American Airlines Group Inc. (NASDAQ: AAL) today reported its
second-quarter 2024 financial results, including:
- Highest-ever quarterly revenue of $14.3
billion.
- Second-quarter net income of $717 million, or $1.01 per
diluted share. Excluding net special
items1, second-quarter net income
of $774 million, or $1.09 per diluted share.
- Generated operating cash flow of approximately $1.1
billion and free cash flow2 of
approximately $850 million in the second quarter.
- Reduced total debt3
by approximately $680 million in the second
quarter.
- On track to reduce total
debt3 from peak levels by $15
billion by year-end 2025.
- Full-year adjusted earnings per diluted
share4 expected to be between
$0.70 and $1.30.
“American has a fleet, network and product built to deliver
results, but during the second quarter, we did not perform to our
initial expectations due to our prior sales and distribution
strategy and an imbalance of domestic supply and demand,” said
American’s CEO Robert Isom. “We are taking this challenge head-on,
with clear and decisive actions to deliver on a strategy that
maximizes our revenue and profitability, and importantly, one that
makes it easy for customers to do business with American. When we
return to the level of revenue generation we know we can achieve,
and we couple that with our operational reliability and
best-in-class cost management, we will unlock significant
value.”
Sales and distribution American has taken swift
and aggressive action to reorient its sales and distribution
strategy in ways that continue to be customer-centric, while
addressing feedback from corporate and agency partners. Since May,
the airline has focused its near-term efforts in three areas:
Ensuring content availability
- Restored content. American has reinstated
competitive fares in the distribution channel traditionally used by
travel agencies and corporate managed travel programs.
- Removed plans to differentiate mileage earn by
channel. Travelers continue to earn in the AAdvantage®
program as usual, no matter where they book.
Making it easy, attractive and rewarding to do business
with American
- Expanded availability of AAdvantage Business™ benefits
to agencies. Companies will earn AAdvantage® miles and
travelers will earn Loyalty Points anywhere business travel is
booked, including when booked through travel agencies.
- Announced new features coming to AAdvantage
Business™. Improvements will enhance the travel management
and end-traveler experience.
Strengthening relationships and regaining the trust of
partners
- Listening to feedback. The company has
conducted extensive outreach to customers to inform them of changes
being made to address pain points.
- Updating agreements. American is renegotiating
contracts with corporate customers and travel agencies.
- Improving support. The airline is adding
account managers for corporate customers, has established a
dedicated AAdvantage Business™ customer service team and is
increasing sales support for agencies.
Operational performanceThe American Airlines
team continues to produce strong operational results and
demonstrate its resilience in recovering from irregular operations,
as evidenced by its second-quarter performance, despite significant
storms that impacted several key hubs in May and June. The airline
also delivered a fantastic operation over the Fourth of July
holiday, carrying 7.2 million customers and operating its
largest-ever schedule while producing its best-ever combined
completion factor over the holiday period. American quickly
rebounded from the technology outage that impacted businesses
worldwide on July 19. By that evening, its operation had fully
recovered, and the airline delivered a 98.9% completion factor the
next day — the best operational performance among U.S. network
carriers.
Financial performanceAmerican produced record
quarterly revenue of $14.3 billion in the second quarter, an
increase of 2% year over year. On both a GAAP basis and excluding
the impact of net special items1, the company produced an operating
margin of 9.7% in the quarter.
Balance sheet and liquidityAmerican remains
committed to strengthening its balance sheet. In the second
quarter, the company reduced total debt3 by approximately $680
million and is now more than $13 billion, or approximately 87%,
toward its goal of reducing total debt3 by $15 billion by the end
of 2025. The company ended the quarter with approximately $11.7
billion of total available liquidity, comprised of cash and
short-term investments plus undrawn capacity under revolving credit
facilities.
Guidance and investor updateAmerican has taken
aggressive action to improve its revenue performance, however, the
company’s previous sales and distribution strategy will continue to
impact its revenue performance and earnings through the remainder
of the year. Accounting for these impacts and based on present
demand trends, the current fuel price forecast and excluding the
impact of special items, the company expects its third-quarter 2024
adjusted earnings per diluted share4 to be approximately breakeven.
The company now expects its full-year 2024 adjusted earnings per
diluted share4 to be between $0.70 and $1.30.
