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)) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
Common Stock, $0.01 par value per share | AAL | The Nasdaq Global Select Market |
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: July 10, 2019 | By: | /s/ Derek J. Kerr | |
Derek J. Kerr | |||
Executive Vice President and Chief Financial Officer |
AMERICAN AIRLINES, INC. | |||
Date: July 10, 2019 | By: | /s/ Derek J. Kerr | |
Derek J. Kerr | |||
Executive Vice President and Chief Financial Officer |
● | Fleet and operation - On March 13, 2019, a directive from the Federal Aviation Administration (FAA) grounded all U.S.-registered Boeing 737 MAX aircraft. The American Airlines fleet currently includes 24 Boeing 737 MAX 8 aircraft with an additional 76 aircraft on order, seven of which were due to be delivered in the second quarter. As a result of this directive, the company cancelled approximately 7,800 flights in the second quarter. The company has cancelled all 737 MAX flying through September 3, 2019. The company estimates that the cancellations in the second quarter negatively impacted pre-tax income by approximately $185 million. The company will provide an update to the full year impact on the second quarter earnings call. |
● | In addition, in May, the company initiated litigation against the Transport Workers Union of America, AFL-CIO, International Association of Machinists and Aerospace Workers, and Airline Mechanic and Related Employee Association TWU/IAM (the Association), claiming that the unions have been engaged in an illegal work slowdown in an effort to influence contract negotiations. That slowdown has significantly impacted the company’s operation and caused a significant number of flight cancellations and delays in the second quarter. A temporary restraining order enjoining the slowdown and further interruption to the company’s operations was granted by U.S. District Court for the Northern District of Texas on June 14, 2019. The court conducted a trial on the company’s request for a permanent injunction against the continuation of these illegal activities and the company is currently awaiting the result of this trial. |
● | Capacity - ASMs for the second quarter were approximately 72.3 billion, 1.1 billion lower than previous guidance due to the flight cancellations outlined above. |
● | Revenue - The company now expects its second quarter total revenue per available seat mile (TRASM) to be up approximately 3.0 to 4.0 percent year-over-year vs. its previous guidance of up approximately 1.0 to 3.0 percent. This increase is due primarily to higher than expected load factor across the system. Cargo revenues are lower than previous guidance due to weaker than anticipated demand across Asian and European markets. |
● | Special items - The company expects its total pre-tax net special items in the second quarter will be approximately $190 million1. Net special items principally include fleet restructuring expenses, merger integration expenses and mark-to-market adjustments for equity investments. |
● | CASM - The company now expects its second quarter total CASM excluding fuel and special items to be up approximately 4.5 to 5.5 percent1 year-over-year vs. its previous guidance of up approximately 3.5 to 5.5 percent. The midpoint is slightly higher than previous guidance due primarily to lower than anticipated capacity, offset, in part, by volume related expense reductions. |
● | Fuel - The company expects its average fuel price (including taxes) to be between $2.12 and $2.17 per gallon in the second quarter. |
● | Pre-tax margin - The company now expects its second quarter pre-tax margin excluding special items to be approximately 8.5 to 9.5 percent vs. its previous guidance of approximately 7.0 to 9.0 percent. |
● | Liquidity - As of June 30, 2019, the company had approximately $8.2 billion in total available liquidity, comprised of unrestricted cash and investments of $5.4 billion and $2.8 billion in undrawn revolver capacity. The company also had a restricted cash position of $157 million. |
● | Shares outstanding - The fully diluted weighted average sharecount for the second quarter was approximately 446 million. |
● | Capex - Net aircraft capex and PDPs for the second quarter is higher than previous guidance due primarily to the delay in delivery of certain Boeing 737 MAX aircraft and the delay in financing transactions related to these deliveries. |
● | Depreciation and Amortization - Total depreciation and amortization excluding special items for the second quarter is expected to be approximately $572 million. |
1. | For a reconciliation of special items (including the company’s estimates for the second quarter), please see the GAAP to non-GAAP reconciliation at the end of this document. |
2nd Quarter 2019 | |||
Previous Guidance | Current Guidance1 | ||
4/26/2019 | 7/10/2019 | ||
Total Mainline and Regional Guidance1 | |||
Available Seat Miles (ASMs) (bil) | ~73.4 | ~72.3 | |
Cargo Revenues ($ mil)2 | ~255 | ~220 | |
Other Revenues ($ mil)2 | ~730 | ~730 | |
Total Revenue per ASM (TRASM) | +1% to +3% | +3% to +4% | |
Average Fuel Price (incl. taxes) ($/gal) | 2.14 to 2.19 | 2.12 to 2.17 | |
Fuel Gallons Consumed (mil) | ~1,154 | ~1,159 | |
CASM ex fuel and special items (YOY % change)3 | +3.5% to +5.5% | +4.5% to +5.5% | |
Interest Income ($ mil) | ~(38) | ~(35) | |
Interest Expense ($ mil) | ~270 | ~275 | |
Other Non-Operating (Income)/Expense ($ mil)4 | ~(46) | ~(38) | |
Pre-tax Margin excluding special items | +7% to +9% | +8.5% to +9.5% | |
Capex Guidance ($ mil) Inflow/(Outflow) | |||
Non-Aircraft Capex | ~(391) | ~(396) | |
Gross Aircraft Capex & net PDPs | ~(769) | ~(638) | |
Assumed Aircraft Financing | ~734 | ~388 | |
Net Aircraft Capex & PDPs5 | ~(35) | ~(250) |
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 Reconciliation1 | |||||||||
2Q19 Range | |||||||||
Low | High | ||||||||
Total operating expenses | $ | 10,760 | $ | 10,896 | |||||
Less fuel expense | 2,457 | 2,515 | |||||||
Less special items | 120 | 120 | |||||||
Total operating expense excluding fuel and special items | 8,182 | 8,261 | |||||||
Total CASM (cts) | 14.88 | 15.07 | |||||||
Total CASM excluding fuel and special items (Non-GAAP) (cts) | 11.32 | 11.43 | |||||||
YOY (%) | 4.5 | % | 5.5 | % | |||||
Total ASMs (bil) | 72.3 | 72.3 | |||||||
Other non-operating (income)/expense | |||||||||
Other non-operating (income)/expense | $ | 32 | $ | 32 | |||||
Less special items | 70 | 70 | |||||||
Other non-operating (income)/expense excluding special items | (38 | ) | (38 | ) |
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 equity investments. |
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