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Real Estate : Equity Real Estate Investment Trusts (REITs) | Large Cap Blend
Company profile

Public Storage is a real estate investment trust (REIT). The Company's principal business activities include the ownership and operation of self-storage facilities, which offer storage spaces for lease, generally on a month-to-month basis, for personal and business use, ancillary activities, such as merchandise sales and tenant reinsurance to the tenants at its self-storage facilities, as well as the acquisition and development of additional self-storage space. The Company's segments include Self-Storage Operations, Ancillary Operations, Investment in PS Business Parks, Inc. (PSB) and Investment in Shurgard Europe. As of December 31, 2016, the Company had direct and indirect equity interests in 2,348 self-storage facilities (with approximately 154 million net rentable square feet) located in 38 states in the United States operating under the Public Storage name.

This security is an American depositary receipt
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Closing Price
$25.13
Day's Change
0.24 (0.96%)
Bid
--
Ask
--
B/A Size
--
Day's High
25.17
Day's Low
24.85
Volume
(Heavy Day)
Volume:
30,991

10-day average volume:
22,920
30,991

American Airlines Reports Fourth-Quarter and Full-Year 2020 Financial Results

7:02 am ET January 28, 2021 (Globe Newswire) Print

American Airlines Group Inc. (NASDAQ: AAL) today reported its fourth-quarter and full-year 2020 financial results, including:

-- Fourth-quarter revenue of $4.0 billion, down 64% year over year on a 53% year-over-year reduction in total available seat miles (ASMs).

-- Fourth-quarter net loss of $2.2 billion, or ($3.81) per share. Excluding net special items, fourth-quarter net loss was $2.2 billion, or ($3.86) per share.

-- Full-year net loss of $8.9 billion, or ($18.36) per share. Excluding net special items, full-year net loss was $9.5 billion, or ($19.66) per share.

-- Ended fourth quarter with approximately $14.3 billion of total available liquidity. Company expects to end the first quarter of 2021 with approximately $15.0 billion in total available liquidity.

-- Incorporated more than $1.3 billion of permanent non-volume, non-fuel efficiency cost-saving measures into 2021 operating plan.

"Our fourth-quarter financial results close out the most challenging year in our company's history," said American Airlines Chairman and CEO Doug Parker. "However, we couldn't be prouder of the American Airlines team and the great things they accomplished last year. Through collaboration, resourcefulness and hard work, our team did its part to keep the economy moving. The American team flew more customers than any other airline in 2020, and they did so safely and with the utmost care.

"As we look to the year ahead, 2021 will be a year of recovery. While we don't know exactly when passenger demand will return, as vaccine distribution takes hold and travel restrictions are lifted, we will be ready. We are confident that the actions we have taken to improve our customer experience, enhance our network and increase our efficiency position us well for the future."

American took a number of steps in 2020 to respond to the pandemic and strengthen its business, with an emphasis on supporting its team members, customers and communities; reducing costs; and improving its liquidity position.

To support its team members, customers and communities, American:

-- Enhanced its cleaning procedures at airports and onboard aircraft under the guidance of its Travel Health Advisory Panel, earning the STAR Accreditation from the Global Biorisk Advisory Council for effective cleaning, disinfection and infectious disease prevention practices onboard its aircraft and in its lounges.

-- Introduced a preflight coronavirus (COVID-19) testing program to help reopen certain international travel markets. American now offers testing for many international destinations and has introduced at-home testing for customers traveling to all U.S. locations that require negative tests.

-- Began the rollout of mobile wellness wallet solution VeriFLY to make domestic and international travel simpler. Travelers can now easily understand COVID-19 testing and documentation requirements for their destination and streamline airport check-in through digital verification. Starting today, customers also will be able to use VeriFLY for travel from the United States to the U.K. and Canada.

-- Eliminated fees for:

    -- Ticket changes on all domestic and international itineraries when traveling from North and South America, with the exception of Basic Economy fares that are nonchangeable.

    -- Ticket changes on all domestic and international itineraries when traveling from North and South America, with the exception of Basic Economy fares that are nonchangeable.

    -- Mileage redeposits for canceled award bookings.

    -- Domestic same-day standby.

    -- Booking reservations by phone.

    -- Made it easier for top-tier customers to earn AAdvantage elite status in 2020 and 2021, paused mileage expiration through June 30, 2021, and extended 2020 AAdvantage status into early 2022 for all members.

    -- Launched the company's first cargo-only flights since 1984 to transport critical goods, including the COVID-19 vaccine, and increased service to include 41 destinations for strategic cargo-only opportunities. American helped customers move nearly 800 million pounds of critical goods around the world in 2020, including 167 million pounds on the airline's more than 5,200 cargo-only flights.

