July 2024 Amtrak Financial Report
The July Report was dated August 29, 2024, and posted on September 3, 2024. This would be relatively early.
The NEC generated for the year so far a cash operating surplus of $173.3 million (as determined by their accounting system), and the remainder of the system had an operating cash loss of $808.7 million. Combined, the entire system had, for the period, a cash operating deficit of $635.322 million.
In the year to date, the NEC made debt service payments totaling $82.055 million and capital expenditures of $1.9 billion. Counting all capital sources, the NEC Account has a positive balance of $515.3 million. It also has cash reserves that are unused from previous years.
For the rest of the National System, $0.070 million was needed for Debt service, and $1.2 billion was spent on Capital Expenditures. The National Network Account Balance now has a balance of $309.8 million. It also has the accumulated surplus from previous years.
The amount of appropriated money for the combined NEC and National Network received for the year was $3.7 billion. Amtrak has also received $896.3 million from other capital sources for the entire system.
The combined accumulated reserves at the beginning of the 2024 fiscal year totaled:
$254 million in cash and cash equivalents
$222 million in short-term investments
$3.188 billion in available-for-sale securities.
This brings total cash reserves to $3.7 billion as of October 1, 2022. The current ratio (Current Assets divided by Current Liabilities) was 1.98, which would make Amtrak quite creditworthy for any new borrowings.
In October 2023, Amtrak’s burn rate (Operating Revenues-Minus Operating Expense-Minus, Debt Service-Capital Expenditures) was $278.6 million.
November, the burn rate was $247.7 million.
December the burn rate was $185.7 million.
January, the burn rate was $495.2 million.
February, the burn rate was $388.4 million.
March, the burn rate was $549.5 million.
April, the burn rate was $388.7 million.
May, the burn rate was $389.8 million.
June, the burn rate was $404.1 million.
July, the burn rate was $432.5 million.
In their tradition of changing reporting of Capital Spending for the year to date many categories were renamed and gathered into larger categories:
Capital Renewal $983.5 million
Mechanical $368.1 million
Operations $16.1 million
Digital Technology $272.3 million
ADA $114.8 million
Stations & Facilities $69.1million
Amtrak Police & Emergency Management $11.3 million
Safety $2.2 million
Environmental was -$10.5 million
Procurement and other was -$2.8 million
Acela 21 $164.6 million
Mega Program$652.6 million
Real Estate, Strategy & Planning $112.4 million
B&P Tunnel $110.4 million
Intercity Trainsets $83.1 million
Major Stations $128.7 million
Long-Distance Equipment Procurement $5.5 million
Total was $2.7 billion which is $671.0 million more than FY2023 for the same period.
I'm trying to figure out how Environmental expenses went to a negative figure. (Amtrak sold whatever containments they dug up to another party for a profit?) However, the figure for July is 1.9 million more than the amount for June, so we can assume that they did some environmental work in July.
Procurement must have returned some stuff received this year and some from FY2023 to achieve a negative balance but spent some $0.4 million in July.
The GAAP Loss for the year so far appears to be $1,554.3 million which is $116.7 million worse than FY2023. The cash operating earnings for the year was $33.5 million worse than in FY2023.
For cash operating earnings, the corporation is $34.1 million ahead of its prediction for the year to date. The GAAP figure is $55.7 million, which is better than the previous forecast.
The number of product lines showing a measurable operating surplus for the period was 3. They were:
Northeast Regional $106.9 million
Note that the Regionals are now more profitable than the Acelas.
Acela $106.0 million
Auto Train $7.3 million
The four Virginia product lines generated a total loss of $31.0 million.
Amtrak is still not showing costs based on Frequency Variable Costs, Route Variable Costs, and System Fixed Costs. Why give out information?
Ridership for the Fiscal Year so far is more than 3,930,100 from FY2023. The year stands at 27,019.000 (Amtrak reports ridership to the nearest 100). In fact, the total number of riders in July was 2,903.800. Comparing the year to date with the Oct. 2018 to July, 2019 the current is ahead so far of that record year by 121,100 (approximately). The likelihood is that Amtrak will set a new record for ridership for all of FY2024.
The situation with the long-distance trains shows a gain of riders across most product lines, except the Sunset Ltd. and Auto Train. The Auto Train had record ridership in FY2023, so it has reverted to previous levels. The Capitol Ltd. is now the biggest winner at a +23.7% gain in the new fiscal year with the restoration of additional equipment. The line that showed smallest ridership gains after those two in negative territory was the Southwest Chief. With a 2.0% gain. The Acela gained 10.9%.
There has been no new movement in Congress toward passing any of the 12 budget bills. However, a CR extending the existing level through December 20, 2024, will voted on next week.
A groundbreaking ceremony was held for the new Connecticut River Bridge.
Steve Musen
Representative from Rhode Island to NARP's Council of Representatives