American Airlines Reports Fourth-Quarter and Full-Year 2022 Financial Results
26 January 2023 - 11:00PM
American Airlines Group Inc. (NASDAQ: AAL) today reported its
fourth-quarter and full-year 2022 financial results, including:
- Fourth-quarter and full-year net income of $803 million
and $127 million, or $1.14 per diluted share and $0.19 per diluted
share, respectively. Excluding net special
items1, fourth-quarter and
full-year net income of $827 million and $328 million, or $1.17 per
diluted share and $0.50 per diluted share,
respectively.
- Record fourth-quarter revenue of $13.2 billion, which
represents a 16.6% increase over the same period in 2019, despite
flying 6.1% less capacity.
- Ended the year with $12 billion of total available
liquidity, after prepaying a $1.2 billion term loan during the
fourth quarter.
- Company continues to execute on its plan to pay down
$15 billion of total debt2 by the
end of 2025.
“The American Airlines team has produced outstanding results
over the past year,” said American’s CEO Robert Isom. “We committed
to running a reliable operation and returning to profitability, and
our team is delivering on both. We’re proud to have led the
industry in operational performance over the holidays while
producing record full-year and fourth-quarter revenues, resulting
in a third consecutive quarterly profit and a profit for the full
year. As we turn our attention to 2023, we will continue to
prioritize reliability, profitability and debt reduction.”
Running a reliable operationAmerican and its
regional partners operated more than 475,000 flights in the fourth
quarter, with an average load factor of 83.9%. For the quarter,
American ranked first in completion factor among the nine largest
U.S. carriers.
The American team delivered an even stronger performance over
the holidays, despite challenging conditions in many parts of the
country. American outperformed the industry over the December
holiday period, ranking first in completion factor. The momentum
has continued into 2023 as American has delivered the best on-time
arrival performance of the nine largest U.S. carriers so far this
year.
Returning to profitabilityAmerican produced
revenues of $13.2 billion in the fourth quarter, an increase of
16.6% versus the same period in 2019 and the highest fourth-quarter
revenue in company history, driven by the continued strength of the
demand environment. This record revenue was achieved while flying
6.1% less capacity than the same period in 2019. On both a GAAP
basis and excluding the impact of net special items, the company
produced an operating margin of 10.5% in the quarter. American also
produced record revenues of $49 billion for the full year,
resulting in full-year profitability.
Liquidity and balance sheetIn the fourth
quarter, American made approximately $539 million in debt and
finance lease payments and prepaid a $1.2 billion term loan. The
company ended the year with $12 billion of total available
liquidity, comprised of cash and short-term investments plus
undrawn capacity under revolving and other credit facilities. Total
debt2 reduction continues to be a top priority, and the company is
more than halfway to its goal of reducing total debt by $15 billion
by the end of 2025. As of Dec. 31, 2022, American had reduced its
total debt by more than $8 billion from peak levels in the second
quarter of 2021.
Guidance and investor updateBased on demand
trends and the current fuel price forecast and excluding the impact
of special items, the company expects its first-quarter 2023
adjusted earnings per diluted share3 to be approximately breakeven.
Based on today’s guidance, American expects its full-year 2023
adjusted earnings per diluted share3 to be between $2.50 and
$3.50.
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 will also be available at
aa.com/investorrelations.
Conference call and webcast detailsThe
company will conduct a live audio webcast of its financial
results conference call at 7:30 a.m. 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 on the website through Feb. 26.
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.
- The company recognized $24 million
of net special items after the effect of taxes in the fourth
quarter, which principally included mark-to-market net unrealized
losses associated with certain equity investments.
- All references to total debt
include debt, finance leases, operating lease liability 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 projections 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 on
Twitter @AmericanAir and at Facebook.com/AmericanAirlines.
Cautionary statement regarding forward-looking
statements and information
Certain of the statements contained in this
report should be considered forward-looking statements within the
meaning of the Securities Act of 1933, as amended, the Securities
Exchange Act of 1934, as amended, and the Private Securities
Litigation Reform Act of 1995. These forward-looking statements may
be identified by words such as “may,” “will,” “expect,” “intend,”
“anticipate,” “believe,” “estimate,” “plan,” “project,” “could,”
“should,” “would,” “continue,” “seek,” “target,” “guidance,”
“outlook,” “if current trends continue,” “optimistic,” “forecast”
and other similar words. Such statements include, but are not
limited to, statements about the company’s plans, objectives,
expectations, intentions, estimates and strategies for the future,
the continuing availability of borrowings under revolving lines of
credit, and other statements that are not historical facts. These
forward-looking statements are based on the company’s current
objectives, beliefs and expectations, and they are subject to
significant risks and uncertainties that may cause actual results
and financial position and timing of certain events to differ
materially from the information in the forward-looking statements.
These risks and uncertainties include, but are not limited to,
those set forth herein as well as in the company’s Quarterly Report
on Form 10-Q for the quarter ended September 30, 2022 (especially
in Part I, Item 2. Management’s Discussion and Analysis of
Financial Condition and Results of Operations and Part II, Item 1A.
