Alexa, Ask United to Check Me in for My Flight
CHICAGO, Sept. 5, 2017 /PRNewswire/ -- United Airlines announces today a new option for customers to check in and learn about their flights without the touch of a finger. The new United skill for Amazon Alexa allows customers to use their Alexa-enabled devices, such as the Amazon Echo and the Amazon Echo Dot, to check in and ask a variety of questions about flights. United is the first U.S.-based airline to offer an Alexa skill, further exemplifying the airline's dedication to innovation and providing a smoother travel experience for its customers.
"Every day we connect nearly 400,000 customers to business meetings, loved ones and new adventures," said Praveen Sharma, vice president of digital products and analytics at United. "Introducing the new skill to check in and receive flight information with Alexa is an innovation that gives our customers extra time to prep for a business meeting, play with their children or relax as they get ready for their upcoming flight."
With this new skill, customers can ask specific questions about flights, such as, "Alexa, ask United what is the status of my flight to San Francisco?" Customers can also learn about amenities on board, such as, "Alexa, ask United does United flight 869 have power outlets?" Once a customer's MileagePlus account is connected with Alexa, he or she will be able to check in for upcoming U.S. domestic flights using command, "Alexa, ask United to check me in." Additional similar types of questions to ask can be found when enabling the United skill in the Alexa app.
With this new United skill for Amazon Alexa, customers can find information about their flights in seconds via Alexa, on the United app - which has been downloaded 29 million times – as well as online at united.com or at the airport.
About United
United Airlines and United Express operate approximately 4,500 flights a day to 338 airports across five continents. In 2016, United and United Express operated more than 1.6 million flights carrying more than 143 million customers. United is proud to have the world's most comprehensive route network, including U.S. mainland hubs in Chicago, Denver, Houston, Los Angeles, Newark/New York, San Francisco and Washington, D.C. United operates 748 mainline aircraft and the airline's United Express carriers operate 475 regional aircraft. The airline is a founding member of Star Alliance, which provides service to more than 190 countries via 28 member airlines. For more information, visit united.com, follow @United on Twitter or connect on Facebook. The common stock of United's parent, United Continental Holdings, Inc., is traded on the NYSE under the symbol "UAL".
SOURCE United Airlines
For further information: United Airlines Worldwide Media Relations, +1-872-825-8640, media.relations@united.com
DENVER, Feb. 26, 2021 /PRNewswire/ -- United announced today that it is making it easier for customers to travel to Breckenridge and Fort Collins, Colorado with convenient year-round ground transportation service connecting through its Denver hub. This is the first time Breckenridge has ever been served by an airline and will be Fort Collins' first global network carrier service in 25 years.
Beginning March 11, United will start daily service to Breckenridge (QKB) and on April 1, will start four-times daily service to Fort Collins (FNL). The airline is teaming up with Landline – a premium ground transportation company – to offer connecting service to these popular destinations through Denver International Airport (DEN). Customers can book their travel on united.com starting today, selecting Breckenridge or Fort Collins as their destination.
"United's new service from Denver to Breckenridge and Fort Collins is just one example of how we are identifying opportunities to innovate our route network to get people where they want to go with ease and convenience," said Ankit Gupta, United's vice president of Domestic Network Planning and Scheduling. "Our customers tell us that national parks and ski destinations are important to them and we are proud to partner with Landline to offer a unique, seamless way to help them get there."
"With this new service, customers can start their day anywhere in United's global network and arrive slope side in Breckenridge minutes from the main gondola," said Landline's co-founder & CEO David Sunde. "At the same time, in Fort Collins we are creating global connectivity for the first time in 25 years. These new routes exemplify our mission to redefine the airport by making it mobile and multimodal. We could not be more thrilled to have United's commitment to innovation and passion for customer service backing this new endeavor."
Added Landline co-founder & President Ben Munson, "We have worked closely with the United team to create a stress-free connecting experience in Denver. Customers will love our spacious leather seating, onboard streaming entertainment and free Wi-Fi."
Customers connecting to Breckenridge or Fort Collins at Denver will transfer to the Landline service from an assigned gate in Concourse A, remaining within the secure airside area of the terminal. Checked-in baggage will be transferred directly from the plane to the bus. Customers originating in Breckenridge or Fort Collins will be required to pass through security on transit in DEN.
