Company Quick10K Filing
American Airlines Group
Price28.85 EPS4
Shares444 P/E8
MCap12,819 P/FCF3
Net Debt19,872 EBIT3,350
TEV32,691 TEV/EBIT10
TTM 2019-12-31, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-07-23
10-Q 2020-03-31 Filed 2020-04-30
10-K 2019-12-31 Filed 2020-02-19
10-Q 2019-09-30 Filed 2019-10-24
10-Q 2019-06-30 Filed 2019-07-25
10-Q 2019-03-31 Filed 2019-04-26
10-K 2018-12-31 Filed 2019-02-25
10-Q 2018-09-30 Filed 2018-10-25
10-Q 2018-06-30 Filed 2018-07-26
10-Q 2018-03-31 Filed 2018-04-26
10-K 2017-12-31 Filed 2018-02-21
10-Q 2017-09-30 Filed 2017-10-26
10-Q 2017-06-30 Filed 2017-07-28
10-Q 2017-03-31 Filed 2017-04-27
10-K 2016-12-31 Filed 2017-02-22
10-Q 2016-09-30 Filed 2016-10-20
10-Q 2016-06-30 Filed 2016-07-22
10-Q 2016-03-31 Filed 2016-04-22
10-K 2015-12-31 Filed 2016-02-24
10-Q 2015-09-30 Filed 2015-10-23
10-Q 2015-06-30 Filed 2015-07-24
10-Q 2015-03-31 Filed 2015-04-24
10-K 2014-12-31 Filed 2015-02-25
10-Q 2014-09-30 Filed 2014-10-23
10-Q 2014-06-30 Filed 2014-07-24
10-Q 2014-03-31 Filed 2014-04-24
10-K 2013-12-31 Filed 2014-02-28
10-Q 2013-09-30 Filed 2013-10-17
10-Q 2013-06-30 Filed 2013-07-18
10-Q 2013-03-31 Filed 2013-04-18
10-K 2012-12-31 Filed 2013-02-20
10-Q 2012-09-30 Filed 2012-10-17
10-Q 2012-06-30 Filed 2012-07-18
10-Q 2012-03-31 Filed 2012-04-19
10-K 2011-12-31 Filed 2012-02-15
10-Q 2011-09-30 Filed 2011-10-19
10-Q 2011-06-30 Filed 2011-07-20
10-Q 2011-03-31 Filed 2011-04-20
10-K 2010-12-31 Filed 2011-02-16
10-Q 2010-09-30 Filed 2010-10-20
10-Q 2010-06-30 Filed 2010-07-21
10-Q 2010-03-31 Filed 2010-04-21
10-K 2009-12-31 Filed 2010-02-17
8-K 2020-07-23 Earnings, Exhibits
8-K 2020-07-22 Regulation FD
8-K 2020-07-16 Regulation FD, Exhibits
8-K 2020-07-15 Exit Costs, Regulation FD, Exhibits
8-K 2020-07-02 Earnings, Regulation FD, Exhibits
8-K 2020-06-30 Enter Agreement, Leave Agreement, Off-BS Arrangement, Regulation FD, Exhibits
8-K 2020-06-24
8-K 2020-06-23
8-K 2020-06-22
8-K 2020-06-21
8-K 2020-06-12
8-K 2020-06-10
8-K 2020-06-04
8-K 2020-05-27
8-K 2020-04-30
8-K 2020-04-20
8-K 2020-04-14
8-K 2020-04-05
8-K 2020-04-02
8-K 2020-04-01
8-K 2020-03-26
8-K 2020-03-26
8-K 2020-03-25
8-K 2020-03-19
8-K 2020-03-18
8-K 2020-03-14
8-K 2020-03-10
8-K 2020-02-25
8-K 2020-02-20
8-K 2020-02-20
8-K 2020-02-14
8-K 2020-02-13
8-K 2020-01-29
8-K 2020-01-23
8-K 2020-01-15
8-K 2020-01-14
8-K 2020-01-10
8-K 2020-01-06
8-K 2019-12-12
8-K 2019-11-08
8-K 2019-11-08
8-K 2019-10-24
8-K 2019-10-09
8-K 2019-09-01
8-K 2019-07-25
8-K 2019-07-14
8-K 2019-07-10
8-K 2019-06-18
8-K 2019-06-12
8-K 2019-06-09
8-K 2019-05-20
8-K 2019-05-16
8-K 2019-05-16
8-K 2019-04-26
8-K 2019-04-14
8-K 2019-04-09
8-K 2019-03-25
8-K 2019-02-12
8-K 2019-01-24
8-K 2019-01-10
8-K 2018-12-10
8-K 2018-10-25
8-K 2018-10-09
8-K 2018-09-17
8-K 2018-09-05
8-K 2018-07-26
8-K 2018-07-11
8-K 2018-06-13
8-K 2018-05-15
8-K 2018-05-15
8-K 2018-05-02
8-K 2018-04-26
8-K 2018-04-25
8-K 2018-04-10
8-K 2018-04-09
8-K 2018-02-20
8-K 2018-01-25
8-K 2018-01-10
8-K 2015-09-10
8-K 2015-08-11
8-K 2015-07-24
8-K 2015-07-24
8-K 2015-07-10
8-K 2015-07-10
8-K 2015-06-22
8-K 2015-06-11
8-K 2015-06-09
8-K 2015-06-03
8-K 2015-05-11
8-K 2015-04-24
8-K 2015-04-24
8-K 2015-04-20
8-K 2015-04-10
8-K 2015-04-10
8-K 2015-03-10
8-K 2015-03-05
8-K 2015-02-26
8-K 2015-02-26
8-K 2015-02-09
8-K 2015-01-30
8-K 2015-01-27
8-K 2015-01-27
8-K 2015-01-12
8-K 2015-01-12
8-K 2014-01-03

