American Airlines Group Inc. (NASDAQ:AAL) today reported its third
quarter 2016 results. The Company’s third quarter highlights
include:
- Third quarter 2016 pre-tax profit of $1.2 billion, or
$1.5 billion excluding special charges, and net profit of $737
million, or $933 million excluding special charges
- Third quarter 2016 earnings per diluted share was $1.40
versus $2.49 for the same period last year. Third quarter 2016
adjusted1 earnings per diluted share was $2.80 versus $2.77
for the third quarter 2015
- As part of its profit sharing plan, the Company accrued
$86 million in the third quarter. This brings the year-to-date
accrual for profit sharing to $257 million
- Returned $669 million to stockholders through share
repurchases and dividends in the third quarter
- Successfully completed the Company’s largest IT cutover
since the merger with no disruption to service
The Company reported a Generally Accepted
Accounting Principles (GAAP) net profit of $737 million, or
$1.40 per diluted share in the third quarter 2016. This compares to
a GAAP net profit of $1.7 billion in the third quarter 2015, or
$2.49 per diluted share. As a result of the reversal of the
valuation allowance on the Company’s deferred tax assets as of
December 31, 2015, the Company’s 2016 results include a $452
million provision for income taxes at an effective rate of
approximately 38 percent, of which $449 million is non-cash due to
net operating loss utilization. There was no tax provision for
federal income taxes recorded in 2015.
The impact of the year-over-year change in non-cash
income tax expense is removed by comparing pre-tax income. The
Company reported a third quarter 2016 GAAP pre-tax income of $1.2
billion, and pre-tax income excluding net special charges of $1.5
billion. This compares to a third quarter 2015 GAAP pre-tax income
of $1.7 billion, and pre-tax income excluding net special charges
of $1.9 billion.
Adjusted1 third quarter 2016 earnings per diluted
share was $2.80, up from $2.77 per diluted share in the third
quarter of 2015.
“These outstanding results are due to the efforts
of our more than 100,000 team members, who are working tirelessly
to improve our operations, product, and customer experience,” said
Doug Parker, Chairman and CEO. “Nowhere are these efforts more
evident than through the seamless completion of our largest IT
cutover yet, which combined our fleet and pilot groups onto one
system, with no disruption to service. We’re already seeing the
benefits as this cutover enables us to schedule our pilots and
aircraft as one airline and allows us to further optimize our
network to better meet the needs of our passengers.”
“With integration successes like this behind us, we
are even more excited about the future. We are investing in
our people and our product and are well along the path to restoring
American as the greatest airline in the world.”
Third Quarter 2016
Highlights
|
|
|
|
|
|
|
GAAP |
|
Non-GAAP |
|
|
3Q16 |
|
|
3Q15 |
|
|
|
3Q16 |
|
|
3Q15 |
|
|
|
|
|
|
|
Total operating revenues ($ mil) |
$ |
10,594 |
|
$ |
10,706 |
|
|
$ |
10,594 |
|
$ |
10,706 |
|
Total operating expenses ($ mil) |
|
9,163 |
|
|
8,707 |
|
|
|
8,869 |
|
|
8,542 |
|
Operating income |
|
1,431 |
|
|
1,999 |
|
|
|
1,725 |
|
|
2,164 |
|
|
|
|
|
|
|
Pre-tax income ($ mil) |
|
1,189 |
|
|
1,709 |
|
|
|
1,483 |
|
|
1,895 |
|
Pre-tax margin |
|
11.2 |
% |
|
16.0 |
% |
|
|
14.0 |
% |
|
17.7 |
% |
|
|
|
|
|
|
Net income ($ mil) |
|
737 |
|
|
1,693 |
|
|
|
933 |
|
|
1,885 |
|
|
|
|
|
|
|
Earnings per diluted share |
$ |
1.40 |
|
$ |
2.49 |
|
|
$ |
1.76 |
|
$ |
2.77 |
|
Adjusted 1 earnings per diluted share |
|
n/a |
|
|
n/a |
|
|
$ |
2.80 |
|
$ |
2.77 |
|
|
|
|
|
|
|
Revenue and Cost Comparisons
Total revenue in the third quarter was $10.6
billion, a decrease of 1.1 percent versus the third quarter 2015 on
a 1.2 percent increase in total available seat miles (ASMs). Total
revenue per ASM was 14.73 cents, down 2.2 percent versus the third
quarter 2015. This decrease was due to competitive capacity growth,
continued macroeconomic softness outside of the United States, and
foreign currency weakness.
Total operating expenses in the third quarter were
$9.2 billion, up 5.2 percent compared to the third quarter 2015,
due primarily to a 15.3 percent increase in salaries and benefits
expense, which includes the impact of the Company’s recent labor
agreements and an $86 million accrual for the Company’s profit
sharing program.
Third quarter mainline cost per available seat mile
(CASM) was 11.96 cents, up 5.6 percent on a 0.5 percent increase in
mainline ASMs versus the third quarter 2015. Excluding fuel and
special charges, mainline CASM was 9.32 cents, up 8.9 percent
versus the third quarter 2015. Regional CASM was 18.85 cents, down
5.2 percent versus the third quarter 2015 on a 6.9 percent increase
in regional ASMs. Excluding fuel and special charges, regional CASM
was 15.08 cents, down 4.5 percent versus the third quarter
2015.
Fleet
As part of the Company’s ongoing fleet renewal
program, the Company invested $1.0 billion in new aircraft during
the third quarter, including 12 new mainline aircraft and 9 new
regional aircraft, while removing 49 aircraft from the fleet. With
an average mainline aircraft age of 10 years, the Company operates
the youngest fleet of the four largest U.S. carriers.
Liquidity and Capital Return
Program
As of September 30, 2016, the Company had
approximately $9.2 billion in total available liquidity, consisting
of unrestricted cash and short-term investments of $6.8 billion and
$2.4 billion in undrawn revolver capacity. The Company also had
restricted cash of $635 million.
The Company returned $669 million to its
stockholders in the third quarter through the payment of $53
million in quarterly dividends and the repurchase of $616 million
of common stock, or 18.2 million shares, at an average price of
$33.87 per share. The Company has returned more than $9.0 billion
to stockholders through share repurchases and dividends since
mid-2014.
Share repurchases 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 November 21, 2016, to stockholders of record as
of November 7, 2016.
