American Airlines Group Inc. (NASDAQ: AAL) today reported its
second-quarter 2022 financial results, including:
- Second-quarter net income of $476 million, or $0.68 per
diluted share. Excluding net special
items1, second-quarter net income
of $533 million, or $0.76 per diluted share.
- Record second-quarter revenue of $13.4 billion, which
represents a 12.2% increase over the same period in 2019, despite
flying 8.5% less capacity.
- Ended the second quarter with $15.6 billion of total
available liquidity.
- Company continues to execute on its plan to pay down
approximately $15 billion of total debt2
by the end of 2025.
“We are very pleased to report a quarterly profit, excluding net
special items, for the first time since the start of the pandemic,
driven by the strong demand environment and the hard work of our
team,” said American’s CEO Robert Isom. “The American Airlines team
has stepped up to meet the surge in demand for air travel while
running a reliable operation in very challenging conditions. We are
encouraged by the trends we’re seeing across the business, and we
remain well-positioned for the continued recovery.”
Running a reliable operationIn the second
quarter, American flew a schedule that was more than 25% larger
than its closest competitor as measured by total departures.
American and its regional partners operated more than 500,000
flights in the quarter, an 8% increase over the second quarter of
2021, with an average load factor of 87%, which is 10 points higher
than the second quarter of 2021. Despite a challenging operating
environment in June, American’s on-time departure rate, on-time
arrival rate and completion factor for the second quarter of 2022
were each improved versus the second quarter of 2019.
American is proud to offer customers the youngest fleet among
U.S. network carriers and the largest network of any U.S. airline,
with an expected average of more than 5,400 daily departures for
the remainder of the summer.
Returning to profitabilityAmerican produced
revenues of $13.4 billion in the second quarter, a 12.2% increase
versus 2019 and a record for any quarter in company history. This
record revenue was achieved while flying 8.5% less capacity than
the same period in 2019, and there remains significant revenue
potential going forward to the extent business and international
travel improve further.
Domestic leisure travel remains very strong and surpassed 2019
levels in the second quarter and American also saw improvements in
corporate and government revenue in the quarter. Demand for
international travel also improved steadily during the second
quarter and the company expects this to continue following the
lifting of the COVID-19 testing requirement for inbound travel to
the U.S.
Liquidity and balance sheetAmerican ended the
second quarter with $15.6 billion of total available liquidity.
Total debt reduction continues to be a top priority and the company
remains on track to reduce overall debt levels by $15 billion by
the end of 2025.
In the second quarter, the company made $1.0 billion in
scheduled debt and finance lease payments, including paying off the
remaining $433 million outstanding balance of its $750 million
unsecured senior notes that matured in June. To date, American has
reduced its overall debt by $5.2 billion from peak levels in the
second quarter of 2021.
Guidance and investor updateAmerican will
continue to match its forward capacity with the resources required
to support its operation. Based on current trends, the company
expects its third-quarter total revenue to be 10% to 12% higher
versus the third quarter of 2019 on 8% to 10% lower capacity. Based
on these demand trends and the current fuel price forecast, the
company expects to be profitable in the third quarter.
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 Aug. 21.
Notes See the accompanying notes in the
financial tables section of this press release for further
explanation, including a reconciliation of all GAAP to non-GAAP
financial information.
- The company recognized $84 million of pre-tax net special items
in the second quarter of 2022, which principally included
mark-to-market net unrealized losses associated with certain equity
investments.
- Total debt includes debt, finance leases, operating lease
liability and pension obligations.
About American Airlines GroupTo Care for People
on Life’s Journey®. Shares of American Airlines Group Inc. trade on
Nasdaq under the ticker symbol AAL and the company’s stock is
included in the S&P 500. Learn more about what’s happening at
American by visiting news.aa.com and connect with American on
Twitter @AmericanAir and at Facebook.com/AmericanAirlines.
Cautionary statement regarding forward-looking
statements and information
Certain of the statements contained in this
report should be considered forward-looking statements within the
meaning of the Securities Act of 1933, as amended, the Securities
Exchange Act of 1934, as amended, and the Private Securities
Litigation Reform Act of 1995. These forward-looking statements may
be identified by words such as “may,” “will,” “expect,” “intend,”
“anticipate,” “believe,” “estimate,” “plan,” “project,” “could,”
“should,” “would,” “continue,” “seek,” “target,” “guidance,”
“outlook,” “if current trends continue,” “optimistic,” “forecast”
and other similar words. Such statements include, but are not
limited to, statements about the company’s plans, objectives,
expectations, intentions, estimates and strategies for the future,
the continuing availability of borrowings under revolving lines of
credit, and other statements that are not historical facts. These
forward-looking statements are based on the company’s current
objectives, beliefs and expectations, and they are subject to
significant risks and uncertainties that may cause actual results
and financial position and timing of certain events to differ
materially from the information in the forward-looking statements.
