October 2024 Amtrak Financial Report
The September Report was dated November 29, 2024, and posted on December 3, 2024. This would be about normal.
The NEC generated, for the year so far, a cash operating surplus of $54.1 million (as determined by their accounting system), and the remainder of the system had an operating cash loss of $70.8 million. The entire system had a cash operating deficit of $16.7 million for the period.
The NEC has made debt service payments totaling $40.253 million and capital expenditures of $217.406 million. Counting all capital sources, the NEC Account has a positive balance of $13.8 million. It also has cash reserves that remain from previous years.
For the rest of the National System, $0.006 million was needed for Debt service and $138.5 million was spent on Capital Expenditures. The National Network Account Balance now has a negative balance of $70.8 million. However, 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 $94.1 million. Amtrak has also received from other capital sources $261.8 million for the entire system.
The combined accumulated reserves on October 1, 2023, 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 the total cash reserves as of October 1, 2023, to $3.7 billion. The current ratio (Current Assets divided by Current Liabilities) was 1.98, making Amtrak quite credit-worthy for any fresh borrowings.
In October 2024, Amtrak’s burn rate (Operating revenues minus Operating expense minus Debt service capital expenditures) was $412.9 million.
Capital Spending for the year to date is $355.9 million, broken down into categories:
Capital Renewal (Formetly Engineering) was $144.0 million;
Mechanical was $41.5 million;
Operations was $2.4 million;
Digital Technology was $21.5 million;
ADA was $15.6 million;
Stations & Facilities was $8.4 million;
Amtrak Police & Emergency Management was $0.5 million;
Safety was $0.2 million;
Environmental was $0.4 million;
Procurement and other was $0.2 million ;
Acela 21: $9.3 million ($9.3 million in October);
Mega Program (formerly Gateway) was $53.7 million.
Real Estate, Strategy & Planning is now $9.0 million ($9.0 million increase in October);
B&P Tunnel was $20.2 million;
Intercity Trainsets was $7.6 million (an increase of $7.6 million in October).
Major Stations was $17.5 million;
Long-Distance Equipment Procurement was $0.4 million.
The total was $122.3 million more than FY2024 for the same period.
The GAAP Loss for the year appears to be $113.0 million, which is $16.7 million better than FY2024. The cash operating earnings for the year were $28.1 million better than in FY2024.
For cash operating earnings, the corporation is $25.6 million ahead of their prediction for the year to date. The GAAP figure is $53.9 million, which is better than the forecast.
The number of product lines showing a measurable operating surplus for the period was three:
Northeast Regional $29.2 million
Acela $23.1 million
Empire Service $1.2 million
The four Virginia product lines generated a total loss of $1.0 million. Washington-Richmond may have generated a profit of less than $50,000.
Ridership for the Fiscal Year so far is more than 140,000 from FY2024. For the year, it stands at 3,032.600 (Amtrak reports ridership to the nearest 100). The total number of riders in October was 3,032.600.
There has been no new movement in Congress towards passing any of the 12 budget bills. However, a CR extending the existing level through December 20, 2024, passed and signed by the President, is drawing to a close. Neither the House nor the Senate have made any move towards passing a single one of the 12. Most likely, an agreement will be reached for another extension if a supplemental bill on natural disaster relief is included.
Amtrak indicates that the new Acelas will begin service sometime in Spring 2025. Also, they have suggested that New Orleans to Mobile will start in the same period.
Steve Musen, Representative from Rhode Island to NARP's Council of Representatives