American Airlines Group Inc. (NASDAQ: AAL) today reported its
fourth-quarter and full-year 2024 financial results, including:
- Record fourth-quarter revenue of $13.7 billion and
record full-year revenue of $54.2 billion
- Fourth-quarter and full-year GAAP net income of $590
million and $846 million, or $0.84 and $1.24 per diluted share,
respectively
- Excluding net special
items1, fourth-quarter and
full-year net income of $609 million and $1.4 billion, or $0.86 and
$1.96 per diluted share, respectively
- Generated $4 billion in full-year operating cash flow
and record full-year free cash flow2
of $2.2 billion
- Announced an exclusive 10-year co-branded credit card
partnership with Citi, which is expected to unlock even more value
for AAdvantage® co-branded and
Citi-branded cardmembers
- Achieved total debt3
reduction goal of $15 billion from peak levels — a full
year ahead of schedule
“The American Airlines team achieved a number of important
objectives in 2024,” said American’s CEO Robert Isom. “We continue
to run a reliable operation, and we are reengineering the business
to build an even more efficient airline. That, coupled with our
commercial actions, resulted in strong financial performance in the
fourth quarter. As we look ahead to this year, American remains
well-positioned because of the strength of our network, loyalty and
co-branded credit card programs, fleet and operational reliability,
and the tremendous work of our team.”
Revenue performanceAmerican produced record
fourth-quarter and full-year revenue of $13.7 billion and $54.2
billion, respectively. This revenue performance was driven by the
actions the airline took to adjust capacity, combined with
continued demand strength. Total unit revenue inflected positive in
the quarter, up 2.0% versus 2023. In the fourth quarter, American’s
year-over-year Domestic, Atlantic, Pacific and total passenger unit
revenue results led U.S. network carriers.
Citi partnershipIn December, American and Citi
announced a new 10-year agreement, with Citi becoming the exclusive
issuer of the AAdvantage® co-branded credit card portfolio in the
U.S. starting in 2026. The new agreement is expected to drive
incremental value for both companies and produce a significantly
expanded loyalty and rewards ecosystem for AAdvantage® members and
Citi-branded cardmembers alike. Cash remuneration from co-branded
credit cards and other partners was $6.1 billion in 2024, an
increase of 17.0% versus 2023. Cash remuneration in 2024 included a
one-time cash payment related to the new co-branded credit card
agreement announced in December. This one-time payment will be
amortized over the life of the new agreement beginning in 2026, and
therefore had no impact on American’s revenue or earnings in
2024.
Operational performanceThe American Airlines
team continues to deliver strong operational results, despite the
extreme weather and other challenges the airline faced in the
quarter and throughout the year. In the fourth quarter, American
ranked second in completion factor and on-time departures among the
four largest U.S. carriers. For the year, American achieved its
second-best completion factor since the merger of American and US
Airways, on its largest volume of passengers ever. The team
continues to demonstrate its operational resilience and ability to
recover from disruptions. Continued investment in the operation and
technology that supports it will drive further improvements in the
company’s operating reliability and resiliency.
Financial performanceAmerican delivered
fourth-quarter and full-year earnings results ahead of its prior
guidance. On a GAAP basis, the company produced an operating margin
of 8.3% in the quarter and 4.8% for the full year. Excluding the
impact of net special items1, the company produced an adjusted
operating margin of 8.4% in the quarter and 6.0% for the full
year.
Balance sheet and liquidityIn 2024, American
generated record free cash flow2 of $2.2 billion, which enabled
further strengthening of its balance sheet. In the fourth quarter
of 2024, American achieved its total debt3 reduction goal of $15
billion from peak levels in mid-2021 — a full year ahead of
schedule. The company remains focused on debt reduction as it works
toward its stated credit ratings goal of BB. American ended the
year with $10.3 billion of total available liquidity, comprised of
cash and short-term investments plus undrawn capacity under
revolving credit and other facilities.
Guidance and investor updateBased on present
demand trends, the current fuel price forecast and excluding the
impact of special items, the company expects its first-quarter 2025
adjusted loss per diluted share4 to be between ($0.20) to ($0.40).
The company expects its full-year 2025 adjusted earnings per
diluted share4 to be between $1.70 to $2.70.
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 Feb. 23.
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 $19 million
of net special items in the fourth quarter after the effect of
taxes, which included a $33 million non-cash write down of regional
aircraft resulting from the decision to permanently park 43 Embraer
145 aircraft. The company recognized $516 million of net special
items in 2024 after the effect of taxes, which included operating
net special items of $643 million principally related to one-time
charges resulting from the ratifications of new collective
bargaining agreements with the airline’s mainline flight attendants
and passenger service team members.
- Please see the accompanying notes
for the company’s definition of free cash flow, 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 GroupAs a leading
global airline, American Airlines offers thousands of flights per
day to more than 350 destinations in more than 60 countries. The
airline is a founding member of the oneworld®
alliance, whose members serve more than 900 destinations around the
globe. Shares of American Airlines Group Inc. trade on Nasdaq under
the ticker symbol AAL. Learn more about what’s happening at
American by visiting news.aa.com and connect with American
@AmericanAir and at Facebook.com/AmericanAirlines. To Care for
People on Life’s Journey®.