These risks and uncertainties include, but are not limited to,
those set forth herein as well as in the company’s Quarterly Report
on Form 10-Q for the quarter ended June 30, 2022 (especially in
Part I, Item 2. Management’s Discussion and Analysis of Financial
Condition and Results of Operations and Part II, Item 1A. Risk
Factors), and other risks and uncertainties listed from time to
time in the company’s other filings with the Securities and
Exchange Commission. 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 EndedJune 30, |
|
PercentIncrease |
|
6 Months EndedJune 30, |
|
PercentIncrease |
|
|
|
2022 |
|
|
|
2021 |
|
|
(Decrease) |
|
|
2022 |
|
|
|
2021 |
|
|
(Decrease) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
Passenger |
|
$ |
12,223 |
|
|
$ |
6,545 |
|
|
86.8 |
|
|
$ |
20,041 |
|
|
$ |
9,724 |
|
|
nm |
|
Cargo |
|
|
328 |
|
|
|
326 |
|
|
0.5 |
|
|
|
692 |
|
|
|
641 |
|
|
7.8 |
|
Other |
|
|
871 |
|
|
|
607 |
|
|
43.5 |
|
|
|
1,588 |
|
|
|
1,121 |
|
|
41.7 |
|
Total operating revenues |
|
|
13,422 |
|
|
|
7,478 |
|
|
79.5 |
|
|
|
22,321 |
|
|
|
11,486 |
|
|
94.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aircraft fuel and related taxes |
|
|
4,020 |
|
|
|
1,611 |
|
|
nm |
|
(1) |
|
6,522 |
|
|
|
2,644 |
|
|
nm |
|
Salaries, wages and benefits |
|
|
3,235 |
|
|
|
2,862 |
|
|
13.0 |
|
|
|
6,389 |
|
|
|
5,593 |
|
|
14.2 |
|
Regional expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Regional operating expenses |
|
|
992 |
|
|
|
558 |
|
|
77.5 |
|
|
|
1,964 |
|
|
|
1,102 |
|
|
78.1 |
|
Regional depreciation and amortization |
|
|
80 |
|
|
|
77 |
|
|
3.4 |
|
|
|
160 |
|
|
|
159 |
|
|
0.7 |
|
Maintenance, materials and repairs |
|
|
647 |
|
|
|
459 |
|
|
40.9 |
|
|
|
1,264 |
|
|
|
835 |
|
|
51.3 |
|
Other rent and landing fees |
|
|
694 |
|
|
|
686 |
|
|
1.2 |
|
|
|
1,372 |
|
|
|
1,256 |
|
|
9.2 |
|
Aircraft rent |
|
|
345 |
|
|
|
356 |
|
|
(2.9 |
) |
|
|
698 |
|
|
|
706 |
|
|
(1.1 |
) |
Selling expenses |
|
|
504 |
|
|
|
277 |
|
|
82.2 |
|
|
|
836 |
|
|
|
427 |
|
|
95.8 |
|
Depreciation and amortization |
|
|
504 |
|
|
|
481 |
|
|
4.8 |
|
|
|
995 |
|
|
|
959 |
|
|
3.8 |
|
Special items, net |
|
|
(5 |
) |
|
|
(1,288 |
) |
|
(99.6 |
) |
|
|
152 |
|
|
|
(2,996 |
) |
|
nm |
|
Other |
|
|
1,389 |
|
|
|
958 |
|
|
45.0 |
|
|
|
2,675 |
|
|
|
1,675 |
|
|
59.8 |
|
Total operating expenses |
|
|
12,405 |
|
|
|
7,037 |
|
|
76.3 |
|
|
|
23,027 |
|
|
|
12,360 |
|
|
86.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss) |
|
|
1,017 |
|
|
|
441 |
|
|
nm |
|
|
|
(706 |
) |
|
|
(874 |
) |
|
(19.2 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonoperating income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
29 |
|
|
|
5 |
|
|
nm |
|
|
|
37 |
|
|
|
8 |
|
|
nm |
|
Interest expense, net |
|
|
(468 |
) |
|
|
(486 |
) |
|
(3.7 |
) |
|
|
(932 |
) |
|
|
(856 |
) |
|
8.8 |
|
Other income, net |
|
|
25 |
|
|
|
49 |
|
|
(50.4 |
) |
|
|
118 |
|
|
|
158 |
|
|
(25.7 |
) |
Total nonoperating expense, net |
|
|
(414 |
) |
|
|
(432 |
) |
|
(4.0 |
) |
|
|
(777 |
) |
|
|
(690 |
) |
|
12.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income taxes |
|
|
603 |
|
|
|
9 |
|
|
nm |
|
|
|
(1,483 |
) |
|
|
(1,564 |
) |
|
(5.2 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax provision (benefit) |
|
|
127 |
|
|
|
(10 |
) |
|
nm |
|
|
|
(324 |
) |
|
|
(333 |
) |
|
(2.8 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
476 |
|
|
$ |
19 |
|
|
nm |
|
|
$ |
(1,159 |
) |
|
$ |
(1,231 |
) |
|
(5.8 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.73 |
|
|
$ |
0.03 |
|
|
|
|
|
$ |
(1.78 |
) |
|
$ |
(1.92 |
) |
|
|
|
Diluted |
|
$ |
0.68 |
|
|
$ |
0.03 |
|
|
|
|
|
$ |
(1.78 |
) |
|
$ |
(1.92 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding (in thousands): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
650,346 |
|
|
|
644,123 |
|
|
|
|
|
|
649,925 |
|
|
|
639,366 |
|
|
|
|
Diluted |
|
|
718,532 |
|
|
|
656,372 |
|
|
|
|
|
|