    -- Announced its goal to reach net-zero carbon emissions by 2050 and detailed the company's strategy and pathway in its ESG Report.

    To reduce costs and conserve cash, American:

    -- Removed more than $17 billion from its operating and capital budgets for 2020 primarily through reduced flying.

    -- Incorporated more than $1.3 billion of permanent non-volume, non-fuel efficiency cost-saving measures into 2021 operating plan.

    -- Retired five aircraft types (Embraer 190, Boeing 757, Boeing 767, Airbus A330 and Bombardier CRJ200), along with a number of older regional aircraft. The company also placed certain older Boeing 737-800 aircraft into temporary storage. These changes removed more than 150 aircraft from the fleet and brought forward significant cost savings and efficiencies associated with operating fewer aircraft types, giving American the youngest fleet among the U.S. network carriers.

    -- Reached an agreement with Boeing to secure rights to defer deliveries of 18 Boeing 737 MAX aircraft and finalized a series of sale-leaseback transactions to finance its Airbus A321 aircraft deliveries in 2021. To date, five of the 18 737 MAX deferral rights have been exercised.

    -- Reset its international capacity and network for 2021, including exiting 19 international routes from six hubs.

    -- Reduced non-aircraft capital expense by $700 million in 2020 and another $300 million in 2021 through reductions in fleet modification work, the elimination of ground service equipment purchases, and pausing noncritical facility investments and IT projects.

    -- Introduced programs to right-size its frontline and management teams. In total, more than 20,000 team members opted to participate in a voluntary early out or long-term partially paid leave during the year, and the company reduced its management and support staff team by approximately 30%.

    -- Made the difficult decision to proceed with furloughs to reduce headcount absent an extension of the CARES Act Payroll Support Program (PSP). American's furloughed team members have since had their pay and benefits reinstated with the passage of a bipartisan COVID-19 relief package that renewed the PSP from Dec. 1, 2020, through March 31, 2021.

    To improve its liquidity position, American:

    -- Reduced its daily cash burn rate from nearly $100 million in April 2020 to approximately $30 million in the fourth quarter. This improvement was driven by the company's revenue and cost-reduction initiatives throughout the year.

    -- Secured approximately $9 billion in financial assistance through two rounds of PSP legislation and executed an agreement with the U.S. Department of the Treasury through the CARES Act loan program that gives the company access to up to $7.5 billion of secured term loans, of which $550 million has been drawn.

    -- Raised more than $13 billion during the year through various other equity and debt offerings.

    -- Expects to end the first quarter with approximately $15.0 billion in total available liquidity.

    Network and partnerships

    American reset its network in 2020 to play to the strengths of its hubs and take advantage of its younger and simplified fleet. The airline also established new and innovative partnerships with Alaska Airlines and JetBlue Airways that will create the best and largest network for customers on the West Coast and in the Northeast. These partnerships will allow for efficient growth, including the launch of new service in 2021 between Seattle and London, Shanghai and Bangalore, and between New York and Tel Aviv and Athens.

    Demand and capacity outlook

    The company will continue to match its forward capacity with observed bookings trends. Compared to the first quarter of 2019, American expects its first-quarter system capacity to be down 45%, with total revenue expected to be down 60 to 65%.

    Conference call and webcast details

    The company will conduct a live audio webcast of its financial results call at 7:30 a.m. CST today. The call will be available to the public on a listen-only basis at aa.com/investorrelations. An archive of the webcast will be available on the website through Feb. 28.

    Notes

    See the accompanying notes in the Financial Tables section of this press release for further explanation, including a reconciliation of all GAAP to non-GAAP financial information.

    1. The company recognized $36 million of nonoperating net special items during the fourth quarter of 2020. These net special items principally included mark-to-market net unrealized gains and losses associated with certain equity investments and treasury rate lock derivative instruments.

    2. The 2020 12-month period mainline operating special items, net principally included $3.7 billion of PSP financial assistance, offset in part by $1.5 billion of fleet impairment charges, $1.4 billion of salary and medical costs primarily associated with certain team members who opted in to voluntary early retirement programs offered as a result of reductions to the company's operation due to COVID-19, and $228 million of one-time labor contract expenses resulting from the ratification of a new contract with the company's maintenance and fleet service team members, including signing bonuses and adjustments to vacation accruals resulting from pay rate increases.

    The 2020 12-month period regional operating special items, net principally included $444 million of PSP financial assistance, offset in part by $117 million of fleet impairment charges and $18 million of salary and medical costs primarily associated with the voluntary early retirement programs as discussed above.

    The company recognized $170 million of nonoperating net special items in 2020. These net special items principally included mark-to-market net unrealized gains and losses associated with certain equity investments and treasury rate lock derivative instruments as well as charges associated with debt refinancings and extinguishments.

