The November Report was posted January 13, 2023. The report was produced on December 29, 2022. It may be a coincidence that both the October and November reports were posted on the 13th of the month after being written.
The NEC generated for the year a cash operating surplus of $49.2 million (as determined by Amtrak’s accounting system) and the remainder of the system had an operating cash loss of $136.2 million. Combined, the entire system had for the period a cash operating deficit of $87.0 million.
Year to date, the NEC made debt service payments totaling $85.8 million and capital expenditures of $195.7 million. Counting all capital sources, the NEC Account had a negative balance of $64.7 million. The NEC also has cash reserves remaining from previous years.
The rest of the National System needed $6.1 million for Debt service and $154.5 million for Capital Expenditures. The National Network Account Balance is now a negative $160.7 million. It also has accumulated surpluses from previous years.
The appropriated money for the combined NEC and National Network year to date was $91.2 million. The $2724.5 million reported last month was the sloppy interpretation that Amtrak reports usually have and probably represents what was expect to be receive from appropriated funds. Amtrak also received capital sources $212.5 million for the entire system from other sources.
The combined accumulated reserves at the beginning of the 2023 fiscal year totaled $491.9 million in cash and cash equivalents, $390.2 million in short term investments and $3.3 billion is available for sale securities. The total cash reserves as of October 1, 2021 is $4.1 billion. The current ratio (Current Assets divided by Current Liabilities) was 2.383 which would make Amtrak quite credit worthy for any fresh borrowing.
Amtrak’s burn rate (Operating Revenues-Minus Operating Expense-Minus Debt Service-Capital Expenditures) in October 2022 was $210.3 million. The burn rate was $318. million in November 2022.
Capital Spending year to date was: Infrastructure Services (formerly Engineering) $153.5 million, Mechanical $46.8 million, Operations $1.7 million, Digital Technology $39.9 million, Commercial and Marketing $0.0, ADA $21.0 million, Real Estate Stations & Facilities $20.4 million, Amtrak Police & Emergency Management $1.2 million, Safety $8.6 million, Environmental $0.7 million, Procurement $0.5 million, Acela 21 $17.1 million, Gateway $12.8 million, Planning & Strategy $8.0 million, B&P Tunnel $8.3 million, and Intercity Trainsets $9.6 million. The total was $350.2 million which is $140 million more than the same period last year.
The GAAP Loss for the year to date is $250.6 million, which is $9.7 million worse than FY2022. The cash operating earnings for the year was $2.1 million better than in FY2022.
For cash operating earnings, the corporation is $6.7 million ahead of its Forecast. The GAAP figure is $1.5 million better than the Forecast.
The number of product lines showing a measurable operating surplus for the period increased to nine. The three with a surplus over $1 million were:
- Northeast Regional $32.7 million
- Acela $27.0 million
- Auto Train $1.5 million
- The four Virginia product lines generated a total loss of $5.3 million.
Amtrak is now showing costs based as Frequency Variable Costs, Route Variable Costs, and System Fixed Costs. Most trains covered their Frequency Variable Costs with the exception of the Silver Star, Coast Starlight, Sunset, Southwest Chief, California Zephyr, Empire Builder, Texas Eagle, City of New Orleans, 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 Fiscal Year so far rose more than 959,000 from FY2022. For the year, it stands at 4,712.400 (Amtrak reports ridership to the nearest 100). The total number of riders in November was 2, 337.500. The situation with the long-distance trains shows a gain of riders across the product lines with the obvious exception of the Silver Meteor. The City of New Orleans was the biggest winner at +46.2% gain in the new fiscal year, and The Sunset was second at 33.9% gain. The lines that showed smallest ridership gains after the Silver Meteor which lost 22.3%, are the Cardinal with a gain of 0.7%, and The Autotrain at +8.0%. The Acela gained 53.1%.
None of the five nominations for the Amtrak Board were confirmed in the last Congress. President Biden renominated all of them.
The NARP Council selected Meridian, MS to be the location of the 2023 fall meeting. The New England Regional Membership Meeting will be held in conjunction with the Empire State Annual Meeting. There is the possibility that a New England Regional Membership Meeting could be held later in conjunction with the TrainRiders/Northeast Annual Meeting in the Fall.
The extension of the Ethan Allen as well as recovery from the effects of the COVID epidemic has greatly increased the ridership in the Green Mountain State. The Ethan Allen averaged 252 riders per day in October 2022 (Increase of 186% from October 2021) and 267 riders per day in November 2021 (Increase of 190% from November 2021). Rather than diverting passengers from the Vermonter, that train was up 116% in October 2022 and 146% in November 2022.

Steve Musen, Representative from Rhode Island to NARP’s Council of Representatives.

RI Association of Railroad Passengers