AAL 10Q Quarterly Report

Part I: Financial Information
Item 1A. Condensed Consolidated Financial Statements of American Airlines Group Inc.
Item 1B. Condensed Consolidated Financial Statements of American Airlines, Inc.
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part Ii: Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 6. Exhibits
EX-10.3 ex103q22010q.htm
EX-31.1 ex311q22010q.htm
EX-31.2 ex312q22010q.htm
EX-31.3 ex313q22010q.htm
EX-31.4 ex314q22010q.htm
EX-32.1 ex321q22010q.htm
EX-32.2 ex322q22010q.htm

American Airlines Group Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
655035205-102011201420172021
Assets, Equity
1511841-12011201420172021
Rev, G Profit, Net Income
2.71.3-0.1-1.4-2.8-4.22011201420172021
Ops, Inv, Fin

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
FORM
10-Q
 
 
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the Quarterly Period Ended June 30, 2020
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the Transition Period From                     to
Commission file number 1-8400
 
 
 
American Airlines Group Inc.
(Exact name of registrant as specified in its charter)
 
 
 
 
Delaware
 
 
75-1825172
 
(State or other jurisdiction of incorporation or organization)
 
 
(I.R.S. Employer Identification No.)
 
1 Skyview Drive,
Fort Worth,
Texas
76155
 
 
 
(817)
963-1234
 
 
(Address of principal executive offices, including zip code)
 
 
(Registrant’s telephone number, including area code)
 
Commission file number 1-2691
 
 
 
American Airlines, Inc.
(Exact name of registrant as specified in its charter)
 
 
 
 
Delaware
 
 
13-1502798
 
(State or other jurisdiction of incorporation or organization)
 
 
(I.R.S. Employer Identification No.)
 
