August 2024 Amtrak Financial Report

• The July Report was dated September 30, 2024, and posted on October 4, 2024.

• The NEC generated a cash operating surplus of $206.0 million for the year by their accounting system). In comparison, the remainder (as determined by the system had an operating cash loss of $860.4 million. The entire system had a cash operating deficit of $654.4 million for the period.

• In the year to date, the NEC made debt service payments totaling $97.911 million and capital expenditures of $2.5 billion.  Counting all capital sources, the NEC Account has a positive balance of $454.2 million. It also has cash reserves that remain from previous years.

• For the rest of the National System, $0.077 million was needed for Debt service, and $1,389.829 million was spent on Capital Expenditures. The National Network Account Balance now has a balance of $236.2 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 to date was $4,020.721 million. Amtrak has also obtained $1.4 billion 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 $3.2 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 $278.6 million.

  • November, the burn rate was $247.7 million.

  • December, the burn rate was $185.701 million.

  • January, the burn rate was $495.185 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 $389.832 million.

  • June, the burn rate was $404.1 million.

  • July, the burn rate was $432.5 million.

  • August, the burn rate was $873.0 million. (See below for the capital spending as to where the extra money went.)

• In their tradition of changing reporting of Capital Spending for the year to date several categories were renamed and gathered into more significant categories:

  • Capital Renewal:  $1.2 billion

  • Mechanical: $410.9 million

  • Operations: $19.1 million

  • Digital Technology: $304.4 million

  • ADA: $128.9 million

  • Stations & Facilities: $78.8million

  • Amtrak Police & Emergency Management: $12.0 million

  • Safety: $2.2 million

  • Environmental: -$9.6 million

  • Procurement and other: -$1.0 million

  • Acela 21: $181.0 million

  • Mega Program: $688.6 million

  • Real Estate, Strategy & Planning: $503.0 million

  • B&P Tunnel: $142.7 million

  • Intercity Trainsets: $97.4 million

  • Major Stations: $148.7 million

  • Long-Distance Equipment Procurement: $6.1 million

  • Total was $3.9 billion which is $1.3 billion more than FY2023 for the same period.

Trying to figure out how Environment expenses went to a negative figure.  (Amtrak sold what ever containments they dug up to another party for a profit?) However, the figure for August is $.9 million more than the amount for July so we can assume that they did some environmental work in August.

Procurement must have returned a lot of stuff received this year and some from FY2023 to achieve a negative balance, but it spent some $1.8 million in August. 

• The GAAP Loss for the year appears to be $1.7 billion, which is $122.9 million worse than FY2023.  The cash operating earnings for the year were $0.9 million, worse than in FY2023.

• For cash operating earnings, the corporation is $18.9 million ahead of its prediction for the year to date. The GAAP figure is $15.2 million worse than the Previous Forecast. 

• .The number of product lines showing a measurable operating surplus for the period was 3. They were:

  • Northeast Regional $128.8 million 

  • Acela $118.1 million

  • Auto Train $9.8 million

  • The four Virginia product lines generated a total loss of $32.5 million.

• Amtrak is still not showing costs based on Frequency Variable Costs, Route Variable Costs, and System Fixed Costs.

• Ridership for the Fiscal Year so far is more than 4,161,300 from FY2023. For the year, it stands at 29,986,000 (Amtrak reports ridership to the nearest 100). The total for the year so far now exceeds the total number of riders for FY2023, which was 28,536,600. The total number of riders in August was 2,967,700. Comparing the year to date with the Oct. 2018 to August 2019, the current is ahead of that record year by 157,900 (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 +28.1% gain in the new fiscal year with the restoration of additional equipment. The line that showed the smallest ridership gains after those two in negative territory was the Southwest Chief with a 2.9% gain. The Acela gained 10.1%.

• 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, has been passed and signed by the President. Proportionally, Amtrak will receive the same level of funding for that period as was appropriated in FY2024. 

• Both the Seattle and Philadelphia Maintenance of Equipment Activities have received considerable sums of money to improve their facilities and handle the new equipment on order. 

• Amtrak is canceling three round trips between New York Penn and Albany/Rennsaelear to free up space at New York Penn Station. Also, Silver Star and Capitol Ltd will merge at Washington Union Station. This action does several things: it transfers Superliner Equipment to other trains, provides Traditional Dining to Washington-Chicago Sleeping Car passengers, and frees up two slots in New York Penn. However, there is a question whether the combined train will generate as much capacity in both the sleepers and coaches as the (finally) restored Capitol Ltd between Washington, DC, and Chicago. This situation will last until the East River Tunnels (all four) are fully repaired.

• Amtrak has released a study that says the only way to increase train capacity between New York and New Jersey is to knock down several city blocks south of the current station. This flawed study completely ignores alternative S which is to construct a new tunnel under 31st street to the East River where two additional tubes can be built to connect with Sunnyside. A  commuter station could be built at Murray Hill near the prospective station for the 2nd Avenue Subway (whenever it gets built).   

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