November 2023 Amtrak Financial Report

• The November Report was dated December 29, 2023, and posted on December 29, 2023.  

• The NEC generated for the year, a cash operating surplus of $59.6 million (as determined by their accounting system), and the remainder of the system had an operating cash loss of $148.7 million. Combined, the entire system had, for the period a cash operating deficit of $89.1 million.

• The year to date, the NEC made debt service payments totaling $18.5 million and capital expenditures of $291.5 million. Counting all capital sources, the NEC Account has a positive balance of $40.7 million. The NEC also has the cash reserves remaining from previous years.

• For the rest of the National System, $0.01 million was needed for Debt service, and $127.1 million was spent on Capital Expenditures. The National Network Account Balance now has a negative balance of $8.8 million. The National System also has the accumulated surplus from previous years. 

• The amount of appropriated money for the combined NEC and National Network received year to date was $440.3 million. Amtrak has also received from other capital sources $118.0 million for the entire system.

• The combined accumulated reserves at the beginning of the 2023 fiscal year totaled $299.1 million in cash and cash equivalents, $123.9 million in short-term investments, and $2.9 billion in available-for-sale securities. This brings total cash reserves as of October 1, 2022, to $3.3 billion. The current ratio (Current Assets divided by Current Liabilities) was 1.894, making Amtrak quite credit-worthy for any fresh borrowings even though it is slightly down from last year.

• In October 2023, Amtrak’s burn rate (operating revenues minus operating expenses minus debt service capital expenditures) was $278.6 million. In November, the burn rate was $247.7 million.

• Amtrak's reporting of Capital Spending for the year to date:

  • Capital Renewal (formerly Engineeringl) $170.0 million

  • Mechanical: $63.3 million

  • Operations $1.5 million

  • Digital Technology $46.1 million

  • ADA $19.3 million

  • Real Estate Stations & Facilities 13.9 million

  • Amtrak Police & Emergency Management $1.2 million

  • Safety $0.4 million

  • Environmental $0.4 million

  • Procurement $0.4 million

  • Acela 21, $21.7 million

  • Gateway $77.8 million

  • Real Estate, Strategy & Planning (formerly Planning & Strategy) a negative $42.8 million

    • Real Estate, Strategy & Planning may have its spending from FY2023 and October reclassified, or Amtrak sold some real estate.

  • B&P Tunnel $14.2 million

  • Intercity Trainsets $5.7 million

  • Total was $418.7 million, $68.5 million more than last year's period.

• The GAAP Loss for the year appears to be $251.7 million, which is $0.5 million worse than FY2023. The cash operating earnings for the year was $2.1 million, worse than in FY2023.

• The corporation is $20.3 million behind its forecast for cash operating earnings. The GAAP figure is $56.1 million, better than the forecast.

• The number of product lines showing a measurable operating surplus for the period was six. The three with a surplus over $1 million were:

  • Northeast Regional $33.5 million

  • Acela $29.9 million

  • Hoosier State $2.0 million

  • The Hoosier State (which has not run for several years) is still shown as profitable to the tune of $2.0 million and listed as one of those six.

  • The four Virginia product lines generated a total loss of $5.0 million.

• Amtrak now shows costs based on Frequency Variable Costs, Route Variable Costs, and System Fixed Costs. Most trains covered their Frequency Variable Costs. The exceptions were the long-distance trains (not including the Auto train, Silver Meteor, Lake Shore Ltd., Capitol Ltd., Crescent, and Palmetto)., The Gulf Coast Ltd., which has not started running, is shown as not meeting its variable costs.

• Ridership for the Fiscal Year is more than 950,000 from FY2023. For the year, it stands at 5,662.400 (Amtrak reports ridership to the nearest 100). The total number of riders in November was 2,770.400. The situation with the long-distance trains shows a gain of riders across most product lines, except the Coast Starlight, Capitol Ltd., Sunset Ltd., and Auto Train. The starvation level of its consist can explain the Capitol. The Coast Starlight was annulled because of wildfires. The Auto Train had record ridership in FY2023, so it has reverted to previous levels. The Silver Meteor was the biggest winner at a +47.9% gain in the new fiscal year. The Palmetto was second at a 28.5% gain. The line that showed the smallest ridership gains after those five was Lake Shore Ltd., with a 2.3% gain. The Acela gained 12.2%.

• Neither house of Congress has approved any appropriations bills. They have about two weeks to pass the MILCON, Agriculture, Energy & Water, and THUD Appropriations. Senator Schumer kept the Senate in town for an additional week with hopes of passing emergency appropriations for Ukraine, Israel & Taiwan. Issues over border control remain the sticking point.

• The MBTA says the line from Boston to New Bedford/Fall River should be in service by the end of 2024.

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