Cautionary statement regarding forward-looking
statements and informationCertain of the statements
contained in this report should be considered forward-looking
statements within the meaning of the Securities Act of 1933, as
amended, the Securities Exchange Act of 1934, as amended, and the
Private Securities Litigation Reform Act of 1995. These
forward-looking statements may be identified by words such as
“may,” “will,” “expect,” “intend,” “anticipate,” “believe,”
“estimate,” “plan,” “project,” “could,” “should,” “would,”
“continue,” “seek,” “target,” “guidance,” “outlook,” “if current
trends continue,” “optimistic,” “forecast” and other similar words.
Such statements include, but are not limited to, statements about
the company’s plans, objectives, expectations, intentions,
estimates and strategies for the future, and other statements that
are not historical facts. These forward-looking statements are
based on the company’s current objectives, beliefs and
expectations, and they are subject to significant risks and
uncertainties that may cause actual results and financial position
and timing of certain events to differ materially from the
information in the forward-looking statements. These risks and
uncertainties include, but are not limited to, those set forth
herein as well as in the company’s Quarterly Report on Form 10-Q
for the quarter ended September 30, 2024 (especially in Part I,
Item 2. Management’s Discussion and Analysis of Financial Condition
and Results of Operations and Part II, Item 1A. Risk Factors), and
other risks and uncertainties listed from time to time in the
company’s other filings with the Securities and Exchange
Commission. Additionally, there may be other factors of which the
company is not currently aware that may affect matters discussed in
the forward-looking statements and may also cause actual results to
differ materially from those discussed. The company does not assume
any obligation to publicly update or supplement any forward-looking
statement to reflect actual results, changes in assumptions or
changes in other factors affecting these forward-looking statements
other than as required by law. Any forward-looking statements speak
only as of the date hereof or as of the dates indicated in the
statement.
| |
| |
| American
Airlines Group Inc. |
| Condensed
Consolidated Statements of Operations |
| (In
millions, except share and per share amounts) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 Months Ended
December 31, |
|
Percent
Increase |
|
12 Months Ended
December 31, |
|
Percent
Increase |
| |
|
|
2024 |
|
|
|
2023 |
|
|
(Decrease) |
|
|
2024 |
|
|
|
2023 |
|
|
(Decrease) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Operating
revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Passenger |
|
$ |
12,402 |
|
|
$ |
12,010 |
|
|
3.3 |
|
|
$ |
49,586 |
|
|
$ |
48,512 |
|
|
2.2 |
|
|
Cargo |
|
|
220 |
|
|
|
199 |
|
|
10.5 |
|
|
|
804 |
|
|
|
812 |
|
|
(0.9 |
) |
|
Other |
|
|
1,038 |
|
|
|
853 |
|
|
21.8 |
|
|
|
3,821 |
|
|
|
3,464 |
|
|
10.3 |
|
|
Total operating revenues |
|
|
13,660 |
|
|
|
13,062 |
|
|
4.6 |
|
|
|
54,211 |
|
|
|
52,788 |
|
|
2.7 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Aircraft fuel and related taxes |
|
|
2,502 |
|
|
|
3,159 |
|
|
(20.8 |
) |
|
|
11,418 |
|
|
|
12,257 |
|
|
(6.8 |
) |
|
Salaries, wages and benefits |
|
|
4,104 |
|
|
|
3,689 |
|
|
11.2 |
|
|
|
16,021 |
|
|
|
14,580 |
|
|
9.9 |
|
|
Regional expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Regional operating expenses |
|
|
1,228 |
|
|
|
1,101 |
|
|
11.5 |
|
|
|
4,723 |
|
|
|
4,325 |
|
|
9.2 |
|
|
Regional depreciation and amortization |
|
|
81 |
|
|
|
79 |
|
|
2.0 |
|
|
|
319 |
|
|
|
318 |
|
|
0.3 |
|
|
Maintenance, materials and repairs |
|
|
971 |
|
|
|
875 |
|
|
10.9 |
|
|
|
3,794 |
|
|
|
3,265 |
|
|
16.2 |
|
|
Other rent and landing fees |
|
|
789 |
|
|
|
714 |
|
|
10.5 |
|
|
|
3,303 |
|
|
|
2,928 |
|
|
12.8 |
|
|
Aircraft rent |
|
|
297 |
|
|
|
338 |
|
|
(12.2 |
) |
|
|
1,242 |
|
|
|
1,369 |
|
|
(9.2 |
) |
|
Selling expenses |
|
|
480 |
|
|
|
443 |
|
|
