USA financial news

United Airways Pronounces Second Quarter Monetary Outcomes — Returns to Profitability

Whole working income up 6% over similar quarter 2019; expects enhance of 11% in third quarter versus the identical quarter in 2019

File TRASM of up 24% over similar quarter 2019; expects sequential enchancment in third quarter versus the identical quarter in 2019

Working margin of seven.2% and adjusted working margin of 8.2% marking first quarter of profitability since COVID-19 started

CHICAGO, July 20, 2022 /PRNewswire/ — United Airways (UAL) as we speak reported second quarter 2022 monetary outcomes. The corporate achieved the very best second quarter income in its historical past, delivering its first worthwhile quarter since COVID-19 started, regardless of record-high gas costs. The second quarter outcomes mixed with continued progress the corporate is seeing affirms United’s confidence in attaining the long-term adjusted pre-tax margin1 targets of roughly 9 % in 2023 and about 14 % in 2026 which might be a part of the United Subsequent technique.

For the quarter, the corporate noticed working income up 6 % versus the identical quarter in 2019 and expects to see sequential enchancment within the third quarter. The corporate additionally had record-setting TRASM (Whole Income Per Obtainable Seat Mile), up 24 % versus the identical quarter in 2019 and expects 24 to 26 % enchancment within the third quarter over third quarter 2019. Second quarter income improved at a fast tempo and whereas the corporate anticipates the economic system will gradual within the close to to medium time period, the persevering with pandemic restoration is greater than offsetting financial headwinds — resulting in anticipated income and earnings acceleration within the third quarter. Consequently, the corporate continues to count on to be worthwhile for the total yr 2022. Moreover, even because the business confronted a number of, well-documented operational challenges all through the quarter, United carried out nicely and except Newark had working outcomes largely in step with 2019.

“I’m grateful to the United workforce that has fought via extreme systemic challenges impacting all of worldwide aviation to serve our prospects,” mentioned United Airways CEO Scott Kirby. “It is good to return to profitability – however we should confront three dangers that would develop over the following 6-18 months. Trade-wide operational challenges that restrict the system’s capability, file gas costs and the rising chance of a world recession are every actual challenges that we’re already addressing. These basic challenges have already led to larger prices, larger gas costs however, additionally larger income, which implies we’re as assured as ever we are going to ship on our 9 % adjusted pre-tax margin goal in 2023.”

Second Quarter Monetary Outcomes

  • Reported second quarter 2022 internet earnings of $329 million, adjusted internet earnings2 of $471 million.
  • Reported second quarter 2022 capability down 15% in comparison with second quarter 2019.
  • Reported second quarter 2022 whole working income of $12.1 billion, up 6% in comparison with second quarter 2019.
  • Reported second quarter 2022 TRASM of up 24% in comparison with second quarter 2019.
  • Reported second quarter 2022 Value Per Obtainable Seat Mile (CASM) of up 32%, and CASM-ex2 of up 17%, in comparison with second quarter 2019.
  • Reported second quarter 2022 working margin of seven.2%, adjusted working margin2 of 8.2%.
  • Reported second quarter 2022 pre-tax margin of three.8%, adjusted pre-tax margin2 of 5.0%.
  • Reported second quarter 2022 gas worth of roughly $4.18 per gallon.
  • Reported second quarter 2022 funds of long-term debt, finance leases and different financing liabilities of $1.0 billion.
  • Reported second quarter 2022 ending accessible liquidity3 of $22 billion.

Operational Efficiency

  • ConnectionSaver device helped save greater than 150,000 connections, aiding greater than 1,600 prospects every day on common.
  • Inflight satisfaction for on-time flights remained on the highest historic stage, attaining 80% for the quarter.
  • 700,000 prospects used the Agent on Demand platform because the starting of the yr.

Key Highlights

  • Launched a brand new, nationwide promoting marketing campaign – “Good Leads The Method” – that tells the story of United’s management in areas like customer support, variety and sustainability, and captures the optimism fueling the airline’s giant ambitions at a time of unprecedented demand in air journey.
  • Introduced growth of its Flight Coaching Middle in Denver, already the biggest facility of its variety on this planet, as United seeks to rent an extra 10,000 pilots by 2030.
  • Grew to become the primary airline to donate flights in assist of the White Home’s Operation Fly Formulation and transported Kendamil system freed from cost from Heathrow Airport in London to its Washington, Dulles hub.

Buyer-Targeted Enhancements

  • Opened the brand new United MembershipSM location at Newark Liberty Worldwide Airport, a 30,000 sq. foot house providing vacationers a contemporary design, enhanced facilities and culinary choices.
  • Debuted new customized amenity kits for United Polaris® from Away forward of summer season journey.
  • Introduced limited-time collaboration with Spritz Society to supply complimentary premium cocktails on flights from Chicago to Milan and Newark to Rome, and in choose United Golf equipment.
  • Debuted new plant-based menu gadgets from Unimaginable Meals as a part of United’s dedication so as to add extra vegan and vegetarian choices to its culinary line-up amidst rising demand for plant-based meat.

Community

  • Introduced year-round, nonstop service between San Francisco, California, and Brisbane, Australia, changing into the primary U.S. airline so as to add a brand new transpacific vacation spot to its world community because the begin of COVID-19.
  • Introduced the corporate’s software with the U.S. Division of Transportation (DOT) for 3 weekly nonstop flights between Washington, D.C., and Cape City, South Africa. The appliance was tentatively accepted by the DOT earlier this month.
  • Resumed nonstop service between San Francisco and Melbourne, Australia.
  • Kicked off the launch of the biggest transatlantic growth in United historical past with 10 new routes together with new locations Amman, Jordan; Bergen, Norway; Good, France; Ponta Delgada, Portugal; Palma de Mallorca, Spain; and Tenerife, Spain.
  • Expanded the airline’s codeshare settlement with Star Alliance member Singapore Airways, making it simpler for purchasers to journey to extra cities in the USA, Southeast Asia and different locations within the Asia-Pacific area.
  • Launched a brand new alliance partnership with Virgin Australia, offering prospects new connectivity to Australian cities past nonstop providers.
  • Resumed 24 worldwide routes within the second quarter.
  • Introduced new 3 times weekly service between Tokyo, Japan, and Saipan within the Commonwealth of the Northern Mariana Islands starting in September 2022.