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 Aug. 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 $57 million of net special items in the
second quarter after the effect of taxes, which principally
included nonoperating net special items for charges associated with
debt refinancings and 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 June 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 EndedJune 30, |
|
Percent Increase |
|
6 Months EndedJune 30, |
|
Percent Increase |
|
|
|
|
2024 |
|
|
|
2023 |
|
|
(Decrease) |
|
|
2024 |
|
|
|
2023 |
|
|
(Decrease) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Passenger |
|
$ |
13,202 |
|
|
$ |
12,978 |
|
|
1.7 |
|
|
$ |
24,661 |
|
|
$ |
24,081 |
|
|
2.4 |
|
|
Cargo |
|
|
195 |
|
|
|
197 |
|
|
(1.3 |
) |
|
|
382 |
|
|
|
420 |
|
|
(9.1 |
) |
|
Other |
|
|
937 |
|
|
|
880 |
|
|
6.4 |
|
|
|
1,861 |
|
|
|
1,743 |
|
|
6.8 |
|
|
Total operating revenues |
|
|
14,334 |
|
|
|
14,055 |
|
|
2.0 |
|
|
|
26,904 |
|
|
|
26,244 |
|
|
2.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Aircraft fuel and related taxes |
|
|
3,061 |
|
|
|
2,723 |
|
|
12.4 |
|
|
|
6,042 |
|
|
|
5,890 |
|
|
2.6 |
|
|
Salaries, wages and benefits |
|
|
3,953 |
|
|
|
3,635 |
|
|
8.7 |
|
|
|
7,820 |
|
|
|
6,917 |
|
|
13.1 |
|
|
Regional expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Regional operating expenses |
|
|
1,189 |
|
|
|
1,073 |
|
|
10.7 |
|
|
|
2,311 |
|
|
|
2,135 |
|
|
8.2 |
|
|
Regional depreciation and amortization |
|
|
79 |
|
|
|
80 |
|
|
(0.1 |
) |
|
|
158 |
|
|
|
160 |
|
|
(0.7 |
) |
|
Maintenance, materials and repairs |
|
|
950 |
|
|
|
808 |
|
|
17.6 |
|
|
|
1,834 |
|
|
|
1,520 |
|
|
20.7 |
|
|
Other rent and landing fees |
|
|
834 |
|
|
|
762 |
|
|
9.5 |
|
|
|
1,653 |
|
|
|
1,470 |
|
|
12.5 |
|
|
Aircraft rent |
|
|
314 |
|
|
|
344 |
|
|
(8.6 |
) |
|
|
642 |
|
|
|
688 |
|
|
(6.7 |
) |
|
Selling expenses |
|
|
456 |
|
|
|
489 |
|
|
(6.8 |
) |
|
|
864 |
|
|
|
927 |
|
|
(6.8 |
) |
|
Depreciation and amortization |
|
|
474 |
|
|
|
483 |
|
|
(1.9 |
) |
|
|
944 |
|
|
|
969 |
|
|
(2.6 |
) |
|
Special items, net |
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
70 |
|
|
|
13 |
|
|
nm |
|
|
Other |
|
|
1,640 |
|
|
|
1,495 |
|
|
9.7 |
|
|
|
3,175 |
|
|
|
2,955 |
|
|
7.5 |
|
|
Total operating expenses |
|
|
12,950 |
|
|
|
11,892 |
|
|
8.9 |
|
|
|
25,513 |
|
|
|
23,644 |
|
|
7.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income |
|
|
1,384 |
|
|
|
2,163 |
|
|
(36.0 |
) |
|
|
1,391 |
|
|
|
2,600 |
|
|
(46.5 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonoperating income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
128 |
|
|
|
162 |
|
|
(21.3 |
) |
|
|
246 |
|
|
|
288 |
|
|
(14.7 |
) |
|
Interest expense, net |
|
|
(486 |
) |
|
|
(548 |
) |
|
(11.3 |
) |
|
|
(984 |
) |
|
|
(1,088 |
) |
|
(9.7 |
) |
|
Other income (expense), net |
|
|
2 |
|
|
|
(14 |
) |
|
nm |
|
(1) |
|
(38 |
) |
|
|
(21 |
) |
|
86.1 |
|
|
Total nonoperating expense, net |
|
|
(356 |
) |
|
|
(400 |
) |
|
(11.0 |
) |
|
|
(776 |
) |
|
|
(821 |
) |
|
(5.5 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes |
|
|
1,028 |
|
|
|
1,763 |
|
|
(41.7 |
) |
|
|
615 |
|
|
|
1,779 |
|
|
(65.4 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax provision |
|
|
311 |
|
|
|
425 |
|
|
(26.6 |
) |
|
|
210 |
|
|
|
431 |
|
|
(51.2 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
717 |
|
|
$ |
1,338 |
|
|
(46.4 |
) |
|
$ |
405 |
|
|
$ |
1,348 |
|
|
(70.0 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
1.09 |
|
|
$ |
2.05 |
|
|
|
|
$ |
0.62 |
|
|
$ |
2.06 |
|
|
|
|
Diluted |
|
$ |
1.01 |
|
|
$ |
1.88 |
|
|
|
|
$ |
0.59 |
|
|
$ |
