Cash Flow Statement
Quarterly Data

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

American Airlines Group Inc., consolidated cash flow statement (quarterly data)

US$ in millions

3 months ended:	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Net cash provided by (used in) operating activities	(1,351)	58)	1,763)	3,333)	(158)	(593)	1,739)	1,185)	(1,200)	(1,740)	3,470)	174)	(2,863)	(2,604)	(908)	(168)	600)	828)	736)	1,651)
Capital expenditures and aircraft purchase deposits	(843)	(509)	(739)	(505)	(686)	(455)	(598)	(807)	(183)	(143)	99)	19)	(148)	(577)	(388)	(845)	(1,139)	(806)	(1,018)	(1,305)
Proceeds from sale-leaseback transactions and sale of property and equipment	11)	36)	183)	—)	64)	64)	11)	8)	25)	25)	117)	207)	332)	160)	209)	315)	233)	134)	178)	359)
Purchases of short-term investments	1,000)	(736)	(2,456)	(5,131)	856)	(2,030)	(3,048)	(7,035)	(4,295)	(1,319)	(5,283)	(8,557)	1,213)	850)	(7,116)	(820)	(306)	(677)	(1,631)	(570)
Sales of short-term investments	2,004)	2,201)	1,990)	2,666)	1,560)	3,277)	3,046)	7,089)	6,383)	4,703)	1,422)	1,415)	200)	472)	894)	1,237)	1,620)	913)	560)	1,051)
(Increase) decrease in restricted short-term investments	12)	6)	4)	29)	(40)	51)	(46)	36)	(71)	74)	(210)	(194)	9)	69)	(386)	—)	(1)	—)	(1)	(1)
Purchase of equity investments	—)	—)	—)	—)	(116)	(5)	(200)	—)	(28)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Other investing activities	(25)	86)	69)	145)	(86)	(118)	(94)	(62)	(93)	(25)	(29)	(42)	90)	(51)	(12)	(49)	232)	(33)	(21)	(14)
Net cash (used in) provided by investing activities	2,159)	1,084)	(949)	(2,796)	1,552)	784)	(929)	(771)	1,738)	3,315)	(3,884)	(7,152)	1,696)	923)	(6,799)	(162)	639)	(469)	(1,933)	(480)
Payments on long-term debt and finance leases	(3,094)	(1,378)	(920)	(2,326)	(1,714)	(379)	(998)	(661)	(704)	(1,599)	(986)	(4,054)	(517)	(541)	(1,551)	(926)	(1,355)	(1,054)	(932)	(849)
Proceeds from issuance of long-term debt	2,498)	181)	319)	1,824)	370)	125)	207)	367)	94)	—)	1,235)	10,861)	216)	2,100)	7,766)	1,698)	410)	961)	2,189)	400)
Proceeds from issuance of equity	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	144)	316)	1,443)	—)	1,527)	—)	—)	—)	—)	—)
Dividend payments	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(43)	(43)	(45)	(44)	(46)
Other financing activities	(218)	(37)	(18)	(37)	60)	2)	6)	(16)	49)	(10)	52)	(110)	127)	(48)	(54)	(203)	(284)	(228)	(34)	(614)
Net cash provided by (used in) financing activities	(814)	(1,234)	(619)	(539)	(1,284)	(252)	(785)	(310)	(561)	(1,609)	445)	7,013)	1,269)	1,511)	7,688)	526)	(1,272)	(366)	1,179)	(1,109)
Net increase (decrease) in cash and restricted cash	(6)	(92)	195)	(2)	110)	(61)	25)	104)	(23)	(34)	31)	35)	102)	(170)	(19)	196)	(33)	(7)	(18)	62)

The analysis of cash flow patterns from early 2019 through late 2023 reveals a period of extreme volatility characterized by a severe operational collapse in 2020 and a subsequent, inconsistent recovery. The financial trajectory is marked by a transition from self-sustaining operations to a heavy reliance on external financing and liquidity management to maintain solvency.

Operating Cash Flow Trends: A significant shift in operating performance is observed beginning in early 2020. Positive cash flows from 2019 were replaced by deep deficits throughout 2020, peaking in Q4 2020 with a loss of 2,863 million US$. While subsequent years showed periods of strong positive cash generation—most notably in Q2 2021 (3,470 million US$) and Q1 2023 (3,333 million US$)—the recovery has been non-linear, with frequent returns to negative territory, including a 1,351 million US$ deficit in Q4 2023.
Capital Expenditure and Investing Strategy: Capital expenditures and aircraft purchase deposits were drastically reduced as a cost-containment measure during the operational downturn. Spending dropped from averages exceeding 1,000 million US$ per quarter in 2019 to a low of 148 million US$ in Q4 2020. While CapEx increased again starting in 2022, it remained below pre-2020 levels. Additionally, a high volume of activity in short-term investments is evident, with massive purchases and sales (such as the 8,557 million US$ purchase in Q1 2021 offset by 7,089 million US$ in sales in Q1 2022) indicating an active strategy to manage immediate liquidity needs.
Financing and Debt Obligations: The period between 2020 and 2021 was characterized by an aggressive reliance on debt markets to offset operating losses. This is highlighted by massive proceeds from long-term debt issuance, including 7,766 million US$ in Q2 2020 and 10,861 million US$ in Q1 2021. To preserve cash, dividend payments were completely ceased after Q1 2020. Recent trends show a pivot toward debt repayment, with a significant payment of 3,094 million US$ in Q4 2023, suggesting an effort to deleverage the balance sheet as operations stabilized.
Liquidity and Cash Position: Net increases or decreases in cash and restricted cash remained relatively modest compared to the scale of operating and financing swings. This suggests a tightly managed liquidity position where cash inflows from debt issuance and the sale of short-term investments were strategically timed to cover operating deficits and essential capital requirements.

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American Airlines Group Inc. (NASDAQ:AAL)

Cash Flow StatementQuarterly Data

Cash Flow Statement
Quarterly Data