Risk Factors), and other risks and uncertainties listed from time
to time in the company’s other filings with the Securities and
Exchange Commission. 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
December 31, |
|
Percent
Increase |
|
12 Months Ended
December 31, |
|
Percent
Increase |
|
|
2022 |
|
|
|
2021 |
|
|
(Decrease) |
|
|
2022 |
|
|
|
2021 |
|
|
(Decrease) |
|
|
|
|
|
|
|
|
|
|
|
|
Operating
revenues: |
|
|
|
|
|
|
|
|
|
|
|
Passenger |
$ |
12,131 |
|
|
$ |
8,382 |
|
|
|
44.7 |
|
|
$ |
44,568 |
|
|
$ |
26,063 |
|
|
|
71.0 |
|
Cargo |
|
263 |
|
|
|
341 |
|
|
|
(22.9 |
) |
|
|
1,233 |
|
|
|
1,314 |
|
|
|
(6.2 |
) |
Other |
|
795 |
|
|
|
704 |
|
|
|
12.8 |
|
|
|
3,170 |
|
|
|
2,505 |
|
|
|
26.5 |
|
Total operating revenues |
|
13,189 |
|
|
|
9,427 |
|
|
|
39.9 |
|
|
|
48,971 |
|
|
|
29,882 |
|
|
|
63.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
Aircraft fuel and related taxes |
|
3,421 |
|
|
|
2,196 |
|
|
|
55.8 |
|
|
|
13,791 |
|
|
|
6,792 |
|
|
|
nm |
|
Salaries, wages and benefits |
|
3,199 |
|
|
|
3,207 |
|
|
|
(0.2 |
) |
|
|
12,972 |
|
|
|
11,817 |
|
|
|
9.8 |
|
Regional expenses: |
|
|
|
|
|
|
|
|
|
|
|
Regional operating expenses |
|
1,006 |
|
|
|
976 |
|
|
|
3.2 |
|
|
|
4,064 |
|
|
|
2,888 |
|
|
|
40.7 |
|
Regional depreciation and amortization |
|
81 |
|
|
|
79 |
|
|
|
1.5 |
|
|
|
321 |
|
|
|
316 |
|
|
|
1.6 |
|
Maintenance, materials and repairs |
|
735 |
|
|
|
596 |
|
|
|
23.4 |
|
|
|
2,684 |
|
|
|
1,979 |
|
|
|
35.6 |
|
Other rent and landing fees |
|
649 |
|
|
|
670 |
|
|
|
(3.2 |
) |
|
|
2,730 |
|
|
|
2,619 |
|
|
|
4.2 |
|
Aircraft rent |
|
350 |
|
|
|
360 |
|
|
|
(3.0 |
) |
|
|
1,395 |
|
|
|
1,425 |
|
|
|
(2.1 |
) |
Selling expenses |
|
484 |
|
|
|
353 |
|
|
|
37.1 |
|
|
|
1,815 |
|
|
|
1,098 |
|
|
|
65.3 |
|
Depreciation and amortization |
|
492 |
|
|
|
579 |
|
|
|
(15.2 |
) |
|
|
1,977 |
|
|
|
2,019 |
|
|
|
(2.1 |
) |
Special items, net |
|
4 |
|
|
|
(20 |
) |
|
|
nm |
|
(1) |
|
193 |
|
|
|
(4,006 |
) |
|
|
nm |
|
Other |
|
1,385 |
|
|
|
1,211 |
|
|
|
14.3 |
|
|
|
5,422 |
|
|
|
3,994 |
|
|
|
35.8 |
|
Total operating expenses |
|
11,806 |
|
|
|
10,207 |
|
|
|
15.7 |
|
|
|
47,364 |
|
|
|
30,941 |
|
|
|
53.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss) |
|
1,383 |
|
|
|
(780 |
) |
|
nm |
|
|
1,607 |
|
|
|
(1,059 |
) |
|
|
nm |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonoperating
income (expense): |
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
110 |
|
|
|
5 |
|
|
nm |
|
|
216 |
|
|
|
18 |
|
|
|
nm |
|
Interest expense, net |
|
(532 |
) |
|
|
(468 |
) |
|
|
13.5 |
|
|
|
(1,962 |
) |
|
|
(1,800 |
) |
|
|
9.0 |
|
Other income, net |
|
50 |
|
|
|
52 |
|
|
|
(3.7 |
) |
|
|
325 |
|
|
|
293 |
|
|
|
10.9 |
|
Total nonoperating expense, net |
|
(372 |
) |
|
|
(411 |
) |
|
|
(9.6 |
) |
|
|
(1,421 |
) |
|
|
(1,489 |
) |
|
|
(4.6 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Income
(loss) before income taxes |
|
1,011 |
|
|
|
(1,191 |
) |
|
nm |
|
|
186 |
|
|
|
(2,548 |
) |
|
|
nm |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
provision (benefit) |
|
208 |
|
|
|
(260 |
) |
|
nm |
|
|
59 |
|
|
|
(555 |
) |
|
|
nm |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
803 |
|
|
$ |
(931 |
) |
|
nm |
|
$ |
127 |
|
|
$ |
(1,993 |
) |
|
|
nm |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings
(loss) per common share: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
1.23 |
|
|
$ |
(1.44 |
) |
|
|
|
$ |
0.20 |
|
|
$ |
(3.09 |
) |
|
|
Diluted |
$ |
1.14 |
|
|
$ |
(1.44 |
) |
|
|
|
$ |
0.19 |
|
|
$ |
(3.09 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average shares outstanding (in thousands): |
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
650,944 |
|
|
|
648,766 |
|
|
|
|
|
650,345 |
|
|
|
644,015 |
|
|
|
Diluted |
|
716,070 |
|
|
|
648,766 |
|
|
|
|
|
655,122 |
|
|
|
644,015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
December 31, |
|
|
|
Increase |
|
|
12 Months Ended
December 31, |
|
|
Increase |
|
|
|
2022 |
|
|
|
2021 |
|
|
|
(Decrease) |
|
|
|
2022 |
|
|
|
2021 |
|
|
|
(Decrease) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
passenger miles (millions) |
|
55,320 |
|
|
|
48,982 |
|
|
|
12.9 |
% |
|
|
215,624 |
|
|
|
161,538 |
|
|
|
33.5 |
% |
Available
seat miles (ASM) (millions) |