1 Skyview Drive,
Fort Worth,
Texas
76155
 
 
 
(817)
963-1234
 
 
(Address of principal executive offices, including zip code)
 
 
(Registrant’s telephone number, including area code)
 
Securities registered pursuant to Section 12(b) of the Act:
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
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. 
American Airlines Group Inc.
Yes
 
No
American Airlines, Inc.
Yes
 
No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). 
American Airlines Group Inc.
Yes
 
No
American Airlines, Inc.
Yes
 
No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
American Airlines Group Inc.
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
American Airlines, Inc.
Large accelerated filer
Accelerated filer

Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by checkmark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
American Airlines Group Inc.
 
American Airlines, Inc.
 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
American Airlines Group Inc.
Yes
 
No
American Airlines, Inc.
Yes
 
No
As of July 17, 2020, there were 508,561,163 shares of American Airlines Group Inc. common stock outstanding.
As of July 17, 2020, there were 1,000 shares of American Airlines, Inc. common stock outstanding, all of which were held by American Airlines Group Inc.
 




American Airlines Group Inc.
American Airlines, Inc.
Form 10-Q
Quarterly Period Ended June 30, 2020
Table of Contents
 
 
Page
PART I: FINANCIAL INFORMATION
Item 1A.
 
 
 
 
 
 
Item 1B.
 
 
 
 
 
 
Item 2.
Item 3.
Item 4.
PART II: OTHER INFORMATION
Item 1.
Item 1A.
Item 6.


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.
Glossary of Terms
For the convenience of the reader, the definitions of certain capitalized industry and other terms used in this report have been consolidated into a Glossary beginning on page 3.
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 qualified in their entirety by reference to the factors discussed in Part II, Item 1A. Risk Factors and elsewhere in this report. There may be other factors of which we are not currently aware that may affect matters discussed in the forward-looking statements and may also cause actual results to differ materially from those discussed. In particular, the consequences of the coronavirus outbreak to economic conditions and the travel industry in general and our financial position and operating results in particular have been material, are changing rapidly, and cannot be predicted. We do not assume any obligation to publicly update or supplement any forward-looking statement to reflect actual results, changes in assumptions or changes in other factors affecting such statements other than as required by law. Forward-looking statements speak only as of the date of this report or as of the dates indicated in the statements.

2



GLOSSARY OF TERMS
“2013 Credit Agreement” means the Amended and Restated Credit and Guaranty Agreement dated as of May 21, 2015, among American, AAG, the lenders from time to time party thereto, Deutsche Bank AG New York Branch, as administrative agent, and certain other parties thereto, as amended.
“2013 Revolving Facility” means the $750 million revolving credit facility provided for by the 2013 Credit Agreement.
“2013 Term Loan Facility” means the $1.9 billion term loan facility provided for under the 2013 Credit Agreement.
“2014 Credit Agreement” means the Amended and Restated Credit and Guaranty Agreement dated as of April 20, 2015, among American, AAG, the lenders from time to time party thereto, Citibank N.A., as administrative agent, and certain other parties thereto, as amended.
“2014 Credit Facilities” means the 2014 Revolving Facility and the 2014 Term Loan Facility provided for by the 2014 Credit Agreement.
“2014 Revolving Facility” means the $1.6 billion revolving credit facility provided for by the 2014 Credit Agreement.
“2014 Term Loan Facility” means the $1.3 billion term loan facility provided for by the 2014 Credit Agreement.
“2016 JFK Bonds” means special facility revenue bonds issued on behalf of American by NYTDC in June 2016.
“2019 Form 10-K” means AAG’s and American’s Annual Report on Form 10-K for the year ended December 31, 2019.
“2020 JFK Bonds” means the approximately $360 million of special facility revenue bonds issued on behalf of American by NYTDC in June 2020.
“3.75% senior notes” mean 3.75% senior notes due 2025 with an aggregate principal amount of $500 million.
“5.000% senior notes” means the 5.000% notes due in 2022 with an aggregate principal amount of $750 million.
“AAdvantage” means the AAdvantage® frequent flyer program.
“AAG”, “we”, “us”, “our” and similar terms means American Airlines Group Inc. and its consolidated subsidiaries.
“Air Transport Pilot’s certificate” means a commercial pilot’s license in the U.S.
“American” means American Airlines, Inc., a wholly-owned subsidiary of AAG.
“American Eagle” means our regional carriers, including our wholly-owned regional carriers Envoy, PSA and Piedmont, as well as third-party regional carriers including Mesa, Republic and SkyWest.
“AMR” or “AMR Corporation” means AMR Corporation and is used to reference AAG during the period of time prior to its emergence from Chapter 11 and the Merger.
“AMT” means alternative minimum tax.
“AOCI” means accumulated other comprehensive income (loss).
“April 2016 Credit Agreement” means the Credit and Guaranty Agreement, dated as of April 29, 2016, among American, AAG, the lenders from time to time party thereto, Barclays Bank PLC, as administrative agent, and certain other parties thereto, as amended.
“April 2016 Credit Facilities” means the April 2016 Revolving Facility and April 2016 Term Loan Facility provided for by the 2016 Credit Agreement.
“April 2016 Revolving Facility” means the $450 million revolving credit facility provided for by the April 2016 Credit Agreement.
“April 2016 Term Loan Facility” means the $1,000 million term loan facility provided for by the April 2016 Credit Agreement.
“ASC” means the FASB Accounting Standards Codification.
“ASC 350” means the FASB Accounting Standards Codification relating to “Intangibles - Goodwill and Other”.

