American Airlines Group Inc. (NASDAQ:AAL) today reported its first
quarter 2016 results. The Company’s first quarter highlights
include:
- Reported first quarter 2016 pre-tax profit of $1.2
billion excluding special items, and net profit of $765 million
excluding special items
- First quarter 2016 adjusted earnings per diluted share
rose 15 percent vs. the first quarter 2015, to $1.991
- Instituted a new employee profit sharing program that
will pay 5 percent of pre-tax profit, excluding special
items
- Returned more than $1.6 billion to stockholders through
share repurchases and dividends. The Company also authorized a new
$2.0 billion share repurchase program that will expire at the end
of 2017
American Airlines Group’s first quarter 2016
pre-tax margin excluding special items was 12.9 percent, a record
for the Company’s first quarter.
As a result of the reversal of the valuation
allowance on the Company’s deferred tax assets at December 31,
2015, the Company’s 2016 results include a provision for income
taxes at an effective rate of approximately 38 percent, which is
substantially all non-cash due to net operating loss utilization.
There was no tax provision for federal income taxes recorded in
2015.
Net profit excluding special items was $765
million, or $1.25 per diluted share. This compares to a net profit
excluding special items for the 2015 first quarter of $1.2 billion,
or $1.73 per diluted share. The 2016 first quarter net profit
excluding special items included a provision for income taxes of
$456 million, of which $453 million was non-cash.
On a GAAP (Generally Accepted Accounting
Principles) basis, the Company reported a net profit of $700
million, or $1.14 per diluted share. This compares to a GAAP net
profit of $932 million in the first quarter 2015, or $1.30 per
diluted share. The first quarter net profit included a provision
for income taxes of $417 million, of which $414 million was
non-cash.
“We are pleased to report a first quarter pre-tax
profit of $1.2 billion, excluding special items, and a 15 percent
improvement in adjusted earnings per share,” said Doug Parker,
American Airlines Chairman and CEO. “These results include a $73
million accrual related to the system-wide profit sharing plan we
announced earlier this quarter. The people of American are doing an
outstanding job of taking care of our customers and are the key to
our future success.”
1 Excludes special items and non-cash
income tax provision. 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.
Revenue and Cost Comparisons
First quarter 2016 revenue was negatively impacted
by competitive capacity growth, continued macroeconomic softness in
Latin America, and foreign currency weakness. Total revenue in the
first quarter was $9.4 billion, a decrease of 4.0 percent versus
the first quarter 2015 on a 3.6 percent increase in total available
seat miles (ASMs). Consolidated passenger revenue per ASM (PRASM)
was 12.43 cents, down 7.5 percent versus the first quarter 2015.
Consolidated passenger yield was 15.62 cents, down 7.1 percent
year-over-year.
Total operating expenses in the first quarter were
$8.1 billion, a decrease of 5.9 percent compared to the first
quarter 2015 due primarily to a 32.7 percent decrease in
consolidated fuel expense. First quarter mainline cost per
available seat mile (CASM) was 11.58 cents, down 9.5 percent on a
3.1 percent increase in mainline ASMs versus the first quarter
2015. Excluding special items and fuel, mainline CASM was 9.62
cents, up 1.4 percent compared to the first quarter 2015. Regional
CASM excluding net special items and fuel was 16.11 cents, down 2.2
percent on an 8.1 percent increase in regional ASMs versus the
first quarter 2015. The first quarter expenses include a $73
million accrual related to the Company’s recently announced profit
sharing program.
Cash and Investments
As of March 31, 2016, the Company had approximately
$9.4 billion in total available liquidity, consisting of
unrestricted cash and investments of $6.9 billion and $2.4 billion
in undrawn revolver capacity. The Company also had a restricted
cash position of $691 million.
As part of its ongoing $3.0 billion commitment to
improving the customer experience, the Company continues to make
product investments, including projects to enhance airport boarding
areas, the Admirals Club and Flagship Lounges, in-flight
connectivity, and improvements to the premium cabin.
In addition, the Company invested $1.3 billion in
new aircraft during the first quarter, including 15 new mainline
and 13 new regional aircraft, while retiring 22 aircraft. American
has the youngest fleet of the U.S. network airlines and, over the
next year, expects the average age of its mainline fleet to fall
below 10 years.
Also in the first quarter, the Company returned
more than $1.6 billion to its stockholders through the payment of
$61 million in quarterly dividends and the repurchase of $1.6
billion of common stock, or 39.3 million shares, at an average
price of $39.76 per share. In aggregate, the Company has returned
approximately $6.6 billion to stockholders through share
repurchases and dividends since it began its capital return program
in mid-2014.
The Company’s Board of Directors has authorized a
new $2.0 billion share repurchase program that will expire at the
end of 2017. Since the Company began its capital return program,
the Company’s Board of Directors has authorized a total of $9.0
billion of share repurchases.
Shares repurchased under the buyback programs may
be made through a variety of methods, which may include open market
purchases, privately negotiated transactions, block trades or
accelerated share repurchase transactions. Any such repurchases
will be made from time to time subject to market and economic
conditions, applicable legal requirements and other relevant
factors. The programs do not obligate the Company to repurchase any
specific number of shares or continue a dividend for any fixed
period, and may be suspended at any time at the Company's
discretion.
The Company also declared a dividend of $0.10 per
share to be paid on May 18, 2016, to stockholders of record as of
May 4, 2016.