|
65,962 |
|
|
|
61,105 |
|
|
|
7.9 |
% |
|
|
260,226 |
|
|
|
214,535 |
|
|
|
21.3 |
% |
Passenger
load factor (percent) |
|
83.9 |
|
|
|
80.2 |
|
|
|
3.7 |
pts |
|
|
82.9 |
|
|
|
75.3 |
|
|
|
7.6 |
pts |
Yield
(cents) |
|
21.93 |
|
|
|
17.11 |
|
|
|
28.2 |
% |
|
|
20.67 |
|
|
|
16.13 |
|
|
|
28.1 |
% |
Passenger
revenue per ASM (cents) |
|
18.39 |
|
|
|
13.72 |
|
|
|
34.1 |
% |
|
|
17.13 |
|
|
|
12.15 |
|
|
|
41.0 |
% |
Total
revenue per ASM (cents) |
|
19.99 |
|
|
|
15.43 |
|
|
|
29.6 |
% |
|
|
18.82 |
|
|
|
13.93 |
|
|
|
35.1 |
% |
Cargo ton
miles (millions) |
|
458 |
|
|
|
485 |
|
|
|
(5.6 |
)% |
|
|
1,972 |
|
|
|
2,082 |
|
|
|
(5.3 |
)% |
Cargo yield
per ton mile (cents) |
|
57.39 |
|
|
|
70.28 |
|
|
|
(18.3 |
)% |
|
|
62.52 |
|
|
|
63.11 |
|
|
|
(0.9 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fuel
consumption (gallons in millions) |
|
979 |
|
|
|
931 |
|
|
|
5.2 |
% |
|
|
3,901 |
|
|
|
3,324 |
|
|
|
17.4 |
% |
Average
aircraft fuel price including related taxes (dollars per
gallon) |
|
3.50 |
|
|
|
2.36 |
|
|
|
48.1 |
% |
|
|
3.54 |
|
|
|
2.04 |
|
|
|
73.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
cost per ASM (cents) |
|
17.90 |
|
|
|
16.70 |
|
|
|
7.1 |
% |
|
|
18.20 |
|
|
|
14.42 |
|
|
|
26.2 |
% |
Operating
cost per ASM excluding net special items (cents) |
|
17.89 |
|
|
|
16.74 |
|
|
|
6.9 |
% |
|
|
18.13 |
|
|
|
16.50 |
|
|
|
9.9 |
% |
Operating
cost per ASM excluding net special items and fuel (cents) |
|
12.70 |
|
|
|
13.14 |
|
|
|
(3.4 |
)% |
|
|
12.83 |
|
|
|
13.33 |
|
|
|
(3.8 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Passenger
enplanements (thousands) |
|
50,934 |
|
|
|
49,298 |
|
|
|
3.3 |
% |
|
|
199,288 |
|
|
|
165,682 |
|
|
|
20.3 |
% |
Departures
(thousands): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mainline |
|
277 |
|
|
|
252 |
|
|
|
9.8 |
% |
|
|
1,052 |
|
|
|
870 |
|
|
|
20.9 |
% |
Regional |
|
201 |
|
|
|
259 |
|
|
|
(22.1 |
)% |
|
|
903 |
|
|
|
955 |
|
|
|
(5.4 |
)% |
Total |
|
478 |
|
|
|
511 |
|
|
|
(6.3 |
)% |
|
|
1,955 |
|
|
|
1,825 |
|
|
|
7.1 |
% |
Average
stage length (miles): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mainline |
|
1,132 |
|
|
|
1,133 |
|
|
|
(0.1 |
)% |
|
|
1,161 |
|
|
|
1,166 |
|
|
|
(0.4 |
)% |
Regional |
|
469 |
|
|
|
478 |
|
|
|
(1.8 |
)% |
|
|
477 |
|
|
|
486 |
|
|
|
(1.8 |
)% |
Total |
|
853 |
|
|
|
801 |
|
|
|
6.4 |
% |
|
|
845 |
|
|
|
810 |
|
|
|
4.3 |
% |
Aircraft at
end of period: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mainline (2) |
|
925 |
|
|
|
865 |
|
|
|
6.9 |
% |
|
|
925 |
|
|
|
865 |
|
|
|
6.9 |
% |
Regional (3) |
|
536 |
|
|
|
567 |
|
|
|
(5.5 |
)% |
|
|
536 |
|
|
|
567 |
|
|
|
(5.5 |
)% |
Total |
|
1,461 |
|
|
|
1,432 |
|
|
|
2.0 |
% |
|
|
1,461 |
|
|
|
1,432 |
|
|
|
2.0 |
% |
Full-time
equivalent employees at end of period: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mainline |
|
102,000 |
|
|
|
96,800 |
|
|
|
5.4 |
% |
|
|
102,000 |
|
|
|
96,800 |
|
|
|
5.4 |
% |
Regional (4) |
|
27,700 |
|
|
|
26,600 |
|
|
|
4.1 |
% |
|
|
27,700 |
|
|
|
26,600 |
|
|
|
4.1 |
% |
Total |
|
129,700 |
|
|
|
123,400 |
|
|
|
5.1 |
% |
|
|
129,700 |
|
|
|
123,400 |
|
|
|
5.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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) Excludes nine
Boeing 737-800 mainline aircraft that are in temporary storage at
December 31, 2022. |
(3) Includes
aircraft owned and leased by American as well as aircraft operated
by third-party regional carriers under capacity purchase
agreements. Excludes 40 Embraer 145, 19 Bombardier CRJ 700, six
Embraer 170 and four Bombardier CRJ 900 regional aircraft that are
in temporary storage at December 31, 2022. |
(4) Regional
full-time equivalent employees only include our wholly-owned
regional airline subsidiaries. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
American
Airlines Group Inc. |
Consolidated
Revenue Statistics by Region |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 Months Ended
December 31, |
|
Increase |
|
|
12 Months Ended
December 31, |
|
|
Increase |
|
|
|
2022 |
|
|
|
2021 |
|
|
(Decrease) |
|
|
|
2022 |
|
|
|
2021 |
|
|
|
(Decrease) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue passenger miles (millions) |
|
38,065 |
|
|
|
38,623 |
