American Airlines Reports First-Quarter 2024 Financial Results
2024年4月25日 - 8:00PM
American Airlines Group Inc. (NASDAQ: AAL) today reported its
first-quarter 2024 financial results, including:
- Record first-quarter revenue of approximately $12.6
billion.
- First-quarter net loss of $312 million, or ($0.48) per
diluted share. Excluding net special
items1, first-quarter net loss of
$226 million, or ($0.34) per diluted share.
- Achieved best-ever first-quarter completion
factor.
- Generated operating cash flow of $2.2 billion and free
cash flow2 of $1.4 billion in the
first quarter.
- Reduced total debt3
by nearly $950 million in the first quarter. The company is
now more than 80% of the way to its 2025 total debt reduction
goal.
“The American Airlines team continues to build a reliable,
efficient and resilient airline,” said American’s CEO Robert Isom.
“While we aren’t satisfied with our first-quarter financial
results, we have a strong foundation in place, and we remain on
track to deliver on our full-year financial targets. Our team is
running a fantastic operation, driving revenue through our
commercial initiatives, efficiently managing costs, and producing
free cash flow to further strengthen our balance sheet.”
Operational performanceAmerican is running the
best operation in its history because of a steadfast commitment to
operational excellence and strong collaboration across the entire
airline. The company produced its best-ever first-quarter
completion factor and improved its mishandled baggage rate year
over year. American achieved these results despite air traffic
control challenges and significant weather events across its
network during the quarter.
Financial performanceAmerican produced results
within previously guided ranges for each of its operating metrics
despite a significant increase in the cost of fuel in the quarter.
The company generated record first-quarter revenue of approximately
$12.6 billion and a GAAP operating margin of 0.1%. Excluding the
impact of net special items1, American produced an operating margin
of 0.6% in the first quarter.
Balance sheetStrengthening the balance sheet
remains a top priority for American. In the first quarter, the
company reduced total debt3 by nearly $950 million and has now
achieved more than $12 billion, or over 80%, of its goal of
reducing total debt3 by $15 billion by the end of 2025.
Guidance and investor updateBased on present
demand trends and the current fuel price forecast and excluding the
impact of special items, the company expects its second-quarter
2024 adjusted earnings per diluted share4 to be between $1.15 and
$1.45. The company continues to expect its full-year adjusted
earnings per diluted share4 to be between $2.25 and $3.25.
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 May 25.
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 $86 million
of net special items in the first quarter after the effect of
taxes, which included operating net special items of $70 million,
principally related to one-time charges resulting from the
ratification of a new collective bargaining agreement for its
passenger service team members represented by the CWA-IBT, as well
as nonoperating net special items of $46 million for charges
associated with mark-to-market net unrealized losses on certain
equity investments.
- Please see the accompanying notes
for the company’s definition of free cash flow, which is a non-GAAP
measure.
- 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 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
@AmericanAir and at Facebook.com/AmericanAirlines.
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 March 31, 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.