Environmental, Social and Governance (ESG)

  • Introduced a brand new collaboration with OneTen, a coalition dedicated to upskill, rent and advance Black expertise into family-sustaining careers over the following 10 years.
  • United Airways Ventures introduced an funding in and industrial settlement with Dimensional Vitality, one other step ahead to reaching United’s pledge to change into 100% inexperienced by attaining net-zero greenhouse gasoline emissions by 2050, with out counting on using conventional carbon offsets.
  • Grew to become the primary U.S. airline to signal an settlement with Neste to buy sustainable aviation gas abroad.
  • United staff and their households participated in 11 completely different Delight parades in June and July in United hub markets and past.
  • United staff and their households participated in almost 20 completely different Earth Month occasions throughout our hub communities and past.
  • Over 42 million miles and greater than $400,000 donated to World Central Kitchen, Airlink, American Purple Cross, and Americares in assist of Ukraine aid efforts by United’s prospects, with an extra 5 million miles and $100,000 matched by United.
  • Hosted send-off occasions for greater than 350 athletes and their households flying to the 2022 USA Particular Olympics Video games in Orlando, Florida, together with a fellow O’Hare Worldwide Airport Particular Olympics Service Ambassador.
  • United welcomed 50 native youths and their relations to its Los Angeles Worldwide Airport upkeep facility for a three-week aviation program.
  • Sponsored the “Ladies Rock Wings” occasion with Sisters of the Skies, permitting greater than 60 younger Black ladies, ages 10-18, to check a future in aviation.
  • United, in partnership with the Warriors Neighborhood Basis and Good Tidings Basis, revealed the newly refurbished basketball courtroom {and gymnasium} on the Willie Mays Boys and Ladies Membership of San Francisco.
  • Within the second quarter, via a mixture of cargo-only and passenger flights, United transported roughly 275 million kilos of freight, together with COVID-19 vaccines and different important provides, which included almost 33 million kilos of significant shipments, corresponding to medical kits, private protecting tools, prescription drugs, and medical tools.

Earnings Name

UAL will maintain a convention name to debate second quarter 2022 monetary outcomes, in addition to its monetary and operational outlook for third quarter 2022 and past, on Thursday, July 21, at 9:30 a.m. CT/10:30 a.m. ET. A dwell, listen-only webcast of the convention name will likely be accessible at ir.united.com.

The webcast will likely be accessible for replay inside 24 hours of the convention name after which archived on the web site for 3 months.

Outlook

This press launch needs to be learn along with the corporate’s Investor Replace issued in reference to this quarterly earnings announcement, which gives further data on the corporate’s enterprise outlook (together with sure monetary and operational steering) and is furnished with this press launch with the U.S. Securities and Change Fee on a Present Report on Kind 8-Ok. The Investor Replace can also be accessible via the corporate’s investor relations web site at https://ir.united.com. Administration can even focus on sure enterprise outlook gadgets in the course of the quarterly earnings convention name.

The corporate’s enterprise outlook is topic to dangers and uncertainties relevant to all forward-looking statements as described elsewhere on this press launch. Please see the part entitled “Cautionary Assertion Concerning Ahead-Trying Statements.”

About United

United’s shared goal is “Connecting Folks. Uniting the World.” From our U.S. hubs in Chicago, Denver, Houston, Los Angeles, New York/Newark, San Francisco and Washington, D.C., United operates essentially the most complete world route community amongst North American carriers. United is bringing again our prospects’ favourite locations and including new ones on its option to changing into the world’s greatest airline. For extra about how one can be a part of the United workforce, please go to www.united.com/careers and extra details about the corporate is at www.united.com. United Airways Holdings, Inc., the mother or father firm of United Airways, Inc., is traded on the Nasdaq beneath the image “UAL”.

Web site Info

We routinely put up essential information and knowledge relating to United on our company web site, united.com, and our investor relations web site, ir.united.com. We use our investor relations web site as a major channel for disclosing key data to our buyers, together with the timing of future investor conferences and earnings calls, press releases and different details about monetary efficiency, reviews filed or furnished with the U.S. Securities and Change Fee, data on company governance and particulars associated to our annual assembly of shareholders. We might use our investor relations web site as a way of exposing materials, private data and for complying with our disclosure obligations beneath Regulation FD. We can also use social media channels to speak with our buyers and the general public about our firm and different issues, and people communications might be deemed to be materials data. The data contained on, or that could be accessed via, our web site or social media channels aren’t included by reference into, and aren’t part of, this doc.

Cautionary Assertion Concerning Ahead-Trying Statements:

This press launch and the associated attachments and Investor Replace (in addition to the oral statements made with respect to data contained on this launch and the attachments) comprise sure “forward-looking statements,” throughout the that means of Part 27A of the Securities Act of 1933, as amended, and Part 21E of the Securities Change Act of 1934, as amended, regarding, amongst different issues, the potential impacts of the COVID-19 pandemic and different macroeconomic elements and steps the corporate plans to soak up response thereto and targets, plans and projections relating to the corporate’s monetary place, outcomes of operations, market place, capability, fleet, product growth, ESG targets and enterprise technique. Such forward-looking statements are based mostly on historic efficiency and present expectations, estimates, forecasts and projections concerning the firm’s future monetary outcomes, targets, plans and aims and contain inherent dangers, assumptions and uncertainties, identified or unknown, together with inner or exterior elements that would delay, divert or change any of them, which might be tough to foretell, could also be past the corporate’s management and will trigger the corporate’s future monetary outcomes, targets, plans and aims to vary materially from these expressed in, or implied by, the statements. Phrases corresponding to “ought to,” “might,” “would,” “will,” “might,” “expects,” “plans,” “intends,” “anticipates,” “signifies,” “stays,” “believes,” “estimates,” “tasks,” “forecast,” “steering,” “outlook,” “targets”, “targets”, “assured”, “devoted” and different phrases and phrases of comparable that means and expression are meant to establish forward-looking statements, though not all forward-looking statements comprise such phrases. All statements, apart from those who relate solely to historic details, are forward-looking statements.

Moreover, forward-looking statements embrace conditional statements and statements that establish uncertainties or developments, focus on the attainable future results of identified developments or uncertainties, or that point out that the long run results of identified developments or uncertainties can’t be predicted, assured or assured. All forward-looking statements on this report are based mostly upon data accessible to us on the date of this report. We undertake no obligation to publicly replace or revise any forward-looking assertion, whether or not on account of new data, future occasions, modified circumstances or in any other case, besides as required by relevant legislation or regulation.

