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: July 11, 2018 | By: | /s/ Derek J. Kerr | |
Derek J. Kerr | |||
Executive Vice President and Chief Financial Officer |
AMERICAN AIRLINES, INC. | |||
Date: July 11, 2018 | By: | /s/ Derek J. Kerr | |
Derek J. Kerr | |||
Executive Vice President and Chief Financial Officer |
This interim investor update has a new format designed to reflect developments from the most recent quarter. Guidance for the full year will be provided when the company reports quarterly results. Future investor updates will continue to follow this pattern. |
● | PSA update - On June 14, 2018, PSA Airlines, one of the company’s wholly owned regional carriers, experienced an IT issue that impacted its operations and resulted in the cancellation of approximately 3,000 flights over the following week. The company estimates that this event negatively impacted pre-tax income by approximately $35 million. |
● | Special items - The company expects its total pre-tax net special items in the second quarter will approximate $215 million. Net special items principally include merger integration, fleet restructuring expenses and mark-to-market adjustments for the company’s investment in China Southern Airlines and bankruptcy obligations. Additionally, special items include a $26 million non-cash impairment charge to write-off the company’s Brazil route authority intangible asset as a result of ratification of the U.S.-Brazil open skies agreement. |
● | Revenue - The company now expects its second quarter total revenue per available seat mile (TRASM) to be up approximately 1.0 to 3.0 percent year-over-year, versus its previous guidance of up approximately 1.5 to 3.5 percent. This change from previous guidance is due to lower than anticipated domestic yields. |
● | CASM - Second quarter consolidated CASM excluding fuel and special items is now expected to be up approximately 2.5 percent1 year-over-year, versus previous guidance of up approximately 3.5 percent. The increase in CASM excluding fuel and special items is lower than previous guidance due primarily to lower than anticipated maintenance expense and the application of higher airport rent settlement credits. |
● | Liquidity - As of June 30, 2018, the company had approximately $7.2 billion in total available liquidity, comprised of unrestricted cash and investments of $4.7 billion and $2.5 billion in undrawn revolver capacity. The company also had a restricted cash position of $183 million. |
● | Shares outstanding - In the second quarter of 2018, the company repurchased 8.2 million shares at a cost of $350 million. Including share repurchases, shares withheld to cover taxes associated with employee equity awards and share distributions, and the cash extinguishment of convertible debt, the company’s share count has dropped 39 percent from 756.1 million shares at merger close to 460.5 million shares outstanding on June 30, 2018. The fully diluted weighted average sharecount for the second quarter was approximately 465 million. |
● | Capital expenditures - The increase in second quarter gross aircraft capex and net PDPs from previous guidance is due primarily to a shift in timing of new aircraft deliveries, as well as higher PDPs from the regional aircraft transaction announced earlier this year. |
1. | For a reconciliation of special items (including the company’s estimates for the second quarter), please see the GAAP to non-GAAP reconciliation at the end of this document. |
2nd Quarter 2018 | |||
Previous Guidance | Current Guidance | ||
4/26/2018 | 7/11/2018 | ||
Consolidated Guidance1 | |||
Available Seat Miles (ASMs) (bil) | ~73.1 | ~72.9 | |
Cargo Revenues ($ mil)2 | ~250 | ~260 | |
Other Revenues ($ mil)2 | ~670 | ~695 | |
Total Revenue per ASM (TRASM) | +1.5% to +3.5% | +1% to +3% | |
Average Fuel Price (incl. taxes) ($/gal) (as of 7/06/2018) | 2.18 to 2.23 | 2.24 to 2.29 | |
Fuel Gallons Consumed (mil) | ~1,152 | ~1,146 | |
CASM ex fuel and special items (YOY % change)3 | +2.5% to +4.5% | +1.5% to +3.5% | |
Interest Income ($ mil) | ~(26) | ~(30) | |
Interest Expense ($ mil) | ~272 | ~266 | |
Other Non-Operating (Income)/Expense ($ mil)4 | ~(77) | ~(56) | |
Pre-tax Margin | +7.5% to +9.5% | +7.5% to +9.5% | |
CAPEX Guidance ($ mil) Inflow/(Outflow) | |||
Non-Aircraft CAPEX | ~(471) | ~(417) | |
Gross Aircraft CAPEX & net PDPs | ~(410) | ~(535) | |
Assumed Aircraft Financing | ~221 | ~301 | |
Net Aircraft CAPEX & PDPs5 | ~(189) | ~(233) |
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 | |||||||||
2Q18 Range | |||||||||
Low | High | ||||||||
Consolidated1 | |||||||||
Consolidated operating expenses | $ | 10,524 | $ | 10,736 | |||||
Less fuel expense | 2,567 | 2,624 | |||||||
Less special items | 136 | 136 | |||||||
Consolidated operating expense excluding fuel and special items | 7,821 | 7,975 | |||||||
Consolidated CASM (cts) | 14.44 | 14.73 | |||||||
Consolidated CASM excluding fuel and special items (Non-GAAP) (cts) | 10.73 | 10.94 | |||||||
YOY (%) | 1.5 | % | 3.5 | % | |||||
Consolidated ASMs (bil) | 72.9 | 72.9 | |||||||
Other non-operating (income)/expense1 | |||||||||
Other non-operating (income)/expense | $ | 23 | $ | 23 | |||||
Less special items | 79 | 79 | |||||||
Other non-operating (income)/expense excluding special items | (56 | ) | (56 | ) |
Notes: | Amounts may not recalculate due to rounding. |
1. | Net special items principally include merger integration, fleet restructuring expenses and mark-to-market adjustments for the company's investment in China Southern Airlines and bankruptcy obligations. Additionally, special items include a $26 million non-cash impairment charge to write-off the company's Brazil route authority intangible asset as a result of ratification of the U.S.-Brazil open skies agreement. |
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