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 |
|
|
|
2024 |
|
|
|
2023 |
|
|
(Decrease) |
|
|
|
|
|
|
|
Operating
revenues: |
|
|
|
|
|
|
Passenger |
|
$ |
11,458 |
|
|
$ |
11,103 |
|
|
3.2 |
|
Cargo |
|
|
187 |
|
|
|
223 |
|
|
(16.0 |
) |
Other |
|
|
925 |
|
|
|
863 |
|
|
7.2 |
|
Total operating revenues |
|
|
12,570 |
|
|
|
12,189 |
|
|
3.1 |
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
Aircraft fuel and related taxes |
|
|
2,980 |
|
|
|
3,167 |
|
|
(5.9 |
) |
Salaries, wages and benefits |
|
|
3,867 |
|
|
|
3,281 |
|
|
17.8 |
|
Regional expenses: |
|
|
|
|
|
|
Regional operating expenses |
|
|
1,122 |
|
|
|
1,062 |
|
|
5.6 |
|
Regional depreciation and amortization |
|
|
79 |
|
|
|
80 |
|
|
(1.3 |
) |
Maintenance, materials and repairs |
|
|
884 |
|
|
|
712 |
|
|
24.2 |
|
Other rent and landing fees |
|
|
819 |
|
|
|
708 |
|
|
15.8 |
|
Aircraft rent |
|
|
328 |
|
|
|
344 |
|
|
(4.8 |
) |
Selling expenses |
|
|
408 |
|
|
|
438 |
|
|
(6.8 |
) |
Depreciation and amortization |
|
|
470 |
|
|
|
486 |
|
|
(3.3 |
) |
Special items, net |
|
|
70 |
|
|
|
13 |
|
|
nm |
(1) |
Other |
|
|
1,536 |
|
|
|
1,460 |
|
|
5.2 |
|
Total operating expenses |
|
|
12,563 |
|
|
|
11,751 |
|
|
6.9 |
|
|
|
|
|
|
|
|
Operating income |
|
|
7 |
|
|
|
438 |
|
|
(98.5 |
) |
|
|
|
|
|
|
|
Nonoperating
income (expense): |
|
|
|
|
|
|
Interest income |
|
|
118 |
|
|
|
125 |
|
|
(6.2 |
) |
Interest expense, net |
|
|
(497 |
) |
|
|
(540 |
) |
|
(8.0 |
) |
Other expense, net |
|
|
(41 |
) |
|
|
(6 |
) |
|
nm |
|
Total nonoperating expense, net |
|
|
(420 |
) |
|
|
(421 |
) |
|
(0.2 |
) |
|
|
|
|
|
|
|
Income
(loss) before income taxes |
|
|
(413 |
) |
|
|
17 |
|
|
nm |
|
|
|
|
|
|
|
|
Income tax
provision (benefit) |
|
|
(101 |
) |
|
|
7 |
|
|
nm |
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
(312 |
) |
|
$ |
10 |
|
|
nm |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings
(loss) per common share: |
|
|
|
|
|
|
Basic |
|
$ |
(0.48 |
) |
|
$ |
0.02 |
|
|
|
Diluted |
|
$ |
(0.48 |
) |
|
$ |
0.02 |
|
|
|
|
|
|
|
|
|
|
Weighted
average shares outstanding (in thousands): |
|
|
|
|
|
|
Basic |
|
|
655,847 |
|
|
|
652,000 |
|
|
|
Diluted |
|
|
655,847 |
|
|
|
656,707 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
|
2024 |
|
2023 |
|
(Decrease) |
|
|
|
|
|
|
|
|
|
Revenue passenger miles (millions) |
|
57,473 |
|
52,014 |
|
10.5 |
|
% |
Available
seat miles (ASM) (millions) |
|
70,516 |
|
65,006 |
|
8.5 |
|
% |
Passenger
load factor (percent) |
|
81.5 |
|
80.0 |
|
1.5 |
|
pts |
Yield
(cents) |
|
19.94 |
|
21.35 |
|
(6.6 |
) |
% |
Passenger
revenue per ASM (cents) |
|
16.25 |
|
17.08 |
|
(4.9 |
) |
% |
Total
revenue per ASM (cents) |
|
17.83 |
|
18.75 |
|
(4.9 |
) |
% |
Cargo ton
miles (millions) |
|
484 |
|
422 |
|
14.7 |
|
% |
Cargo yield
per ton mile (cents) |
|
38.64 |
|
52.75 |
|
(26.7 |
) |
% |
|
|
|
|
|
|
|
|
Fuel
consumption (gallons in millions) |
|
1,042 |
|
965 |
|
8.0 |
|
% |
Average
aircraft fuel price including related taxes (dollars per
gallon) |
|
2.86 |
|
3.28 |
|
(12.8 |
) |
% |
|
|
|
|
|
|
|
|
Operating
cost per ASM (cents) |
|