3



“ASM” means available seat mile and is a basic measure of production. One ASM represents one seat flown one mile.
“ASU” means Accounting Standards Update.
“ATC” means air traffic control.
“ATC system” means the U.S. National Airspace System.
“Bankruptcy Court” means the United States Bankruptcy Court for the Southern District of New York.
“Base Indenture” means the indenture, dated as of June 25, 2020, between AAG and Wilmington Trust, National Association as trustee.
“Bylaws” means AAG’s Amended and Restated Bylaws, as amended.
“CARES Act” means the Coronavirus Air, Relief, and Economic Security Act, as amended.
“CASM” means operating cost per available seat mile and is equal to operating expenses divided by ASMs.
“CBAs” means collective bargaining agreements.
“CEO” means Chief Executive Officer.
“CFO” means Chief Financial Officer.
“Chapter 11 Cases” means the voluntary petitions for relief filed on November 29, 2011 by the Debtors.
“China Southern Airlines” means China Southern Airlines Company Limited.
“CMA” means the United Kingdom Competition and Markets Authority.
“CO2” means carbon dioxide.
“Code” means the Internal Revenue Code of 1986, as amended.
“Company” means AAG and its consolidated subsidiaries.
“Convertible Notes” means AAG’s 6.50% convertible senior notes due 2025.
“CORSIA” means the Carbon Offsetting and Reduction Scheme for International Aviation.
“COVID-19” means coronavirus.
“DCA” means Ronald Reagan Washington National Airport.
“DC Court” means the Federal District Court for the District of Columbia.
“Debtors” means AMR, American, and certain of AMR’s other direct and indirect domestic subsidiaries.
“December 2016 Credit Agreement” means the Credit and Guaranty Agreement dated as of December 15, 2016, among American, AAG, the lenders from time to time party thereto, Citibank N.A., as administrative agent, and certain other parties thereto, as amended.
“December 2016 Credit Facilities” means the revolving credit facility that may be established under the December 2016 Credit Agreement and December 2016 Term Loan Facility provided for by the December 2016 Credit Agreement.
“December 2016 Term Loan Facility” means the $1.2 billion term loan facility provided for under the December 2016 Credit Agreement.
“Delayed Draw Term Loan Credit Facility” means the Credit and Guaranty Agreement dated as of March 18, 2020, among American, AAG, the lenders from time to time party thereto, Citibank N.A., as administrative agent, and certain other parties thereto, as amended.