8.7 |
|
|
|
1,812 |
|
|
|
1,799 |
|
|
0.7 |
|
|
Depreciation and amortization |
|
|
503 |
|
|
|
480 |
|
|
4.7 |
|
|
|
1,926 |
|
|
|
1,936 |
|
|
(0.5 |
) |
|
Special items, net |
|
|
(14 |
) |
|
|
9 |
|
|
nm |
(1) |
|
|
610 |
|
|
|
971 |
|
|
(37.2 |
) |
|
Other |
|
|
1,585 |
|
|
|
1,519 |
|
|
4.4 |
|
|
|
6,429 |
|
|
|
6,006 |
|
|
7.0 |
|
|
Total operating expenses |
|
|
12,526 |
|
|
|
12,406 |
|
|
1.0 |
|
|
|
51,597 |
|
|
|
49,754 |
|
|
3.7 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income |
|
|
1,134 |
|
|
|
656 |
|
|
72.7 |
|
|
|
2,614 |
|
|
|
3,034 |
|
|
(13.9 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Nonoperating
income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
106 |
|
|
|
136 |
|
|
(22.2 |
) |
|
|
468 |
|
|
|
591 |
|
|
(20.8 |
) |
|
Interest expense, net |
|
|
(470 |
) |
|
|
(519 |
) |
|
(9.5 |
) |
|
|
(1,934 |
) |
|
|
(2,145 |
) |
|
(9.9 |
) |
|
Other income (expense), net |
|
|
25 |
|
|
|
(241 |
) |
|
nm |
|
|
|
6 |
|
|
|
(359 |
) |
|
nm |
|
|
Total nonoperating expense, net |
|
|
(339 |
) |
|
|
(624 |
) |
|
(45.7 |
) |
|
|
(1,460 |
) |
|
|
(1,913 |
) |
|
(23.7 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Income
before income taxes |
|
|
795 |
|
|
|
32 |
|
|
nm |
|
|
|
1,154 |
|
|
|
1,121 |
|
|
2.9 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Income tax
provision |
|
|
205 |
|
|
|
13 |
|
|
nm |
|
|
|
308 |
|
|
|
299 |
|
|
2.9 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
590 |
|
|
$ |
19 |
|
|
nm |
|
|
$ |
846 |
|
|
$ |
822 |
|
|
2.9 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Earnings per
common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.90 |
|
|
$ |
0.03 |
|
|
|
|
$ |
1.29 |
|
|
$ |
1.26 |
|
|
|
|
Diluted |
|
$ |
0.84 |
|
|
$ |
0.03 |
|
|
|
|
$ |
1.24 |
|
|
$ |
1.21 |
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Weighted
average shares outstanding (in thousands): |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
657,746 |
|
|
|
654,725 |
|
|
|
|
|
656,996 |
|
|
|
653,612 |
|
|
|
|
Diluted |
|
|
723,690 |
|
|
|
657,079 |
|
|
|
|
|
721,300 |
|
|
|
719,669 |
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
| |
|
2024 |
|
2023 |
|
(Decrease) |
|
|
2024 |
|
2023 |
|
(Decrease) |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Revenue
passenger miles (millions) |
|
60,676 |
|
58,331 |
|
4.0 |
% |
|
248,795 |
|
231,926 |
|
7.3 |
% |
| Available
seat miles (ASM) (millions) |
|
71,503 |
|
69,773 |
|
2.5 |
% |
|
292,948 |
|
277,723 |
|
5.5 |
% |
| Passenger
load factor (percent) |
|
84.9 |
|
83.6 |
|
1.3 |
pts |
|
84.9 |
|
83.5 |
|
1.4 |
pts |
| Yield
(cents) |
|
20.44 |
|
20.59 |
|
(0.7 |
)% |
|
19.93 |
|
20.92 |
|
(4.7 |
)% |
| Passenger
revenue per ASM (cents) |
|
17.34 |
|
17.21 |
|
0.8 |
% |
|
16.93 |
|
17.47 |
|
(3.1 |
)% |
| Total
revenue per ASM (cents) |
|
19.10 |
|
18.72 |
|
2.0 |
% |
|
18.51 |
|
19.01 |
|
(2.6 |
)% |
| Cargo ton
miles (millions) |
|
526 |
|
501 |
|
5.0 |
% |
|
2,067 |
|
1,840 |
|
12.3 |
% |
| Cargo yield
per ton mile (cents) |
|
41.85 |
|
39.74 |
|
5.3 |
% |
|
38.92 |
|
44.13 |
|
(11.8 |
)% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Fuel
consumption (gallons in millions) |
|
1,070 |
|
1,033 |
|
3.6 |
% |
|
4,391 |
|
4,140 |
|
6.1 |
% |
| Average
aircraft fuel price including related taxes (dollars per
gallon) |
|
2.34 |
|
3.06 |
|
(23.5 |
)% |
|
2.60 |
|
2.96 |
|
(12.2 |
)% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Operating
cost per ASM (cents) |
|
17.52 |
|
17.78 |
|
(1.5 |
)% |
|
17.61 |
|
17.92 |
|
(1.7 |
)% |
| Operating
cost per ASM excluding net special items (cents) |
|
17.49 |
|
17.77 |
|
(1.6 |
)% |
|
17.39 |
|
17.56 |
|
(1.0 |
)% |
| Operating
cost per ASM excluding net special items and fuel (cents) |
|
13.99 |
|
13.24 |
|
5.7 |
% |
|
13.50 |
|
13.15 |
|
2.6 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Passenger
enplanements (thousands) |
|
55,806 |
|
53,567 |
|
4.2 |
% |
|
226,405 |
|
210,692 |
|
7.5 |
% |
| Departures
(thousands): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mainline |
|
291 |
|
285 |
|
1.9 |
% |
|
1,191 |
|
1,145 |
|
4.0 |