649,925 |
|
|
|
639,366 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Percent change may not recalculate due to
rounding. |
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Not meaningful or greater than 100% change. |
|
|
|
|
|
|
|
|
|
|
|
|
|
American Airlines Group Inc. |
Consolidated Operating Statistics
(1) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 Months EndedJune 30, |
|
Increase |
|
|
6 Months EndedJune 30, |
|
Increase |
|
|
|
2022 |
|
|
2021 |
|
|
(Decrease) |
|
|
2022 |
|
|
2021 |
|
|
(Decrease) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue passenger miles (millions) |
|
57,516 |
|
|
42,022 |
|
|
36.9 |
|
% |
|
101,806 |
|
|
64,486 |
|
|
57.9 |
|
% |
Available seat miles (ASM) (millions) |
|
66,163 |
|
|
54,555 |
|
|
21.3 |
|
% |
|
125,697 |
|
|
92,319 |
|
|
36.2 |
|
% |
Passenger load factor (percent) |
|
86.9 |
|
|
77.0 |
|
|
9.9 |
|
pts |
|
81.0 |
|
|
69.9 |
|
|
11.1 |
|
pts |
Yield (cents) |
|
21.25 |
|
|
15.57 |
|
|
36.4 |
|
% |
|
19.69 |
|
|
15.08 |
|
|
30.5 |
|
% |
Passenger revenue per ASM (cents) |
|
18.47 |
|
|
12.00 |
|
|
54.0 |
|
% |
|
15.94 |
|
|
10.53 |
|
|
51.4 |
|
% |
Total revenue per ASM (cents) |
|
20.29 |
|
|
13.71 |
|
|
48.0 |
|
% |
|
17.76 |
|
|
12.44 |
|
|
42.7 |
|
% |
Cargo ton miles (millions) |
|
500 |
|
|
555 |
|
|
(9.8 |
) |
% |
|
1,036 |
|
|
1,087 |
|
|
(4.7 |
) |
% |
Cargo yield per ton mile (cents) |
|
65.58 |
|
|
58.86 |
|
|
11.4 |
|
% |
|
66.74 |
|
|
59.02 |
|
|
13.1 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fuel consumption (gallons in millions) |
|
997 |
|
|
844 |
|
|
18.1 |
|
% |
|
1,891 |
|
|
1,452 |
|
|
30.2 |
|
% |
Average aircraft fuel price including related taxes (dollars per
gallon) |
|
4.03 |
|
|
1.91 |
|
|
nm |
|
|
|
3.45 |
|
|
1.82 |
|
|
89.4 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating cost per ASM (cents) |
|
18.75 |
|
|
12.90 |
|
|
45.3 |
|
% |
|
18.32 |
|
|
13.39 |
|
|
36.8 |
|
% |
Operating cost per ASM excluding net special items (cents) |
|
18.76 |
|
|
15.57 |
|
|
20.5 |
|
% |
|
18.20 |
|
|
17.05 |
|
|
6.8 |
|
% |
Operating cost per ASM excluding net special items and fuel
(cents) |
|
12.68 |
|
|
12.61 |
|
|
0.5 |
|
% |
|
13.01 |
|
|
14.18 |
|
|
(8.3 |
) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Passenger enplanements (thousands) |
|
53,068 |
|
|
44,019 |
|
|
20.6 |
|
% |
|
95,790 |
|
|
68,256 |
|
|
40.3 |
|
% |
Departures (thousands): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mainline |
|
260 |
|
|
220 |
|
|
18.1 |
|
% |
|
501 |
|
|
372 |
|
|
34.5 |
|
% |
Regional |
|
243 |
|
|
247 |
|
|
(1.6 |
) |
% |
|
474 |
|
|
433 |
|
|
9.5 |
|
% |
Total |
|
503 |
|
|
467 |
|
|
7.7 |
|
% |
|
975 |
|
|
805 |
|
|
21.1 |
|
% |
Average stage length (miles): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mainline |
|
1,181 |
|
|
1,172 |
|
|
0.8 |
|
% |
|
1,170 |
|
|
1,186 |
|
|
(1.3 |
) |
% |
Regional |
|
478 |
|
|
483 |
|
|
(1.0 |
) |
% |
|
481 |
|
|
492 |
|
|
(2.4 |
) |
% |
Total |
|
841 |
|
|
808 |
|
|
4.2 |
|
% |
|
835 |
|
|
813 |
|
|
2.7 |
|
% |
Aircraft at end of period: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mainline (2) |
|
895 |
|
|
854 |
|
|
4.8 |
|
% |
|
895 |
|
|
854 |
|
|
4.8 |
|
% |
Regional (3) |
|
576 |
|
|
559 |
|
|
3.0 |
|
% |
|
576 |
|
|
559 |
|
|
3.0 |
|
% |
Total |
|
1,471 |
|
|
1,413 |
|
|
4.1 |
|
% |
|
1,471 |
|
|
1,413 |
|
|
4.1 |
|
% |
Full-time equivalent employees at end of period: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mainline |
|
102,100 |
|
|
91,100 |
|
|
12.1 |
|
% |
|
102,100 |
|
|
91,100 |
|
|
12.1 |
|
% |
Regional (4) |
|
27,100 |
|
|
26,300 |
|
|
3.0 |
|
% |
|
27,100 |
|
|
26,300 |
|
|
3.0 |
|
% |
Total |
|
129,200 |
|
|
117,400 |
|
|
10.1 |
|
% |
|
129,200 |
|
|
117,400 |
|
|
10.1 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Amounts may not recalculate due to
rounding. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Unless otherwise noted, operating statistics include mainline
