American Airlines Group Inc. (NASDAQ: AAL) today reported its
third-quarter 2021 financial results, including:
- Third-quarter net profit of $169 million, or $0.25 per
diluted share. Excluding net special
items1, third-quarter net loss of
$641 million, or ($0.99) per share.
- Third-quarter revenue of $9.0 billion, up 20%
sequentially from the second quarter of 2021.
- Ended the third quarter with approximately $18 billion
of total available liquidity, after prepayment of $950 million
spare parts term loan during the quarter.
- Company continues to expect robust demand during peak
travel periods in the fourth quarter, with more than 6,000 peak day
departures.
- Company continues to execute on its plan to pay down
approximately $15 billion of debt by the end of 2025.
“The American Airlines team continues to demonstrate its
resilience and ability to execute, enabling us to deliver our best
quarter since the pandemic began as measured by pre-tax financial
results,” said American’s Chairman and CEO Doug Parker. “While the
rise of the COVID-19 delta variant delayed some of our revenue
recovery, it has not stopped our progress. We are incredibly proud
of the team’s hard work to operate a great airline, and with the
network, cost and fleet simplification actions we have taken, we’re
confident American is well-positioned as the recovery takes
hold.”
American is committed to strengthening its business and
returning to profitability by focusing on its three strategic
objectives: Create a world-class customer experience, make culture
a competitive advantage and build American to thrive forever.
To create a world-class customer experience,
American:
- Reopened its industry-leading premium Flagship Lounges at John
F. Kennedy International Airport (JFK) and Miami International
Airport, with new chefs and creative menus in partnership with the
James Beard Foundation.
- Introduced free access to live sports and news, 24/7, on the
airline’s domestic narrowbody aircraft. American has the fastest
Wi-Fi on more aircraft than any other carrier.
- Was recognized by the American Society of Travel Advisors
(ASTA) as Airline Partner of the Year for the third year in a row
for its work supporting travel advisors. ASTA is the world's
largest association of travel professionals and strives to promote
excellence within the travel industry, while recognizing
professionals who make lasting contributions to the industry.
- Announced a new codeshare agreement with IndiGo, India’s
leading airline. The agreement will place American’s code on 29
IndiGo domestic routes in India, providing a convenient option for
customers arriving on American’s new Bengaluru (BLR) and Delhi
(DEL) flights.
- Signed letters of intent to establish a partnership with
JetSMART and expand its partnership with GOL to build on its strong
South American network and increase long-haul flying. Both
transactions are subject to the completion of definitive documents
and certain regulatory approvals.
To make culture a competitive advantage,
American:
- Operated 26 missions as part of the U.S. Civil Reserve Air
Fleet (CRAF) program, aiding in the effort to bring thousands of
evacuees from Afghanistan to the U.S. Team members throughout
the airline and around the world came together to support
American’s CRAF activation.
- Delivered 4.5 million COVID-19 vaccine doses to Guatemala as
part of the White House’s plan to share at least 80 million U.S.
vaccine doses globally this summer.
- Was named to the Seramount 2021 Inclusion Index, which
recognizes organizations for their efforts to create an inclusive
workplace. Seramount evaluates nearly 200 organizations and helps
them understand trends and gaps in demographic representation and
identify diversity, equity and inclusion solutions to close the
gaps.
- Received a top score of 100 on the Disability Equality Index
(DEI) and was named one of the best places to work for disability
inclusion in 2021. The DEI was launched in 2015 by Disability:IN
and The American Association of People with Disabilities and is
acknowledged as the most robust disability inclusion assessment
tool in business.
To build American to thrive forever,
American:
- Announced that it is an anchor partner to Breakthrough Energy
Catalyst, committing to invest $100 million in a groundbreaking
collaborative effort to accelerate the clean energy technologies
necessary for achieving a net zero economy by 2050. Breakthrough
Energy Catalyst is a first-of-its-kind model that brings together
companies, governments, and private philanthropy to accelerate the
adoption of critical, next-generation clean
technologies.
- Committed to develop a science-based target for reducing its
greenhouse gas emissions by 2035, supporting the airline’s existing
commitment to reach net-zero emissions by 2050. American also
agreed to terms to purchase carbon-neutral sustainable aviation
fuel (SAF) produced by Prometheus Fuels, which uses a novel process
to make net-zero carbon transportation fuels, including SAF.
Northeast AllianceAmerican and JetBlue continue
to roll out benefits to create a seamless customer experience.
AAdvantage® and TrueBlue Mosaic members now receive their elite
benefits, including priority check-in, priority baggage, priority
security and priority boarding, when traveling on both airlines.
American also expects to introduce AAdvantage award redemption on
JetBlue soon.
Since January, American and JetBlue have brought more service to
customers in New York and Boston, including 58 new routes,
increased frequencies on more than 130 routes and codesharing on
175 routes. The alliance is connecting the Northeast to almost 150
global destinations, including 10 new international routes on
American. These routes, made possible by the Northeast Alliance,
include new services from JFK to Tel Aviv, Israel (TLV); Athens,
Greece (ATH); and Delhi (DEL).
Liquidity and balance sheetAmerican ended the
third quarter with approximately $18 billion of total available
liquidity. During the quarter, the Company announced its intention
to reduce its debt by $15 billion by the end of 2025. American
plans to accomplish this through naturally occurring amortization
and by using excess cash and free cash flow to pay down prepayable
debt. As part of that plan, the Company prepaid in full its $950
million spare parts term loan facility in the third quarter. In
addition, during the third quarter, American had scheduled debt
amortization payments of approximately $649 million and
unencumbered 20 Boeing 777-200 aircraft.
Guidance and investor updateAmerican will
continue to match its forward capacity with observed bookings
trends. Based on current trends, the Company expects its
fourth-quarter capacity to be down approximately 11% to 13%
compared to the fourth quarter of 2019. American expects its
fourth-quarter total revenue to be down approximately 20% versus
the fourth quarter of 2019. The Company also expects its fourth
quarter pre-tax margin excluding net special items will be between
negative 16% and negative 18%2.