|
|
|
(1.4 |
)% |
|
|
149,410 |
|
|
|
130,900 |
|
|
|
14.1 |
% |
Available
seat miles (ASM) (millions) |
|
44,939 |
|
|
|
46,230 |
|
|
|
(2.8 |
)% |
|
|
176,447 |
|
|
|
161,724 |
|
|
|
9.1 |
% |
Passenger
load factor (percent) |
|
84.7 |
|
|
|
83.5 |
|
|
|
1.2 |
pts |
|
|
84.7 |
|
|
|
80.9 |
|
|
|
3.8 |
pts |
Passenger
revenue (dollars in millions) |
|
8,945 |
|
|
|
6,808 |
|
|
|
31.4 |
% |
|
|
32,911 |
|
|
|
21,453 |
|
|
|
53.4 |
% |
Yield
(cents) |
|
23.50 |
|
|
|
17.62 |
|
|
|
33.3 |
% |
|
|
22.03 |
|
|
|
16.39 |
|
|
|
34.4 |
% |
Passenger
revenue per ASM (cents) |
|
19.90 |
|
|
|
14.73 |
|
|
|
35.2 |
% |
|
|
18.65 |
|
|
|
13.27 |
|
|
|
40.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Latin America(2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
passenger miles (millions) |
|
8,379 |
|
|
|
6,936 |
|
|
|
20.8 |
% |
|
|
32,467 |
|
|
|
22,242 |
|
|
|
46.0 |
% |
Available
seat miles (millions) |
|
9,853 |
|
|
|
9,093 |
|
|
|
8.4 |
% |
|
|
39,131 |
|
|
|
33,151 |
|
|
|
18.0 |
% |
Passenger
load factor (percent) |
|
85.0 |
|
|
|
76.3 |
|
|
|
8.7 |
pts |
|
|
83.0 |
|
|
|
67.1 |
|
|
|
15.9 |
pts |
Passenger
revenue (dollars in millions) |
|
1,793 |
|
|
|
1,131 |
|
|
|
58.5 |
% |
|
|
6,150 |
|
|
|
3,506 |
|
|
|
75.4 |
% |
Yield
(cents) |
|
21.40 |
|
|
|
16.31 |
|
|
|
31.2 |
% |
|
|
18.94 |
|
|
|
15.76 |
|
|
|
20.2 |
% |
Passenger
revenue per ASM (cents) |
|
18.20 |
|
|
|
12.44 |
|
|
|
46.3 |
% |
|
|
15.72 |
|
|
|
10.58 |
|
|
|
48.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Atlantic |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
passenger miles (millions) |
|
7,676 |
|
|
|
3,148 |
|
|
|
nm |
|
|
|
30,949 |
|
|
|
7,450 |
|
|
|
nm |
|
Available
seat miles (millions) |
|
9,725 |
|
|
|
5,157 |
|
|
|
88.6 |
% |
|
|
40,679 |
|
|
|
16,379 |
|
|
|
nm |
|
Passenger
load factor (percent) |
|
78.9 |
|
|
|
61.0 |
|
|
|
17.9 |
pts |
|
|
76.1 |
|
|
|
45.5 |
|
|
|
30.6 |
pts |
Passenger
revenue (dollars in millions) |
|
1,222 |
|
|
|
410 |
|
|
|
nm |
|
|
|
5,070 |
|
|
|
965 |
|
|
|
nm |
|
Yield
(cents) |
|
15.92 |
|
|
|
13.03 |
|
|
|
22.2 |
% |
|
|
16.38 |
|
|
|
12.95 |
|
|
|
26.5 |
% |
Passenger
revenue per ASM (cents) |
|
12.57 |
|
|
|
7.95 |
|
|
|
58.0 |
% |
|
|
12.46 |
|
|
|
5.89 |
|
|
|
nm |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pacific |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
passenger miles (millions) |
|
1,200 |
|
|
|
275 |
|
|
|
nm |
|
|
|
2,798 |
|
|
|
946 |
|
|
|
nm |
|
Available
seat miles (millions) |
|
1,445 |
|
|
|
625 |
|
|
|
nm |
|
|
|
3,969 |
|
|
|
3,281 |
|
|
|
21.0 |
% |
Passenger
load factor (percent) |
|
83.1 |
|
|
|
44.0 |
|
|
|
39.1 |
pts |
|
|
70.5 |
|
|
|
28.8 |
|
|
|
41.7 |
pts |
Passenger
revenue (dollars in millions) |
|
171 |
|
|
|
33 |
|
|
|
nm |
|
|
|
437 |
|
|
|
139 |
|
|
|
nm |
|
Yield
(cents) |
|
14.23 |
|
|
|
11.94 |
|
|
|
19.2 |
% |
|
|
15.62 |
|
|
|
14.71 |
|
|
|
6.2 |
% |
Passenger
revenue per ASM (cents) |
|
11.82 |
|
|
|
5.25 |
|
|
|
nm |
|
|
|
11.01 |
|
|
|
4.24 |
|
|
|
nm |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total International |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
passenger miles (millions) |
|
17,255 |
|
|
|
10,359 |
|
|
|
66.6 |
% |
|
|
66,214 |
|
|
|
30,638 |
|
|
|
nm |
|
Available
seat miles (millions) |
|
21,023 |
|
|
|
14,875 |
|
|
|
41.3 |
% |
|
|
83,779 |
|
|
|
52,811 |
|
|
|
58.6 |
% |
Passenger
load factor (percent) |
|
82.1 |
|
|
|
69.6 |
|
|
|
12.5 |
pts |
|
|
79.0 |
|
|
|
58.0 |
|
|
|
21.0 |
pts |
Passenger
revenue (dollars in millions) |
|
3,186 |
|
|
|
1,574 |
|
|
|
nm |
|
|
|
11,657 |
|
|
|
4,610 |
|
|
|
nm |
|
Yield
(cents) |
|
18.46 |
|
|
|
15.20 |
|
|
|
21.5 |
% |
|
|
17.61 |
|
|
|
15.05 |
|
|
|
17.0 |
% |
Passenger
revenue per ASM (cents) |
|
15.15 |
|
|
|
10.58 |
|
|
|
43.2 |
% |
|
|
13.91 |
|
|
|
8.73 |
|
|
|
59.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Amounts may not recalculate due to
rounding. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)Domestic results
include Canada, Puerto Rico and U.S. Virgin Islands. |
|
|
|
|
|
|
|
|
|
|
|
|
|
(2)Latin America results include the Caribbean. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP Financial
Information to Non-GAAP Financial Information |
|
American Airlines Group Inc. (the Company)
