American Airlines Group Inc. (NASDAQ: AAL) today reported its
fourth-quarter and full-year 2023 financial results, including:
- Record full-year revenue of approximately $53
billion.
- GAAP fourth-quarter and full-year net income of $19
million and $822 million, or $0.03 and $1.21 per diluted share,
respectively.
- Excluding net special
items1, fourth-quarter and
full-year net income of $192 million and $1.9 billion, or $0.29 and
$2.65 per diluted share, respectively.
- Achieved best-ever fourth-quarter and full-year
completion factor.
- Generated GAAP operating cash flow of $3.8 billion and
the airline’s highest full-year free cash
flow2 of $1.8
billion.
- Reduced total debt3
by $3.2 billion in 2023. The company is more than 75% of
the way to its 2025 total debt reduction goal.
“The American Airlines team produced an exceptionally strong
performance in 2023,” said American’s CEO Robert Isom. “We are
delivering on our commitments and remain well-positioned for the
future, supported by the strength of our network and travel rewards
program, our young and simplified fleet, our operational
reliability, and our outstanding team. As we look forward, we
remain focused on delivering a reliable operation for our customers
and reengineering the business to build an even more efficient
airline.”
Operational reliabilityAmerican and its
regional partners operated nearly 2 million flights in 2023, with
an average load factor of 83.5%. The company produced its best-ever
fourth-quarter and full-year completion factor, with the lowest
number of cancellations annually since the merger in 2013.
The airline’s strong operational momentum continued through the
holiday travel period. American achieved its best-ever completion
factor and on-time departures as well as its lowest mishandled
baggage rate over the holidays.
Financial performanceFor the full year,
American produced record revenue of nearly $53 billion. In the
fourth quarter, the company generated revenue of more than $13
billion and an operating margin of 5.0% on a GAAP basis. Excluding
the impact of net special items1, American produced an operating
margin of 5.1% in the fourth quarter, exceeding the high end of the
company’s prior guidance. These results were driven by continued
strong demand for American’s product, record revenue from its
travel rewards program, strong operational performance and
effective cost control.
Liquidity and balance sheetStrengthening the
balance sheet remains a top priority for the company. American
reduced total debt3 by more than $500 million in the fourth quarter
and by approximately $3.2 billion in 2023. The company is more than
75% of the way to its goal of reducing total debt3 by $15 billion
by the end of 2025. As of Dec. 31, 2023, American had reduced its
total debt3 by approximately $11.4 billion from peak levels in
mid-2021.
The company ended the year with approximately $10.4 billion of
total available liquidity, comprised of cash and short-term
investments plus undrawn capacity under revolving and other
short-term credit facilities.
Guidance and investor updateBased on present
demand trends and the current fuel price forecast and excluding the
impact of special items4, the company expects its first-quarter
2024 adjusted loss per diluted share4 to be between ($0.15) and
($0.35). American expects its full-year 2024 adjusted earnings per
diluted share4 to be between $2.25 and $3.25.
For additional financial forecasting detail, please refer to the
company’s investor update, furnished with this press release with
the SEC on Form 8-K. This filing 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. CT today. The call will
be available to the public on a listen-only basis at
aa.com/investorrelations. An archive of the webcast will be
available on the website through Feb. 25.
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, including the calculation of free cash
flow.
- The company recognized $173 million of net special items in the
fourth quarter after the effect of taxes, which principally
included $216 million of nonoperating net special items for charges
associated with debt extinguishments and mark-to-market net
unrealized losses on certain equity investments. The company
recognized $1.0 billion of net special items in 2023 after the
effect of taxes, which included operating net special items of $979
million principally related to one-time charges resulting from the
ratification of a new collective bargaining agreement with
American’s mainline pilots, as well as nonoperating net special
items of $362 million for charges associated with debt
extinguishments and mark-to-market net unrealized losses on certain
equity investments.
- Please see the accompanying notes for the company’s definition
of free cash flow, a non-GAAP measure.
- All references to total debt include debt, finance and
operating lease liabilities and pension obligations.
- Adjusted earnings per diluted share guidance excludes the
impact of net special items. The company is unable to reconcile
certain forward-looking information to GAAP as the nature or amount
of net special items cannot be determined at this time.
About American Airlines 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
@AmericanAir and at Facebook.com/AmericanAirlines.
Cautionary statement regarding forward-looking
statements and informationCertain of the statements
contained in this report should be considered forward-looking
statements within the meaning of the Securities Act of 1933, as
amended, the Securities Exchange Act of 1934, as amended, and the
Private Securities Litigation Reform Act of 1995. These
forward-looking statements may be identified by words such as
“may,” “will,” “expect,” “intend,” “anticipate,” “believe,”
“estimate,” “plan,” “project,” “could,” “should,” “would,”
“continue,” “seek,” “target,” “guidance,” “outlook,” “if current
trends continue,” “optimistic,” “forecast” and other similar words.
