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.
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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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American Airlines Group Inc., consolidated cash flow statement (quarterly data)
US$ in millions
Based on: 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
- Operating Activities
- The net cash provided by operating activities exhibited considerable volatility across the analyzed periods. From a positive cash flow in 2019, a sharp decline is notable beginning in the first quarter of 2020, coinciding with a shift to consistent negative cash flows during the pandemic period with a low reaching -2,863 million USD in December 2020. Recovery signs are observed from March 2021 onwards, with positive inflows returning intermittently, though erratic fluctuations persist through 2023.
- Capital Expenditures and Aircraft Purchases
- Capital expenditures and aircraft purchase deposits show a general downward trend in magnitude from 2019's high investment levels. The spend slowed significantly starting in early 2020, with some quarters in 2021 and 2023 reflecting somewhat reduced but steady outflows around the -500 to -800 million USD range. A temporary positive anomaly occurs in early 2021, suggesting minimal or reversed expenditure for that timeframe.
- Sale-Leaseback Transactions and Equipment Sales
- Proceeds from sale-leaseback and property sales displayed a declining trend from 2019 to mid-2022, with sporadic increases thereafter. Recent quarterly figures are relatively low, indicating reduced reliance on asset disposals for liquidity over the last two years.
- Short-Term Investments
- Significant activity is evident in purchases and sales of short-term investments. Large purchases occurred especially in the mid-2020 period and recurrently in 2021-2022, indicating a strategic allocation of liquidity into short-term assets. Corresponding sales are also significant and often exceed purchases, notably in 2021 and early 2022, suggesting active portfolio adjustments. The interplay between purchases and sales results in periods of both positive and negative cash impact.
- Investing Activities
- Net cash flow from investing activities oscillates widely with notable negative spikes in mid-2020 and early 2021, reflecting the interplay of high investment cash outflows and offsetting proceeds from asset sales or investment divestitures. Positive inflows appear in certain quarters of 2021 and 2022, but the general pattern is one of high variability.
- Debt and Financing
- Payments on long-term debt and finance leases exhibit a steady outflow pattern across the entire period, increasing markedly in late 2020 and again in 2023. Proceeds from long-term debt issuance show substantial spikes during mid-2020 and into early 2021, reflecting active financing likely related to liquidity management during the pandemic. Proceeds decline in most quarters following 2021. Equity issuance spikes in limited quarters during the pandemic period, suggesting capitalization efforts. Dividend payments ceased after the first quarter of 2020, consistent with cash conservation efforts. Other financing activities fluctuate but remain comparatively minor relative to debt movements.
- Overall Financing Activities
- Net cash from financing activities shifted from negative values in 2019 to significant positive cash inflows during mid-2020 and part of 2021, driven by increased debt issuance and equity raises. This inflow trend diminishes gradually through 2022 and 2023, trending back towards negative or minimal net financing cash flow.
- Net Cash and Restricted Cash Position
- The company's cash and restricted cash balance remained relatively stable with minor fluctuations throughout the entire period. Despite significant variances in operating, investing, and financing cash flows, the net change in cash was modest, indicating active cash management to maintain liquidity within a narrow range.