• American Airlines reports third-quarter 2023 financial results

    来源: Nasdaq GlobeNewswire / 19 10月 2023 07:00:09   America/New_York

    FORT WORTH, Texas, Oct. 19, 2023 (GLOBE NEWSWIRE) -- American Airlines Group Inc. (NASDAQ: AAL) today reported its third-quarter 2023 financial results, including:

    • Record third-quarter revenue of approximately $13.5 billion.
    • GAAP third-quarter net loss of $545 million, or ($0.83) per diluted share.
    • Excluding net special items1, third-quarter net income of $263 million, or $0.38 per diluted share.
    • Record third-quarter completion factor, best among U.S. network carriers.
    • Ended the third quarter with approximately $13.5 billion of total available liquidity.
    • Reduced total debt2 by $1.4 billion in the third quarter.
    • Credit rating upgraded by Fitch, Moody's and Standard & Poor's during the third quarter.

    “The American Airlines team continues to produce strong results,” said American’s CEO Robert Isom. “Our team is delivering record-setting reliability and operational performance. We are executing on our plans and remain well-positioned for the future, supported by the strength of our network, our young and modern fleet, and our outstanding team.”

    Reliability
    American delivered a strong operation in the third quarter, including a record-setting performance during the peak travel period this summer. American operated more than 515,000 flights in the third quarter with an average load factor of 84%. The company produced its best-ever third-quarter completion factor and the best completion factor among U.S. network carriers. American is committed to building on this momentum and delivering a reliable operation for customers during the upcoming holiday travel season.

    Financial performance
    American produced record third-quarter revenues of approximately $13.5 billion, driven by a resilient demand environment and record-setting co-brand credit card and travel rewards program revenue. American saw year-over-year growth in corporate and government revenue in the third quarter and continued strength in demand and revenue from unmanaged business travel.

    In the third quarter, the company produced an operating margin of (1.7%) and net loss of $545 million on a GAAP basis. Excluding net special items1, American produced an operating margin of 5.4% and net income of $263 million in the third quarter, exceeding the high end of the company’s prior guidance.

    Liquidity and balance sheet
    American reduced total debt2 by $1.4 billion in the third quarter. Strengthening the balance sheet continues to be a top priority, and the company is more than 70% of the way to its goal of reducing total debt by $15 billion by the end of 2025. As of Sept. 30, 2023, American had reduced its total debt by approximately $10.9 billion from peak levels in mid-2021.

    American’s commitment to strengthening its balance sheet is being recognized, with Fitch, Moody's and Standard & Poor's each upgrading the company’s credit rating in the third quarter. The company ended the quarter with approximately $13.5 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 update
    Based on demand trends and the current fuel price forecast and excluding the impact of special items3, the company expects its fourth-quarter 2023 adjusted operating margin to be 2% to 4%. American now expects its full-year 2023 adjusted operating margin to be approximately 7%.

    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 details
    The 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 Nov. 19.

    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.

    1. The company recognized $808 million of net special items in the third quarter after the effect of taxes, which principally included operating net special items of $983 million 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 $101 million for charges associated with debt extinguishments and mark-to-market net unrealized losses on certain equity investments.
    2. All references to total debt include debt, finance leases, operating lease liabilities and pension obligations.
    3. 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 Group
    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 @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, 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 September 30, Percent Increase 9 Months Ended September 30, Percent Increase
       2023   2022  (Decrease)  2023   2022  (Decrease)
                 
    Operating revenues:            
    Passenger $12,421  $12,396  0.2  $36,502  $32,438  12.5 
    Cargo  193   279  (30.9)  613   970  (36.8)
    Other  868   787  10.4   2,611   2,375  10.0 
    Total operating revenues  13,482   13,462  0.1   39,726   35,783  11.0 
                 
    Operating expenses:            
    Aircraft fuel and related taxes  3,209   3,847  (16.6)  9,098   10,369  (12.3)
    Salaries, wages and benefits  3,974   3,384  17.4   10,891   9,773  11.4 
    Regional expenses:            
    Regional operating expenses  1,089   1,093  (0.5)  3,224   3,058  5.5 
    Regional depreciation and amortization  79   81  (1.4)  239   240  (0.5)
    Maintenance, materials and repairs  870   685  26.9   2,389   1,949  22.6 
    Other rent and landing fees  745   710  5.0   2,214   2,081  6.4 
    Aircraft rent  342   347  (1.4)  1,031   1,045  (1.4)
    Selling expenses  430   495  (13.2)  1,357   1,331  1.9 
    Depreciation and amortization  487   491  (0.8)  1,456   1,486  (2.0)
    Special items, net  949   37  nm (1) 962   189  nm 
    Other  1,531   1,362  12.5   4,487   4,037  11.1 
    Total operating expenses  13,705   12,532  9.4   37,348   35,558  5.0 
                 