Our precise outcomes might differ materially from these forward-looking statements as a consequence of quite a few elements together with, with out limitation, the next: the antagonistic impacts of the continuing COVID-19 world pandemic on our enterprise, working outcomes, monetary situation and liquidity; execution dangers related to our strategic working plan; adjustments in our community technique or different elements exterior our management leading to much less financial plane orders, prices associated to modification or termination of plane orders or entry into much less favorable plane orders, in addition to any lack of ability to just accept or combine new plane into our fleet as deliberate; any failure to successfully handle, and obtain anticipated advantages and returns from, acquisitions, divestitures, investments, joint ventures and different portfolio actions; antagonistic publicity, hurt to our model, diminished journey demand, potential tort legal responsibility and voluntary or obligatory operational restrictions on account of an accident, disaster or incident involving us, our regional carriers, our codeshare companions or one other airline; the extremely aggressive nature of the worldwide airline business and susceptibility of the business to cost discounting and adjustments in capability, together with on account of alliances, joint enterprise preparations or different consolidations; our reliance on a restricted variety of suppliers to supply a majority of our plane and sure components, and the influence of any failure to acquire well timed deliveries, further tools or assist from any of those suppliers; disruptions to our regional community and United Categorical flights supplied by third-party regional carriers; unfavorable financial and political circumstances in the USA and globally (together with inflationary pressures); reliance on third-party service suppliers and the influence of any vital failure of those events to carry out as anticipated, or interruptions in {our relationships} with these suppliers or their provision of providers; prolonged interruptions or disruptions in service at main airports the place we function and house, facility and infrastructure constrains at our hubs or different airports; geopolitical battle, terrorist assaults or safety occasions; any injury to our repute or model picture; our reliance on expertise and automatic techniques to function our enterprise and the influence of any vital failure or disruption of, or failure to successfully combine and implement, the expertise or techniques; rising privateness and information safety obligations or a major information breach; elevated use of social media platforms by us, our staff and others; the impacts of union disputes, worker strikes or slowdowns, and different labor-related disruptions on our operations; any failure to draw, prepare or retain expert personnel, together with our senior administration workforce or different key staff; the financial and operational prices of compliance with in depth authorities regulation of the airline business; present or future litigation and regulatory actions, or failure to adjust to the phrases of any settlement, order or association relating to those actions; prices, liabilities and dangers related to environmental regulation and local weather change, together with our local weather targets; excessive and/or risky gas costs or vital disruptions within the provide of plane gas (together with on account of the RussiaUkraine army battle); the impacts of our vital quantity of economic leverage from fastened obligations, the chance we might search materials quantities of further monetary liquidity within the short-term, and the impacts of inadequate liquidity on our monetary situation and enterprise; failure to adjust to monetary and different covenants governing our debt, together with our MileagePlus® financing agreements; the impacts of the proposed phaseout of the London interbank supply fee; limitations on our means to make use of our internet working loss carryforwards and sure different tax attributes to offset future taxable earnings for U.S. federal earnings tax functions; our failure to appreciate the total worth of our intangible belongings or our long-lived belongings, inflicting us to file impairments; fluctuations within the worth of our widespread inventory; the impacts of seasonality, climate occasions, infrastructure and different elements related to the airline business; will increase in insurance coverage prices or insufficient insurance coverage protection and different dangers and uncertainties set forth in Half I, Merchandise 1A. Danger Elements, of our Annual Report on Kind 10-Ok for the fiscal yr ended December 31, 2021, in addition to different dangers and uncertainties set forth occasionally within the reviews we file with the U.S. Securities and Change Fee.

The foregoing checklist units forth many, however not all, of the elements that would influence our means to attain outcomes described in any forward-looking statements. Traders ought to perceive that it’s not attainable to foretell or establish all such elements and mustn’t take into account this checklist to be a whole assertion of all potential dangers and uncertainties. As well as, sure forward-looking outlook supplied on this launch depends on assumptions concerning the length and severity of the COVID-19 pandemic, the timing of the return to a extra steady enterprise atmosphere, the volatility of plane gas costs, buyer habits adjustments and return in demand for air journey, amongst different issues (collectively, the “Restoration Course of”). The COVID-19 pandemic and the measures taken in response might proceed to influence many facets of our enterprise, working outcomes, monetary situation and liquidity in a variety of methods, together with labor shortages (together with reductions in accessible staffing and associated impacts to the corporate’s flight schedules and repute), facility closures and associated prices and disruptions to the corporate’s and its enterprise companions’ operations, diminished journey demand and client spending, elevated working prices, provide chain disruptions, logistics constraints, volatility within the worth of our securities, our means to entry capital markets and volatility within the world economic system and monetary markets typically. If the precise Restoration Course of differs materially from our assumptions, the influence of the COVID-19 pandemic on our enterprise might be worse than anticipated, and our precise outcomes could also be negatively impacted and should fluctuate materially from our expectations and projections. It’s routine for our inner projections and expectations to alter because the yr or every quarter within the yr progresses, and due to this fact it needs to be clearly understood that the inner projections, beliefs and assumptions upon which we base our expectations might change. As an illustration, we usually monitor future demand and reserving developments and modify capability, as wanted. As such, our precise flown capability might differ materially from at present revealed flight schedules or present estimations.

Non-GAAP Monetary Info:

In discussing monetary outcomes and steering, the corporate refers to monetary measures that aren’t in accordance with U.S. Typically Accepted Accounting Rules (GAAP). The non-GAAP monetary measures are supplied as supplemental data to the monetary measures offered on this press launch which might be calculated and offered in accordance with GAAP and are offered as a result of administration believes that they complement or improve administration’s, analysts’ and buyers’ total understanding of the corporate’s underlying monetary efficiency and developments and facilitate comparisons amongst present, previous and future durations. As a result of the non-GAAP monetary measures aren’t calculated in accordance with GAAP, they shouldn’t be thought-about superior to and aren’t meant to be thought-about in isolation or as an alternative to the associated GAAP monetary measures offered within the press launch and will not be the identical as or similar to equally titled measures offered by different firms as a consequence of attainable variations in technique and within the gadgets being adjusted. We encourage buyers to evaluation our monetary statements and publicly-filed reviews of their entirety and to not depend on any single monetary measure.

Please consult with the tables accompanying this launch for an outline of the non-GAAP changes and reconciliations of the historic non-GAAP monetary measures used to essentially the most comparable GAAP monetary measure and associated disclosures.