4



“Disputed Claims Reserve” means a reserve established by the Bankruptcy Court, pursuant to the Plan, to hold shares of AAG common stock for issuance to disputed claimholders at the Effective Date.
“DOT” means the U.S. Department of Transportation.
“EC” means the European Commission.
“EETC” means enhanced equipment trust certificate.
“Effective Date” means December 9, 2013.
“Eighth Amendment” means the Eighth Amendment to the 2014 Credit Agreement.
“Envoy” means Envoy Air Inc.
“EPS” means earnings (loss) per common share.
“EU” means European Union.
"EWR" means Newark Liberty International Airport.
“Exchange Act” means Securities Exchange Act of 1934, as amended.
“Exercise Price” means $12.51 per share, pursuant to the Warrant Agreement.
“FAA” means Federal Aviation Administration.
“GAAP” means generally accepted accounting principles in the U.S.
“GDSs” means global distribution systems.
“GHG” means greenhouse gas.
“Guarantors” means the Subsidiaries as guarantors pursuant to the PSP Promissory Note.
“Holdback” means an amount of cash held by our credit card processors in certain circumstances (including, with respect to certain agreements, our failure to maintain certain levels of liquidity).
“IAM” means International Association of Machinists & Aerospace Workers.
“IAM Pension Fund” means the IAM National Pension Fund.
“Indenture” means the Base Indenture together with the Supplemental Indenture.
“Installment” means the financial assistance payment, in installments, by Treasury pursuant to the PSP agreement.
“JBAs” means joint business agreements.
“JFK” means John F. Kennedy International Airport.
“LAX” means Los Angeles International Airport.
“LGA” means LaGuardia Airport.
“LGW” or “London Gatwick” means London Gatwick Airport.
“LHR” or “London Heathrow” means London Heathrow Airport.
“LIBOR” means the London interbank offered rate for deposits of U.S. dollars.
“Mainline” means the operations of American and excludes regional operations.
“Maturity Date” means the tenth anniversary of the PSP Closing Date.
“Merger” means the merger of US Airways Group and AMR Corporation on December 9, 2013.

5



“Mesa” means Mesa Airlines, Inc.
“NMB” means National Mediation Board.
“NOL Carryforwards” means a deduction in any taxable year for net operating losses carried over from prior taxable years.
“NOLs” means net operating losses.
“NYTDC” means the New York Transportation Development Corporation.
“ORD” means Chicago O’Hare International Airport.
“OTAs” means online travel agents.
“Passenger load factor” means the percentage of available seats that are filled with revenue passengers.
“Payroll Support Program” means the payroll support program under the CARES Act.
“PEB” means Presidential Emergency Board.
“Piedmont” means Piedmont Airlines, Inc.
“Plan” means the Debtors’ fourth amended joint plan of reorganization.
“PRASM” means passenger revenue per available seat mile and is equal to passenger revenues divided by ASMs.
“PSA” means PSA Airlines, Inc.
“PSP Agreement” means the Payroll Support Program Agreement entered into by the Subsidiaries with Treasury on the PSP Closing Date.
“PSP Closing Date” means April 20, 2020.
"PSP Financial Assistance" means the portion of financial assistance received from Treasury pursuant to the PSP Agreement that is not allocated to the PSP Warrants or PSP Promissory Note.
“PSP Promissory Note” means the promissory note issued to Treasury in connection with the Payroll Support Program.
“PSP Warrants” means the warrants issued or to be issued to Treasury pursuant to the Warrant Agreement.
“Republic” means Republic Airline Inc.
“RLA” means Railway Labor Act.
“ROU” means right-of-use.
“RPM” or “RPMs” means revenue passenger mile or miles and is a basic measure of sales volume. One RPM represents one passenger flown one mile.
“SEC” means Securities and Exchange Commission.
“Section 382” means Section 382 of the Internal Revenue Code.
“Securities Act” means Securities Act of 1933, as amended.
“Senior Secured Notes” means the 11.75% senior secured notes due in 2025 with an aggregate principal amount of $2.5 billion.
“SkyWest” means SkyWest Airlines, Inc.
“Slots” means landing and take-off rights and authorizations, as required by certain airports.
“Subsidiaries” means each of AAG's wholly-owned subsidiaries, PSA, American, Envoy and Piedmont.