Notable Accomplishments
Integration Accomplishments
- On Oct. 1, the Company smoothly integrated all 15,000 American
Airlines pilots and its mainline fleet into a single scheduling
system, a crucial step in unlocking the full potential of the
Company’s network and airline. The successful completion of this
company-wide project allows the Company to schedule pilots and
aircraft seamlessly regardless of which pre-merger airline they
came from. It will also allow pilots to receive the full benefits
of their single seniority list and joint collective bargaining
agreement
- Reached an agreement with the TWU-IAM Association for pay
increases for mechanics, fleet service and other employees while
negotiations continue for a full joint collective bargaining
agreement. In September, the Company and the TWU-IAM Association
reached a tentative agreement on a new joint collective bargaining
agreement for flight simulator engineers
- Debuted new uniforms for 80,000 flight crew members, mechanics,
and employees at airports, clubs and lounges
- In October, reached an industry-leading tentative agreement
with the Transport Workers Union for a new joint collective
bargaining agreement covering flight crew training instructors and
simulator instructors
Finance, Marketing, and Network
Accomplishments
- Announced new agreements with partners Citi and Barclaycard US
to extend their relationships, as well as a new, long-term
exclusive agreement with MasterCard, to provide AAdvantage® miles
and other benefits to customers
- Took delivery of the Company’s first Boeing 787-9 aircraft, the
first of four 787-9s expected to be delivered this year. These
aircraft are the first at a U.S. airline to offer Premium Economy
seating, a new class of service on international flights with more
legroom and wider seats. International service on these aircraft
begins Nov. 3 to Sao Paulo and on Nov. 4 to Madrid
- Launched several financing transactions during the quarter,
including the $814 million 2016-3 Enhanced Equipment Trust
Certificates, which consists of both AA and A tranches, and
re-priced the Company’s 2014 Credit Facilities, which reduced the
interest rate by 25 basis points
- Launched new nonstop service between Los Angeles International
Airport and Hong Kong on Sept. 7
- The U.S. Department of Transportation tentatively awarded
American a slot pair for service between Los Angeles International
Airport and Tokyo Haneda, allowing American to shift its service to
more favorable daytime hours
- Expanded complimentary in-flight entertainment offerings to
include premium movies, TV shows, music and games in the Main Cabin
on all domestic flights with seatback entertainment and wireless
streaming entertainment, giving customers unrestricted access to
the largest content library among the U.S. carriers from their
seatback entertainment system or their own device
- Began the Company’s first-ever regularly scheduled flights to
Cuba on Sept. 7 with nonstop service from Miami to Cienfuegos and
Holguin. Havana service begins in November
- Reopened the Company’s London Heathrow Arrivals Lounge
following a multi-million dollar refurbishment that radically
changed the overall look and ambiance of the facility. The lounge
now features 29 top-notch shower rooms, a business center and
meeting room. The Company also re-opened its new Admirals Club
lounge at Rio de Janeiro airport
- Announced that the Company’s new campus would be named after
former Chairman and CEO Robert Crandall
Community Relations
Accomplishments
- Received the top score of 100 on the 2016 Disability Equality
Index® and was named a “2016 DEI Best Places to Work”
- Participated in the “Stand Up To Cancer” telecast, which was
broadcast live on all major networks and more than 50 cable
channels. Funds raised during the broadcast will further
groundbreaking research to turn more patients into survivors
- Honored four employee recipients of the eighth annual Earl G.
Graves Award for Leadership in Inclusion and Diversity
- Announced a multi-year financial commitment of $1 million to
the Answer ALS research project to help end amyotrophic lateral
sclerosis
- Brought 180 World War II, Korean and Vietnam War veterans from
Asheville, N.C. to Washington D.C. to spend the day at the
memorials to those wars. The flight marked both the 10th
anniversary of American’s partnership with the Honor Flight Network
and American’s 500th Honor Flight since the first one arrived in
Washington in 2006
- Launched a partnership with TurboVote, a non-partisan,
nonprofit organization that assists in voter registration, to help
its U.S. employees register to vote
Special Items
In the third quarter, the Company recognized $294
million in net special charges before the effect of income taxes,
principally consisting of merger integration expenses relating to
re-branding of aircraft, airport facilities and uniforms,
information technology, alignment of labor union contracts and
fleet restructuring.
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 Nov. 20.
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 serve
more than 1,000 destinations with about 14,250 daily flights to
over 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.
1 Adjusted earnings exclude non-cash income
tax provision and special charges where noted. 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.
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 such
as, without limitation, statements that discuss the possible future
effects of known trends or uncertainties, or which indicate that
the future effects of known trends or uncertainties cannot be
predicted, guaranteed or assured. 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, more stringent duty-time
regulations, increased flight hour requirements for commercial
