aal-20230126
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 26, 2023
AMERICAN AIRLINES GROUP INC.
AMERICAN AIRLINES, INC.
(Exact name of registrant as specified in its charter)
Delaware 1-8400 75-1825172
Delaware 1-2691 13-1502798
(State or other Jurisdiction of Incorporation) (Commission File Number) (IRS Employer Identification No.)
 
1 Skyview Drive,Fort Worth,Texas 76155
1 Skyview Drive,Fort Worth,Texas 76155
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code:
(682) 278-9000
(682) 278-9000
N/A
(Former name or former address if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading
Symbol(s)		 Name of each exchange
on which registered
Common Stock, $0.01 par value per share AAL The Nasdaq Global Select Market
Preferred Stock Purchase Rights
—
(1)
(1) Attached to the Common Stock
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.
Emerging growth company☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


ITEM 2.02.RESULTS OF OPERATIONS AND FINANCIAL CONDITION.
On January 26, 2023, American Airlines Group Inc. (the Company, we, us and our) issued a press release reporting financial results for the three and twelve months ended December 31, 2022. The press release is furnished as Exhibit 99.1 to this report.
ITEM 7.01.REGULATION FD DISCLOSURE.
On January 26, 2023, the Company provided a presentation to investors. This investor presentation is located on the Company’s website at www.aa.com under “Investor Relations” and is furnished as Exhibit 99.2 to this report.
Also on January 26, 2023, the Company provided an update for investors presenting information relating to its financial and operational outlook for 2023. This investor update is located on the Company’s website at www.aa.com under “Investor Relations” and is furnished as Exhibit 99.3 to this report.
The information in Items 2.02 and 7.01 of this Current Report on Form 8-K, including Exhibits 99.1, 99.2 and 99.3, is being furnished and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section and shall not be deemed incorporated by reference into any registration statement or other document filed pursuant to the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.
ITEM 9.01.FINANCIAL STATEMENTS AND EXHIBITS.
(d) Exhibits.
Exhibit No.Description
99.1
99.2
99.3
104.1Cover page interactive data file (embedded within the Inline XBRL document).



SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, American Airlines Group Inc. has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
AMERICAN AIRLINES GROUP INC.
Date: January 26, 2023By: /s/ Devon E. May
 Devon E. May
 Executive Vice President and
Chief Financial Officer
Pursuant to the requirements of the Securities Exchange Act of 1934, American Airlines, Inc. has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
AMERICAN AIRLINES, INC.
Date: January 26, 2023By: /s/ Devon E. May
 Devon E. May
 Executive Vice President and
Chief Financial Officer




Exhibit 99.1
   
Corporate Communications
  [email protected]
Investor Relations
[email protected]

FOR RELEASE: Thursday, Jan. 26, 2023
AMERICAN AIRLINES REPORTS FOURTH-QUARTER AND FULL-YEAR 2022 FINANCIAL RESULTS
FORT WORTH, Texas –– American Airlines Group Inc. (NASDAQ: AAL) today reported its fourth-quarter and full-year 2022 financial results, including:
•Fourth-quarter and full-year net income of $803 million and $127 million, or $1.14 per diluted share and $0.19 per diluted share, respectively. Excluding net special items1, fourth-quarter and full-year net income of $827 million and $328 million, or $1.17 per diluted share and $0.50 per diluted share, respectively.
•Record fourth-quarter revenue of $13.2 billion, which represents a 16.6% increase over the same period in 2019, despite flying 6.1% less capacity.
•Ended the year with $12 billion of total available liquidity, after prepaying a $1.2 billion term loan during the fourth quarter.
•Company continues to execute on its plan to pay down $15 billion of total debt2 by the end of 2025.
“The American Airlines team has produced outstanding results over the past year,” said American’s CEO Robert Isom. “We committed to running a reliable operation and returning to profitability, and our team is delivering on both. We’re proud to have led the industry in operational performance over the holidays while producing record full-year and fourth-quarter revenues, resulting in a third consecutive quarterly profit and a profit for the full year. As we turn our attention to 2023, we will continue to prioritize reliability, profitability and debt reduction.”
Running a reliable operation
American and its regional partners operated more than 475,000 flights in the fourth quarter, with an average load factor of 83.9%. For the quarter, American ranked first in completion factor among the nine largest U.S. carriers.
The American team delivered an even stronger performance over the holidays, despite challenging conditions in many parts of the country. American outperformed the industry over the December holiday period, ranking first in completion factor. The momentum has continued into 2023 as American has delivered the best on-time arrival performance of the nine largest U.S. carriers so far this year.