-tables attached-

UNITED AIRLINES HOLDINGS, INC
STATEMENTS OF CONSOLIDATED OPERATIONS (UNAUDITED) 




Three Months Ended

June 30,


%

Improve/

(Lower)
2022 vs. 2019



Six Months Ended

June 30,


%

Improve/

(Lower)
2022 vs. 2019


(In tens of millions, besides per share information)


2022


2021


2019




2022


2021


2019



Working income:



















Passenger income


$  10,829


$    4,366


$  10,486


3.3



$ 17,177


$   6,682


$ 19,211


(10.6)


Cargo


574


606


295


94.6



1,201


1,103


581


106.7


Different working income


709


499


621


14.2



1,300


907


1,199


8.4


Whole working income


12,112


5,471


11,402


6.2



19,678


8,692


20,991


(6.3)





















Working expense:



















Salaries and associated prices


2,836


2,276


3,057


(7.2)



5,623


4,500


5,930


(5.2)


Plane gas


3,811


1,232


2,385


59.8



6,041


2,083


4,408


37.0


Touchdown charges and different lease


668


564


660


1.2



1,280


1,083


1,248


2.6


Depreciation and amortization


611


620


560


9.1



1,222


1,243


1,107


10.4


Regional capability buy


567


547


715


(20.7)



1,132


1,026


1,403


(19.3)


Plane upkeep supplies and out of doors repairs


527


302


421


25.2



934


571


829


12.7


Distribution bills


393


139


442


(11.1)



619


224


802


(22.8)


Plane lease


67


52


73


(8.2)



128


107


154


(16.9)


Particular costs (credit)


112


(948)


71


NM



104


(2,325)


89


NM


Different working bills


1,642


957


1,546


6.2



3,093


1,831


3,054


1.3


Whole working expense


11,234


5,741


9,930


13.1



20,176


10,343


19,024


6.1





















Working earnings (loss)


878


(270)


1,472


(40.4)



(498)


(1,651)


1,967


NM





















Nonoperating earnings (expense):



















Curiosity expense


(420)


(426)


(191)


119.9



(844)


(779)


(379)


122.7


Curiosity capitalized


22


22


21


4.8



46


39


43


7.0


Curiosity earnings


33


12


38


(13.2)



38


19


67


(43.3)


Unrealized positive aspects (losses) on investments, internet


(40)


147


34


NM



(40)


125


51


NM


Miscellaneous, internet


(14)


(49)


(20)


(30.0)



5


(68)


(28)


NM


Whole nonoperating expense, internet


(419)


(294)


(118)


255.1



(795)


(664)


(246)


223.2





















Revenue (loss) earlier than earnings taxes


459


(564)


1,354


(66.1)



(1,293)


(2,315)


1,721


NM





















Revenue tax expense (profit)


130


(130)


302


(57.0)



(245)


(524)


377


NM


Web earnings (loss)


$      329


$     (434)


$    1,052


(68.7)



$  (1,048)


$  (1,791)


$   1,344


NM





















Diluted earnings (loss) per share


$     1.00


$    (1.34)


$      4.02


(75.1)



$    (3.22)


$    (5.60)


$     5.07


NM


Diluted weighted common shares


330.3


323.6


261.6


26.3



325.9


320.1


264.9


23.0





















NM Not significant



















UNITED AIRLINES HOLDINGS, INC.
PASSENGER REVENUE INFORMATION AND STATISTICS


Info is as follows (in tens of millions, aside from share adjustments):



2Q 2022

Passenger

Income


Passenger

Income

vs.

2Q 2019


PRASM vs.
2Q 2019


Yield vs.
2Q 2019


Obtainable

Seat Miles

vs.

2Q 2019


2Q 2022
Obtainable
Seat Miles


2Q 2022
Income
Passenger
Miles

Home

$          7,154


9.3 %


24.8 %


21.5 %


(12.4 %)


36,324


32,654















Europe

1,843


7.4 %


5.2 %


6.1 %


2.1 %


12,729


10,582

Latin America

1,075


22.6 %


13.5 %


12.8 %


8.0 %


7,441


6,416

Pacific

428


(62.3 %)


15.2 %


42.3 %


(67.3 %)


3,519


2,354

Center East/India/Africa

329


55.9 %


(1.2 %)


(1.7 %)


57.8 %


2,592


2,296

Worldwide

3,675


(6.7 %)


12.7 %


15.0 %


(17.2 %)


26,281


21,648















Consolidated

$        10,829


3.3 %


20.8 %


19.8 %


(14.5 %)


62,605


54,302















Choose working statistics are as follows:




Three Months Ended

June 30,


%

Improve/

(Lower)
2022 vs. 2019



Six Months Ended

June 30,


%

Improve/

(Lower)
2022 vs. 2019




2022


2021


2019




2022


2021


2019



Passengers (hundreds) (a)


37,923


23,909


42,592


(11.0)



67,256


38,583


79,046


(14.9)


Income passenger miles (“RPMs”) (tens of millions) (b)


54,302


28,514


63,001


(13.8)



92,946


45,762


116,098


(19.9)


Obtainable seat miles (“ASMs”) (tens of millions) (c)


62,605


39,613


73,240


(14.5)



115,869


69,983


138,885


(16.6)


Passenger load issue: (d)



















    Consolidated


86.7 %


72.0 %


86.0 %


0.7

pts.


80.2 %


65.4 %


83.6 %


(3.4)

pts.

    Home


89.9 %


83.3 %


87.5 %


2.4

pts.


84.0 %


75.4 %


85.2 %


(1.2)

pts.

    Worldwide


82.4 %


53.2 %


84.0 %


(1.6)

pts.


74.6 %


48.8 %


81.5 %


(6.9)

pts.

Passenger income per accessible seat mile (cents)


17.30


11.02


14.32


20.8



14.82


9.55


13.83


7.2


Whole income per accessible seat mile (“TRASM”) (cents)


19.35


13.81


15.57


24.3



16.98


12.42


15.11


12.4


Common yield per income passenger mile (cents) (e)


19.94


15.31


16.64


19.8



18.48


14.60


16.55


11.7


Cargo income ton miles (tens of millions) (f)


752


892


831


(9.5)



1,543


1,657


1,636


(5.7)


Plane in fleet at finish of interval


1,323


1,315


1,344


(1.6)



1,323


1,315


1,344


(1.6)


Common stage size (miles) (g)


1,432


1,309


1,469


(2.5)



1,403


1,297


1,459


(3.8)


Worker headcount, as of June 30 (in hundreds) (h)


91.2


84.4


94.6


(3.6)



91.2


84.4


94.6


(3.6)


Common plane gas worth per gallon


$ 4.18


$ 1.97


$ 2.16


93.5



$ 3.58


$ 1.87


$ 2.11


69.7


Gas gallons consumed (tens of millions)


912


625


1,102


(17.2)



1,687


1,115


2,087


(19.2)


(a)

The variety of income passengers measured by every flight phase flown.