For additional financial forecasting detail, please refer to the
Company’s investor update, filed with this press release with the
SEC on Form 8-K. This filing will also be available at
aa.com/investorrelations.
Conference call and webcast detailsThe
Company will conduct a live audio webcast of its financial
results conference call at 7:30 a.m. CDT today. The call will
be available to the public on a listen-only basis at
aa.com/investorrelations. An archive of the webcast will be
available on the website through at least Nov. 21.
NotesSee the accompanying notes in the
Financial Tables section of this press release for further
explanation, including a reconciliation of all GAAP to non-GAAP
financial information.
- The Company recognized $1.04
billion of net special credits before the effect of taxes in
the third quarter of 2021 principally related to the financial
assistance received pursuant to Payroll Support Program Agreements
with the U.S. Department of Treasury.
- American is unable to reconcile
certain forward-looking projections to GAAP, as the nature or
amount of net special items cannot be determined at this time.
About American Airlines GroupAmerican’s purpose
is to care for people on life’s journey. Shares of American
Airlines Group Inc. trade on Nasdaq under the ticker symbol AAL and
the Company’s stock is included in the S&P 500. Learn more
about what’s happening at American by visiting news.aa.com and
connect with American on Twitter @AmericanAir and at
Facebook.com/AmericanAirlines.
Cautionary statement regarding forward-looking
statements and information
Certain of the statements contained in this
report should be considered forward-looking statements within the
meaning of the Securities Act, the Exchange Act and the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements may be identified by words such as “may,” “will,”
“expect,” “intend,” “anticipate,” “believe,” “estimate,” “plan,”
“project,” “could,” “should,” “would,” “continue,” “seek,”
“target,” “guidance,” “outlook,” “if current trends continue,”
“optimistic,” “forecast” and other similar words. Such statements
include, but are not limited to, statements about the Company’s
plans, objectives, expectations, intentions, estimates and
strategies for the future, and other statements that are not
historical facts. These forward-looking statements are based on the
Company’s current objectives, beliefs and expectations, and they
are subject to significant risks and uncertainties that may cause
actual results and financial position and timing of certain events
to differ materially from the information in the forward-looking
statements. These risks and uncertainties include, but are not
limited to, those set forth herein as well as in the Company’s
Quarterly Report on Form 10-Q for the quarter ended September 30,
2021 (especially in Part I, Item 2. Management’s Discussion and
Analysis of Financial Condition and Results of Operations and Part
II, Item 1A. Risk Factors), and other risks and uncertainties
listed from time to time in the Company’s other filings with the
Securities and Exchange Commission. In particular, the consequences
of the coronavirus outbreak to economic conditions and the travel
industry in general and the financial position and operating
results of the Company in particular have been material, are
changing rapidly, and cannot be predicted. Additionally, there may
be other factors of which the Company is not currently aware that
may affect matters discussed in the forward-looking statements and
may also cause actual results to differ materially from those
discussed. The Company does not assume any obligation to publicly
update or supplement any forward-looking statement to reflect
actual results, changes in assumptions or changes in other factors
affecting these forward-looking statements other than as required
by law. Any forward-looking statements speak only as of the date
hereof or as of the dates indicated in the statement.
American
Airlines Group Inc. |
Condensed
Consolidated Statements of Operations |
(In
millions, except share and per share amounts) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 Months Ended
September 30, |
|
Percent
Increase |
|
9 Months Ended
September 30, |
|
Percent
Increase |
|
|
|
2021 |
|
|
2020 (1) |
|
(Decrease) |
|
|
2021 |
|
|
2020 (1) |
|
(Decrease) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
Passenger |
|
$ |
7,957 |
|
|
$ |
2,540 |
|
|
nm |
|
(2) |
$ |
17,682 |
|
|
$ |
11,328 |
|
|
56.1 |
|
Cargo |
|
|
332 |
|
|
|
207 |
|
|
59.9 |
|
|
|
973 |
|
|
|
484 |
|
|
nm |
|
Other |
|
|
680 |
|
|
|
426 |
|
|
59.8 |
|
|
|
1,800 |
|
|
|
1,497 |
|
|
20.2 |
|
Total operating revenues |
|
|
8,969 |
|
|
|
3,173 |
|
|
nm |
|
|
|
20,455 |
|
|
|
13,309 |
|
|
53.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Aircraft fuel and related taxes |
|
|
1,952 |
|
|
|
611 |
|
|
nm |
|
|
|
4,596 |
|
|
|
2,703 |
|
|
70.0 |
|
Salaries, wages and benefits |
|
|
3,018 |
|
|
|
2,763 |
|
|
9.3 |
|
|
|
8,611 |
|
|
|
8,592 |
|
|
0.2 |
|
Regional expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Regional operating expenses |
|
|
809 |
|
|
|
450 |
|
|
80.1 |
|
|
|
1,912 |
|
|
|
1,914 |
|
|
(0.1 |
) |
Regional depreciation and amortization |
|
|
78 |
|
|
|
79 |
|
|
(1.7 |
) |
|
|
236 |
|
|
|
247 |
|
|
(4.2 |
) |
Maintenance, materials and repairs |
|
|
548 |