Click here for b-roll highlighting customer experience
Keeping customer wellbeing at the forefront, United and Landline will be implementing a wide variety of cleaning and safety measures as part of the new service, all of which have been reviewed by the Cleveland Clinic. These measures include:
- Back-to-front boarding;
- Reducing seat capacity on Landline's service to enable social distancing onboard;
- Requiring mandatory use of masks onboard for customers aged two and over;
- Electrostatically spraying ahead of each departure and sanitizing high touch areas;
- Implementing a UV disinfection air filtration system launched by OEM (Prevost) on all vehicles;
- Providing United CleanPlusSM sanitizing wipes to each customer; and
- Requiring customers to complete a 'Ready to Fly' checklist at check-in, acknowledging they don't have symptoms for COVID-19 and agreeing to follow our policies.
In addition, United MileagePlus ® members will be able to accrue Premier qualifying points (PQP) and redeemable miles on services to both destinations.
Denver remains one of United's fastest growing hubs with daily departures around 80% of 2019 levels – the highest among United hubs. United currently serves more than 160 destinations from Denver and operates more than 360 flights per day – the most comprehensive route network of any carrier in Denver – and offers more flights to more Colorado destinations than any other airline.
For more information on the new service, please visit united.com/landline.
United service to Breckenridge | |||||
From | To | Depart | Arrive | Frequency | Effective |
Denver | Breckenridge | 11:15 a.m. 11:15 a.m. 11:15 a.m. | 1:45 p.m. 2:00 p.m. 1:35 p.m. | Mon-Thurs, Fri Sun | March 11 |
Breckenridge | Denver | 2:15 p.m. 2:25 p.m. 1:55 p.m. | 4:45 p.m. 4:45 p.m. 4:45 p.m. | Mon-Thurs, Fri Sun | March 11 |
Schedule subject to change |
United service to Fort Collins | |||||
From | To | Depart | Arrive | Frequency | Effective |
Denver | Fort Collins | 9:45 a.m. 1:25 p.m. 6:00 p.m. 7:25 p.m. | 11:00 a.m. 2:40 p.m. 7:15 p.m. 8:40 p.m. | 4x daily | April 1 |
Fort Collins | Denver | 7:30 a.m. 9:10 a.m. 11:20 a.m. 5:15 p.m. | 8:45 a.m. 10:25 a.m. 12:35 p.m. 6:30 p.m. | 4x daily | April 1 |
Schedule subject to change |
About United
United's shared purpose is "Connecting People. Uniting the World." For more information, visit united.com, follow @United on Twitter and Instagram or connect on Facebook. The common stock of UAL is traded on the Nasdaq under the symbol "UAL".
About Landline
Landline is building the future of travel by seamlessly connecting air and ground transportation networks, bringing the airport right to your front door. By integrating with Landline's platform, airlines can access new markets and create custom designed check-in experiences for their customers by offering one-click, one-price multimodal itineraries. Follow Landline on Twitter (@ridelandline).
SOURCE United Airlines
For further information: United Airlines Worldwide Media Relations, +1-872-825-8640, media.relations@united.com
CHICAGO, Feb. 24, 2021 /PRNewswire/ -- United Airlines Holdings, Inc. (UAL) announced today that Laysha Ward is joining its Board of Directors. Ward, currently Executive Vice President and Chief External Engagement Officer of Target Corporation, brings an impressive resume with more than three decades of corporate leadership experience to the UAL Board.
"Laysha and her credentials are the right addition to our already strong board of directors at a pivotal moment for our company," said United CEO Scott Kirby. "United will benefit from Laysha's insight on a wide range of topics that will be essential to our success as we recover from the impact of COVID-19, including her expertise in the areas of community and stakeholder engagement, corporate responsibility and diversity, equity and inclusion."
"When we began the search for a new board member, we were focused on finding a leader with both strong business acumen and a unique perspective that will help United capitalize on our strengths as we emerge from the COVID-19 crisis," said Oscar Munoz, Executive Chairman of United Airlines. "I'm eager for Laysha to get started because I know she will add value right away as we evaluate the strategic opportunities for United Airlines and its incredibly bright future."