Notable Accomplishments
Integration Accomplishments
- Instituted a profit sharing program, retroactive to January 1,
2016, that will pay 5 percent of the Company’s pre-tax profit
excluding special items, with an anticipated distribution to
employees in early 2017
- Reached a 5-year industry-leading joint collective bargaining
agreement with TWU Local 549 representing Dispatchers and
Operations Specialists
- American Airlines regional partners Envoy, PSA Airlines and
Piedmont Airlines each launched industry-leading Cadet Programs to
help the most promising future pilots at top colleges, universities
and flight schools make a smooth transition from the classroom to
the cockpit
Finance, Marketing, and Network
Accomplishments
- Submitted an application to the U.S. Department of
Transportation proposing scheduled U.S.-Cuba service. The
application includes 10 daily frequencies to Havana from the
Company’s Miami hub and additional service to Havana from
Charlotte, Dallas Fort Worth, Chicago, and Los Angeles. The
Company’s proposal also seeks daily service between Miami and Santa
Clara, Holguin, Varadero, Camaguey and Cienfuegos
- Announced an expanded commitment at LAX with 20 new flights,
more jobs and more community partnerships and sponsorships
- Joined with Chicago Mayor Rahm Emanuel to announce a $1.3
billion plan to add a new runway and other improvements to Chicago
O’Hare. Also announced an agreement with the City of Chicago
allowing five new gates to be built at O’Hare in Terminal 3
- Issued approximately $1.1 billion in enhanced equipment trust
certificates at a blended coupon of 3.967%. The proceeds from this
financing were used to finance aircraft previously delivered
- Earlier this week, American was named Airfinance Journal’s
“Airline of the Year” for 2015, in recognition of American’s
successful integration and financing efforts
- Applied to the U.S. Department of Transportation for daily
nonstop service between Los Angeles and Beijing. If approved, the
service would launch on Dec. 16
- Launched nonstop service between Los Angeles and Tokyo Haneda
on the Boeing 787 Dreamliner
- Announced improvements to the Company’s lounge offerings,
including the introduction of full tableside service at select
gateway hubs – a first for any U.S. airline. The Flagship Dining
experience will debut at JFK in early 2017 and will be introduced
at our Dallas Fort Worth, Los Angeles and Miami hubs throughout
2017
- The Company plans to add Flagship Lounges at Dallas Fort Worth,
Miami, and Philadelphia. The Company also plans to open new
Admirals Club lounges at Houston George Bush Intercontinental and
Orlando. In January, American also opened its first refurbished
Admirals Club lounge in Phoenix
Community Relations
Accomplishments
- Became the only airline to join the Human Rights Campaign, the
nation’s largest LGBT civil rights organization, in endorsing the
Equality Act, which aims to ban discrimination against LGBT
people
- Raised $1 million for the Cystic Fibrosis Foundation by hosting
the 31st American Airlines Celebrity Ski weekend at Vail, Colorado.
More than 60 employee and retiree volunteers hosted 600 guests for
the event. Since its inception, the annual fundraiser has raised
more than $36 million for the Cystic Fibrosis Foundation
- Sponsored the 35th annual children’s Amputee Ski Trip, flying a
group of 14 teenage patients from Texas Scottish Rite Hospital for
Children between DFW and Colorado
- The Company’s pilots and flight attendants donated their time
and the Company donated the use of a Boeing 757 to fly 28 Medal of
Honor recipients and their families from New York to Washington for
National Medal of Honor Day events
- Presented a check for $115,000 to Air Compassion for Veterans,
which provides medically-related air transportation to service
members, veterans, and family members. Since 2010 American has
donated nearly $4 million to this program
- Announced the Company would award $400,000 in grants to three
non-profit Charlotte organizations: the Renaissance West Community
Initiative, Goodwill Industries of the Southern Piedmont’s
Opportunity Campus and the Foundation for the Carolinas
Special Items
In the first quarter, pre-tax profit and net profit
included $104 million and $65 million, respectively, in special
items, primarily related to merger integration.
Conference Call / Webcast
Details
The Company will conduct a live audio webcast
of its earnings call today at 7:30 a.m. CDT, which 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 May 22.
Investor Guidance
For financial forecasting detail, please refer to
the Company’s investor relations update, to be filed with the
Securities and Exchange Commission on Form 8-K immediately
following its 7:30 a.m. CDT conference call. This filing will be
available at aa.com/investorrelations.
About American Airlines Group
American Airlines and American Eagle offer an
average of nearly 6,700 flights per day to nearly 350 destinations
in more than 50 countries. American has hubs in Charlotte, Chicago,
Dallas/Fort Worth, Los Angeles, Miami, New York, Philadelphia,
Phoenix, and Washington, D.C. American is a founding member of
the oneworld alliance, whose members and members-elect serve
nearly 1,000 destinations with 14,250 daily flights to 150
countries. Shares of American Airlines Group Inc. trade
on Nasdaq under the ticker symbol AAL. In 2015, its stock
joined the S&P 500 index. Connect with American on Twitter
@AmericanAir and at Facebook.com/AmericanAirlines.