|
|
|
337 |
|
|
62.3 |
|
|
|
1,383 |
|
|
|
1,253 |
|
|
10.4 |
|
Other rent and landing fees |
|
|
694 |
|
|
|
472 |
|
|
47.1 |
|
|
|
1,950 |
|
|
|
1,495 |
|
|
30.4 |
|
Aircraft rent |
|
|
358 |
|
|
|
336 |
|
|
6.6 |
|
|
|
1,064 |
|
|
|
1,004 |
|
|
6.0 |
|
Selling expenses |
|
|
318 |
|
|
|
97 |
|
|
nm |
|
|
|
745 |
|
|
|
540 |
|
|
38.1 |
|
Depreciation and amortization |
|
|
480 |
|
|
|
498 |
|
|
(3.5 |
) |
|
|
1,439 |
|
|
|
1,557 |
|
|
(7.5 |
) |
Special items, net |
|
|
(990 |
) |
|
|
(295 |
) |
|
nm |
|
|
|
(3,986 |
) |
|
|
(657 |
) |
|
nm |
|
Other |
|
|
1,109 |
|
|
|
696 |
|
|
59.2 |
|
|
|
2,784 |
|
|
|
2,567 |
|
|
8.4 |
|
Total operating expenses |
|
|
8,374 |
|
|
|
6,044 |
|
|
38.5 |
|
|
|
20,734 |
|
|
|
21,215 |
|
|
(2.3 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss) |
|
|
595 |
|
|
|
(2,871 |
) |
|
nm |
|
|
|
(279 |
) |
|
|
(7,906 |
) |
|
(96.5 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonoperating
income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
5 |
|
|
|
5 |
|
|
(4.1 |
) |
|
|
13 |
|
|
|
36 |
|
|
(63.2 |
) |
Interest expense, net |
|
|
(476 |
) |
|
|
(340 |
) |
|
40.0 |
|
|
|
(1,332 |
) |
|
|
(851 |
) |
|
56.4 |
|
Other income, net |
|
|
82 |
|
|
|
111 |
|
|
(26.0 |
) |
|
|
241 |
|
|
|
77 |
|
|
nm |
|
Total nonoperating expense, net |
|
|
(389 |
) |
|
|
(224 |
) |
|
73.8 |
|
|
|
(1,078 |
) |
|
|
(738 |
) |
|
46.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
(loss) before income taxes |
|
|
206 |
|
|
|
(3,095 |
) |
|
nm |
|
|
|
(1,357 |
) |
|
|
(8,644 |
) |
|
(84.3 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
provision (benefit) |
|
|
37 |
|
|
|
(696 |
) |
|
nm |
|
|
|
(296 |
) |
|
|
(1,937 |
) |
|
(84.7 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
169 |
|
|
$ |
(2,399 |
) |
|
nm |
|
|
$ |
(1,061 |
) |
|
$ |
(6,707 |
) |
|
(84.2 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings
(loss) per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.26 |
|
|
$ |
(4.71 |
) |
|
|
|
$ |
(1.65 |
) |
|
$ |
(14.76 |
) |
|
|
Diluted |
|
$ |
0.25 |
|
|
$ |
(4.71 |
) |
|
|
|
$ |
(1.65 |
) |
|
$ |
(14.76 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average shares outstanding (in thousands): |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
648,564 |
|
|
|
509,049 |
|
|
|
|
|
642,432 |
|
|
|
454,523 |
|
|
|
Diluted |
|
|
721,142 |
|
|
|
509,049 |
|
|
|
|
|
642,432 |
|
|
|
454,523 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Percent change may not recalculate due to
rounding. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Beginning in
the first quarter of 2021, aircraft fuel and related taxes as well
as certain salaries, wages and benefits, other rent and landing
fees, selling and other expenses are no longer allocated to
regional expenses on the Company's condensed consolidated
statements of operations. The three and nine months ended September
30, 2020 condensed consolidated statements of operations have been
recast to conform to the 2021 presentation. This statement of
operations presentation change has no impact on total operating
expenses or net loss. |
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) Not meaningful or
greater than 100% change. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
American
Airlines Group Inc. |
Consolidated
Operating Statistics (1) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 Months Ended
September 30, |
|
Increase |
|
|
9 Months Ended
September 30, |
|
Increase |
|
|
|
2021 |
|
2020 |
|
(Decrease) |
|
|
2021 |
|
2020 |
|
(Decrease) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
passenger miles (millions) |
|
48,069 |
|
18,121 |
|
nm |
|
% |
|
112,555 |
|
70,523 |
|
59.6 |
|
% |
Available
seat miles (ASM) (millions) |
|
61,111 |
|
30,768 |
|
98.6 |
|
% |
|
153,431 |
|
109,948 |
|
39.5 |
|
% |
Passenger
load factor (percent) |
|
78.7 |
|
58.9 |
|
19.8 |
|
pts |
|
73.4 |
|
64.1 |
|
9.3 |
|
pts |
Yield
(cents) |
|
16.55 |
|
14.01 |
|
18.1 |
|
% |
|
15.71 |
|
16.06 |
|
(2.2 |
) |
% |
Passenger
revenue per ASM (cents) |
|
13.02 |
|
8.25 |
|
57.8 |
|
% |
|
11.52 |
|
10.30 |
|
11.9 |
|
% |
Total
revenue per ASM (cents) |
|
14.68 |
|
10.31 |
|
42.3 |
|
% |
|
13.33 |
|
12.11 |
|
10.1 |
|
% |
Cargo ton
miles (millions) |
|
510 |
|
337 |
|
51.5 |
|
% |
|
1,597 |
|
949 |
|
68.3 |
|
% |
Cargo yield
per ton mile (cents) |
|
65.02 |
|
61.61 |
|
5.5 |
|
% |
|
60.94 |
|
51.05 |
|
19.4 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fuel
consumption (gallons in millions) |
|
941 |
|
499 |
|
88.5 |
|
% |
|
2,393 |
|
1,745 |
|
37.1 |
|
% |
Average
aircraft fuel price including related taxes (dollars per
gallon) |
|
2.07 |
|
1.23 |
|
69.3 |
|
% |
|
1.92 |
|
1.55 |
|
24.0 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
cost per ASM (cents) |
|
13.70 |
|
19.64 |
|
(30.2 |
) |
% |
|
13.51 |
|
19.30 |
|
(30.0 |
) |
% |
Operating
cost per ASM excluding net special items (cents) |
|
15.43 |
|
21.33 |
|
(27.7 |
) |
% |
|
16.40 |
|
20.17 |
|
(18.7 |
) |
% |
Operating
cost per ASM excluding net special items and fuel (cents) |
|
12.24 |
|
19.34 |
|
(36.7 |
) |
% |
|
13.41 |
|
17.72 |
|
(24.3 |
) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Passenger
enplanements (thousands) |
|
48,129 |
|
21,114 |
|
nm |
|
% |
|
116,384 |
|
71,686 |
|
62.4 |
|
% |
Departures
(thousands): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mainline |
|
245 |