% |
|
Regional |
|
256 |
|
222 |
|
15.1 |
% |
|
972 |
|
855 |
|
13.6 |
% |
|
Total |
|
547 |
|
507 |
|
7.7 |
% |
|
2,163 |
|
2,000 |
|
8.1 |
% |
| Average
stage length (miles): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mainline |
|
1,147 |
|
1,157 |
|
(0.9 |
)% |
|
1,154 |
|
1,147 |
|
0.6 |
% |
|
Regional |
|
461 |
|
458 |
|
0.6 |
% |
|
459 |
|
463 |
|
(0.7 |
)% |
|
Total |
|
826 |
|
851 |
|
(3.0 |
)% |
|
842 |
|
855 |
|
(1.5 |
)% |
| Aircraft at
end of period: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mainline |
|
977 |
|
965 |
|
1.2 |
% |
|
977 |
|
965 |
|
1.2 |
% |
|
Regional (2) |
|
585 |
|
556 |
|
5.2 |
% |
|
585 |
|
556 |
|
5.2 |
% |
|
Total |
|
1,562 |
|
1,521 |
|
2.7 |
% |
|
1,562 |
|
1,521 |
|
2.7 |
% |
| Full-time
equivalent employees at end of period: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mainline |
|
102,700 |
|
103,200 |
|
(0.5 |
)% |
|
102,700 |
|
103,200 |
|
(0.5 |
)% |
|
Regional (3) |
|
30,600 |
|
28,900 |
|
5.9 |
% |
|
30,600 |
|
28,900 |
|
5.9 |
% |
|
Total |
|
133,300 |
|
132,100 |
|
0.9 |
% |
|
133,300 |
|
132,100 |
|
0.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 seven
regional aircraft in temporary storage as of December 31, 2024 as
follows: five Embraer 145 and two Bombardier CRJ 900. |
| (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
December 31, |
|
Increase |
|
|
12 Months Ended
December 31, |
|
Increase |
|
| |
|
|
2024 |
|
2023 |
|
(Decrease) |
|
|
2024 |
|
2023 |
|
(Decrease) |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue passenger miles (millions) |
|
41,203 |
|
39,610 |
|
4.0 |
% |
|
166,302 |
|
155,374 |
|
7.0 |
% |
|
Available seat miles (ASM) (millions) |
|
48,495 |
|
46,805 |
|
3.6 |
% |
|
195,250 |
|
185,206 |
|
5.4 |
% |
|
Passenger load factor (percent) |
|
85.0 |
|
84.6 |
|
0.4 |
pts |
|
85.2 |
|
83.9 |
|
1.3 |
pts |
|
Passenger revenue (dollars in millions) |
|
9,051 |
|
8,744 |
|
3.5 |
% |
|
35,336 |
|
34,592 |
|
2.1 |
% |
|
Yield (cents) |
|
21.97 |
|
22.08 |
|
(0.5 |
)% |
|
21.25 |
|
22.26 |
|
(4.6 |
)% |
|
Passenger revenue per ASM (cents) |
|
18.66 |
|
18.68 |
|
(0.1 |
)% |
|
18.10 |
|
18.68 |
|
(3.1 |
)% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Latin America (2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue passenger miles (millions) |
|
8,860 |
|
8,570 |
|
3.4 |
% |
|
35,438 |
|
33,337 |
|
6.3 |
% |
|
Available seat miles (millions) |
|
10,405 |
|
9,950 |
|
4.6 |
% |
|
40,889 |
|
38,531 |
|
6.1 |
% |
|
Passenger load factor (percent) |
|
85.2 |
|
86.1 |
|
(0.9 |
)pts |
|
86.7 |
|
86.5 |
|
0.2 |
pts |
|
Passenger revenue (dollars in millions) |
|
1,662 |
|
1,674 |
|
(0.7 |
)% |
|
6,560 |
|
6,719 |
|
(2.4 |
)% |
|
Yield (cents) |
|
18.76 |
|
19.53 |
|
(3.9 |
)% |
|
18.51 |
|
20.16 |
|
(8.2 |
)% |
|
Passenger revenue per ASM (cents) |
|
15.98 |
|
16.82 |
|
(5.0 |
)% |
|
16.04 |
|
17.44 |
|
(8.0 |
)% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Atlantic |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue passenger miles (millions) |
|
8,013 |
|
8,307 |
|
(3.5 |
)% |
|
38,407 |
|
36,581 |
|
5.0 |
% |
|
Available seat miles (millions) |
|
9,573 |
|
10,728 |
|
(10.8 |
)% |
|
46,574 |
|
46,056 |
|
1.1 |
% |
|
Passenger load factor (percent) |
|
83.7 |
|
77.4 |
|
6.3 |
pts |
|
82.5 |
|
79.4 |
|
3.1 |
pts |
|
Passenger revenue (dollars in millions) |
|
1,324 |
|
1,330 |
|
(0.5 |
)% |
|
6,445 |
|
6,205 |
|
3.9 |
% |
|
Yield (cents) |
|
16.52 |
|
16.02 |
|
3.1 |
% |
|
16.78 |
|
16.96 |
|
(1.1 |
)% |
|
Passenger revenue per ASM (cents) |
|
13.82 |
|
12.40 |
|
11.5 |
% |
|
13.84 |
|
13.47 |
|
2.7 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pacific |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue passenger miles (millions) |
|
2,600 |
|
1,844 |
|
41.0 |
% |
|
8,648 |
|
6,634 |
|
30.4 |
% |
|
Available seat miles (millions) |
|
3,030 |
|
2,290 |
|
32.3 |
% |
|
10,235 |
|
7,930 |
|
29.1 |
% |
|
Passenger load factor (percent) |
|
85.8 |
|
80.5 |
|
5.3 |
pts |
|
84.5 |
|
83.7 |
|
0.8 |
pts |
|
Passenger revenue (dollars in millions) |
|
365 |
|
262 |
|
39.4 |
% |
|
1,245 |