sometimes uses financial measures that are derived from the
condensed consolidated financial statements but that are not
presented in accordance with GAAP to understand and evaluate its
current operating performance and to allow for period-to-period
comparisons. The Company believes these non-GAAP financial measures
may also provide useful information to investors and others. These
non-GAAP measures may not be comparable to similarly titled
non-GAAP measures of other companies, and should be considered in
addition to, and not as a substitute for or superior to, any
measure of performance, cash flow or liquidity prepared in
accordance with GAAP. The Company is providing a reconciliation of
reported non-GAAP financial measures to their comparable financial
measures on a GAAP basis.The tables below present the
reconciliations of the following GAAP measures to their non-GAAP
measures:- Operating Income (Loss) (GAAP measure) to Operating
Income (Loss) 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 performanceAdditionally, the tables below present
the reconciliations of total operating costs (GAAP measure) to
total operating costs excluding net special items and fuel
(non-GAAP measure) and total operating costs per ASM (CASM) to CASM
excluding net special items and fuel. Management uses total
operating costs excluding net special items and fuel and CASM
excluding net special items and fuel to evaluate the Company's
current operating performance and for period-to-period comparisons.
The price of fuel, over which the Company has no control, impacts
the comparability of period-to-period financial performance. The
adjustment to exclude fuel and net special items allows management
an additional tool to understand and analyze the Company’s non-fuel
costs and core operating performance. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 Months Ended
December 31, |
|
Percent
Increase |
|
12 Months Ended
December 31, |
Percent
Increase |
|
|
Reconciliation of Operating Income (Loss) Excluding Net
Special Items |
|
|
2022 |
|
|
|
2021 |
|
|
(Decrease) |
|
|
2022 |
|
|
|
2021 |
|
|
(Decrease) |
|
|
|
|
(in millions) |
|
|
|
(in millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income (loss) as reported |
|
$ |
1,383 |
|
|
$ |
(780 |
) |
|
|
|
$ |
1,607 |
|
|
$ |
(1,059 |
) |
|
|
|
|
Operating
net special items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mainline operating special items, net(1) |
|
|
4 |
|
|
|
(20 |
) |
|
|
|
|
193 |
|
|
|
(4,006 |
) |
|
|
|
|
Regional operating special items, net(2) |
|
|
2 |
|
|
|
- |
|
|
|
|
|
5 |
|
|
|
(449 |
) |
|
|
|
|
Operating
income (loss) excluding net special items |
|
$ |
1,389 |
|
|
$ |
(800 |
) |
|
nm |
|
$ |
1,805 |
|
|
$ |
(5,514 |
) |
|
nm |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of Operating Margin |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income (loss) as reported |
|
$ |
1,383 |
|
|
$ |
(780 |
) |
|
|
|
$ |
1,607 |
|
|
$ |
(1,059 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
operating revenues as reported |
|
$ |
13,189 |
|
|
$ |
9,427 |
|
|
|
|
$ |
48,971 |
|
|
$ |
29,882 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
margin |
|
|
10.5 |
% |
|
|
(8.3 |
%) |
|
|
|
|
3.3 |
% |
|
|
(3.5 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of Operating Margin Excluding Net Special
Items |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income (loss) excluding net special items |
|
$ |
1,389 |
|
|
$ |
(800 |
) |
|
|
|
$ |
1,805 |
|
|
$ |
(5,514 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
operating revenues as reported |
|
$ |
13,189 |
|
|
$ |
9,427 |
|
|
|
|
$ |
48,971 |
|
|
$ |
29,882 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
margin excluding net special items |
|
|
10.5 |
% |
|
|
(8.5 |
%) |
|
|
|
|
3.7 |
% |
|
|
(18.4 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Pre-Tax Income (Loss) Excluding Net
Special Items |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax
income (loss) as reported |
|
$ |
1,011 |
|
|
$ |
(1,191 |
) |
|
|
|
$ |
186 |
|
|
$ |
(2,548 |
) |
|
|
|
|
Pre-tax net
special items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mainline operating special items, net(1) |
|
|
4 |
|
|
|
(20 |
) |
|
|
|
|
193 |