|
144 |
|
69.7 |
|
% |
|
618 |
|
478 |
|
29.3 |
|
% |
Regional |
|
263 |
|
163 |
|
61.8 |
|
% |
|
696 |
|
546 |
|
27.5 |
|
% |
Total |
|
508 |
|
307 |
|
65.5 |
|
% |
|
1,314 |
|
1,024 |
|
28.4 |
|
% |
Average
stage length (miles): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mainline |
|
1,171 |
|
1,094 |
|
7.0 |
|
% |
|
1,180 |
|
1,121 |
|
5.3 |
|
% |
Regional |
|
482 |
|
465 |
|
3.7 |
|
% |
|
489 |
|
470 |
|
3.9 |
|
% |
Total |
|
814 |
|
761 |
|
7.0 |
|
% |
|
813 |
|
774 |
|
5.1 |
|
% |
Aircraft at
end of period: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mainline (2) |
|
857 |
|
848 |
|
1.1 |
|
% |
|
857 |
|
848 |
|
1.1 |
|
% |
Regional (3) |
|
557 |
|
533 |
|
4.5 |
|
% |
|
557 |
|
533 |
|
4.5 |
|
% |
Total |
|
1,414 |
|
1,381 |
|
2.4 |
|
% |
|
1,414 |
|
1,381 |
|
2.4 |
|
% |
Full-time
equivalent employees at end of period: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mainline |
|
94,000 |
|
87,700 |
|
7.2 |
|
% |
|
94,000 |
|
87,700 |
|
7.2 |
|
% |
Regional (4) |
|
25,800 |
|
22,800 |
|
13.2 |
|
% |
|
25,800 |
|
22,800 |
|
13.2 |
|
% |
Total |
|
119,800 |
|
110,500 |
|
8.4 |
|
% |
|
119,800 |
|
110,500 |
|
8.4 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Amounts may not recalculate due to
rounding. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Unless otherwise
noted, operating statistics include mainline and regional
operations. Regional includes wholly-owned regional airline
subsidiaries and operating results from capacity purchase
carriers. |
(2) Excludes 37
Boeing 737-800 mainline aircraft that are in temporary storage at
September 30, 2021. |
|
|
|
|
|
(3) Includes
aircraft owned and leased by American as well as aircraft operated
by third-party regional carriers under capacity purchase
agreements. Excludes eight Embraer 145 and one Embraer 170 regional
aircraft that are in temporary storage at September 30, 2021. |
(4) Regional
full-time equivalent employees only include our wholly-owned
regional airline subsidiaries. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
American
Airlines Group Inc. |
|
Consolidated
Revenue Statistics by Region |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 Months Ended
September 30, |
|
Increase |
|
|
9 Months Ended
September 30, |
|
Increase |
|
|
|
|
|
2021 |
|
2020 |
|
(Decrease) |
|
|
2021 |
|
2020 |
|
(Decrease) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue passenger miles (millions) |
|
38,869 |
|
16,508 |
|
nm |
|
% |
|
92,277 |
|
55,168 |
|
67.3 |
|
% |
|
Available seat miles (ASM) (millions) |
|
46,505 |
|
26,284 |
|
76.9 |
|
% |
|
115,494 |
|
85,956 |
|
34.4 |
|
% |
|
Passenger load factor (percent) |
|
83.6 |
|
62.8 |
|
20.8 |
|
pts |
|
79.9 |
|
64.2 |
|
15.7 |
|
pts |
|
Passenger revenue (dollars in millions) |
|
6,547 |
|
2,296 |
|
nm |
|
% |
|
14,646 |
|
9,102 |
|
60.9 |
|
% |
|
Yield (cents) |
|
16.84 |
|
13.91 |
|
21.1 |
|
% |
|
15.87 |
|
16.50 |
|
(3.8 |
) |
% |
|
Passenger revenue per ASM (cents) |
|
14.08 |
|
8.74 |
|
61.2 |
|
% |
|
12.68 |
|
10.59 |
|
19.8 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Latin America (2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue passenger miles (millions) |
|
5,759 |
|
1,133 |
|
nm |
|
% |
|
15,306 |
|
8,450 |
|
81.2 |
|
% |
|
Available seat miles (millions) |
|
7,733 |
|
1,773 |
|
nm |
|
% |
|
24,059 |
|
11,541 |
|
nm |
|
% |
|
Passenger load factor (percent) |
|
74.5 |
|
63.9 |
|
10.6 |
|
pts |
|
63.6 |
|
73.2 |
|
(9.6 |
) |
pts |
|
Passenger revenue (dollars in millions) |
|
957 |
|
172 |
|
nm |
|
% |
|
2,375 |
|
1,386 |
|
71.3 |
|
% |
|
Yield (cents) |
|
16.62 |
|
15.23 |
|
9.1 |
|
% |
|
15.52 |
|
16.41 |
|
(5.4 |
) |
% |
|
Passenger revenue per ASM (cents) |
|
12.38 |
|
9.73 |
|
27.2 |
|
% |
|
9.87 |
|
12.01 |
|
(17.8 |
) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Atlantic |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue passenger miles (millions) |
|
3,163 |
|
342 |
|
nm |
|
% |
|
4,302 |
|
4,716 |
|
(8.8 |
) |
% |
|
Available seat miles (millions) |
|
6,035 |
|
1,827 |
|
nm |
|
% |
|
11,222 |
|
8,883 |
|
26.3 |
|
% |
|
Passenger load factor (percent) |
|
52.4 |
|
18.7 |
|
33.7 |
|
pts |
|
38.3 |
|
53.1 |
|
(14.8 |
) |
pts |
|
Passenger revenue (dollars in millions) |
|
408 |
|
56 |
|
nm |
|
% |
|
555 |
|
621 |
|
(10.6 |
) |
% |
|
Yield (cents) |
|
12.90 |
|
16.22 |
|
(20.5 |
) |
% |
|
12.90 |
|
13.16 |
|
(2.0 |
) |
% |
|
Passenger revenue per ASM (cents) |
|
6.76 |
|
3.04 |
|
nm |
|
% |
|
4.94 |
|
6.99 |
|
(29.3 |
) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pacific |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue passenger miles (millions) |
|
278 |
|
138 |
|
nm |
|
% |
|
670 |
|
2,189 |
|
(69.4 |
) |
% |
|
Available seat miles (millions) |
|
838 |
|
884 |
|
(5.2 |
) |
% |
|
2,656 |
|
3,568 |
|
(25.6 |
) |
% |
|
Passenger load factor (percent) |
|
33.1 |
|
15.6 |
|
17.5 |
|
pts |
|
25.2 |
|
61.4 |
|
(36.2 |
) |
pts |
|
Passenger revenue (dollars in millions) |
|
45 |
|
16 |
|
nm |
|
% |
|
106 |
|
219 |
|
(51.4 |
) |
% |
|
Yield (cents) |
|
16.35 |
|
11.28 |
|
45.0 |
|
% |
|
15.85 |
|
9.98 |
|
58.8 |
|
% |
|
Passenger revenue per ASM (cents) |
|
5.42 |
|
1.76 |
|
nm |
|
% |
|
4.00 |
|
6.12 |
|
(34.7 |
) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total International |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue passenger miles (millions) |
|