|
996 |
|
25.0 |
% |
|
Yield (cents) |
|
14.03 |
|
14.19 |
|
(1.1 |
)% |
|
14.39 |
|
15.00 |
|
(4.1 |
)% |
|
Passenger revenue per ASM (cents) |
|
12.04 |
|
11.43 |
|
5.3 |
% |
|
12.16 |
|
12.55 |
|
(3.1 |
)% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total International |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue passenger miles (millions) |
|
19,473 |
|
18,721 |
|
4.0 |
% |
|
82,493 |
|
76,552 |
|
7.8 |
% |
|
Available seat miles (millions) |
|
23,008 |
|
22,968 |
|
0.2 |
% |
|
97,698 |
|
92,517 |
|
5.6 |
% |
|
Passenger load factor (percent) |
|
84.6 |
|
81.5 |
|
3.1 |
pts |
|
84.4 |
|
82.7 |
|
1.7 |
pts |
|
Passenger revenue (dollars in millions) |
|
3,351 |
|
3,266 |
|
2.6 |
% |
|
14,250 |
|
13,920 |
|
2.4 |
% |
|
Yield (cents) |
|
17.21 |
|
17.45 |
|
(1.4 |
)% |
|
17.27 |
|
18.18 |
|
(5.0 |
)% |
|
Passenger revenue per ASM (cents) |
|
14.56 |
|
14.22 |
|
2.4 |
% |
|
14.59 |
|
15.05 |
|
(3.1 |
)% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 Ended
December 31, |
|
Percent
Increase |
|
12 Months Ended
December 31, |
Percent
Increase |
| |
|
|
2024 |
|
|
|
2023 |
|
|
(Decrease) |
|
|
2024 |
|
|
|
2023 |
|
|
(Decrease) |
| |
|
|
(in millions) |
|
|
|
(in millions) |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Operating
income as reported |
|
$ |
1,134 |
|
|
$ |
656 |
|
|
|
|
$ |
2,614 |
|
|
$ |
3,034 |
|
|
|
| |
Operating
net special items: |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Mainline operating special items, net (1) |
|
|
(14 |
) |
|
|
9 |
|
|
|
|
|
610 |
|
|
|
971 |
|
|
|
| |
Regional operating special items, net (2) |
|
|
33 |
|
|
|
- |
|
|
|
|
|
33 |
|
|
|
8 |
|
|
|
| |
Operating
income excluding net special items |
|
$ |
1,153 |
|
|
$ |
665 |
|
|
73.3 |
% |
|
$ |
3,257 |
|
|
$ |
4,013 |
|
|
(18.8 |
%) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Calculation of Operating Margin |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Operating
income as reported |
|
$ |
1,134 |
|
|
$ |
656 |
|
|
|
|
$ |
2,614 |
|
|
$ |
3,034 |
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Total
operating revenues as reported |
|
$ |
13,660 |
|
|
$ |
13,062 |
|
|
|
|
$ |
54,211 |
|
|
$ |
52,788 |
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Operating
margin |
|
|
8.3 |
% |
|
|
5.0 |
% |
|
|
|
|
4.8 |
% |
|
|
5.7 |
% |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Calculation of Operating Margin Excluding Net Special
Items |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Operating
income excluding net special items |
|
$ |
1,153 |
|
|
$ |
665 |
|
|
|
|
$ |
3,257 |
|
|
$ |
4,013 |
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Total
operating revenues as reported |
|
$ |
13,660 |
|
|
$ |
13,062 |
|
|
|
|
$ |
54,211 |
|
|
$ |
52,788 |
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Operating
margin excluding net special items |
|
|
8.4 |
% |
|
|
5.1 |
% |
|
|
|
|
6.0 |
% |
|
|
7.6 |
% |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Reconciliation of Pre-Tax Income Excluding Net Special
Items |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Pre-tax
income as reported |
|
$ |
795 |
|
|
$ |
32 |
|
|
|
|
$ |
1,154 |
|
|
$ |
1,121 |
|
|
|
| |
Pre-tax net
special items: |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Mainline operating special items, net (1) |
|
|
(14 |
) |
|
|
9 |
|
|
|
|
|
610 |
|
|
|
971 |
|
|
|
| |
Regional operating special items, net (2) |
|
|
33 |
|
|
|
- |
|
|
|
|
|
33 |
|
|
|
8 |
|
|
|
| |
Nonoperating special items, net (3) |
|
|
(6 |
) |
|
|
216 |
|
|
|
|
|
24 |
|
|
|
362 |
|
|
|
| |
Total
pre-tax net special items |
|
|
13 |
|
|
|
225 |
|
|
|
|
|
667 |
|
|
|
1,341 |
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Pre-tax
income excluding net special items |
|
$ |
808 |
|
|
$ |
257 |
|
|
nm |
|
$ |
1,821 |
|
|
$ |
2,462 |
|
|
(26.0 |
%) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Calculation of Pre-Tax Margin |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Pre-tax
income as reported |
|
$ |
795 |
|
|
$ |
32 |
|
|
|
|
$ |
1,154 |
|
|
$ |
1,121 |