    3. A reconciliation of this calculation can be found in the tables that follow.

    About American Airlines Group

    American's purpose is to care for people on life's journey. Shares of Agmerican Airlines Group Inc. trade on Nasdaq under the ticker symbol AAL and the company's stock is included in the S&P 500. Learn more about what's happening at American by visiting news.aa.com and connect with American on Twitter @AmericanAir and at Facebook.com/AmericanAirlines.

    Cautionary Statement Regarding Forward-Looking Statements and Information

    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 the company's 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 the company's 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 set forth in the company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2020 (especially in Part I, Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations, and Part II, Item 1A. Risk Factors), and other risks and uncertainties listed from time to time in the company's other filings with the Securities and Exchange Commission. There may be other factors of which the company is 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 COVID-19 outbreak to economic conditions and the travel industry in general and the financial position and operating results of the company in particular have been material, are changing rapidly, and cannot be predicted. The company does 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 these forward-looking statements other than as required by law. Forward looking statements speak only as of the date hereof or as of the dates indicated in the statement.

    Corporate Communications

    mediarelations@aa.com

    Investor Relations

    investor.relations@aa.com

    American Airlines Group Inc.
    Condensed Consolidated Statements of Operations
    (In millions, except share and per share amounts)
    (Unaudited)
                                                         3 Months Ended December 31,                 Percent    12 Months Ended December 31,          Percent
                                                                     2020               2019         Change          2020               2019          Change
    Operating revenues:
    Passenger                                            $           3,190          $   10,347       (69.2 )    $    14,518        $    42,010        (65.4 )
    Cargo                                                            285                216          32.0            769                863           (10.8 )
    Other                                                            552                750          (26.5 )         2,050              2,895         (29.2 )
    Total operating revenues                                         4,027              11,313       (64.4 )         17,337             45,768        (62.1 )
    Operating expenses:
    Aircraft fuel and related taxes                                  516                1,816        (71.6 )         2,581              7,526         (65.7 )
    Salaries, wages and benefits                                     2,577              3,100        (16.9 )         10,960             12,609        (13.1 )
    Regional expenses:
    Fuel                                                             182                475          (61.6 )         821                1,869         (56.1 )
    Depreciation and amortization                                    79                 90           (12.3 )         325                336           (3.1  )
    Other                                                            992                1,355        (26.8 )         3,746              5,296         (29.3 )
    Maintenance, materials and repairs                               330                635          (48.0 )         1,583              2,380         (33.5 )
    Other rent and landing fees                                      387                487          (20.5 )         1,536              2,055         (25.3 )
    Aircraft rent                                                    336                330          2.0             1,341              1,326         1.1
    Selling expenses                                                 94                 407          (76.9 )         513                1,602         (68.0 )
    Depreciation and amortization                                    484                513          (5.7  )         2,040              1,982         3.0
    Special items, net                                               -                  147          (99.9 )         (657    )          635           nm
    Other                                                            565                1,229        (54.0 )         2,969              5,087         (41.6 )
    Total operating expenses                                         6,542              10,584       (38.2 )         27,758             42,703        (35.0 )
    Operating income (loss)                                          (2,515      )      729          nm              (10,421 )          3,065         nm
    Nonoperating income (expense):
    Interest income                                                  5                  24           (80.0 )         41                 127           (67.7 )
    Interest expense, net                                            (376        )      (265    )    41.6            (1,227  )          (1,095  )     12.0
    Other income, net                                                77                 83           (7.2  )         154                159           (3.2  )
    Total nonoperating expense, net                                  (294        )      (158    )    85.5            (1,032  )          (809    )     27.5
    Income (loss) before income taxes                                (2,809      )      571          nm              (11,453 )          2,256         nm
    Income tax provision (benefit)                                   (631        )      157          nm              (2,568  )          570           nm
    Net income (loss)                                    $           (2,178      )  $   414          nm         $    (8,885  )     $    1,686         nm
    Earnings (loss) per common share:
    Basic                                                $           (3.81       )  $   0.95                    $    (18.36  )     $    3.80
    Diluted                                              $           (3.81       )  $   0.95                    $    (18.36  )     $    3.79
    Weighted average shares outstanding (in thousands):
    Basic                                                            571,984            434,578                      483,888            443,363
    Diluted                                                          571,984            435,659                      483,888            444,269
    Note: Percent change may not recalculate due to rounding.
    Not meaningful or greater than 100% change.
    