Cautionary Statement Regarding
Forward-Looking Statements and Information
This document includes forward-looking statements
within the meaning of 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 future financial and operating results, the
Company’s plans, objectives, estimates, expectations and
intentions, 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 the
following: significant operating losses in the future; downturns in
economic conditions that adversely affect the Company’s business;
the impact of continued periods of high volatility in fuel costs,
increased fuel prices and significant disruptions in the supply of
aircraft fuel; competitive practices in the industry, including the
impact of low-cost carriers, airline alliances and industry
consolidation; the challenges and costs of integrating operations
and realizing anticipated synergies and other benefits of the
merger transaction with US Airways Group, Inc.; costs of ongoing
data security compliance requirements and the impact of any
significant data security breach; the Company’s substantial
indebtedness and other obligations and the effect they could have
on the Company’s business and liquidity; an inability to obtain
sufficient financing or other capital to operate successfully and
in accordance with the Company’s current business plan; increased
costs of financing, a reduction in the availability of financing
and fluctuations in interest rates; the effect the Company’s high
level of fixed obligations may have on its ability to fund general
corporate requirements, obtain additional financing and respond to
competitive developments and adverse economic and industry
conditions; the Company’s significant pension and other
postretirement benefit funding obligations; the impact of any
failure to comply with the covenants contained in financing
arrangements; provisions in credit card processing and other
commercial agreements that may materially reduce the Company’s
liquidity; the impact of union disputes, employee strikes and other
labor-related disruptions; any inability to maintain labor costs at
competitive levels; interruptions or disruptions in service at one
or more of the Company’s hub airports; any inability to obtain and
maintain adequate facilities, infrastructure and slots to operate
the Company’s flight schedule and expand or change its route
network; the Company’s reliance on third-party regional operators
or third-party service providers that have the ability to affect
the Company’s revenue and the public’s perception about its
services; any inability to effectively manage the costs, rights and
functionality of third-party distribution channels on which the
Company relies; extensive government regulation, which may result
in increases in the Company’s costs, disruptions to the Company’s
operations, limits on the Company’s operating flexibility,
reductions in the demand for air travel, and competitive
disadvantages; the impact of the heavy taxation on the airline
industry; changes to the Company’s business model that may not
successfully increase revenues and may cause operational
difficulties or decreased demand; the loss of key personnel or
inability to attract and retain additional qualified personnel; the
impact of conflicts overseas, terrorist attacks and ongoing
security concerns; the global scope of the Company’s business and
any associated economic and political instability or adverse
effects of events, circumstances or government actions beyond its
control, including the impact of foreign currency exchange rate
fluctuations and limitations on the repatriation of cash held in
foreign countries; the impact of environmental and noise
regulation; the impact associated with climate change, including
increased regulation to reduce emissions of greenhouse gases; the
Company’s reliance on technology and automated systems and the
impact of any failure of these technologies or systems; challenges
in integrating the Company’s computer, communications and other
technology systems; losses and adverse publicity stemming from any
accident involving any of the Company’s aircraft or the aircraft of
its regional or codeshare operators; delays in scheduled aircraft
deliveries, or other loss of anticipated fleet capacity, and
failure of new aircraft to perform as expected; the Company’s
dependence on a limited number of suppliers for aircraft, aircraft
engines and parts; the impact of changing economic and other
conditions beyond the Company’s control, including global events
that affect travel behavior such as an outbreak of a contagious
disease, and volatility and fluctuations in the Company’s results
of operations due to seasonality; the effect of a higher than
normal number of pilot retirements and a potential shortage of
pilots; the impact of possible future increases in insurance costs
or reductions in available insurance coverage; the effect on the
Company’s financial position and liquidity of being party to or
involved in litigation; an inability to use net operating losses
carried forward from prior taxable years (NOL Carryforwards); any
impairment in the amount of the Company’s goodwill and an inability