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Total
operating revenues as reported |
|
$ |
13,660 |
|
|
$ |
13,062 |
|
|
|
|
$ |
54,211 |
|
|
$ |
52,788 |
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Pre-tax
margin |
|
|
5.8 |
% |
|
|
0.2 |
% |
|
|
|
|
2.1 |
% |
|
|
2.1 |
% |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Calculation of Pre-Tax Margin Excluding Net Special
Items |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Pre-tax
income excluding net special items |
|
$ |
808 |
|
|
$ |
257 |
|
|
|
|
$ |
1,821 |
|
|
$ |
2,462 |
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Total
operating revenues as reported |
|
$ |
13,660 |
|
|
$ |
13,062 |
|
|
|
|
$ |
54,211 |
|
|
$ |
52,788 |
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Pre-tax
margin excluding net special items |
|
|
5.9 |
% |
|
|
2.0 |
% |
|
|
|
|
3.4 |
% |
|
|
4.7 |
% |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
3 Months Ended
December 31, |
|
Percent
Increase |
|
12 Months Ended
December 31, |
Percent
Increase |
| |
Reconciliation of Net Income Excluding Net Special
Items |
|
|
2024 |
|
|
|
2023 |
|
|
(Decrease) |
|
|
2024 |
|
|
|
2023 |
|
|
(Decrease) |
| |
|
|
(in millions, except
share and per share amounts) |
|
|
|
(in millions, except
share and per share amounts) |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net income
as reported |
|
$ |
590 |
|
|
$ |
19 |
|
|
|
|
$ |
846 |
|
|
$ |
822 |
|
|
|
| |
Net special
items: |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Total pre-tax net special items (1), (2), (3) |
|
|
13 |
|
|
|
225 |
|
|
|
|
|
667 |
|
|
|
1,341 |
|
|
|
| |
Net tax effect of net special items |
|
|
6 |
|
|
|
(52 |
) |
|
|
|
|
(151 |
) |
|
|
(304 |
) |
|
|
| |
Net income
excluding net special items |
|
$ |
609 |
|
|
$ |
192 |
|
|
nm |
|
$ |
1,362 |
|
|
$ |
1,859 |
|
|
(26.7 |
%) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Reconciliation of Basic and Diluted Earnings Per Share
Excluding Net Special Items |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net income
excluding net special items |
|
$ |
609 |
|
|
$ |
192 |
|
|
|
|
$ |
1,362 |
|
|
$ |
1,859 |
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares used
for computation (in thousands): |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Basic |
|
|
657,746 |
|
|
|
654,725 |
|
|
|
|
|
656,996 |
|
|
|
653,612 |
|
|
|
| |
Diluted |
|
|
723,690 |
|
|
|
718,807 |
|
|
|
|
|
721,300 |
|
|
|
719,669 |
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Earnings per
share excluding net special items: |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Basic |
|
$ |
0.93 |
|
|
$ |
0.29 |
|
|
|
|
$ |
2.07 |
|
|
$ |
2.84 |
|
|
|
| |
Diluted (4) |
|
$ |
0.86 |
|
|
$ |
0.29 |
|
|
|
|
$ |
1.96 |
|
|
$ |
2.65 |
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Reconciliation of Total Operating Costs per ASM Excluding
Net Special Items and Fuel |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Total
operating expenses as reported |
|
$ |
12,526 |
|
|
$ |
12,406 |
|
|
|
|
$ |
51,597 |
|
|
$ |
49,754 |
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Operating
net special items: |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Mainline operating special items, net (1) |
|
|
14 |
|
|
|
(9 |
) |
|
|
|
|
(610 |
) |
|
|
(971 |
) |
|
|
| |
Regional operating special items, net (2) |
|
|
(33 |
) |
|
|
- |
|
|
|
|
|
(33 |
) |
|
|
(8 |
) |
|
|
| |
Total
operating expenses excluding net special items |
|
|
12,507 |
|
|
|
12,397 |
|
|
|
|
|
50,954 |
|
|
|
48,775 |
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Aircraft
fuel and related taxes |
|
|
(2,502 |
) |
|
|
(3,159 |
) |
|
|
|
|
(11,418 |
) |
|
|
(12,257 |
) |
|
|
| |
Total
operating expenses excluding net special items and fuel |
|
$ |
10,005 |
|
|
$ |
9,238 |
|
|
|
|
$ |
39,536 |
|
|
$ |
36,518 |
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
(in cents) |
|
|
|
(in cents) |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Total
operating expenses per ASM as reported |
|
|
17.52 |
|
|
|
17.78 |
|
|
|
|
|
17.61 |
|
|
|
17.92 |