17.82 |
|
18.08 |
|
(1.4 |
) |
% |
Operating
cost per ASM excluding net special items (cents) |
|
17.72 |
|
18.06 |
|
(1.9 |
) |
% |
Operating
cost per ASM excluding net special items and fuel (cents) |
|
13.49 |
|
13.18 |
|
2.3 |
|
% |
|
|
|
|
|
|
|
|
Passenger
enplanements (thousands) |
|
52,766 |
|
48,232 |
|
9.4 |
|
% |
Departures
(thousands): |
|
|
|
|
|
|
|
Mainline |
|
290 |
|
275 |
|
5.6 |
|
% |
Regional |
|
219 |
|
201 |
|
8.9 |
|
% |
Total |
|
509 |
|
476 |
|
7.0 |
|
% |
Average
stage length (miles): |
|
|
|
|
|
|
|
Mainline |
|
1,156 |
|
1,123 |
|
2.9 |
|
% |
Regional |
|
465 |
|
469 |
|
(0.8 |
) |
% |
Total |
|
858 |
|
846 |
|
1.4 |
|
% |
Aircraft at
end of period: |
|
|
|
|
|
|
|
Mainline |
|
967 |
|
931 |
|
3.9 |
|
% |
Regional (2) |
|
550 |
|
533 |
|
3.2 |
|
% |
Total |
|
1,517 |
|
1,464 |
|
3.6 |
|
% |
Full-time
equivalent employees at end of period: |
|
|
|
|
|
|
|
Mainline |
|
103,600 |
|
103,100 |
|
0.5 |
|
% |
Regional (3) |
|
29,200 |
|
27,700 |
|
5.4 |
|
% |
Total |
|
132,800 |
|
130,800 |
|
1.5 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 71 regional
aircraft that were in temporary storage as of March 31, 2024 as
follows: 57 Embraer 145, ten Bombardier CRJ 700, three Bombardier
CRJ 900, and one Embraer 175. |
(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 Ended March
31, |
|
Increase |
|
|
|
2024 |
|
2023 |
|
(Decrease) |
|
|
|
|
|
|
|
|
|
Domestic (1) |
|
|
|
|
|
|
|
Revenue passenger miles (millions) |
|
38,812 |
|
35,750 |
|
8.6 |
|
% |
Available
seat miles (ASM) (millions) |
|
47,102 |
|
44,554 |
|
5.7 |
|
% |
Passenger
load factor (percent) |
|
82.4 |
|
80.2 |
|
2.2 |
|
pts |
Passenger
revenue (dollars in millions) |
|
8,262 |
|
8,037 |
|
2.8 |
|
% |
Yield
(cents) |
|
21.29 |
|
22.48 |
|
(5.3 |
) |
% |
Passenger
revenue per ASM (cents) |
|
17.54 |
|
18.04 |
|
(2.8 |
) |
% |
|
|
|
|
|
|
|
|
Latin America (2) |
|
|
|
|
|
|
|
Revenue
passenger miles (millions) |
|
10,096 |
|
9,008 |
|
12.1 |
|
% |
Available
seat miles (millions) |
|
11,739 |
|
10,510 |
|
11.7 |
|
% |
Passenger
load factor (percent) |
|
86.0 |
|
85.7 |
|
0.3 |
|
pts |
Passenger
revenue (dollars in millions) |
|
1,902 |
|
1,915 |
|
(0.7 |
) |
% |
Yield
(cents) |
|
18.84 |
|
21.26 |
|
(11.4 |
) |
% |
Passenger
revenue per ASM (cents) |
|
16.20 |
|
18.22 |
|
(11.1 |
) |
% |
|
|
|
|
|
|
|
|
Atlantic |
|
|
|
|
|
|
|
Revenue
passenger miles (millions) |
|
6,455 |
|
5,821 |
|
10.9 |
|
% |
Available
seat miles (millions) |
|
9,042 |
|
8,242 |
|
9.7 |
|
% |
Passenger
load factor (percent) |
|
71.4 |
|
70.6 |
|
0.8 |
|
pts |
Passenger
revenue (dollars in millions) |
|
992 |
|
931 |
|
6.5 |
|
% |
Yield
(cents) |
|
15.37 |
|
16.00 |
|
(3.9 |
) |
% |
Passenger
revenue per ASM (cents) |
|
10.97 |
|
11.30 |
|
(2.9 |
) |
% |
|
|
|
|
|
|
|
|
Pacific |
|
|
|
|
|
|
|
Revenue
passenger miles (millions) |
|
2,110 |
|
1,435 |
|
47.1 |
|
% |
Available
seat miles (millions) |
|
2,633 |
|
1,700 |
|
54.9 |
|
% |
Passenger
load factor (percent) |
|
80.1 |
|
84.4 |
|
(4.3 |
) |
pts |
Passenger
revenue (dollars in millions) |
|
302 |
|
220 |
|
37.5 |
|
% |
Yield
(cents) |