to realize the full value of the Company’s intangible or long-lived
assets and any material impairment charges that would be recorded
as a result; price volatility of the Company’s common stock; the
effects of the Company’s capital deployment program and the
limitation, suspension or discontinuation of the Company’s share
repurchase programs or dividend payments thereunder; delay or
prevention of stockholders’ ability to change the composition of
the Company’s board of directors and the effect this may have on
takeover attempts that some of the Company’s stockholders might
consider beneficial; the effect of provisions of the Company’s
Restated Certificate of Incorporation and Amended and Restated
Bylaws that limit ownership and voting of its equity interests,
including its common stock; the effect of limitations in the
Company’s Restated Certificate of Incorporation on acquisitions and
dispositions of its common stock designed to protect its NOL
Carryforwards and certain other tax attributes, which may limit the
liquidity of its common stock; and other economic, business,
competitive, and/or regulatory factors affecting the Company’s
business, including those set forth in the Company’s Quarterly
Report on Form 10-Q for the quarter ended March 31, 2016
(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 SEC. 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. Any forward-looking statements speak only as of the date
hereof or as of the dates indicated in the statements. 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.
|
|
|
|
|
|
|
|
American Airlines Group Inc. |
|
Condensed Consolidated
Statements of Operations |
|
(In millions, except share and per share
amounts) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
3 Months Ended March 31, |
|
Percent |
|
|
|
|
2016 |
|
|
|
2015 |
|
|
Change |
|
|
|
|
|
|
|
|
|
|
Operating
revenues: |
|
|
|
|
|
|
|
Mainline passenger |
$ |
6,564 |
|
|
$ |
6,989 |
|
|
|
(6.1 |
) |
|
|
Regional passenger |
|
1,523 |
|
|
|
1,452 |
|
|
|
4.9 |
|
|
|
Cargo |
|
162 |
|
|
|
194 |
|
|
|
(16.8 |
) |
|
|
Other |
|
1,186 |
|
|
|
1,192 |
|
|
|
(0.4 |
) |
|
|
Total operating revenues |
|
9,435 |
|
|
|
9,827 |
|
|
|
(4.0 |
) |
|
|
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
Aircraft fuel and related
taxes |
|
1,029 |
|
|
|
1,544 |
|
|
|
(33.3 |
) |
|
|
Salaries, wages and benefits |
|
2,652 |
|
|
|
2,373 |
|
|
|
11.8 |
|
|
|
Regional expenses: |
|
|
|
|
|
|
|
Fuel |
|
219 |
|
|
|
311 |
|
|
|
(29.5 |
) |
|
|
Other |
|
1,213 |
|
|
|
1,151 |
|
|
|
5.5 |
|
|
|
Maintenance, materials and
repairs |
|
419 |
|
|
|
494 |
|
|
|
(15.2 |
) |
|
|
Other rent and landing fees |
|
422 |
|
|
|
408 |
|
|
|
3.4 |
|
|
|
Aircraft rent |
|
306 |
|
|
|
317 |
|
|
|
(3.4 |
) |
|
|
Selling expenses |
|
308 |
|
|
|
336 |
|
|
|
(8.2 |
) |
|
|
Depreciation and amortization |
|
355 |
|
|
|
336 |
|
|
|
5.4 |
|
|
|
Special items, net |
|
99 |
|
|
|
303 |
|
|
|
(67.3 |
) |
|
|
Other |
|
1,078 |
|
|
|
1,038 |
|
|
|
3.8 |
|
|
|
Total operating expenses |
|
8,100 |
|
|
|
8,611 |
|
|
|
(5.9 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income |
|
1,335 |
|
|
|
1,216 |
|
|
|
9.8 |
|
|
|
|
|
|
|
|
|
|
|
Nonoperating income
(expense): |
|
|
|
|
|
|
|
Interest income |
|
13 |
|
|
|
10 |
|
|
|
35.4 |
|
|
|
Interest expense, net |
|
(239 |
) |
|
|
(210 |
) |
|
|
13.9 |
|
|
|
Other, net |
|
8 |
|
|
|
(73 |
) |
|
|
nm |
|
|
|
Total nonoperating expense,
net |
|
(218 |
) |
|
|
(273 |
) |
|
|
(20.3 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes |
|
1,117 |
|
|
|
943 |
|
|
|
18.5 |
|
|
|
|
|
|
|
|
|
|
|
Income tax
provision |
|
417 |
|
|
|
11 |
|
|
|
nm |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
$ |
700 |
|
|
$ |
932 |
|
|
|
(24.9 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common
share: |
|
|
|
|
|
|
|
Basic |
$ |
1.15 |
|
|
$ |
1.34 |
|
|
|
|
|
Diluted |
$ |
1.14 |
|
|
$ |
1.30 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding (in thousands): |
|
|
|
|
|
|
|
Basic |
|
606,245 |
|
|
|
696,415 |
|
|
|
|
|
Diluted |
|
611,488 |
|
|
|
716,930 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Percent change may not recalculate due to
rounding. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
American Airlines Group Inc. |
|
Consolidated Operating
Statistics |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
3 Months Ended March 31, |
|
|
|
|
|
|
|
2016 |
|
2015 |
|
Change |
|
|
|
|
|
|
|
|
|
|
|
|
|
Mainline |
|
|
|
|
|
|
|
|
|
Revenue passenger miles
(millions) |
|
46,220 |
|
44,849 |
|
|
3.1 |
|
% |
|
|
Available seat miles
(ASM) (millions) |
|
57,564 |
|
55,854 |
|
|
3.1 |
|
% |
|
|
Passenger load factor
(percent) |
|
80.3 |
|
80.3 |
|
|
- |
|
pts |
|
|
Yield (cents) |
|
14.20 |
|
15.58 |
|
|
(8.9 |
) |
% |
|
|
Passenger revenue per
ASM (cents) |
|
11.40 |
|
12.51 |
|
|
(8.9 |
) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Passenger enplanements
(thousands) |
|
34,547 |
|
33,951 |
|
|
1.8 |
|
% |
|
|
Departures
(thousands) |
|
272 |
|
269 |
|
|
0.8 |
|
% |
|
|
Aircraft at end of
period |
|
942 |
|
973 |
|
|
(3.2 |
) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Block hours
(thousands) |