    American Airlines Group Inc.
    Consolidated Operating Statistics
    (Unaudited)
                                                                              3 Months Ended December 31,                              12 Months Ended December 31,
                                                                              2020             2019             Change                 2020             2019             Change
    Mainline
    Revenue passenger miles (millions)                                        17,222           51,675           (66.7           ) %    77,065           212,859          (63.8           ) %
    Available seat miles (ASM) (millions)                                     27,169           60,985           (55.4           ) %    119,567          248,833          (51.9           ) %
    Passenger load factor (percent)                                           63.4             84.7             (21.3           ) pts  64.5             85.5             (21.0           ) pts
    Passenger enplanements (thousands)                                        15,726           38,757           (59.4           ) %    65,756           155,821          (57.8           ) %
    Departures (thousands)                                                    141              279              (49.3           ) %    619              1,115            (44.5           ) %
    Aircraft at end of period                                                 855              942              (9.2            ) %    855              942              (9.2            ) %
    Block hours (thousands)                                                   425              847              (49.8           ) %    1,811            3,456            (47.6           ) %
    Average stage length (miles)                                              1,171            1,177            (0.5            ) %    1,132            1,202            (5.8            ) %
    Fuel consumption (gallons in millions)                                    414              895              (53.8           ) %    1,752            3,667            (52.2           ) %
    Average aircraft fuel price including related taxes (dollars per gallon)  1.25             2.03             (38.5           ) %    1.47             2.05             (28.2           ) %
    Full-time equivalent employees at end of period                           78,300           104,200          (24.9           ) %    78,300           104,200          (24.9           ) %
    Regional
    Revenue passenger miles (millions)                                        4,081            7,242            (43.7           ) %    14,760           28,393           (48.0           ) %
    Available seat miles (millions)                                           6,050            9,287            (34.9           ) %    23,600           36,255           (34.9           ) %
    Passenger load factor (percent)                                           67.4             78.0             (10.6           ) pts  62.5             78.3             (15.8           ) pts
    Passenger enplanements (thousands)                                        7,911            15,096           (47.6           ) %    29,568           59,361           (50.2           ) %
    Aircraft at end of period                                                 544              605              (10.1           ) %    544              605              (10.1           ) %
    Fuel consumption (gallons in millions)                                    138              222              (38.0           ) %    545              870              (37.4           ) %
    Average aircraft fuel price including related taxes (dollars per gallon)  1.33             2.14             (38.0           ) %    1.51             2.15             (29.9           ) %
    Full-time equivalent employees at end of period                           24,400           29,500           (17.3           ) %    24,400           29,500           (17.3           ) %
    Total Mainline & Regional
    Revenue passenger miles (millions)                                        21,303           58,917           (63.8           ) %    91,825           241,252          (61.9           ) %
    Available seat miles (millions)                                           33,219           70,272           (52.7           ) %    143,167          285,088          (49.8           ) %
    Passenger load factor (percent)                                           64.1             83.8             (19.7           ) pts  64.1             84.6             (20.5           ) pts
    Yield (cents)                                                             14.98            17.56            (14.7           ) %    15.81            17.41            (9.2            ) %
    Passenger revenue per ASM (cents)                                         9.60             14.72            (34.8           ) %    10.14            14.74            (31.2           ) %
    Total revenue per ASM (cents)                                             12.12            16.10            (24.7           ) %    12.11            16.05            (24.6           ) %
    Cargo ton miles (millions)                                                434              599              (27.5           ) %    1,383            2,489            (44.4           ) %
    Cargo yield per ton mile (cents)                                          65.63            36.03            82.2              %    55.63            34.67            60.5              %
    Passenger enplanements (thousands)                                        23,637           53,853           (56.1           ) %    95,324           215,182          (55.7           ) %
    Aircraft at end of period                                                 1,399            1,547            (9.6            ) %    1,399            1,547            (9.6            ) %
    Fuel consumption (gallons in millions)                                    552              1,117            (50.6           ) %    2,297            4,537            (49.4           ) %
    Average aircraft fuel price including related taxes (dollars per gallon)  1.27             2.05             (38.2           ) %    1.48             2.07             (28.5           ) %
    Full-time equivalent employees at end of period                           102,700          133,700          (23.2           ) %    102,700          133,700          (23.2           ) %
    Operating cost per ASM (cents)                                            19.69            15.06            30.8              %    19.39            14.98            29.4              %
    Operating cost per ASM excluding net special items (cents)                19.69            14.85            32.6              %    20.06            14.75            36.0              %
    Operating cost per ASM excluding net special items and fuel (cents)       17.59            11.59            51.8              %    17.69            11.46            54.4              %
    Excludes 22 Boeing 737-800 mainline aircraft that are in temporary storage.
    Regional includes wholly-owned regional airline subsidiaries and operating results from capacity purchase carriers.
    Includes aircraft owned and leased by American as well as aircraft operated by third-party regional carriers under capacity purchase agreements. Excludes 27 regional aircraft that are in temporary storage as follows: 18 Embraer 140, seven Embraer 175 and two Embraer 145.
    Regional full-time equivalent employees only include our wholly-owned regional airline subsidiaries.
    Note: Amounts may not recalculate due to rounding.
    