|
|
|
(4,006 |
) |
|
|
|
|
Regional operating special items, net(2) |
|
|
2 |
|
|
|
- |
|
|
|
|
|
5 |
|
|
|
(449 |
) |
|
|
|
|
Nonoperating special items, net(3) |
|
|
40 |
|
|
|
29 |
|
|
|
|
|
74 |
|
|
|
60 |
|
|
|
|
|
Total
pre-tax net special items |
|
|
46 |
|
|
|
9 |
|
|
|
|
|
272 |
|
|
|
(4,395 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax
income (loss) excluding net special items |
|
$ |
1,057 |
|
|
$ |
(1,182 |
) |
|
nm |
|
$ |
458 |
|
|
$ |
(6,943 |
) |
|
nm |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of Pre-Tax Margin |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax
income (loss) as reported |
|
$ |
1,011 |
|
|
$ |
(1,191 |
) |
|
|
|
$ |
186 |
|
|
$ |
(2,548 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
operating revenues as reported |
|
$ |
13,189 |
|
|
$ |
9,427 |
|
|
|
|
$ |
48,971 |
|
|
$ |
29,882 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax
margin |
|
|
7.7 |
% |
|
|
(12.6 |
%) |
|
|
|
|
0.4 |
% |
|
|
(8.5 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of Pre-Tax Margin Excluding Net Special
Items |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax
income (loss) excluding net special items |
|
$ |
1,057 |
|
|
$ |
(1,182 |
) |
|
|
|
$ |
458 |
|
|
$ |
(6,943 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
operating revenues as reported |
|
$ |
13,189 |
|
|
$ |
9,427 |
|
|
|
|
$ |
48,971 |
|
|
$ |
29,882 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax
margin excluding net special items |
|
|
8.0 |
% |
|
|
(12.5 |
%) |
|
|
|
|
0.9 |
% |
|
|
(23.2 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 Months Ended
December 31, |
|
Percent
Increase |
|
12 Months Ended
December 31, |
Percent
Increase |
|
|
Reconciliation of Net Income (Loss) Excluding Net Special
Items |
|
|
2022 |
|
|
|
2021 |
|
|
(Decrease) |
|
|
2022 |
|
|
|
2021 |
|
|
(Decrease) |
|
|
|
|
(in millions, except
share and per share amounts) |
|
|
|
(in millions, except
share and per share amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss) as reported |
|
$ |
803 |
|
|
$ |
(931 |
) |
|
|
|
$ |
127 |
|
|
$ |
(1,993 |
) |
|
|
|
|
Net special
items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total pre-tax net special items(1), (2), (3) |
|
|
46 |
|
|
|
9 |
|
|
|
|
|
272 |
|
|
|
(4,395 |
) |
|
|
|
|
Income tax special items, net |
|
|
- |
|
|
|
- |
|
|
|
|
|
(9 |
) |
|
|
- |
|
|
|
|
|
Net tax effect of net special items |
|
|
(22 |
) |
|
|
1 |
|
|
|
|
|
(62 |
) |
|
|
993 |
|
|
|
|
|
Net income
(loss) excluding net special items |
|
$ |
827 |
|
|
$ |
(921 |
) |
|
nm |
|
$ |
328 |
|
|
$ |
(5,395 |
) |
|
nm |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Basic and Diluted Earnings (Loss) Per
Share Excluding Net Special Items |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss) excluding net special items |
|
$ |
827 |
|
|
$ |
(921 |
) |
|
|
|
$ |
328 |
|
|
$ |
(5,395 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used
for computation (in thousands): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
650,944 |
|
|
|
648,766 |
|
|
|
|
|
650,345 |
|
|
|
644,015 |
|
|
|
|
|
Diluted |
|
|
716,070 |
|
|
|
648,766 |
|
|
|
|
|
655,122 |
|
|
|
644,015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings
(loss) per share excluding net special items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
1.27 |
|
|
$ |
(1.42 |
) |
|
|
|
$ |
0.50 |
|
|
$ |
(8.38 |
) |
|
|
|
|
Diluted(4) |
|
$ |
1.17 |
|
|
$ |
(1.42 |
) |
|
|
|
$ |
0.50 |
|
|
$ |
(8.38 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Total Operating Costs per ASM Excluding
Net Special Items and Fuel |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
operating expenses as reported |
|
$ |
11,806 |
|
|
$ |
10,207 |
|
|
|
|
$ |
47,364 |
|
|
$ |
30,941 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
net special items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mainline operating special items, net(1) |
|
|
(4 |
) |
|
|
20 |
|
|
|
|
|
(193 |
) |
|
|
4,006 |
|
|
|
|
|
Regional operating special items, net(2) |
|
|
(2 |
) |
|
|
- |
|
|
|
|
|
(5 |
) |
|
|
449 |
|
|
|
|
|
Total
operating expenses excluding net special items |
|
|
11,800 |
|
|
|
10,227 |
|
|
|
|
|
47,166 |
|
|
|
35,396 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aircraft