American Airlines Reports Fourth-Quarter and Full-Year 2022 Financial Results
Jan. 26, 2023
Page 2



Returning to profitability
American produced revenues of $13.2 billion in the fourth quarter, an increase of 16.6% versus the same period in 2019 and the highest fourth-quarter revenue in company history, driven by the continued strength of the demand environment. This record revenue was achieved while flying 6.1% less capacity than the same period in 2019. On both a GAAP basis and excluding the impact of net special items, the company produced an operating margin of 10.5% in the quarter. American also produced record revenues of $49 billion for the full year, resulting in full-year profitability.
Liquidity and balance sheet
In the fourth quarter, American made approximately $539 million in debt and finance lease payments and prepaid a $1.2 billion term loan. The company ended the year with $12 billion of total available liquidity, comprised of cash and short-term investments plus undrawn capacity under revolving and other credit facilities. Total debt2 reduction continues to be a top priority, and the company is more than halfway to its goal of reducing total debt by $15 billion by the end of 2025. As of Dec. 31, 2022, American had reduced its total debt by more than $8 billion from peak levels in the second quarter of 2021.
Guidance and investor update
Based on demand trends and the current fuel price forecast and excluding the impact of special items, the company expects its first-quarter 2023 adjusted earnings per diluted share3 to be approximately breakeven. Based on today’s guidance, American expects its full-year 2023 adjusted earnings per diluted share3 to be between $2.50 and $3.50.
For additional financial forecasting detail, please refer to the company’s investor update, furnished 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. CT 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. 26.
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 $24 million of net special items after the effect of taxes in the fourth quarter, which principally included mark-to-market net unrealized losses associated with certain equity investments.
2.All references to total debt include debt, finance leases, operating lease liability and pension obligations.
3.Adjusted earnings per diluted share guidance excludes the impact of net special items. The company is unable to reconcile certain forward-looking projections to GAAP as the nature or amount of net special items cannot be determined at this time.

American Airlines Reports Fourth-Quarter and Full-Year 2022 Financial Results
Jan. 26, 2023
Page 3



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 September 30, 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. 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.

American Airlines Reports Fourth-Quarter and Full-Year 2022 Financial Results
Jan. 26, 2023
Page 4



American Airlines Group Inc.
Condensed Consolidated Statements of Operations
(In millions, except share and per share amounts)
(Unaudited) 
 3 Months Ended
December 31,		Percent
Increase
(Decrease)		12 Months Ended
December 31,		Percent
Increase
(Decrease)
 2022202120222021
Operating revenues:
Passenger$12,131 $8,382 44.7 $44,568 $26,063 71.0 
Cargo263 341 (22.9)1,233 1,314 (6.2)
Other795 704 12.8 3,170 2,505 26.5 
Total operating revenues13,189 9,427 39.9 48,971 29,882 63.9 
Operating expenses:
Aircraft fuel and related taxes3,421 2,196 55.8 13,791 6,792  nm
Salaries, wages and benefits3,199 3,207 (0.2)12,972 11,817 9.8 
Regional expenses:
Regional operating expenses1,006 976 3.2 4,064 2,888 40.7 
Regional depreciation and amortization81 79 1.5 321 316 1.6 
Maintenance, materials and repairs735 596 23.4 2,684 1,979 35.6 
Other rent and landing fees649 670 (3.2)2,730 2,619 4.2 
Aircraft rent350 360 (3.0)1,395 1,425 (2.1)
Selling expenses484 353 37.1 1,815 1,098 65.3 
Depreciation and amortization492 579 (15.2)1,977 2,019 (2.1)
Special items, net4 (20) nm
(1)
193 (4,006) nm
Other1,385 1,211 14.3 5,422 3,994 35.8 
Total operating expenses11,806 10,207 15.7 47,364 30,941 53.1 
Operating income (loss)1,383 (780) nm 1,607 (1,059) nm
Nonoperating income (expense):
Interest income110 5  nm 216 18  nm
Interest expense, net(532)(468)13.5 (1,962)(1,800)9.0 
Other income, net50 52 (3.7)325 293 10.9 
Total nonoperating expense, net(372)(411)(9.6)(1,421)(1,489)(4.6)
Income (loss) before income taxes1,011 (1,191) nm 186 (2,548) nm
Income tax provision (benefit)208 (260) nm 59 (555) nm
Net income (loss)$803 $(931) nm $127 $(1,993) nm
Earnings (loss) per common share:
Basic$1.23 $(1.44)$0.20 $(3.09)
Diluted$1.14 $(1.44)$0.19 $(3.09)
Weighted average shares outstanding (in thousands):
Basic650,944 648,766 650,345 644,015 
Diluted716,070 648,766 655,122 644,015 
Note: Percent change may not recalculate due to rounding.
(1)Not meaningful or greater than 100% change.