    American Airlines Group Inc.
    Consolidated Revenue Statistics by Region
    (Unaudited)
                                             3 Months Ended December 31,                   12 Months Ended December 31,
                                             2020              2019       Change           2020       2019               Change
    Domestic
    Revenue passenger miles (millions)       17,915            40,436     (55.7 )    %     73,083     161,580            (54.8 )    %
    Available seat miles (ASM) (millions)    26,392            48,068     (45.1 )    %     112,349    189,221            (40.6 )    %
    Passenger load factor (percent)          67.9              84.1       (16.2 )    pts   65.0       85.4               (20.4 )    pts
    Passenger revenue (dollars in millions)  2,663             7,833      (66.0 )    %     11,765     30,881             (61.9 )    %
    Yield (cents)                            14.86             19.37      (23.3 )    %     16.10      19.11              (15.8 )    %
    Passenger revenue per ASM (cents)        10.09             16.30      (38.1 )    %     10.47      16.32              (35.8 )    %
    Latin America
    Revenue passenger miles (millions)       2,956             7,235      (59.1 )    %     11,405     31,029             (63.2 )    %
    Available seat miles (millions)          4,732             8,476      (44.2 )    %     16,273     36,653             (55.6 )    %
    Passenger load factor (percent)          62.5              85.4       (22.9 )    pts   70.1       84.7               (14.6 )    pts
    Passenger revenue (dollars in millions)  466               1,218      (61.7 )    %     1,852      5,047              (63.3 )    %
    Yield (cents)                            15.76             16.83      (6.3  )    %     16.24      16.27              (0.2  )    %
    Passenger revenue per ASM (cents)        9.85              14.37      (31.5 )    %     11.38      13.77              (17.3 )    %
    Atlantic
    Revenue passenger miles (millions)       266               7,639      (96.5 )    %     4,982      34,152             (85.4 )    %
    Available seat miles (millions)          1,368             9,372      (85.4 )    %     10,251     42,010             (75.6 )    %
    Passenger load factor (percent)          19.4              81.5       (62.1 )    pts   48.6       81.3               (32.7 )    pts
    Passenger revenue (dollars in millions)  33                947        (96.5 )    %     654        4,624              (85.9 )    %
    Yield (cents)                            12.49             12.40      0.8        %     13.13      13.54              (3.0  )    %
    Passenger revenue per ASM (cents)        2.43              10.11      (76.0 )    %     6.38       11.01              (42.0 )    %
    Pacific
    Revenue passenger miles (millions)       166               3,607      (95.4 )    %     2,355      14,491             (83.7 )    %
    Available seat miles (millions)          727               4,356      (83.3 )    %     4,294      17,204             (75.0 )    %
    Passenger load factor (percent)          22.9              82.8       (59.9 )    pts   54.8       84.2               (29.4 )    pts
    Passenger revenue (dollars in millions)  28                349        (91.8 )    %     247        1,458              (83.1 )    %
    Yield (cents)                            17.15             9.68       77.2       %     10.49      10.06              4.2        %
    Passenger revenue per ASM (cents)        3.92              8.02       (51.1 )    %     5.75       8.47               (32.1 )    %
    Total International
    Revenue passenger miles (millions)       3,388             18,481     (81.7 )    %     18,742     79,672             (76.5 )    %
    Available seat miles (millions)          6,827             22,204     (69.3 )    %     30,818     95,867             (67.9 )    %
    Passenger load factor (percent)          49.6              83.2       (33.6 )    pts   60.8       83.1               (22.3 )    pts
    Passenger revenue (dollars in millions)  527               2,514      (79.0 )    %     2,753      11,129             (75.3 )    %
    Yield (cents)                            15.58             13.60      14.5       %     14.69      13.97              5.2        %
    Passenger revenue per ASM (cents)        7.73              11.32      (31.7 )    %     8.93       11.61              (23.0 )    %
    Domestic results include Canada, Puerto Rico and U.S. Virgin Islands.
    Latin America results include the Caribbean.
    Note: Amounts may not recalculate due to rounding.
    