|
845 |
|
833 |
|
|
1.5 |
|
% |
|
|
Average stage length
(miles) |
|
1,205 |
|
1,195 |
|
|
0.8 |
|
% |
|
|
Fuel consumption
(gallons in millions) |
|
855 |
|
846 |
|
|
1.1 |
|
% |
|
|
Average aircraft fuel
price including related taxes (dollars per gallon) |
|
1.20 |
|
1.83 |
|
|
(34.1 |
) |
% |
|
|
Full-time equivalent
employees at end of period |
|
100,200 |
|
97,500 |
|
|
2.8 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
Operating cost per ASM
(cents) |
|
11.58 |
|
12.80 |
|
|
(9.5 |
) |
% |
|
|
Operating cost per ASM
excluding special items (cents) |
|
11.41 |
|
12.26 |
|
|
(6.9 |
) |
% |
|
|
Operating cost per ASM
excluding special items and fuel (cents) |
|
9.62 |
|
9.49 |
|
|
1.4 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
Regional
(A) |
|
|
|
|
|
|
|
|
|
Revenue passenger miles
(millions) |
|
5,551 |
|
5,341 |
|
|
3.9 |
|
% |
|
|
Available seat miles
(millions) |
|
7,500 |
|
6,937 |
|
|
8.1 |
|
% |
|
|
Passenger load factor
(percent) |
|
74.0 |
|
77.0 |
|
|
(3.0 |
) |
pts |
|
|
Yield (cents) |
|
27.44 |
|
27.19 |
|
|
0.9 |
|
% |
|
|
Passenger revenue per
ASM (cents) |
|
20.31 |
|
20.94 |
|
|
(3.0 |
) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Passenger enplanements
(thousands) |
|
12,368 |
|
12,243 |
|
|
1.0 |
|
% |
|
|
Aircraft at end of
period |
|
597 |
|
577 |
|
|
3.5 |
|
% |
|
|
Fuel consumption
(gallons in millions) |
|
178 |
|
167 |
|
|
6.0 |
|
% |
|
|
Average aircraft fuel
price including related taxes (dollars per gallon) |
|
1.24 |
|
1.86 |
|
|
(33.5 |
) |
% |
|
|
Full-time equivalent
employees at end of period (B) |
|
20,000 |
|
19,300 |
|
|
3.6 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
Operating cost per ASM
(cents) |
|
19.10 |
|
21.07 |
|
|
(9.3 |
) |
% |
|
|
Operating cost per ASM
excluding special items (cents) |
|
19.03 |
|
20.96 |
|
|
(9.2 |
) |
% |
|
|
Operating cost per ASM
excluding special items and fuel (cents) |
|
16.11 |
|
16.47 |
|
|
(2.2 |
) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Total Mainline
& Regional |
|
|
|
|
|
|
|
|
|
Revenue passenger miles
(millions) |
|
51,771 |
|
50,190 |
|
|
3.2 |
|
% |
|
|
Available seat miles
(millions) |
|
65,064 |
|
62,791 |
|
|
3.6 |
|
% |
|
|
Cargo ton miles
(millions) |
|
543 |
|
553 |
|
|
(1.8 |
) |
% |
|
|
Passenger load factor
(percent) |
|
79.6 |
|
79.9 |
|
|
(0.3 |
) |
pts |
|
|
Yield (cents) |
|
15.62 |
|
16.82 |
|
|
(7.1 |
) |
% |
|
|
Passenger revenue per
ASM (cents) |
|
12.43 |
|
13.44 |
|
|
(7.5 |
) |
% |
|
|
Total revenue per ASM
(cents) |
|
14.50 |
|
15.65 |
|
|
(7.3 |
) |
% |
|
|
Cargo yield per ton
mile (cents) |
|
29.77 |
|
35.14 |
|
|
(15.3 |
) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Passenger enplanements
(thousands) |
|
46,915 |
|
46,194 |
|
|
1.6 |
|
% |
|
|
Aircraft at end of
period |
|
1,539 |
|
1,550 |
|
|
(0.7 |
) |
% |
|
|
Fuel consumption
(gallons in millions) |
|
1,033 |
|
1,013 |
|
|
1.9 |
|
% |
|
|
Average aircraft fuel
price including related taxes (dollars per gallon) |
|
1.21 |
|
1.83 |
|
|
(34.0 |
) |
% |
|
|
Full-time equivalent
employees at end of period (B) |
|
120,200 |
|
116,800 |
|
|
2.9 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
Operating cost per ASM
(cents) |
|
12.45 |
|
13.71 |
|
|
(9.2 |
) |
% |
|
|
Operating cost per ASM
excluding special items (cents) |
|
12.29 |
|
13.22 |
|
|
(7.0 |
) |
% |
|
|
Operating cost per ASM
excluding special items and fuel (cents) |
|
10.37 |
|
10.26 |
|
|
1.0 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(A) Regional includes wholly owned regional
airline subsidiaries and operating results from capacity purchase
carriers. |
|
|
(B) Regional full-time equivalent employees
only include our wholly owned regional airline subsidiaries. |
|
|
|
|
|
|
|
|
|
|
|
|
Note: Amounts
may not recalculate due to rounding. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
American Airlines Group Inc. |
|
Consolidated Mainline Revenue Statistics by
Region |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 Months Ended March 31, |
|
|
|
|
|
|
|
|
2016 |
|
2015 |
|
Change |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic |
|
|
|
|
|
|
|
|
|
|
Revenue
passenger miles (millions) |
|
30,391 |
|
29,586 |
|
|
2.7 |
|
% |
|
|
Available
seat miles (ASM) (millions) |
|
36,543 |
|
35,672 |
|
|
2.4 |
|
% |
|
|
Passenger
load factor (percent) |
|
83.2 |
|
82.9 |
|
|
0.3 |
|
pts |
|
|
Yield
(cents) |
|
14.72 |
|
15.80 |
|
|
(6.8 |
) |
% |
|
|
Passenger
revenue per ASM (cents) |
|
12.24 |
|
13.10 |
|
|
(6.6 |
) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Latin America |
|
|
|
|
|
|
|
|
|
Revenue
passenger miles (millions) |
|
8,054 |
|
8,182 |
|
|
(1.6 |
) |
% |
|
|
Available
seat miles (ASM) (millions) |
|
10,480 |
|
10,593 |
|
|
(1.1 |
) |
% |
|
|
Passenger
load factor (percent) |
|
76.9 |
|
77.2 |
|
|
(0.3 |
) |
pts |
|
|
Yield
(cents) |
|
13.78 |
|
16.54 |
|
|
(16.7 |
) |
% |
|
|
Passenger
revenue per ASM (cents) |
|
10.59 |
|
12.78 |
|
|
(17.1 |
) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Atlantic |
|
|
|
|
|
|
|
|
|
|
Revenue
passenger miles (millions) |
|
4,801 |
|
4,772 |
|
|
0.6 |
|
% |
|
|
Available
seat miles (ASM) (millions) |
|
6,893 |