9,200 |
|
1,613 |
|
nm |
|
% |
|
20,278 |
|
15,355 |
|
32.1 |
|
% |
|
Available seat miles (millions) |
|
14,606 |
|
4,484 |
|
nm |
|
% |
|
37,937 |
|
23,992 |
|
58.1 |
|
% |
|
Passenger load factor (percent) |
|
63.0 |
|
36.0 |
|
27.0 |
|
pts |
|
53.5 |
|
64.0 |
|
(10.5 |
) |
pts |
|
Passenger revenue (dollars in millions) |
|
1,410 |
|
244 |
|
nm |
|
% |
|
3,036 |
|
2,226 |
|
36.4 |
|
% |
|
Yield (cents) |
|
15.33 |
|
15.10 |
|
1.5 |
|
% |
|
14.97 |
|
14.49 |
|
3.3 |
|
% |
|
Passenger revenue per ASM (cents) |
|
9.66 |
|
5.43 |
|
77.8 |
|
% |
|
8.00 |
|
9.28 |
|
(13.7 |
) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Amounts may not recalculate due to
rounding. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Domestic results
include Canada, Puerto Rico and U.S. Virgin Islands. |
|
(2) Latin America
results include the Caribbean. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP Financial Information to Non-GAAP
Financial Information |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
American Airlines
Group Inc. (the Company) sometimes uses financial measures that are
derived from the condensed consolidated financial statements but
that are not presented in accordance with GAAP to understand and
evaluate its current operating performance and to allow for
period-to-period comparisons. The Company believes these non-GAAP
financial measures may also provide useful information to investors
and others. These non-GAAP measures may not be comparable to
similarly titled non-GAAP measures of other companies, and should
be considered in addition to, and not as a substitute for or
superior to, any measure of performance, cash flow or liquidity
prepared in accordance with GAAP. The Company is providing a
reconciliation of reported non-GAAP financial measures to their
comparable financial measures on a GAAP basis. The tables below
present the reconciliations of the following GAAP measures to their
non-GAAP measures: - Pre-Tax Income (Loss) (GAAP measure) to
Pre-Tax Loss Excluding Net Special Items (non-GAAP measure) -
Pre-Tax Margin (GAAP measure) to Pre-Tax Margin Excluding Net
Special Items (non-GAAP measure) - Net Income (Loss) (GAAP measure)
to Net Loss Excluding Net Special Items (non-GAAP measure) - Basic
and Diluted Earnings (Loss) Per Share (GAAP measure) to Basic and
Diluted Loss Per Share Excluding Net Special Items (non-GAAP
measure) - Operating Income (Loss) (GAAP measure) to Operating Loss
Excluding Net Special Items (non-GAAP measure) Management uses
these non-GAAP financial measures to evaluate the Company's current
operating performance and to allow for period-to-period
comparisons. As net special items may vary from period-to-period in
nature and amount, the adjustment to exclude net special items
allows management an additional tool to understand the Company’s
core operating performance. Additionally, the tables below present
the reconciliations of total operating costs (GAAP measure) to
total operating costs excluding net special items and fuel
(non-GAAP measure) and total operating costs per ASM (CASM) to CASM
excluding net special items and fuel. Management uses total
operating costs and CASM excluding net special items and fuel to
evaluate the Company's current operating performance and for
period-to-period comparisons. The price of fuel, over which the
Company has no control, impacts the comparability of
period-to-period financial performance. The adjustment to exclude
fuel and net special items allows management an additional tool to
understand and analyze the Company’s non-fuel costs and core
operating performance. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 Months Ended
September 30, |
|
Percent
Increase |
|
9 Months Ended
September 30, |
|
Percent
Increase |
|
|
Reconciliation of Pre-Tax Loss Excluding Net Special
Items |
|
|
|
2021 |
|
|
|
2020 |
|
|
(Decrease) |
|
|
2021 |
|
|
|
2020 |
|
|
(Decrease) |
|
|
|
|
|
(in millions, except
share and per share amounts) |
|
|
|
(in millions, except
share and per share amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax
income (loss) as reported |
|
|
$ |
206 |
|
|
$ |
(3,095 |
) |
|
|
|
$ |
(1,357 |
) |
|
$ |
(8,644 |
) |
|
|
|
|
Pre-tax net
special items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mainline operating special items, net (1) |
|
|
|
(990 |
) |
|
|
(295 |
) |
|
|
|
|
(3,986 |
) |
|
|
(657 |
) |
|
|
|
|
Regional operating special items, net (2) |
|
|
|
(67 |
) |
|
|
(224 |
) |
|
|
|
|
(449 |
) |
|
|
(309 |
) |
|
|
|
|
Nonoperating special items, net (3) |
|
|
|
18 |
|
|
|
(21 |
) |
|
|
|
|
31 |
|
|
|
207 |
|
|
|
|
|
Total
pre-tax net special items |
|
|
|
(1,039 |
) |
|
|
(540 |
) |
|
|
|
|
(4,404 |
) |
|
|
(759 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax loss
excluding net special items |
|
|
$ |
(833 |
) |
|
$ |
(3,635 |
) |
|
(7,710.0 |
%) |
|
$ |
(5,761 |
) |
|
$ |
(9,403 |
) |
|
(3,870.0 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of Pre-Tax Margin |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax
income (loss) as reported |
|
|
$ |
206 |
|
|
$ |
(3,095 |
) |
|
|
|
$ |
(1,357 |
) |
|
$ |
(8,644 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
operating revenues as reported |
|
|
$ |
8,969 |
|
|
$ |
3,173 |
|
|
|
|
$ |
20,455 |
|
|
$ |
13,309 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax
margin |
|
|
|
2.3 |