American Airlines Reports Fourth-Quarter and Full-Year 2022 Financial Results
Jan. 26, 2023
Page 5



American Airlines Group Inc.
Consolidated Operating Statistics (1)
(Unaudited)
 3 Months Ended
December 31,		Increase
(Decrease)		12 Months Ended
December 31,		Increase
(Decrease)
 2022202120222021
Revenue passenger miles (millions)55,32048,98212.9 %215,624161,53833.5 %
Available seat miles (ASM) (millions)65,96261,1057.9 %260,226214,53521.3 %
Passenger load factor (percent)83.980.23.7 pts82.975.37.6 pts
Yield (cents)21.9317.1128.2 %20.6716.1328.1 %
Passenger revenue per ASM (cents)18.3913.7234.1 %17.1312.1541.0 %
Total revenue per ASM (cents)19.9915.4329.6 %18.8213.9335.1 %
Cargo ton miles (millions)458485(5.6) %1,9722,082(5.3) %
Cargo yield per ton mile (cents)57.3970.28(18.3) %62.5263.11(0.9) %
Fuel consumption (gallons in millions)9799315.2 %3,9013,32417.4 %
Average aircraft fuel price including related taxes (dollars per gallon) 3.502.3648.1 %3.542.0473.0 %
Operating cost per ASM (cents)17.9016.707.1 %18.2014.4226.2 %
Operating cost per ASM excluding net special items (cents)17.8916.746.9 %18.1316.509.9 %
Operating cost per ASM excluding net special items and fuel (cents)12.7013.14(3.4) %12.8313.33(3.8) %
Passenger enplanements (thousands)50,93449,2983.3 %199,288165,68220.3 %
Departures (thousands):
Mainline2772529.8 %1,05287020.9 %
Regional201259(22.1) %903955(5.4) %
Total478511(6.3) %1,9551,8257.1 %
Average stage length (miles):
Mainline1,1321,133(0.1) %1,1611,166(0.4) %
Regional469478(1.8) %477486(1.8) %
Total8538016.4 %8458104.3 %
Aircraft at end of period:
Mainline (2)
9258656.9 %9258656.9 %
Regional (3)
536567(5.5) %536567(5.5) %
Total1,4611,4322.0 %1,4611,4322.0 %
Full-time equivalent employees at end of period:
Mainline102,00096,8005.4 %102,00096,8005.4 %
Regional (4)
27,70026,6004.1 %27,70026,6004.1 %
Total129,700123,4005.1 %129,700123,4005.1 %
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 nine Boeing 737-800 mainline aircraft that are in temporary storage at December 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 40 Embraer 145, 19 Bombardier CRJ 700, six Embraer 170 and four Bombardier CRJ 900 regional aircraft that are in temporary storage at December 31, 2022.
(4)Regional full-time equivalent employees only include our wholly-owned regional airline subsidiaries.

American Airlines Reports Fourth-Quarter and Full-Year 2022 Financial Results
Jan. 26, 2023
Page 6



American Airlines Group Inc.
Consolidated Revenue Statistics by Region
(Unaudited)
 3 Months Ended
December 31,		Increase
(Decrease)		12 Months Ended
December 31,		Increase
(Decrease)
 2022202120222021
Domestic (1)
Revenue passenger miles (millions)38,065 38,623 (1.4) %149,410 130,900 14.1 %
Available seat miles (ASM) (millions)44,939 46,230 (2.8) %176,447 161,724 9.1 %
Passenger load factor (percent)84.7 83.5 1.2 pts84.7 80.9 3.8 pts
Passenger revenue (dollars in millions)8,945 6,808 31.4 %32,911 21,453 53.4 %
Yield (cents)23.50 17.62 33.3 %22.03 16.39 34.4 %
Passenger revenue per ASM (cents)19.90 14.73 35.2 %18.65 13.27 40.6 %
Latin America (2)
Revenue passenger miles (millions)8,379 6,936 20.8 %32,467 22,242 46.0 %
Available seat miles (millions)9,853 9,093 8.4 %39,131 33,151 18.0 %
Passenger load factor (percent)85.0 76.3 8.7 pts83.0 67.1 15.9 pts
Passenger revenue (dollars in millions)1,793 1,131 58.5 %6,150 3,506 75.4 %
Yield (cents)21.40 16.31 31.2 %18.94 15.76 20.2 %
Passenger revenue per ASM (cents)18.20 12.44 46.3 %15.72 10.58 48.6 %
Atlantic
Revenue passenger miles (millions)7,676 3,148  nm 30,949 7,450  nm
Available seat miles (millions)9,725 5,157 88.6 %40,679 16,379  nm
Passenger load factor (percent)78.9 61.0 17.9 pts76.1 45.5 30.6 pts
Passenger revenue (dollars in millions)1,222 410  nm 5,070 965  nm
Yield (cents)15.92 13.03 22.2 %16.38 12.95 26.5 %
Passenger revenue per ASM (cents)12.57 7.95 58.0 %12.46 5.89  nm
Pacific
Revenue passenger miles (millions)1,200 275  nm 2,798 946  nm
Available seat miles (millions)1,445 625  nm 3,969 3,281 21.0 %
Passenger load factor (percent)83.1 44.0 39.1 pts70.5 28.8 41.7 pts
Passenger revenue (dollars in millions)171 33  nm 437 139  nm
Yield (cents)14.23 11.94 19.2 %15.62 14.71 6.2 %
Passenger revenue per ASM (cents)11.82 5.25  nm 11.01 4.24  nm
Total International
Revenue passenger miles (millions)17,255 10,359 66.6 %66,214 30,638  nm
Available seat miles (millions)21,023 14,875 41.3 %83,779 52,811 58.6 %
Passenger load factor (percent)82.1 69.6 12.5 pts79.0 58.0 21.0 pts
Passenger revenue (dollars in millions)3,186 1,574  nm 11,657 4,610  nm
Yield (cents)18.46 15.20 21.5 %17.61 15.05 17.0 %
Passenger revenue per ASM (cents)15.15 10.58 43.2 %13.91 8.73 59.4 %
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.

