(State or other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
(Address of principal executive offices) | (Zip Code) |
N/A | ||||||||
(Former name or former address if changed since last report.) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
— | (1) |
Emerging growth company |
ITEM 2.02. | RESULTS OF OPERATIONS AND FINANCIAL CONDITION. |
ITEM 9.01. | FINANCIAL STATEMENTS AND EXHIBITS. |
(d) Exhibits. | ||||||||
Exhibit No. | Description | |||||||
99.1 | ||||||||
104.1 | Cover page interactive data file (embedded within the Inline XBRL document). |
AMERICAN AIRLINES GROUP INC. | |||||||||||
Date: January 11, 2022 | By: | /s/ Derek J. Kerr | |||||||||
Derek J. Kerr | |||||||||||
Chief Financial Officer |
AMERICAN AIRLINES, INC. | |||||||||||
Date: January 11, 2022 | By: | /s/ Derek J. Kerr | |||||||||
Derek J. Kerr | |||||||||||
Chief Financial Officer |
● | Capacity: During the fourth quarter, the Company flew 61.1 billion total available seat miles, down 13% versus the fourth quarter of 2019 and at the lower end of its prior guidance of down 11% to 13% versus the fourth quarter of 2019. | ||||
● | Revenue: The Company expects its fourth quarter total revenue to be down approximately 17% versus the fourth quarter of 2019, which is better than the Company’s previous guidance of down approximately 20%. | ||||
● | CASM1: The Company expects its fourth quarter CASM to be up between 13% and 14% compared to the fourth quarter of 2019 versus its previous guidance of up between 8% and 10%. This change versus previous guidance is mainly due to lower capacity, the Company’s fourth quarter holiday operational incentive program, and a write down of excess spare parts inventory. | ||||
● | Fuel: The Company paid approximately $2.36 per gallon of jet fuel and consumed approximately 931 million gallons during the fourth quarter of 2021. | ||||
● | Pretax Margin: Excluding net special items, the Company expects to report pretax margin of between approximately -12% and -13% versus its previous guidance of -16% to -18%. See “Net Special Items” and “GAAP to Non-GAAP Reconciliation” below. | ||||
● | Taxes: The Company expects to record an income tax benefit at an effective tax rate of 22%. See “Net Special Items” and “GAAP to Non-GAAP Reconciliation” below. | ||||
● | Shares Outstanding: The Company’s basic and diluted weighted average shares outstanding for financial reporting purposes were 648.8 million for the fourth quarter. | ||||
● | Net Special Items: The Company expects to report net special items of approximately $9 million in the fourth quarter before the effect of taxes. | ||||
● | Liquidity: The Company expects to end the fourth quarter with approximately $15.8 billion in total available liquidity. |
4th Quarter 20211,2 | ||||||||||||||
Previous Guidance | Current Guidance 1/11/2022 | |||||||||||||
Total revenue | ~ -20% (vs 4Q19) | ~ -17% (vs 4Q19) | ||||||||||||
Available seat miles (ASMs) (bil) | ~ -11% to -13% (vs 4Q19) to ~62 bil ASMs | ~ -13% (vs 4Q19) to ~61 bil ASMs | ||||||||||||
CASM excluding fuel and net special items | ~ +8% to +10% (vs 4Q19) | ~ +13% to +14% (vs 4Q19) | ||||||||||||
Average fuel price (incl. taxes) ($/gal) | ~ $2.43 to $2.48 | ~ $2.36 | ||||||||||||
Fuel gallons consumed (mil) | ~ 970 | ~ 931 | ||||||||||||
Other nonoperating expense excluding net special items ($ mil) | ~ 380 | ~ 382 | ||||||||||||
Pretax margin excluding net special items | ~ -16% to -18% | ~ -12% to -13% | ||||||||||||
1. | Includes guidance on certain non-GAAP measures, which exclude, among other things, net special items. Please see the GAAP to non-GAAP reconciliation at the end of this document. | ||||
2. | Numbers may not recalculate due to rounding. |
GAAP to Non-GAAP Reconciliation of Pretax Loss | ||||||||||||||
($ mil except share and per share amounts) | ||||||||||||||
4Q21 Range | ||||||||||||||
Low | High | |||||||||||||
Total revenue | $ | 9,420 | $ | 9,420 | ||||||||||
Pretax loss | $ | (1,241) | $ | (1,170) | ||||||||||
Pretax margin | -13 | % | -12 | % | ||||||||||
Pretax net special items | 9 | 9 | ||||||||||||
Pretax loss excluding net special items | $ | (1,232) | $ | (1,161) | ||||||||||
Pretax margin excluding net special items | -13 | % | -12 | % | ||||||||||
Note: Amounts may not recalculate due to rounding. |
GAAP to Non-GAAP Reconciliation of Total Operating Costs and CASM | ||||||||||||||
($ mil except ASM and CASM data) | ||||||||||||||
4Q21 Range | ||||||||||||||
Low | High | |||||||||||||
Total operating expenses | $ | 10,179 | $ | 10,250 | ||||||||||
Less fuel expense | 2,197 | 2,197 | ||||||||||||
Less operating net special items | (20) | (20) | ||||||||||||
Total operating expense excluding fuel and net special items | $ | 8,002 | $ | 8,073 | ||||||||||
Total CASM (cts) | 16.66 | 16.78 | ||||||||||||
Total CASM excluding fuel and net special items (cts) | 13.10 | 13.21 | ||||||||||||
Percentage change compared to 4Q 2019 (%) | 13.0 | % | 14.0 | % | ||||||||||
Total ASMs (bil) | 61.1 | 61.1 | ||||||||||||
Note: Amounts may not recalculate due to rounding. |
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