|
6,768 |
|
|
1.8 |
|
% |
|
|
Passenger
load factor (percent) |
|
69.7 |
|
70.5 |
|
|
(0.8 |
) |
pts |
|
|
Yield
(cents) |
|
14.46 |
|
14.59 |
|
|
(0.9 |
) |
% |
|
|
Passenger
revenue per ASM (cents) |
|
10.07 |
|
10.29 |
|
|
(2.1 |
) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Pacific |
|
|
|
|
|
|
|
|
|
|
Revenue
passenger miles (millions) |
|
2,974 |
|
2,309 |
|
|
28.8 |
|
% |
|
|
Available
seat miles (ASM) (millions) |
|
3,648 |
|
2,820 |
|
|
29.4 |
|
% |
|
|
Passenger
load factor (percent) |
|
81.5 |
|
81.9 |
|
|
(0.4 |
) |
pts |
|
|
Yield
(cents) |
|
9.68 |
|
11.49 |
|
|
(15.8 |
) |
% |
|
|
Passenger
revenue per ASM (cents) |
|
7.89 |
|
9.41 |
|
|
(16.1 |
) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total International |
|
|
|
|
|
|
|
|
|
Revenue
passenger miles (millions) |
|
15,829 |
|
15,263 |
|
|
3.7 |
|
% |
|
|
Available
seat miles (ASM) (millions) |
|
21,021 |
|
20,181 |
|
|
4.2 |
|
% |
|
|
Passenger
load factor (percent) |
|
75.3 |
|
75.6 |
|
|
(0.3 |
) |
pts |
|
|
Yield
(cents) |
|
13.22 |
|
15.17 |
|
|
(12.9 |
) |
% |
|
|
Passenger
revenue per ASM (cents) |
|
9.95 |
|
11.47 |
|
|
(13.3 |
) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Amounts may not recalculate due to
rounding. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP Financial Information to
Non-GAAP Financial Information |
|
|
|
|
|
|
|
|
|
|
|
|
American Airlines Group Inc. (the "Company") is providing the
reconciliation of reported non-GAAP financial measures to their
comparable financial measures on a GAAP basis. The Company believes
that the non-GAAP financial measures provide investors the ability
to measure financial performance excluding special items, which is
more indicative of the Company’s ongoing performance and is more
comparable to measures reported by other major airlines. The
Company believes that the presentation of mainline and regional
CASM excluding fuel is useful to investors because both the cost
and availability of fuel are subject to many economic and political
factors beyond the Company’s control. Management uses mainline and
regional CASM excluding special items and fuel to evaluate the
Company's operating performance. |
|
|
|
|
|
|
|
|
|
|
|
|
3 Months Ended March 31, |
Percent Change |
|
|
Reconciliation of Pre-Tax Income Excluding Special
Items |
|
|
2016 |
|
|
|
2015 |
|
|
|
|
|
|
(In millions, except per share amounts) |
|
|
|
|
|
|
|
|
|
|
|
Pre-tax
income as reported |
|
$ |
1,117 |
|
|
$ |
943 |
|
|
|
|
Pre-tax special
items: |
|
|
|
|
|
|
|
Special items, net (1) |
|
|
99 |
|
|
|
303 |
|
|
|
|
Regional operating special items,
net |
|
|
5 |
|
|
|
7 |
|
|
|
|
Nonoperating special items,
net |
|
|
- |
|
|
|
(8 |
) |
|
|
|
Total pre-tax special
items |
|
|
104 |
|
|
|
302 |
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax income
excluding special items |
|
$ |
1,221 |
|
|
$ |
1,245 |
|
|
-2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of Pre-Tax Margin Excluding Special
Items |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax income
excluding special items |
|
$ |
1,221 |
|
|
$ |
1,245 |
|
|
|
|
|
|
|
|
|
|
|
|
Total operating
revenues |
|
$ |
9,435 |
|
|
$ |
9,827 |
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax margin
excluding special items |
|
|
12.9 |
% |
|
|
12.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Net Income Excluding Special
Items |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income as reported |
|
$ |
700 |
|
|
$ |
932 |
|
|
|
|
Special items: |
|
|
|
|
|
|
|
Total pre-tax special items |
|
|
104 |
|
|
|
302 |
|
|
|
|
Non-cash income tax provision |
|
|
- |
|
|
|
9 |
|
|
|
|
Net tax effect of special
items |
|
|
(39 |
) |
|
|
- |
|
|
|
|
Net income excluding
special items |
|
$ |
765 |
|
|
$ |
1,243 |
|
|
-38 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Net Income Excluding Special Items and
Non-Cash |
|
|
|
|
|
|
|
Income Tax Provision |
|
|
|
|
|
|
|
Net
income as reported |
|
$ |
700 |
|
|
$ |
932 |
|
|
|
|
Pre-tax special
items |
|
|
104 |
|
|
|
302 |
|
|
|
|
Total non-cash income tax
provision |
|
|
414 |
|
|
|
9 |
|
|
|
|
Net income excluding
special items and non-cash income tax provision |
|
$ |
1,218 |
|
|
$ |
1,243 |
|
|
-2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Basic and Diluted Earnings Per Share
Excluding |
|
|
|
|
|
|
|
Special Items |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income excluding
special items |
|
$ |
765 |
|
|
$ |
1,243 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares used for
computation (in thousands): |
|
|
|
|
|
|
|
Basic |
|
|
606,245 |
|
|
|
696,415 |
|
|
|
|
Diluted |
|
|
611,488 |
|
|
|
716,930 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share
excluding special items: |
|
|
|
|
|
|
|
Basic |
|
$ |
1.26 |
|
|
$ |
1.79 |
|
|
|
|
Diluted |
|
$ |
1.25 |
|
|
$ |
1.73 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Basic and Diluted Adjusted Earnings Per
Share |
|
3 Months Ended March 31, |
|
|
|
(Excludes Special Items and Non-Cash Income Tax Provision)
(2) |
|
|
2016 |
|
|
|
2015 |
|
|
|
|
|
|
(In millions, except per share amounts) |
|
|
|
|
|
|
|
|
|
|
|
Net income excluding