American Airlines Reports Fourth-Quarter and Full-Year 2022 Financial Results
Jan. 26, 2023
Page 7



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:
–Operating Income (Loss) (GAAP measure) to Operating Income (Loss) Excluding Net Special Items (non-GAAP measure)
–Operating Margin (GAAP measure) to Operating Margin Excluding Net Special Items (non-GAAP measure)
–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)
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.
Reconciliation of Operating Income (Loss) Excluding Net Special Items3 Months Ended
December 31,		Percent
Increase
(Decrease)		12 Months Ended
December 31,		Percent
Increase
(Decrease)
2022202120222021
 (in millions) (in millions) 
Operating income (loss) as reported$1,383 $(780)$1,607 $(1,059)
Operating net special items:
   Mainline operating special items, net (1)
4 (20)193 (4,006)
   Regional operating special items, net (2)
2 — 5 (449)
Operating income (loss) excluding net special items$1,389 $(800)nm$1,805 $(5,514)nm
Calculation of Operating Margin      
Operating income (loss) as reported$1,383 $(780)$1,607 $(1,059)
Total operating revenues as reported$13,189 $9,427 $48,971 $29,882 
Operating margin10.5 %(8.3 %)3.3 %(3.5 %)
Calculation of Operating Margin Excluding Net Special Items      
Operating income (loss) excluding net special items$1,389 $(800)$1,805 $(5,514)
Total operating revenues as reported$13,189 $9,427 $48,971 $29,882 
Operating margin excluding net special items10.5 %(8.5 %)3.7 %(18.4 %)
Reconciliation of Pre-Tax Income (Loss) Excluding Net Special Items      
Pre-tax income (loss) as reported$1,011 $(1,191)$186 $(2,548)
Pre-tax net special items:
   Mainline operating special items, net (1)
4 (20)193 (4,006)
   Regional operating special items, net (2)
2 — 5 (449)
   Nonoperating special items, net (3)
40 29 74 60 
Total pre-tax net special items46 9 272 (4,395)
Pre-tax income (loss) excluding net special items$1,057 $(1,182)nm$458 $(6,943)nm
Calculation of Pre-Tax Margin
Pre-tax income (loss) as reported$1,011 $(1,191)$186 $(2,548)
Total operating revenues as reported$13,189 $9,427 $48,971 $29,882 
Pre-tax margin7.7 %(12.6 %)0.4 %(8.5 %)
Calculation of Pre-Tax Margin Excluding Net Special Items
Pre-tax income (loss) excluding net special items$1,057 $(1,182)$458 $(6,943)
Total operating revenues as reported$13,189 $9,427 $48,971 $29,882 
Pre-tax margin excluding net special items8.0 %(12.5 %)0.9 %(23.2 %)

American Airlines Reports Fourth-Quarter and Full-Year 2022 Financial Results
Jan. 26, 2023
Page 8