    Operating income (loss)  (223)  930  nm   2,378   225  nm 
                 
    Nonoperating income (expense):            
    Interest income  168   70  nm   456   107  nm 
    Interest expense, net  (537)  (499) 7.8   (1,626)  (1,430) 13.7 
    Other income (expense), net  (98)  157  nm   (119)  274  nm 
    Total nonoperating expense, net  (467)  (272) 71.9   (1,289)  (1,049) 22.8 
                 
    Income (loss) before income taxes  (690)  658  nm   1,089   (824) nm 
                   
    Income tax provision (benefit)  (145)  175  nm   286   (148) nm 
                   
    Net income (loss) $(545) $483  nm  $803  $(676) nm 
                 
                 
    Earnings (loss) per common share:            
    Basic $(0.83) $0.74    $1.23  $(1.04)  
    Diluted $(0.83) $0.69    $1.16  $(1.04)  
                 
    Weighted average shares outstanding (in thousands):            
    Basic  654,119   650,586     653,241   650,145   
    Diluted  654,119   715,985     719,956   650,145   
                 
                 
    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 September 30, Increase 9 Months Ended September 30, Increase
      2023 2022 (Decrease) 2023 2022 (Decrease)
                 
    Revenue passenger miles (millions) 61,561 58,499 5.2%  173,595 160,305 8.3% 
    Available seat miles (ASM) (millions) 73,285 68,567 6.9%  207,950 194,264 7.0% 
    Passenger load factor (percent) 84.0 85.3 (1.3)pts 83.5 82.5 1.0pts 
    Yield (cents) 20.18 21.19 (4.8)% 21.03 20.23 3.9% 
    Passenger revenue per ASM (cents) 16.95 18.08 (6.3)% 17.55 16.70 5.1% 
    Total revenue per ASM (cents) 18.40 19.63 (6.3)% 19.10 18.42 3.7% 
    Cargo ton miles (millions) 490 478 2.5%  1,339 1,514 (11.6)%
    Cargo yield per ton mile (cents) 39.31 58.30 (32.6)% 45.78 64.07 (28.6)%
                 
    Fuel consumption (gallons in millions) 1,102 1,031 6.9%  3,107 2,922 6.3% 
    Average aircraft fuel price including related taxes (dollars per gallon) 2.91 3.73 (22.0)% 2.93 3.55 (17.5)%
                 
    Operating cost per ASM (cents) 18.70 18.28 2.3%  17.96 18.30 (1.9)%
    Operating cost per ASM excluding net special items (cents) 17.40 18.22 (4.5)% 17.49 18.21 (3.9)%
    Operating cost per ASM excluding net special items and fuel (cents) 13.02 12.61 3.3%  13.12 12.87 1.9% 
                 
    Passenger enplanements (thousands) 54,608 52,564 3.9%  157,125 148,353 5.9% 
    Departures (thousands):            
    Mainline 296 273 8.1%  860 775 11.0% 
    Regional 223 228 (2.4)% 633 702 (9.8)%
    Total 519 501 3.3%  1,493 1,477 1.1% 
    Average stage length (miles):            
    Mainline 1,166 1,175 (0.7)% 1,144 1,172 (2.4)%
    Regional 461 476 (3.1)% 464 479 (3.2)%
    Total 864 857 0.8%  856 842 1.6% 
    Aircraft at end of period:            
    Mainline (2) 950 908 4.6%  950 908 4.6% 
    Regional (3) 549 553 (0.7)% 549 553 (0.7)%
    Total 1,499 1,461 2.6%  1,499 1,461 2.6% 
    Full-time equivalent employees at end of period:            
    Mainline 104,300 102,200 2.1%  104,300 102,200 2.1% 
    Regional (4) 28,500 27,500 3.6%  28,500 27,500 3.6% 
    Total 132,800 129,700 2.4%  132,800 129,700 2.4% 
                 
