Document

Exhibit 99.3

Investor Relations Update

April 21, 2022

General Overview


●			Capacity - The Company expects its second quarter capacity to be down approximately 6% to 8% versus the second quarter of 2019. Based on current assumptions, the Company now expects its full-year capacity to be down approximately 6% to 8% versus 2019.

●			Revenue - The Company expects its second quarter total revenue to be approximately 6% to 8% higher versus the second quarter of 2019. The Company expects total revenue per available seat mile (TRASM) to be 14% to 16% higher versus the second quarter of 2019.

●			CASM1 - The Company expects its second quarter total cost per available seat mile (CASM) excluding fuel and net special items2 to be up between 8% and 10% versus the second quarter of 2019. Based on current capacity plans, the Company expects its full-year CASM excluding fuel and net special items to be up approximately 8% to 10% versus 2019.

●			Fuel - Based on the April 19, 2022 forward fuel curve, the Company expects to pay an average of between $3.59 and $3.64 per gallon of jet fuel (including taxes) in the second quarter. The Company also expects to consume approximately 1,013 million gallons of jet fuel in the second quarter based on its current capacity plans.

●			Liquidity - As of March 31, 2022, the Company had $15.5 billion in total available liquidity. The Company’s total liquidity as of that date was comprised of unrestricted cash and investments of $12.5 billion and $2.8 billion of undrawn capacity under revolving credit facilities. The Company also had $220 million in undrawn short-term revolving and other facilities.

●			Non operating expense - The Company expects its total non operating expense excluding net special items2 to be approximately $345 million in the second quarter.

●			Taxes - The Company expects to recognize a provision for income taxes at an effective rate of approximately 22% in the second quarter, which will be substantially non-cash.

●			Shares outstanding - The Company currently expects its basic and diluted weighted average shares outstanding3 for financial reporting purposes to be approximately 650.3 million and 721.2 million, respectively, for the second quarter.

●			Pre-tax margin - Based on the assumptions outlined above, the Company presently expects its second quarter pre-tax margin excluding net special items2 to be approximately 3% to 5%.

Notes:


1.			All CASM guidance excludes the impact of fuel and net special items.
2.			The Company is unable to reconcile certain forward-looking projections to GAAP as the nature or amount of net special items cannot be determined at this time. Please see GAAP to non-GAAP reconciliation at the end of this document.
3.			Shares outstanding assumes no additional shares issued through the Company’s existing at the market share issuance authorization or otherwise.

Please refer to the footnotes and the forward looking statements page of this document for additional information

Financial Update

April 21, 2022


			2Q22 Guidance1,2

Total revenue			~ +6% to +8% (vs 2Q19)

Available seat miles (ASMs)			~ -6% to -8% (vs 2Q19)

CASM excluding fuel and net special items			~ +8% to +10% (vs 2Q19)

Average fuel price (incl. taxes) ($/gal)			~ $3.59 to $3.64
Fuel gallons consumed (mil)			~ 1,013

Other non operating expense excluding net special items ($ mil)			~ 345

Pre-tax margin			~ 3% to 5%

Notes:


1.			Includes guidance on certain non-GAAP measures, which exclude, among other things, net special items. The Company is unable to reconcile certain forward-looking projections to GAAP as the nature or amount of net special items cannot be determined at this time. Please see the GAAP to non-GAAP reconciliation at the end of this document.
2.			Numbers may not recalculate due to rounding.

Please refer to the footnotes and the forward looking statements page of this document for additional information

GAAP to Non-GAAP Reconciliation

April 21, 2022

The Company sometimes uses financial measures that are derived from the condensed consolidated financial statements but that are not presented in accordance with GAAP to understand and evaluate its current operating performance and to allow for period-to-period comparisons. The Company believes these non-GAAP financial measures may also provide useful information to investors and others. These non-GAAP measures may not be comparable to similarly titled non-GAAP measures of other companies, and should be considered in addition to, and not as a substitute for or superior to, any measure of performance, cash flow or liquidity prepared in accordance with GAAP. The Company is providing a reconciliation of reported non-GAAP financial measures to their comparable financial measures on a GAAP basis. The table below presents the reconciliation of total operating costs (GAAP measure) to total operating costs excluding fuel and net special items (non-GAAP measure) and total operating costs per ASM (CASM) to CASM excluding fuel and net special items. Management uses total operating costs and CASM excluding fuel and net special items to evaluate the Company's current operating performance and for period-to-period comparisons. The price of fuel, over which the Company has no control, impacts the comparability of period-to-period financial performance. Additionally, net special items may vary from period-to-period in nature and amount. These adjustments to exclude fuel and net special items allow management an additional tool to understand and analyze the Company’s non-fuel costs and core operating performance.


American Airlines Group Inc. GAAP to Non-GAAP Reconciliation1 ($ mil except ASM and CASM data)

	2Q22 Range
	Low		High

Total operating expenses	$	11,874	$	12,077
Less fuel expense	3,637		3,687
Less operating net special items	—		—
Total operating expense excluding fuel and net special items	8,237		8,390

Total CASM (cts)	17.65		17.96

Total CASM excluding fuel and net special items (cts)	12.25		12.47
Percentage change vs 2Q19 (%)	8.0%		10.0%

Total ASMs (bil) at midpoint of range of down 6% to 8%	67.3		67.3


Note: Amounts may not recalculate due to rounding.
1.			Certain of the guidance provided excludes net special items. The Company is unable to fully reconcile such forward-looking guidance to the corresponding GAAP measure because the full nature and amount of net special items cannot be determined at this time.

Please refer to the footnotes and the forward looking statements page of this document for additional information

Forward Looking Statements

April 21, 2022

Cautionary Statement Regarding Forward-Looking Statements

Certain of the statements contained in this report should be considered forward-looking statements within the meaning of the Securities Act, the Exchange Act and the Private Securities Litigation Reform Act of 1995. These forward-looking statements may be identified by words such as “may,” “will,” “expect,” “intend,” “anticipate,” “believe,” “estimate,” “plan,” “project,” “could,” “should,” “would,” “continue,” “seek,” “target,” “guidance,” “outlook,” “if current trends continue,” “optimistic,” “forecast” and other similar words. Such statements include, but are not limited to, statements about the Company’s plans, objectives, expectations, intentions, estimates and strategies for the future, the continuing availability of borrowings under revolving lines of credit, and other statements that are not historical facts. These forward-looking statements are based on the Company’s current objectives, beliefs and expectations, and they are subject to significant risks and uncertainties that may cause actual results and financial position and timing of certain events to differ materially from the information in the forward-looking statements. These risks and uncertainties include, but are not limited to, those set forth herein as well as in the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2022 (especially in Part I, Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations and Part II, Item 1A. Risk Factors), and other risks and uncertainties listed from time to time in the Company’s other filings with the Securities and Exchange Commission. In particular, the consequences of the coronavirus outbreak to economic conditions and the travel industry in general and the financial position and operating results of the Company in particular have been material, are changing rapidly, and cannot be predicted. Additionally, there may be other factors of which the Company is not currently aware that may affect matters discussed in the forward-looking statements and may also cause actual results to differ materially from those discussed. The Company does not assume any obligation to publicly update or supplement any forward-looking statement to reflect actual results, changes in assumptions or changes in other factors affecting these forward-looking statements other than as required by law. Any forward-looking statements speak only as of the date hereof or as of the dates indicated in the statement.

Please refer to the footnotes and the forward looking statements page of this document for additional information