1.91 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding (in thousands): |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
656,965 |
|
|
|
653,602 |
|
|
|
|
|
656,406 |
|
|
|
652,801 |
|
|
|
|
Diluted |
|
|
720,302 |
|
|
|
719,345 |
|
|
|
|
|
720,712 |
|
|
|
718,890 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 EndedJune 30, |
|
Increase |
|
|
6 Months EndedJune 30, |
|
Increase |
|
|
|
|
2024 |
|
2023 |
|
(Decrease) |
|
|
2024 |
|
2023 |
|
(Decrease) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue passenger miles (millions) |
|
65,144 |
|
60,020 |
|
8.5 |
|
% |
|
122,617 |
|
112,034 |
|
9.4 |
|
% |
|
Available seat miles (ASM) (millions) |
|
75,263 |
|
69,658 |
|
8.0 |
|
% |
|
145,779 |
|
134,665 |
|
8.3 |
|
% |
|
Passenger load factor (percent) |
|
86.6 |
|
86.2 |
|
0.4 |
|
pts |
|
84.1 |
|
83.2 |
|
0.9 |
|
pts |
|
Yield (cents) |
|
20.27 |
|
21.62 |
|
(6.3 |
) |
% |
|
20.11 |
|
21.49 |
|
(6.4 |
) |
% |
|
Passenger revenue per ASM (cents) |
|
17.54 |
|
18.63 |
|
(5.8 |
) |
% |
|
16.92 |
|
17.88 |
|
(5.4 |
) |
% |
|
Total revenue per ASM (cents) |
|
19.05 |
|
20.18 |
|
(5.6 |
) |
% |
|
18.46 |
|
19.49 |
|
(5.3 |
) |
% |
|
Cargo ton miles (millions) |
|
515 |
|
427 |
|
20.6 |
|
% |
|
999 |
|
849 |
|
17.7 |
|
% |
|
Cargo yield per ton mile (cents) |
|
37.87 |
|
46.31 |
|
(18.2 |
) |
% |
|
38.25 |
|
49.51 |
|
(22.8 |
) |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fuel consumption (gallons in millions) |
|
1,132 |
|
1,041 |
|
8.8 |
|
% |
|
2,174 |
|
2,006 |
|
8.4 |
|
% |
|
Average aircraft fuel price including related taxes (dollars per
gallon) |
|
2.70 |
|
2.62 |
|
3.3 |
|
% |
|
2.78 |
|
2.94 |
|
(5.4 |
) |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating cost per ASM (cents) |
|
17.21 |
|
17.07 |
|
0.8 |
|
% |
|
17.50 |
|
17.56 |
|
(0.3 |
) |
% |
|
Operating cost per ASM excluding net special items (cents) |
|
17.21 |
|
17.06 |
|
0.8 |
|
% |
|
17.45 |
|
17.54 |
|
(0.5 |
) |
% |
|
Operating cost per ASM excluding net special items and fuel
(cents) |
|
13.14 |
|
13.16 |
|
(0.1 |
) |
% |
|
13.31 |
|
13.17 |
|
1.1 |
|
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Passenger enplanements (thousands) |
|
59,188 |
|
54,285 |
|
9.0 |
|
% |
|
111,954 |
|
102,517 |
|
9.2 |
|
% |
|
Departures (thousands): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mainline |
|
306 |
|
289 |
|
5.9 |
|
% |
|
596 |
|
564 |
|
5.8 |
|
% |
|
Regional |
|
243 |
|
209 |
|
16.2 |
|
% |
|
462 |
|
411 |
|
12.6 |
|
% |
|
Total |
|
549 |
|
498 |
|
10.3 |
|
% |
|
1,058 |
|
975 |
|
8.6 |
|
% |
|
Average stage length (miles): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mainline |
|
1,154 |
|
1,141 |
|
1.2 |
|
% |
|
1,155 |
|
1,132 |
|
2.0 |
|
% |
|
Regional |
|
457 |
|
463 |
|
(1.4 |
) |
% |
|
460 |
|
466 |
|
(1.1 |
) |
% |
|
Total |
|
845 |
|
856 |
|
(1.3 |
) |
% |
|
852 |
|
851 |
|
- |
|
% |
|
Aircraft at end of period: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mainline |
|
970 |
|
944 |
|
2.8 |
|
% |
|
970 |
|
944 |
|
2.8 |
|
% |
|
Regional (2) |
|
559 |
|
526 |
|
6.3 |
|
% |
|
559 |
|
526 |
|
6.3 |
|
% |
|
Total |
|
1,529 |
|
1,470 |
|
4.0 |
|
% |
|
1,529 |
|
1,470 |
|
4.0 |
|
% |
|
Full-time equivalent employees at end of period: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mainline |
|
107,400 |
|
104,400 |
|
2.9 |
|
% |
|
107,400 |
|
104,400 |
|
2.9 |
|
% |
|
Regional (3) |
|
30,000 |
|
28,100 |
|
6.8 |
|
% |
|
30,000 |
|
28,100 |
|
6.8 |
|
% |
|
Total |
|
137,400 |
|
132,500 |
|
3.7 |
|
% |
|
137,400 |
|
132,500 |
|
3.7 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 65
regional aircraft in temporary storage as of June 30, 2024 as
follows: 55 Embraer 145, eight Bombardier CRJ 700, and two 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 EndedJune 30, |