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Operating
net special items per ASM: |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Mainline
operating special items, net (1) |
|
|
0.02 |
|
|
|
(0.01 |
) |
|
|
|
|
(0.21 |
) |
|
|
(0.35 |
) |
|
|
| |
Regional
operating special items, net (2) |
|
|
(0.05 |
) |
|
|
- |
|
|
|
|
|
(0.01 |
) |
|
|
- |
|
|
|
| |
Total
operating expenses per ASM excluding net special items |
|
|
17.49 |
|
|
|
17.77 |
|
|
|
|
|
17.39 |
|
|
|
17.56 |
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Aircraft
fuel and related taxes per ASM |
|
|
(3.50 |
) |
|
|
(4.53 |
) |
|
|
|
|
(3.90 |
) |
|
|
(4.41 |
) |
|
|
| |
Total
operating expenses per ASM excluding net special items and
fuel |
|
|
13.99 |
|
|
|
13.24 |
|
|
|
|
|
13.50 |
|
|
|
13.15 |
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Note: Amounts may not recalculate due to
rounding. |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
FOOTNOTES: |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
The 2024 twelve
month period mainline operating special items, net included $605
million of one-time charges resulting from the ratifications of new
collective bargaining agreements with our mainline flight
attendants and passenger service team members. The 2023 twelve
month period mainline operating special items, net principally
included $989 million of one-time charges resulting from the
ratification of a new collective bargaining agreement with our
mainline pilots, including a one-time payment of $754 million as
well as adjustments to other benefit-related items of $235
million. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) |
The 2024 three and
twelve month period regional operating special items, net included
a $33 million non-cash write down of regional aircraft resulting
from the decision to permanently park 43 Embraer 145 aircraft. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3) |
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. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4) |
The 2024 three and
twelve 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 $15 million and
$51 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 twelve 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 $13 million
and $47 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) |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
Year Ended December
31, |
|
| |
|
|
|
2024 |
|
|
2023 |
|
| |
|
|
|
|
|
|
|
|
| |
Net cash provided by operating activities |
$ |
3,983 |
|
|
$ |
3,803 |
|
| |
Cash flows from investing activities: |
|
|
|
|
|
| |
Capital expenditures and aircraft purchase deposits |
(2,683 |
) |
|
(2,596 |
) |
| |
Proceeds from sale-leaseback transactions and sale of property and
equipment |
654 |
|
|
230 |
|
| |
Sales of short-term investments |
8,013 |
|
|
8,861 |
|
| |
Purchases of short-term investments |
(7,194 |
) |
|
(7,323 |
) |
| |
Decrease in restricted short-term investments |
177 |
|
|
51 |
|
| |
Other investing activities |
65 |
|
|
275 |
|
| |
Net cash used in investing activities |
(968 |
) |
|
(502 |
) |
| |
Cash flows from financing
activities: |
|
|
|
|
|
| |
Payments on long-term debt and finance leases |
(4,467 |
) |
|
(7,718 |
) |
| |
Proceeds from issuance of long-term debt |
1,670 |
|
|
4,822 |
|
| |
Other financing activities |
3 |
|
|
(310 |
) |
| |
Net cash used in financing activities |
(2,794 |
) |
|
(3,206 |
) |
| |
Net increase in cash and restricted cash |
221 |
|
|
95 |
|
| |
Cash and restricted cash at beginning of year |
681 |
|
|
586 |
|
| |
Cash and restricted cash at end of year (1) |
$ |
902 |
|
|
$ |
681 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
(1) |
The following table
provides a reconciliation of cash and restricted cash to amounts
reported within the condensed consolidated balance sheets: |
|
| |
|
|
|
|
|
|
|
|
| |
Cash |
|
$ |
804 |
|
|
$ |
578 |
|
| |
Restricted cash included in restricted cash and short-term
investments |
98 |
|
|
103 |
|
| |
Total cash and restricted cash |
$ |
902 |
|
|
$ |
681 |
|
| |
|
|
|
|
|
|
|
|
|