% |
|
|
(97.6 |
%) |
|
|
|
|
(6.6 |
%) |
|
|
(64.9 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of Pre-Tax Margin Excluding Net Special
Items |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax loss
excluding net special items |
|
|
$ |
(833 |
) |
|
$ |
(3,635 |
) |
|
|
|
$ |
(5,761 |
) |
|
$ |
(9,403 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
operating revenues as reported |
|
|
$ |
8,969 |
|
|
$ |
3,173 |
|
|
|
|
$ |
20,455 |
|
|
$ |
13,309 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax
margin excluding net special items |
|
|
|
(9.3 |
%) |
|
|
(114.6 |
%) |
|
|
|
|
(28.2 |
%) |
|
|
(70.7 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Net Loss Excluding Net Special
Items |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss) as reported |
|
|
$ |
169 |
|
|
$ |
(2,399 |
) |
|
|
|
$ |
(1,061 |
) |
|
$ |
(6,707 |
) |
|
|
|
|
Net special
items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total pre-tax net special items (1), (2), (3) |
|
|
|
(1,039 |
) |
|
|
(540 |
) |
|
|
|
|
(4,404 |
) |
|
|
(759 |
) |
|
|
|
|
Net tax effect of net special items |
|
|
|
229 |
|
|
|
121 |
|
|
|
|
|
991 |
|
|
|
165 |
|
|
|
|
|
Net loss
excluding net special items |
|
|
$ |
(641 |
) |
|
$ |
(2,818 |
) |
|
(7,730.0 |
%) |
|
$ |
(4,474 |
) |
|
$ |
(7,301 |
) |
|
(3,870.0 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Basic and Diluted Loss Per Share
Excluding Net Special Items |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
excluding net special items |
|
|
$ |
(641 |
) |
|
$ |
(2,818 |
) |
|
|
|
$ |
(4,474 |
) |
|
$ |
(7,301 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used
for computation (in thousands): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
|
|
|
648,564 |
|
|
|
509,049 |
|
|
|
|
|
642,432 |
|
|
|
454,523 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss per
share excluding net special items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
|
|
$ |
(0.99 |
) |
|
$ |
(5.54 |
) |
|
|
|
$ |
(6.96 |
) |
|
$ |
(16.06 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 Months Ended
September 30, |
|
|
|
9 Months Ended
September 30, |
|
|
|
|
Reconciliation of Operating Loss Excluding Net Special
Items |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
|
|
2021 |
|
|
|
2020 |
|
|
|
|
|
|
|
|
(in millions) |
|
|
|
(in millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income (loss) as reported |
|
|
$ |
595 |
|
|
$ |
(2,871 |
) |
|
|
|
$ |
(279 |
) |
|
$ |
(7,906 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
net special items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mainline operating special items, net (1) |
|
|
|
(990 |
) |
|
|
(295 |
) |
|
|
|
|
(3,986 |
) |
|
|
(657 |
) |
|
|
|
|
Regional operating special items, net (2) |
|
|
|
(67 |
) |
|
|
(224 |
) |
|
|
|
|
(449 |
) |
|
|
(309 |
) |
|
|
|
|
Operating
loss excluding net special items |
|
|
$ |
(462 |
) |
|
$ |
(3,390 |
) |
|
|
|
$ |
(4,714 |
) |
|
$ |
(8,872 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Total Operating Cost per ASM Excluding
Net Special Items and Fuel |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
operating expenses as reported |
|
|
$ |
8,374 |
|
|
$ |
6,044 |
|
|
|
|
$ |
20,734 |
|
|
$ |
21,215 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
net special items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mainline operating special items, net (1) |
|
|
|
990 |
|
|
|
295 |
|
|
|
|
|
3,986 |
|
|
|
657 |
|
|
|
|
|
Regional operating special items, net (2) |
|
|
|
67 |
|
|
|
224 |
|
|
|
|
|
449 |
|
|
|
309 |
|
|
|
|
|
Total
operating expenses, excluding net special items |
|
|
|
9,431 |
|
|
|
6,563 |
|
|
|
|
|
25,169 |
|
|
|
22,181 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aircraft
fuel and related taxes |
|
|
|
(1,952 |
) |
|
|
(611 |
) |
|
|
|
|
(4,596 |
) |
|
|
(2,703 |
) |
|
|
|
|
Total
operating expenses, excluding net special items and fuel |
|
|
$ |
7,479 |
|
|
$ |
5,952 |
|
|
|
|
$ |
20,573 |
|
|
$ |
19,478 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in cents) |
|
|
|
(in cents) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
operating expenses per ASM as reported |
|
|
|
13.70 |
|
|
|
19.64 |
|
|
|
|
|
13.51 |
|
|
|
19.30 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
net special items per ASM: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mainline operating special items, net (1) |
|
|
|
1.62 |
|
|
|
0.96 |
|
|
|
|
|
2.60 |
|
|
|
0.60 |
|
|
|
|
|
Regional operating special items, net (2) |
|
|
|
0.11 |
|
|
|
0.73 |
|
|
|
|
|
0.29 |
|
|
|
0.28 |
|
|
|
|
|
Total
operating expenses per ASM, excluding net special items |
|
|
|
15.43 |
|
|
|
21.33 |
|
|
|
|
|
16.40 |
|
|
|
20.17 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aircraft
fuel and related taxes per ASM |
|
|
|
(3.19 |
) |
|
|
(1.98 |
) |
|
|
|
|
(3.00 |
) |
|
|
(2.46 |
) |
|
|
|
|
Total
operating expenses per ASM, excluding net special items and
fuel |
|
|
|
12.24 |
|
|
|
19.34 |
|
|
|
|
|
13.41 |
|
|
|
17.72 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Amounts may not recalculate due to
rounding. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FOOTNOTES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
The 2021 third
quarter mainline operating special items, net principally included
$992 million of Payroll Support Program (PSP) financial assistance.