|
Increase |
|
|
6 Months EndedJune 30, |
|
Increase |
|
|
|
|
|
2024 |
|
2023 |
|
(Decrease) |
|
|
2024 |
|
2023 |
|
(Decrease) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue passenger miles (millions) |
|
43,183 |
|
39,758 |
|
8.6 |
|
% |
|
81,994 |
|
75,509 |
|
8.6 |
|
% |
|
Available seat miles (ASM) (millions) |
|
49,613 |
|
45,700 |
|
8.6 |
|
% |
|
96,716 |
|
90,255 |
|
7.2 |
|
% |
|
Passenger load factor (percent) |
|
87.0 |
|
87.0 |
|
- |
|
pts |
|
84.8 |
|
83.7 |
|
1.1 |
|
pts |
|
Passenger revenue (dollars in millions) |
|
9,342 |
|
9,195 |
|
1.6 |
|
% |
|
17,604 |
|
17,232 |
|
2.2 |
|
% |
|
Yield (cents) |
|
21.63 |
|
23.13 |
|
(6.5 |
) |
% |
|
21.47 |
|
22.82 |
|
(5.9 |
) |
% |
|
Passenger revenue per ASM (cents) |
|
18.83 |
|
20.12 |
|
(6.4 |
) |
% |
|
18.20 |
|
19.09 |
|
(4.7 |
) |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Latin America (2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue passenger miles (millions) |
|
8,576 |
|
7,926 |
|
8.2 |
|
% |
|
18,672 |
|
16,934 |
|
10.3 |
|
% |
|
Available seat miles (millions) |
|
9,873 |
|
9,200 |
|
7.3 |
|
% |
|
21,611 |
|
19,710 |
|
9.6 |
|
% |
|
Passenger load factor (percent) |
|
86.9 |
|
86.2 |
|
0.7 |
|
pts |
|
86.4 |
|
85.9 |
|
0.5 |
|
pts |
|
Passenger revenue (dollars in millions) |
|
1,562 |
|
1,640 |
|
(4.8 |
) |
% |
|
3,464 |
|
3,555 |
|
(2.6 |
) |
% |
|
Yield (cents) |
|
18.21 |
|
20.69 |
|
(12.0 |
) |
% |
|
18.55 |
|
20.99 |
|
(11.6 |
) |
% |
|
Passenger revenue per ASM (cents) |
|
15.82 |
|
17.82 |
|
(11.2 |
) |
% |
|
16.03 |
|
18.04 |
|
(11.1 |
) |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Atlantic |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue passenger miles (millions) |
|
11,527 |
|
10,689 |
|
7.8 |
|
% |
|
17,982 |
|
16,510 |
|
8.9 |
|
% |
|
Available seat miles (millions) |
|
13,629 |
|
12,823 |
|
6.3 |
|
% |
|
22,671 |
|
21,065 |
|
7.6 |
|
% |
|
Passenger load factor (percent) |
|
84.6 |
|
83.4 |
|
1.2 |
|
pts |
|
79.3 |
|
78.4 |
|
0.9 |
|
pts |
|
Passenger revenue (dollars in millions) |
|
2,019 |
|
1,888 |
|
7.0 |
|
% |
|
3,012 |
|
2,819 |
|
6.8 |
|
% |
|
Yield (cents) |
|
17.52 |
|
17.66 |
|
(0.8 |
) |
% |
|
16.75 |
|
17.07 |
|
(1.9 |
) |
% |
|
Passenger revenue per ASM (cents) |
|
14.82 |
|
14.72 |
|
0.7 |
|
% |
|
13.28 |
|
13.38 |
|
(0.7 |
) |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pacific |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue passenger miles (millions) |
|
1,858 |
|
1,647 |
|
12.9 |
|
% |
|
3,969 |
|
3,081 |
|
28.8 |
|
% |
|
Available seat miles (millions) |
|
2,148 |
|
1,935 |
|
11.0 |
|
% |
|
4,781 |
|
3,635 |
|
31.5 |
|
% |
|
Passenger load factor (percent) |
|
86.5 |
|
85.1 |
|
1.4 |
|
pts |
|
83.0 |
|
84.8 |
|
(1.8 |
) |
pts |
|
Passenger revenue (dollars in millions) |
|
279 |
|
255 |
|
9.4 |
|
% |
|
581 |
|
475 |
|
22.4 |
|
% |
|
Yield (cents) |
|
15.02 |
|
15.50 |
|
(3.1 |
) |
% |
|
14.64 |
|
15.40 |
|
(5.0 |
) |
% |
|
Passenger revenue per ASM (cents) |
|
13.00 |
|
13.19 |
|
(1.4 |
) |
% |
|
12.15 |
|
13.06 |
|
(6.9 |
) |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total International |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue passenger miles (millions) |
|
21,961 |
|
20,262 |
|
8.4 |
|
% |
|
40,623 |
|
36,525 |
|
11.2 |
|
% |
|
Available seat miles (millions) |
|
25,650 |
|
23,958 |
|
7.1 |
|
% |
|
49,063 |
|
44,410 |
|
10.5 |
|
% |
|
Passenger load factor (percent) |
|
85.6 |
|
84.6 |
|
1.0 |
|
pts |
|
82.8 |
|
82.2 |
|
0.6 |
|
pts |
|
Passenger revenue (dollars in millions) |
|
3,860 |
|
3,783 |
|
2.1 |
|
% |
|
7,057 |
|
6,849 |
|
3.0 |
|
% |
|
Yield (cents) |
|
17.58 |
|
18.67 |
|
(5.8 |
) |
% |
|
17.37 |
|
18.75 |
|
(7.4 |