|
14.30 |
|
15.30 |
|
(6.5 |
) |
% |
Passenger
revenue per ASM (cents) |
|
11.46 |
|
12.91 |
|
(11.2 |
) |
% |
|
|
|
|
|
|
|
|
Total International |
|
|
|
|
|
|
|
Revenue
passenger miles (millions) |
|
18,661 |
|
16,264 |
|
14.7 |
|
% |
Available
seat miles (millions) |
|
23,414 |
|
20,452 |
|
14.5 |
|
% |
Passenger
load factor (percent) |
|
79.7 |
|
79.5 |
|
0.2 |
|
pts |
Passenger
revenue (dollars in millions) |
|
3,196 |
|
3,066 |
|
4.3 |
|
% |
Yield
(cents) |
|
17.13 |
|
18.85 |
|
(9.1 |
) |
% |
Passenger
revenue per ASM (cents) |
|
13.65 |
|
14.99 |
|
(8.9 |
) |
% |
|
|
|
|
|
|
|
|
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 (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 (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 Income (Loss)
(GAAP measure) to Net Income (Loss) Excluding Net Special Items
(non-GAAP measure) - Basic and Diluted Earnings (Loss) Per Share
(GAAP measure) to Basic and Diluted Earnings (Loss) 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 Ended March
31, |
|
Percent
Increase |
|
|
|
|
2024 |
|
|
|
2023 |
|
|
(Decrease) |
|
|
|
|
(in millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income as reported |
|
$ |
7 |
|
|
$ |
438 |
|
|
|
|
|
Operating
net special items: |
|
|
|
|
|
|
|
|
Mainline operating special items, net (1) |
|
|
70 |
|
|
|
13 |
|
|
|
|
|
Operating income excluding net special items |
|
$ |
77 |
|
|
$ |
451 |
|
|
(83.0 |
%) |
|
|
|
|
|
|
|
|
|
|
|
Calculation of Operating Margin |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income as reported |
|
$ |
7 |
|
|
$ |
438 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
operating revenues as reported |
|
$ |
12,570 |
|
|
$ |
12,189 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
margin |
|
|
0.1 |
% |
|
|
3.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of Operating Margin Excluding Net Special
Items |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income excluding net special items |
|
$ |
77 |
|
|
$ |
451 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
operating revenues as reported |
|
$ |
12,570 |
|
|
$ |
12,189 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
margin excluding net special items |
|
|
0.6 |
% |
|
|
3.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Pre-Tax Income (Loss) Excluding Net
Special Items |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax
income (loss) as reported |
|
$ |
(413 |
) |
|
$ |
17 |
|
|
|
|
|
Pre-tax net
special items: |
|
|
|
|
|
|
|
|
Mainline operating special items, net (1) |
|
|
70 |
|
|
|
13 |
|
|
|
|
|
Nonoperating special items, net (2) |
|
|
46 |
|
|
|
15 |
|
|
|
|
|
Total
pre-tax net special items |
|
|
116 |
|
|
|
28 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax
income (loss) excluding net special items |
|
$ |
(297 |
) |
|
$ |
45 |
|
|
nm |
|
|
|
|
|
|
|
|
|
|
|
Calculation of Pre-Tax Margin |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax
income (loss) as reported |
|
$ |
(413 |
) |
|
$ |
17 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
operating revenues as reported |
|
$ |
12,570 |
|
|
$ |
