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## AAG’s Results of Operations 

For a comparison of the 2018 to 2017 reporting periods, see Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations – “ AAG’s Results of Operations –  2018 Compared to 2017”  of our 2018 Form 10-K. 

## Operating Statistics 

The table below sets forth selected operating data for the years ended December 31, 2019 and 2018. 

<img src='content_image/1039926.jpg'>

$^{(a)}$ Revenue passenger mile (RPM) – A basic measure of sales volume. One RPM represents one passenger flown one mile. 

$^{(b)}$ Available seat mile (ASM) – A basic measure of production. One ASM represents one seat flown one mile. 

$^{(c)}$ Passenger load factor – The percentage of available seats that are filled with revenue passengers. 

$^{(d)}$ Yield – A measure of airline revenue derived by dividing passenger revenue by RPMs. 

$^{(e)}$ Passenger revenue per available seat mile (PRASM) – Passenger revenue divided by ASMs. 

$^{(f)}$ Total revenue per available seat mile (TRASM) – Total revenues divided by ASMs. 

$^{(g)}$ Includes aircraft owned and leased by American as well as aircraft operated by third-party regional carriers under capacity purchase agreements. Excludes 12 Embraer E140 regional aircraft that are in temporary storage. 

$^{(h)}$ Operating cost per available seat mile (CASM) – Operating expenses divided by ASMs. 

## Results of Operations – 2019 Compared to 2018 

## Operating Revenues 

<img src='content_image/1039922.jpg'>