) |
% |
|
Passenger revenue per ASM (cents) |
|
15.05 |
|
15.79 |
|
(4.7 |
) |
% |
|
14.38 |
|
15.42 |
|
(6.7 |
) |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 (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 (GAAP measure) to Pre-Tax
Income Excluding Net Special Items (non-GAAP measure) - Pre-Tax
Margin (GAAP measure) to Pre-Tax Margin Excluding Net Special Items
(non-GAAP measure) - Net Income (GAAP measure) to Net Income
Excluding Net Special Items (non-GAAP measure) - Basic and Diluted
Earnings Per Share (GAAP measure) to Basic and Diluted Earnings Per
Share Excluding Net Special Items (non-GAAP measure) 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 EndedJune 30, |
|
Percent Increase |
|
6 Months EndedJune 30, |
Percent Increase |
|
|
|
|
2024 |
|
|
|
2023 |
|
|
(Decrease) |
|
|
2024 |
|
|
|
2023 |
|
|
(Decrease) |
|
|
|
|
(in millions) |
|
|
|
(in millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income as reported |
|
$ |
1,384 |
|
|
$ |
2,163 |
|
|
|
|
$ |
1,391 |
|
|
$ |
2,600 |
|
|
|
|
|
Operating net special items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mainline operating special items, net (1) |
|
|
- |
|
|
|
- |
|
|
|
|
|
70 |
|
|
|
13 |
|
|
|
|
|
Regional operating special items, net |
|
|
- |
|
|
|
6 |
|
|
|
|
|
- |
|
|
|
6 |
|
|
|
|
|
Operating income excluding net special items |
|
$ |
1,384 |
|
|
$ |
2,169 |
|
|
(36.2 |
%) |
|
$ |
1,461 |
|
|
$ |
2,619 |
|
|
(44.2 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of Operating Margin |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income as reported |
|
$ |
1,384 |
|
|
$ |
2,163 |
|
|
|
|
$ |
1,391 |
|
|
$ |
2,600 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating revenues as reported |
|
$ |
14,334 |
|
|
$ |
14,055 |
|
|
|
|
$ |
26,904 |
|
|
$ |
26,244 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating margin |
|
|
9.7 |
% |
|
|
15.4 |
% |
|
|
|
|
5.2 |
% |
|
|
9.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of Operating Margin Excluding Net Special
Items |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income excluding net special items |
|
$ |
1,384 |
|
|
$ |
2,169 |
|
|
|
|
$ |
1,461 |
|
|
$ |
2,619 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating revenues as reported |
|
$ |
14,334 |
|
|
$ |
14,055 |
|
|
|
|
$ |
26,904 |
|
|
$ |
26,244 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating margin excluding net special items |
|
|
9.7 |
% |
|
|
15.4 |
% |
|
|
|
|
5.4 |
% |
|
|
10.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Pre-Tax Income Excluding Net Special
Items |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax income as reported |
|
$ |
1,028 |
|
|
$ |
1,763 |
|
|
|
|
$ |
615 |
|
|
$ |
1,779 |
|
|
|
|
|
Pre-tax net special items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mainline operating special items, net (1) |
|
|
- |
|
|
|
- |
|
|
|
|
|
70 |
|
|
|
13 |
|
|
|
|
|
Regional operating special items, net |
|
|
- |
|
|
|
6 |
|
|
|
|
|
- |
|
|
|
6 |
|
|
|
|
|
Nonoperating special items, net (2) |
|
|
12 |
|
|
|
28 |
|
|
|
|
|
58 |
|
|
|
45 |
|
|
|
|
|
Total pre-tax net special items |
|
|
12 |
|
|
|
34 |
|
|
|
|
|
128 |
|
|
|
64 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax income excluding net special items |
|
$ |
1,040 |
|
|
$ |
1,797 |
|
|
(42.1 |
%) |
|
$ |
743 |
|
|
$ |
1,843 |
|
|
(59.7 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of Pre-Tax Margin |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax income as reported |
|
$ |
1,028 |
|
|
$ |
1,763 |
|
|
|
|
$ |
615 |
|
|
$ |
1,779 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating revenues as reported |
|
$ |
14,334 |
|
|
$ |
14,055 |
|
|
|
|
$ |
26,904 |