special items and non-cash income tax provision |
|
$ |
1,218 |
|
|
$ |
1,243 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares used for
computation (in thousands): |
|
|
|
|
|
|
|
Basic |
|
|
606,245 |
|
|
|
696,415 |
|
|
|
|
Diluted |
|
|
611,488 |
|
|
|
716,930 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted earnings per
share (excludes special items and non-cash income tax
provision): |
|
|
|
|
|
|
|
Basic |
|
$ |
2.01 |
|
|
$ |
1.79 |
|
|
|
|
Diluted |
|
$ |
1.99 |
|
|
$ |
1.73 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 Months Ended March 31, |
|
|
|
Reconciliation of Operating Income Excluding Special
Items |
|
|
2016 |
|
|
|
2015 |
|
|
|
|
|
|
(in millions) |
|
|
|
|
|
|
|
|
|
|
|
Operating income as reported |
|
$ |
1,335 |
|
|
$ |
1,216 |
|
|
|
|
|
|
|
|
|
|
|
|
Special items: |
|
|
|
|
|
|
|
Special items, net |
|
|
99 |
|
|
|
303 |
|
|
|
|
Regional operating special items,
net |
|
|
5 |
|
|
|
7 |
|
|
|
|
Operating income
excluding special items |
|
$ |
1,439 |
|
|
$ |
1,526 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Operating Cost per ASM Excluding
Special |
|
3 Months Ended March 31, |
|
|
|
Items and Fuel - Mainline only |
|
|
2016 |
|
|
|
2015 |
|
|
|
|
|
|
(in millions) |
|
|
|
|
|
|
|
|
|
|
|
Total operating
expenses |
|
$ |
8,100 |
|
|
$ |
8,611 |
|
|
|
|
Less regional
expenses: |
|
|
|
|
|
|
|
Fuel |
|
|
(219 |
) |
|
|
(311 |
) |
|
|
|
Other |
|
|
(1,213 |
) |
|
|
(1,151 |
) |
|
|
|
Total mainline
operating expenses |
|
|
6,668 |
|
|
|
7,149 |
|
|
|
|
|
|
|
|
|
|
|
|
Special items, net (1) |
|
|
(99 |
) |
|
|
(303 |
) |
|
|
|
Mainline operating
expenses, excluding special items |
|
|
6,569 |
|
|
|
6,846 |
|
|
|
|
|
|
|
|
|
|
|
|
Aircraft fuel and related
taxes |
|
|
(1,029 |
) |
|
|
(1,544 |
) |
|
|
|
Mainline operating
expenses, excluding special items and fuel |
|
$ |
5,540 |
|
|
$ |
5,302 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in cents) |
|
|
|
|
|
|
|
|
|
|
|
Mainline operating
expenses per ASM |
|
|
11.58 |
|
|
|
12.80 |
|
|
|
|
|
|
|
|
|
|
|
|
Special items, net per ASM (1) |
|
|
(0.17 |
) |
|
|
(0.54 |
) |
|
|
|
Mainline operating
expenses per ASM, excluding special items |
|
|
11.41 |
|
|
|
12.26 |
|
|
|
|
|
|
|
|
|
|
|
|
Aircraft fuel and related taxes per
ASM |
|
|
(1.79 |
) |
|
|
(2.76 |
) |
|
|
|
Mainline operating
expenses per ASM, excluding special items |
|
|
|
|
|
|
|
|
|
|
|
and fuel |
|
|
9.62 |
|
|
|
9.49 |
|
|
|
|
|
|
|
|
|
|
|
|
Note: Amounts
may not recalculate due to rounding. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Operating Cost per ASM Excluding
Special |
|
3 Months Ended March 31, |
|
|
|
Items and Fuel - Regional only |
|
|
2016 |
|
|
|
2015 |
|
|
|
|
|
|
(in millions) |
|
|
|
|
|
|
|
|
|
|
|
Total regional
operating expenses |
|
$ |
1,432 |
|
|
$ |
1,462 |
|
|
|
|
|
|
|
|
|
|
|
|
Regional operating special items,
net |
|
|
(5 |
) |
|
|
(7 |
) |
|
|
|
Regional operating
expenses, excluding special items |
|
|
1,427 |
|
|
|
1,455 |
|
|
|
|
|
|
|
|
|
|
|
|
Aircraft fuel and related
taxes |
|
|
(219 |
) |
|
|
(311 |
) |
|
|
|
Regional operating
expenses, excluding special items and fuel |
|
$ |
1,208 |
|
|
$ |
1,144 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in cents) |
|
|
|
|
|
|
|
|
|
|
|
Regional operating
expenses per ASM |
|
|
19.10 |
|
|
|
21.07 |
|
|
|
|
|
|
|
|
|
|
|
|
Regional operating special items,
net per ASM |
|
|
(0.07 |
) |
|
|
(0.11 |
) |
|
|
|
Regional operating
expenses per ASM, excluding special items |
|
|
19.03 |
|
|
|
20.96 |
|
|
|
|
|
|
|
|
|
|
|
|
Aircraft fuel and related taxes per
ASM |
|
|
(2.92 |
) |
|
|
(4.48 |
) |
|
|
|
Regional operating
expenses per ASM, excluding special items and fuel |
|
|
16.11 |
|
|
|
16.47 |
|
|
|
|
|
|
|
|
|
|
|
|
Note: Amounts
may not recalculate due to rounding. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Operating Cost per ASM Excluding
Special |
|
3 Months Ended March 31, |
|
|
|
Items and Fuel - Total Mainline and Regional |
|
|
2016 |
|
|
|
2015 |
|
|
|
|
|
|
(in millions) |
|
|
|
|
|
|
|
|
|
|
|
Total operating
expenses |
|
$ |
8,100 |
|
|
$ |
8,611 |
|
|
|
|
|
|
|
|
|
|
|
|
Special items: |
|
|
|
|
|
|
|
Special items, net (1) |
|
|
(99 |
) |
|
|
(303 |
) |
|
|
|
Regional operating special items,
net |
|
|
(5 |
) |
|
|
(7 |
) |
|
|
|
Total operating
expenses, excluding special items |
|
|
7,996 |
|
|
|
8,301 |
|
|
|
|
|
|
|
|
|
|
|
|
Fuel: |
|
|
|
|
|
|
|
Aircraft fuel and related taxes -
mainline |
|
|
(1,029 |
) |
|
|
(1,544 |
) |
|
|
|
Aircraft fuel and related taxes -
regional |
|
|
(219 |
) |
|
|
(311 |
) |
|
|
|
Total operating
expenses, excluding special items and fuel |
|
$ |
6,748 |
|
|
$ |
6,446 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in cents) |
|
|
|
|
|
|
|
|
|
|
|
Total operating
expenses per ASM |
|
|
12.45 |
|
|
|
13.71 |
|
|
|
|
|
|
|
|
|
|
|
|
Special items per
ASM: |
|
|
|
|
|
|
|
Special items, net (1) |
|
|
(0.15 |
) |
|
|
(0.48 |
) |
|
|
|
Regional operating special items,
net |
|
|
(0.01 |
) |
|
|
(0.01 |
) |
|
|
|
Total operating
expenses per ASM, excluding special items |
|
|
12.29 |
|
|
|
13.22 |
|
|
|
|
|
|
|
|
|
|
|
|
Fuel per ASM: |
|
|
|
|
|
|
|