    Reconciliation of GAAP Financial Information to Non-GAAP Financial Information
    American Airlines Group Inc. (the company) sometimes uses financial measures that are derived from the condensed consolidated financial statements but that are not presented in accordance with GAAP to understand and evaluate its current operating performance and to allow for period-to-period comparisons. The company believes these non-GAAP financial measures may also provide useful information to investors and others. These non-GAAP measures may not be comparable to similarly titled non-GAAP measures of other companies, and should be considered in addition to, and not as a substitute for or superior to, any measure of performance, cash flow or liquidity prepared in accordance with GAAP. The company is providing a reconciliation of reported non-GAAP financial measures to their comparable financial measures on a GAAP basis.
    The tables below present the reconciliations of the following GAAP measures to their non-GAAP measures:
    - Pre-Tax Income (Loss) (GAAP measure) to Pre-Tax Income (Loss) Excluding Net Special Items (non-GAAP measure)
    - Pre-Tax Margin (GAAP measure) to Pre-Tax Margin Excluding Net Special Items (non-GAAP measure)
    - Net Income (Loss) (GAAP measure) to Net Income (Loss) Excluding Net Special Items (non-GAAP measure)
    - Basic and Diluted Earnings (Loss) Per Share (GAAP measure) to Basic and Diluted Earnings (Loss) Per Share Excluding Net Special Items (non-GAAP measure)
    - Operating Income (Loss) (GAAP measure) to Operating Income (Loss) Excluding Net Special Items (non-GAAP measure)
    Management uses these non-GAAP financial measures to evaluate the company's current operating performance and to allow for period-to-period comparisons. As net special items may vary from period-to-period in nature and amount, the adjustment to exclude net special items allows management an additional tool to understand the company's core operating performance.
    Additionally, the tables below present the reconciliations of total operating costs (GAAP measure) to total operating costs excluding net special items and fuel (non-GAAP measure). Management uses total operating costs excluding net special items and aircraft fuel to evaluate the company's current operating performance and for period-to-period comparisons. The price of fuel, over which the company has no control, impacts the comparability of period-to-period financial performance. The adjustment to exclude aircraft fuel and net special items allows management an additional tool to understand and analyze the company's non-fuel costs and core operating performance.
                                                                                                                                     3 Months Ended December 31,                                      Percent Change                         12 Months Ended December 31,                                     Percent Change
                                          Reconciliation of Pre-Tax Income (Loss) Excluding Net Special Items                                                              2020            2019                                                                                    2020            2019
                                                                                                                                     (in millions, except per share amounts)                                                                 (in millions, except per share amounts)
                                          Pre-tax income (loss) as reported                                                          $                                     (2,809  )  $    571                                               $                                     (11,453 )  $    2,256
                                          Pre-tax net special items:
                                          Mainline operating special items, net                                                                                            -               147                                                                                     (657    )       635
                                          Regional operating special items, net                                                                                            -               -                                                                                       (309    )       6
                                          Nonoperating special items, net                                                                                                  (36     )       (39     )                                                                               170             3
                                          Total pre-tax net special items                                                                                                  (36     )       108                                                                                     (796    )       644
                                          Pre-tax income (loss) excluding net special items                                          $                                     (2,845  )  $    679        nm                                     $                                     (12,249 )  $    2,900      nm
                                          Calculation of Pre-Tax Margin
                                          Pre-tax income (loss) as reported                                                          $                                     (2,809  )  $    571                                               $                                     (11,453 )  $    2,256
                                          Total operating revenues as reported                                                       $                                     4,027      $    11,313                                            $                                     17,337     $    45,768
                                          Pre-tax margin                                                                                                                   -69.7   %       5.0     %                                                                               -66.1   %       4.9     %
                                          Calculation of Pre-Tax Margin Excluding Net Special Items
                                          Pre-tax income (loss) excluding net special items                                          $                                     (2,845  )  $    679                                               $                                     (12,249 )  $    2,900
                                          Total operating revenues as reported                                                       $                                     4,027      $    11,313                                            $                                     17,337     $    45,768
                                          Pre-tax margin excluding net special items                                                                                       -70.7   %       6.0     %                                                                               -70.7   %       6.3     %
                                          Reconciliation of Net Income (Loss) Excluding Net Special Items
                                          Net income (loss) as reported                                                              $                                     (2,178  )  $    414                                               $                                     (8,885  )  $    1,686
                                          Net special items:
                                          Total pre-tax net special items                                                                                                  (36     )       108                                                                                     (796    )       644
                                          Net tax effect of net special items                                                                                              4               (20     )                                                                               170             (151    )
                                          Net income (loss) excluding net special items                                              $                                     (2,210  )  $    502        nm                                     $                                     (9,511  )  $    2,179      nm
                                          Reconciliation of Basic and Diluted Earnings (Loss) Per Share Excluding Net Special Items
                                          Net income (loss) excluding net special items                                              $                                     (2,210  )  $    502                                               $                                     (9,511  )  $    2,179
                                          Shares used for computation (in thousands):
                                          Basic                                                                                                                            571,984         434,578                                                                                 483,888         443,363
                                          Diluted                                                                                                                          571,984         435,659                                                                                 483,888         444,269
                                          Earnings (loss) per share excluding net special items:
                                          Basic                                                                                      $                                     (3.86   )  $    1.15                                              $                                     (19.66  )  $    4.91
                                          Diluted                                                                                    $                                     (3.86   )  $    1.15                                              $                                     (19.66  )  $    4.90
                                                                                                                                     3 Months Ended December 31,                                                                             12 Months Ended December 31,
                                          Reconciliation of Operating Income (Loss) Excluding Net Special Items                      2020                                             2019                                                   2020                                             2019
                                                                                                                                     (in millions)                                                                                           (in millions)
                                          Operating income (loss) as reported                                                        $                                     (2,515  )  $    729                                               $                                     (10,421 )  $    3,065
                                          Operating net special items:
                                          Mainline operating special items, net                                                                                            -               147                                                                                     (657    )       635
                                          Regional operating special items, net                                                                                            -               -                                                                                       (309    )       6
                                          Operating income (loss) excluding net special items                                        $                                     (2,515  )  $    876                                               $                                     (11,387 )  $    3,706
                                          Reconciliation of Total Operating Cost per ASM Excluding Net Special Items and Fuel
                                          Total operating expenses as reported                                                       $                                     6,542      $    10,584                                            $                                     27,758     $    42,703
                                          Operating net special items:
                                          Mainline operating special items, net                                                                                            -               (147    )                                                                               657             (635    )
                                          Regional operating special items, net                                                                                            -               -                                                                                       309             (6      )
                                          Total operating expenses, excluding net special items                                                                            6,542           10,437                                                                                  28,724          42,062
                                          Fuel:
                                          Aircraft fuel and related taxes - mainline                                                                                       (516    )       (1,816  )                                                                               (2,581  )       (7,526  )
                                          Aircraft fuel and related taxes - regional                                                                                       (182    )       (475    )                                                                               (821    )       (1,869  )
                                          Total operating expenses, excluding net special items and fuel                             $                                     5,844      $    8,146                                             $                                     25,322     $    32,667
    