Reconciliation of Net Income (Loss) Excluding Net Special Items3 Months Ended
December 31,		Percent
Increase
(Decrease)		12 Months Ended
December 31,		Percent
Increase
(Decrease)
2022202120222021
 (in millions, except share and per 
share amounts)		(in millions, except share and per 
share amounts)
Net income (loss) as reported$803 $(931)$127 $(1,993)
Net special items:
   Total pre-tax net special items (1), (2), (3)
46 9 272 (4,395)
   Income tax special items, net— — (9)— 
   Net tax effect of net special items(22)1 (62)993 
Net income (loss) excluding net special items$827 $(921)nm$328 $(5,395)nm
Reconciliation of Basic and Diluted Earnings (Loss) Per Share Excluding Net Special Items
Net income (loss) excluding net special items$827 $(921)$328 $(5,395)
Shares used for computation (in thousands):
   Basic650,944 648,766 650,345 644,015 
   Diluted716,070 648,766 655,122 644,015 
Earnings (loss) per share excluding net special items:
   Basic$1.27 $(1.42)$0.50 $(8.38)
   Diluted (4)
$1.17 $(1.42)$0.50 $(8.38)
Reconciliation of Total Operating Costs per ASM Excluding Net Special Items and Fuel
Total operating expenses as reported$11,806 $10,207 $47,364 $30,941 
Operating net special items:
   Mainline operating special items, net (1)
(4)20 (193)4,006 
   Regional operating special items, net (2)
(2)— (5)449 
Total operating expenses excluding net special items11,800 10,227 47,166 35,396 
Aircraft fuel and related taxes(3,421)(2,196)(13,791)(6,792)
Total operating expenses excluding net special items and fuel $8,379 $8,031 $33,375 $28,604 
 (in cents)(in cents)
Total operating expenses per ASM as reported17.90 16.70 18.20 14.42 
Operating net special items per ASM:
   Mainline operating special items, net (1)
(0.01)0.03 (0.07)1.87 
   Regional operating special items, net (2)
— — — 0.21 
Total operating expenses per ASM excluding net special items17.89 16.74 18.13 16.50 
Aircraft fuel and related taxes per ASM(5.19)(3.59)(5.30)(3.17)
Total operating expenses per ASM excluding net special items and fuel12.70 13.14 12.83 13.33 
Note: Amounts may not recalculate due to rounding.
FOOTNOTES: 
(1)The 2022 twelve month period 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 the 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 twelve month period mainline operating special items, net principally included $4.2 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.
(2)The 2021 twelve month period regional operating special items, net principally included $539 million of PSP financial assistance, offset in part by a $61 million charge associated with the regional pilot retention program which provides for, among other things, a cash retention bonus paid in the fourth quarter of 2021 to eligible captains at the wholly-owned regional airlines included on the pilot seniority list as of September 1, 2021 and 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.
(4)The fourth quarter of 2022 diluted earnings per share gives effect to, among other things, the Company's outstanding 6.5% senior convertible notes by (a) adding back to earnings $11 million of interest expense related to such convertible notes, net of estimated profit sharing, short-term incentive and tax effects and (b) including in the diluted shares outstanding, 61.7 million shares issuable in respect to such convertible notes.

American Airlines Reports Fourth-Quarter and Full-Year 2022 Financial Results
Jan. 26, 2023
Page 9



American Airlines Group Inc.
Condensed Consolidated Statements of Cash Flows
(In millions)(Unaudited)
 Year Ended
December 31,
 20222021
Net cash provided by operating activities$2,173 $704 
Cash flows from investing activities:
Capital expenditures, net of aircraft purchase deposit returns(2,546)(208)
Airport construction projects, net of reimbursements(360)(204)
Proceeds from sale-leaseback transactions86 181 
Proceeds from sale of property and equipment61 193 
Sales of short-term investments14,972 13,923 
Purchases of short-term investments(11,257)(19,454)
Decrease (increase) in restricted short-term investments1 (401)
Purchase of equity investments(321)(28)
Other investing activities— 15 
Net cash provided by (used in) investing activities636 (5,983)
Cash flows from financing activities:
Payments on long-term debt and finance leases(3,752)(7,343)
Proceeds from issuance of long-term debt1,069 12,190 
Deferred financing costs(4)(209)
Shares withheld for taxes pursuant to employee stock plans(21)(18)
Proceeds from issuance of equity— 460 
Other financing activities77 208 
Net cash provided by (used in) financing activities(2,631)5,288 
Net increase in cash and restricted cash178 9 
Cash and restricted cash at beginning of year408 399 
Cash and restricted cash at end of year (1)
$586 $408 
(1)The following table provides a reconciliation of cash and restricted cash to amounts reported within the condensed consolidated balance sheets:
Cash$440 $273 
Restricted cash included in restricted cash and short-term investments146 135 
Total cash and restricted cash$586 $408 


American Airlines Reports Fourth-Quarter and Full-Year 2022 Financial Results
Jan. 26, 2023
Page 10



American Airlines Group Inc.
Condensed Consolidated Balance Sheets
(In millions, except shares) 
December 31, 2022December 31, 2021
 (unaudited) 
Assets
Current assets
Cash$440 $273 
Short-term investments8,525 12,158 
Restricted cash and short-term investments995 990 
Accounts receivable, net2,138 1,505 
Aircraft fuel, spare parts and supplies, net2,279 1,795 
Prepaid expenses and other892 615 
Total current assets15,269 17,336 
Operating property and equipment
Flight equipment39,703 37,856 
Ground property and equipment9,913 9,335 
Equipment purchase deposits613 517 
Total property and equipment, at cost50,229 47,708 
Less accumulated depreciation and amortization(20,029)(18,171)
Total property and equipment, net30,200 29,537 
Operating lease right-of-use assets 8,094 7,850 
Other assets
Goodwill4,091 4,091 
Intangibles, net 2,059 1,988 
Deferred tax asset3,099 3,556 
Other assets1,904 2,109 
Total other assets11,153 11,744 
Total assets$64,716 $66,467 
Liabilities and Stockholders’ Equity (Deficit)
Current liabilities
Current maturities of long-term debt and finance leases$3,274 $2,489 
Accounts payable2,149 1,772 
Accrued salaries and wages1,713 1,489 
Air traffic liability6,745 6,087 
Loyalty program liability3,169 2,896 
Operating lease liabilities 1,465 1,507 
Other accrued liabilities2,981 2,766 
Total current liabilities21,496 19,006 
Noncurrent liabilities
Long-term debt and finance leases, net of current maturities32,389 35,571 
Pension and postretirement benefits2,837 5,053 
Loyalty program liability5,976 6,239 
Operating lease liabilities 6,559 6,610 
Other liabilities1,258 1,328 
Total noncurrent liabilities49,019 54,801 
Stockholders' equity (deficit)
Common stock, 650,642,461 shares outstanding at December 31, 2022
6 6 
Additional paid-in capital7,291 7,234 
Accumulated other comprehensive loss(4,585)(5,942)
Retained deficit(8,511)(8,638)
Total stockholders' deficit(5,799)(7,340)
Total liabilities and stockholders’ equity (deficit)$64,716 $66,467 