airline pilots and other factors that have caused a 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 September 30, 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.
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|
|
|
|
|
|
|
American Airlines Group Inc. |
Condensed Consolidated
Statements of Operations |
(In millions, except share and per share
amounts) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
3 Months Ended September 30, |
|
Percent |
|
9 Months Ended September 30, |
|
Percent |
|
|
2016 |
|
|
|
2015 |
|
|
Change |
|
|
2016 |
|
|
|
2015 |
|
|
Change |
|
|
|
|
|
|
|
|
|
|
|
|
Operating
revenues: |
|
|
|
|
|
|
|
|
|
|
|
Mainline passenger |
$ |
7,419 |
|
|
$ |
7,654 |
|
|
|
(3.1 |
) |
|
$ |
21,192 |
|
|
$ |
22,298 |
|
|
|
(5.0 |
) |
Regional passenger |
|
1,731 |
|
|
|
1,699 |
|
|
|
1.9 |
|
|
|
5,040 |
|
|
|
4,910 |
|
|
|
2.7 |
|
Cargo |
|
171 |
|
|
|
180 |
|
|
|
(5.1 |
) |
|
|
506 |
|
|
|
568 |
|
|
|
(10.9 |
) |
Other |
|
1,273 |
|
|
|
1,173 |
|
|
|
8.5 |
|
|
|
3,653 |
|
|
|
3,584 |
|
|
|
1.9 |
|
Total operating revenues |
|
10,594 |
|
|
|
10,706 |
|
|
|
(1.1 |
) |
|
|
30,391 |
|
|
|
31,360 |
|
|
|
(3.1 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
Aircraft fuel and related
taxes |
|
1,393 |
|
|
|
1,593 |
|
|
|
(12.6 |
) |
|
|
3,736 |
|
|
|
4,912 |
|
|
|
(23.9 |
) |
Salaries, wages and benefits |
|
2,772 |
|
|
|
2,404 |
|
|
|
15.3 |
|
|
|
8,094 |
|
|
|
7,141 |
|
|
|
13.4 |
|
Regional expenses: |
|
|
|
|
|
|
|
|
|
|
|
Fuel |
|
303 |
|
|
|
310 |
|
|
|
(2.4 |
) |
|
|
801 |
|
|
|
970 |
|
|
|
(17.4 |
) |
Other |
|
1,235 |
|
|
|
1,208 |
|
|
|
2.3 |
|
|
|
3,687 |
|
|
|
3,566 |
|
|
|
3.4 |
|
Maintenance, materials and
repairs |
|
481 |
|
|
|
456 |
|
|
|
5.3 |
|
|
|
1,352 |
|
|
|
1,452 |
|
|
|
(6.9 |
) |
Other rent and landing fees |
|
463 |
|
|
|
432 |
|
|
|
7.2 |
|
|
|
1,342 |
|
|
|
1,290 |
|
|
|
4.0 |
|
Aircraft rent |
|
299 |
|
|
|
308 |
|
|
|
(3.0 |
) |
|
|
908 |
|
|
|
941 |
|
|
|
(3.6 |
) |
Selling expenses |
|
347 |
|
|
|
366 |
|
|
|
(5.0 |
) |
|
|
990 |
|
|
|
1,051 |
|
|
|
(5.9 |
) |
Depreciation and amortization |
|
399 |
|
|
|
336 |
|
|
|
18.6 |
|
|
|
1,128 |
|
|
|
1,013 |
|
|
|
11.4 |
|
Special items, net |
|
289 |
|
|
|
163 |
|
|
|
77.8 |
|
|
|
450 |
|
|
|
610 |
|
|
|
(26.3 |
) |
Other |
|
1,182 |
|
|
|
1,131 |
|
|
|
4.5 |
|
|
|
3,386 |
|
|
|
3,278 |
|
|
|
3.3 |
|
Total operating expenses |
|
9,163 |
|
|
|
8,707 |
|
|
|
5.2 |
|
|
|
25,874 |
|
|
|
26,224 |
|
|
|
(1.3 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income |
|
1,431 |
|
|
|
1,999 |
|
|
|
(28.4 |
) |
|
|
4,517 |
|
|
|
5,136 |
|
|
|
(12.0 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Nonoperating income
(expense): |
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
16 |
|
|
|
10 |
|
|
|
70.6 |
|
|
|
45 |
|
|
|
29 |
|
|
|
54.9 |
|
Interest expense, net |
|
(250 |
) |
|
|
(219 |
) |
|
|
14.3 |
|
|
|
(738 |
) |
|
|
(651 |
) |
|
|
13.2 |
|
Other, net |
|
(8 |
) |
|
|
(81 |
) |
|
|
(90.3 |
) |
|
|
(25 |
) |
|
|
(143 |
) |
|
|
(82.2 |
) |
Total nonoperating expense,
net |
|
(242 |
) |
|
|
(290 |
) |
|
|
(16.8 |
) |
|
|
(718 |
) |
|
|
(765 |
) |
|
|
(6.2 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes |
|
1,189 |
|
|
|
1,709 |
|
|
|
(30.4 |
) |
|
|
3,799 |
|
|
|
4,371 |
|
|
|
(13.1 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
provision |
|
452 |
|
|
|
16 |
|
|
|
nm |
|
|
|
1,412 |
|
|
|
42 |
|
|
|
nm |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
$ |
737 |
|
|
$ |
1,693 |
|
|
|
(56.4 |
) |
|
$ |
2,387 |
|
|
$ |
4,329 |
|
|
|
(44.9 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common
share: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
1.40 |
|
|
$ |
2.56 |
|
|
|
|
$ |
4.23 |
|
|
$ |
6.34 |
|
|
|
Diluted |
$ |
1.40 |
|
|
$ |
2.49 |
|
|
|
|
$ |
4.20 |
|
|
$ |
6.17 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding (in thousands): |
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
525,415 |
|
|
|
661,869 |
|
|
|
|
|
564,886 |
|
|
|
682,337 |
|
|
|
Diluted |
|
528,510 |
|
|
|
680,739 |
|
|
|
|
|
568,679 |
|
|
|
701,760 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Percent change may not recalculate due to
rounding. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
American Airlines Group Inc. |
Consolidated Operating
Statistics |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 Months Ended September 30, |
|
|
|
|
9 Months Ended September 30, |
|
|
|
|
|
2016 |
|
2015 |
|
Change |
|
|
2016 |
|
2015 |
|
Change |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mainline |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue passenger miles
(millions) |
|
53,472 |
|
54,667 |
|
|
(2.2 |
) |
% |
|
151,619 |
|
151,148 |
|
|
0.3 |
|
% |
Available seat miles
(ASM) (millions) |
|
63,751 |
|
63,459 |
|
|
0.5 |
|
% |
|
183,985 |
|
181,232 |
|
|
1.5 |
|
% |
Passenger load factor
(percent) |
|
83.9 |
|
86.1 |
|
|
(2.2 |
) |
pts |
|
82.4 |
|
83.4 |
|
|
(1.0 |
) |
pts |
Yield (cents) |
|
13.87 |
|
14.00 |
|
|
(0.9 |
) |
% |
|
13.98 |
|
14.75 |
|
|
(5.3 |
) |
% |
Passenger revenue per
ASM (cents) |
|
11.64 |
|
12.06 |
|
|
(3.5 |
) |
% |
|
11.52 |
|
12.30 |
|
|
(6.4 |
) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Passenger enplanements
(thousands) |
|
37,584 |
|
38,909 |
|
|
(3.4 |
) |
% |
|
109,830 |
|
110,683 |
|
|
(0.8 |
) |
% |
Departures
(thousands) |
|
282 |
|
286 |
|
|
(1.3 |
) |
% |
|
837 |
|
841 |
|
|
(0.5 |
) |
% |
Aircraft at end of
period |
|
922 |
|
943 |
|
|
(2.2 |
) |
% |
|
922 |
|
943 |
|
|
(2.2 |
) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Block hours
(thousands) |
|
905 |
|
908 |
|
|
(0.3 |
) |
% |
|
2,650 |
|
2,643 |
|
|
0.3 |
|
% |
Average stage length
(miles) |
|
1,258 |
|
1,259 |
|
|
(0.1 |
) |
% |
|
1,235 |
|
1,231 |
|
|
0.3 |
|
% |
Fuel consumption
(gallons in millions) |
|
953 |
|
954 |
|
|
(0.2 |
) |
% |
|
2,739 |
|
2,736 |
|
|
0.1 |
|
% |