(b)

The variety of scheduled miles flown by income passengers.

(c)

The variety of seats accessible for passengers multiplied by the variety of scheduled miles these seats are flown.

(d) 

RPMs divided by ASMs.

(e)

The typical passenger income obtained for every income passenger mile flown.

(f) 

The variety of cargo income tons transported multiplied by the variety of miles flown.

(g) 

Common stage size equals the typical distance a flight travels weighted for dimension of plane.

(h) 

This whole contains staff who elected to voluntarily separate from the corporate however who’re nonetheless on pre-separation depart of absence with pay and profit

UNITED AIRLINES HOLDINGS, INC.
NON-GAAP FINANCIAL INFORMATION

UAL evaluates its monetary efficiency using numerous accounting ideas typically accepted in the USA of America (GAAP) and non-GAAP monetary measures, together with adjusted earnings earlier than curiosity, taxes, depreciation and amortization (adjusted EBITDA), adjusted EBITDA margin, adjusted working earnings (loss), adjusted working bills, adjusted working margin, adjusted pre-tax earnings (loss), adjusted pre-tax margin, adjusted internet earnings (loss), adjusted diluted earnings (loss) per share, CASM, excluding particular costs, third-party enterprise bills, gas, and revenue sharing (CASM-ex), working bills excluding particular costs, adjusted capital expenditures, free money circulation, and free money circulation, internet of financings, amongst others. The non-GAAP monetary measures are supplied as supplemental data to the monetary measures offered on this press launch which might be calculated and offered in accordance with GAAP and are offered as a result of administration believes that they complement or improve administration’s, analysts’ and buyers’ total understanding of the corporate’s underlying monetary efficiency and developments and facilitate comparisons amongst present, previous and future durations.

As a result of the non-GAAP monetary measures aren’t calculated in accordance with GAAP, they shouldn’t be thought-about superior to and aren’t meant to be thought-about in isolation or as an alternative to the associated GAAP monetary measures offered within the press launch and will not be the identical as or similar to equally titled measures offered by different firms as a consequence of attainable variations in technique and within the gadgets being adjusted. We encourage buyers to evaluation our monetary statements and publicly-filed reviews of their entirety and to not depend on any single monetary measure.

The corporate doesn’t present a reconciliation of forward-looking measures the place the corporate believes such a reconciliation would indicate a level of precision and certainty that might be complicated to buyers and is unable to moderately predict sure gadgets contained within the GAAP measures with out unreasonable efforts. That is as a result of inherent issue of forecasting the timing or quantity of varied gadgets that haven’t but occurred and are out of the corporate’s management or can’t be moderately predicted. For a similar causes, the corporate is unable to deal with the possible significance of the unavailable data. Ahead-looking non-GAAP monetary measures supplied with out essentially the most immediately comparable GAAP monetary measures might fluctuate materially from the corresponding GAAP monetary measures. See “Cautionary Assertion Concerning Ahead-Trying Statements” above.

The data under gives an evidence of sure changes mirrored within the non-GAAP monetary measures and reveals a reconciliation of non-GAAP monetary measures reported on this press launch to essentially the most immediately comparable GAAP monetary measures. Throughout the monetary tables offered, sure columns and rows might not add as a consequence of using rounded numbers. Percentages and earnings per share quantities offered are calculated from the underlying quantities.

UNITED AIRLINES HOLDINGS, INC.
NON-GAAP FINANCIAL INFORMATION (Continued)

CASM is a standard metric used within the airline business to measure an airline’s price construction and effectivity. UAL reviews CASM excluding particular costs (credit), third-party enterprise bills, gas expense and revenue sharing. UAL believes that adjusting for particular costs (credit) is beneficial to buyers as a result of particular costs (credit) aren’t indicative of UAL’s ongoing efficiency. UAL additionally believes that excluding third-party enterprise bills, corresponding to upkeep, flight academy, floor dealing with and catering providers for third events, gives extra significant disclosure as a result of these bills aren’t immediately associated to UAL’s core enterprise. UAL additionally believes that excluding gas expense from sure measures is beneficial to buyers as a result of it gives an extra measure of administration’s efficiency excluding the consequences of a major price merchandise over which administration has restricted affect. UAL excludes revenue sharing as a result of it believes that this exclusion permits buyers to raised perceive and analyze UAL’s working price efficiency and gives a extra significant comparability of our core working prices to the airline business.

UAL additionally reviews EBITDA excluding particular costs (credit), nonoperating unrealized (positive aspects) losses on investments, internet, nonoperating debt extinguishment and modification charges and nonoperating particular termination advantages. UAL believes that adjusting for these things is beneficial to buyers as a result of they don’t seem to be indicative of UAL’s ongoing efficiency.



Three Months Ended

June 30,



Six Months Ended

June 30,




2022


2021


2019



2022


2021


2019


CASM (cents)















Value per accessible seat mile (CASM) (GAAP)


17.94


14.49


13.56



17.41


14.78


13.70


Particular costs (credit)


0.17


(2.40)


0.10



0.09


(3.32)


0.07


Third-party enterprise bills


0.06


0.08


0.05



0.06


0.08


0.05


Gas expense


6.09


3.11


3.26



5.21


2.97


3.17


Revenue sharing




0.22





0.14


CASM-ex (Non-GAAP)


11.62


13.70


9.93



12.05


15.05


10.27



Adjusted EBITDA


Three Months Ended

June 30,


Six Months Ended

June 30,



2022


2021


2019


2022


2021


2019

Web earnings (loss)


$  329


$ (434)


$  1,052


$  (1,048)


$  (1,791)


$  1,344

Adjusted for:













Depreciation and amortization


611


620


560


1,222


1,243


1,107

Curiosity expense, internet of capitalized curiosity and curiosity earnings


365


392


132


760


721


269

Revenue tax expense (profit)


130


(130)


302


(245)


(524)


377

Particular costs (credit)


112


(948)


71


104


(2,325)


89

Nonoperating unrealized (positive aspects) losses on investments, internet


40


(147)


(34)


40


(125)


(51)

Nonoperating debt extinguishment and modification charges



62



7


62


Nonoperating particular termination advantages






46


Adjusted EBITDA


$  1,587


$ (585)


$  2,083


$  840


$  (2,693)


$  3,135

  Adjusted EBITDA margin


13.1 %


(10.7) %


18.3 %


4.3 %


(31.0) %


14.9 %

UNITED AIRLINES HOLDINGS, INC.
NON-GAAP FINANCIAL INFORMATION (Continued)

UAL believes that adjusting capital expenditures for belongings acquired via the issuance of debt, finance leases and different monetary liabilities is beneficial to buyers to be able to appropriately mirror the full quantities spent on capital expenditures. UAL additionally believes that adjusting internet money supplied by (utilized in) working actions for capital expenditures, internet of flight tools buy deposit returns, adjusted capital expenditures, and plane working lease additions is beneficial to permit buyers to guage the corporate’s means to generate money that’s accessible for debt service or basic company initiatives.