                 
    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 one Boeing 737-800 mainline aircraft that was in temporary storage as of September 30, 2023.
    (3) 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 75 regional aircraft that were in temporary storage as of September 30, 2023 as follows: 54 Embraer 145, 11 Bombardier CRJ 700, five Embraer 170, and five Bombardier CRJ 900.
    (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
       2023 2022 (Decrease) 2023 2022 (Decrease)
                  
    Domestic (1)            
    Revenue passenger miles (millions) 40,255 39,226 2.6%  115,764 111,346 4.0% 
    Available seat miles (ASM) (millions) 48,146 45,686 5.4%  138,400 131,507 5.2% 
    Passenger load factor (percent) 83.6 85.9 (2.3)pts 83.6 84.7 (1.1)pts
    Passenger revenue (dollars in millions) 8,616 8,786 (1.9)% 25,848 23,966 7.9% 
    Yield (cents) 21.40 22.40 (4.4)% 22.33 21.52 3.7% 
    Passenger revenue per ASM (cents) 17.90 19.23 (6.9)% 18.68 18.22 2.5% 
                  
    Latin America (2)            
    Revenue passenger miles (millions) 7,833 8,012 (2.2)% 24,767 24,088 2.8% 
    Available seat miles (millions) 8,872 9,166 (3.2)% 28,582 29,278 (2.4)%
    Passenger load factor (percent) 88.3 87.4 0.9pts  86.7 82.3 4.4pts 
    Passenger revenue (dollars in millions) 1,490 1,596 (6.6)% 5,045 4,357 15.8% 
    Yield (cents) 19.02 19.92 (4.5)% 20.37 18.09 12.6% 
    Passenger revenue per ASM (cents) 16.80 17.41 (3.5)% 17.65 14.88 18.6% 
                  
    Atlantic             
    Revenue passenger miles (millions) 11,764 10,623 10.7%  28,274 23,273 21.5% 
    Available seat miles (millions) 14,262 12,945 10.2%  35,328 30,955 14.1% 
    Passenger load factor (percent) 82.5 82.1 0.4pts  80.0 75.2 4.8pts 
    Passenger revenue (dollars in millions) 2,056 1,901 8.2%  4,875 3,848 26.7% 
    Yield (cents) 17.48 17.89 (2.3)% 17.24 16.53 4.3% 
    Passenger revenue per ASM (cents) 14.41 14.68 (1.8)% 13.80 12.43 11.0% 
                  
    Pacific             
    Revenue passenger miles (millions) 1,709 638 nm  4,790 1,598 nm 
    Available seat miles (millions) 2,005 770 nm  5,640 2,524 nm 
    Passenger load factor (percent) 85.2 82.9 2.3pts  84.9 63.3 21.6pts 
    Passenger revenue (dollars in millions) 259 113 nm  734 267 nm 
    Yield (cents) 15.16 17.74 (14.5)% 15.32 16.66 (8.1)%
    Passenger revenue per ASM (cents) 12.92 14.71 (12.1)% 13.01 10.55 23.3% 
                  
    Total International            
    Revenue passenger miles (millions) 21,306 19,273 10.5%  57,831 48,959 18.1%
    Available seat miles (millions) 25,139 22,881 9.9%  69,550 62,757 10.8% 
    Passenger load factor (percent) 84.7 84.2 0.5pts  83.2 78.0 5.2pts 
    Passenger revenue (dollars in millions) 3,805 3,610 5.4%  10,654 8,472 25.8% 
    Yield (cents) 17.86 18.73 (4.7)% 18.42 17.30 6.5% 
    Passenger revenue per ASM (cents) 15.14 15.78 (4.1)% 15.32 13.50 13.5% 
                  
    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: - Operating Income (Loss) (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 (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) 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 September 30, Percent Increase 9 Months Ended September 30,Percent Increase 
       2023   2022  (Decrease)  2023   2022  (Decrease) 
       (in millions)   (in millions)   
                   
     Operating income (loss) as reported $(223) $930    $2,378  $225    
     Operating net special items:             
     Mainline operating special items, net (1)  949   37     962   189    
        Regional operating special items, net  2   2     8   2    
     Operating income excluding net special items $728  $969  (24.9%) $3,348  $416  nm 
                   
