Full-time equivalent employees at end of period: 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. People want to come and see me. To date, American has reduced its overall debt by $5.2 billion from peak levels in the second quarter of 2021. Got a confidential news tip? We want to hear from you.
This record revenue was achieved while flying 8.5% less capacity than the same period in 2019, and there remains significant revenue potential going forward to the extent business and international travel improve further. Running a reliable operationIn the second quarter, American flew a schedule that was more than 25% larger than its closest competitor as measured by total departures. Any forward-looking statements speak only as of the date hereof or as of the dates indicated in the statement. Newer data suggests at least a recent slide in demand. 
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. Learn more about whats happening at American by visiting news.aa.com and connect with American on Twitter @AmericanAir and at Facebook.com/AmericanAirlines. Weighted average shares outstanding (in thousands): Average aircraft fuel price including related taxes (dollars per gallon), Operating cost per ASM excluding net special items (cents), Operating cost per ASM excluding net special items and fuel (cents). Sign up for free newsletters and get more CNBC delivered to your inbox, Get this delivered to your inbox, and more info about our products and services., 2022 CNBC LLC. 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. The following table provides a reconciliation of cash and restricted cash to amounts reported within the condensed consolidated balance sheets: Restricted cash included in restricted cash and short-term investments, Restricted cash and short-term investments, Aircraft fuel, spare parts and supplies, net, Less accumulated depreciation and amortization, Liabilities and Stockholders Equity (Deficit), Current maturities of long-term debt and finance leases, Long-term debt and finance leases, net of current maturities, Common stock, 649,779,361 shares outstanding at June 30, 2022, Total liabilities and stockholders equity (deficit). 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. Liquidity and balance sheetAmerican ended the second quarter with $15.6 billion of total available liquidity. Managements Discussion and Analysis of Financial Condition and Results of Operations and Part II, Item 1A.
Such statements include, but are not limited to, statements about the companys 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. The carrier forecast second-quarter sales as much as 8% higher than the same period three years ago even though it plans to fly between 6% and 8% less than its schedule for the same three months of 2019. Based on these demand trends and the current fuel price forecast, the company expects to be profitable in the third quarter. United said Wednesday it expects to return to a profit this year thanks to a surge in bookings and fares, echoing similar comments a week earlier from Delta. It expects to fly as much as 94% of its 2019 second-quarter schedule, more than competitors Delta Air Lines and United Airlines. American shares rose nearly 4% Thursday, giving up some of the day's gains after the broader market fell. In March, U.S. domestic airfares rose 20% from 2019 and bookings rose 12%, according to the Adobe Digital Economy Index. American is the third major airline to report quarterly results so far this month. This filing will also be available at aa.com/investorrelations.
The 2021 six month period regional operating special items, net principally included $410 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. Conference call and webcast detailsThe companywill conduct a live audio webcast of its financial results conference call at7:30 a.m. CDT today. It's the same thing in the rest of the economy," new CEO Robert Isom told CNBC's "Squawk Box" on Thursday. Sales were down 16% compared with the same quarter of 2019. 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. The Fort Worth, Texas-based airline said it paid $2.80 a gallon for fuel in the first quarter, up 65% from last year.
Demand for international travel also improved steadily during the second quarter and the company expects this to continue following the lifting of the COVID-19 testing requirement for inbound travel to the U.S.
Total debt reduction continues to be a top priority and the company remains on track to reduce overall debt levels by $15 billion by the end of 2025. Delta rose nearly 3% and Southwest Airlines, which reports next week, were each up more than 2%. American said March was the first month since the Covid pandemic began that its revenue surpassed 2019 levels.
American forecast business travel revenue will be 90% recovered to 2019 levels in the second quarter, led by small and midsize companies.
Global Business and Financial News, Stock Quotes, and Market Data and Analysis. Total debt includes debt, finance leases, operating lease liability and pension obligations. Based on current trends, the company expects its third-quarter total revenue to be 10% to 12% higher versus the third quarter of 2019 on 8% to 10% lower capacity. Shares of American Airlines Group Inc. trade on Nasdaq under the ticker symbol AAL and the companys stock is included in the S&P 500. 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. The Company is providing a reconciliation of reported non-GAAP financial measures to their comparable financial measures on a GAAP basis.
