American Airlines Files Q2 2024 10-Q

Ticker: AAL · Form: 10-Q · Filed: Jul 25, 2024 · CIK: 6201

Sentiment: neutral

Topics: 10-Q, earnings, airline

Related Tickers: AAL

TL;DR

AA's Q2 10-Q is in. Check financials.

AI Summary

American Airlines Group Inc. filed its 10-Q for the period ending June 30, 2024. The filing details the company's financial performance and operations for the second quarter of 2024. Key financial data and operational metrics are presented, reflecting the company's status in the air transportation industry.

Why It Matters

This filing provides investors and analysts with crucial financial and operational data for American Airlines, impacting investment decisions and market analysis for the airline sector.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial information.

Key Numbers

Key Players & Entities

FAQ

What is the reporting period for this 10-Q filing?

The reporting period for this 10-Q filing is the quarter ending June 30, 2024.

What is the Central Index Key (CIK) for American Airlines Group Inc.?

The Central Index Key for American Airlines Group Inc. is 0000006201.

What is the primary business address of American Airlines Group Inc.?

The primary business address is 1 SKYVIEW DRIVE, FORT WORTH, TX 76155.

What is the Standard Industrial Classification code for American Airlines Group Inc.?

The Standard Industrial Classification code is AIR TRANSPORTATION, SCHEDULED [4512].

When was the company formerly known as AMR CORP name changed?

The name change from AMR CORP occurred on 19920703.

Filing Stats: 4,584 words · 18 min read · ~15 pages · Grade level 15.7 · Accepted 2024-07-25 07:01:13

Key Financial Figures

Filing Documents

: FINANCIAL INFORMATION

PART I: FINANCIAL INFORMATION

Condensed Consolidated Financial Statements of American Airlines Group Inc

Item 1A. Condensed Consolidated Financial Statements of American Airlines Group Inc. 6 Condensed Consolidated Statements of Operations 6 Condensed Consolidated Statements of Comprehensive Income 7 Condensed Consolidated Balance Sheets 8 Condensed Consolidated Statements of Cash Flows 9 Condensed Consolidated Statements of Stockholders' Deficit 10 Notes to the Condensed Consolidated Financial Statements 11

Condensed Consolidated Financial Statements of American Airlines, Inc

Item 1B. Condensed Consolidated Financial Statements of American Airlines, Inc. 22 Condensed Consolidated Statements of Operations 22 Condensed Consolidated Statements of Comprehensive Income 23 Condensed Consolidated Balance Sheets 24 Condensed Consolidated Statements of Cash Flows 25 Condensed Consolidated Statements of Stockholder's Equity 26 Notes to the Condensed Consolidated Financial Statements 27

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 37

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 56

Controls and Procedures

Item 4. Controls and Procedures 56

: OTHER INFORMATION

PART II: OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 58

Risk Factors

Item 1A. Risk Factors 58

Other Information

Item 5. Other Information 86

Exhibits

Item 6. Exhibits 87

SIGNATURES

SIGNATURES 88 1 General This report is filed by American Airlines Group Inc. (AAG) and its wholly-owned subsidiary American Airlines, Inc. (American). References in this report to "we," "us," "our," the "Company" and similar terms refer to AAG and its consolidated subsidiaries. References in this report to "mainline" refer to the operations of American only and exclude regional operations. Note Concerning Forward-Looking Statements Certain of the statements contained in this report should be considered forward-looking statements within the meaning of the Securities Act of 1933, as amended (the Securities Act), the Securities Exchange Act of 1934, as amended (the Exchange Act), and the Private Securities Litigation Reform Act of 1995. These forward-looking statements may be identified by words such as "may," "will," "expect," "intend," "anticipate," "believe," "estimate," "plan," "project," "could," "should," "would," "continue," "seek," "target," "guidance," "outlook," "if current trends continue," "optimistic," "forecast" and other similar words. Such statements include, but are not limited to, statements about our plans, objectives, expectations, intentions, estimates and strategies for the future, and other statements that are not historical facts. These forward-looking statements are based on our current objectives, beliefs and expectations, and they are subject to significant risks and uncertainties that may cause actual results and financial position and timing of certain events to differ materially from the information in the forward-looking statements. These risks and uncertainties include, but are not limited to, those described below under Part I, Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations, Part II, Item 1A. Risk Factors and other risks and uncertainties listed from time to time in our filings with the Securities and Exchange Commission (the SEC). All of the forward-looking statements are qualifie

: FINANCIAL INFORMATION

PART I: FINANCIAL INFORMATION This report on Form 10-Q is filed by both AAG and American and includes the Condensed Consolidated Financial Statements of each company in Item 1A and Item 1B, respectively. 5 Table of Contents

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC

ITEM 1A. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC. AMERICAN AIRLINES GROUP INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except share and per share amounts)(Unaudited) Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Operating revenues: Passenger $ 13,202 $ 12,978 $ 24,661 $ 24,081 Cargo 195 197 382 420 Other 937 880 1,861 1,743 Total operating revenues 14,334 14,055 26,904 26,244 Operating expenses: Aircraft fuel and related taxes 3,061 2,723 6,042 5,890 Salaries, wages and benefits 3,953 3,635 7,820 6,917 Regional expenses 1,268 1,153 2,469 2,295 Maintenance, materials and repairs 950 808 1,834 1,520 Other rent and landing fees 834 762 1,653 1,470 Aircraft rent 314 344 642 688 Selling expenses 456 489 864 927 Depreciation and amortization 474 483 944 969 Special items, net — — 70 13 Other 1,640 1,495 3,175 2,955 Total operating expenses 12,950 11,892 25,513 23,644 Operating income 1,384 2,163 1,391 2,600 Nonoperating income (expense): Interest income 128 162 246 288 Interest expense, net ( 486 ) ( 548 ) ( 984 ) ( 1,088 ) Other income (expense), net 2 ( 14 ) ( 38 ) ( 21 ) Total nonoperating expense, net ( 356 ) ( 400 ) ( 776 ) ( 821 ) Income before income taxes 1,028 1,763 615 1,779 Income tax provision 311 425 210 431 Net income $ 717 $ 1,338 $ 405 $ 1,348 Earnings per common share: Basic $ 1.09 $ 2.05 $ 0.62 $ 2.06 Diluted $ 1.01 $ 1.88 $ 0.59 $ 1.91 Weighted average shares outstanding (in thousands): Basic 656,965 653,602 656,406 652,801 Diluted 720,302 719,345 720,712 718,890 See accompanying notes to condensed consolidated financial statements. 6 Table of Contents AMERICAN AIRLINES GROUP INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (In millions)(Unaudited) Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Net income $ 717 $ 1,338 $ 405 $ 1,348 Other comprehensive income (loss), net of ta

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