     Average Daily Cash Burn
     The company's average daily cash burn is presented in the table below, which is a non-GAAP measure that management believes is useful information to investors and others in evaluating the company's liquidity position and cash flows from its core operating performance. The company defines cash burn as net cash provided by (used in) operating activities, net cash provided by (used in) investing activities and net cash provided by (used in) financing activities, adjusted for (1) CARES Act Payroll Support Program grant proceeds, (2) net purchases (proceeds from sale) of short-term investments and restricted short-term investments, (3) proceeds from issuance of long-term debt, net of deferred financing costs, but excluding aircraft financing, (4) proceeds from issuance of equity, (5) prepayments of long-term debt and (6) other cash flows that are not representative of our core operating performance.
     This non-GAAP measure may not be comparable to similarly titled non-GAAP measures of other companies, and should be considered in addition to, and not as a substitute for or superior to, any measure of performance, cash flow or liquidity prepared in accordance with GAAP.
                                                                                                         3 Months Ended                                                                  3 Months Ended                                                                  3 Months Ended
                                                                                                         December 31, 2020                                                               September 30, 2020                                                              June 30, 2020
                                                                                                         (in millions, except days in period)
     Net cash used in operating activities                                                               $                                                                     (2,800 )  $                                                                     (2,604 )  $                                                                     (908   )
     Net cash provided by (used in) investing activities                                                                                                                       1,696                                                                           923                                                                             (6,799 )
     Net cash provided by financing activities                                                                                                                                 1,206                                                                           1,511                                                                           7,688
     Adjustments:
     CARES Act Payroll Support Program grant proceeds                                                                                                                          -                                                                               (525   )                                                                        (3,693 )
     Net purchases (proceeds from sale) of short-term investments and restricted short-term investments                                                                        (1,422 )                                                                        (1,391 )                                                                        6,608
     Proceeds from issuance of non-aircraft long-term debt, net of deferred financing costs                                                                                    -                                                                               (1,926 )                                                                        (7,714 )
     Proceeds from issuance of equity                                                                                                                                          (1,443 )                                                                        -                                                                               (1,525 )
     Prepayments of long-term debt                                                                                                                                             -                                                                               -                                                                               1,047
     Other                                                                                                                                                                     -                                                                               -                                                                               -
     Total cash burn                                                                                     $                                                                     (2,763 )  $                                                                     (4,012 )  $                                                                     (5,296 )
     Days in period                                                                                                                                                            92                                                                              92                                                                              91
     Average daily cash burn                                                                             $                                                                     (30    )  $                                                                     (44    )  $                                                                     (58    )
     Note: Amounts may not recalculate due to rounding.
     Of the total cash burn for each of the three months ended December 31, 2020, September 30, 2020 and June 30, 2020, approximately $515 million, $540 million and $505 million were cash payments for debt amortization, respectively, and approximately $195 million, $120 million and $50 million were cash payments for salary and medical costs principally for our voluntary early retirement programs, respectively, totaling an equivalent of approximately $8 million per day, $8 million per day and $6 million per day, respectively.
    