Such statements include, but are not limited to, statements about
the company’s plans, objectives, expectations, intentions,
estimates and strategies for the future, and other statements that
are not historical facts. These forward-looking statements are
based on the company’s current objectives, beliefs and
expectations, and they are subject to significant risks and
uncertainties that may cause actual results and financial position
and timing of certain events to differ materially from the
information in the forward-looking statements. These risks and
uncertainties include, but are not limited to, those set forth
herein as well as in the company’s Quarterly Report on Form 10-Q
for the quarter ended September 30, 2023 (especially in Part I,
Item 2. Management’s Discussion and Analysis of Financial Condition
and Results of Operations and Part II, Item 1A. Risk Factors), and
other risks and uncertainties listed from time to time in the
company’s other filings with the Securities and Exchange
Commission. Additionally, there may be other factors of which the
company is not currently aware that may affect matters discussed in
the forward-looking statements and may also cause actual results to
differ materially from those discussed. The company does not assume
any obligation to publicly update or supplement any forward-looking
statement to reflect actual results, changes in assumptions or
changes in other factors affecting these forward-looking statements
other than as required by law. Any forward-looking statements speak
only as of the date hereof or as of the dates indicated in the
statement.
| American
Airlines Group Inc. |
| Condensed
Consolidated Statements of Operations |
| (In
millions, except share and per share amounts) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 Months Ended
December 31, |
|
Percent
Increase |
|
12 Months Ended
December 31, |
|
Percent
Increase |
| |
2023 |
|
2022 |
|
(Decrease) |
|
2023 |
|
2022 |
|
(Decrease) |
| |
|
|
|
|
|
|
|
|
|
|
|
| Operating
revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
Passenger |
$ |
12,010 |
|
|
$ |
12,131 |
|
|
(1.0 |
) |
|
$ |
48,512 |
|
|
$ |
44,568 |
|
|
8.8 |
|
|
Cargo |
|
199 |
|
|
|
263 |
|
|
(24.2 |
) |
|
|
812 |
|
|
|
1,233 |
|
|
(34.1 |
) |
|
Other |
|
853 |
|
|
|
795 |
|
|
7.2 |
|
|
|
3,464 |
|
|
|
3,170 |
|
|
9.3 |
|
|
Total operating revenues |
|
13,062 |
|
|
|
13,189 |
|
|
(1.0 |
) |
|
|
52,788 |
|
|
|
48,971 |
|
|
7.8 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
| Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Aircraft fuel and related taxes |
|
3,159 |
|
|
|
3,421 |
|
|
(7.7 |
) |
|
|
12,257 |
|
|
|
13,791 |
|
|
(11.1 |
) |
|
Salaries, wages and benefits |
|
3,689 |
|
|
|
3,199 |
|
|
15.3 |
|
|
|
14,580 |
|
|
|
12,972 |
|
|
12.4 |
|
|
Regional expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Regional operating expenses |
|
1,101 |
|
|
|
1,006 |
|
|
9.3 |
|
|
|
4,325 |
|
|
|
4,064 |
|
|
6.4 |
|
|
Regional depreciation and amortization |
|
79 |
|
|
|
81 |
|
|
(1.8 |
) |
|
|
318 |
|
|
|
321 |
|
|
(0.8 |
) |
|
Maintenance, materials and repairs |
|
875 |
|
|
|
735 |
|
|
19.1 |
|
|
|
3,265 |
|
|
|
2,684 |
|
|
21.6 |
|
|
Other rent and landing fees |
|
714 |
|
|
|
649 |
|
|
10.0 |
|
|
|
2,928 |
|
|
|
2,730 |
|
|
7.3 |
|
|
Aircraft rent |
|
338 |
|
|
|
350 |
|
|
(3.2 |
) |
|
|
1,369 |
|
|
|
1,395 |
|
|
(1.9 |
) |
|
Selling expenses |
|
443 |
|
|
|
484 |
|
|
(8.5 |
) |
|
|
1,799 |
|
|
|
1,815 |
|
|
(0.9 |
) |
|
Depreciation and amortization |
|
480 |
|
|
|
492 |
|
|
(2.3 |
) |
|
|
1,936 |
|
|
|
1,977 |
|
|
(2.1 |
) |
|
Special items, net |
|
9 |
|
|
|
4 |
|
|
nm |
(1) |
|
|
971 |
|
|
|
193 |
|
|
nm |
|
|
Other |
|
1,519 |
|
|
|
1,385 |
|
|
9.7 |
|
|
|
6,006 |
|
|
|
5,422 |
|
|
10.8 |
|
|
Total operating expenses |
|
12,406 |
|
|
|
11,806 |
|
|
5.1 |
|
|
|
49,754 |
|
|
|
47,364 |
|
|
5.0 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Operating income |
|
656 |
|
|
|
1,383 |
|
|
(52.5 |
) |
|
|
3,034 |
|
|
|
1,607 |
|
|
88.8 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
| Nonoperating
income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
136 |
|
|
|
110 |
|
|
24.1 |
|
|
|
591 |
|
|
|
216 |
|
|
nm |
|
|
Interest expense, net |
|
(519 |
) |
|
|
(532 |
) |
|
(2.3 |
) |
|
|
(2,145 |
) |
|
|
(1,962 |
) |
|
9.3 |
|
|
Other income (expense), net |
|
(241 |
) |
|
|
50 |
|
|
nm |
|
|
|
(359 |
) |
|
|
325 |
|
|
nm |
|
|
Total nonoperating expense, net |
|
(624 |
) |
|
|
(372 |
) |
|
67.9 |
|
|
|
(1,913 |
) |
|
|
(1,421 |
) |
|
34.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Income
before income taxes |
|
32 |
|
|
|
1,011 |
|
|
(96.8 |
) |
|
|
1,121 |
|
|
|
186 |
|
|
nm |
|
| |
|
|
|
|
|
|
|
|
|
|
|
| Income tax
provision |
|
13 |
|
|
|
208 |
|
|
(93.6 |
) |
|
|
299 |
|
|
|
59 |
|
|
nm |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
$ |
19 |
|
|
$ |
803 |
|
|
(97.6 |