Three Months Ended

June 30,


Six Months Ended

June 30,

Capital Expenditures (in tens of millions)

2022


2021


2022


2021

Capital expenditures, internet of flight tools buy deposit returns (GAAP)

$              550


$               861


$              952


$            1,305

Property and tools acquired via the issuance of debt, finance leases, and different monetary liabilities


252



761

Adjustment to property and tools acquired via different monetary liabilities (a)


26



(14)

Adjusted capital expenditures (Non-GAAP)

$              550


$            1,139


$              952


$            2,052









Free Money Move (in tens of millions)








Web money supplied by working actions (GAAP)

$           2,691


$            2,675


$           4,167


$            3,122

Much less capital expenditures, internet of flight tools buy deposit returns

550


861


952


1,305

Free money circulation, internet of financings (Non-GAAP)

$           2,141


$            1,814


$           3,215


$            1,817









Web money supplied by working actions (GAAP)

$           2,691


$            2,675


$           4,167


$            3,122

Much less adjusted capital expenditures (Non-GAAP)

550


1,139


952


2,052

Much less plane working lease additions


33


4


175

Free money circulation (Non-GAAP)

$           2,141


$            1,503


$           3,211


$               895









(a) United entered into agreements with third events to finance via sale and leaseback transactions new Boeing mannequin 787 plane and Boeing mannequin 737 MAX plane topic to buy agreements between United and Boeing. In reference to the supply of every plane from Boeing, United assigned its proper to buy such plane to the customer, and simultaneous with the customer’s buy from Boeing, United entered right into a long-term lease for such plane with the customer as lessor. Upon supply of every plane, the corporate accounted for the plane, which has a repurchase choice at a worth apart from honest worth, as a part of Whole working property and tools, internet on the corporate’s stability sheet and the associated obligation as Present maturities of different monetary liabilities and Different monetary liabilities (noncurrent) since they didn’t qualify on the market recognition. If the repurchase choice will not be exercised, these plane will likely be accounted for as leased belongings on the time of the choice expiration and the associated belongings and liabilities will likely be adjusted to the current worth of the remaining lease funds at the moment. This adjustment displays the distinction between the recorded quantities and the current worth of future lease funds at inception.

UNITED AIRLINES HOLDINGS, INC.
NON-GAAP FINANCIAL INFORMATION (Continued)



Three Months Ended

June 30,


%

Improve/

(Lower)
2022 vs. 2019


Six Months Ended

June 30,


%

Improve/

(Lower)
2022 vs. 2019

(in tens of millions)

2022


2021


2019


2022


2021


2019

Working bills (GAAP)

$  11,234


$  5,741


$  9,930


13.1


$  20,176


$  10,343


$  19,024


6.1

Particular costs (credit)

112


(948)


71


NM


104


(2,325)


89


NM

Working bills, excluding particular costs (credit)

11,122


6,689


9,859


12.8


20,072


12,668


18,935


6.0

Adjusted to exclude:
















Third-party enterprise bills

36


30


41


(12.2)


70


56


71


(1.4)

Gas expense

3,811


1,232


2,385


59.8


6,041


2,083


4,408


37.0

   Revenue sharing



161


(100.0)




194


(100.0)

Adjusted working bills (Non-GAAP)

$ 7,275


$  5,427


$  7,272



$  13,961


$  10,529


$  14,262


(2.1)

















Working earnings (loss) (GAAP)

$    878


$    (270)


$  1,472


(40.4)


$      (498)


$   (1,651)


$    1,967


NM

Adjusted to exclude:
















Particular costs (credit)

112


(948)


71


NM


104


(2,325)


89


NM

Adjusted working earnings (loss) (Non-GAAP)

$    990


$ (1,218)


$  1,543


(35.8)


$      (394)


$   (3,976)


$    2,056


NM

















Working margin

7.2 %


(4.9) %


12.9 %


(5.7) pts.


(2.5) %


(19.0) %


9.4 %


(11.9) pts.

Adjusted working margin (Non-GAAP)

8.2 %


(22.3) %


13.5 %


(5.3) pts.


(2.0) %


(45.7) %


9.8 %


(11.8) pts.

















Pre-tax earnings (loss) (GAAP)

$    459


$    (564)


$  1,354


(66.1)


$   (1,293)


$   (2,315)


$    1,721


NM

Adjusted to exclude:
















Particular costs (credit)

112


(948)


71


NM


104


(2,325)


89


NM

Unrealized (positive aspects) losses on investments, internet

40


(147)


(34)


NM


40


(125)


(51)


NM

Debt extinguishment and modification charges


62



NM


7


62



NM

Particular termination advantages




NM



46



NM

 Curiosity expense on ERJ 145 finance leases



25


NM




46


NM

Adjusted pre-tax earnings (loss) (Non-GAAP)

$    611


$ (1,597)


$  1,416


(56.9)


$ (1,142)


$  (4,657)


$    1,805


NM

















Pre-tax margin

3.8 %


(10.3) %


11.9 %


(8.1) pts.


(6.6) %


(26.6) %


8.2 %


(14.8) pts.

Adjusted pre-tax margin (Non-GAAP)

5.0 %


(29.2) %


12.4 %


(7.4) pts.


(5.8) %


(53.6) %


8.6 %


(14.4) pts.

















