The report was dated October 26, 2021, but not posted on their web page until November 3, 2021. This is rather early for the last report of the 2021 fiscal year.
The NEC generated for the year a cash operating loss of $413.9 million (as determined by their accounting system) and the remainder of the system had a fully allocated cash loss of $616.2 million. Combined the entire system had for the period cash operating deficit of $1.0 billion.
For the year, the NEC made debt service payments totaling $168.2 million and capital expenditures of $1.3 billion. Counting all capital sources, the NEC Account has a balance of $1.3 billion as well as the cash reserves from previous years.
For the rest of the National System, $49.4 million was needed for debt service and $869.0 million was spent on capital expenditures. The National Network account balance is now $1.3 billion as well as the accumulated surplus from previous years.
The amount of money appropriated for the combined NEC and National Network received for the fiscal year was $5.1 billion. Amtrak has also received from other capital sources $881.7 million for the entire system.
The combined accumulated reserves at the beginning of the fiscal year totaled $409.2 million in cash and cash equivalents, $170.0 million in short-term investments, and $2.4 billion in available-for-sale securities. This brings total cash reserves as of October 1, 2020, to $2.9 billion. The current ratio (Current Assets divided by Current Liabilities) was 2.169 which would make Amtrak quite creditworthy for any fresh borrowings.
In October 2020 Amtrak's burn rate (Operating Revenues-Minus Operating Expense-Minus Debt Service-Capital Expenditures) was $216.4 million. In November the burn rate was $238.6 million. In December the burn rate was $215.2 million. In January, the burn rate increased to $246.8 million. In February the burn rate was $251.0 million. In March, the burn rate was $225.5 million. In April the burn rate was $248.5 million. In May, the burn rate was $250.5 million. In June, the burn rate was $451.3 million (due to much higher capital spending on equipment purchases). In July the burn rate was $571.1 reflecting a huge increase in Planning & Asset Development. In August the burn rate was $205.3 million. In September the burn rate was $341.5 million. Combined the burn rate for the entire year was $3.5 billion. (Compare this to what was received in items # 3-5).
Capital Spending for the year was: Engineering $631.4 million, Mechanical $350.1 million, Operations $17.2 million, Commercial and Marketing $0.3 million, ADA & Stations was renamed again (now it is ADA & Customer Service) $194.2 million, Information Technology $111.4 million, Safety $22.7 million, Procurement $4.9 million, Acela 21 $227.8 million ($9.8 million in September), Intercity Trainsets $139.4 million (an increase of $0.9 million in September), Planning & Asset Development $507.4 million ($20.1 million increase in September alone), and Other OVHD Adjustment of $0.2 million.
The GAAP loss for the fiscal year appears to be $2.0 billion which is $276.2 million worse than the same period in FY2020. The cash operating earnings for the year was $240.9 million worse than FY2020.
Because of the expected losses due to the COVID Pandemic, Amtrak prepared a forecast zero budget. Comparing the full year’s results, the GAAP loss is $3.6 million worse than forecast, and the cash operating loss is $18.9 million worse (which is a reduction of $34.0 million during the month of September)
The number of product lines showing a measurable operating surplus for the period remained at nine. The six with a surplus over $1 million were:
- Washington-Richmond $8.5 million
- Illini $6.2 million
- Auto Train $2.3 million
- Washington-Lynchburg $1.9 million
- Washington-Norfolk $1.5 million
- Adirondack $1.1 million
- The four Virginia product lines generated a total gain of $4.9 million. (the Washington-Newport News while stabilizing. continues to show a very large loss.)
Ridership for the year fell more than 4,674,600 from the comparable period in FY2020. For the year, it stands at 12,166.800 (Amtrak reports ridership to the nearest 100). In fact, the total number of riders in all of September was 1,590,900. The situation with the long-distance trains shows less of a loss of riders than the other product lines. The Crescent was the greatest loser at a -35.3% loss for the fiscal year. The Southwest Chief was second at -27.1% loss (the Chief has been constrained by the limited consists). The lines that showed ridership gains were the Auto Train with a positive percent of 21.9%, the Cardinal at +9.3%, and the Sunset at +4.9%. It is no coincidence that all three ran their normal frequencies for all of FY2021. The Acela while improving slightly is still off by 45.8%.
The bipartisan infrastructure bill was passed in the House and signed by the President.
Senator Leahy did release a version of the THUD bill but it has not been voted on in committee. The total for the NEC is $968,692,693 and for the National System $1,731,307,307 which totals $2.7 billion. This is the same total as the House-passed bill but increases the amount for the National System at the expense of the Northeast Corridor.
A ceremonial groundbreaking occurred for the new North Portal Bridge and actual construction is scheduled to begin at a later date.
Despite decent ridership, especially in the sleepers, Amtrak management is threatening to reduce service after December 8, 2021, because of a self-induced labor shortage. When Management cut service and furloughed workers last year, they expected a 100% return of the furloughed employees. Instead, a significant number never came back. On December 8, 2021, all Amtrak employees must have started vaccination for COVID-19 unless they have either a medical or religious exemption, Amtrak could lose those employees who refuse vaccinations. As it is, Amtrak has had to annul parts of its mid-west corridor trains because not enough crews were available that day. Amtrak is training new employees, but the first ones expected to be used are in the reservation department. With my personal experience of having to wait once for 6 hours to try to speak to an agent, and still was unsuccessful, these people are desperately needed, even though they will not solve the train crew issue.

Steve Musen

RI Association of Railroad Passengers