June 2023 Amtrak Financial Report
The June Report was dated July 28, 2023, and posted on August 8 , 2023. The report was prepared only a couple of days after the May report.
The NEC generated for the year to date, a cash operating surplus of $110.7 million (as determined by their accounting system) and the remainder of the system had an operating cash loss of $678.5 million. Combined the entire system had for the period a cash operating deficit of $517.8 million.
The NEC made debt service payments totaling $134.709 million and capital expenditures of $1,144.881 million, year to date. Accounting for all capital sources, the NEC Account has a positive balance of $837.3 million. It also has the cash reserves remaining from previous years.
The National System needed $6.2 million for Debt service and $853.0 million for Capital Expenditures. The National Network Account Balance has a positive balance of $364.8 million, and also has an accumulated surplus from previous years.
The amount of appropriated money for the combined NEC and National Network received for the year to date was $3.2 billion. Amtrak also received $674.111 million from other capital sources, 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. The total cash reserves as of October 1, 2022 is $3.3 billion. The current ratio (Current Assets divided by Current Liabilities) is 1.894 which would make Amtrak quite credit worthy for any fresh borrowings.
Amtrak’s burn rate (Operating Revenues-Minus Operating Expense-Minus Debt Service-Capital Expenditures) was $210.3 million for October 2022. In November, the burn rate was $318.8 million, December’s burn rate was $256.4 million, January’s burn rate was $271.7 million, February’s burn rate was $295.2 million, March’s burn rate was $324.2 million, April’s burn rate was $273.9 million, May’s burn rate was $345.2 million, June’s burn rate was $412.8 million.
Capital Spending for the year to date was: Engineering $792.3 million, Mechanical $279.3 million, Operations $9.0 million, Digital Technology $206.9 million, Commercial and Marketing $2.0 million, ADA $96.5 million, Real Estate Stations & Facilities $46.3million, Amtrak Police & Emergency Management $5.2 million, Safety $4.6 million, Environmental $4.4 million, Procurement $1.8 million, Acela 21 $126.7 million, Gateway $151.9 million, Planning & Strategy $70.0 million, B&P Tunnel $71.2 million, and intercity Trainsets $136.1 million. The total was $2.0 billion, which is $472.4 million more than the same period last year.
The GAAP Loss for the year to date appears to be $1.3 billion, which is $85.0 million better than FY2022. The cash operating earnings for the year was $155.0 million better than in FY2022.
Cash operating earnings, the corporation is $36.7 million ahead of it forecast. The GAAP figure is $33.6 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 $89.9 million
Acela $81.8 million
Auto Train$15.7 million
The Hoosier State (which has not run for several years) is shown as profitable to the tune of $0.9 million and listed as one of those six.
The four Virginia product lines generated a total loss of $24.4 million.
Amtrak is now showing costs based as Frequency Variable Costs, Route Variable Costs and System Fixed Costs. Most trains covered their Frequency Variable Costs. The exception were the Illinois Zephyr, and all of the long distance trains not including the Auto train, Silver Meteor and, Palmetto. The Gulf Coast Ltd. which has not started running is shown as not meeting its variable costs.
The capacity of most long-distance trains remains constrained. The Capitol Ltd. is still running with only one coach and one sleeper and a cross-country diner, and consequently is showing a significant loss of passengers compared to the previous year to date.
Ridership for the Fiscal Year to date is more than 4,340,000 from FY2022. For the year, it stands at 20,324,600 (Amtrak reports ridership to the nearest 100). The total number of riders in June was 2,570,200. The long-distance trains show a gain of riders across most product lines, except the Silver Star and Capitol Ltd. The Star has lost riders to the Silver Meteor now that it has been restored. The Capitol can be explained by the starvation level of its consist. The Silver Meteor was the biggest winner at +157.7% gain in the new fiscal year so far. The City of New Orleans was second at 47.4% gain. The lines that showed smallest ridership gains after the Star and the Capitol. Ltd was the Auto Train at +1.9% and the Cardinal with +4.9% . The Acela gained 44.6%.
With Congress on recess, both the house and senate THUD versions will not reach their respective floors until September. Most likely they will end up as part of a minibus late in the year. There is a serious question of whether the House Freedom Caucus will permit the passage of any continuing resolution as they would rather shut the government down. They will also object and try to defeat a minibus containing multiple budget bills.
Amtrak has announced that throughway service to Providence from both Worcester and New Bedford will commence. The New Bedford buses will also stop in Fall River
Steve Musen, Representative from Rhode Island to NARP’s Council of Representatives