Average
aircraft fuel price including related taxes (dollars per
gallon) |
1.46 |
|
1.67 |
|
|
(12.4 |
) |
% |
|
1.36 |
|
1.80 |
|
|
(24.0 |
) |
% |
Full-time equivalent
employees at end of period |
|
101,200 |
|
99,700 |
|
|
1.5 |
|
% |
|
101,200 |
|
99,700 |
|
|
1.5 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating cost per ASM
(cents) |
|
11.96 |
|
11.33 |
|
|
5.6 |
|
% |
|
11.62 |
|
11.97 |
|
|
(2.9 |
) |
% |
Operating cost per ASM
excluding special items (cents) |
|
11.51 |
|
11.07 |
|
|
3.9 |
|
% |
|
11.38 |
|
11.63 |
|
|
(2.2 |
) |
% |
Operating cost per ASM
excluding special items and fuel (cents) |
|
9.32 |
|
8.56 |
|
|
8.9 |
|
% |
|
9.35 |
|
8.92 |
|
|
4.8 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Regional
(A) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue passenger miles
(millions) |
|
6,447 |
|
6,199 |
|
|
4.0 |
|
% |
|
18,406 |
|
17,729 |
|
|
3.8 |
|
% |
Available seat miles
(millions) |
|
8,160 |
|
7,633 |
|
|
6.9 |
|
% |
|
23,741 |
|
22,050 |
|
|
7.7 |
|
% |
Passenger load factor
(percent) |
|
79.0 |
|
81.2 |
|
|
(2.2 |
) |
pts |
|
77.5 |
|
80.4 |
|
|
(2.9 |
) |
pts |
Yield (cents) |
|
26.85 |
|
27.40 |
|
|
(2.0 |
) |
% |
|
27.38 |
|
27.69 |
|
|
(1.1 |
) |
% |
Passenger revenue per
ASM (cents) |
|
21.21 |
|
22.25 |
|
|
(4.7 |
) |
% |
|
21.23 |
|
22.27 |
|
|
(4.7 |
) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Passenger enplanements
(thousands) |
|
14,288 |
|
14,413 |
|
|
(0.9 |
) |
% |
|
40,908 |
|
41,032 |
|
|
(0.3 |
) |
% |
Aircraft at end of
period |
|
599 |
|
584 |
|
|
2.6 |
|
% |
|
599 |
|
584 |
|
|
2.6 |
|
% |
Fuel consumption
(gallons in millions) |
|
196 |
|
186 |
|
|
5.3 |
|
% |
|
565 |
|
536 |
|
|
5.4 |
|
% |
Average
aircraft fuel price including related taxes (dollars per
gallon) |
1.55 |
|
1.67 |
|
|
(7.3 |
) |
% |
|
1.42 |
|
1.81 |
|
|
(21.6 |
) |
% |
Full-time equivalent
employees at end of period (B) |
|
20,600 |
|
19,300 |
|
|
6.7 |
|
% |
|
20,600 |
|
19,300 |
|
|
6.7 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating cost per ASM
(cents) |
|
18.85 |
|
19.89 |
|
|
(5.2 |
) |
% |
|
18.91 |
|
20.57 |
|
|
(8.1 |
) |
% |
Operating cost per ASM
excluding special items (cents) |
|
18.79 |
|
19.85 |
|
|
(5.3 |
) |
% |
|
18.85 |
|
20.48 |
|
|
(8.0 |
) |
% |
Operating cost per ASM
excluding special items and fuel (cents) |
|
15.08 |
|
15.78 |
|
|
(4.5 |
) |
% |
|
15.48 |
|
16.08 |
|
|
(3.8 |
) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Mainline
& Regional |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue passenger miles
(millions) |
|
59,919 |
|
60,866 |
|
|
(1.6 |
) |
% |
|
170,025 |
|
168,877 |
|
|
0.7 |
|
% |
Available seat miles
(millions) |
|
71,911 |
|
71,092 |
|
|
1.2 |
|
% |
|
207,726 |
|
203,282 |
|
|
2.2 |
|
% |
Cargo ton miles
(millions) |
|
601 |
|
569 |
|
|
5.6 |
|
% |
|
1,754 |
|
1,716 |
|
|
2.2 |
|
% |
Passenger load factor
(percent) |
|
83.3 |
|
85.6 |
|
|
(2.3 |
) |
pts |
|
81.9 |
|
83.1 |
|
|
(1.2 |
) |
pts |
Yield (cents) |
|
15.27 |
|
15.37 |
|
|
(0.6 |
) |
% |
|
15.43 |
|
16.11 |
|
|
(4.2 |
) |
% |
Passenger revenue per
ASM (cents) |
|
12.72 |
|
13.16 |
|
|
(3.3 |
) |
% |
|
12.63 |
|
13.38 |
|
|
(5.6 |
) |
% |
Total revenue per ASM
(cents) |
|
14.73 |
|
15.06 |
|
|
(2.2 |
) |
% |
|
14.63 |
|
15.43 |
|
|
(5.2 |
) |
% |
Cargo yield per ton
mile (cents) |
|
28.42 |
|
31.63 |
|
|
(10.2 |
) |
% |
|
28.86 |
|
33.11 |
|
|
(12.8 |
) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Passenger enplanements
(thousands) |
|
51,872 |
|
53,322 |
|
|
(2.7 |
) |
% |
|
150,738 |
|
151,715 |
|
|
(0.6 |
) |
% |
Aircraft at end of
period |
|
1,521 |
|
1,527 |
|
|
(0.4 |
) |
% |
|
1,521 |
|
1,527 |
|
|
(0.4 |
) |
% |
Fuel consumption
(gallons in millions) |
|
1,149 |
|
1,140 |
|
|
0.7 |
|
% |
|
3,304 |
|
3,272 |
|
|
1.0 |
|
% |
Average
aircraft fuel price including related taxes (dollars per
gallon) |
1.48 |
|
1.67 |
|
|
(11.6 |
) |
% |
|
1.37 |
|
1.80 |
|
|
(23.6 |
) |
% |
Full-time equivalent
employees at end of period (B) |
|
121,800 |
|
119,000 |
|
|
2.4 |
|
% |
|
121,800 |
|
119,000 |
|
|
2.4 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating cost per ASM
(cents) |
|
12.74 |
|
12.25 |
|
|
4.0 |
|
% |
|
12.46 |
|
12.90 |
|
|
(3.4 |
) |
% |
Operating cost per ASM
excluding special items (cents) |
|
12.33 |
|
12.02 |
|
|
2.6 |
|
% |
|
12.23 |
|
12.59 |
|
|
(2.8 |
) |
% |
Operating cost per ASM
excluding special items and fuel (cents) |
|
9.97 |
|
9.34 |
|
|
6.8 |
|
% |
|
10.05 |
|
9.70 |
|
|
3.6 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 Revenue Statistics by
Region |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 Months Ended September 30, |
|
|
|
|
9 Months Ended September 30, |
|
|
|
|
|
|
|
2016 |
|
2015 |
|
Change |
|
|
2016 |
|
2015 |
|
Change |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic - Mainline |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
passenger miles (millions) |
|
33,487 |
|
34,259 |
|
|
(2.4 |
) |
% |
|
97,296 |
|
97,014 |
|
|
0.3 |
|
% |
|
Available
seat miles (ASM) (millions) |
|
39,051 |
|
38,882 |
|
|
0.4 |
|
% |
|
114,294 |
|
112,875 |
|
|
1.3 |
|
% |
|
Passenger
load factor (percent) |
|
85.8 |
|
88.1 |
|
|
(2.3 |
) |
pts |
|
85.1 |
|
85.9 |
|
|
(0.8 |
) |
pts |
|
Yield
(cents) |
|
14.36 |
|
14.19 |
|
|
1.2 |
|
% |
|
14.51 |
|
15.09 |
|
|
(3.8 |
) |
% |
|
Passenger
revenue per ASM (cents) |
|
12.31 |
|
12.51 |
|
|
(1.5 |
) |
% |
|
12.35 |
|
12.97 |
|
|
(4.8 |
) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic Consolidated - Mainline and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Regional (A) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
passenger miles (millions) |
|
39,934 |
|
40,458 |
|
|
(1.3 |
) |
% |
|
115,701 |
|
114,743 |
|
|
0.8 |
|
% |
|
Available
seat miles (ASM) (millions) |
|
47,211 |
|
46,515 |
|
|
1.5 |
|
% |
|
138,036 |
|
134,926 |