) |
|
$ |
822 |
|
|
$ |
127 |
|
|
nm |
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| Earnings per
common share: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.03 |
|
|
$ |
1.23 |
|
|
|
|
$ |
1.26 |
|
|
$ |
0.20 |
|
|
|
|
Diluted |
$ |
0.03 |
|
|
$ |
1.14 |
|
|
|
|
$ |
1.21 |
|
|
$ |
0.19 |
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| Weighted
average shares outstanding (in thousands): |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
654,725 |
|
|
|
650,944 |
|
|
|
|
|
653,612 |
|
|
|
650,345 |
|
|
|
|
Diluted |
|
657,079 |
|
|
|
716,070 |
|
|
|
|
|
719,669 |
|
|
|
655,122 |
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Note: Percent change may not recalculate due to
rounding. |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| (1) Not
meaningful or greater than 100% change. |
|
|
|
|
|
|
|
|
|
|
|
| American
Airlines Group Inc. |
| Consolidated
Operating Statistics (1) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 Months Ended
December 31, |
|
Increase |
|
12 Months Ended
December 31, |
|
Increase |
| |
2023 |
|
2022 |
|
(Decrease) |
|
2023 |
|
2022 |
|
(Decrease) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
Revenue passenger miles (millions) |
58,331 |
|
55,320 |
|
5.4 |
% |
|
231,926 |
|
215,624 |
|
7.6 |
% |
| Available
seat miles (ASM) (millions) |
69,773 |
|
65,962 |
|
5.8 |
% |
|
277,723 |
|
260,226 |
|
6.7 |
% |
| Passenger
load factor (percent) |
83.6 |
|
83.9 |
|
(0.3 |
)
pts |
|
83.5 |
|
82.9 |
|
0.6 |
pts |
| Yield
(cents) |
20.59 |
|
21.93 |
|
(6.1 |
)% |
|
20.92 |
|
20.67 |
|
1.2 |
% |
| Passenger
revenue per ASM (cents) |
17.21 |
|
18.39 |
|
(6.4 |
)% |
|
17.47 |
|
17.13 |
|
2.0 |
% |
| Total
revenue per ASM (cents) |
18.72 |
|
19.99 |
|
(6.4 |
)% |
|
19.01 |
|
18.82 |
|
1.0 |
% |
| Cargo ton
miles (millions) |
501 |
|
458 |
|
9.5 |
% |
|
1,840 |
|
1,972 |
|
(6.7 |
)% |
| Cargo yield
per ton mile (cents) |
39.74 |
|
57.39 |
|
(30.8 |
)% |
|
44.13 |
|
62.52 |
|
(29.4 |
)% |
| |
|
|
|
|
|
|
|
|
|
|
|
| Fuel
consumption (gallons in millions) |
1,033 |
|
979 |
|
5.5 |
% |
|
4,140 |
|
3,901 |
|
6.1 |
% |
| Average
aircraft fuel price including related taxes (dollars per
gallon) |
3.06 |
|
3.50 |
|
(12.5 |
)% |
|
2.96 |
|
3.54 |
|
(16.3 |
)% |
| |
|
|
|
|
|
|
|
|
|
|
|
| Operating
cost per ASM (cents) |
17.78 |
|
17.90 |
|
(0.7 |
)% |
|
17.92 |
|
18.20 |
|
(1.6 |
)% |
| Operating
cost per ASM excluding net special items (cents) |
17.77 |
|
17.89 |
|
(0.7 |
)% |
|
17.56 |
|
18.13 |
|
(3.1 |
)% |
| Operating
cost per ASM excluding net special items and fuel (cents) |
13.24 |
|
12.70 |
|
4.2 |
% |
|
13.15 |
|
12.83 |
|
2.5 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
| Passenger
enplanements (thousands) |
53,567 |
|
50,934 |
|
5.2 |
% |
|
210,692 |
|
199,288 |
|
5.7 |
% |
| Departures
(thousands): |
|
|
|
|
|
|
|
|
|
|
|
|
Mainline |
285 |
|
277 |
|
2.9 |
% |
|
1,145 |
|
1,052 |
|
8.9 |
% |
|
Regional |
222 |
|
201 |
|
10.3 |
% |
|
855 |
|
903 |
|
(5.3 |
)% |
|
Total |
507 |
|
478 |
|
6.0 |
% |
|
2,000 |
|
1,955 |
|
2.3 |
% |
| Average
stage length (miles): |
|
|
|
|
|
|
|
|
|
|
|
|
Mainline |
1,157 |
|
1,132 |
|
2.3 |
|
|
1,147 |
|
1,161 |
|
(1.2 |
)% |
|
Regional |
458 |
|
469 |
|
(2.3 |
)% |
|
463 |
|
477 |
|
(3.0 |
)% |
|
Total |
851 |
|
853 |
|
(0.2 |
)% |
|
855 |
|
845 |
|
1.1 |
% |
| Aircraft at
end of period: |
|
|
|
|
|
|
|
|
|
|
|
|
Mainline |
965 |
|
925 |
|
4.3 |
% |
|
965 |
|
925 |
|
4.3 |
% |
|
Regional (2) |
556 |
|
536 |
|
3.7 |
% |
|
556 |
|
536 |
|
3.7 |
% |
|
Total |
1,521 |
|
1,461 |
|
4.1 |
% |
|
1,521 |
|
1,461 |
|
4.1 |
% |
| Full-time
equivalent employees at end of period: |
|
|
|
|
|
|
|
|
|
|
|
|
Mainline |
103,200 |
|
102,000 |
|
1.2 |
% |
|
103,200 |
|
102,000 |
|
1.2 |
% |
|
Regional (3) |
28,900 |
|
27,700 |
|
4.3 |
% |
|
28,900 |
|
27,700 |
|
4.3 |
% |
|
Total |
132,100 |
|
129,700 |
|
1.9 |
% |
|
132,100 |
|
129,700 |
|
1.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Amounts may not recalculate due to
rounding. |
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| (1) Unless
otherwise noted, operating statistics include mainline and regional
operations. Regional includes wholly-owned regional airline
subsidiaries and operating results from capacity purchase
carriers. |
| (2) Includes
aircraft owned and leased by American as well as aircraft operated
by third-party regional carriers under capacity purchase
agreements. Excluded from the aircraft count above are 77 regional
aircraft that were in temporary storage as of December 31, 2023 as
follows: 57 Embraer 145, 11 Bombardier CRJ 700, six Bombardier CRJ
900, and three Embraer 170. |
| (3) Regional
full-time equivalent employees only include our wholly-owned
regional airline subsidiaries. |
| American
Airlines Group Inc. |
| Consolidated
Revenue Statistics by Region |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 Months Ended