Exhibit 99.2

 
2

 
3

 
• • • • • 1/ See GAAP to non-GAAP reconciliation at the end of this presentation.

 
5 1/ Short-haul international consists of Mexico, Caribbean, Central America and Northern South America. 2/ Passenger revenue depicted. • •

 
6 •

 
7

 
8Note: May not recalculate due to rounding. 1/ See GAAP to non-GAAP reconciliation at the end of this presentation.

 
9Note: May not recalculate due to rounding. 1/ See GAAP to non-GAAP reconciliation at the end of this presentation.

 
• • • • • • • 1/ Excludes the prepayment of the $1.2 billion term loan in the fourth quarter. 2/ Total debt includes debt, finance leases, operating lease liability and pension obligations.

 
Note: May not recalculate due to rounding. 1/ Total debt includes debt, finance leases, operating lease liability and pension obligations. 2/ Source: Company filings, as of December 31, 2022. Total debt amounts show both amortization and final maturity payments. 3/ Source: Company filings, 2021 includes net inflows from return of PDPs. 11 • •

 
12 • •

 
13

 

 
15 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: - Operating Income (Loss) (GAAP measure) to Operating Income (Loss) Excluding Net Special Items (non-GAAP measure) - Operating Margin (GAAP measure) to Operating Margin Excluding Net Special Items (non-GAAP measure) - 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) 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.

 
16 Percent Increase Percent Increase Reconciliation of Operating Income (Loss) Excluding Net Special Items 2022 2021 (Decrease) 2022 2021 (Decrease) Operating income (loss) as reported 1,383$ (780)$ 1,607$ (1,059)$ Operating net special items: Mainline operating special items, net (1) 4 (20) 193 (4,006) Regional operating special items, net (2) 2 - 5 (449) Operating income (loss) excluding net special items $ 1,389 $ (800) nm $ 1,805 $ (5,514) nm Calculation of Operating Margin Operating income (loss) as reported $ 1,383 $ (780) $ 1,607 $ (1,059) Total operating revenues as reported $ 13,189 $ 9,427 $ 48,971 $ 29,882 Operating margin 10.5% (8.3%) 3.3% (3.5%) Calculation of Operating Margin Excluding Net Special Items Operating income (loss) excluding net special items $ 1,389 $ (800) $ 1,805 $ (5,514) Total operating revenues as reported $ 13,189 $ 9,427 $ 48,971 $ 29,882 Operating margin excluding net special items 10.5% (8.5%) 3.7% (18.4%) Reconciliation of Pre-Tax Income (Loss) Excluding Net Special Items Pre-tax income (loss) as reported 1,011$ (1,191)$ 186$ (2,548)$ Pre-tax net special items: Mainline operating special items, net (1) 4 (20) 193 (4,006) Regional operating special items, net (2) 2 - 5 (449) Nonoperating special items, net (3) 40 29 74 60 Total pre-tax net special items 46 9 272 (4,395) Pre-tax income (loss) excluding net special items 1,057$ (1,182)$ nm 458$ (6,943)$ nm Calculation of Pre-Tax Margin Pre-tax income (loss) as reported $ 1,011 $ (1,191) $ 186 $ (2,548) Total operating revenues as reported $ 13,189 $ 9,427 $ 48,971 $ 29,882 Pre-tax margin 7.7% (12.6%) 0.4% (8.5%) Calculation of Pre-Tax Margin Excluding Net Special Items Pre-tax income (loss) excluding net special items $ 1,057 $ (1,182) $ 458 $ (6,943) Total operating revenues as reported $ 13,189 $ 9,427 $ 48,971 $ 29,882 Pre-tax margin excluding net special items 8.0% (12.5%) 0.9% (23.2%) 3 Months Ended December 31, (in millions) (in millions) 12 Months Ended December 31,