     Calculation of Operating Margin             
                   
     Operating income (loss) as reported $(223) $930    $2,378  $225    
                   
     Total operating revenues as reported $13,482  $13,462    $39,726  $35,783    
                   
     Operating margin  (1.7%)  6.9%    6.0%  0.6%   
                   
     Calculation of Operating Margin Excluding Net Special Items             
                   
     Operating income excluding net special items $728  $969    $3,348  $416    
                   
     Total operating revenues as reported $13,482  $13,462    $39,726  $35,783    
                   
     Operating margin excluding net special items  5.4%  7.2%    8.4%  1.2%   
                   
     Reconciliation of Pre-Tax Income (Loss) Excluding Net Special Items             
                   
     Pre-tax income (loss) as reported $(690) $658    $1,089  $(824)   
     Pre-tax net special items:             
     Mainline operating special items, net (1)  949   37     962   189    
        Regional operating special items, net  2   2     8   2    
     Nonoperating special items, net (2)  101   (57)    146   34    
     Total pre-tax net special items  1,052   (18)    1,116   225    
                   
     Pre-tax income (loss) excluding net special items $362  $640  (43.4%) $2,205  $(599) nm 
                   
     Calculation of Pre-Tax Margin             
                   
     Pre-tax income (loss) as reported $(690) $658    $1,089  $(824)   
                   
     Total operating revenues as reported $13,482  $13,462    $39,726  $35,783    
                   
     Pre-tax margin  (5.1%)  4.9%    2.7%  (2.3%)   
                   
     Calculation of Pre-Tax Margin Excluding Net Special Items             
                   
     Pre-tax income (loss) excluding net special items $362  $640    $2,205  $(599)   
                   
     Total operating revenues as reported $13,482  $13,462    $39,726  $35,783    
                   
     Pre-tax margin excluding net special items  2.7%  4.8%    5.6%  (1.7%)   
                   
                   
       3 Months Ended September 30, Percent Increase 9 Months Ended September 30,Percent Increase 
     Reconciliation of Net Income (Loss) 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 (loss) as reported $(545) $483    $803  $(676)   
     Net special items:             
     Total pre-tax net special items (1), (2)  1,052   (18)    1,116   225    
        Income tax special items, net  -   -     -   (9)   
        Net tax effect of net special items  (244)  13     (252)  (39)   
     Net income (loss) excluding net special items $263  $478  (45.0%) $1,667  $(499) nm 
                   
     Reconciliation of Basic and Diluted Earnings (Loss) Per Share Excluding Net Special Items             
                   
     Net income (loss) excluding net special items $263  $478    $1,667  $(499)   
                   
     Shares used for computation (in thousands):             
     Basic  654,119   650,586     653,241   650,145    
     Diluted  722,087   715,985     719,956   650,145    
                   
     Earnings (loss) per share excluding net special items:             
     Basic $0.40  $0.73    $2.55  $(0.77)   
     Diluted (3) $0.38  $0.69    $2.36  $(0.77)   
                   
     Reconciliation of Total Operating Costs per ASM Excluding Net Special Items and Fuel             
                   
     Total operating expenses as reported $13,705  $12,532    $37,348  $35,558    
                   
     Operating net special items:             
     Mainline operating special items, net (1)  (949)  (37)    (962)  (189)   
        Regional operating special items, net  (2)  (2)    (8)  (2)   
     Total operating expenses excluding net special items  12,754   12,493     36,378   35,367    
                   
     Aircraft fuel and related taxes  (3,209)  (3,847)    (9,098)  (10,369)   
     Total operating expenses excluding net special items and fuel $9,545  $8,646    $27,280  $24,998    
                   
       (in cents)   (in cents)  
                   
     Total operating expenses per ASM as reported  18.70   18.28     17.96   18.30    
                   
     Operating net special items per ASM:             
     Mainline operating special items, net (1)  (1.29)  (0.05)    (0.46)  (0.10)   
        Regional operating special items, net  -   -     -   -    
     Total operating expenses per ASM excluding net special items  17.40   18.22     17.49   18.21    
                   
     Aircraft fuel and related taxes per ASM  (4.38)  (5.61)    (4.38)  (5.34)   
     Total operating expenses per ASM excluding net special items and fuel  13.02   12.61     13.12   12.87    
                   
     Note: Amounts may not recalculate due to rounding.             
                   
     FOOTNOTES:             
                   
    (1)The 2023 three and nine month period mainline operating special items, net principally included $983 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 $229 million. The 2022 nine 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 nine month period diluted earnings per share excluding net special items gives effect to, among other things, the Company's outstanding 6.5% senior convertible notes by (a) adding back to earnings $11 million and $33 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. 
                   