12,189 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax
margin |
|
|
(3.3 |
%) |
|
|
0.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of Pre-Tax Margin Excluding Net Special
Items |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax
income (loss) excluding net special items |
|
$ |
(297 |
) |
|
$ |
45 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
operating revenues as reported |
|
$ |
12,570 |
|
|
$ |
12,189 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax
margin excluding net special items |
|
|
(2.40 |
%) |
|
|
0.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 Months Ended March
31, |
|
Percent
Increase |
|
|
Reconciliation of Net Income (Loss) Excluding Net Special
Items |
|
|
2024 |
|
|
|
2023 |
|
|
(Decrease) |
|
|
|
|
(in millions, except
share and per share amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss) as reported |
|
$ |
(312 |
) |
|
$ |
10 |
|
|
|
|
|
Net special
items: |
|
|
|
|
|
|
|
|
Total pre-tax net special items (1), (2) |
|
|
116 |
|
|
|
28 |
|
|
|
|
|
Net tax effect of net special items |
|
|
(30 |
) |
|
|
(5 |
) |
|
|
|
|
Net income
(loss) excluding net special items |
|
$ |
(226 |
) |
|
$ |
33 |
|
|
nm |
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Basic and Diluted Earnings (Loss) Per
Share Excluding Net Special Items |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss) excluding net special items |
|
$ |
(226 |
) |
|
$ |
33 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used
for computation (in thousands): |
|
|
|
|
|
|
|
|
Basic |
|
|
655,847 |
|
|
|
652,000 |
|
|
|
|
|
Diluted |
|
|
655,847 |
|
|
|
656,707 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings
(loss) per share excluding net special items: |
|
|
|
|
|
|
|
|
Basic |
|
$ |
(0.34 |
) |
|
$ |
0.05 |
|
|
|
|
|
Diluted |
|
$ |
(0.34 |
) |
|
$ |
0.05 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Total Operating Costs per ASM Excluding
Net Special Items and Fuel |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
operating expenses as reported |
|
$ |
12,563 |
|
|
$ |
11,751 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
net special items: |
|
|
|
|
|
|
|
|
Mainline operating special items, net (1) |
|
|
(70 |
) |
|
|
(13 |
) |
|
|
|
|
Total
operating expenses excluding net special items |
|
|
12,493 |
|
|
|
11,738 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aircraft
fuel and related taxes |
|
|
(2,980 |
) |
|
|
(3,167 |
) |
|
|
|
|
Total
operating expenses excluding net special items and fuel |
|
$ |
9,513 |
|
|
$ |
8,571 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in cents) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
operating expenses per ASM as reported |
|
|
17.82 |
|
|
|
18.08 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
net special items per ASM: |
|
|
|
|
|
|
|
|
Mainline operating special items, net (1) |
|
|
(0.10 |
) |
|
|
(0.02 |
) |
|
|
|
|
Total
operating expenses per ASM excluding net special items |
|
|
17.72 |
|
|
|
18.06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aircraft
fuel and related taxes per ASM |
|
|
(4.23 |
) |