American stopped hedging fuel after oil prices cratered in 2014. That's still a more fully recovered schedule than competitors Delta Air Lines and United Airlines, which have been more conservative about restoring capacity throughout the pandemic. An archive of the webcast will be available on the website throughAug. 21. The American Airlines team has stepped up to meet the surge in demand for air travel while running a reliable operation in very challenging conditions. "I'm a new CEO. The airline said it paid $2.80 a gallon for fuel in the first quarter, up 65% from last year. About American Airlines GroupTo Care for People on Lifes Journey. The 2022 six 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 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. Domestic leisure travel remains very strong and surpassed 2019 levels in the second quarter and American also saw improvements in corporate and government revenue in the quarter.
United jumped more than 9%. Risk Factors), and other risks and uncertainties listed from time to time in the companys other filings with the Securities and Exchange Commission. The call will be available to the public on a listen-only basis at aa.com/investorrelations. Returning to profitabilityAmerican produced revenues of $13.4 billion in the second quarter, a 12.2% increase versus 2019 and a record for any quarter in company history. 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. These risks and uncertainties include, but are not limited to, those set forth herein as well as in the companys Quarterly Report on Form 10-Q for the quarter ended June 30, 2022 (especially in Part I, Item 2. We are encouraged by the trends were seeing across the business, and we remain well-positioned for the continued recovery.. American is proud to offer customers the youngest fleet among U.S. network carriers and the largest network of any U.S. airline, with an expected average of more than 5,400 daily departures for the remainder of the summer.
American Airlines CEO Robert Isom says Q2 should bring 'record of all revenues'. The Company believes these non-GAAP financial measures may also provide useful information to investors and others. American and its regional partners operated more than 500,000 flights in the quarter, an 8% increase over the second quarter of 2021, with an average load factor of 87%, which is 10 points higher than the second quarter of 2021. Despite a challenging operating environment in June, Americans on-time departure rate, on-time arrival rate and completion factor for the second quarter of 2022 were each improved versus the second quarter of 2019. | Source: Guidance and investor updateAmerican will continue to match its forward capacity with the resources required to support its operation. The company recognized $84 million of pre-tax net special items in the second quarter of 2022, which principally included mark-to-market net unrealized losses associated with certain equity investments.
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. The 2021 second quarter regional operating special items, net principally included $167 million of PSP financial assistance. These forward-looking statements are based on the companys 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.
July 21, 2022 07:00 ET Capital expenditures, net of aircraft purchase deposit returns, Airport construction projects, net of reimbursements, Proceeds from sale of property and equipment, Proceeds from sale-leaseback transactions, Increase in restricted short-term investments, Payments on long-term debt and finance leases, Shares withheld for taxes pursuant to employee stock plans, Net cash provided by (used in) financing activities, Cash and restricted cash at beginning of period, Cash and restricted cash at end of period.
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. Learn more about whats happening at American by visiting news.aa.com and connect with American on Twitter @AmericanAir and at Facebook.com/AmericanAirlines. Weighted average shares outstanding (in thousands): Average aircraft fuel price including related taxes (dollars per gallon), Operating cost per ASM excluding net special items (cents), Operating cost per ASM excluding net special items and fuel (cents). Sign up for free newsletters and get more CNBC delivered to your inbox, Get this delivered to your inbox, and more info about our products and services., 2022 CNBC LLC. 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. The following table provides a reconciliation of cash and restricted cash to amounts reported within the condensed consolidated balance sheets: Restricted cash included in restricted cash and short-term investments, Restricted cash and short-term investments, Aircraft fuel, spare parts and supplies, net, Less accumulated depreciation and amortization, Liabilities and Stockholders Equity (Deficit), Current maturities of long-term debt and finance leases, Long-term debt and finance leases, net of current maturities, Common stock, 649,779,361 shares outstanding at June 30, 2022, Total liabilities and stockholders equity (deficit). 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. Liquidity and balance sheetAmerican ended the second quarter with $15.6 billion of total available liquidity. Managements Discussion and Analysis of Financial Condition and Results of Operations and Part II, Item 1A.
Such statements include, but are not limited to, statements about the companys 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. The carrier forecast second-quarter sales as much as 8% higher than the same period three years ago even though it plans to fly between 6% and 8% less than its schedule for the same three months of 2019. Based on these demand trends and the current fuel price forecast, the company expects to be profitable in the third quarter. United said Wednesday it expects to return to a profit this year thanks to a surge in bookings and fares, echoing similar comments a week earlier from Delta. It expects to fly as much as 94% of its 2019 second-quarter schedule, more than competitors Delta Air Lines and United Airlines. American shares rose nearly 4% Thursday, giving up some of the day's gains after the broader market fell. In March, U.S. domestic airfares rose 20% from 2019 and bookings rose 12%, according to the Adobe Digital Economy Index. American is the third major airline to report quarterly results so far this month. This filing will also be available at aa.com/investorrelations.