|
|
2.3 |
|
% |
|
Passenger
load factor (percent) |
|
84.6 |
|
87.0 |
|
|
(2.4 |
) |
pts |
|
83.8 |
|
85.0 |
|
|
(1.2 |
) |
pts |
|
Yield
(cents) |
|
16.37 |
|
16.22 |
|
|
1.0 |
|
% |
|
16.56 |
|
17.03 |
|
|
(2.8 |
) |
% |
|
Passenger
revenue per ASM (cents) |
|
13.85 |
|
14.10 |
|
|
(1.8 |
) |
% |
|
13.88 |
|
14.49 |
|
|
(4.2 |
) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Latin America |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
passenger miles (millions) |
|
7,382 |
|
7,920 |
|
|
(6.8 |
) |
% |
|
22,857 |
|
23,673 |
|
|
(3.4 |
) |
% |
|
Available
seat miles (ASM) (millions) |
|
8,944 |
|
9,542 |
|
|
(6.3 |
) |
% |
|
28,894 |
|
30,031 |
|
|
(3.8 |
) |
% |
|
Passenger
load factor (percent) |
|
82.5 |
|
83.0 |
|
|
(0.5 |
) |
pts |
|
79.1 |
|
78.8 |
|
|
0.3 |
|
pts |
|
Yield
(cents) |
|
13.97 |
|
13.65 |
|
|
2.3 |
|
% |
|
13.47 |
|
14.87 |
|
|
(9.4 |
) |
% |
|
Passenger
revenue per ASM (cents) |
|
11.53 |
|
11.33 |
|
|
1.8 |
|
% |
|
10.66 |
|
11.72 |
|
|
(9.1 |
) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Atlantic |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
passenger miles (millions) |
|
9,027 |
|
9,661 |
|
|
(6.6 |
) |
% |
|
21,707 |
|
22,654 |
|
|
(4.2 |
) |
% |
|
Available
seat miles (ASM) (millions) |
|
11,533 |
|
11,754 |
|
|
(1.9 |
) |
% |
|
29,103 |
|
29,075 |
|
|
0.1 |
|
% |
|
Passenger
load factor (percent) |
|
78.3 |
|
82.2 |
|
|
(3.9 |
) |
pts |
|
74.6 |
|
77.9 |
|
|
(3.3 |
) |
pts |
|
Yield
(cents) |
|
13.49 |
|
14.46 |
|
|
(6.7 |
) |
% |
|
14.01 |
|
14.45 |
|
|
(3.0 |
) |
% |
|
Passenger
revenue per ASM (cents) |
|
10.56 |
|
11.88 |
|
|
(11.2 |
) |
% |
|
10.45 |
|
11.26 |
|
|
(7.2 |
) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pacific |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
passenger miles (millions) |
|
3,576 |
|
2,827 |
|
|
26.5 |
|
% |
|
9,759 |
|
7,807 |
|
|
25.0 |
|
% |
|
Available
seat miles (ASM) (millions) |
|
4,223 |
|
3,281 |
|
|
28.7 |
|
% |
|
11,694 |
|
9,251 |
|
|
26.4 |
|
% |
|
Passenger
load factor (percent) |
|
84.7 |
|
86.2 |
|
|
(1.5 |
) |
pts |
|
83.5 |
|
84.4 |
|
|
(0.9 |
) |
pts |
|
Yield
(cents) |
|
10.13 |
|
11.11 |
|
|
(8.9 |
) |
% |
|
9.79 |
|
11.13 |
|
|
(12.0 |
) |
% |
|
Passenger
revenue per ASM (cents) |
|
8.58 |
|
9.58 |
|
|
(10.5 |
) |
% |
|
8.17 |
|
9.39 |
|
|
(13.0 |
) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total International |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
passenger miles (millions) |
|
19,985 |
|
20,408 |
|
|
(2.1 |
) |
% |
|
54,323 |
|
54,134 |
|
|
0.4 |
|
% |
|
Available
seat miles (ASM) (millions) |
|
24,700 |
|
24,577 |
|
|
0.5 |
|
% |
|
69,691 |
|
68,357 |
|
|
2.0 |
|
% |
|
Passenger
load factor (percent) |
|
80.9 |
|
83.0 |
|
|
(2.1 |
) |
pts |
|
77.9 |
|
79.2 |
|
|
(1.3 |
) |
pts |
|
Yield
(cents) |
|
13.06 |
|
13.68 |
|
|
(4.5 |
) |
% |
|
13.03 |
|
14.15 |
|
|
(8.0 |
) |
% |
|
Passenger
revenue per ASM (cents) |
|
10.57 |
|
11.36 |
|
|
(7.0 |
) |
% |
|
10.15 |
|
11.21 |
|
|
(9.4 |
) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(A) Revenue statistics for all Regional
flying are included herein. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 September 30, |
Percent Change |
9 Months Ended September 30, |
Percent Change |
|
|
Reconciliation of Pre-Tax Income Excluding Special
Items |
|
|
2016 |
|
|
|
2015 |
|
|
|
2016 |
|
|
|
2015 |
|
|
|
|
|
|
(in millions, except per share amounts) |
|
(in millions, except per share amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax
income as reported |
|
$ |
1,189 |
|
|
$ |
1,709 |
|
|
$ |
3,799 |
|
|
$ |
4,371 |
|
|
|
|
Pre-tax special
items: |
|
|
|
|
|
|
|
|
|
|
|
Special items, net (1) |
|
|
289 |
|
|
|
163 |
|
|
|
450 |
|
|
|
610 |
|
|
|
|
Regional operating special items,
net |
|
|
5 |
|
|
|
2 |
|
|
|
13 |
|
|
|
20 |
|
|
|
|
Nonoperating special items, net
(2) |
|
|
- |
|
|
|
21 |
|
|
|
36 |
|
|
|
2 |
|
|
|
|
Total pre-tax special
items |
|
|
294 |
|
|
|
186 |
|
|
|
499 |
|
|
|
632 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax income
excluding special items |
|
$ |
1,483 |
|
|
$ |
1,895 |
|
|
-22 |
% |
$ |
4,298 |
|
|
$ |
5,003 |
|
|
-14 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of Pre-Tax Margin |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax income as
reported |
|
$ |
1,189 |
|
|
$ |
1,709 |
|
|
$ |
3,799 |
|
|
$ |
4,371 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating
revenues as reported |
|
$ |
10,594 |
|
|
$ |
10,706 |
|
|
$ |
30,391 |
|
|
$ |
31,360 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax margin |
|
|
11.2 |
% |
|
|
16.0 |
% |
|
|
12.5 |
% |
|
|
13.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of Pre-Tax Margin Excluding Special
Items |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax income
excluding special items |
|
$ |
1,483 |
|
|
$ |
1,895 |
|
|
$ |
4,298 |
|
|
$ |
5,003 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating
revenues as reported |
|
$ |
10,594 |
|
|
$ |
10,706 |
|
|
$ |
30,391 |
|
|
$ |
31,360 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax margin
excluding special items |
|
|
14.0 |
% |
|
|
17.7 |
% |
|
|
14.1 |
% |
|
|
16.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Net Income Excluding Special
Items |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income as reported |
|
$ |
737 |
|
|
$ |
1,693 |
|
|
$ |
2,387 |
|
|
$ |
4,329 |
|
|
|
|
Special items: |
|
|
|
|
|
|
|
|
|
|
|
Total pre-tax special items |
|
|
294 |
|
|
|
186 |
|
|
|
499 |
|
|
|
632 |
|
|
|
|
Income tax special items |
|
|
- |
|
|
|
6 |
|
|
|
- |
|
|
|
22 |
|
|
|
|
Net tax effect of special items
(3) |
|
|
(98 |
) |
|
|
- |
|
|
|
(188 |
) |
|
|
- |
|
|
|
|
Net income excluding
special items |
|
$ |
933 |
|
|
$ |
1,885 |
|
|
-51 |
% |
$ |
2,698 |
|
|
$ |
4,983 |
|
|
-46 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Net Income Excluding Special Items and
