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: January 10, 2019 | By: | /s/ Derek J. Kerr | |
Derek J. Kerr | |||
Executive Vice President and Chief Financial Officer |
AMERICAN AIRLINES, INC. | |||
Date: January 10, 2019 | By: | /s/ Derek J. Kerr | |
Derek J. Kerr | |||
Executive Vice President and Chief Financial Officer |
● | Early adoption of Lease Accounting Standard - Accounting Standards Update (ASU) 2016-02: Leases (Topic 842) (the New Lease Standard) is effective for fiscal years beginning after December 15, 2018. The New Lease Standard requires leases to be recognized on the balance sheet as liabilities with corresponding right-of-use assets. In the fourth quarter of 2018, the company elected to early adopt this new standard as of January 1, 2018, which was driven by a third quarter 2018 revision to the New Lease Standard no longer requiring the recast of prior reporting periods. The company expects its fourth quarter pre-tax income excluding net special items to increase by approximately $55 million related to the adoption of the New Lease Standard, of which a significant portion relates to prior quarters. Of this amount, approximately $35 million is a net increase to operating income and approximately $20 million is an increase to nonoperating income. |
● | Special items - The company expects its total pre-tax net special items in the fourth quarter will approximate $250 million1. Net special items principally include fleet restructuring expenses, merger integration expenses, certain aircraft rent expense associated with the New Lease Standard outlined above, and mark-to-market adjustments for bankruptcy obligations and equity investments. |
● | Revenue - The company now expects its fourth quarter total revenue per available seat mile (TRASM) to be up approximately 1.5 percent year-over-year, at the lower end of its previous guidance range of up 1.5 to up 3.5 percent. This change is due primarily to a lower than anticipated improvement over a strong fourth quarter of 2017 in the domestic market. |
● | CASM - The company continues to expect fourth quarter consolidated CASM excluding fuel and special items to be between down 1.0 percent to up 1.0 percent1 year-over-year. |
● | Liquidity - As of December 31, 2018, the company had approximately $7.6 billion in total available liquidity, comprised of unrestricted cash and investments of $4.8 billion and $2.8 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 fourth quarter was approximately 462 million and for the full year the fully diluted weighted average sharecount was approximately 466 million. |
● | EPS - Based on the assumptions outlined above, the company now expects to report full year 2018 earnings per diluted share of between $2.92 and $3.12 and earnings per diluted share, excluding special items, of between $4.40 and $4.60. |
1. | For a reconciliation of special items (including the company’s estimates for the fourth quarter), please see the GAAP to non-GAAP reconciliation at the end of this document. |
4th Quarter 2018 | Full Year 2018 | ||||||
Previous Guidance | Current Guidance | Previous Guidance | Current Guidance | ||||
10/25/2018 | 1/10/2019 | 10/25/2018 | 1/10/2019 | ||||
Consolidated Guidance1 | |||||||
Available Seat Miles (ASMs) (bil) | ~68.4 | ~68.3 | ~282.2 | ~282.1 | |||
Cargo Revenues ($ mil)2 | ~270 | ~265 | ~1,018 | ~1,013 | |||
Other Revenues ($ mil)2 | ~695 | ~700 | ~2,835 | ~2,840 | |||
Total Revenue per ASM (TRASM) | +1.5% to +3.5% | ~+1.5% | |||||
Average Fuel Price (incl. taxes) ($/gal) | 2.30 to 2.35 | 2.22 to 2.27 | 2.22 to 2.27 | 2.21 to 2.26 | |||
Fuel Gallons Consumed (mil) | ~1,082 | ~1,080 | ~4,449 | ~4,448 | |||
CASM ex fuel and special items (YOY % change)3 | -1% to +1% | -1% to +1% | +0.5% to +2.5% | +1% to +2% | |||
Interest Income ($ mil) | ~(29) | ~(34) | ~(113) | ~(118) | |||
Interest Expense ($ mil) | ~270 | ~261 | ~1,066 | ~1,057 | |||
Other Non-Operating (Income)/Expense ($ mil)4 | ~(75) | ~(82) | ~(271) | ~(278) | |||
Pre-tax Margin excluding special items | +4.5% to +6.5% | +4.5% to +6.5% | |||||
CAPEX Guidance ($ mil) Inflow/(Outflow) | |||||||
Non-Aircraft CAPEX | ~(526) | ~(497) | ~(1,800) | ~(1,770) | |||
Gross Aircraft CAPEX & net PDPs | ~(477) | ~(498) | ~(1,940) | ~(1,961) | |||
Assumed Aircraft Financing | ~486 | ~389 | ~1,585 | ~1,489 | |||
Net Aircraft CAPEX & PDPs5 | ~8 | ~(108) | ~(355) | ~(472) |
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 | ||||||||||||||||||
4Q18 Range | FY18 Range | |||||||||||||||||
Low | High | Low | High | |||||||||||||||
Consolidated1 | ||||||||||||||||||
Consolidated operating expenses | $ | 10,298 | $ | 10,507 | $ | 41,683 | $ | 42,213 | ||||||||||
Less fuel expense | 2,398 | 2,452 | 9,830 | 10,052 | ||||||||||||||
Less special items | 233 | 233 | 797 | 797 | ||||||||||||||
Consolidated operating expense excluding fuel and special items | 7,668 | 7,823 | 31,056 | 31,364 | ||||||||||||||
Consolidated CASM (cts) | 15.08 | 15.38 | 14.78 | 14.96 | ||||||||||||||
Consolidated CASM excluding fuel and special items (Non-GAAP) (cts) | 11.23 | 11.45 | 11.01 | 11.12 | ||||||||||||||
YOY (%) | -1.0 | % | 1.0 | % | 1.0 | % | 2.0 | % | ||||||||||
Consolidated ASMs (bil) | 68.3 | 68.3 | 282.1 | 282.1 | ||||||||||||||
Other non-operating (income)/expense1 | ||||||||||||||||||
Other non-operating (income)/expense | $ | (65 | ) | $ | (65 | ) | $ | (166 | ) | $ | (166 | ) | ||||||
Less special items | 17 | 17 | 112 | 112 | ||||||||||||||
Other non-operating (income)/expense excluding special items | (82 | ) | (82 | ) | (278 | ) | (278 | ) | ||||||||||
Earnings per share (GAAP) | $ | 2.92 | $ | 3.12 | ||||||||||||||
Special items | 1.95 | 1.95 | ||||||||||||||||
Tax impact of special items | (0.47 | ) | (0.47 | ) | ||||||||||||||
Earnings per share excluding special items | 4.40 | 4.60 |
Notes: | Amounts may not recalculate due to rounding. |
1. | Net special items principally include fleet restructuring expenses, merger integration expenses, the impact of the new lease standard adoption, and mark-to-market adjustments for bankruptcy obligations and equity investments. |
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