|
|
$ |
26,244 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax margin |
|
|
7.2 |
% |
|
|
12.5 |
% |
|
|
|
|
2.3 |
% |
|
|
6.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of Pre-Tax Margin Excluding Net Special
Items |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax income excluding net special items |
|
$ |
1,040 |
|
|
$ |
1,797 |
|
|
|
|
$ |
743 |
|
|
$ |
1,843 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating revenues as reported |
|
$ |
14,334 |
|
|
$ |
14,055 |
|
|
|
|
$ |
26,904 |
|
|
$ |
26,244 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax margin excluding net special items |
|
|
7.3 |
% |
|
|
12.8 |
% |
|
|
|
|
2.8 |
% |
|
|
7.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Net Income Excluding Net Special
Items |
|
3 Months EndedJune 30, |
|
Percent Increase |
|
6 Months EndedJune 30, |
Percent Increase |
|
|
|
|
2024 |
|
|
|
2023 |
|
|
(Decrease) |
|
|
2024 |
|
|
|
2023 |
|
|
(Decrease) |
|
|
|
|
(in millions, except share and per share amounts) |
|
|
|
(in millions, except share and per share amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income as reported |
|
$ |
717 |
|
|
$ |
1,338 |
|
|
|
|
$ |
405 |
|
|
$ |
1,348 |
|
|
|
|
|
Net special items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total pre-tax net special items (1), (2) |
|
|
12 |
|
|
|
34 |
|
|
|
|
|
128 |
|
|
|
64 |
|
|
|
|
|
Net tax effect of net special items |
|
|
45 |
|
|
|
(1 |
) |
|
|
|
|
15 |
|
|
|
(8 |
) |
|
|
|
|
Net income excluding net special items |
|
$ |
774 |
|
|
$ |
1,371 |
|
|
(43.6 |
%) |
|
$ |
548 |
|
|
$ |
1,404 |
|
|
(60.9 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Basic and Diluted Earnings Per Share
Excluding Net Special Items |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income excluding net special items |
|
$ |
774 |
|
|
$ |
1,371 |
|
|
|
|
$ |
548 |
|
|
$ |
1,404 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used for computation (in thousands): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
656,965 |
|
|
|
653,602 |
|
|
|
|
|
656,406 |
|
|
|
652,801 |
|
|
|
|
|
Diluted |
|
|
720,302 |
|
|
|
719,345 |
|
|
|
|
|
720,712 |
|
|
|
718,890 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share excluding net special items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
1.18 |
|
|
$ |
2.10 |
|
|
|
|
$ |
0.84 |
|
|
$ |
2.15 |
|
|
|
|
|
Diluted (3) |
|
$ |
1.09 |
|
|
$ |
1.92 |
|
|
|
|
$ |
0.79 |
|
|
$ |
1.98 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Total Operating Costs per ASM Excluding
Net Special Items and Fuel |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Total operating expenses as reported |
|
$ |
12,950 |
|
|
$ |
11,892 |
|
|
|
|
$ |
25,513 |
|
|
$ |
23,644 |
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Operating net special items: |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Mainline operating special items, net (1) |
|
|
- |
|
|
|
- |
|
|
|
|
|
(70 |
) |
|
|
(13 |
) |
|
|
| |
Regional operating special items, net |
|
|
- |
|
|
|
(6 |
) |
|
|
|
|
- |
|
|
|
(6 |
) |
|
|
| |
Total operating expenses excluding net special items |
|
|
12,950 |
|
|
|
11,886 |
|
|
|
|
|
25,443 |
|
|
|
23,625 |
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Aircraft fuel and related taxes |
|
|
(3,061 |
) |
|
|
(2,723 |
) |
|
|
|
|
(6,042 |
) |
|
|
(5,890 |
) |
|
|
| |
Total operating expenses excluding net special items and fuel |
|
$ |
9,889 |
|
|
$ |
9,163 |
|
|
|
|
$ |
19,401 |
|
|
$ |
17,735 |
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
(in cents) |
|
|
|
(in cents) |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Total operating expenses per ASM as reported |
|
|
17.21 |
|
|
|
17.07 |
|
|
|
|