Aircraft fuel and related taxes -
mainline |
|
|
(1.58 |
) |
|
|
(2.46 |
) |
|
|
|
Aircraft fuel and related taxes -
regional |
|
|
(0.34 |
) |
|
|
(0.50 |
) |
|
|
|
Total operating
expenses per ASM, excluding special items |
|
|
|
|
|
|
|
|
|
|
|
and fuel |
|
|
10.37 |
|
|
|
10.26 |
|
|
|
|
|
|
|
|
|
|
|
|
Note: Amounts
may not recalculate due to rounding. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FOOTNOTES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1 |
) |
The 2016 first quarter mainline operating special items
totaled a net charge of $99 million, which principally included
merger integration expenses related to alignment of labor union
contracts, information technology, fleet restructuring,
professional fees, re-branding of aircraft and airport facilities,
relocation and training, as well as severance. The 2015 first
quarter mainline operating special items totaled a net charge of
$303 million, which principally included merger integration
expenses related to alignment of labor union contracts, information
technology, fleet restructuring, professional fees, re-branding of
aircraft and airport facilities, severance, relocation and
training, as well as share-based compensation. |
|
|
|
|
|
|
|
|
|
|
(2 |
) |
As a result of the Company's profitability and the reversal of
the valuation allowance on its deferred tax assets at December 31,
2015, the Company was required to recognize a $417 million
provision for income taxes in the 2016 first quarter. Of this
amount, $414 million was non-cash due to the utilization of net
operating losses (NOLs). For periods prior to 2016, the Company
recognized a nominal income tax provision for certain states and
international jurisdictions where NOLs were limited or not
available to be used. Accordingly, amounts reported in the 2016
first quarter for income tax provision and net income are not
comparable to the 2015 first quarter. Therefore, the Company is
presenting adjusted earnings per share, which excludes special
items and non-cash income tax provision in order to provide a more
meaningful period-over-period comparison. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
American Airlines Group
Inc. |
|
|
Condensed Consolidated Balance
Sheets |
|
|
(In millions) |
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
March 31, 2016 |
|
December 31, 2015 |
|
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
Cash |
$ |
495 |
|
|
$ |
390 |
|
|
|
Short-term investments |
|
6,435 |
|
|
|
5,864 |
|
|
|
Restricted cash and short-term
investments |
|
691 |
|
|
|
695 |
|
|
|
Accounts receivable, net |
|
1,450 |
|
|
|
1,425 |
|
|
|
Aircraft fuel, spare parts and
supplies, net |
|
886 |
|
|
|
863 |
|
|
|
Prepaid expenses and other |
|
845 |
|
|
|
748 |
|
|
|
Total current assets |
|
10,802 |
|
|
|
9,985 |
|
|
|
|
|
|
|
|
|
Operating property and
equipment |
|
|
|
|
|
Flight equipment |
|
34,407 |
|
|
|
33,185 |
|
|
|
Ground property and equipment |
|
6,561 |
|
|
|
6,402 |
|
|
|
Equipment purchase deposits |
|
1,058 |
|
|
|
1,067 |
|
|
|
Total property and equipment, at
cost |
|
42,026 |
|
|
|
40,654 |
|
|
|
Less accumulated depreciation and
amortization |
|
(13,393 |
) |
|
|
(13,144 |
) |
|
|
Total property and equipment,
net |
|
28,633 |
|
|
|
27,510 |
|
|
|
|
|
|
|
|
|
Other assets |
|
|
|
|
|
Goodwill |
|
4,091 |
|
|
|
4,091 |
|
|
|
Intangibles, net |
|
2,236 |
|
|
|
2,249 |
|
|
|
Deferred tax asset |
|
2,072 |
|
|
|
2,477 |
|
|
|
Other assets |
|
2,075 |
|
|
|
2,103 |
|
|
|
Total other assets |
|
10,474 |
|
|
|
10,920 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
$ |
49,909 |
|
|
$ |
48,415 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Stockholders’ Equity |
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities |
|
|
|
|
|
Current maturities of long-term
debt and capital leases |
$ |
2,610 |
|
|
$ |
2,231 |
|
|
|
Accounts payable |
|
1,913 |
|
|
|
1,563 |
|
|
|
Accrued salaries and wages |
|
1,183 |
|
|
|
1,205 |
|
|
|
Air traffic liability |
|
4,692 |
|
|
|
3,747 |
|
|
|
Loyalty program liability |
|
2,535 |
|
|
|
2,525 |
|
|
|
Other accrued liabilities |
|
2,344 |
|
|
|
2,334 |
|
|
|
Total current liabilities |
|
15,277 |
|
|
|
13,605 |
|
|
|
|
|
|
|
|
|
Noncurrent
liabilities |
|
|
|
|
|
Long-term debt and capital leases,
net of current maturities |
|
19,134 |
|
|
|
18,330 |
|
|
|
Pension and postretirement
benefits |
|
7,440 |
|
|
|
7,450 |
|
|
|
Deferred gains and credits,
net |
|
625 |
|
|
|
667 |
|
|
|
Other liabilities |
|
2,723 |
|
|
|
2,728 |
|
|
|
Total noncurrent liabilities |
|
29,922 |
|
|
|
29,175 |
|
|
|
|
|
|
|
|
|
Stockholders'
equity |
|
|
|
|
|
Common stock |
|
6 |
|
|
|
6 |
|
|
|
Additional paid-in capital |
|
10,044 |
|
|
|
11,591 |
|
|
|
|
Accumulated other comprehensive
loss |
|
(4,749 |
) |
|
|
(4,732 |
) |
|
|
|
Accumulated deficit |
|
(591 |
) |
|
|
(1,230 |
) |
|
|
Total stockholders' equity |
|
4,710 |
|
|
|
5,635 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders’
equity |
$ |
49,909 |
|
|
$ |
48,415 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate Communications
817-967-1577
mediarelations@aa.com
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