Non-Cash |
|
|
|
|
|
|
|
|
|
|
|
Income Tax Provision (4) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income as reported |
|
$ |
737 |
|
|
$ |
1,693 |
|
|
$ |
2,387 |
|
|
$ |
4,329 |
|
|
|
|
Total pre-tax special
items |
|
|
294 |
|
|
|
186 |
|
|
|
499 |
|
|
|
632 |
|
|
|
|
Total non-cash income
tax provision |
|
|
449 |
|
|
|
6 |
|
|
|
1,403 |
|
|
|
22 |
|
|
|
|
Net income excluding
special items and non-cash income tax provision |
|
$ |
1,480 |
|
|
$ |
1,885 |
|
|
-21 |
% |
$ |
4,289 |
|
|
$ |
4,983 |
|
|
-14 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Basic and Diluted Earnings Per Share
Excluding |
|
|
|
|
|
|
|
|
|
|
|
Special Items |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income excluding
special items |
|
$ |
933 |
|
|
$ |
1,885 |
|
|
$ |
2,698 |
|
|
$ |
4,983 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used for
computation (in thousands): |
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
525,415 |
|
|
|
661,869 |
|
|
|
564,886 |
|
|
|
682,337 |
|
|
|
|
Diluted |
|
|
528,510 |
|
|
|
680,739 |
|
|
|
568,679 |
|
|
|
701,760 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share
excluding special items: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
1.77 |
|
|
$ |
2.85 |
|
|
$ |
4.78 |
|
|
$ |
7.30 |
|
|
|
|
Diluted |
|
$ |
1.76 |
|
|
$ |
2.77 |
|
|
$ |
4.74 |
|
|
$ |
7.10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Basic and Diluted Earnings Per Share
Excluding |
|
|
|
|
|
|
|
|
|
|
|
Special Items and Non-Cash Income Tax Provision
(4) |
|
|
|
|
|
|
|
|
|
|
|
Net income excluding
special items and non-cash income tax provision |
|
$ |
1,480 |
|
|
$ |
1,885 |
|
|
$ |
4,289 |
|
|
$ |
4,983 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used for
computation (in thousands): |
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
525,415 |
|
|
|
661,869 |
|
|
|
564,886 |
|
|
|
682,337 |
|
|
|
|
Diluted |
|
|
528,510 |
|
|
|
680,739 |
|
|
|
568,679 |
|
|
|
701,760 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted earnings per
share (excludes special items and non-cash income tax
provision): |
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
2.82 |
|
|
$ |
2.85 |
|
|
$ |
7.59 |
|
|
$ |
7.30 |
|
|
|
|
Diluted |
|
$ |
2.80 |
|
|
$ |
2.77 |
|
|
$ |
7.54 |
|
|
$ |
7.10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 Months Ended September 30, |
|
9 Months Ended September 30, |
|
|
|
Reconciliation of Operating Income Excluding Special
Items |
|
|
2016 |
|
|
|
2015 |
|
|
|
2016 |
|
|
|
2015 |
|
|
|
|
|
|
(in millions) |
|
(in millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income as reported |
|
$ |
1,431 |
|
|
$ |
1,999 |
|
|
$ |
4,517 |
|
|
$ |
5,136 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Special items: |
|
|
|
|
|
|
|
|
|
|
|
Special items, net (1) |
|
|
289 |
|
|
|
163 |
|
|
|
450 |
|
|
|
610 |
|
|
|
|
Regional operating special items,
net |
|
|
5 |
|
|
|
2 |
|
|
|
13 |
|
|
|
20 |
|
|
|
|
Operating income
excluding special items |
|
$ |
1,725 |
|
|
$ |
2,164 |
|
|
$ |
4,980 |
|
|
$ |
5,766 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Operating Cost per ASM Excluding
Special |
|
3 Months Ended September 30, |
|
9 Months Ended September 30, |
|
|
|
Items and Fuel - Mainline only |
|
|
2016 |
|
|
|
2015 |
|
|
|
2016 |
|
|
|
2015 |
|
|
|
|
|
|
(in millions) |
|
(in millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating
expenses as reported |
|
$ |
9,163 |
|
|
$ |
8,707 |
|
|
$ |
25,874 |
|
|
$ |
26,224 |
|
|
|
|
Less regional expenses
as reported: |
|
|
|
|
|
|
|
|
|
|
|
Fuel |
|
|
(303 |
) |
|
|
(310 |
) |
|
|
(801 |
) |
|
|
(970 |
) |
|
|
|
Other |
|
|
(1,235 |
) |
|
|
(1,208 |
) |
|
|
(3,687 |
) |
|
|
(3,566 |
) |
|
|
|
Total mainline
operating expenses as reported |
|
|
7,625 |
|
|
|
7,189 |
|
|
|
21,386 |
|
|
|
21,688 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Special items, net (1) |
|
|
(289 |
) |
|
|
(163 |
) |
|
|
(450 |
) |
|
|
(610 |
) |
|
|
|
Mainline operating
expenses, excluding special items |
|
|
7,336 |
|
|
|
7,026 |
|
|
|
20,936 |
|
|
|
21,078 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aircraft fuel and related
taxes |
|
|
(1,393 |
) |
|
|
(1,593 |
) |
|
|
(3,736 |
) |
|
|
(4,912 |
) |
|
|
|
Mainline operating
expenses, excluding special items and fuel |
|
$ |
5,943 |
|
|
$ |
5,433 |
|
|
$ |
17,200 |
|
|
$ |
16,166 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in cents) |
|
(in cents) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mainline operating
expenses per ASM as reported |
|
|
11.96 |
|
|
|
11.33 |
|
|
|
11.62 |
|
|
|
11.97 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Special items, net per ASM (1) |
|
|
(0.45 |
) |
|
|
(0.26 |
) |
|
|
(0.24 |
) |
|
|
(0.34 |
) |
|
|
|
Mainline operating
expenses per ASM, excluding special items |
|
|
11.51 |
|
|
|
11.07 |
|
|
|
11.38 |
|
|
|
11.63 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aircraft fuel and related taxes per
ASM |
|
|
(2.18 |
) |
|
|
(2.51 |
) |
|
|
(2.03 |
) |
|
|
(2.71 |
) |
|
|
|
Mainline operating
expenses per ASM, excluding special items |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
and fuel |
|
|
9.32 |
|
|
|
8.56 |
|
|
|
9.35 |
|
|
|
8.92 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Amounts
may not recalculate due to rounding. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Operating Cost per ASM Excluding
Special |
|
3 Months Ended September 30, |
|
9 Months Ended September 30, |
|
|
|
Items and Fuel - Regional only |
|
|
2016 |
|
|
|
2015 |
|
|
|
2016 |
|
|
|
2015 |
|
|
|
|
|
|
(in millions) |
|
(in millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total regional
operating expenses as reported |
|
$ |
1,538 |
|
|
$ |
1,518 |
|
|
$ |
4,488 |
|
|
$ |
4,536 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Regional operating special items,
