(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 | ||
Emerging growth company |
ITEM 7.01. | REGULATION FD DISCLOSURE. |
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 10, 2020 | By: | /s/ Derek J. Kerr | |
Derek J. Kerr | |||
Executive Vice President and Chief Financial Officer |
AMERICAN AIRLINES, INC. | |||
Date: January 10, 2020 | 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. As previously disclosed, the company has now cancelled all 737 MAX 8 flying through April 6, 2020. |
The company has reached a confidential agreement with Boeing on compensation for financial damages incurred in 2019 due to the grounding of the 737 MAX 8 aircraft. The company currently does not expect any material financial impact of the agreement to be realized in its fourth quarter 2019 earnings. The company anticipates accounting for substantially all of the compensation as a reduction in cost basis of grounded MAX aircraft and certain future MAX aircraft deliveries. | |
● | Revenue - The company expects its fourth quarter total revenue per available seat mile (TRASM) to be flat to up approximately 1% year-over-year versus its previous guidance of flat to up 2%. The change in midpoint from previous guidance is due primarily to lower than planned yields in the pre-Thanksgiving period and higher completion factor throughout the quarter. Demand remains strong and December revenue performance exceeded the company’s expectations. |
● | Special items - The company expects its total pre-tax net special items in the fourth quarter will be approximately $110 million1, of which approximately $20 million is non-cash. Net special items primarily consist of fleet restructuring costs and merger integration expenses, offset in part by the mark-to-market adjustments on equity and other investments. |
● | CASM - The company now expects its fourth quarter total cost per available seat mile (CASM) excluding fuel and net special items to be up approximately 1% to 3%1 year-over-year versus its previous guidance of up 2% to 4%. The change versus previous guidance is due primarily to improved operational performance and higher completion factor. |
● | Pre-tax margin - The company continues to expect its fourth quarter pre-tax margin excluding net special items to be approximately 5% to 7%1. |
● | Liquidity - As of December 31, 2019, the company had approximately $7.0 billion in total available liquidity. Due to the uncertainty of the return to service of the 737 MAX aircraft, the company arranged an additional revolving line of credit to provide it with incremental borrowing capacity of up to $400 million. The company has no present intention to borrow any amounts under this facility, which matures in September 2020 with an optional extension to December 2020. The company’s total liquidity is comprised of unrestricted cash and investments of $3.8 billion and $3.2 billion in undrawn revolver capacity. The company also had a restricted cash position of $158 million. |
● | Shares outstanding - The fully diluted weighted average sharecount for the fourth quarter was approximately 436 million. |
● | Capex - Gross aircraft capex and net PDPs for the fourth quarter are lower than previous guidance due primarily to the delivery dates of certain MAX aircraft moving from the fourth quarter to 2020. |
1. | For a reconciliation of special items (including the company’s estimates for the fourth quarter), please see the GAAP to non-GAAP reconciliation at the end of this document. |
4th Quarter 20191 | |||
Previous Guidance | Current Guidance | ||
10/24/2019 | 1/10/2020 | ||
Total Mainline and Regional Guidance1 | |||
Available Seat Miles (ASMs) (bil) | ~70.2 | ~70.3 | |
Cargo Revenues ($ mil)2 | ~220 | ~215 | |
Other Revenues ($ mil)2 | ~700 | ~740 | |
Total Revenue per ASM (TRASM) | +0% to +2% | +0% to +1% | |
Average Fuel Price (incl. taxes) ($/gal) | 1.99 to 2.04 | 2.04 to 2.09 | |
Fuel Gallons Consumed (mil) | ~1,103 | ~1,117 | |
CASM ex fuel and net special items (YOY % change)3 | +2% to +4% | +1% to +3% | |
Interest Income ($ mil) | ~(28) | ~(24) | |
Interest Expense ($ mil) | ~266 | ~265 | |
Other Non-Operating (Income)/Expense ($ mil)4 | ~(44) | ~(43) | |
Pre-tax Margin excluding net special items | +5.0% to +7.0% | +5.0% to +7.0% | |
Capex Guidance ($ mil) Inflow/(Outflow) | |||
Non-Aircraft Capex | ~(419) | ~(430) | |
Gross Aircraft Capex & net PDPs | ~(738) | ~(706) | |
Assumed Aircraft Financing | ~597 | ~471 | |
Net Aircraft Capex & PDPs5 | ~(141) | ~(235) |
1. | Includes guidance on certain non-GAAP measures, which exclude net 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 net special items is a non-GAAP financial measure. Please see the GAAP to non-GAAP reconciliation at the end of this document. |
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 | |||||||||
4Q19 Range | |||||||||
Low | High | ||||||||
Total operating expenses | $ | 10,466 | $ | 10,681 | |||||
Less fuel expense | 2,279 | 2,335 | |||||||
Less special items | 150 | 150 | |||||||
Total operating expense excluding fuel and net special items | 8,038 | 8,197 | |||||||
Total CASM (cts) | 14.89 | 15.19 | |||||||
Total CASM excluding fuel and net special items (Non-GAAP) (cts) | 11.43 | 11.66 | |||||||
YOY (%) | 1.0 | % | 3.0 | % | |||||
Total ASMs (bil) | 70.3 | 70.3 | |||||||
Other non-operating (income)/expense | |||||||||
Other non-operating (income)/expense | $ | (83 | ) | $ | (83 | ) | |||
Less special items | (40 | ) | (40 | ) | |||||
Other non-operating (income)/expense excluding net special items | (43 | ) | (43 | ) |
Note: | Amounts may not recalculate due to rounding. |
1. | The company expects its total pre-tax net special items in the fourth quarter will be approximately $110 million, of which approximately $20 million is non-cash. Net special items primarily consist of fleet restructuring costs and merger integration expenses, offset in part by the mark-to-market adjustments on equity and other investments. |
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