AAL
$12.56
American Airlines Gp
($.47)
(3.61%)
Earnings Details
1st Quarter March 2022
Thursday, April 21, 2022 7:00:00 AM
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Summary

American Airlines Gp Beats

American Airlines Gp (AAL) reported a 1st Quarter March 2022 loss of $2.32 per share on revenue of $8.9 billion. The consensus estimate was a loss of $2.43 per share on revenue of $8.7 billion. The Earnings Whisper number was for a loss of $2.35 per share. Revenue grew 122.0% on a year-over-year basis.

The company said it expects second quarter revenue of $12.68 billion to $12.92 billion. The current consensus revenue estimate is $11.05 billion for the quarter ending June 30, 2022.

American Airlines Group Inc, through its subsidiaries, operates in the airline industry. The Company has hubs in Charlotte, Chicago, Dallas/Fort Worth, Los Angeles, Miami, New York City, Philadelphia, Phoenix and Washington, D.C.

Results
Reported Earnings
($2.32)
Earnings Whisper
($2.35)
Consensus Estimate
($2.43)
Reported Revenue
$8.90 Bil
Revenue Estimate
$8.71 Bil
Growth
Earnings Growth
Revenue Growth
Power Rating
Grade
Earnings Release

American Airlines Reports First-Quarter 2022 Financial Results

FORT WORTH, Texas, April 21, 2022 (GLOBE NEWSWIRE) -- American Airlines Group Inc. (NASDAQ: AAL) today reported its first-quarter 2022 financial results, including:

  • First-quarter revenue of $8.9 billion, representing a recovery to 84% of comparable period revenue in 2019.
  • First-quarter net loss of $1.6 billion, or ($2.52) per share. Excluding net special items1, first-quarter net loss of $1.5 billion, or ($2.32) per share.
  • Company was profitable excluding net special items in March and expects to be profitable in the second quarter based on the current demand trends and fuel price forecast.
  • Ended the first quarter with $15.5 billion of total available liquidity.
  • Company continues to execute on its plan to pay down approximately $15 billion of debt by the end of 2025.

“Our priorities for this year are clear: Run a reliable operation and return to profitability,” said American’s CEO Robert Isom. “The outstanding progress we’ve made is only possible because of the amazing efforts of the American Airlines team and we’re optimistic about the continued recovery in the second quarter and beyond. The demand environment is very strong, and as a result, we expect to be profitable in the second quarter based on our current fuel price assumptions. The work we have accomplished over the past two years — simplifying our fleet, modernizing our facilities, fine-tuning our network, developing new partnerships, rolling out new tools for customers and team members, and hiring thousands of new team members — has us very well-positioned as the industry continues to rebound.”

Running a reliable operation
In the first quarter, American led major U.S. airlines in on-time departures and finished a close second in on-time arrivals while flying a schedule that was considerably larger than its closest competitor as measured by available seat miles. Additionally, American delivered its best-ever combined mainline and regional completion factor for the month of March.

The airline has taken steps to ensure it is prepared to deliver for customers during the busy summer travel season. The airline’s summer preparations began last year as demand returned and American has 12,000 more team members in place to support the operation this summer than the summer of 2021.

Returning to profitability
American produced revenues of $8.9 billion in the first quarter, including industry-leading passenger revenues of $7.8 billion, and cargo revenues of $364 million. The airline also produced record sales in March, and it was the first month since the onset of the pandemic that total revenue was above 2019 levels.

Demand for domestic business travel has steadily improved as offices have reopened and travel restrictions have been lifted. Revenue from small- to medium-size businesses and customers traveling for a mix of business and leisure remains very strong and is approaching a full recovery, and corporate bookings are the highest they have been since the start of the pandemic. Demand for international travel has also picked up considerably as travel restrictions have been lifted in certain parts of the world.

American’s continued progress on the path to profitability is driven by the strength of its global network and creating value for customers through consistency, simplicity and transparency. American is proud to offer customers the largest network of any U.S. airline this summer, with an average of more than 5,800 peak daily departures.

Liquidity and balance sheet
American ended the first quarter with $15.5 billion of total available liquidity. Deleveraging its balance sheet remains a top priority for American, and the company is committed to significant debt reduction in the years ahead. The company remains on track to reduce overall debt levels by $15 billion by the end of 2025. In the first quarter, the Company completed $317 million of open market repurchases of its $750 million unsecured senior notes maturing in June. To date, American has reduced its overall debt by $4.1 billion from peak levels in the second quarter of 2021. Additionally, the airline has cost-effective financing in place for all aircraft deliveries through the third quarter of 2022 and is beginning to evaluate financing options for the fourth quarter of 2022 and first half of 2023.