net |
|
|
(5 |
) |
|
|
(2 |
) |
|
|
(13 |
) |
|
|
(20 |
) |
|
|
|
Regional operating
expenses, excluding special items |
|
|
1,533 |
|
|
|
1,516 |
|
|
|
4,475 |
|
|
|
4,516 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aircraft fuel and related
taxes |
|
|
(303 |
) |
|
|
(310 |
) |
|
|
(801 |
) |
|
|
(970 |
) |
|
|
|
Regional operating
expenses, excluding special items and fuel |
|
$ |
1,230 |
|
|
$ |
1,206 |
|
|
$ |
3,674 |
|
|
$ |
3,546 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in cents) |
|
(in cents) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Regional operating
expenses per ASM as reported |
|
|
18.85 |
|
|
|
19.89 |
|
|
|
18.91 |
|
|
|
20.57 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Regional operating special items,
net per ASM |
|
|
(0.06 |
) |
|
|
(0.04 |
) |
|
|
(0.05 |
) |
|
|
(0.09 |
) |
|
|
|
Regional operating
expenses per ASM, excluding special items |
|
|
18.79 |
|
|
|
19.85 |
|
|
|
18.85 |
|
|
|
20.48 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aircraft fuel and related taxes per
ASM |
|
|
(3.71 |
) |
|
|
(4.07 |
) |
|
|
(3.38 |
) |
|
|
(4.40 |
) |
|
|
|
Regional operating
expenses per ASM, excluding special items and fuel |
|
|
15.08 |
|
|
|
15.78 |
|
|
|
15.48 |
|
|
|
16.08 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Amounts
may not recalculate due to rounding. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Operating Cost per ASM Excluding
Special |
|
3 Months Ended September 30, |
|
9 Months Ended September 30, |
|
|
|
Items and Fuel - Total Mainline and Regional |
|
|
2016 |
|
|
|
2015 |
|
|
|
2016 |
|
|
|
2015 |
|
|
|
|
|
|
(in millions) |
|
(in millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating
expenses as reported |
|
$ |
9,163 |
|
|
$ |
8,707 |
|
|
$ |
25,874 |
|
|
$ |
26,224 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Special items: |
|
|
|
|
|
|
|
|
|
|
|
Special items, net (1) |
|
|
(289 |
) |
|
|
(163 |
) |
|
|
(450 |
) |
|
|
(610 |
) |
|
|
|
Regional operating special items,
net |
|
|
(5 |
) |
|
|
(2 |
) |
|
|
(13 |
) |
|
|
(20 |
) |
|
|
|
Total operating
expenses, excluding special items |
|
|
8,869 |
|
|
|
8,542 |
|
|
|
25,411 |
|
|
|
25,594 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fuel: |
|
|
|
|
|
|
|
|
|
|
|
Aircraft fuel and related taxes -
mainline |
|
|
(1,393 |
) |
|
|
(1,593 |
) |
|
|
(3,736 |
) |
|
|
(4,912 |
) |
|
|
|
Aircraft fuel and related taxes -
regional |
|
|
(303 |
) |
|
|
(310 |
) |
|
|
(801 |
) |
|
|
(970 |
) |
|
|
|
Total operating
expenses, excluding special items and fuel |
|
$ |
7,173 |
|
|
$ |
6,639 |
|
|
$ |
20,874 |
|
|
$ |
19,712 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in cents) |
|
(in cents) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating
expenses per ASM as reported |
|
|
12.74 |
|
|
|
12.25 |
|
|
|
12.46 |
|
|
|
12.90 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Special items per
ASM: |
|
|
|
|
|
|
|
|
|
|
|
Special items, net (1) |
|
|
(0.40 |
) |
|
|
(0.23 |
) |
|
|
(0.22 |
) |
|
|
(0.30 |
) |
|
|
|
Regional operating special items,
net |
|
|
(0.01 |
) |
|
|
- |
|
|
|
(0.01 |
) |
|
|
(0.01 |
) |
|
|
|
Total operating
expenses per ASM, excluding special items |
|
|
12.33 |
|
|
|
12.02 |
|
|
|
12.23 |
|
|
|
12.59 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fuel per ASM: |
|
|
|
|
|
|
|
|
|
|
|
Aircraft fuel and related taxes -
mainline |
|
|
(1.94 |
) |
|
|
(2.24 |
) |
|
|
(1.80 |
) |
|
|
(2.42 |
) |
|
|
|
Aircraft fuel and related taxes -
regional |
|
|
(0.42 |
) |
|
|
(0.44 |
) |
|
|
(0.39 |
) |
|
|
(0.48 |
) |
|
|
|
Total operating
expenses per ASM, excluding special items |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
and fuel |
|
|
9.97 |
|
|
|
9.34 |
|
|
|
10.05 |
|
|
|
9.70 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Amounts
may not recalculate due to rounding. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FOOTNOTES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1 |
) |
The 2016 third quarter mainline operating special items
totaled a net charge of $289 million, which principally included
$225 million of merger integration expenses and a $39 million net
charge for bankruptcy related items principally consisting of fair
value adjustments for bankruptcy settlement obligations. The 2016
nine month period mainline operating special items totaled a net
charge of $450 million, which principally included $467 million of
merger integration expenses, offset in part by a $22 million net
credit for bankruptcy related items principally consisting of fair
value adjustments for bankruptcy settlement obligations. For the
2016 third quarter and nine month periods, merger integration
expenses included costs related to re-branding of aircraft, airport
facilities and uniforms, information technology, alignment of labor
union contracts, fleet restructuring, professional fees, relocation
and training, as well as severance. The 2015 third quarter mainline
operating special items totaled a net charge of $163 million, which
principally included $198 million of merger integration expenses
and a $38 million charge in connection with the dissolution of a
joint venture. These charges were offset in part by a $66 million
credit related to proceeds received from a legal settlement. The
2015 nine month period mainline operating special items totaled a
net charge of $610 million, which principally included $741 million
of merger integration expenses and a $38 million charge in
connection with the dissolution of a joint venture. These charges
were offset in part by a $75 million net credit for bankruptcy
related items principally consisting of fair value adjustments for
bankruptcy settlement obligations and a $66 million credit related
to proceeds received from a legal settlement. For the 2015 third