|
17.50 |
|
|
|
17.56 |
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Operating net special items per ASM: |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Mainline operating special items, net (1) |
|
|
- |
|
|
|
- |
|
|
|
|
|
(0.05 |
) |
|
|
(0.01 |
) |
|
|
| |
Regional operating special items, net |
|
|
- |
|
|
|
(0.01 |
) |
|
|
|
|
- |
|
|
|
- |
|
|
|
| |
Total operating expenses per ASM excluding net special items |
|
|
17.21 |
|
|
|
17.06 |
|
|
|
|
|
17.45 |
|
|
|
17.54 |
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Aircraft fuel and related taxes per ASM |
|
|
(4.07 |
) |
|
|
(3.91 |
) |
|
|
|
|
(4.14 |
) |
|
|
(4.37 |
) |
|
|
| |
Total operating expenses per ASM excluding net special items and
fuel |
|
|
13.14 |
|
|
|
13.16 |
|
|
|
|
|
13.31 |
|
|
|
13.17 |
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Note: Amounts may not recalculate due to
rounding. |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
FOOTNOTES: |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
The 2024 six month period 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 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 three and six 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 $9 million
and $22 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
three and six 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 $12 million and
$23 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) |
|
|
|
| |
|
|
|
|
|
|
|
|
|
| |
|
|
|
6 Months EndedJune 30, |
|
|
| |
|
|
|
2024 |
|
|
2023 |
|
|
| |
|
|
|
|
|
|
|
|
|
| |
Net cash provided by operating activities |
$ |
3,308 |
|
|
$ |
5,096 |
|
|
| |
Cash flows from investing activities: |
|
|
|
|
|
|
| |
Capital expenditures and aircraft purchase deposits |
(1,475 |
) |
|
(1,244 |
) |
|
| |
Proceeds from sale-leaseback transactions and sale of property and
equipment |
353 |
|
|
183 |
|
|
| |
Purchases of short-term investments |
(4,714 |
) |
|
(7,587 |
) |
|
| |
Sales of short-term investments |
3,881 |
|
|
4,656 |
|
|
| |
Decrease in restricted short-term investments |
68 |
|
|
33 |
|
|
| |
Other investing activities |
(5 |
) |
|
214 |
|
|
| |
Net cash used in investing activities |
(1,892 |
) |
|
(3,745 |
) |
|
| |
Cash flows from financing activities: |
|
|
|
|
|
|
| |
Payments on long-term debt and finance leases |
(1,836 |
) |
|
(3,246 |
) |
|
| |
Proceeds from issuance of long-term debt |
527 |
|
|
2,143 |
|
|
| |
Other financing activities |
(48 |
) |
|
(55 |
) |
|
| |
Net cash used in financing activities |
(1,357 |
) |
|
(1,158 |
) |
|
| |
Net increase in cash and restricted cash |
59 |
|
|
193 |
|
|
| |
Cash and restricted cash at beginning of period |
681 |
|
|
586 |
|
|
|
(1) |
Cash and restricted cash at end of period |
$ |
740 |
|
|
$ |
779 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
(1) |
The following table provides a reconciliation of cash and
restricted cash to amounts reported within the condensed
consolidated balance sheets: |
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
Cash |
|
$ |
605 |
|
|
$ |
614 |
|
|
| |
Restricted cash included in restricted cash and short-term
investments |
135 |
|
|
165 |
|
|
| |
Total cash and restricted cash |
$ |
740 |
|
|
$ |
779 |
|
|
|
|
|
|
|
|
|
|
|
|
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. |
|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
6 Months EndedJune 30, 2024 |
|
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
(in millions) |
|
|
| |
|
|
|
|
|
|
| |
Net cash provided by operating activities |
$ |
3,308 |
|
|
| |
Adjusted net cash used in investing activities
(1) |
(1,091 |
) |
|
| |
Free cash flow |
$ |
2,217 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