and regional operations. Regional includes wholly-owned regional
airline subsidiaries and operating results from capacity purchase
carriers. |
(2) Excludes 20 Boeing 737-800 mainline aircraft that are in
temporary storage at June 30, 2022. |
(3) Includes aircraft owned and leased by American as well as
aircraft operated by third-party regional carriers under capacity
purchase agreements. Excludes 15 Embraer 145 and four Embraer 170
regional aircraft that are in temporary storage at June 30,
2022. |
(4) Regional full-time equivalent employees only include our
wholly-owned regional airline subsidiaries. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
American Airlines Group Inc. |
Consolidated Revenue Statistics by Region |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 Months EndedJune 30, |
|
Increase |
|
|
6 Months EndedJune 30, |
|
Increase |
|
|
|
2022 |
|
|
2021 |
|
|
(Decrease) |
|
|
2022 |
|
|
2021 |
|
|
(Decrease) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue passenger miles (millions) |
|
39,488 |
|
|
34,871 |
|
|
13.2 |
|
% |
|
72,120 |
|
|
53,408 |
|
|
35.0 |
|
% |
Available seat miles (ASM) (millions) |
|
43,948 |
|
|
41,037 |
|
|
7.1 |
|
% |
|
85,821 |
|
|
68,989 |
|
|
24.4 |
|
% |
Passenger load factor (percent) |
|
89.9 |
|
|
85.0 |
|
|
4.9 |
|
pts |
|
84.0 |
|
|
77.4 |
|
|
6.6 |
|
pts |
Passenger revenue (dollars in millions) |
|
9,120 |
|
|
5,444 |
|
|
67.5 |
|
% |
|
15,180 |
|
|
8,099 |
|
|
87.4 |
|
% |
Yield (cents) |
|
23.10 |
|
|
15.61 |
|
|
47.9 |
|
% |
|
21.05 |
|
|
15.16 |
|
|
38.8 |
|
% |
Passenger revenue per ASM (cents) |
|
20.75 |
|
|
13.27 |
|
|
56.4 |
|
% |
|
17.69 |
|
|
11.74 |
|
|
50.7 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Latin America (2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue passenger miles (millions) |
|
8,424 |
|
|
5,970 |
|
|
41.1 |
|
% |
|
16,077 |
|
|
9,546 |
|
|
68.4 |
|
% |
Available seat miles (millions) |
|
9,801 |
|
|
8,461 |
|
|
15.8 |
|
% |
|
20,112 |
|
|
16,326 |
|
|
23.2 |
|
% |
Passenger load factor (percent) |
|
86.0 |
|
|
70.6 |
|
|
15.4 |
|
pts |
|
79.9 |
|
|
58.5 |
|
|
21.4 |
|
pts |
Passenger revenue (dollars in millions) |
|
1,534 |
|
|
936 |
|
|
63.9 |
|
% |
|
2,761 |
|
|
1,417 |
|
|
94.8 |
|
% |
Yield (cents) |
|
18.21 |
|
|
15.68 |
|
|
16.1 |
|
% |
|
17.17 |
|
|
14.85 |
|
|
15.6 |
|
% |
Passenger revenue per ASM (cents) |
|
15.65 |
|
|
11.06 |
|
|
41.5 |
|
% |
|
13.73 |
|
|
8.68 |
|
|
58.1 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Atlantic |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue passenger miles (millions) |
|
9,045 |
|
|
939 |
|
|
nm |
|
% |
|
12,649 |
|
|
1,139 |
|
|
nm |
|
% |
Available seat miles (millions) |
|
11,630 |
|
|
4,035 |
|
|
nm |
|
% |
|
18,010 |
|
|
5,186 |
|
|
nm |
|
% |
Passenger load factor (percent) |
|
77.8 |
|
|
23.3 |
|
|
54.5 |
|
pts |
|
70.2 |
|
|
22.0 |
|
|
48.2 |
|
pts |
Passenger revenue (dollars in millions) |
|
1,481 |
|
|
125 |
|
|
nm |
|
% |
|
1,947 |
|
|
147 |
|
|
nm |
|
% |
Yield (cents) |
|
16.37 |
|
|
13.26 |
|
|
23.5 |
|
% |
|
15.39 |
|
|
12.88 |
|
|
19.5 |
|
% |
Passenger revenue per ASM (cents) |
|
12.73 |
|
|
3.09 |
|
|
nm |
|
% |
|
10.81 |
|
|
2.83 |
|
|
nm |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pacific |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue passenger miles (millions) |
|
559 |
|
|
242 |
|
|
nm |
|
% |
|
960 |
|
|
393 |
|
|
nm |
|
% |
Available seat miles (millions) |
|
784 |
|
|
1,022 |
|
|
(23.2 |
) |
% |
|
1,754 |
|
|
1,818 |
|
|
(3.5 |
) |
% |
Passenger load factor (percent) |
|
71.2 |
|
|
23.7 |
|
|
47.5 |
|
pts |
|
54.7 |
|
|
21.6 |
|
|
33.1 |
|
pts |
Passenger revenue (dollars in millions) |
|
88 |
|
|
40 |
|
|
nm |
|
% |
|
153 |
|
|
61 |
|
|
nm |
|
% |
Yield (cents) |
|
15.81 |
|
|
16.71 |
|
|
(5.4 |
) |
% |
|
15.94 |
|
|
15.49 |
|
|
2.9 |
|
% |
Passenger revenue per ASM (cents) |
|
11.26 |
|
|
3.96 |
|
|
nm |
|
% |