Guidance and investor update
American will continue to match its forward capacity with observed bookings trends. Based on current trends, the company expects its second-quarter capacity to be approximately 92% to 94% of what it was in the second quarter of 2019. American expects its second-quarter total revenue to be 6% to 8% higher than the second quarter of 2019.

For additional financial forecasting detail, please refer to the company’s investor update, filed with this press release with the SEC on Form 8-K. This filing will also be available at aa.com/investorrelations.

Conference call and webcast details
The company will conduct a live audio webcast of its financial results conference call at 7:30 a.m. CDT 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 May 21.

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 $160 million of pre-tax net special items in the first quarter of 2022, which principally included a non-cash impairment charge to write down the carrying value of the company’s retired Airbus A330 fleet to the estimated fair value due to current market conditions for certain used aircraft. The company retired its Airbus A330 fleet in 2020 as a result of the decline in demand for air travel due to the COVID-19 pandemic.

About American Airlines Group
To Care for People on Life’s Journey®. Shares of American 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 Exchange Act of 1934, as amended, 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, the continuing availability of borrowings under revolving lines of credit, 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 herein as well as in the company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2022 (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. In particular, the consequences of the coronavirus 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. Additionally, 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. 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. Any 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 March 31, Percent Increase 
   2022   2021  (Decrease) 
        
Operating revenues:       
Passenger $7,818  $3,179  nm (1)
Cargo  364   315  15.4  
Other  717   514  39.6  
Total operating revenues  8,899   4,008  nm  
        
Operating expenses:       
Aircraft fuel and related taxes  2,502   1,034  nm  
Salaries, wages and benefits  3,154   2,730  15.5  
Regional expenses:       
Regional operating expenses  972   544  78.8  
Regional depreciation and amortization  80   81  (1.9) 
Maintenance, materials and repairs  617   376  64.0  
Other rent and landing fees  678   570  18.9  
Aircraft rent  353   351  0.7  
Selling expenses  332   151  nm  
Depreciation and amortization  492   478  2.8  
Special items, net  157   (1,708) nm  
Other  1,285   716  79.5  
Total operating expenses  10,622   5,323  99.6  
        
Operating loss  (1,723)  (1,315) 31.0  
        
Nonoperating income (expense):       
Interest income  8   4  nm  
Interest expense, net  (463)  (371) 25.1  
Other income, net  92   109  (14.5) 
Total nonoperating expense, net  (363)  (258) 40.5  
        
Loss before income taxes  (2,086)  (1,573) 32.6  
        
Income tax benefit  (451)  (323) 39.6  
        
Net loss $(1,635) $(1,250) 30.8  
        
        
Loss per common share:       
Basic and diluted $(2.52) $(1.97)   
        
Weighted average shares outstanding (in thousands):       
Basic and diluted  649,503   634,609    
        
        
        
Note: Percent change may not recalculate due to rounding.     
        
(1) Not meaningful or greater than 100% change.       
        



American Airlines Group Inc.
Consolidated Operating Statistics (1)
(Unaudited)
        
  3 Months Ended March 31, Increase 
  2022 2021 (Decrease) 
        
Revenue passenger miles (millions) 44,290 22,464 97.2 %
Available seat miles (ASM) (millions) 59,533 37,764 57.6 %
Passenger load factor (percent) 74.4 59.5 14.9 pts
Yield (cents) 17.65 14.15 24.7 %
Passenger revenue per ASM (cents) 13.13 8.42 56.0 %
Total revenue per ASM (cents) 14.95 10.61 40.8 %
Cargo ton miles (millions) 536 532 0.7 %
Cargo yield per ton mile (cents) 67.81 59.18 14.6 %
        
Fuel consumption (gallons in millions) 894 608 47.0 %
Average aircraft fuel price including related taxes (dollars per gallon) 2.80 1.70 64.7 %
        
Operating cost per ASM (cents) 17.84 14.09 26.6 %
Operating cost per ASM excluding net special items (cents) 17.58 19.19 (8.4)%
Operating cost per ASM excluding net special items and fuel (cents) 13.38 16.45 (18.7)%
        