"At a pivotal time for the airline industry, I look forward to joining the UAL board and helping the company fulfill its purpose of connecting people and uniting the world," said Ward.
In addition to her executive role at Target Corporation, Ward serves on the Aspen Institute Latinos and Society Advisory Board, the Stanford Center for Longevity Advisory Council, and is a member of the Executive Leadership Council, the Economic Clubs of New York and Chicago, Alpha Kappa Alpha Sorority, and The Links. Ward also serves on the board of directors of Denny's Corporation, as well as the boards of Greater MSP, the Minnesota Orchestra, and the Northside Achievement Zone.
About United
United's shared purpose is "Connecting People. Uniting the World." For more information, visit united.com, follow @United on Twitter and Instagram or connect on Facebook. The common stock of United's parent, United Airlines Holdings, Inc., is traded on the Nasdaq under the symbol "UAL".
SOURCE United Airlines
For further information: United Airlines Worldwide Media Relations, +1-872-825-8640, media.relations@united.com
CHICAGO, Feb. 19, 2021 /PRNewswire/ -- United Airlines today announced plans to expand its global route network with new, nonstop service between Boston Logan International Airport and London Heathrow. This new service builds upon United's growing presence in London and provides customers on the East Coast with another convenient option to get to London. United plans to operate its premium Boeing 767-300ER aircraft on the route, with 46 United Polaris Business Class and 22 United Premium Plus seats. The aircraft features the highest proportion of premium seats on any widebody aircraft operated by a U.S. carrier between London and the United States.
"We are thrilled to offer travelers a convenient, non-stop option between Boston and London with this addition to our global network," said Patrick Quayle, United's vice president of International Network and Alliances. "We will continue to monitor the demand recovery and travel restrictions as we finalize a start date for this service later in 2021."
Tickets will be available for purchase on united.com and the United app in the coming weeks.
United has provided service to London Heathrow for nearly 30 years and over the course of the pandemic has maintained continuous service between the U.S. and London. Looking ahead, Boston will be United's 19th daily flight between the United States and London Heathrow.
Boston – London Schedule | ||||||
From | To | Depart | Arrive | Frequency | Aircraft | |
Boston | London | 10:00 p.m. | 9:35 a.m.+1 | Daily | 767-300ER | |
London | Boston | 5:00 p.m. | 7:30 p.m. | Daily | 767-300ER | |
Schedule subject to change |
United's Polaris product is a premium travel experience that prioritizes relaxation and comfort with features that include everything from custom, luxury bedding from Saks Fifth Avenue and restaurant-quality, multi-course inflight dining to premium amenity kits and full flat-bed seats with direct aisle access. Along with its 46 Polaris Business Class seats, the aircraft also features 22 United Premium Plus seats, 43 United Economy Plus seats and 56 United Economy seats.
Committed to Ensuring a Safe Journey
United is committed to putting health and safety at the forefront of every customer's journey, with the goal of delivering an industry-leading standard of cleanliness through its United CleanPlus program. United has teamed up with Clorox and Cleveland Clinic to redefine cleaning and health safety procedures from check-in to landing and has implemented more than a dozen new policies, protocols and innovations designed with the safety of customers and employees in mind.
About United
United's shared purpose is "Connecting People. Uniting the World." For more information, visit united.com, follow @United on Twitter and Instagram or connect on Facebook. The common stock of UAL is traded on the Nasdaq under the symbol "UAL".
SOURCE United Airlines
For further information: United Airlines Worldwide Media Relations, +1-872-825-8640, media.relations@united.com
New Orange County service begins May 6 and new, first-ever nonstop service between Chicago and Kona and between New York/Newark and Maui starts June 3
Customers departing Orange County and United's hub airports can save time by showing proof of negative tests to skip document screening process in Hawaii
February 12, 2021 – United Airlines today announced new convenient options for Hawaiian getaways this summer, offering the only nonstop flights between Orange County, California and Honolulu. The new route joins United's previously announced service between Chicago and Kona and New York/Newark and Maui. With the additional new flights, United will offer nonstop service on more than 20 routes between the mainland and Hawaii. United's Orange County – Honolulu service will be available for purchase on united.com beginning Saturday, February 13.