The 2021 nine month period mainline operating special items, net
principally included $4.2 billion of PSP financial assistance,
offset in part by $168 million of salary and medical costs
primarily associated with certain team members who opted into
voluntary early retirement programs offered as a result of
reductions to the Company's operation due to the COVID-19 pandemic.
Cash payments for salary and medical costs primarily associated
with the Company's voluntary early retirement programs were
approximately $190 million and $480 million for the 2021 third
quarter and nine month period, respectively. The 2020 third quarter
mainline operating special items, net principally included $1.9
billion of PSP financial assistance, offset in part by $871 million
of salary and medical costs primarily associated with certain team
members who opted into voluntary early retirement programs and $742
million of fleet impairment charges. The 2020 nine month period
mainline operating special items, net principally included $3.7
billion of PSP financial assistance, offset in part by $1.5 billion
of fleet impairment charges, $1.4 billion of salary and medical
costs primarily associated with certain team members who opted into
voluntary early retirement programs and $228 million of one-time
labor contract expenses due to the ratification of a new contract
with the Company's maintenance and fleet service team members,
including signing bonuses and adjustments to vacation accruals
resulting from pay rate increases. Cash payments for salary and
medical costs primarily associated with the Company's voluntary
early retirement programs were approximately $120 million and $170
million for the 2020 third quarter and nine month period,
respectively. Fleet impairment charges resulted from the retirement
of certain aircraft earlier than planned primarily driven by the
severe decline in air travel due to the COVID-19 pandemic. Mainline
aircraft retired in 2020 included the Company's entire Airbus
A330-200, Boeing 757, Boeing 767, Airbus A330-300 and Embraer 190
fleets. The 2020 third quarter fleet impairment charges included a
$709 million non-cash write-down of Airbus A330-200 aircraft and
spare parts and $33 million in cash charges primarily for lease
return and other costs. The 2020 nine month period fleet impairment
charges included a $1.4 billion non-cash write-down of mainline
aircraft and spare parts and $102 million in cash charges primarily
for impairment of right-of-use assets and lease return costs. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) |
The 2021 third
quarter regional operating special items, net principally included
$128 million of PSP financial assistance, offset in part by a $61
million charge associated with the regional pilot retention program
which provides for, among other things, a cash retention bonus to
be paid in the fourth quarter of 2021 to eligible captains at the
wholly-owned regional airlines included on the pilot seniority list
as of September 1, 2021. The 2021 nine month period regional
operating special items, net principally included $539 million of
PSP financial assistance, offset in part by the $61 million charge
associated with the regional pilot retention program discussed
above and a $27 million non-cash charge to write down regional
aircraft resulting from the retirement of the remaining Embraer 140
fleet earlier than planned. The 2020 third quarter regional
operating special items, net primarily included $228 million of PSP
financial assistance. The 2020 nine month period regional operating
special items, net included $444 million of PSP financial
assistance, offset in part by a $117 million non-cash charge to
write down regional aircraft and spare parts associated with
certain Embraer 140 and Bombardier CRJ200 aircraft, which were
retired as a result of the severe decline in air travel due to the
COVID-19 pandemic. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3) |
Principally
included mark-to-market net unrealized gains and losses associated
with certain equity investments and treasury rate lock derivative
instruments as well as non-cash charges associated with debt
refinancings and extinguishments. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
American
Airlines Group Inc. |
|
Condensed
Consolidated Statements of Cash Flows |
|
(In
millions)(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
9 Months Ended
September 30, |
|
|
|
|
|
2021 |
|
|
|
2020 |
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) operating
activities |
$ |
1,904 |
|
|
$ |
(3,680 |
) |
|
Cash flows from investing activities: |
|
|
|
|
Capital expenditures, net of aircraft purchase deposit returns |
|
(25 |
) |
|
|
(1,810 |
) |
|
Proceeds from sale-leaseback transactions |
|
168 |
|
|
|
433 |
|
|
Proceeds from sale of property and equipment |
|
181 |
|
|
|
251 |