6



“Supplemental Indenture” means the first supplemental indenture of the Base Indenture, dated as of June 25, 2020, among AAG, American Airlines and the Trustee with regards to the 6.50% convertible senior notes.
“Terminal” means the passenger terminal facility used by American at JFK.
“TRASM” means the total revenue per available seat mile and is equal to the total revenues divided by total mainline and third-party regional carrier ASMs.
“Treasury” means the U.S. Department of the Treasury.
“Trustee” means the Wilmington Trust, National Association as trustee.
“TWU-IAM Association” means Transport Workers Union and International Association of Machinists & Aerospace Workers.
“US Airways” means US Airways, Inc.
“US Airways Group” means US Airways Group, Inc. and its consolidated subsidiaries.
“USTR” means the Office of the U.S. Trade Representative.
“Warrant Agreement” means the agreement entered into between AAG and Treasury in connection with the PSP Agreement, pursuant to which AAG will issue PSP Warrants to Treasury to purchase up to an aggregate of approximately 13.7 million shares of AAG common stock.
“Warrant Shares” means up to approximately 13.7 million shares of AAG common stock which Treasury will have the right to purchase pursuant to PSP Warrants issued by AAG in accordance with the Warrant Agreement.
“Withdrawal Agreement” means the agreement on the withdrawal of the United Kingdom of Great Britain and Northern Ireland from the European Union and the European Atomic Energy Community.
“WTO” means World Trade Organization.
“Yield” means a measure of airline revenue derived by dividing passenger revenue by RPMs.

7



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.


8



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,
 
2020
 
2019
 
2020
 
2019
Operating revenues:
 
 
 
Passenger
$
1,108

 
$
11,011

 
$
8,788

 
$
20,669

Cargo
130

 
221

 
277

 
439

Other
384

 
728

 
1,072

 
1,436

Total operating revenues
1,622

 
11,960

 
10,137

 
22,544

Operating expenses:
 
 
 
 
 
 
 
Aircraft fuel and related taxes
217

 
1,995

 
1,612

 
3,722

Salaries, wages and benefits
2,538

 
3,200

 
5,679

 
6,290

Regional expenses
801

 
1,886

 
2,724

 
3,648

Maintenance, materials and repairs
287

 
575

 
915

 
1,136

Other rent and landing fees
315

 
535

 
783

 
1,039

Aircraft rent
334

 
334

 
669

 
661

Selling expenses
43

 
401

 
348

 
771

Depreciation and amortization
499

 
489

 
1,059

 
969

Special items, net
(1,494
)
 
121

 
(362
)
 
259

Other
568

 
1,271

 
1,744

 
2,521

Total operating expenses
4,108

 
10,807

 
15,171

 
21,016

Operating income (loss)
(2,486
)
 
1,153

 
(5,034
)
 
1,528

Nonoperating income (expense):
 
 
 
 
 
 
 
Interest income
10

 
35

 
31

 
68

Interest expense, net
(254
)
 
(275
)
 
(512
)
 
(546
)
Other income (expense), net
71

 
(31
)
 
(34
)
 
78

Total nonoperating expense, net
(173
)
 
(271
)
 
(515
)
 
(400
)
Income (loss) before income taxes
(2,659
)
 
882

 
(5,549
)
 
1,128

Income tax provision (benefit)
(592
)
 
220

 
(1,241
)
 
281

Net income (loss)
$
(2,067
)
 