December 31, |
|
Increase |
|
12 Months Ended
December 31, |
|
Increase |
| |
2023 |
|
2022 |
|
(Decrease) |
|
2023 |
|
2022 |
|
(Decrease) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
Domestic (1) |
|
|
|
|
|
|
|
|
|
|
|
|
Revenue passenger miles (millions) |
39,610 |
|
38,065 |
|
4.1 |
% |
|
155,374 |
|
149,410 |
|
4.0 |
% |
| Available
seat miles (ASM) (millions) |
46,805 |
|
44,939 |
|
4.2 |
% |
|
185,206 |
|
176,447 |
|
5.0 |
% |
| Passenger
load factor (percent) |
84.6 |
|
84.7 |
|
(0.1 |
)
pts |
|
83.9 |
|
84.7 |
|
(0.8 |
)
pts |
| Passenger
revenue (dollars in millions) |
8,744 |
|
8,945 |
|
(2.2 |
)% |
|
34,592 |
|
32,911 |
|
5.1 |
% |
| Yield
(cents) |
22.08 |
|
23.50 |
|
(6.1 |
)% |
|
22.26 |
|
22.03 |
|
1.1 |
% |
| Passenger
revenue per ASM (cents) |
18.68 |
|
19.90 |
|
(6.1 |
)% |
|
18.68 |
|
18.65 |
|
0.1 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
Latin America (2) |
|
|
|
|
|
|
|
|
|
|
|
| Revenue
passenger miles (millions) |
8,570 |
|
8,379 |
|
2.3 |
% |
|
33,337 |
|
32,467 |
|
2.7 |
% |
| Available
seat miles (millions) |
9,950 |
|
9,853 |
|
1.0 |
% |
|
38,531 |
|
39,131 |
|
(1.5 |
)% |
| Passenger
load factor (percent) |
86.1 |
|
85.0 |
|
1.1 |
pts |
|
86.5 |
|
83.0 |
|
3.5 |
pts |
| Passenger
revenue (dollars in millions) |
1,674 |
|
1,793 |
|
(6.6 |
)% |
|
6,719 |
|
6,150 |
|
9.2 |
% |
| Yield
(cents) |
19.53 |
|
21.40 |
|
(8.7 |
)% |
|
20.16 |
|
18.94 |
|
6.4 |
% |
| Passenger
revenue per ASM (cents) |
16.82 |
|
18.20 |
|
(7.6 |
)% |
|
17.44 |
|
15.72 |
|
10.9 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
Atlantic |
|
|
|
|
|
|
|
|
|
|
|
| Revenue
passenger miles (millions) |
8,307 |
|
7,676 |
|
8.2 |
% |
|
36,581 |
|
30,949 |
|
18.2 |
% |
| Available
seat miles (millions) |
10,728 |
|
9,725 |
|
10.3 |
% |
|
46,056 |
|
40,679 |
|
13.2 |
% |
| Passenger
load factor (percent) |
77.4 |
|
78.9 |
|
(1.5 |
)
pts |
|
79.4 |
|
76.1 |
|
3.3 |
pts |
| Passenger
revenue (dollars in millions) |
1,330 |
|
1,222 |
|
8.9 |
% |
|
6,205 |
|
5,070 |
|
22.4 |
% |
| Yield
(cents) |
16.02 |
|
15.92 |
|
0.6 |
% |
|
16.96 |
|
16.38 |
|
3.5 |
% |
| Passenger
revenue per ASM (cents) |
12.40 |
|
12.57 |
|
(1.3 |
)% |
|
13.47 |
|
12.46 |
|
8.1 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
Pacific |
|
|
|
|
|
|
|
|
|
|
|
| Revenue
passenger miles (millions) |
1,844 |
|
1,200 |
|
53.6 |
% |
|
6,634 |
|
2,798 |
|
nm |
|
| Available
seat miles (millions) |
2,290 |
|
1,445 |
|
58.5 |
% |
|
7,930 |
|
3,969 |
|
99.8 |
% |
| Passenger
load factor (percent) |
80.5 |
|
83.1 |
|
(2.6 |
)
pts |
|
83.7 |
|
70.5 |
|
13.2 |
pts |
| Passenger
revenue (dollars in millions) |
262 |
|
171 |
|
53.1 |
% |
|
996 |
|
437 |
|
nm |
|
| Yield
(cents) |
14.19 |
|
14.23 |
|
(0.3 |
)% |
|
15.00 |
|
15.62 |
|
(3.9 |
)% |
| Passenger
revenue per ASM (cents) |
11.43 |
|
11.82 |
|
(3.4 |
)% |
|
12.55 |
|
11.01 |
|
14.0 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
Total International |
|
|
|
|
|
|
|
|
|
|
|
| Revenue
passenger miles (millions) |
18,721 |
|
17,255 |
|
8.5 |
% |
|
76,552 |
|
66,214 |
|
15.6 |
% |
| Available
seat miles (millions) |
22,968 |
|
21,023 |
|
9.3 |
% |
|
92,517 |
|
83,779 |
|
10.4 |
% |
| Passenger
load factor (percent) |
81.5 |
|
82.1 |
|
(0.6 |
)
pts |
|
82.7 |
|
79.0 |
|
3.7 |
pts |
| Passenger
revenue (dollars in millions) |
3,266 |
|
3,186 |
|
2.5 |
% |
|
13,920 |
|
11,657 |
|
19.4 |
% |
| Yield
(cents) |
17.45 |
|
18.46 |
|
(5.5 |
)% |
|
18.18 |
|
17.61 |
|
3.3 |
% |
| Passenger
revenue per ASM (cents) |
14.22 |
|
15.15 |
|
(6.2 |
)% |
|
15.05 |
|
13.91 |
|
8.1 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
Note: Amounts may not recalculate due to
rounding. |
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| |
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|
(1) Domestic results include Canada, Puerto Rico and U.S. Virgin
Islands. |
|
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|
(2) Latin America results include the Caribbean. |
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|
Reconciliation of GAAP Financial Information to Non-GAAP
Financial Information
American Airlines Group Inc. (the Company) sometimes uses
financial measures that are derived from the condensed consolidated
financial statements but that are not presented in accordance with
GAAP to understand and evaluate its current operating performance
and to allow for period-to-period comparisons. The Company believes
these non-GAAP financial measures may also provide useful
information to investors and others. These non-GAAP measures may
not be comparable to similarly titled non-GAAP measures of other
companies, and should be considered in addition to, and not as a
substitute for or superior to, any measure of performance, cash
flow or liquidity prepared in accordance with GAAP. The Company is
providing a reconciliation of reported non-GAAP financial measures