|
8.72 |
|
|
3.35 |
|
|
nm |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total International |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue passenger miles (millions) |
|
18,028 |
|
|
7,151 |
|
|
nm |
|
% |
|
29,686 |
|
|
11,078 |
|
|
nm |
|
% |
Available seat miles (millions) |
|
22,215 |
|
|
13,518 |
|
|
64.3 |
|
% |
|
39,876 |
|
|
23,330 |
|
|
70.9 |
|
% |
Passenger load factor (percent) |
|
81.2 |
|
|
52.9 |
|
|
28.3 |
|
pts |
|
74.4 |
|
|
47.5 |
|
|
26.9 |
|
pts |
Passenger revenue (dollars in millions) |
|
3,103 |
|
|
1,101 |
|
|
nm |
|
% |
|
4,861 |
|
|
1,625 |
|
|
nm |
|
% |
Yield (cents) |
|
17.21 |
|
|
15.39 |
|
|
11.8 |
|
% |
|
16.38 |
|
|
14.67 |
|
|
11.6 |
|
% |
Passenger revenue per ASM (cents) |
|
13.97 |
|
|
8.14 |
|
|
71.5 |
|
% |
|
12.19 |
|
|
6.97 |
|
|
75.0 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
Income (Loss) Excluding Net Special Items (non-GAAP measure)-
Pre-Tax Margin (GAAP measure) to Pre-Tax Margin Excluding Net
Special Items (non-GAAP measure)- Net Income (Loss) (GAAP measure)
to Net Income (Loss) Excluding Net Special Items (non-GAAP
measure)- Basic and Diluted Earnings (Loss) Per Share (GAAP
measure) to Basic and Diluted Earnings (Loss) Per Share Excluding
Net Special Items (non-GAAP measure)- Operating Income (Loss) (GAAP
measure) to Operating Income (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 excluding net special items and fuel and
CASM excluding net special items and fuel to evaluate the Company's
current operating performance and for period-to-period comparisons.
The price of fuel, over which the Company has no control, impacts
the comparability of period-to-period financial performance. The
adjustment to exclude fuel and net special items allows management
an additional tool to understand and analyze the Company’s non-fuel
costs and core operating performance. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 Months Ended June 30, |
|
PercentIncrease |
|
6 Months Ended June 30, |
PercentIncrease |
|
Reconciliation of Pre-Tax Income (Loss) Excluding Net
Special Items |
|
|
2022 |
|
|
|
2021 |
|
|
(Decrease) |
|
|
2022 |
|
|
|
2021 |
|
|
(Decrease) |
|
|
|
(in millions, except share and per share amounts) |
|
|
|
(in millions, except share and per share amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax income (loss) as
reported |
|
$ |
603 |
|
|
$ |
9 |
|
|
|
|
$ |
(1,483 |
) |
|
$ |
(1,564 |
) |
|
|
|
Pre-tax net special
items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Mainline operating special
items, net (1) |
|
|
(5 |
) |
|
|
(1,288 |
) |
|
|
|
|
152 |
|
|
|
(2,996 |
) |
|
|
|
Regional operating special
items, net (2) |
|
|
- |
|
|
|
(167 |
) |
|
|
|
|
- |
|
|
|
(381 |
) |
|
|
|
Nonoperating special items,
net (3) |
|
|
89 |
|
|
|
37 |
|
|
|
|
|
92 |
|
|
|
13 |
|
|
|
|
Total pre-tax net special
items |
|
|
84 |
|
|
|
(1,418 |
) |
|
|
|
|
244 |
|
|
|
(3,364 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax income (loss)
excluding net special items |
|
$ |
687 |
|
|
$ |
(1,409 |
) |
|
nm |
|
$ |
(1,239 |
) |
|
$ |
(4,928 |
) |
|
(74.8%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of Pre-Tax Margin |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax income (loss) as
reported |
|
$ |
603 |
|
|
$ |
9 |
|
|
|
|
$ |
(1,483 |
) |
|
$ |
(1,564 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating revenues as
reported |
|
$ |
13,422 |
|
|
$ |
7,478 |
|
|
|
|
$ |
22,321 |
|
|
$ |
11,486 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax margin |
|
|
4.5% |
|
|
|
0.1% |
|
|
|
|
|
(6.6% |
) |
|
|
(13.6% |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of Pre-Tax Margin Excluding Net Special
Items |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax income (loss)
excluding net special items |
|
$ |
687 |
|
|
$ |
(1,409 |
) |
|
|
|
$ |
(1,239 |
) |
|
$ |
(4,928 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating revenues as