"We know customers are dreaming of summer getaways and we want United to be their top choice for travel to Hawaii," said Patrick Quayle, United's vice president of International Network and Alliances. "Our new Hawaii routes from Chicago, Newark and Orange County, in addition to the dozens of flights United already operates from the mainland to Hawaii, offer travelers even more options, greater convenience and shorter travel times to the fantastic outdoor offerings Hawaii has to offer."
United is committed to helping safely restore travel to Hawaii and has introduced a number of solutions to make it easier for customers to understand and follow safety requirements throughout the islands. Earlier this month, the airline announced that customers traveling to Hawaii who have a valid negative COVID-19 test can show their results before boarding to save time and skip document screening lines upon arrival. United is also making it easier to get the right tests to avoid Hawaii's 10-day quarantine by making approved COVID-19 tests available to all customers traveling to the islands no matter where in the U.S. their travel begins. Additionally, the airline recently introduced a new digital solution, "The Travel-Ready Center," where customers can review COVID-19 entry requirements, find local testing options and upload any required testing and vaccination records for travel, all in one place.
United has served Hawaii for more than 70 years and was the first airline to introduce service between the mainland and Kona and Maui in 1983. United remains a pioneer to the Hawaiian Islands with the launch of first-ever service between Chicago and Kona and between New York/Newark and Maui this summer. The new flights enable convenient travel times for customers connecting in Chicago and Newark from across the Midwest and East Coast. United's service between Orange County's John Wayne International Airport and Honolulu will be the only nonstop flight between Orange County and Hawaii and provides even more options for Southern Californians to get to Hawaii.
New Hawaii Summer Service
Schedule subject to change
2021 Hawaii Summer Service
Schedule subject to change
About United
United's shared purpose is "Connecting People. Uniting the World." For more information, visit united.com, follow @United on Twitter and Instagram or connect on Facebook. The common stock of UAL is traded on the Nasdaq under the symbol "UAL".
CHICAGO, Feb. 10, 2021 /PRNewswire/ -- United Airlines today announced that it has completed an agreement to work with air mobility company Archer as part of the airline's broader effort to invest in emerging technologies that decarbonize air travel. Rather than relying on traditional combustion engines, Archer's electric vertical takeoff and landing (eVTOL) aircraft are designed to use electric motors and have the potential for future use as an 'air taxi' in urban markets.
Under the terms of the agreement, United will contribute its expertise in airspace management to assist Archer with the development of battery-powered, short-haul aircraft. Once the aircraft are in operation and have met United's operating and business requirements, United, together with Mesa Airlines, would acquire a fleet of up to 200 of these electric aircraft that would be operated by a partner and are expected to give customers a quick, economical and low-carbon way to get to United's hub airports and commute in dense urban environments within the next five years.
Working with Archer is another example of United's commitment to identifying and investing in innovative technology that can reduce carbon emissions while also improving the customer experience and earning a strong financial return. The airline was an early stage investor in Fulcrum BioEnergy and recently partnered with 1PointFive, a joint venture between Oxy Low Carbon Ventures and Rusheen Capital, to jumpstart the establishment of direct air capture and sequestration technology.
"Part of how United will combat global warming is by embracing emerging technologies that decarbonize air travel . By working with Archer, United is showing the aviation industry that now is the time to embrace cleaner, more efficient modes of transportation. With the right technology, we can curb the impact aircraft have on the planet, but we have to identify the next generation of companies who will make this a reality early and find ways to help them get off the ground," said United CEO Scott Kirby. "Archer's eVTOL design, manufacturing model and engineering expertise has the clear potential to change how people commute within major metropolitan cities all over the world."
With today's technology, Archer's aircraft are designed to travel distances of up to 60 miles at speeds of up to 150 miles per hour and future models will be designed to travel faster and further. Not only are Archer's aircraft capable of saving individuals time on their commute, United estimates that using Archer's eVTOL aircraft could reduce CO2 emissions by 47% per passenger on a trip between Hollywood and Los Angeles International Airport (LAX), one of the initial cities where Archer plans to launch its fleet.
Led by co-founders and co-CEOs Brett Adcock and Adam Goldstein, Archer's mission is to advance the benefits of sustainable air mobility at scale. Archer plans to unveil its full scale eVTOL aircraft in 2021, begin aircraft production in 2023, and launch consumer flights in 2024. To drive this fourth transportation revolution and transform how people approach everyday life, work and adventure, Archer has built a highly accomplished team of top engineering and design talent, with a collective 200+ years of eVTOL experience.