to their comparable financial measures on a GAAP basis.
The tables below present the reconciliations of the following
GAAP measures to their non-GAAP measures:
- Operating Income (GAAP measure) to Operating Income Excluding
Net Special Items (non-GAAP measure)
- Operating Margin (GAAP measure) to Operating Margin Excluding
Net Special Items (non-GAAP measure)
- Pre-Tax Income (GAAP measure) to Pre-Tax Income Excluding Net
Special Items (non-GAAP measure)
- Pre-Tax Margin (GAAP measure) to Pre-Tax Margin Excluding Net
Special Items (non-GAAP measure)
- Net Income (GAAP measure) to Net Income Excluding Net Special
Items (non-GAAP measure)
- Basic and Diluted Earnings Per Share (GAAP measure) to Basic
and Diluted Earnings Per Share Excluding Net Special Items
(non-GAAP measure)
Management uses these non-GAAP financial measures to evaluate
the Company's current operating performance and to allow for
period-to-period comparisons. As net special items may vary from
period-to-period in nature and amount, the adjustment to exclude
net special items allows management an additional tool to
understand the Company’s core operating performance.
Additionally, the tables below present the reconciliations of
total operating costs (GAAP measure) to total operating costs
excluding net special items and fuel (non-GAAP measure) and total
operating costs per ASM (CASM) to CASM excluding net special items
and fuel. Management uses total operating costs excluding net
special items and fuel and CASM excluding net special items and
fuel to evaluate the Company's current operating performance and
for period-to-period comparisons. The price of fuel, over which the
Company has no control, impacts the comparability of
period-to-period financial performance. The adjustment to exclude
fuel and net special items allows management an additional tool to
understand and analyze the Company’s non-fuel costs and core
operating performance.
| |
Reconciliation of Operating Income Excluding Net Special
Items |
|
3 Months Ended December 31, |
|
Percent Increase |
|
12 Months Ended December 31, |
Percent Increase |
| |
|
2023 |
|
2022 |
|
(Decrease) |
|
2023 |
|
2022 |
|
(Decrease) |
| |
|
|
(in millions) |
|
|
|
(in millions) |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income as reported |
|
$ |
656 |
|
|
$ |
1,383 |
|
|
|
|
$ |
3,034 |
|
|
$ |
1,607 |
|
|
|
| |
Operating net special items: |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Mainline operating special items, net (1) |
|
|
9 |
|
|
|
4 |
|
|
|
|
|
971 |
|
|
|
193 |
|
|
|
| |
Regional operating special items, net |
|
|
- |
|
|
|
2 |
|
|
|
|
|
8 |
|
|
|
5 |
|
|
|
| |
Operating income excluding net special items |
|
$ |
665 |
|
|
$ |
1,389 |
|
|
(52.1%) |
|
$ |
4,013 |
|
|
$ |
1,805 |
|
|
nm |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Calculation of Operating Margin |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Operating income as reported |
|
$ |
656 |
|
|
$ |
1,383 |
|
|
|
|
$ |
3,034 |
|
|
$ |
1,607 |
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Total operating revenues as reported |
|
$ |
13,062 |
|
|
$ |
13,189 |
|
|
|
|
$ |
52,788 |
|
|
$ |
48,971 |
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Operating margin |
|
|
5.0 |
% |
|
|
10.5 |
% |
|
|
|
|
5.7 |
% |
|
|
3.3 |
% |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Calculation of Operating Margin Excluding Net Special
Items |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Operating income excluding net special items |
|
$ |
665 |
|
|
$ |
1,389 |
|
|
|
|
$ |
4,013 |
|
|
$ |
1,805 |
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Total operating revenues as reported |
|
$ |
13,062 |
|
|
$ |
13,189 |
|
|
|
|
$ |
52,788 |
|
|
$ |
48,971 |
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Operating margin excluding net special items |
|
|
5.1 |
% |
|
|
10.5 |
% |
|
|
|
|
7.6 |
% |
|
|
3.7 |
% |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Reconciliation of Pre-Tax Income Excluding Net Special
Items |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Pre-tax income as reported |
|
$ |
32 |
|
|
$ |
1,011 |
|
|
|
|
$ |
1,121 |
|
|
$ |
186 |
|
|
|
| |
Pre-tax net special items: |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Mainline operating special items, net (1) |
|
|
9 |
|
|
|
4 |
|
|
|
|
|
971 |
|
|
|
193 |
|
|
|
| |
Regional operating special items, net |
|
|
- |
|
|
|
2 |
|
|
|
|
|
8 |
|
|
|
5 |
|
|
|
| |
Nonoperating special items, net (2) |
|
|
216 |
|
|
|
40 |
|
|
|
|
|
362 |
|
|
|
74 |
|
|
|
| |
Total pre-tax net special items |
|
|
225 |
|
|
|
46 |
|
|
|
|
|
1,341 |
|
|
|
272 |
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Pre-tax income excluding net special items |
|
$ |
257 |
|
|
$ |
1,057 |
|
|
(75.7%) |
|
$ |
2,462 |
|
|
$ |
458 |
|
|