The 2021 six month period regional operating special items, net principally included $410 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. Conference call and webcast detailsThe companywill conduct a live audio webcast of its financial results conference call at7:30 a.m. CDT today. It's the same thing in the rest of the economy," new CEO Robert Isom told CNBC's "Squawk Box" on Thursday. Sales were down 16% compared with the same quarter of 2019. 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. The Fort Worth, Texas-based airline said it paid $2.80 a gallon for fuel in the first quarter, up 65% from last year. Demand for international travel also improved steadily during the second quarter and the company expects this to continue following the lifting of the COVID-19 testing requirement for inbound travel to the U.S.
Total debt reduction continues to be a top priority and the company remains on track to reduce overall debt levels by $15 billion by the end of 2025. Delta rose nearly 3% and Southwest Airlines, which reports next week, were each up more than 2%. American said March was the first month since the Covid pandemic began that its revenue surpassed 2019 levels.
American forecast business travel revenue will be 90% recovered to 2019 levels in the second quarter, led by small and midsize companies. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. Total debt includes debt, finance leases, operating lease liability and pension obligations. Based on current trends, the company expects its third-quarter total revenue to be 10% to 12% higher versus the third quarter of 2019 on 8% to 10% lower capacity. Shares of American Airlines Group Inc. trade on Nasdaq under the ticker symbol AAL and the companys stock is included in the S&P 500. 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. The Company is providing a reconciliation of reported non-GAAP financial measures to their comparable financial measures on a GAAP basis.
American stopped hedging fuel after oil prices cratered in 2014. That's still a more fully recovered schedule than competitors Delta Air Lines and United Airlines, which have been more conservative about restoring capacity throughout the pandemic. An archive of the webcast will be available on the website throughAug. 21. The American Airlines team has stepped up to meet the surge in demand for air travel while running a reliable operation in very challenging conditions. "I'm a new CEO. The airline said it paid $2.80 a gallon for fuel in the first quarter, up 65% from last year. About American Airlines GroupTo Care for People on Lifes Journey. The 2022 six 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 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. Domestic leisure travel remains very strong and surpassed 2019 levels in the second quarter and American also saw improvements in corporate and government revenue in the quarter.
United jumped more than 9%. Risk Factors), and other risks and uncertainties listed from time to time in the companys other filings with the Securities and Exchange Commission. The call will be available to the public on a listen-only basis at aa.com/investorrelations. Returning to profitabilityAmerican produced revenues of $13.4 billion in the second quarter, a 12.2% increase versus 2019 and a record for any quarter in company history. 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. These risks and uncertainties include, but are not limited to, those set forth herein as well as in the companys Quarterly Report on Form 10-Q for the quarter ended June 30, 2022 (especially in Part I, Item 2. We are encouraged by the trends were seeing across the business, and we remain well-positioned for the continued recovery.. American is proud to offer customers the youngest fleet among U.S. network carriers and the largest network of any U.S. airline, with an expected average of more than 5,400 daily departures for the remainder of the summer.
American Airlines CEO Robert Isom says Q2 should bring 'record of all revenues'. The Company believes these non-GAAP financial measures may also provide useful information to investors and others. American and its regional partners operated more than 500,000 flights in the quarter, an 8% increase over the second quarter of 2021, with an average load factor of 87%, which is 10 points higher than the second quarter of 2021. Despite a challenging operating environment in June, Americans on-time departure rate, on-time arrival rate and completion factor for the second quarter of 2022 were each improved versus the second quarter of 2019. | Source: Guidance and investor updateAmerican will continue to match its forward capacity with the resources required to support its operation. The company recognized $84 million of pre-tax net special items in the second quarter of 2022, which principally included mark-to-market net unrealized losses associated with certain equity investments.
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. The 2021 second quarter regional operating special items, net principally included $167 million of PSP financial assistance. These forward-looking statements are based on the companys 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.
July 21, 2022 07:00 ET Capital expenditures, net of aircraft purchase deposit returns, Airport construction projects, net of reimbursements, Proceeds from sale of property and equipment, Proceeds from sale-leaseback transactions, Increase in restricted short-term investments, Payments on long-term debt and finance leases, Shares withheld for taxes pursuant to employee stock plans, Net cash provided by (used in) financing activities, Cash and restricted cash at beginning of period, Cash and restricted cash at end of period.