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 sales 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. |
| |
|
|
|
|
|
| |
|
|
|
Year Ended December 31, 2024 |
|
| |
|
|
|
|
|
| |
|
|
|
(in millions) |
|
| |
|
|
|
|
|
| |
Net cash provided by operating activities |
$ |
3,983 |
|
| |
Adjusted net cash used in investing activities
(1) |
(1,782 |
) |
| |
Free cash flow |
$ |
2,201 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
(1) |
The following table provides a reconciliation of adjusted net cash
used in investing activities for the year ended December 31, 2024
(in millions): |
| |
|
|
|
|
|
| |
Net cash used in investing activities |
$ |
(968 |
) |
| |
Adjustments: |
|
|
| |
Net sales of short-term investments |
(819 |
) |
| |
Decrease in restricted cash |
5 |
|
|
| |
Adjusted net cash used in investing activities |
$ |
(1,782 |
) |
| |
|
|
|
|
|
|
|
|
|
|
| American
Airlines Group Inc. |
| Condensed
Consolidated Balance Sheets |
| (In
millions, except shares) |
| |
| |
|
|
|
| |
December 31, 2024 |
|
December 31, 2023 |
| |
(unaudited) |
|
|
| Assets |
|
|
|
| |
|
|
|
| Current
assets |
|
|
|
|
Cash |
$ |
804 |
|
|
$ |
578 |
|
|
Short-term investments |
|
6,180 |
|
|
|
7,000 |
|
|
Restricted cash and short-term investments |
|
732 |
|
|
|
910 |
|
|
Accounts receivable, net |
|
2,006 |
|
|
|
2,026 |
|
|
Aircraft fuel, spare parts and supplies, net |
|
2,638 |
|
|
|
2,400 |
|
|
Prepaid expenses and other |
|
794 |
|
|
|
658 |
|
|
Total current assets |
|
13,154 |
|
|
|
13,572 |
|
| |
|
|
|
| Operating
property and equipment |
|
|
|
|
Flight equipment |
|
43,521 |
|
|
|
41,794 |
|
|
Ground property and equipment |
|
10,202 |
|
|
|
10,307 |
|
|
Equipment purchase deposits |
|
1,012 |
|
|
|
760 |
|
|
Total property and equipment, at cost |
|
54,735 |
|
|
|
52,861 |
|
|
Less accumulated depreciation and amortization |
|
(23,608 |
) |
|
|
(22,097 |
) |
|
Total property and equipment, net |
|
31,127 |
|
|
|
30,764 |
|
| |
|
|
|
| Operating
lease right-of-use assets |
|
7,333 |
|
|
|
7,939 |
|
| |
|
|
|
| Other
assets |
|
|
|
|
Goodwill |
|
4,091 |
|
|
|
4,091 |
|
|
Intangibles, net |
|
2,044 |
|
|
|
2,051 |
|
|
Deferred tax asset |
|
2,485 |
|
|
|
2,888 |
|
|
Other assets |
|
1,549 |
|
|
|
1,753 |
|
|
Total other assets |
|
10,169 |
|
|
|
10,783 |
|
| |
|
|
|
|
Total assets |
$ |
61,783 |
|
|
$ |
63,058 |
|
| |
|
|
|
| Liabilities
and Stockholders’ Equity (Deficit) |
|
|
|
| |
|
|
|
| Current
liabilities |
|
|
|
|
Current maturities of long-term debt and finance leases |
$ |
5,014 |
|
|
$ |
3,632 |
|
|
Accounts payable |
|
2,455 |
|
|
|
2,353 |
|
|
Accrued salaries and wages |
|
2,150 |
|
|
|
2,377 |
|
|
Air traffic liability |
|
6,759 |
|
|
|
6,200 |
|
|
Loyalty program liability |
|
3,556 |
|
|
|
3,453 |
|
|
Operating lease liabilities |
|
1,092 |
|
|
|
1,309 |
|
|
Other accrued liabilities |
|
2,961 |
|
|
|
2,738 |
|
|
Total current liabilities |
|
23,987 |
|
|
|
22,062 |
|
| |
|
|
|
| Noncurrent
liabilities |
|
|
|
|
Long-term debt and finance leases, net of current maturities |
|
25,462 |
|
|
|
29,270 |
|
|
Pension and postretirement benefits |
|
2,128 |
|
|
|
3,044 |
|
|
Loyalty program liability |
|
6,498 |
|
|
|
5,874 |
|
|
Operating lease liabilities |
|
5,976 |
|
|
|
6,452 |
|
|
Other liabilities |
|
1,709 |
|
|
|
1,558 |
|
|
Total noncurrent liabilities |
|
41,773 |
|
|
|
46,198 |
|
| |
|
|
|
|
Stockholders' equity (deficit) |
|
|
|
|
Common stock, 657,566,166 shares outstanding at December 31,
2024 |
|
7 |
|
|
|
7 |
|
|
Additional paid-in capital |
|
7,424 |
|
|
|
7,374 |
|
|
Accumulated other comprehensive loss |
|
(4,565 |
) |
|
|
(4,894 |
) |
|
Retained deficit |
|
(6,843 |
) |
|
|
(7,689 |
) |
|
Total stockholders' deficit |
|
(3,977 |
) |
|
|
(5,202 |
) |
| |
|
|
|
|
Total liabilities and stockholders’ equity (deficit) |
$ |
61,783 |
|
|
$ |
63,058 |
|
|
|
|
|
|
Corporate Communications
mediarelations@aa.com
Investor Relations
investor.relations@aa.com
American Airlines (NASDAQ:AAL)
Historical Stock Chart
From Dec 2024 to Jan 2025
American Airlines (NASDAQ:AAL)
Historical Stock Chart
From Jan 2024 to Jan 2025
