ended September
30, 2024 (in millions): |
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Net cash used in investing activities |
$ |
(1,834 |
) |
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|
Adjustments: |
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Net purchases of short-term investments |
627 |
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| |
Decrease in restricted cash |
4 |
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Adjusted net cash used in investing activities |
$ |
(1,203 |
) |
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American Airlines Group Inc. |
|
Condensed Consolidated Balance Sheets |
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(In millions, except shares) |
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| |
September 30, 2024 |
|
December 31, 2023 |
| |
(unaudited) |
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Assets |
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Current assets |
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Cash |
$ |
834 |
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|
$ |
578 |
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Short-term investments |
|
7,638 |
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|
|
7,000 |
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Restricted cash and short-term investments |
|
752 |
|
|
|
910 |
|
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Accounts receivable, net |
|
1,820 |
|
|
|
2,026 |
|
|
Aircraft fuel, spare parts and supplies, net |
|
2,582 |
|
|
|
2,400 |
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Prepaid expenses and other |
|
830 |
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|
|
658 |
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Total current assets |
|
14,456 |
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|
|
13,572 |
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Operating property and equipment |
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Flight equipment |
|
43,110 |
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|
|
41,794 |
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Ground property and equipment |
|
10,105 |
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|
|
10,307 |
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Equipment purchase deposits |
|
1,098 |
|
|
|
760 |
|
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Total property and equipment, at cost |
|
54,313 |
|
|
|
52,861 |
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Less accumulated depreciation and amortization |
|
(23,467 |
) |
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|
(22,097 |
) |
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Total property and equipment, net |
|
30,846 |
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|
|
30,764 |
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Operating lease right-of-use assets |
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7,709 |
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7,939 |
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Other assets |
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Goodwill |
|
4,091 |
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|
4,091 |
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Intangibles, net |
|
2,046 |
|
|
|
2,051 |
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Deferred tax asset |
|
2,768 |
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|
|
2,888 |
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Other assets |
|
1,612 |
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|
1,753 |
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Total other assets |
|
10,517 |
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10,783 |
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Total assets |
$ |
63,528 |
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$ |
63,058 |
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Liabilities and Stockholders’ Equity (Deficit) |
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Current liabilities |
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|
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Current maturities of long-term debt and finance leases |
$ |
5,384 |
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$ |
3,632 |
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Accounts payable |
|
2,623 |
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|
2,353 |
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Accrued salaries and wages |
|
2,484 |
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|
2,377 |
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Air traffic liability |
|
7,551 |
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|
6,200 |
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Loyalty program liability |
|
3,584 |
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|
|
3,453 |
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Operating lease liabilities |
|
1,173 |
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|
|
1,309 |
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Other accrued liabilities |
|
2,733 |
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|
|
2,738 |
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Total current liabilities |
|
25,532 |
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|
|
22,062 |
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Noncurrent liabilities |
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Long-term debt and finance leases, net of current maturities |
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26,268 |
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29,270 |
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Pension and postretirement benefits |
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2,568 |
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3,044 |
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Loyalty program liability |
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6,035 |
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5,874 |
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Operating lease liabilities |
|
6,348 |
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|
6,452 |
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Other liabilities |
|
1,631 |
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|
|
1,558 |
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Total noncurrent liabilities |
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42,850 |
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|
|
46,198 |
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Stockholders' equity (deficit) |
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Common stock, 657,102,842 shares outstanding at September 30,
2024 |
|
7 |
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|
7 |
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Additional paid-in capital |
|
7,407 |
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|
7,374 |
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Accumulated other comprehensive loss |
|
(4,835 |
) |
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(4,894 |
) |
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Retained deficit |
|
(7,433 |
) |
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|
(7,689 |
) |
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Total stockholders' deficit |
|
(4,854 |
) |
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(5,202 |
) |
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Total liabilities and stockholders’ equity (deficit) |
$ |
63,528 |
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$ |
63,058 |
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Corporate
Communicationsmediarelations@aa.com
Investor Relationsinvestor.relations@aa.com
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