|
|
Purchases of short-term investments |
|
(15,159 |
) |
|
|
(7,086 |
) |
|
Sales of short-term investments |
|
7,540 |
|
|
|
2,603 |
|
|
Increase in restricted short-term investments |
|
(330 |
) |
|
|
(317 |
) |
|
Other investing activities |
|
(96 |
) |
|
|
(112 |
) |
|
Net cash used in investing activities |
|
(7,721 |
) |
|
|
(6,038 |
) |
|
Cash flows from financing activities: |
|
|
|
|
Proceeds from issuance of long-term debt |
|
12,096 |
|
|
|
11,564 |
|
|
Payments on long-term debt and finance leases |
|
(6,639 |
) |
|
|
(3,018 |
) |
|
Proceeds from issuance of equity |
|
460 |
|
|
|
1,527 |
|
|
Deferred financing costs |
|
(176 |
) |
|
|
(132 |
) |
|
Treasury stock repurchases and shares withheld for taxes pursuant
to employee stock plans |
|
(13 |
) |
|
|
(173 |
) |
|
Dividend payments |
|
- |
|
|
|
(43 |
) |
|
Other financing activities |
|
121 |
|
|
|
- |
|
|
Net cash provided by financing activities |
|
5,849 |
|
|
|
9,725 |
|
|
Net increase in cash and restricted cash |
|
32 |
|
|
|
7 |
|
|
Cash and restricted cash at beginning of period |
|
399 |
|
|
|
290 |
|
|
Cash and restricted cash at end of period (1) |
$ |
431 |
|
|
$ |
297 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) The following
table provides a reconciliation of cash and restricted cash to
amounts reported within the condensed consolidated balance
sheets: |
|
|
|
|
|
|
|
|
Cash |
|
$ |
293 |
|
|
$ |
253 |
|
|
Restricted cash included in restricted cash and short-term
investments |
|
138 |
|
|
|
44 |
|
|
Total cash and restricted cash |
$ |
431 |
|
|
$ |
297 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
American
Airlines Group Inc. |
|
Condensed
Consolidated Balance Sheets |
|
(In
millions, except shares) |
|
|
|
|
|
|
|
|
|
September 30,
2021 |
|
December 31,
2020 |
|
|
(unaudited) |
|
|
|
Assets |
|
|
|
|
|
|
|
|
|
Current
assets |
|
|
|
|
Cash |
$ |
293 |
|
|
$ |
245 |
|
|
Short-term investments |
|
14,243 |
|
|
|
6,619 |
|
|
Restricted cash and short-term investments |
|
923 |
|
|
|
609 |
|
|
Accounts receivable, net |
|
1,332 |
|
|
|
1,342 |
|
|
Aircraft fuel, spare parts and supplies, net |
|
1,851 |
|
|
|
1,614 |
|
|
Prepaid expenses and other |
|
553 |
|
|
|
666 |
|
|
Total current assets |
|
19,195 |
|
|
|
11,095 |
|
|
|
|
|
|
|
Operating
property and equipment |
|
|
|
|
Flight equipment |
|
37,689 |
|
|
|
37,816 |
|
|
Ground property and equipment |
|
9,114 |
|
|
|
9,194 |
|
|
Equipment purchase deposits |
|
626 |
|
|
|
1,446 |
|
|
Total property and equipment, at cost |
|
47,429 |
|
|
|
48,456 |
|
|
Less accumulated depreciation and amortization |
|
(17,632 |
) |
|
|
(16,757 |
) |
|
Total property and equipment, net |
|
29,797 |
|
|
|
31,699 |
|
|
|
|
|
|
|
Operating
lease right-of-use assets |
|
7,804 |
|
|
|
8,039 |
|
|
|
|
|
|
|
Other
assets |
|
|
|
|
Goodwill |
|
4,091 |
|
|
|
4,091 |
|
|
Intangibles, net |
|
1,998 |
|
|
|
2,029 |
|
|
Deferred tax asset |
|
3,582 |
|
|
|
3,239 |
|
|
Other assets |
|
1,970 |
|
|
|
1,816 |
|
|
Total other assets |
|
11,641 |
|
|
|
11,175 |
|
|
|
|
|
|
|
Total assets |
$ |
68,437 |
|
|
$ |
62,008 |
|
|
|
|
|
|
|
Liabilities
and Stockholders’ Equity (Deficit) |
|
|
|
|
|
|
|
|
|
Current
liabilities |
|
|
|
|
Current maturities of long-term debt and finance leases |
$ |
2,550 |
|
|
$ |
2,797 |
|
|
Accounts payable |
|
1,835 |
|
|
|
1,196 |
|
|
Accrued salaries and wages |
|
1,501 |
|
|
|
1,716 |
|
|
Air traffic liability |
|
6,450 |
|
|
|
4,757 |
|
|
Loyalty program liability |
|
2,791 |
|
|
|
2,033 |
|
|
Operating lease liabilities |
|
1,490 |
|
|
|
1,651 |
|
|
Other accrued liabilities |
|
2,321 |
|
|
|
2,419 |
|
|
Total current liabilities |
|
18,938 |
|
|
|
16,569 |
|
|
|
|
|
|
|
Noncurrent
liabilities |
|
|
|
|
Long-term debt and finance leases, net of current maturities |
|
36,047 |
|
|
|
29,796 |
|
|
Pension and postretirement benefits |
|
6,495 |
|
|
|
7,069 |
|
|
Loyalty program liability |
|
6,404 |
|
|
|
7,162 |
|
|
Operating lease liabilities |
|
6,568 |
|
|
|
6,777 |
|
|
Other liabilities |
|
1,422 |
|
|
|
1,502 |
|
|
Total noncurrent liabilities |
|
56,936 |
|
|
|
52,306 |
|
|
|
|
|
|
|
Stockholders' equity (deficit) |
|
|
|
|
Common stock, 647,477,469 shares outstanding at September 30,
2021 |
|
6 |
|
|
|
6 |
|
|
Additional paid-in capital |
|
7,221 |
|
|
|
6,894 |
|
|
Accumulated other comprehensive loss |
|
(6,957 |
) |
|
|
(7,103 |
) |
|
Retained deficit |
|
(7,707 |
) |
|
|
(6,664 |
) |
|
Total stockholders' deficit |
|
(7,437 |
) |
|
|
(6,867 |
) |
|
|
|
|
|
|
Total liabilities and stockholders’ equity (deficit) |
$ |
68,437 |
|
|
$ |
62,008 |
|
|
|
|
|
|
|
Corporate
Communicationsmediarelations@aa.comInvestor
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American Airlines (NASDAQ:AAL)
Historical Stock Chart
From Mar 2024 to Apr 2024
American Airlines (NASDAQ:AAL)
Historical Stock Chart
From Apr 2023 to Apr 2024