(1) |
The following table provides a reconciliation of adjusted net cash
used in investing activities for the six months ended June 30, 2024
(in millions): |
|
|
| |
|
|
|
|
|
|
| |
Net cash used in investing activities |
$ |
(1,892 |
) |
|
| |
Adjustments: |
|
|
|
| |
Net purchases of short-term investments |
833 |
|
|
| |
Increase in restricted cash |
(32 |
) |
|
|
| |
Adjusted net cash used in investing activities |
$ |
(1,091 |
) |
|
| |
|
|
|
|
|
|
|
American Airlines Group Inc. |
|
Condensed Consolidated Balance Sheets |
|
(In millions, except shares) |
| |
|
|
|
| |
June 30, 2024 |
|
December 31, 2023 |
| |
(unaudited) |
|
|
|
Assets |
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
Cash |
$ |
605 |
|
|
$ |
578 |
|
|
Short-term investments |
|
7,841 |
|
|
|
7,000 |
|
|
Restricted cash and short-term investments |
|
875 |
|
|
|
910 |
|
|
Accounts receivable, net |
|
2,067 |
|
|
|
2,026 |
|
|
Aircraft fuel, spare parts and supplies, net |
|
2,575 |
|
|
|
2,400 |
|
|
Prepaid expenses and other |
|
832 |
|
|
|
658 |
|
|
Total current assets |
|
14,795 |
|
|
|
13,572 |
|
|
|
|
|
|
|
Operating property and equipment |
|
|
|
|
Flight equipment |
|
42,752 |
|
|
|
41,794 |
|
|
Ground property and equipment |
|
10,198 |
|
|
|
10,307 |
|
|
Equipment purchase deposits |
|
1,052 |
|
|
|
760 |
|
|
Total property and equipment, at cost |
|
54,002 |
|
|
|
52,861 |
|
|
Less accumulated depreciation and amortization |
|
(22,958 |
) |
|
|
(22,097 |
) |
|
Total property and equipment, net |
|
31,044 |
|
|
|
30,764 |
|
|
|
|
|
|
|
Operating lease right-of-use assets |
|
7,873 |
|
|
|
7,939 |
|
|
|
|
|
|
|
Other assets |
|
|
|
|
Goodwill |
|
4,091 |
|
|
|
4,091 |
|
|
Intangibles, net |
|
2,047 |
|
|
|
2,051 |
|
|
Deferred tax asset |
|
2,668 |
|
|
|
2,888 |
|
|
Other assets |
|
1,607 |
|
|
|
1,753 |
|
|
Total other assets |
|
10,413 |
|
|
|
10,783 |
|
|
|
|
|
|
|
Total assets |
$ |
64,125 |
|
|
$ |
63,058 |
|
|
|
|
|
|
|
Liabilities and Stockholders’ Equity (Deficit) |
|
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
Current maturities of long-term debt and finance leases |
$ |
4,120 |
|
|
$ |
3,632 |
|
|
Accounts payable |
|
3,016 |
|
|
|
2,353 |
|
|
Accrued salaries and wages |
|
1,767 |
|
|
|
2,377 |
|
|
Air traffic liability |
|
8,030 |
|
|
|
6,200 |
|
|
Loyalty program liability |
|
3,619 |
|
|
|
3,453 |
|
|
Operating lease liabilities |
|
1,209 |
|
|
|
1,309 |
|
|
Other accrued liabilities |
|
2,849 |
|
|
|
2,738 |
|
|
Total current liabilities |
|
24,610 |
|
|
|
22,062 |
|
|
|
|
|
|
|
Noncurrent liabilities |
|
|
|
|
Long-term debt and finance leases, net of current maturities |
|
27,636 |
|
|
|
29,270 |
|
|
Pension and postretirement benefits |
|
2,652 |
|
|
|
3,044 |
|
|
Loyalty program liability |
|
6,031 |
|
|
|
5,874 |
|
|
Operating lease liabilities |
|
6,482 |
|
|
|
6,452 |
|
|
Other liabilities |
|
1,460 |
|
|
|
1,558 |
|
|
Total noncurrent liabilities |
|
44,261 |
|
|
|
46,198 |
|
|
|
|
|
|
|
Stockholders' equity (deficit) |
|
|
|
|
Common stock, 656,607,802 shares outstanding at June 30, 2024 |
|
7 |
|
|
|
7 |
|
|
Additional paid-in capital |
|
7,389 |
|
|
|
7,374 |
|
|
Accumulated other comprehensive loss |
|
(4,858 |
) |
|
|
(4,894 |
) |
|
Retained deficit |
|
(7,284 |
) |
|
|
(7,689 |
) |
|
Total stockholders' deficit |
|
(4,746 |
) |
|
|
(5,202 |
) |
|
|
|
|
|
|
Total liabilities and stockholders’ equity (deficit) |
$ |
64,125 |
|
|
$ |
63,058 |
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Corporate
Communicationsmediarelations@aa.com
Investor Relationsinvestor.relations@aa.com
American Airlines (NASDAQ:AAL)
過去 株価チャート
から 6 2024 まで 7 2024
American Airlines (NASDAQ:AAL)
過去 株価チャート
から 7 2023 まで 7 2024
