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I think Mr Boardman is a doing a great job

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<div style="margin:0in 0in 0pt;"><span style="font-family:'Arial','sans-serif';font-size:12pt;">If Amtrak were a public corporation, the CEO would be evaluated on his or her ability to enhance the wealth of the shareholders.  Getting there requires taking care of the key stakeholders of the corporation, i.e. customers, employees, creditors, investors, regulators, etc. Returns on sales, assets, and equity are significant drivers of the stock price over time. Ultimately these metrics drive shareholder value and wealth.</span></div> <div style="margin:0in 0in 0pt;"><span style="font-family:'Arial','sans-serif';font-size:12pt;"> </span></div> <div style="margin:0in 0in 0pt;"><span style="font-family:'Arial','sans-serif';font-size:12pt;">In Amtrak’s case the returns have been negative since its birth, and they are likely to remain so.  Accordingly, one must look elsewhere for benchmarks to measure Boardman’s performance.  </span></div> <div style="margin:0in 0in 0pt;"><span style="font-family:'Arial','sans-serif';font-size:12pt;"> </span></div> <div style="margin:0in 0in 0pt;"><span style="font-family:'Arial','sans-serif';font-size:12pt;">I have tracked Amtrak’s key operating and financial results from 2009 through 2013. Boardman became Amtrak’s CEO in 2008.  Accordingly, the numbers that I have assembled give a pretty good indication of Amtrak’s performance during most of his tenure.</span></div> <div style="margin:0in 0in 0pt;"><span style="font-family:'Arial','sans-serif';font-size:12pt;"> </span></div> <div style="margin:0in 0in 0pt;"><span style="font-family:'Arial','sans-serif';font-size:12pt;">Amtrak’s riders increased 16 per cent from 27.2 million in FY09 to 31.6 million by the end of FY13. During the same period revenues increased 27.2 per cent whilst expenses increased 19.2 per cent.  The loss from operations increased 2.8 per cent; however, because of a decrease in net interest expense, Amtrak’s net loss shrank by 2.9 per cent.  </span></div> <div style="margin:0in 0in 0pt;"><span style="font-family:'Arial','sans-serif';font-size:12pt;"> </span></div> <div style="margin:0in 0in 0pt;"><span style="font-family:'Arial','sans-serif';font-size:12pt;">The Statement of Cash Flows probably is the most import part of the financials. The amount of cash required to support operations declined 59 per cent on Boardman’s watch.  Proceeds from federal paid in capital declined by 9 per cent; however, during 2010 they increased by 45.8 per cent, and during 2011 they increased 17.9 per cent over 2009. The jump in federal paid in capital covered a significant increase in capital expenditures for property, plant, and equipment. Net cash used in investing activities increased by 22 per cent whilst the net cash provided by financing activities declined by 9 per cent, indicating that Amtrak is able to generate more of its cash requirements from operations as opposed to cash transfers and debt issuance. At the end of FY13 cash and cash equivalents had increased 25 per cent over FY09.</span></div> <div style="margin:0in 0in 0pt;"><span style="font-family:'Arial','sans-serif';font-size:12pt;"> </span></div> <div style="margin:0in 0in 0pt;"><span style="font-family:'Arial','sans-serif';font-size:12pt;">The average ticket revenue per passenger increased from $66.76 in FY09 to $74.99 in FY13 or 12.3 per cent.  The average operating expense per passenger increased 2.6 per cent.  The average operating loss per passenger decreased 7.9 per cent whilst the average operating loss per passenger mile decreased 15.7 per cent and the average operating loss per seat mile decreased 9.8 per cent.</span></div> <div style="margin:0in 0in 0pt;"><span style="font-family:'Arial','sans-serif';font-size:12pt;"> </span></div> <div style="margin:0in 0in 0pt;"><span style="font-family:'Arial','sans-serif';font-size:12pt;">Amtrak’s financials on Boardman’s watch have improved significantly through FY13. A rough gage of inflation over the aforementioned period was 9 per cent, which means that Amtrak had a real improvement in most of its key numbers. </span></div> <div style="margin:0in 0in 0pt;"> </div> <div style="margin:0in 0in 0pt;"><span style="font-family:'Arial','sans-serif';font-size:12pt;">What role Boardman played improving Amtrak's operational and financial metrics is unknown.  One would have to be a fly on the wall at Amtrak’s executive and board meetings to know how much influence he wields.  </span></div> <div style="margin:0in 0in 0pt;"> </div> <div style="margin:0in 0in 0pt;"><span style="font-family:'Arial','sans-serif';font-size:12pt;">I have been in organizations where the chief financial officer or operating officer was more influential than the CEO, although it does not happen often.</span></div>
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