Passenger enplanements (thousands) 42,722 24,238 76.3 %
Departures (thousands):       
Mainline 241 153 58.1 %
Regional 231 186 24.1 %
Total 472 339 39.4 %
Average stage length (miles):       
Mainline 1,158 1,205 (3.9)%
Regional 484 505 (4.2)%
Total 828 821 0.9 %
Aircraft at end of period:       
Mainline (2) 881 851 3.5 %
Regional (3) 572 548 4.4 %
Total 1,453 1,399 3.9 %
Full-time equivalent employees at end of period:       
Mainline 100,500 88,500 13.6 %
Regional (4) 26,500 24,700 7.3 %
Total 127,000 113,200 12.2 %
        
        
Note: Amounts may not recalculate due to rounding.       
        
(1) Unless otherwise noted, operating statistics include mainline and regional operations. Regional includes wholly-owned regional airline subsidiaries and operating results from capacity purchase carriers.
(2) Excludes 29 Boeing 737-800 mainline aircraft that are in temporary storage at March 31, 2022.
(3) Includes aircraft owned and leased by American as well as aircraft operated by third-party regional carriers under capacity purchase agreements. Excludes 11 Embraer 145 and one Embraer 170 regional aircraft that are in temporary storage at March 31, 2022.
(4) Regional full-time equivalent employees only include our wholly-owned regional airline subsidiaries.
        



American Airlines Group Inc.
Consolidated Revenue Statistics by Region
(Unaudited)
          
   3 Months Ended March 31, Increase  
   2022 2021 (Decrease)  
          
Domestic (1)        
Revenue passenger miles (millions) 32,632 18,538 76.0% 
Available seat miles (ASM) (millions) 41,873 27,952 49.8% 
Passenger load factor (percent) 77.9 66.3 11.6pts 
Passenger revenue (dollars in millions) 6,060 2,655 nm% 
Yield (cents) 18.57 14.32 29.7% 
Passenger revenue per ASM (cents) 14.47 9.50 52.3% 
          
Latin America (2)        
Revenue passenger miles (millions) 7,652 3,576 nm% 
Available seat miles (millions) 10,310 7,865 31.1% 
Passenger load factor (percent) 74.2 45.5 28.7pts 
Passenger revenue (dollars in millions) 1,227 482 nm% 
Yield (cents) 16.04 13.47 19.1% 
Passenger revenue per ASM (cents) 11.90 6.12 94.4% 
          
Atlantic         
Revenue passenger miles (millions) 3,605 199 nm% 
Available seat miles (millions) 6,380 1,151 nm% 
Passenger load factor (percent) 56.5 17.4 39.1pts 
Passenger revenue (dollars in millions) 466 22 nm% 
Yield (cents) 12.94 11.10 16.6% 
Passenger revenue per ASM (cents) 7.31 1.93 nm% 
          
Pacific         
Revenue passenger miles (millions) 401 151 nm% 
Available seat miles (millions) 970 796 21.9% 
Passenger load factor (percent) 41.4 18.9 22.5pts 
Passenger revenue (dollars in millions) 65 20 nm% 
Yield (cents) 16.13 13.53 19.2% 
Passenger revenue per ASM (cents) 6.67 2.56 nm% 
          
Total International        
Revenue passenger miles (millions) 11,658 3,926 nm% 
Available seat miles (millions) 17,660 9,812 80.0% 
Passenger load factor (percent) 66.0 40.0 26.0pts 
Passenger revenue (dollars in millions) 1,758 524 nm% 
Yield (cents) 15.08 13.35 13.0% 
Passenger revenue per ASM (cents) 9.96 5.34 86.4% 
          
Note: Amounts may not recalculate due to rounding.      
          
(1) Domestic results include Canada, Puerto Rico and U.S. Virgin Islands.  
(2) Latin America results include the Caribbean.      