    American Airlines Group Inc.
    Condensed Consolidated Statements of Cash Flows
    (In millions)(Unaudited)
                                                                                              Year Ended December 31,
                                                                                                              2020                 2019
    Net cash provided by (used in) operating activities                                       $               (6,543          )  $ 3,815
    Cash flows from investing activities:
    Capital expenditures and aircraft purchase deposits                                                       (1,958          )    (4,268          )
    Proceeds from sale-leaseback transactions                                                                 665                  850
    Proceeds from sale of property and equipment                                                              351                  54
    Purchases of short-term investments                                                                       (5,873          )    (3,184          )
    Sales of short-term investments                                                                           2,803                4,144
    Proceeds from vendor                                                                                      90                   250
    Increase in restricted short-term investments                                                             (308            )    (3              )
    Other investing activities                                                                                (112            )    (86             )
    Net cash used in investing activities                                                                     (4,342          )    (2,243          )
    Cash flows from financing activities:
    Proceeds from issuance of long-term debt                                                                  11,780               3,960
    Payments on long-term debt and finance leases                                                             (3,535          )    (4,190          )
    Proceeds from issuance of equity                                                                          2,970                -
    Deferred financing costs                                                                                  (93             )    (61             )
    Treasury stock repurchases and shares withheld for taxes pursuant to employee stock plans                 (173            )    (1,097          )
    Dividend payments                                                                                         (43             )    (178            )
    Other financing activities                                                                                88                   (2              )
    Net cash provided by (used in) financing activities                                                       10,994               (1,568          )
    Net increase in cash and restricted cash                                                                  109                  4
    Cash and restricted cash at beginning of year                                                             290                  286
    Cash and restricted cash at end of year                                                   $               399                $ 290
                                  The following table provides a reconciliation of cash and restricted cash to amounts reported within the condensed consolidated balance sheets:
    Cash                                                                                      $               245                $ 280
    Restricted cash included in restricted cash and short-term investments                                    154                  10
    Total cash and restricted cash                                                            $               399                $ 290
    
    American Airlines Group Inc.
    Condensed Consolidated Balance Sheets
    (In millions, except shares)
                                                                      December 31, 2020  December 31, 2019
                                                                      (unaudited)
    Assets
    Current assets
    Cash                                                              $     245          $     280
    Short-term investments                                                  6,619              3,546
    Restricted cash and short-term investments                              609                158
    Accounts receivable, net                                                1,342              1,750
    Aircraft fuel, spare parts and supplies, net                            1,614              1,851
    Prepaid expenses and other                                              666                621
    Total current assets                                                    11,095             8,206
    Operating property and equipment
    Flight equipment                                                        37,816             42,537
    Ground property and equipment                                           9,194              9,443
    Equipment purchase deposits                                             1,446              1,674
    Total property and equipment, at cost                                   48,456             53,654
    Less accumulated depreciation and amortization                          (16,757 )          (18,659 )
    Total property and equipment, net                                       31,699             34,995
    Operating lease right-of-use assets                                     8,039              8,737
    Other assets
    Goodwill                                                                4,091              4,091
    Intangibles, net                                                        2,029              2,084
    Deferred tax asset                                                      3,239              645
    Other assets                                                            1,816              1,237
    Total other assets                                                      11,175             8,057
    Total assets                                                      $     62,008       $     59,995
    Liabilities and Stockholders' Equity (Deficit)
    Current liabilities
    Current maturities of long-term debt and finance leases           $     2,797        $     2,861
    Accounts payable                                                        1,196              2,062
    Accrued salaries and wages                                              1,716              1,541
    Air traffic liability                                                   4,757              4,808
    Loyalty program liability                                               2,033              3,193
    Operating lease liabilities                                             1,651              1,708
    Other accrued liabilities                                               2,419              2,138
    Total current liabilities                                               16,569             18,311
    Noncurrent liabilities
    Long-term debt and finance leases, net of current maturities            29,796             21,454
    Pension and postretirement benefits                                     7,069              6,052
    Loyalty program liability                                               7,162              5,422
    Operating lease liabilities                                             6,777              7,421
    Other liabilities                                                       1,502              1,453
    Total noncurrent liabilities                                            52,306             41,802
    Stockholders' equity (deficit)
    Common stock, 621,479,522 shares outstanding at December 31, 2020       6                  4
    Additional paid-in capital                                              6,894              3,945
    Accumulated other comprehensive loss                                    (7,103  )          (6,331  )
    Retained earnings (deficit)                                             (6,664  )          2,264
    Total stockholders' deficit                                             (6,867  )          (118    )
    Total liabilities and stockholders' equity (deficit)              $     62,008       $     59,995
    

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