fuel and related taxes |
|
|
(3,421 |
) |
|
|
(2,196 |
) |
|
|
|
|
(13,791 |
) |
|
|
(6,792 |
) |
|
|
|
|
Total
operating expenses excluding net special items and fuel |
|
$ |
8,379 |
|
|
$ |
8,031 |
|
|
|
|
$ |
33,375 |
|
|
$ |
28,604 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in cents) |
|
|
|
(in cents) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
operating expenses per ASM as reported |
|
|
17.90 |
|
|
|
16.70 |
|
|
|
|
|
18.20 |
|
|
|
14.42 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
net special items per ASM: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mainline operating special items, net(1) |
|
|
(0.01 |
) |
|
|
0.03 |
|
|
|
|
|
(0.07 |
) |
|
|
1.87 |
|
|
|
|
|
Regional operating special items, net(2) |
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
0.21 |
|
|
|
|
|
Total
operating expenses per ASM excluding net special items |
|
|
17.89 |
|
|
|
16.74 |
|
|
|
|
|
18.13 |
|
|
|
16.50 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aircraft
fuel and related taxes per ASM |
|
|
(5.19 |
) |
|
|
(3.59 |
) |
|
|
|
|
(5.30 |
) |
|
|
(3.17 |
) |
|
|
|
|
Total
operating expenses per ASM excluding net special items and
fuel |
|
|
12.70 |
|
|
|
13.14 |
|
|
|
|
|
12.83 |
|
|
|
13.33 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Amounts may not recalculate due to
rounding. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FOOTNOTES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
The 2022 twelve
month period mainline operating special items, net principally
included a non-cash impairment charge to write down the carrying
value of the Company's retired Airbus A330 fleet to the estimated
fair value due to the market conditions for certain used aircraft.
The Company retired its Airbus A330 fleet in 2020 as a result of
the decline in demand for air travel due to the COVID-19 pandemic.
The 2021 twelve month period mainline operating special items, net
principally included $4.2 billion of Payroll Support Program (PSP)
financial assistance, offset in part by $168 million of salary and
medical costs associated with certain team members who opted into
voluntary early retirement programs offered as a result of
reductions to the Company's operation due to the COVID-19
pandemic. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) |
The 2021 twelve
month period regional operating special items, net principally
included $539 million of PSP financial assistance, offset in part
by a $61 million charge associated with the regional pilot
retention program which provides for, among other things, a cash
retention bonus paid in the fourth quarter of 2021 to eligible
captains at the wholly-owned regional airlines included on the
pilot seniority list as of September 1, 2021 and a $27 million
non-cash impairment charge to write down regional aircraft
resulting from the retirement of the remaining Embraer 140 fleet
earlier than planned. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3) |
Principally
included mark-to-market net unrealized gains and losses associated
with certain equity and other investments as well as non-cash
charges associated with debt refinancings and extinguishments. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4) |
The fourth quarter
of 2022 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 of interest expense 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) |
|
|
|
|
|
|
|
Year Ended December
31, |
|
|
|
2022 |
|
|
|
2021 |
|
|
|
|
|
|
|
Net cash provided by operating activities |
$ |
2,173 |
|
|
$ |
704 |
|
|
Cash flows from investing activities: |
|
|
|
|
Capital expenditures, net of aircraft purchase deposit returns |
|
(2,546 |
) |
|
|
(208 |
) |
|
Airport construction projects, net of reimbursements |
|
(360 |
) |
|
|
(204 |
) |
|
Proceeds from sale-leaseback transactions |
|
86 |
|
|
|
181 |
|
|
Proceeds from sale of property and equipment |
|
61 |
|
|
|
193 |
|
|
Sales of short-term investments |
|
14,972 |
|
|
|
13,923 |
|
|
Purchases of short-term investments |
|
(11,257 |
) |
|
|
(19,454 |
) |
|
Decrease (increase) in restricted short-term investments |
|
1 |
|
|
|
(401 |
) |
|
Purchase of equity investments |
|
(321 |
) |
|
|
(28 |
) |
|
Other investing activities |
|
- |
|
|
|
15 |