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 Loss (GAAP measure) to Pre-Tax 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 Loss (GAAP measure) to Net Loss Excluding Net Special Items (non-GAAP measure)

- Basic and Diluted Loss Per Share (GAAP measure) to Basic and Diluted Loss Per Share Excluding Net Special Items (non-GAAP measure)

- Operating Loss (GAAP measure) to Operating 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) and total operating costs per ASM (CASM) to CASM excluding net special items and fuel. Management uses total operating costs excluding net special items and fuel and CASM excluding net special items and 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 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 March 31, Percent Increase
 Reconciliation of Pre-Tax Loss Excluding Net Special Items  2022   2021  (Decrease)
   (in millions, except share and per share amounts)  
        
 Pre-tax loss as reported $(2,086) $(1,573)  
 Pre-tax net special items:      
 Mainline operating special items, net (1)  157   (1,708)  
 Regional operating special items, net (2)  -   (215)  
 Nonoperating special items, net (3)  3   (23)  
 Total pre-tax net special items  160   (1,946)  
        
 Pre-tax loss excluding net special items $(1,926) $(3,519) (45.3%)
        
        
 Calculation of Pre-Tax Margin      
        
 Pre-tax loss as reported $(2,086) $(1,573)  
        
 Total operating revenues as reported $8,899  $4,008   
        
 Pre-tax margin  (23.4%)   (39.3%)   
        
        
 Calculation of Pre-Tax Margin Excluding Net Special Items      
        
 Pre-tax loss excluding net special items $(1,926) $(3,519)  
        
 Total operating revenues as reported $8,899  $4,008   
        
 Pre-tax margin excluding net special items  (21.6%)   (87.8%)   
        
        
 Reconciliation of Net Loss Excluding Net Special Items      
        
 Net loss as reported $(1,635) $(1,250)  
 Net special items:      
 Total pre-tax net special items (1), (2), (3)  160   (1,946)  
    Net tax effect of net special items  (35)  453   
 Net loss excluding net special items $(1,510) $(2,743) (45.0%)
        
        
 Reconciliation of Basic and Diluted Loss Per Share Excluding Net Special Items      
        
 Net loss excluding net special items $(1,510) $(2,743)  
        
 Shares used for computation (in thousands):      
 Basic and diluted  649,503   634,609   
        
 Loss per share excluding net special items:      
 Basic and diluted $(2.32) $(4.32)  
        
   3 Months Ended March 31,  
 Reconciliation of Operating Loss Excluding Net Special Items  2022   2021   
   (in millions)  
        
 Operating loss as reported $(1,723) $(1,315)  
        
 Operating net special items:      
 Mainline operating special items, net (1)  157   (1,708)  
 Regional operating special items, net (2)  -   (215)  
 Operating loss excluding net special items $(1,566) $(3,238)  
        
        
 Reconciliation of Total Operating Cost per ASM Excluding Net Special Items and Fuel        
        
 Total operating expenses as reported $10,622  $5,323   
        
 Operating net special items:      
 Mainline operating special items, net (1)  (157)  1,708   
 Regional operating special items, net (2)  -   215   
 Total operating expenses, excluding net special items  10,465   7,246   
        
 Aircraft fuel and related taxes  (2,502)  (1,034)  
 Total operating expenses, excluding net special items and fuel $7,963  $6,212   
        
   (in cents)  
        
 Total operating expenses per ASM as reported  17.84   14.09   
        
 Operating net special items per ASM:      
 Mainline operating special items, net (1)  (0.26)  4.52   
 Regional operating special items, net (2)  -   0.57   
 Total operating expenses per ASM, excluding net special items  17.58   19.19   
        
 Aircraft fuel and related taxes per ASM  (4.20)  (2.74)  
 Total operating expenses per ASM, excluding net special items and fuel  13.38   16.45   
        
 Note: Amounts may not recalculate due to rounding.      
        
 FOOTNOTES:      
        
(1)The 2022 first quarter mainline operating special items, net principally included a non-cash impairment charge to write down the carrying value of the Company's retired Airbus A330 fleet to the estimated fair value due to current market conditions for certain used aircraft. The Company retired its Airbus A330 fleet in 2020 as a result of the decline in demand for air travel due to the COVID-19 pandemic.

The 2021 first quarter mainline operating special items, net principally included $1.9 billion of Payroll Support Program (PSP) financial assistance, offset in part by $168 million of salary and medical costs associated with certain team members who opted into voluntary early retirement programs offered as a result of reductions to the Company's operation due to the COVID-19 pandemic.

Cash payments for salary and medical costs associated with the Company's voluntary early retirement programs were approximately $90 million and $170 million for the 2022 first quarter and 2021 first quarter, respectively.
        