 
17 Percent Increase Percent Increase Reconciliation of Net Income (Loss) Excluding Net Special Items 2022 2021 (Decrease) 2022 2021 (Decrease) Net income (loss) as reported 803$ (931)$ 127$ (1,993)$ Net special items: Total pre-tax net special items (1), (2), (3) 46 9 272 (4,395) Income tax special items, net - - (9) - Net tax effect of net special items (22) 1 (62) 993 Net income (loss) excluding net special items 827$ (921)$ nm 328$ (5,395)$ nm Reconciliation of Basic and Diluted Earnings (Loss) Per Share Excluding Net Special Items Net income (loss) excluding net special items 827$ (921)$ 328$ (5,395)$ Shares used for computation (in thousands): Basic 650,944 648,766 650,345 644,015 Diluted 716,070 648,766 655,122 644,015 Earnings (loss) per share excluding net special items: Basic 1.27$ (1.42)$ 0.50$ (8.38)$ Diluted (4) 1.17$ (1.42)$ 0.50$ (8.38)$ Reconciliation of Total Operating Costs per ASM Excluding Net Special Items and Fuel Total operating expenses as reported 11,806$ 10,207$ 47,364$ 30,941$ Operating net special items: Mainline operating special items, net (1) (4) 20 (193) 4,006 Regional operating special items, net (2) (2) - (5) 449 Total operating expenses excluding net special items 11,800 10,227 47,166 35,396 Aircraft fuel and related taxes (3,421) (2,196) (13,791) (6,792) Total operating expenses excluding net special items and fuel 8,379$ 8,031$ 33,375$ 28,604$ Total operating expenses per ASM as reported 17.90 16.70 18.20 14.42 Operating net special items per ASM: Mainline operating special items, net (1) (0.01) 0.03 (0.07) 1.87 Regional operating special items, net (2) - - - 0.21 Total operating expenses per ASM excluding net special items 17.89 16.74 18.13 16.50 Aircraft fuel and related taxes per ASM (5.19) (3.59) (5.30) (3.17) Total operating expenses per ASM excluding net special items and fuel 12.70 13.14 12.83 13.33 Note: Amounts may not recalculate due to rounding. 3 Months Ended December 31, 12 Months Ended December 31, (in cents) (in cents) (in millions, except share and per share amounts) (in millions, except share and per share amounts)

 
18 FOOTNOTES: (1) (2) (3) (4) The 2021 twelve month period regional operating special items, net principally included $539 million of PSP financial assistance, offset in part by a $61 million charge associated with the regional pilot retention program which provides for, among other things, a cash retention bonus paid in the fourth quarter of 2021 to eligible captains at the wholly-owned regional airlines included on the pilot seniority list as of September 1, 2021 and 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. The 2022 twelve month period 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 the 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 twelve month period mainline operating special items, net principally included $4.2 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. The fourth quarter of 2022 diluted earnings per share gives effect to, among other things, the Company's outstanding 6.5% senior convertible notes by (a) adding back to earnings $11 million of interest expense related to such convertible notes, net of estimated profit sharing, short-term incentive and tax effects and (b) including in the diluted shares outstanding, 61.7 million shares issuable in respect to such convertible notes. 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.

 
19

 
Exhibit 99.3
Investor Relations Update
January 26, 2023
General Overview
●
Capacity - The Company expects its first quarter capacity to be up approximately 8% to 10% versus the first quarter of 2022. Based on current assumptions, the Company expects its full-year capacity to be up approximately 5% to 8% year over year.
●
TRASM - First quarter total revenue per available seat mile (TRASM) is expected to be up approximately 24% to 27% versus the first quarter of 2022. The Company expects full-year TRASM to be up by low single digits compared to 2022.
●
CASM-ex1 - The Company expects its first quarter CASM-ex to be down approximately 3% to flat versus the first quarter of 2022. Based on current plans, the Company expects its full-year CASM-ex to be up approximately 2% to 5% versus 2022.
●
Fuel - Based on the January 20, 2023 forward fuel curve, the Company expects to pay an average of between $3.33 and $3.38 per gallon of jet fuel (including taxes) in the first quarter. The Company also expects to consume approximately 955 million gallons of jet fuel in the first quarter based on its current plans. Based on current assumptions, the Company expects to pay an average of between $3.00 and $3.10 per gallon of jet fuel (including taxes) for the full year and to consume approximately 4.1 billion gallons of jet fuel.
●
Adjusted operating margin1 - The Company expects an adjusted operating margin of approximately 2.5% to 4.5% in the first quarter. For the full year, the Company expects to report an adjusted operating margin of approximately 7% to 9%, based on current assumptions.
●
Nonoperating expense1 - The Company expects its total nonoperating expense to be approximately $415 million in the first quarter. The Company expects its full-year total nonoperating expense to be between $1.6 billion and $1.65 billion. This forecasted increase in full-year nonoperating expense is primarily driven by a year over year decrease in the non-cash pension credit of approximately $350 million.
●
Taxes - The Company expects a provision for income taxes at an effective rate of approximately 23% in the first quarter and for the full year, which is expected to be substantially non-cash.
●
Adjusted EPS1 - Based on the assumptions outlined above, the Company presently expects first quarter adjusted earnings per diluted share to be approximately breakeven. Full year adjusted earnings per diluted share is expected to be between $2.50 and $3.50, based on current assumptions.
Notes:
1.
CASM-ex is cost per available seat mile (CASM) excluding fuel and net special items. All adjusted operating margin, nonoperating expense and adjusted earnings per diluted share guidance excludes the impact of net special items. The Company is unable to reconcile certain forward-looking projections to GAAP as the nature or amount of net special items cannot be determined at this time. Please see GAAP to non-GAAP reconciliation at the end of this document. The Company’s full-year 2023 forecast includes approximately 3 points for the estimated CASM-ex impact of anticipated new labor agreements; any impact associated with any potential signing bonus is not included.
Please refer to the footnotes and the forward looking statements page of this document for additional information