$
662

 
$
(4,308
)
 
$
847

 
 
 
 
 
 
 
 
Earnings (loss) per common share:
 
 
 
 
 
 
 
Basic
$
(4.82
)
 
$
1.49

 
$
(10.08
)
 
$
1.89

Diluted
$
(4.82
)
 
$
1.49

 
$
(10.08
)
 
$
1.88

Weighted average shares outstanding (in thousands):
 
 
 
 
 
 
 
Basic
428,807

 
445,008

 
427,260

 
448,479

Diluted
428,807

 
445,587

 
427,260

 
449,508

Cash dividends declared per common share
$

 
$
0.10

 
$
0.10

 
$
0.20

See accompanying notes to condensed consolidated financial statements.

9



AMERICAN AIRLINES GROUP INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(In millions)(Unaudited) 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2020
 
2019
 
2020
 
2019
Net income (loss)
$
(2,067
)
 
$
662

 
$
(4,308
)
 
$
847

Other comprehensive income (loss), net of tax:
 
 
 
 
 
 
 
Pension, retiree medical and other postretirement benefits
(4
)
 
(18
)
 
(131
)
 
(34
)
Investments
21

 

 
(1
)
 
3

Total other comprehensive income (loss), net of tax
17

 
(18
)
 
(132
)
 
(31
)
Total comprehensive income (loss)
$
(2,050
)
 
$
644

 
$
(4,440
)
 
$
816

See accompanying notes to condensed consolidated financial statements.

10



AMERICAN AIRLINES GROUP INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions, except share and par value)
 
June 30, 2020
 
December 31, 2019
 
(Unaudited)
 
 
ASSETS
 
Current assets
 
 
 
Cash
$
462

 
$
280

Short-term investments
9,351

 
3,546

Restricted cash and short-term investments
539

 
158

Accounts receivable, net
879

 
1,750

Aircraft fuel, spare parts and supplies, net
1,653

 
1,851

Prepaid expenses and other
905

 
621

Total current assets
13,789

 
8,206

Operating property and equipment
 
 
 
Flight equipment
38,672

 
42,537

Ground property and equipment
9,386

 
9,443

Equipment purchase deposits
1,786

 
1,674

Total property and equipment, at cost
49,844

 
53,654

Less accumulated depreciation and amortization
(16,493
)
 
(18,659
)
Total property and equipment, net
33,351

 
34,995

Operating lease right-of-use assets
8,323

 
8,737

Other assets
 
 
 
Goodwill
4,091

 
4,091

Intangibles, net of accumulated amortization of $724 and $704, respectively
2,049

 
2,084

Deferred tax asset
1,725

 
645

Other assets
1,216

 
1,237

Total other assets
9,081

 
8,057

Total assets
$
64,544

 
$
59,995

LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
 
 
 
Current liabilities
 
 
 
Current maturities of long-term debt and finance leases
$
2,575

 
$
2,861

Accounts payable
1,175

 
2,062

Accrued salaries and wages
1,518

 
1,541

Air traffic liability
5,119

 
4,808

Loyalty program liability
2,354

 
3,193

Operating lease liabilities
1,804

 
1,708

Other accrued liabilities
3,455

 
2,138

Total current liabilities
18,000

 
18,311

Noncurrent liabilities
 
 
 
Long-term debt and finance leases, net of current maturities
28,698

 
21,454

Pension and postretirement benefits
6,019

 
6,052

Loyalty program liability
6,608

 
5,422

Operating lease liabilities
6,972

 
7,421

Other liabilities
1,416

 
1,453

Total noncurrent liabilities
49,713

 
41,802

Commitments and contingencies

 

Stockholders’ equity (deficit)
 
 
 
Common stock, $0.01 par value; 1,750,000,000 shares authorized, 508,556,154 shares issued and outstanding at June 30, 2020; 428,202,506 shares issued and outstanding at December 31, 2019
5

 
4

Additional paid-in capital
5,377

 
3,945

Accumulated other comprehensive loss
(6,463
)
 
(6,331
)
Retained earnings (deficit)
(2,088
)
 
2,264

Total stockholders’ deficit
(3,169
)
 
(118
)
Total liabilities and stockholders’ equity (deficit)
$
64,544

 
$
59,995

See accompanying notes to condensed consolidated financial statements.