nm |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Calculation of Pre-Tax Margin |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Pre-tax income as reported |
|
$ |
32 |
|
|
$ |
1,011 |
|
|
|
|
$ |
1,121 |
|
|
$ |
186 |
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Total operating revenues as reported |
|
$ |
13,062 |
|
|
$ |
13,189 |
|
|
|
|
$ |
52,788 |
|
|
$ |
48,971 |
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Pre-tax margin |
|
|
0.2 |
% |
|
|
7.7 |
% |
|
|
|
|
2.1 |
% |
|
|
0.4 |
% |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Calculation of Pre-Tax Margin Excluding Net Special
Items |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Pre-tax income excluding net special items |
|
$ |
257 |
|
|
$ |
1,057 |
|
|
|
|
$ |
2,462 |
|
|
$ |
458 |
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Total operating revenues as reported |
|
$ |
13,062 |
|
|
$ |
13,189 |
|
|
|
|
$ |
52,788 |
|
|
$ |
48,971 |
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Pre-tax margin excluding net special items |
|
|
2.0 |
% |
|
|
8.0 |
% |
|
|
|
|
4.7 |
% |
|
|
0.9 |
% |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
3 Months Ended December 31, |
|
Percent Increase |
|
12 Months Ended December 31, |
Percent Increase |
| |
Reconciliation of Net Income Excluding Net Special
Items |
|
2023 |
|
2022 |
|
(Decrease) |
|
2023 |
|
2022 |
|
(Decrease) |
| |
|
|
(in millions, except share and per share amounts) |
|
|
|
(in millions, except share and per share amounts) |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net income as reported |
|
$ |
19 |
|
|
$ |
803 |
|
|
|
|
$ |
822 |
|
|
$ |
127 |
|
|
|
| |
Net special items: |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Total pre-tax net special items (1), (2) |
|
|
225 |
|
|
|
46 |
|
|
|
|
|
1,341 |
|
|
|
272 |
|
|
|
| |
Income tax special items, net |
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
(9 |
) |
|
|
| |
Net tax effect of net special items |
|
|
(52 |
) |
|
|
(22 |
) |
|
|
|
|
(304 |
) |
|
|
(62 |
) |
|
|
| |
Net income excluding net special items |
|
$ |
192 |
|
|
$ |
827 |
|
|
(76.8%) |
|
$ |
1,859 |
|
|
$ |
328 |
|
|
nm |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Reconciliation of Basic and Diluted Earnings Per Share
Excluding Net Special Items |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net income excluding net special items |
|
$ |
192 |
|
|
$ |
827 |
|
|
|
|
$ |
1,859 |
|
|
$ |
328 |
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares used for computation (in thousands): |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Basic |
|
|
654,725 |
|
|
|
650,944 |
|
|
|
|
|
653,612 |
|
|
|
650,345 |
|
|
|
| |
Diluted |
|
|
718,807 |
|
|
|
716,070 |
|
|
|
|
|
719,669 |
|
|
|
655,122 |
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Earnings per share excluding net special items: |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Basic |
|
$ |
0.29 |
|
|
$ |
1.27 |
|
|
|
|
$ |
2.84 |
|
|
$ |
0.50 |
|
|
|
| |
Diluted (3) |
|
$ |
0.29 |
|
|
$ |
1.17 |
|
|
|
|
$ |
2.65 |
|
|
$ |
0.50 |
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Reconciliation of Total Operating Costs per ASM Excluding
Net Special Items and Fuel |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Total operating expenses as reported |
|
$ |
12,406 |
|
|
$ |
11,806 |
|
|
|
|
$ |
49,754 |
|
|
$ |
47,364 |
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Operating net special items: |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Mainline operating special items, net (1) |
|
|
(9 |
) |
|
|
(4 |
) |
|
|
|
|
(971 |
) |
|
|
(193 |
) |
|
|
| |
Regional operating special items, net |
|
|
- |
|
|
|
(2 |
) |
|
|
|
|
(8 |
) |
|
|
(5 |
) |
|
|
| |
Total operating expenses excluding net special items |
|
|
12,397 |
|
|
|
11,800 |
|
|
|
|
|
48,775 |
|
|
|
47,166 |
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Aircraft fuel and related taxes |
|
|
(3,159 |
) |
|
|
(3,421 |
) |
|
|
|
|
(12,257 |
) |
|
|
(13,791 |
) |
|
|
| |
Total operating expenses excluding net special items and fuel |
|
$ |
9,238 |
|
|
$ |
8,379 |
|
|
|
|
$ |
36,518 |
|
|
$ |
33,375 |
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
(in cents) |
|
|
|
(in cents) |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Total operating expenses per ASM as reported |
|
|
17.78 |
|
|
|
17.90 |
|
|
|
|
|
17.92 |
|
|
|
18.20 |
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Operating net special items per ASM: |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Mainline operating special items, net (1) |
|
|
(0.01 |
) |
|
|
(0.01 |
) |
|
|
|
|
(0.35 |
) |
|
|
(0.07 |
) |
|
|
| |
Regional operating special items, net |
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
| |
Total operating expenses per ASM excluding net special items |
|
|
17.77 |
|
|
|
17.89 |
|
|
|
|
|
17.56 |
|
|
|
18.13 |
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Aircraft fuel and related taxes per ASM |
