The August and September reports were posted on November 4, 2022.
The NEC generated for the year a cash operating loss of $79.7 million (as determined by their accounting system) and the remainder of the system had an operating cash loss of $805.2 million. Combined, the entire system had a cash operating deficit of $884.9 million for the period. However, for the Year the Northeast Regional posted surpluses which exceeded the operating loss of the Acela and NEC Special Trains combined. However, because the Infrastructure Account is considered part of the NEC, the entire NEC for the year showed a loss.
Year to date, the NEC made debt service payments totaling $131.2 million and capital expenditures of $1.3 billion. Counting all capital sources, the NEC Account had a positive balance of $76.9 million plus the cash reserves from previous years.
The National System used $7.4 million Debt service and $983.735 million was used for Capital Expenditures. The National Network Account Balance has a positive balance of $215.2 million plus the accumulated surplus from previous years.
The appropriated money for the combined NEC and National Network year to date was $2.9 billion. Amtrak has received $703.0 million from other capital sources. More than 50% of appropriated money was paid out in the last two months.
The combined accumulated reserves at the beginning of the 2022 fiscal year totaled $491.9 million in cash and cash equivalents, $390.2 million in short term investments and $3.3 billion in available for sale securities. The total cash reserves as of October 1, 2021 to $4.148041 billion or the much easier to understand $4,148.041 million. The current ratio (Current Assets divided by Current Liabilities) was 2.383 which would make Amtrak quite credit worthy for any fresh borrowings.
Amtrak’s burn rate (Operating Revenues-Minus Operating Expense-Minus Debt Service-Capital Expenditures) for October 2021 was $446.1 million. However, the total includes $217.6 million for debt service. The actual amount may be quite a bit less. In November, the burn rate was $155.0 million. December’s burn rate was $29.7 million because of the retraction of money spent on debt service which in turn explains the lower figure. Amtrak’s monthly burn rates are: January $294.6 million, Februarys $221.4 million, March $318.6 million, April $221.4 million, May $264.4 million, June $351.1 million, July $229.8 million, August $246.5 million, and September $491.4 million. The increase in September was due to a large increase in capital spending and debt service.
Capital Spending for the year to date: Engineering $823.2 million, Mechanical $357.1 million, Operations $22.5 million, Digital Technology (previously Information Technology) $158.9 million, Commercial and Marketing $0.1 million, ADA $105.5 million, Real Estate Stations & Facilities $147.3 million, Amtrak Police & Emergency Management $18.2 million, Safety $26.2 million, Environmental $7.8 million, Procurement $6.5 million, Acela 21 $173.4 million, Gateway $123.5 million, Planning & Strategy $86.1 million, B&P Tunnel $42.8 million, and Intercity Trainsets $156.9 million. The total capital spending was $2.3 billion which is $49.8 million more than last year.
The GAAP Loss for the year appears to be $1.8 billion which is $182.2 million better than FY2021. The cash operating earnings for the year was $196.4 million better than FY2021.
For cash operating earnings, the corporation is $27.6 million ahead of its forecast. The GAAP figure is $2.3 million behind the Forecast.
The number of product lines showing a measurable operating surplus for the period remained at five and the four with a surplus of over $1 million were:
- Auto Train $22.0 million
- Northeast Regional $9.9 million
- Illini $4.4 million
- Kansas City-St. Louis $1.7 million
One additional product lines broke even.
The four Virginia product lines generated a total loss of $17.8 million.
Amtrak is now showing costs based as Frequency Variable Costs, Route Variable Costs, and System Fixed Costs. The updated categories resemble the cost categoried of Amtrak’s early days of: Short Term Variable Costs, Long Term Variable Costs, and Fully Allocated Costs. Most trains covered Frequency Variable Costs with the exception of the Coast Starlight, Sunset, Southwest Chief, California Zephyr, Empire Builder, Texas Eagle, Lake Shore Ltd, City of New Orleans, Crescent, and the Cardinal. Most likely, the constrained consists from Amtrak mismanagement of its personnel and equipment repairs contributed to these trains not meeting their Frequency Variable Costs.
Ridership for the entire FY2022 rose more than 10,765,800 from FY2021. For the year, it stands at 22,932.600 (Amtrak reports ridership to the nearest 100). The total number of riders in all of August was 2, 320.900 and 2,251,700. In September. The long-distance trains show a gain of riders across the product lines with the exception of the Silver Meteor. The biggest losers in FY2021 were the trains with the highest percentage gains. The Silver Star was the greatest winner at a 132.3% gain for the new fiscal year to date and The Palmetto was second at a 90.0% gain. The lines that showed smallest ridership gains after the Silver Meteor, which lost 57.6%, the Cardinal with a positive percent of 16.2%, and The Sunset at +28.3%, the Acela gained 252.7%.
None of the four nominations for the Amtrak Board have been confirmed. Meanwhile, President Biden has nominated/appointed Joel M. Szabat as a director of Amtrak in lieu of Derek Kan. Szabat was the undersecretary of Transportation in the Trump Administration. He is the former Assistant Secretary of Transportation for Aviation and International Affairs. Previously under the Bush Administration , Szabat was director of the Maritime Administration. Adding salt to the wound, Szabat is a resident of Maryland as the Biden Administration drops all pretense of a board that is national in scope nor one that is experienced in rail passenger operations.
Congress adjourned for the campaign season. It is hoped that the Transportation Appropriations will be passed by mid-December.

Steve Musen

RI Association of Railroad Passengers