Financial Update
January 26, 2023

1Q 20231
FY 20231
Available seat miles (ASMs) (bil)~ +8.0% to +10.0% (vs. 1Q22)~ +5.0% to +8.0% (vs. 2022)
TRASM~ +24.0% to +27.0% (vs. 1Q22)~ Up low single digits (vs. 2022)
CASM excluding fuel and net special items2
~ -3.0% to Flat (vs. 1Q22)~ +2.0% to +5.0% (vs. 2022)
Average fuel price (incl. taxes) ($/gal)~ $3.33 to $3.38~ $3.00 to $3.10
Fuel gallons consumed (mil)~ 955~ 4,100
Adjusted operating margin
~ 2.5% to 4.5%~ 7.0% to 9.0%
Other nonoperating expense excluding net special items ($ mil)~ $415~ $1,600 to $1,650
Adjusted earnings per diluted share~ Breakeven~ $2.50 to $3.50
1Q 2023 Shares Forecast2023 Shares Forecast
Shares (mil)3
Shares (mil)3
Earnings Level ($ mil)BasicDiluted
Addback ($ mil)4
BasicDiluted
Addback ($ mil)4
Earnings above $122 (1Q), $485 (FY)652.2 717.2 $11 653.5 720.9 $45 
Earnings up to $122 (1Q), $485 (FY)652.2 655.5 $— 653.5 659.1 $— 
Net loss652.2 652.2 $— 653.5 653.5 $— 




Notes:
1.
Includes guidance on certain non-GAAP measures, which exclude, among other things, net special items. The Company is unable to reconcile certain forward-looking projections to GAAP as the nature or amount of net special items cannot be determined at this time. Please see the GAAP to non-GAAP reconciliation at the end of this document. Numbers may not recalculate due to rounding.
2.The Company’s full-year 2023 forecast includes approximately 3 points for the estimated CASM-ex impact of anticipated new labor agreements; any impact associated with any potential signing bonus is not included.
3.Shares outstanding are based upon several estimates and assumptions, including average per share stock price and stock award activity and assumes no additional shares issued through the Company’s existing at the market share issuance authorization or otherwise. The number of shares in actual calculations of earnings per share will likely be different from those set forth above.
4.Interest addback for earnings per share calculation for 6.5% convertible notes, net of estimated profit sharing, short-term incentive and tax effects.
Please refer to the footnotes and the forward looking statements page of this document for additional information

GAAP to Non-GAAP Reconciliation
January 26, 2023
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 table below presents the reconciliation of total operating costs (GAAP measure) to total operating costs excluding fuel and net special items (non-GAAP measure) and total operating costs per ASM (CASM) to CASM excluding fuel and net special items. Management uses total operating costs excluding fuel and net special items and CASM excluding fuel and net special items 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. Additionally, net special items may vary from period-to-period in nature and amount. These adjustments to exclude fuel and net special items allow management an additional tool to understand and analyze the Company’s non-fuel costs and core operating performance.

GAAP to Non-GAAP Reconciliation of Total Operating Costs and CASM
($ mil except ASM and CASM data)
 1Q23 Range2023 Range
 LowHighLowHigh
Total operating expenses$11,525 $11,990 $48,057 $50,571 
Less fuel expense3,180 3,228 12,300 12,710 
Less operating net special items— — — — 
Total operating expenses excluding fuel and net special items (Non-GAAP)$8,345 $8,762 $35,757 $37,861 
Total CASM (cts)17.92 18.31 17.59 17.99 
Total CASM excluding fuel and net special items (cts) (Non-GAAP)12.98 13.38 13.09 13.47 
Percentage change compared to 1Q 2022 (%), 2022 (%)-3.0%0.0%2.0%5.0%
Total ASMs (bil)64.3 65.5 273.2 281.0 
Note: Amounts may not recalculate due to rounding.

Please refer to the footnotes and the forward looking statements page of this document for additional information

Forward Looking Statements
January 26, 2023
Cautionary Statement Regarding Forward-Looking Statements
Certain of the statements contained in this report should be considered forward-looking statements within the meaning of the Securities Act, 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, 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 September 30, 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. 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.






 

Please refer to the footnotes and the forward looking statements page of this document for additional information