 Web earnings (loss) (GAAP)

$    329


$    (434)


$  1,052


(68.7)


$ (1,048)


$   (1,791)


$    1,344


NM

Adjusted to exclude:
















Particular costs (credit)

112


(948)


71


NM


104


(2,325)


89


NM

Unrealized (positive aspects) losses on investments, internet

40


(147)


(34)


NM


40


(125)


(51)


NM

Debt extinguishment and modification charges


62



NM


7


62



NM

Particular termination advantages




NM



46



NM

Curiosity expense on ERJ 145 finance leases



25


NM




46


NM

Revenue tax expense (profit) on changes, internet

(10)


203


(14)


NM


(10)


494


(19)


NM

Adjusted internet earnings (loss) (Non-GAAP)

$    471


$ (1,264)


$  1,100


(57.2)


$    (907)


$   (3,639)


$    1,409


NM

















 Diluted earnings (loss) per share (GAAP)

$   1.00


$   (1.34)


$    4.02


(75.1)


$   (3.22)


$     (5.60)


$      5.07


NM

Adjusted to exclude:
















Particular costs (credit)

0.34


(2.93)


0.27


NM


0.32


(7.26)


0.34


NM

Unrealized (positive aspects) losses on investments, internet

0.12


(0.46)


(0.13)


NM


0.12


(0.39)


(0.19)


NM

Debt extinguishment and modification charges


0.19



NM


0.03


0.19



NM

Particular termination advantages




NM



0.15



NM

Curiosity expense on ERJ 145 finance leases



0.10


NM




0.17


NM

Revenue tax expense (profit) on changes, internet 

(0.03)


0.63


(0.05)


NM


(0.03)


1.54


(0.07)


NM

Adjusted diluted earnings (loss) per share (Non-GAAP)

$   1.43


$   (3.91)


$    4.21


(66.0)


$   (2.78)


$ (11.37)


$    5.32


NM

UNITED AIRLINES HOLDINGS, INC
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)


 (In tens of millions)

June 30, 2022


December 31, 2021

ASSETS




Present belongings:




Money and money equivalents

$                    16,885


$                    18,283

Brief-term investments

3,190


123

Restricted money

43


37

Receivables, much less allowance for credit score losses (2022 — $31; 2021 — $28)

2,217


1,663

Plane gas, spare components and provides, much less obsolescence allowance (2022 — $578; 2021 — $546)

1,153


983

Pay as you go bills and different

883


745

Whole present belongings

24,371


21,834





Whole working property and tools, internet

31,853


32,074

Working lease right-of-use belongings

4,440


4,645

Different belongings:




Goodwill

4,527


4,527

Intangibles, much less collected amortization (2022 — $1,451; 2021 — $1,544)

2,782


2,803

Restricted money

204


213

Deferred earnings taxes

907


659

Investments in associates and different, much less allowance for credit score losses  (2022 — $623; 2021 — $622)

1,297


1,420

Whole different belongings

9,717


9,622

Whole belongings

$                    70,381


$                    68,175





LIABILITIES AND STOCKHOLDERS’ EQUITY




Present liabilities:




Accounts payable

$                      3,755


$                      2,562

Accrued salaries and advantages

1,943


2,121

Advance ticket gross sales

9,931


6,354

Frequent flyer deferred income

2,590


2,239

Present maturities of long-term debt

3,012


3,002

Present maturities of different monetary liabilities

914


834

Present maturities of working leases

543


556

Present maturities of finance leases

78


76

Different

678


560

Whole present liabilities

23,444


18,304

Lengthy-term liabilities and deferred credit:




Lengthy-term debt

29,175


30,361

Lengthy-term obligations beneath working leases

4,997


5,152

Lengthy-term obligations beneath finance leases

205


219

Frequent flyer deferred income

3,905


4,043

Pension legal responsibility

1,934


1,920

Postretirement profit legal responsibility

964


1,000

Different monetary liabilities 

496


863

Different

1,297


1,284

Whole long-term liabilities and deferred credit

42,973


44,842

Whole stockholders’ fairness

3,964


5,029

Whole liabilities and stockholders’ fairness

$                    70,381


$                    68,175

UNITED AIRLINES HOLDINGS, INC.
CONDENSED STATEMENTS OF CONSOLIDATED CASH FLOWS (UNAUDITED)


 (In tens of millions)

Six Months Ended

June 30,


2022


2021

Money Flows from Working Actions:




Web money supplied by working actions

$              4,167


$              3,122





Money Flows from Investing Actions:




Capital expenditures, internet of flight tools buy deposit returns

(952)


(1,305)

Purchases of short-term and different investments

(3,302)


Proceeds from sale of short-term and different investments

215


184

Proceeds from sale of property and tools

138


13

Different, internet

(13)


(2)

Web money utilized in investing actions

(3,914)


(1,110)





Money Flows from Financing Actions:




Proceeds from issuance of debt, internet of reductions and costs

212


11,116

Proceeds from fairness issuance


532

Funds of long-term debt, finance leases and different financing liabilities

(1,795)


(4,072)

Different, internet

(71)


(22)

Web money supplied by (utilized in) financing actions

(1,654)


7,554

Web enhance (lower) in money, money equivalents and restricted money

(1,401)


9,566

Money, money equivalents and restricted money at starting of the interval

18,533


11,742

Money, money equivalents and restricted money at finish of the interval

$            17,132


$            21,308





Investing and Financing Actions Not Affecting Money:




Property and tools acquired via the issuance of debt, finance leases and different

$                    —


$                 761

Lease modifications and lease conversions

82


59

Proper-of-use belongings acquired via working leases

84


214

Fairness funding curiosity obtained in trade for plane

42


Notes receivable and warrants obtained for coming into into agreements

2


139

UNITED AIRLINES HOLDINGS, INC.
NOTES (UNAUDITED)


Particular costs (credit) and unrealized (positive aspects) and losses on investments, internet embrace the next:




Three Months Ended

June 30,


Six Months Ended

June 30,

(In tens of millions)


2022


2021


2019


2022


2021


2019

Working:













CARES Act grant


$           —


$ (1,079)


$           —


$         —


$   (2,889)


$           —

Impairment of belongings



59


61



59


69

Severance and profit prices



11


6



428


12

(Beneficial properties) losses on sale of belongings and different particular costs


112


61


4


104


77


8

     Whole working particular costs (credit)


112


(948)


71


104


(2,325)


89














Nonoperating:













Nonoperating debt extinguishment and modification charges



62



7


62


Nonoperating particular termination advantages






46


Nonoperating unrealized (positive aspects) losses on investments, internet


40


(147)


(34)


40


(125)


(51)

     Whole nonoperating particular costs and unrealized (positive aspects) losses on investments, internet


40


(85)