    American Airlines Group Inc.
    Condensed Consolidated Statements of Cash Flows
    (In millions)(Unaudited)
           
        9 Months Ended September 30,
         2023   2022 
           
     Net cash provided by operating activities$5,154  $2,331 
     Cash flows from investing activities:   
     Capital expenditures and aircraft purchase deposits (1,753)  (1,860)
     Proceeds from sale-leaseback transactions and sale of property and equipement 219   83 
     Purchases of short-term investments (8,323)(11,257) (12,113)
     Sales of short-term investments 6,857 13,923  13,412 
     Decrease in restricted short-term investments 39   41 
     Purchase of equity investments -   (205)
     Other investing activities 300   (274)
     Net cash used in investing activities (2,661)  (916)
     Cash flows from financing activities:   
     Payments on long-term debt and finance leases (4,624)  (2,038)
     Proceeds from issuance of long-term debt 2,324   699 
     Other financing activities (92)  (8)
     Net cash used in financing activities (2,392)  (1,347)
     Net increase in cash and restricted cash 101   68 
     Cash and restricted cash at beginning of period 586   408 
    (1)Cash and restricted cash at end of period$687  $476 
           
           
           
    (1)The following table provides a reconciliation of cash and restricted cash to amounts reported within the condensed consolidated balance sheets:
           
     Cash $577  $332 
     Restricted cash included in restricted cash and short-term investments 110   144 
     Total cash and restricted cash$687  $476 
           


    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 purchases 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.  
           
        9 Months Ended September 30, 2023  
          
        (in millions)  
           
     Net cash provided by operating activities$5,154   
     Adjusted net cash used in investing activities (1) (1,159)  
     Free cash flow$3,995   
           
           
           
    (1)The following table provides a reconciliation of adjusted net cash used in investing activities for the nine months ended September 30, 2023 (in millions):  
           
     Net cash used in investing activities$(2,661)  
     Adjustments:   
     Net purchases of short-term investments 1,466   
     Decrease in restricted cash 36   
     Adjusted net cash used in investing activities$(1,159)  
           



        
    American Airlines Group Inc.
    Condensed Consolidated Balance Sheets
    (In millions, except shares)
     
        
     September 30, 2023 December 31, 2022
     (unaudited)  
    Assets   
        
    Current assets   
    Cash$577  $440 
    Short-term investments 10,005   8,525 
    Restricted cash and short-term investments 925   995 
    Accounts receivable, net 2,021   2,138 
    Aircraft fuel, spare parts and supplies, net 2,461   2,279 
    Prepaid expenses and other 719   892 
    Total current assets 16,708   15,269 
        
    Operating property and equipment   
    Flight equipment 40,934   39,703 
    Ground property and equipment 10,156   9,913 
    Equipment purchase deposits 799   613 
    Total property and equipment, at cost 51,889   50,229 
    Less accumulated depreciation and amortization (21,571)  (20,029)
    Total property and equipment, net 30,318   30,200 
        
    Operating lease right-of-use assets 7,878   8,094 
        
    Other assets   
    Goodwill 4,091   4,091 
    Intangibles, net 2,053   2,059 
    Deferred tax asset 2,875   3,099 
    Other assets 1,788   1,904 
    Total other assets 10,807   11,153 
        
    Total assets$65,711  $64,716 
        
    Liabilities and Stockholders’ Equity (Deficit)   
        
    Current liabilities   
    Current maturities of long-term debt and finance leases$3,767  $3,274 
    Accounts payable 2,123   2,149 
    Accrued salaries and wages 3,262   1,713 
    Air traffic liability 7,673   6,745 
    Loyalty program liability 3,491   3,169 
    Operating lease liabilities 1,387   1,465 
    Other accrued liabilities 2,677   2,981 
    Total current liabilities 24,380   21,496 
        
    Noncurrent liabilities   
    Long-term debt and finance leases, net of current maturities 29,722   32,389 
    Pension and postretirement benefits 2,929   2,837 
    Loyalty program liability 5,834   5,976 
    Operating lease liabilities 6,329   6,559 
    Other liabilities 1,653   1,258 
    Total noncurrent liabilities 46,467   49,019 
        
    Stockholders' equity (deficit)   
    Common stock, 653,504,063 shares outstanding at September 30, 2023 7   6 
    Additional paid-in capital 7,353   7,291 
    Accumulated other comprehensive loss (4,788)  (4,585)
    Retained deficit (7,708)  (8,511)
    Total stockholders' deficit (5,136)  (5,799)
        
    Total liabilities and stockholders’ equity (deficit)$65,711  $64,716 
        

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