"We couldn't be happier to be working with an established global player like United," said Brett Adcock, co-CEO and co-Founder of Archer. "This deal represents so much more than just a commercial agreement for our aircraft, but rather the start of a relationship that we believe will accelerate our timeline to market as a result of United's strategic guidance around FAA certification, operations and maintenance."
Adam Goldstein, co-CEO and co-Founder of Archer added "the team at United share our vision of a more sustainable future. We're working closely with their test pilots and environmental teams to make sustainable urban air mobility a reality far sooner than people could ever imagine."
United's Commitment to the Environment
At United, we believe the airline industry needs to be bolder when it comes to making decisions that confront the climate crisis. That's why we are making aggressive and tangible commitments to help reduce our carbon emission footprint before our customers even take their seats. Here are some of the ways we're making a difference:
- In 2020, we pledged to become 100% green by reducing our greenhouse gas emissions by 100% by 2050—without relying on traditional carbon offsets—and became the first airline to announce a commitment to invest in Direct Air Capture technology by partnering with 1PointFive, a joint venture between Oxy Low Carbon Ventures and Rusheen Capital.
- In 2019, we committed $40 million toward an investment initiative focused on accelerating the development of sustainable aviation fuel (SAF) and other decarbonization technologies. That same year, we operated the Flight for the Planet, which represented the most-eco-friendly commercial flight of its kind in the history of commercial aviation.
- In 2018, we became the first U.S. airline to establish a climate goal, reducing our emissions 50% by 2050 versus our 2005 baseline.
- In 2016, we became the first airline globally to use sustainable aviation fuel (SAF) in regular operations on a continuous basis and has purchased and will use more SAF than any other U.S. airline.
- In 2015, we invested $30 million in Fulcrum BioEnergy, a SAF producer that converts trash to low-carbon jet fuel.
United's Award-Winning Eco-Skies Program
United's award-winning Eco-Skies program represents the company's commitment to the environment and the actions taken every day to create a more sustainable future. The Carbon Disclosure Project named United as the only airline globally to its 2020 'A List' for the airline's actions to cut emissions, mitigate climate risks and develop the low-carbon economy, marking the seventh consecutive year that United had the highest CDP score among U.S. airlines.
In 2017, Air Transport World magazine named United its Eco-Airline of the Year for the second time since the airline launched the Eco-Skies program. Additionally, United ranked No. 1 among global carriers in Newsweek's 2017 Global 500 Green Rankings, one of the most recognized environmental performance assessments of the world's largest publicly traded companies.
For more information on United's commitment to environmental sustainability, visit united.com/ecoskies.
About United
United's shared purpose is "Connecting People. Uniting the World." For more information, visit united.com, follow @United on Twitter and Instagram or connect on Facebook. The common stock of United's parent, United Airlines Holdings, Inc., is traded on the Nasdaq under the symbol "UAL".
About Archer
Archer's mission is to advance the benefits of sustainable air mobility. Archer is creating the world's first electric airline that moves people throughout the world's cities in a quick, safe, sustainable, and cost-effective manner. As the world's only vertically integrated airline company, Archer's business includes the design, manufacture, and operation of a fully electric vertical takeoff and landing aircraft that can carry passengers for up to 60 miles at speeds of up to 150 miles per hour while producing minimal noise. Archer's team is based in Palo Alto, CA. To learn more, visit www.archer.com
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Certain statements in this release are forward-looking and thus reflect our current expectations and beliefs with respect to certain current and future events and anticipated operating performance. Such forward-looking statements are and will be subject to many risks and uncertainties relating to our operations and business environment that may cause actual results to differ materially from any future results expressed or implied in such forward-looking statements. Words such as "expects," "will," "plans," "anticipates," "indicates," "remains," "believes," "estimates," "forecast," "guidance," "outlook," "goals," "targets" and similar expressions are intended to identify forward-looking statements. Additionally, forward-looking statements include statements that do not relate solely to historical facts, such as statements which identify uncertainties or trends, discuss the possible future effects of current known trends or uncertainties, or which indicate that the future effects of known trends or uncertainties cannot be predicted, guaranteed or assured. All forward-looking statements in this release are based upon information available to us on the date of this release. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, changed circumstances or otherwise, except as required by applicable law. Our actual results could differ materially from these forward-looking statements due to numerous factors including, without limitation, the risks and uncertainties set forth under Part I, Item 1A., "Risk Factors," of our Annual Report on Form 10-K for the fiscal year ended December 31, 2019, as updated by our Quarterly Report on Form 10-Q for the quarter ended September 30, 2020, as well as other risks and uncertainties set forth from time to time in the reports we file with the U.S. Securities and Exchange Commission.