11



AMERICAN AIRLINES GROUP INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)(Unaudited)
 
Six Months Ended June 30,
 
2020
 
2019
Net cash provided by (used in) operating activities
$
(1,076
)
 
$
2,387

Cash flows from investing activities:
 
 
 
Capital expenditures and aircraft purchase deposits
(1,233
)
 
(2,323
)
Proceeds from sale-leaseback transactions
376

 
518

Proceeds from sale of property and equipment
148

 
19

Purchases of short-term investments
(7,936
)
 
(2,201
)
Sales of short-term investments
2,131

 
1,611

Increase in restricted short-term investments
(386
)
 
(2
)
Other investing activities
(61
)
 
(35
)
Net cash used in investing activities
(6,961
)
 
(2,413
)
Cash flows from financing activities:
 
 
 
Proceeds from issuance of long-term debt
9,464

 
2,589

Payments on long-term debt and finance leases
(2,477
)
 
(1,781
)
Proceeds from issuance of equity
1,527

 

Deferred financing costs
(84
)
 
(23
)
Treasury stock repurchases
(173
)
 
(625
)
Dividend payments
(43
)
 
(90
)
Net cash provided by financing activities
8,214

 
70

Net increase in cash and restricted cash
177

 
44

Cash and restricted cash at beginning of period
290

 
286

Cash and restricted cash at end of period (1)
$
467

 
$
330

 
 
 
 
Non-cash transactions:
 
 
 
Right-of-use (ROU) assets acquired through operating leases
$
421

 
$
708

Settlement of bankruptcy obligations
56

 
7

Payroll Support Program Warrants
55

 

Deferred financing costs paid through issuance of debt
17

 

Property and equipment acquired through finance leases

 
4

Supplemental information:
 
 
 
Interest paid, net
501

 
559

Income taxes paid
2

 
4

 
   
(1) 
The following table provides a reconciliation of cash and restricted cash to amounts reported within the condensed consolidated balance sheets:
Cash
$
462

 
$
319

Restricted cash included in restricted cash and short-term investments
5

 
11

Total cash and restricted cash
$
467

 
$
330


See accompanying notes to condensed consolidated financial statements.

12



AMERICAN AIRLINES GROUP INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT)
(In millions, except share amounts)(Unaudited)
 
Common
Stock
 
Additional
Paid-in
Capital
 
Accumulated
Other
Comprehensive
Loss
 
Retained
Earnings
(Deficit)
 
Total
Balance at December 31, 2019
$
4

 
$
3,945

 
$
(6,331
)
 
$
2,264

 
$
(118
)
Net loss

 

 

 
(2,241
)
 
(2,241
)
Other comprehensive loss, net

 

 
(149
)
 

 
(149
)
Purchase and retirement of 6,378,025 shares of AAG common stock

 
(145
)
 

 

 
(145
)
Dividends declared on AAG common stock ($0.10 per share)

 

 

 
(44
)
 
(44
)
Issuance of 1,062,052 shares of AAG common stock pursuant to employee stock plans net of shares withheld for cash taxes

 
(13
)
 

 

 
(13
)
Settlement of single-dip unsecured claims held in Disputed Claims Reserve

 
56

 

 

 
56

Share-based compensation expense

 
18

 

 

 
18

Balance at March 31, 2020
4

 
3,861

 
(6,480
)
 
(21
)
 
(2,636
)
Net loss

 

 

 
(2,067
)
 
(2,067
)
Other comprehensive income, net

 

 
17