Delaware | 1-8400 | 75-1825172 | ||
Delaware | 1-2691 | 13-1502798 | ||
(State or other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
4333 Amon Carter Blvd., Fort Worth, Texas | 76155 | |
4333 Amon Carter Blvd., Fort Worth, Texas | 76155 | |
(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)) |
Emerging growth company | ☐ |
ITEM 7.01. | REGULATION FD DISCLOSURE. |
ITEM 9.01. | FINANCIAL STATEMENTS AND EXHIBITS. |
(d) Exhibits. | ||
Exhibit No. | Description | |
99.1 |
AMERICAN AIRLINES GROUP INC. | |||
Date: October 9, 2018 | By: | /s/ Derek J. Kerr | |
Derek J. Kerr | |||
Executive Vice President and Chief Financial Officer |
AMERICAN AIRLINES, INC. | |||
Date: October 9, 2018 | By: | /s/ Derek J. Kerr | |
Derek J. Kerr | |||
Executive Vice President and Chief Financial Officer |
● | Special items - The company expects its total pre-tax net special items in the third quarter will approximate $230 million1. Net special items principally include fleet restructuring expenses, merger integration expenses and mark-to-market adjustments for bankruptcy obligations and equity investments. |
● | Revenue - Despite the impact from Hurricane Florence outlined below, the company now expects its third quarter total revenue per available seat mile (TRASM) to be up approximately 2.0 to 3.0 percent year-over-year vs. previous guidance of up 1.0 to 3.0 percent. The change in TRASM vs. previous guidance is due primarily to stronger domestic yields. |
● | CASM - The company continues to expect third quarter consolidated CASM excluding fuel and special items to be up approximately 1.0 percent1 year-over-year. |
● | Liquidity - As of September 30, 2018, the company had approximately $7.4 billion in total available liquidity, comprised of unrestricted cash and investments of $4.9 billion and $2.5 billion in undrawn revolver capacity. The company also had a restricted cash position of $154 million. |
● | Shares outstanding - The fully diluted weighted average sharecount for the third quarter was approximately 462 million. |
● | Storm Impact - In September, the company cancelled approximately 2,100 flights due to the impact of Hurricane Florence. These cancellations reduced third quarter revenue by approximately $55 million and TRASM by approximately 50 basis points. Taking into account lower costs due to fewer departures, the negative impact to pre-tax income was approximately $50 million. |
1. | For a reconciliation of special items (including the company’s estimates for the third quarter), please see the GAAP to non-GAAP reconciliation at the end of this document. |
3rd Quarter 2018 | |||
Previous Guidance | Current Guidance | ||
7/26/2018 | 10/9/2018 | ||
Consolidated Guidance1 | |||
Available Seat Miles (ASMs) (bil) | ~75.5 | ~75.0 | |
Cargo Revenues ($ mil)2 | ~255 | ~255 | |
Other Revenues ($ mil)2 | ~690 | ~740 | |
Total Revenue per ASM (TRASM) | +1% to +3% | +2% to +3% | |
Average Fuel Price (incl. taxes) ($/gal) | 2.22 to 2.27 | 2.28 to 2.33 | |
Fuel Gallons Consumed (mil) | ~1,194 | ~1,191 | |
CASM ex fuel and special items (YOY % change)3 | 0% to +2% | 0% to +2% | |
Interest Income ($ mil) | ~(27) | ~(29) | |
Interest Expense ($ mil) | ~261 | ~265 | |
Other Non-Operating (Income)/Expense ($ mil)4 | ~(76) | ~(58) | |
Pre-tax Margin | +5% to +7% | +5% to +7% | |
CAPEX Guidance ($ mil) Inflow/(Outflow) | |||
Non-Aircraft CAPEX | ~(498) | ~(470) | |
Gross Aircraft CAPEX & net PDPs | ~(566) | ~(551) | |
Assumed Aircraft Financing | ~638 | ~588 | |
Net Aircraft CAPEX & PDPs5 | ~71 | ~37 |
1. | Includes guidance on certain non-GAAP measures, which exclude special items. Please see the GAAP to non-GAAP reconciliation at the end of this document. |
2. | Cargo/Other revenue includes cargo revenue, loyalty program revenue, and contract services. |
3. | CASM ex fuel and special items is a non-GAAP financial measure. |
4. | Other Non-Operating (Income)/Expense primarily includes non-service related pension and retiree medical benefit income/costs, gains and losses from foreign currency, and income/loss from the company’s approximate 25% ownership interest in Republic Airways Holdings Inc. |
5. | Numbers may not recalculate due to rounding. |
American Airlines Group Inc. GAAP to Non-GAAP Reconciliation | |||||||||
3Q18 Range | |||||||||
Low | High | ||||||||
Consolidated1 | |||||||||
Consolidated operating expenses | $ | 10,813 | $ | 11,030 | |||||
Less fuel expense | 2,715 | 2,775 | |||||||
Less special items | 215 | 215 | |||||||
Consolidated operating expense excluding fuel and special items | 7,883 | 8,040 | |||||||
Consolidated CASM (cts) | 14.42 | 14.71 | |||||||
Consolidated CASM excluding fuel and special items (Non-GAAP) (cts) | 10.51 | 10.72 | |||||||
YOY (%) | 0.0 | % | 2.0 | % | |||||
Consolidated ASMs (bil) | 75.0 | 75.0 | |||||||
Other non-operating (income)/expense1 | |||||||||
Other non-operating (income)/expense | $ | (43 | ) | $ | (43 | ) | |||
Less special items | 15 | 15 | |||||||
Other non-operating (income)/expense excluding special items | (58 | ) | (58 | ) |
Notes: | Amounts may not recalculate due to rounding. |
1. | Net special items principally include fleet restructuring expenses, merger integration expenses and mark-to-market adjustments for bankruptcy obligations and equity investments |
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