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Amtrak Key Financial Results FY10 to FY14

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<div style="margin:0in 0in 8pt;"><span style="font-family:Calibri;">Amtrak’s financials have been moving in the right direction over the last five years, which is the minimum period to identify sustainable trends. <span> </span></span></div> <div style="margin:0in 0in 8pt;"><span style="font-family:Calibri;">Revenues increased from $2.5 billion in FY10 to $3.2 billion in FY14 or 28.7 per cent.<span>  </span>Other revenues, which presumably include state operating subsidies, increased by 51.4 per cent, and state capital payments increased 110.4 per cent.<span>  </span>They averaged $41.5 million for FY10, FY11, and FY14.<span>  </span>In FY13 they jumped to more than $475 million. </span></div> <div style="margin:0in 0in 8pt;"><span style="font-family:Calibri;">Expenses increased from $3.7 billion in FY10 to $4.2 billion in FY14 or 13.8 per cent.<span>  </span></span></div> <div style="margin:0in 0in 8pt;"><span style="font-family:Calibri;">Compensation takes a high percentage of Amtrak’s expenses (49.5 per cent) and revenues (64.8 per cent). The compensation/expenses ratio has remained constant from FY10 to FY14, but it is down from 71.3 per cent of revenues in FY10. </span></div> <div style="margin:0in 0in 8pt;"><span style="font-family:Calibri;">Fuel, power, and utilities increased 20.8 per cent from FY10 to FY14, but they were off-set in part by a decrease in train operation expenses of 13.1 per cent. <span> </span></span></div> <div style="margin:0in 0in 8pt;"><span style="font-family:Calibri;">Depreciation increased from $593.1 million in FY10 to $699.3 million in FY14 or 17.9 per cent.<span>  </span>Amtrak does not assign these expense items by service line and routes.<span>  </span>Therefore, without access to Amtrak’s books, it is not possible to know how they should be or were assigned internally. </span></div> <div style="margin:0in 0in 8pt;"><span style="font-family:Calibri;">Placing in service new NEC locomotives, as well as new low level long distance cars, will push the depreciation higher in the out years. </span></div> <div style="margin:0in 0in 8pt;"><span style="font-family:Calibri;">In FY14 the loss from continuing operations slipped below $1 billion for the first time since I have been tracking Amtrak’s financial performance.<span>  </span>In FY14 it was $999.2 million.<span>  </span>After adjustment for other income and expenses, the total operations loss in FY14 was $1,023 million compared to $1,309 million in FY10.<span>  </span>This is a decrease of 21.8 per cent.<span>  </span>Restated in constant dollars, the total loss decreased by 14.9 per cent. </span></div> <div style="margin:0in 0in 8pt;"><span style="font-family:Calibri;">The average ticket revenue per passenger increased from $68.74 in FY10 to $81.25 in FY14 or 18.2 per cent.<span>  </span>The average cost per passenger increased 5.6 per cent.<span>  </span>The average loss per system passenger declined 8.5 per cent, compared to a decline of 25.6 per cent per passenger mile and 24.1 per cent per seat mile. </span></div> <div style="margin:0in 0in 8pt;"><span style="font-family:Calibri;">The NEC operating profit increased from $51.5 million in FY10 to $482.2 million in FY14 or 836.3 per cent.<span>  </span></span></div> <div style="margin:0in 0in 8pt;"><span style="font-family:Calibri;">The operating losses for the State Supported and Other Short Distance Corridor trains declined from $231.2 million in FY10 to $85.7 million in FY14 or 62.9 per cent.</span></div> <div style="margin:0in 0in 8pt;"><span style="font-family:Calibri;">The operating losses associated with the long distance trains decreased from $575.5 million in FY10 to $529.6 in FY14 or 7.99 per cent. <span> </span></span></div> <div style="margin:0in 0in 8pt;"><span style="font-family:Calibri;">These results are before depreciation, interest, and miscellaneous items or adjustments. </span></div> <div style="margin:0in 0in 8pt;"><span style="font-family:Calibri;">At the end of FY10 Amtrak had 20,026 employees, of whom 85.9 per cent were engaged in operations.<span>  </span>At the end of FY14 the company had 20,321 employees, of whom 84.1 per cent were engaged in operations.<span>  </span>Between FY10 and FY14 the number of employees engaged in operations declined by 6/10s of one per cent whilst the number of non-operating employees increased by 13.8 per cent.<span>  </span>Total headcount increased by 1.5 per cent between FY10 and FY14. </span></div> <div style="margin:0in 0in 8pt;"><span style="font-family:Calibri;">Without access to Amtrak’s books, management, employees, etc. it is impossible to know what has driven these results.<span>  </span>They probably are the function of an improving economy coupled with some effective management decisions.</span></div>
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