|
|
(4.53 |
) |
|
|
(5.19 |
) |
|
|
|
|
(4.41 |
) |
|
|
(5.30 |
) |
|
|
| |
Total operating expenses per ASM excluding net special items and
fuel |
|
|
13.24 |
|
|
|
12.70 |
|
|
|
|
|
13.15 |
|
|
|
12.83 |
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Note: Amounts may not recalculate due to
rounding. |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
FOOTNOTES: |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
The 2023 twelve month period mainline operating special items, net
principally included $989 million of one-time charges resulting
from the ratification of a new collective bargaining agreement with
our mainline pilots, including a one-time payment of $754 million
as well as adjustments to other benefit-related items of $235
million.The 2022 twelve 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 the 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. |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) |
Principally included charges associated with debt refinancings and
extinguishments as well as mark-to-market net unrealized gains and
losses associated with certain equity investments. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3) |
The 2023 three and twelve month period diluted earnings per share
gives effect to, among other things, the Company's outstanding 6.5%
senior convertible notes by (a) adding back to earnings $13 million
and $47 million of interest expense, respectively, related to such
convertible notes, net of estimated profit sharing, short-term
incentive and tax effects and (b) including in the diluted shares
outstanding, 61.7 million shares issuable in respect to such
convertible notes.The 2022 three month period diluted earnings per
share gives effect to, among other things, the Company's
outstanding 6.5% senior convertible notes by (a) adding back to
earnings $11 million of interest expense related to such
convertible notes, net of estimated profit sharing, short-term
incentive and tax effects and (b) including in the diluted shares
outstanding, 61.7 million shares issuable in respect to such
convertible notes. |
| American
Airlines Group Inc. |
| Condensed
Consolidated Statements of Cash Flows |
| (In
millions) (Unaudited) |
| |
|
|
|
|
|
| |
|
|
Year Ended December
31, |
| |
|
|
2023 |
|
2022 |
| |
|
|
|
|
|
| |
Net cash provided by operating activities |
|
$ |
3,803 |
|
|
$ |
2,173 |
|
| |
Cash
flows from investing activities: |
|
|
|
|
| |
Capital expenditures, net of aircraft purchase deposit returns |
|
(2,596 |
) |
|
|
(2,546 |
) |
| |
Proceeds from sale of property and equipment and sale-leaseback
transactions |
|
230 |
|
|
|
147 |
|
| |
Sales of short-term investments |
|
|
8,861 |
|
|
|
14,972 |
|
| |
Purchases of short-term investments |
|
|
(7,323 |
) |
|
|
(11,257 |
) |
| |
Decrease in restricted short-term investments |
|
|
51 |
|
|
|
1 |
|
| |
Purchase of equity investments |
|
|
- |
|
|
|
(321 |
) |
| |
Other investing activities |
|
|
275 |
|
|
|
(360 |
) |
| |
Net cash provided by (used in) investing activities |
|
|
(502 |
) |
|
|
636 |
|
| |
Cash
flows from financing activities: |
|
|
|
|
| |
Payments on long-term debt and finance leases |
|
|
(7,718 |
) |
|
|
(3,752 |
) |
| |
Proceeds from issuance of long-term debt |
|
|
4,822 |
|
|
|
1,069 |
|
| |
Other financing activities |
|
|
(310 |
) |
|
|
52 |
|
| |
Net cash used in financing activities |
|
|
(3,206 |
) |
|
|
(2,631 |
) |
| |
Net increase
in cash and restricted cash |
|
|
95 |
|
|
|
178 |
|
| |
Cash and
restricted cash at beginning of year |
|
|
586 |
|
|
|
408 |
|
| (1) |
Cash and
restricted cash at end of year |
|
$ |
681 |
|
|
$ |
586 |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
| (1) |
The following table
provides a reconciliation of cash and restricted cash to amounts
reported within the condensed consolidated balance sheets: |
| |
|
|
|
|
|
| |
Cash |
|
$ |
578 |
|
|
$ |
440 |
|
| |
Restricted
cash included in restricted cash and short-term investments |
|
|
103 |
|
|
|
146 |
|
| |
Total cash and restricted cash |
|
$ |
681 |
|
|
$ |
586 |
|
Free Cash Flow
The Company's free cash flow summary is presented in the table
below, which is a non-GAAP measure that management believes is
useful information to investors and others in evaluating the
Company's ability to generate cash from its core operating
performance that is available for use to reinvest in the business
or to reduce debt. The Company defines free cash flows as net cash
provided by operating activities less net cash used in investing
activities, adjusted for (1) net sales of short-term investments
and (2) change in restricted cash. We believe that calculating free
cash flow as adjusted for these items is more useful for investors
because short-term investment activity and restricted cash are not
representative of activity core to our operations.
