June 2024 Amtrak Financial Report
The May Report was dated July 31, 2024, and posted on August 9, 2024.
The NEC generated for the year so far a cash operating surplus of $146.1 million (as determined by their accounting system), and the remainder of the system had an operating cash loss of $763. 058 million. Combined, the entire system had, for the period, a cash operating deficit of $616.977 million.
In the year to date, the NEC made debt service payments totaling $81.738 million and capital expenditures of $1.6 billion. Counting all capital sources, the NEC Account has a positive balance of $643.863 million. It also has cash reserves that are unused from previous years.
For the rest of the National System, $0.056 million was needed for Debt service, and $1.0 billion was spent on Capital Expenditures. The National Network Account Balance now has a balance of $4.3 billion. 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 $3.6 billion. Amtrak also received $826.6 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, and $3.188 billion in available-for-sale securities. This brings total cash reserves as of October 1, 2022, to $3.7 billion. The current ratio (Current Assets divided by Current Liabilities) was 1.98, which would make Amtrak quite creditworthy for any fresh borrowings.
In October 2023, Amtrak’s burn rate (Operating Revenues-Minus Operating Expense-Minus, Debt Service-Capital Expenditures) was $278.584 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
In their tradition of changing reporting of Capital Spending for the year to date, several categories were renamed and gathered into larger categories:
Capital Renewal $845.7 million
Mechanical $326.4 million
Operations $14.1 million
Digital Technology was $242.3 million
ADA $100.6 million
Stations & Facilities $59.8 million
Amtrak Police & Emergency Management $10.5 million
Safety $2.0 million
Environmental -$12.4 million
Procurement and other -$3.2 million
Acela 21 $156.4 million
Mega Program $546.6 million
Real Estate, Strategy & Planning $106.2 million
B&P Tunnel $97.6 million
Intercity Trainsets $75.8 million
Major Stations $94.8 million
Long-Distance Equipment Procurement $4.6 million
Total was $2.7 billion, which is $671.0 million more than FY2023 for the same period.
Trying to figure out environmental expenses went to a negative figure. (Amtrak sold whatever containments they dug up to another party for a profit?) However, the figure for June is $0.1 million more than the amount for May, so we can assume that they sold some more containments.
To achieve a negative balance, procurement must have returned a lot of stuff received this year and some from FY2023. Major Stations also show a reduction of some $10 million from the figures posted in the May report.
The renaming of Gateway as the Mega Program should not be confused with MAGA unless, of course, Amtrak's management is hedging bets that a specific individual gets elected and they want to retain their positions.
The GAAP Loss for the year so far appears to be $1,446.9 million, which is $115.6 million worse than FY2023. The cash operating earnings for the year were $47.5 million, worse than in FY2023.
For cash operating earnings, the corporation is $1.7 million behind its prediction for the year to date. The GAAP figure is $23.6 million, better than the Previous Forecast.
The number of product lines showing a measurable operating surplus for the period was 3. They were:
Acela $94.7 million
Northeast Regional $90.9 million
Auto Train $7.9 million
The Hoosier State (which has not run for several years), was eliminated in the January Report and reinstated in February and disappeared from the Route Performance table again in June. Will this route reoccur from the paper grave, or must we stick a quill in it?
The four Virginia product lines generated a total loss of $26.9 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 3,790,600 from FY2023. For the year, it stands at 24,115.200 (Amtrak reports ridership to the nearest 100). The total number of riders in June was 2,817.600. 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 Empire Builder was the biggest winner at an +18.6% gain in the new fiscal year. The line that showed the most minor ridership gains after those two in hostile territory was the Southwest Chief, with a 4.4% gain. The Acela gained 11.9%.
The Senate THUD subcommittee released its draft this month. It increased Amtrak Appropriations by $210 million over the current Fiscal Year by $210 million. It also included money for the Federal/State Partnership for Interstate Passenger Rail ($100 million). However, we may have to wait for the full Senate to vote on this as both parties want to wait until after the elections, expecting to improve their negotiating positions.
The North Portal Bridge is now at 67% completion.
Steve Musen
Representative from Rhode Island to NARP's Council of Representatives