Adjustments to Financial Statements
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- Statement of Comprehensive Income
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Enterprise Value to FCFF (EV/FCFF)
- Dividend Discount Model (DDM)
- Net Profit Margin since 2013
- Return on Assets (ROA) since 2013
- Current Ratio since 2013
- Price to Book Value (P/BV) since 2013
- Analysis of Revenues
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Adjustments to Total Assets
American Airlines Group Inc., adjusted total assets
US$ in millions
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
1 Operating lease right-of-use asset (before adoption of FASB Topic 842). See details »
2 Deferred tax assets. See details »
- Total Assets
- The total assets exhibited a gradual increase from 2019 through 2021, rising from $59,995 million to $66,467 million. This upward trend indicates asset growth during this period. However, starting in 2022, the total assets experienced a decline, decreasing to $64,716 million, followed by a continued reduction in 2023 down to $63,058 million. This suggests a shift from expansion to a contraction or divestment phase in recent years.
- Adjusted Total Assets
- The adjusted total assets fluctuated somewhat differently compared to total assets. Beginning at $59,350 million in 2019, the figure slightly decreased to $58,769 million in 2020. Subsequently, there was a rebound in 2021 when adjusted total assets increased to $62,911 million. Afterward, the adjusted assets followed a downward trend over the next two years, reaching $61,617 million in 2022 and further declining to $60,170 million in 2023. Overall, the adjusted asset base shows less growth and a more pronounced decline in later years compared to total assets.
- Insights
- The data highlight a period of asset growth through 2021, potentially reflecting investment or asset accumulation during that time. The reversal to declining asset levels from 2022 onwards may indicate asset sales, depreciation, or a strategic shift in asset management. The divergence between total and adjusted total assets trends suggests that adjustments account for certain factors affecting asset valuation or classification, impacting the adjusted figures more noticeably. The consistent decrease after 2021 across both metrics merits monitoring to understand underlying causes and implications for the company’s asset structure.
Adjustments to Total Liabilities
American Airlines Group Inc., adjusted total liabilities
US$ in millions
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
1 Operating lease liability (before adoption of FASB Topic 842). See details »
2 Deferred tax liabilities. See details »
The financial data reveals trends in the total and adjusted total liabilities of the company over a five-year period from 2019 to 2023. Both total liabilities and adjusted total liabilities exhibit closely aligned values throughout these years, indicating consistent accounting or adjustment methodologies employed by the company.
- 2019 to 2020
-
Total liabilities increased from 60,113 million USD to 68,875 million USD, marking a significant rise of approximately 14.6%. Adjusted total liabilities followed a similar trend with an increase from 60,084 million USD to 68,866 million USD. This escalation likely reflects external economic pressures or operational factors impacting the company.
- 2020 to 2021
-
Liabilities continued to increase, with total liabilities reaching 73,807 million USD and adjusted total liabilities at 73,798 million USD. This represents a further increase of roughly 7.2%, indicating ongoing liability growth during this period. The continued rise may be attributed to sustained financial obligations or strategic decisions involving debt.
- 2021 to 2022
-
There is a noticeable decrease in both metrics, with total liabilities dropping to 70,515 million USD and adjusted total liabilities to 70,505 million USD. This marks a reduction of approximately 4.5%, suggesting efforts to manage or reduce liabilities, possibly through repayments, restructuring, or improved cash flow management.
- 2022 to 2023
-
The downward trend continues with total liabilities further declining to 68,260 million USD and adjusted total liabilities to 68,251 million USD. This reflects a decrease of around 3.2%, reinforcing the company's movement towards strengthening its balance sheet by lowering its liabilities.
Overall, the company's liabilities grew significantly between 2019 and 2021, followed by a sustained reduction from 2021 through 2023. The data suggests a strategic transition from increasing liabilities to active liability management and reduction in recent years, which may potentially improve financial stability and risk profile going forward.
Adjustments to Stockholders’ Equity
American Airlines Group Inc., adjusted stockholders’ deficit
US$ in millions
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
1 Net deferred tax asset (liability). See details »
- Stockholders’ Deficit
- The stockholders’ deficit exhibits a significant increase from 2019 to 2020, rising sharply from -118 million USD to -6,867 million USD. This heightened deficit persists with a further slight increase in 2021 to -7,340 million USD. However, from 2021 onwards, a gradual improvement is evident, with the deficit declining to -5,799 million USD in 2022 and further reducing to -5,202 million USD in 2023.
- Adjusted Stockholders’ Deficit
- The adjusted stockholders’ deficit also shows a pronounced increase at the onset of the period, moving from -734 million USD in 2019 to -10,097 million USD in 2020. It further deepens to -10,887 million USD in 2021. Following this peak, there is a consistent trend of improvement, with the figure improving to -8,888 million USD in 2022 and further to -8,081 million USD in 2023.