reported |
|
$ |
13,422 |
|
|
$ |
7,478 |
|
|
|
|
$ |
22,321 |
|
|
$ |
11,486 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax margin excluding net
special items |
|
|
5.1% |
|
|
|
(18.8% |
) |
|
|
|
|
(5.6% |
) |
|
|
(42.9% |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Net Income (Loss) Excluding Net Special
Items |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) as
reported |
|
$ |
476 |
|
|
$ |
19 |
|
|
|
|
$ |
(1,159 |
) |
|
$ |
(1,231 |
) |
|
|
|
Net special items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total pre-tax net special
items (1), (2), (3) |
|
|
84 |
|
|
|
(1,418 |
) |
|
|
|
|
244 |
|
|
|
(3,364 |
) |
|
|
|
Income tax special items,
net |
|
|
(9 |
) |
|
|
- |
|
|
|
|
|
(9 |
) |
|
|
- |
|
|
|
|
Net tax effect of net special
items |
|
|
(18 |
) |
|
|
309 |
|
|
|
|
|
(53 |
) |
|
|
762 |
|
|
|
|
Net income (loss) excluding
net special items |
|
$ |
533 |
|
|
$ |
(1,090 |
) |
|
nm |
|
$ |
(977 |
) |
|
$ |
(3,833 |
) |
|
(74.5%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Basic and Diluted Earnings (Loss) Per
Share Excluding Net Special Items |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) excluding
net special items |
|
$ |
533 |
|
|
$ |
(1,090 |
) |
|
|
|
$ |
(977 |
) |
|
$ |
(3,833 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used for computation
(in thousands): |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
650,346 |
|
|
|
644,123 |
|
|
|
|
|
649,925 |
|
|
|
639,366 |
|
|
|
|
Diluted |
|
|
718,532 |
|
|
|
644,123 |
|
|
|
|
|
649,925 |
|
|
|
639,366 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per share
excluding net special items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.82 |
|
|
$ |
(1.69 |
) |
|
|
|
$ |
(1.50 |
) |
|
$ |
(6.00 |
) |
|
|
|
Diluted |
|
$ |
0.76 |
|
|
$ |
(1.69 |
) |
|
|
|
$ |
(1.50 |
) |
|
$ |
(6.00 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 Months Ended June 30, |
|
|
|
6 Months Ended June 30, |
|
|
Reconciliation of Operating Income (Loss) Excluding Net
Special Items |
|
|
2022 |
|
|
|
2021 |
|
|
|
|
|
2022 |
|
|
|
2021 |
|
|
|
|
|
|
(in millions) |
|
|
|
(in millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss) as
reported |
|
$ |
1,017 |
|
|
$ |
441 |
|
|
|
|
$ |
(706 |
) |
|
$ |
(874 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating net special
items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Mainline operating special
items, net (1) |
|
|
(5 |
) |
|
|
(1,288 |
) |
|
|
|
|
152 |
|
|
|
(2,996 |
) |
|
|
|
Regional operating special
items, net (2) |
|
|
- |
|
|
|
(167 |
) |
|
|
|
|
- |
|
|
|
(381 |
) |
|
|
|
Operating income (loss)
excluding net special items |
|
$ |
1,012 |
|
|
$ |
(1,014 |
) |
|
|
|
$ |
(554 |
) |
|
$ |
(4,251 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Total Operating Cost per ASM Excluding
Net Special Items and Fuel |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating expenses as
reported |
|
$ |
12,405 |
|
|
$ |
7,037 |
|
|
|
|
$ |
23,027 |
|
|
$ |
12,360 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating net special
items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Mainline operating special
items, net (1) |
|
|
5 |
|
|
|
1,288 |
|
|
|
|
|
(152 |
) |
|
|
2,996 |
|
|
|
|
Regional operating special
items, net (2) |
|
|
- |
|
|
|
167 |
|
|
|
|
|
- |
|
|
|
381 |
|
|
|
|
Total operating expenses
excluding net special items |
|
|
12,410 |
|
|
|
8,492 |
|
|
|
|
|
22,875 |
|
|
|
15,737 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aircraft fuel and related
taxes |
|
|
(4,020 |
) |
|
|
(1,611 |
) |
|
|
|
|
(6,522 |
) |
|
|
(2,644 |
) |
|
|
|
Total operating expenses
excluding net special items and fuel |
|
$ |
8,390 |
|
|
$ |
6,881 |
|
|
|
|
$ |
16,353 |
|
|
$ |
13,093 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in cents) |
|
|
|
(in cents) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating expenses per
ASM as reported |
|
|
18.75 |
|
|