(2)The 2021 first quarter regional operating special items, net principally included $244 million of PSP financial assistance, offset in part by a $27 million non-cash impairment charge to write down regional aircraft resulting from the retirement of the remaining Embraer 140 fleet earlier than planned.
        
(3)Principally included mark-to-market net unrealized gains and losses associated with certain equity and other investments as well as non-cash charges associated with debt refinancings and extinguishments.
        


American Airlines Group Inc.
Condensed Consolidated Statements of Cash Flows
(In millions)(Unaudited)
       
    3 Months Ended March 31,
     2022   2021 
       
 Net cash provided by operating activities$1,185  $174 
 Cash flows from investing activities:   
 Capital expenditures, net of aircraft purchase deposit returns (807)  19 
 Airport construction projects, net of reimbursements (62)  (42)
 Proceeds from sale of property and equipment 8   108 
 Proceeds from sale-leaseback transactions -   99 
 Sales of short-term investments 7,089   1,415 
 Purchases of short-term investments (7,035)  (8,557)
 Decrease (increase) in restricted short-term investments 36   (194)
 Net cash used in investing activities (771)  (7,152)
 Cash flows from financing activities:   
 Payments on long-term debt and finance leases (661)  (4,054)
 Proceeds from issuance of long-term debt 367   10,861 
 Shares withheld for taxes pursuant to employee stock plans (14)  (13)
 Proceeds from issuance of equity -   316 
 Deferred financing costs -   (162)
 Other financing activities (2)  65 
 Net cash provided by (used in) financing activities (310)  7,013 
 Net increase in cash and restricted cash 104   35 
 Cash and restricted cash at beginning of period 408   399 
(1)Cash and restricted cash at end of period$512  $434 
       
       
       
(1)The following table provides a reconciliation of cash and restricted cash to amounts reported within the condensed consolidated balance sheets:
       
 Cash $376  $277 
 Restricted cash included in restricted cash and short-term investments 136   157 
 Total cash and restricted cash$512  $434 
       



    
American Airlines Group Inc.
Condensed Consolidated Balance Sheets
(In millions, except shares)
 
    
 March 31, 2022 December 31, 2021
 (unaudited)  
Assets   
    
Current assets   
Cash$376  $273 
Short-term investments 12,108   12,158 
Restricted cash and short-term investments 952   990 
Accounts receivable, net 1,537   1,505 
Aircraft fuel, spare parts and supplies, net 2,002   1,795 
Prepaid expenses and other 787   615 
Total current assets 17,762   17,336 
    
Operating property and equipment   
Flight equipment 38,359   37,856 
Ground property and equipment 9,418   9,335 
Equipment purchase deposits 545   517 
Total property and equipment, at cost 48,322   47,708 
Less accumulated depreciation and amortization (18,464)  (18,171)
Total property and equipment, net 29,858   29,537 
    
Operating lease right-of-use assets 7,745   7,850 
    
Other assets   
Goodwill 4,091   4,091 
Intangibles, net 1,970   1,988 
Deferred tax asset 4,000   3,556 
Other assets 1,975   2,109 
Total other assets 12,036   11,744 
    
Total assets$67,401  $66,467 
    
Liabilities and Stockholders’ Equity (Deficit)   
    
Current liabilities   
Current maturities of long-term debt and finance leases$2,382  $2,489 
Accounts payable 2,546   1,772 
Accrued salaries and wages 1,369   1,489 
Air traffic liability 8,346   6,087 
Loyalty program liability 3,110   2,896 
Operating lease liabilities 1,490   1,507 
Other accrued liabilities 2,623   2,766 
Total current liabilities 21,866   19,006 
    
Noncurrent liabilities   
Long-term debt and finance leases, net of current maturities 35,461   35,571 
Pension and postretirement benefits 4,913   5,053 
Loyalty program liability 6,194   6,239 
Operating lease liabilities 6,529   6,610 
Other liabilities 1,378   1,328 
Total noncurrent liabilities 54,475   54,801 
    
Stockholders' equity (deficit)   
Common stock, 649,497,768 shares outstanding at March 31, 2022 6   6 
Additional paid-in capital 7,243   7,234 
Accumulated other comprehensive loss (5,916)  (5,942)
Retained deficit (10,273)  (8,638)
Total stockholders' deficit (8,940)  (7,340)
    
Total liabilities and stockholders’ equity (deficit)$67,401  $66,467 
    

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Source: American Airlines, Inc.