- Overall Trends and Insights
- Both the stockholders’ deficit and the adjusted stockholders’ deficit reflect a substantial deterioration in 2020 and 2021, likely indicating significant financial challenges during this period. The following years, 2022 and 2023, show a pattern of recovery, with notable reductions in the magnitude of deficits. Despite this improvement, both metrics remain negative, suggesting the entity has yet to restore a positive equity position. The adjusted deficit is consistently higher in absolute terms, indicating that adjustments account for additional financial obligations or considerations that exacerbate the deficit situation.
Adjustments to Capitalization Table
American Airlines Group Inc., adjusted capitalization table
US$ in millions
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
1 Operating lease liability (before adoption of FASB Topic 842). See details »
2 Current operating lease liabilities. See details »
3 Noncurrent operating lease liabilities. See details »
4 Net deferred tax asset (liability). See details »
- Total Reported Debt
- The total reported debt showed a significant increase from 24,315 million USD in 2019 to a peak of 38,060 million USD in 2021. Following this peak, there was a gradual reduction to 35,663 million USD in 2022 and further down to 32,902 million USD in 2023. This indicates a trend of rising leverage until 2021, followed by efforts to deleverage in subsequent years.
- Stockholders’ Deficit
- The stockholders' deficit expanded dramatically from a relatively small deficit of 118 million USD in 2019 to a substantial deficit of 7,340 million USD in 2021. This deficit improved somewhat thereafter, decreasing to 5,799 million USD in 2022 and 5,202 million USD in 2023. The data suggests considerable equity erosion predominantly during 2020 and 2021, with some recovery or reduction in the deficit afterwards.
- Total Reported Capital
- Total reported capital initially increased from 24,197 million USD in 2019 to 30,720 million USD in 2021, reflecting increased funding or asset base. After 2021, total reported capital declined moderately to 29,864 million USD in 2022 and further to 27,700 million USD in 2023. This pattern aligns with the partial recovery after the peak period.
- Adjusted Total Debt
- Adjusted total debt rose markedly from 33,444 million USD in 2019 to a high of 46,177 million USD in 2021. Subsequent years showed a reduction, with adjusted debt falling to 43,687 million USD in 2022 and 40,663 million USD in 2023. This trend mirrors the trajectory seen in total reported debt, indicating a peak in indebtedness around 2021 followed by subsequent decline.
- Adjusted Stockholders’ Deficit
- Adjusted stockholders’ deficit deteriorated sharply from 734 million USD in deficit in 2019, reaching a maximum deficit of 10,887 million USD in 2021. The deficit then decreased to 8,888 million USD in 2022 and 8,081 million USD in 2023. This trend suggests significant equity impairment peaking in 2021, with some partial recovery over the following two years.
- Adjusted Total Capital
- Adjusted total capital initially declined from 32,710 million USD in 2019 to 30,924 million USD in 2020, before increasing to 35,290 million USD in 2021. It then diminished slightly to 34,799 million USD in 2022 and further to 32,582 million USD in 2023. This volatility reflects fluctuations in capital structure, possibly linked to changes in debt and equity components over the period.
Adjustments to Reported Income
American Airlines Group Inc., adjusted net income (loss)
US$ in millions
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
1 Deferred income tax expense (benefit). See details »
The financial data indicates significant volatility in the company's net income over the five-year period ending in 2023. The net income experienced a substantial decline from a positive result of 1,686 million USD in 2019 to a severe loss of 8,885 million USD in 2020. This marked deterioration suggests considerable financial challenges during that year.
In 2021, the net loss decreased to 1,993 million USD, showing an improvement compared to 2020 but still reflecting a negative performance. The trend continued positively in 2022 with the company reporting a slight profit of 127 million USD, moving towards financial recovery. This upward trajectory persisted in 2023, with net income reaching 822 million USD, indicating a strengthening profitability position.
The adjusted net income figures exhibit a similar pattern, albeit with some differences in magnitude. After recording 1,811 million USD in 2019, adjusted net income plummeted to a loss of 12,225 million USD in 2020, a sharper decline than the reported net income loss. The losses lessened in 2021 to 1,387 million USD, followed by a considerable recovery in 2022 showing a profit of 1,549 million USD. However, in 2023, adjusted net income decreased to 812 million USD, which is lower than the prior year's adjusted figure but still represents a solid positive outcome.
Overall, these trends reflect a significant impact likely related to external or operational disruptions around 2020, followed by gradual financial stabilization and improvements over subsequent years. The company appears to have moved from considerable losses back to profitability, with adjusted net income showing somewhat more volatility than the net income figures. The data suggests ongoing efforts to restore and maintain financial health beyond the downturn experienced in 2020.