|
|
Net cash provided by (used in) investing activities |
|
636 |
|
|
|
(5,983 |
) |
|
Cash flows from financing activities: |
|
|
|
|
Payments on long-term debt and finance leases |
|
(3,752 |
) |
|
|
(7,343 |
) |
|
Proceeds from issuance of long-term debt |
|
1,069 |
|
|
|
12,190 |
|
|
Deferred financing costs |
|
(4 |
) |
|
|
(209 |
) |
|
Shares withheld for taxes pursuant to employee stock plans |
|
(21 |
) |
|
|
(18 |
) |
|
Proceeds from issuance of equity |
|
- |
|
|
|
460 |
|
|
Other financing activities |
|
77 |
|
|
|
208 |
|
|
Net cash provided by (used in) financing activities |
|
(2,631 |
) |
|
|
5,288 |
|
|
Net increase in cash and restricted cash |
|
178 |
|
|
|
9 |
|
|
Cash and restricted cash at beginning of year |
|
408 |
|
|
|
399 |
|
(1) |
Cash and restricted cash at end of year |
$ |
586 |
|
|
$ |
408 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
The following table
provides a reconciliation of cash and restricted cash to amounts
reported within the condensed consolidated balance sheets: |
|
|
|
|
|
|
|
Cash |
$ |
440 |
|
|
$ |
273 |
|
|
Restricted cash included in restricted cash and short-term
investments |
|
146 |
|
|
|
135 |
|
|
Total cash and restricted cash |
$ |
586 |
|
|
$ |
408 |
|
|
|
|
|
|
|
|
|
|
|
American
Airlines Group Inc. |
Condensed
Consolidated Balance Sheets |
(In
millions, except shares) |
|
|
|
|
|
|
December 31,
2022 |
|
December 31,
2021 |
|
(unaudited) |
|
|
Assets |
|
|
|
|
|
|
|
Current
assets |
|
|
|
Cash |
$ |
440 |
|
|
$ |
273 |
|
Short-term investments |
|
8,525 |
|
|
|
12,158 |
|
Restricted cash and short-term investments |
|
995 |
|
|
|
990 |
|
Accounts receivable, net |
|
2,138 |
|
|
|
1,505 |
|
Aircraft fuel, spare parts and supplies, net |
|
2,279 |
|
|
|
1,795 |
|
Prepaid expenses and other |
|
892 |
|
|
|
615 |
|
Total current assets |
|
15,269 |
|
|
|
17,336 |
|
|
|
|
|
Operating
property and equipment |
|
|
|
Flight equipment |
|
39,703 |
|
|
|
37,856 |
|
Ground property and equipment |
|
9,913 |
|
|
|
9,335 |
|
Equipment purchase deposits |
|
613 |
|
|
|
517 |
|
Total property and equipment, at cost |
|
50,229 |
|
|
|
47,708 |
|
Less accumulated depreciation and amortization |
|
(20,029 |
) |
|
|
(18,171 |
) |
Total property and equipment, net |
|
30,200 |
|
|
|
29,537 |
|
|
|
|
|
Operating
lease right-of-use assets |
|
8,094 |
|
|
|
7,850 |
|
|
|
|
|
Other
assets |
|
|
|
Goodwill |
|
4,091 |
|
|
|
4,091 |
|
Intangibles, net |
|
2,059 |
|
|
|
1,988 |
|
Deferred tax asset |
|
3,099 |
|
|
|
3,556 |
|
Other assets |
|
1,904 |
|
|
|
2,109 |
|
Total other assets |
|
11,153 |
|
|
|
11,744 |
|
|
|
|
|
Total assets |
$ |
64,716 |
|
|
$ |
66,467 |
|
|
|
|
|
Liabilities
and Stockholders’ Equity (Deficit) |
|
|
|
|
|
|
|
Current
liabilities |
|
|
|
Current maturities of long-term debt and finance leases |
$ |
3,274 |
|
|
$ |
2,489 |
|
Accounts payable |
|
2,149 |
|
|
|
1,772 |
|
Accrued salaries and wages |
|
1,713 |
|
|
|
1,489 |
|
Air traffic liability |
|
6,745 |
|
|
|
6,087 |
|
Loyalty program liability |
|
3,169 |
|
|
|
2,896 |
|
Operating lease liabilities |
|
1,465 |
|
|
|
1,507 |
|
Other accrued liabilities |
|
2,981 |
|
|
|
2,766 |
|
Total current liabilities |
|
21,496 |
|
|
|
19,006 |
|
|
|
|
|
Noncurrent
liabilities |
|
|
|
Long-term debt and finance leases, net of current maturities |
|
32,389 |
|
|
|
35,571 |
|
Pension and postretirement benefits |
|
2,837 |
|
|
|
5,053 |
|
Loyalty program liability |
|
5,976 |
|
|
|
6,239 |
|
Operating lease liabilities |
|
6,559 |
|
|
|
6,610 |
|
Other liabilities |
|
1,258 |
|
|
|
1,328 |
|
Total noncurrent liabilities |
|
49,019 |
|
|
|
54,801 |
|
|
|
|
|
Stockholders' equity (deficit) |
|
|
|
Common stock, 650,642,461 shares outstanding at December 31,
2022 |
|
6 |
|
|
|
6 |
|
Additional paid-in capital |
|
7,291 |
|
|
|
7,234 |
|
Accumulated other comprehensive loss |
|
(4,585 |
) |
|
|
(5,942 |
) |
Retained deficit |
|
(8,511 |
) |
|
|
(8,638 |
) |
Total stockholders' deficit |
|
(5,799 |
) |
|
|
(7,340 |
) |
|
|
|
|
Total liabilities and stockholders’ equity (deficit) |
$ |
64,716 |
|
|
$ |
66,467 |
|
|
|
|
|
American Airlines (NASDAQ:AAL)
Historical Stock Chart
From Nov 2023 to Dec 2023
American Airlines (NASDAQ:AAL)
Historical Stock Chart
From Dec 2022 to Dec 2023