quarter and nine month periods, merger integration expenses
included costs related to information technology, fleet
restructuring, alignment of labor union contracts, professional
fees, severance, relocation and training, re-branding of aircraft,
airport facilities and uniforms, as well as share-based
compensation. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2 |
) |
In connection with a bond refinancing, the Company recorded a
$36 million nonoperating special charge in the 2016 nine month
period related to non-cash write offs of unamortized bond discounts
and issuance costs as well as payments of redemption premiums and
fees. The 2015 third quarter nonoperating special items totaled a
net charge of $21 million, which was primarily due to non-cash
write offs of unamortized debt discount and debt issuance costs
associated with the purchase and subsequent remarketing of certain
special facility revenue bonds. The 2015 nine month period
nonoperating special items totaled a net charge of $2 million,
which principally included $40 million in charges primarily related
to non-cash write offs of unamortized debt discount and debt
issuance costs associated with refinancing the Company’s secured
term loan facilities, prepayments of certain aircraft financings
and the purchase and subsequent remarketing of certain special
facility revenue bonds. These charges were offset in part by a $22
million gain associated with the sale of an investment and a $17
million early debt extinguishment gain associated with the
repayment of American’s AAdvantage loan with Citibank. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3 |
) |
In the 2015 periods, there was no net tax effect associated
with special items. During the 2015 periods, the Company’s net
deferred tax asset, which includes its net operating losses (NOLs),
was subject to a full valuation allowance. Accordingly, the
Company’s NOLs offset its taxable income and resulted in the
release of a corresponding portion of valuation allowance, which
offset the tax provision dollar for dollar. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4 |
) |
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 $452 million and $1.4
billion provision for income taxes in the 2016 third quarter and
nine month period, respectively, on a Generally Accepted Accounting
Principles basis. Of these amounts, $449 million and $1.4 billion
in the 2016 third quarter and nine month period, respectively, were
non-cash due to the utilization of NOLs. For periods prior to 2016,
the Company recognized a nominal tax provision for certain states
and international jurisdictions where NOLs were limited or not
available to be used. Accordingly, amounts reported in the 2016
third quarter and nine month period for income tax provision and
net income are not comparable to the respective 2015 periods.
Therefore, the Company is presenting net income and earnings per
share excluding special items and non-cash income tax provision in
order to provide more meaningful period-over-period
comparisons. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
American Airlines Group
Inc. |
Condensed Consolidated Balance
Sheets |
(In millions) |
(Unaudited) |
|
|
|
|
|
September 30, 2016 |
|
December 31, 2015 |
Assets |
|
|
|
|
|
|
|
Current assets |
|
|
|
Cash |
$ |
381 |
|
|
$ |
390 |
|
Short-term investments |
|
6,374 |
|
|
|
5,864 |
|
Restricted cash and short-term
investments |
|
635 |
|
|
|
695 |
|
Accounts receivable, net |
|
1,703 |
|
|
|
1,425 |
|
Aircraft fuel, spare parts and
supplies, net |
|
1,100 |
|
|
|
863 |
|
Prepaid expenses and other |
|
855 |
|
|
|
748 |
|
Total current assets |
|
11,048 |
|
|
|
9,985 |
|
|
|
|
|
Operating property and
equipment |
|
|
|
Flight equipment |
|
36,259 |
|
|
|
33,185 |
|
Ground property and equipment |
|
6,915 |
|
|
|
6,402 |
|
Equipment purchase deposits |
|
1,149 |
|
|
|
1,067 |
|
Total property and equipment, at
cost |
|
44,323 |
|
|
|
40,654 |
|
Less accumulated depreciation and
amortization |
|
(14,019 |
) |
|
|
(13,144 |
) |
Total property and equipment,
net |
|
30,304 |
|
|
|
27,510 |
|
|
|
|
|
Other assets |
|
|
|
Goodwill |
|
4,091 |
|
|
|
4,091 |
|
Intangibles, net |
|
2,189 |
|
|
|
2,249 |
|
Deferred tax asset |
|
1,524 |
|
|
|
2,477 |
|
Other assets |
|
1,952 |
|
|
|
2,103 |
|
Total other assets |
|
9,756 |
|
|
|
10,920 |
|
|
|
|
|
|
|
|
|
Total assets |
$ |
51,108 |
|
|
$ |
48,415 |
|
|
|
|
|
|
|
|
|
Liabilities and
Stockholders’ Equity |
|
|
|
|
|
|
|
Current
liabilities |
|
|
|
Current maturities of long-term
debt and capital leases |
$ |
1,798 |
|
|
$ |
2,231 |
|
Accounts payable |
|
1,673 |
|
|
|
1,563 |
|
Accrued salaries and wages |
|
1,365 |
|
|
|
1,205 |
|
Air traffic liability |
|
4,513 |
|
|
|
3,747 |
|
Loyalty program liability |
|
2,950 |
|
|
|
2,525 |
|
Other accrued liabilities |
|
2,234 |
|
|
|
2,334 |
|
Total current liabilities |
|
14,533 |
|
|
|
13,605 |
|
|
|
|
|
Noncurrent
liabilities |
|
|
|
Long-term debt and capital leases,
net of current maturities |
|
21,545 |
|
|
|
18,330 |
|
Pension and postretirement
benefits |
|
7,387 |
|
|
|
7,450 |
|
Deferred gains and credits,
net |
|
554 |
|
|
|
667 |
|
Other liabilities |
|
2,698 |
|
|
|
2,728 |
|
Total noncurrent liabilities |
|
32,184 |
|
|
|
29,175 |
|
|
|
|
|
Stockholders'
equity |
|
|
|
Common stock |
|
5 |
|
|
|
6 |
|
Additional paid-in capital |
|
7,761 |
|
|
|
11,591 |
|
Accumulated other comprehensive
loss |
|
(4,778 |
) |
|
|
(4,732 |
) |
Retained earnings (deficit) |
|
1,403 |
|
|
|
(1,230 |
) |
Total stockholders' equity |
|
4,391 |
|
|
|
5,635 |
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders’
equity |
$ |
51,108 |
|
|
$ |
48,415 |
|
|
|
|
|
|
|
|
|
Corporate Communications
817-967-1577
mediarelations@aa.com
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