|
|
(4.87 |
) |
|
|
|
|
Total
operating expenses per ASM excluding net special items and
fuel |
|
|
13.49 |
|
|
|
13.18 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Amounts may not recalculate due to
rounding. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FOOTNOTES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
The 2024 first
quarter mainline operating special items, net principally included
$57 million of one-time charges resulting from the ratification of
a new collective bargaining agreement with our mainline passenger
service team members, including a one-time signing bonus. |
|
|
|
|
|
|
|
|
|
(2) |
Principally
included mark-to-market net unrealized gains and losses associated
with certain equity investments. |
|
|
|
|
|
|
|
|
|
American
Airlines Group Inc. |
Condensed
Consolidated Statements of Cash Flows |
(In
millions)(Unaudited) |
|
|
|
|
3 Months Ended March
31, |
|
|
|
|
2024 |
|
|
2023 |
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities |
$ |
2,180 |
|
|
$ |
3,333 |
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
Capital expenditures and aircraft purchase deposits |
(824 |
) |
|
(505 |
) |
|
|
Purchases of short-term investments |
(3,287 |
) |
|
(5,131 |
) |
|
|
Sales of short-term investments |
2,585 |
|
|
2,666 |
|
|
|
Decrease in restricted short-term investments |
12 |
|
|
29 |
|
|
|
Other investing activities |
(2 |
) |
|
145 |
|
|
|
Net cash used in investing activities |
(1,516 |
) |
|
(2,796 |
) |
|
|
Cash flows from financing
activities: |
|
|
|
|
|
|
|
Payments on long-term debt and finance leases |
(873 |
) |
|
(2,326 |
) |
|
|
Proceeds from issuance of long-term debt |
248 |
|
|
1,824 |
|
|
|
Other financing activities |
(17 |
) |
|
(37 |
) |
|
|
Net cash used in financing activities |
(642 |
) |
|
(539 |
) |
|
|
Net increase (decrease) in cash and restricted cash |
22 |
|
|
(2 |
) |
|
|
Cash and restricted cash at beginning of period |
681 |
|
|
586 |
|
|
(1) |
Cash and restricted cash at end of period |
$ |
703 |
|
|
$ |
584 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
The following table
provides a reconciliation of cash and restricted cash to amounts
reported within the condensed consolidated balance sheets: |
|
|
|
|
|
|
|
|
|
|
|
|
Cash |
$ |
604 |
|
|
$ |
452 |
|
|
|
Restricted cash included in restricted cash and short-term
investments |
99 |
|
|
132 |
|
|
|
Total cash and restricted cash |
$ |
703 |
|
|
$ |
584 |
|
|
|
|
|
|
|
|
|
|
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. |
|
|
|
|
|
|
|
|
|
3 Months Ended March 31, 2024 |
|
|
|
|
|
|
|
|
|
|
(in millions) |
|
|
|
|
|
|
|
|
Net cash provided by operating activities |
$ |
2,180 |
|
|
|
Adjusted net cash used in investing activities
(1) |
(810 |
) |
|
|
Free
cash flow |
$ |
1,370 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
The following table provides a reconciliation of adjusted net cash
used in investing activities for the three months ended March 31,
2024 (in millions): |
|
|
|
|
|
|
|
|
Net cash
used in investing activities |
$ |
(1,516 |
) |
|
|
Adjustments: |
|
|
|
|
Net purchases of short-term investments |