|
12.90 |
|
|
|
|
|
18.32 |
|
|
|
13.39 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating net special items
per ASM: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Mainline operating special
items, net (1) |
|
|
0.01 |
|
|
|
2.36 |
|
|
|
|
|
(0.12 |
) |
|
|
3.25 |
|
|
|
|
Regional operating special
items, net (2) |
|
|
- |
|
|
|
0.31 |
|
|
|
|
|
- |
|
|
|
0.41 |
|
|
|
|
Total operating expenses per
ASM excluding net special items |
|
|
18.76 |
|
|
|
15.57 |
|
|
|
|
|
18.20 |
|
|
|
17.05 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aircraft fuel and related
taxes per ASM |
|
|
(6.08 |
) |
|
|
(2.95 |
) |
|
|
|
|
(5.19 |
) |
|
|
(2.86 |
) |
|
|
|
Total operating expenses per
ASM excluding net special items and fuel |
|
|
12.68 |
|
|
|
12.61 |
|
|
|
|
|
13.01 |
|
|
|
14.18 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Amounts may not
recalculate due to rounding. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FOOTNOTES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
The 2022 six month period mainline operating special items, net
principally included a non-cash impairment charge to write down the
carrying value of the Company's retired Airbus A330 fleet to the
estimated fair value due to current market conditions for certain
used aircraft.The Company retired its Airbus A330 fleet in 2020 as
a result of the decline in demand for air travel due to the
COVID-19 pandemic.The 2021 second quarter mainline operating
special items, net principally included $1.3 billion of Payroll
Support Program (PSP) financial assistance. The 2021 six month
period mainline operating special items, net principally included
$3.2 billion of PSP financial assistance, offset in part by $168
million of salary and medical costs associated with certain team
members who opted into voluntary early retirement programs offered
as a result of reductions to the Company's operation due to the
COVID-19 pandemic. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) |
The 2021 second quarter regional operating special items, net
principally included $167 million of PSP financial assistance. The
2021 six month period regional operating special items, net
principally included $410 million of PSP financial assistance,
offset in part by a $27 million non-cash impairment charge to write
down regional aircraft resulting from the retirement of the
remaining Embraer 140 fleet earlier than planned. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3) |
Principally included mark-to-market net unrealized gains and losses
associated with certain equity and other investments as well as
non-cash charges associated with debt refinancings and
extinguishments. |
|
|
American Airlines Group Inc. |
Condensed Consolidated Statements of Cash
Flows |
(In millions)(Unaudited) |
|
|
|
|
|
|
|
6 Months EndedJune 30, |
|
|
|
2022 |
|
|
|
2021 |
|
|
|
|
|
|
|
Net cash provided by operating activities |
$ |
2,924 |
|
|
$ |
3,644 |
|
|
Cash flows from investing activities: |
|
|
|
|
Capital expenditures, net of aircraft purchase deposit returns |
|
(1,405 |
) |
|
|
118 |
|
|
Airport construction projects, net of reimbursements |
|
(156 |
) |
|
|
(77 |
) |
|
Proceeds from sale of property and equipment |
|
19 |
|
|
|
161 |
|
|
Proceeds from sale-leaseback transactions |
|
- |
|
|
|
163 |
|
|
Sales of short-term investments |
|
10,135 |
|
|
|
2,837 |
|
|
Purchases of short-term investments |
|
(10,083 |
) |
|
|
(13,840 |
) |
|
Increase in restricted short-term investments |
|
(10 |
) |
|
|
(404 |
) |
|
Purchase of equity investment |
|
(200 |
) |
|
|
- |
|
|
Other investing activities |
|
- |
|
|
|
6 |
|
|
Net cash used in investing activities |
|
(1,700 |
) |
|
|
(11,036 |
) |
|
Cash flows from financing activities: |
|
|
|
|
Payments on long-term debt and finance leases |
|
(1,659 |
) |
|
|
(5,040 |
) |
|
Proceeds from issuance of long-term debt |
|
574 |
|
|
|
12,096 |
|
|