(34)


47


(17)


(51)

Whole working and nonoperating particular costs (credit) and unrealized (positive aspects) losses on investments, internet


152


(1,033)


37


151


(2,342)


38

Revenue tax expense (profit), internet of valuation allowance


(10)


203


(8)


(10)


494


(8)

    Whole working and non-operating particular costs (credit) and unrealized (positive aspects) losses on investments, internet of earnings taxes


$         142


$    (830)


$          29


$       141


$   (1,848)


$          30

CARES Act grant: Through the six months ended June 30, 2021, the corporate obtained roughly $5.8 billion in funding pursuant to sure Payroll Help Packages (“PSP2” and “PSP3”) beneath the Coronavirus Assist, Reduction, and Financial Safety Act (“CARES Act”), which included an roughly $1.7 billion unsecured mortgage. The corporate recorded $1.1 billion and $2.9 billion as grant earnings in the course of the three and 6 months ended June 30, 2021, respectively. The corporate additionally recorded $52 million and $99 million for the associated warrants issued to the U.S. Treasury Division as a part of the agreements associated to PSP2 and PSP3, inside stockholders’ fairness, as an offset to the grant earnings within the three and 6 months ended June 30, 2021, respectively.

Impairment of belongings: Through the three and 6 months ended June 30, 2021, the corporate recorded $59 million of impairments primarily associated to 64 Embraer EMB 145LR plane and associated engines that United retired from its regional plane fleet.

Through the three months ended June 30, 2019, the corporate recorded a $47 million impairment for plane engines faraway from operations, a $6 million cost for the early termination of a number of regional plane finance leases and $8 million in different miscellaneous impairments. Through the six months ended June 30, 2019, along with the fees described above, the corporate recorded an $8 million honest worth adjustment for plane bought off lease.

Severance and profit prices: Through the three and 6 months ended June 30, 2021, the corporate recorded costs of $11 million and $428 million, respectively, associated to pay continuation and benefits-related prices supplied to staff who selected to voluntarily separate from the corporate. The corporate supplied, based mostly on worker group, age and accomplished years of service, pay continuation, well being care protection, and journey advantages. Roughly 4,500 staff elected to voluntarily separate from the corporate.

Through the three and 6 months ended June 30, 2019, the corporate recorded $6 million and $10 million, respectively, of administration severance. Through the six months ended June 30, 2019, the corporate recorded $2 million of severance and profit prices primarily associated to a voluntary early-out program for its technicians and associated staff represented by the Worldwide Brotherhood of Teamsters.

(Beneficial properties) losses on sale of belongings and different particular costs: Through the three and 6 months ended June 30, 2022, the corporate recorded $112 million and $104 million, respectively, of internet costs primarily comprised of $94 million for numerous authorized issues.

Through the three and 6 months ended June 30, 2021, the corporate recorded costs of $61 million and $77 million, respectively, primarily associated to incentives for sure of its front-line staff to obtain a COVID-19 vaccination and the termination of the lease related to three flooring of its headquarters on the Willis Tower in Chicago within the first quarter of 2021.

Through the three and 6 months ended June 30, 2019, the corporate recorded $4 million and $8 million, respectively, of internet costs, primarily associated to the sale of plane engines.

Nonoperating debt extinguishment and modification charges: Through the six months ended June 30, 2022, the corporate recorded $7 million of costs primarily associated to the early redemption of $400 million of its unsecured debt.

Through the three and 6 months ended June 30, 2021, the corporate recorded $62 million of costs for charges and reductions associated to the issuance of a brand new time period mortgage and revolving credit score facility and the prepayment of a CARES Act mortgage and a 2017 time period mortgage and revolving credit score facility.

Nonoperating particular termination advantages: Through the six months ended June 30, 2021, as a part of first quarter voluntary separation depart applications, the corporate recorded $46 million of particular termination advantages within the type of further subsidies for retiree medical prices for sure U.S.-based front-line staff. The subsidies have been within the type of a one-time contribution to a notional Retiree Well being Account of $125,000 for full-time staff and $75,000 for part-time staff.

Nonoperating unrealized positive aspects and losses on investments, internet: All quantities signify adjustments to market worth of fairness investments.

Curiosity expense associated to finance leases of Embraer ERJ 145 plane:

Through the third quarter of 2018, United entered into an settlement with the lessor of 54 Embraer ERJ 145 plane to buy these plane in 2019. The provisions of the brand new lease settlement resulted in a change in accounting classification of those new leases from working leases to finance leases up till the acquisition date. The corporate acknowledged $25 million and $46 million of further curiosity expense within the three and 6 months ended June 30, 2019, respectively, on account of this modification. UAL believes that adjusting for curiosity expense associated to finance leases of Embraer ERJ 145 plane in sure non-GAAP measures is beneficial to buyers due to the accelerated recognition of curiosity expense.

Efficient tax fee:

The corporate’s efficient tax charges for the three and 6 months ended June 30, 2022, 2021 and 2019 have been as follows:


Three Months Ended June 30,


Six Months Ended June 30,


2022


2021


2019


2022


2021


2019

Efficient tax fee

28.3 %


23.0 %


22.3 %


18.9 %


22.6 %


21.9 %

The provisions for earnings taxes for the three and 6 months ended June 30, 2021 and 2019 are based mostly on the estimated annual efficient tax fee which represents a mix of federal, state and international taxes and contains the influence of sure nondeductible gadgets. We’ve got traditionally calculated the availability for earnings taxes throughout interim reporting durations by making use of an estimate of the annual efficient tax fee for the total fiscal yr to earnings or loss for the reporting interval. We’ve got used a discrete efficient tax fee technique to calculate taxes for the three and 6 months ended June 30, 2022. We imagine that, right now, using the discrete technique for the three and 6 months ended June 30, 2022 is extra applicable than the estimated annual efficient tax fee technique because the estimated annual efficient tax fee technique will not be dependable as a consequence of a excessive diploma of uncertainty in estimating annual pretax earnings.

1

The corporate will not be offering a goal for or a reconciliation to essentially the most immediately comparable GAAP measure as a result of the corporate is unable to foretell sure gadgets contained within the GAAP measure with out unreasonable efforts. For added details about the reconciling gadgets and their significance, see “Non-GAAP Monetary Info” under.

2

For added details about the non-GAAP measures used on this press launch, see “Non-GAAP Monetary Info” under.

3

Contains money, money equivalents, short-term investments and undrawn credit score amenities.

SOURCE United Airways

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