This non-GAAP measure may not be comparable to similarly titled
non-GAAP measures of other companies, and should be considered in
addition to, and not as a substitute for or superior to, any
measure of performance, cash flow or liquidity prepared in
accordance with GAAP. Our calculation of free cash flow is not
intended, and should not be used, to measure the residual cash flow
available for discretionary expenditures because, among other
things, it excludes mandatory debt service requirements and certain
other non-discretionary expenditures.
| |
|
|
Year Ended December 31, 2023 |
| |
|
|
(in millions) |
| |
|
|
|
|
|
Net cash provided by operating activities |
$ |
3,803 |
|
| |
Adjusted net cash used in investing activities
(1) |
|
(1,997 |
) |
| |
Free cash flow |
$ |
1,806 |
|
|
|
|
|
|
| |
|
|
|
| (1) |
The following table provides a reconciliation of adjusted net cash
used in investing activities for the year ended December 31, 2023
(in millions): |
| |
|
|
|
| |
Net cash used in investing activities |
$ |
(502 |
) |
| |
Adjustments: |
|
| |
Net sales of short-term investments |
|
(1,538 |
) |
| |
Decrease in restricted cash |
|
43 |
|
| |
Adjusted net cash used in investing activities |
$ |
(1,997 |
) |
| American
Airlines Group Inc. |
| Condensed
Consolidated Balance Sheets |
| (In
millions, except shares) |
| |
|
|
|
| |
December 31,
2023 |
|
December 31,
2022 |
| |
(unaudited) |
|
|
| Assets |
|
|
|
| |
|
|
|
| Current
assets |
|
|
|
|
Cash |
$ |
578 |
|
|
$ |
440 |
|
|
Short-term investments |
|
7,000 |
|
|
|
8,525 |
|
|
Restricted cash and short-term investments |
|
910 |
|
|
|
995 |
|
|
Accounts receivable, net |
|
2,026 |
|
|
|
2,138 |
|
|
Aircraft fuel, spare parts and supplies, net |
|
2,400 |
|
|
|
2,279 |
|
|
Prepaid expenses and other |
|
658 |
|
|
|
892 |
|
|
Total current assets |
|
13,572 |
|
|
|
15,269 |
|
| |
|
|
|
| Operating
property and equipment |
|
|
|
|
Flight equipment |
|
41,794 |
|
|
|
39,703 |
|
|
Ground property and equipment |
|
10,307 |
|
|
|
9,913 |
|
|
Equipment purchase deposits |
|
760 |
|
|
|
613 |
|
|
Total property and equipment, at cost |
|
52,861 |
|
|
|
50,229 |
|
|
Less accumulated depreciation and amortization |
|
(22,097 |
) |
|
|
(20,029 |
) |
|
Total property and equipment, net |
|
30,764 |
|
|
|
30,200 |
|
| |
|
|
|
| Operating
lease right-of-use assets |
|
7,939 |
|
|
|
8,094 |
|
| |
|
|
|
| Other
assets |
|
|
|
|
Goodwill |
|
4,091 |
|
|
|
4,091 |
|
|
Intangibles, net |
|
2,051 |
|
|
|
2,059 |
|
|
Deferred tax asset |
|
2,888 |
|
|
|
3,099 |
|
|
Other assets |
|
1,753 |
|
|
|
1,904 |
|
|
Total other assets |
|
10,783 |
|
|
|
11,153 |
|
| |
|
|
|
|
Total assets |
$ |
63,058 |
|
|
$ |
64,716 |
|
| |
|
|
|
| Liabilities
and Stockholders’ Equity (Deficit) |
|
|
|
| |
|
|
|
| Current
liabilities |
|
|
|
|
Current maturities of long-term debt and finance leases |
$ |
3,632 |
|
|
$ |
3,274 |
|
|
Accounts payable |
|
2,353 |
|
|
|
2,149 |
|
|
Accrued salaries and wages |
|
2,377 |
|
|
|
1,713 |
|
|
Air traffic liability |
|
6,200 |
|
|
|
6,745 |
|
|
Loyalty program liability |
|
3,453 |
|
|
|
3,169 |
|
|
Operating lease liabilities |
|
1,309 |
|
|
|
1,465 |
|
|
Other accrued liabilities |
|
2,738 |
|
|
|
2,981 |
|
|
Total current liabilities |
|
22,062 |
|
|
|
21,496 |
|
| |
|
|
|
| Noncurrent
liabilities |
|
|
|
|
Long-term debt and finance leases, net of current maturities |
|
29,270 |
|
|
|
32,389 |
|
|
Pension and postretirement benefits |
|
3,044 |
|
|
|
2,837 |
|
|
Loyalty program liability |
|
5,874 |
|
|
|
5,976 |
|
|
Operating lease liabilities |
|
6,452 |
|
|
|
6,559 |
|
|
Other liabilities |
|
1,558 |
|
|
|
1,258 |
|
|
Total noncurrent liabilities |
|
46,198 |
|
|
|
49,019 |
|
| |
|
|
|
|
Stockholders' equity (deficit) |
|
|
|
|
Common stock, 654,273,192 shares outstanding at December 31,
2023 |
|
7 |
|
|
|
6 |
|
|
Additional paid-in capital |
|
7,374 |
|
|
|
7,291 |
|
|
Accumulated other comprehensive loss |
|
(4,894 |
) |
|
|
(4,585 |
) |
|
Retained deficit |
|
(7,689 |
) |
|
|
(8,511 |
) |
|
Total stockholders' deficit |
|
(5,202 |
) |
|
|
(5,799 |
) |
| |
|
|
|
|
Total liabilities and stockholders’ equity (deficit) |
$ |
63,058 |
|
|
$ |
64,716 |
|
|
|
|
|
|
American Airlines (NASDAQ:AAL)
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