702 |
|
|
|
Decrease in restricted cash |
4 |
|
|
|
|
Adjusted net
cash used in investing activities |
$ |
(810 |
) |
|
|
|
|
|
|
American
Airlines Group Inc. |
Condensed
Consolidated Balance Sheets |
(In
millions, except shares) |
|
|
|
|
|
|
March 31, 2024 |
|
December 31, 2023 |
|
(unaudited) |
|
|
Assets |
|
|
|
|
|
|
|
Current
assets |
|
|
|
Cash |
$ |
604 |
|
|
$ |
578 |
|
Short-term investments |
|
7,696 |
|
|
|
7,000 |
|
Restricted cash and short-term investments |
|
895 |
|
|
|
910 |
|
Accounts receivable, net |
|
2,070 |
|
|
|
2,026 |
|
Aircraft fuel, spare parts and supplies, net |
|
2,500 |
|
|
|
2,400 |
|
Prepaid expenses and other |
|
777 |
|
|
|
658 |
|
Total current assets |
|
14,542 |
|
|
|
13,572 |
|
|
|
|
|
Operating
property and equipment |
|
|
|
Flight equipment |
|
42,074 |
|
|
|
41,794 |
|
Ground property and equipment |
|
10,397 |
|
|
|
10,307 |
|
Equipment purchase deposits |
|
1,126 |
|
|
|
760 |
|
Total property and equipment, at cost |
|
53,597 |
|
|
|
52,861 |
|
Less accumulated depreciation and amortization |
|
(22,440 |
) |
|
|
(22,097 |
) |
Total property and equipment, net |
|
31,157 |
|
|
|
30,764 |
|
|
|
|
|
Operating
lease right-of-use assets |
|
7,899 |
|
|
|
7,939 |
|
|
|
|
|
Other
assets |
|
|
|
Goodwill |
|
4,091 |
|
|
|
4,091 |
|
Intangibles, net |
|
2,049 |
|
|
|
2,051 |
|
Deferred tax asset |
|
2,986 |
|
|
|
2,888 |
|
Other assets |
|
1,660 |
|
|
|
1,753 |
|
Total other assets |
|
10,786 |
|
|
|
10,783 |
|
|
|
|
|
Total assets |
$ |
64,384 |
|
|
$ |
63,058 |
|
|
|
|
|
Liabilities
and Stockholders’ Equity (Deficit) |
|
|
|
|
|
|
|
Current
liabilities |
|
|
|
Current maturities of long-term debt and finance leases |
$ |
4,102 |
|
|
$ |
3,632 |
|
Accounts payable |
|
2,927 |
|
|
|
2,353 |
|
Accrued salaries and wages |
|
1,726 |
|
|
|
2,377 |
|
Air traffic liability |
|
8,526 |
|
|
|
6,200 |
|
Loyalty program liability |
|
3,618 |
|
|
|
3,453 |
|
Operating lease liabilities |
|
1,273 |
|
|
|
1,309 |
|
Other accrued liabilities |
|
2,821 |
|
|
|
2,738 |
|
Total current liabilities |
|
24,993 |
|
|
|
22,062 |
|
|
|
|
|
Noncurrent
liabilities |
|
|
|
Long-term debt and finance leases, net of current maturities |
|
28,228 |
|
|
|
29,270 |
|
Pension and postretirement benefits |
|
2,709 |
|
|
|
3,044 |
|
Loyalty program liability |
|
5,994 |
|
|
|
5,874 |
|
Operating lease liabilities |
|
6,457 |
|
|
|
6,452 |
|
Other liabilities |
|
1,503 |
|
|
|
1,558 |
|
Total noncurrent liabilities |
|
44,891 |
|
|
|
46,198 |
|
|
|
|
|
Stockholders' equity (deficit) |
|
|
|
Common stock, 656,045,635 shares outstanding at March 31, 2024 |
|
7 |
|
|
|
7 |
|
Additional paid-in capital |
|
7,371 |
|
|
|
7,374 |
|
Accumulated other comprehensive loss |
|
(4,877 |
) |
|
|
(4,894 |
) |
Retained deficit |
|
(8,001 |
) |
|
|
(7,689 |
) |
Total stockholders' deficit |
|
(5,500 |
) |
|
|
(5,202 |
) |
|
|
|
|
Total liabilities and stockholders’ equity (deficit) |
$ |
64,384 |
|
|
$ |
63,058 |
|
|
|
|
|
American Airlines (NASDAQ:AAL)
過去 株価チャート
から 5 2024 まで 6 2024
American Airlines (NASDAQ:AAL)
過去 株価チャート
から 6 2023 まで 6 2024