Shares withheld for taxes pursuant to employee stock plans |
|
(16 |
) |
|
|
(13 |
) |
|
Proceeds from issuance of equity |
|
- |
|
|
|
460 |
|
|
Deferred financing costs |
|
- |
|
|
|
(166 |
) |
|
Other financing activities |
|
6 |
|
|
|
121 |
|
|
Net cash provided by (used in) financing activities |
|
(1,095 |
) |
|
|
7,458 |
|
|
Net increase in cash and restricted cash |
|
129 |
|
|
|
66 |
|
|
Cash and restricted cash at beginning of period |
|
408 |
|
|
|
399 |
|
(1) |
Cash and restricted cash at end of period |
$ |
537 |
|
|
$ |
465 |
|
|
|
|
|
|
________________________ |
|
|
|
(1) |
The following table provides a reconciliation of cash and
restricted cash to amounts reported within the condensed
consolidated balance sheets: |
|
|
|
|
|
|
Cash |
$ |
401 |
|
|
$ |
325 |
|
|
Restricted cash included in restricted cash and short-term
investments |
|
136 |
|
|
|
140 |
|
|
Total cash and restricted cash |
$ |
537 |
|
|
$ |
465 |
|
|
|
|
|
|
|
|
|
|
American Airlines Group Inc. |
Condensed Consolidated Balance Sheets |
(In millions, except shares) |
|
|
|
|
|
June 30, 2022 |
|
December 31, 2021 |
|
(unaudited) |
|
|
Assets |
|
|
|
|
|
|
|
Current assets |
|
|
|
Cash |
$ |
401 |
|
|
$ |
273 |
|
Short-term investments |
|
12,121 |
|
|
|
12,158 |
|
Restricted cash and short-term investments |
|
997 |
|
|
|
990 |
|
Accounts receivable, net |
|
1,835 |
|
|
|
1,505 |
|
Aircraft fuel, spare parts and supplies, net |
|
2,273 |
|
|
|
1,795 |
|
Prepaid expenses and other |
|
898 |
|
|
|
615 |
|
Total current assets |
|
18,525 |
|
|
|
17,336 |
|
|
|
|
|
Operating property and equipment |
|
|
|
Flight equipment |
|
38,754 |
|
|
|
37,856 |
|
Ground property and equipment |
|
9,595 |
|
|
|
9,335 |
|
Equipment purchase deposits |
|
617 |
|
|
|
517 |
|
Total property and equipment, at cost |
|
48,966 |
|
|
|
47,708 |
|
Less accumulated depreciation and amortization |
|
(18,972 |
) |
|
|
(18,171 |
) |
Total property and equipment, net |
|
29,994 |
|
|
|
29,537 |
|
|
|
|
|
Operating lease right-of-use assets |
|
7,510 |
|
|
|
7,850 |
|
|
|
|
|
Other assets |
|
|
|
Goodwill |
|
4,091 |
|
|
|
4,091 |
|
Intangibles, net |
|
2,079 |
|
|
|
1,988 |
|
Deferred tax asset |
|
3,858 |
|
|
|
3,556 |
|
Other assets |
|
1,906 |
|
|
|
2,109 |
|
Total other assets |
|
11,934 |
|
|
|
11,744 |
|
|
|
|
|
Total assets |
$ |
67,963 |
|
|
$ |
66,467 |
|
|
|
|
|
Liabilities and Stockholders’ Equity (Deficit) |
|
|
|
|
|
|
|
Current liabilities |
|
|
|
Current maturities of long-term debt and finance leases |
$ |
2,106 |
|
|
$ |
2,489 |
|
Accounts payable |
|
2,733 |
|
|
|
1,772 |
|
Accrued salaries and wages |
|
1,505 |
|
|
|
1,489 |
|
Air traffic liability |
|
8,969 |
|
|
|
6,087 |
|
Loyalty program liability |
|
3,065 |
|
|
|
2,896 |
|
Operating lease liabilities |
|
1,483 |
|
|
|
1,507 |
|
Other accrued liabilities |
|
2,909 |
|
|
|
2,766 |
|
Total current liabilities |
|
22,770 |
|
|
|
19,006 |
|
|
|
|
|
Noncurrent liabilities |
|
|
|
Long-term debt and finance leases, net of current maturities |
|
34,963 |
|
|
|
35,571 |
|
Pension and postretirement benefits |
|
4,755 |
|
|
|
5,053 |
|
Loyalty program liability |
|
6,189 |
|
|
|
6,239 |
|
Operating lease liabilities |
|
6,313 |
|
|
|
6,610 |
|
Other liabilities |
|
1,395 |
|
|
|
1,328 |
|
Total noncurrent liabilities |
|
53,615 |
|
|
|
54,801 |
|
|
|
|
|
Stockholders' equity (deficit) |
|
|
|
Common stock, 649,779,361 shares outstanding at June 30, 2022 |
|
6 |
|
|
|
6 |
|
Additional paid-in capital |
|
7,259 |
|
|
|
7,234 |
|
Accumulated other comprehensive loss |
|
(5,890 |
) |
|
|
(5,942 |
) |
Retained deficit |
|
(9,797 |
) |
|
|
(8,638 |
) |
Total stockholders' deficit |
|
(8,422 |
) |
|
|
(7,340 |
) |
|
|
|
|
Total liabilities and stockholders’ equity (deficit) |
$ |
67,963 |
|
|
$ |
66,467 |
|
|
|
|
|
Corporate
Communicationsmediarelations@aa.com
Investor Relationsinvestor.relations@aa.com
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