SOURCE United Airlines
For further information: United Airlines Worldwide Media Relations, +1-872-825-8640, media.relations@united.com
CHICAGO, Feb. 4, 2021 /PRNewswire/ -- In honor of Black History Month, United Airlines, Chase and Visa are encouraging and rewarding United Credit Cardmembers who make donations to non-profits focused on providing access to educational opportunities for Black students and supporting human and civil rights policies. Between February 1 and March 15, 2021, United Explorer and United Club Visa Cardmembers will receive five total miles for every dollar (up to $1,000) in donations made to the following organizations:
- The Thurgood Marshall College Fund – a non-profit organization established in 1987 as the nation's largest organization exclusively representing the Black College Community. TMCF's member-schools include 47 publicly supported Historically Black College and Universities that enroll nearly 300,000 students.
- The Leadership Conference Education Fund – an organization that builds public support for laws and policies that promote and protect civil and human rights.
- The NAACP Legal Defense and Educational Fund – a premier legal organization fighting for racial justice through litigation, advocacy, and public education.
- United Negro College Fund – a non-profit that supports under-represented students looking to continue their education.
"Black History Month is not only a time of celebration and reflection but also presents an opportunity to seize on that heightened awareness to take action," said Jessica Kimbrough, chief diversity, equity and inclusion officer at United. "By working closely with our partners at Chase and Visa, United Airlines is proud to offer cardmembers a unique opportunity to support groups that are focused on the advancement of civil rights and then reward them for their contribution."
"JPMorgan Chase is committed to driving real and sustainable change for Black communities and we're using this time to reflect both on the past and on our commitment to build a more equitable future," said Ed Olebe, president of co-brand cards at JPMorgan Chase. "This effort is an example of how to harness our collective expertise – along with our United and Visa partners – to build a program that gives back to organizations making a difference, while at the same time rewarding our joint customers."
"The black and African American community is being disproportionately impacted by the pandemic in the United States, which will require short and long-term solutions to help this community recover," said Suzan Kereere, global head, merchant sales and acquiring at Visa. "For Visa, partnerships are one way we will leverage our network to bridge gaps in funding and opportunity for Black communities. This campaign is one example of Visa's unwavering commitment to address social injustice and racial equality, which will continue to be a priority for our business."
To learn more or to donate to these organizations, customers can visit United.com/BlackHistoryMonth.
About United
United's shared purpose is "Connecting People. Uniting the World." For more information, visit united.com, follow @United on Twitter and Instagram or connect on Facebook. The common stock of United's parent, United Airlines Holdings, Inc., is traded on the Nasdaq under the symbol "UAL".
About Chase
Chase is the U.S. consumer and commercial banking business of JPMorgan Chase & Co., a leading global financial services firm with assets of $3.4 trillion and operations worldwide. Chase serves more than 60 million American households with a broad range of financial services, including personal banking, credit cards, mortgages, auto financing, investment advice, small business loans and payment processing. Customers can choose how and where they want to bank: More than 4,700 branches in 38 states and the District of Columbia, 16,000 ATMs, mobile, online and by phone. For more information, go to chase.com.
About Visa
Visa Inc. is the world's leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network - enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. The company's relentless focus on innovation is a catalyst for the rapid growth of digital commerce on any device, for everyone, everywhere. As the world moves from analog to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce. For more information, visit: About Visa, visa.com/blog and @VisaNews.
SOURCE United Airlines
For further information: United Airlines Worldwide Media Relations, 872.825.8640, media.relations@united.com
CHICAGO, Feb. 3, 2021 /PRNewswire/ -- United Airlines today announced it has received its 10th consecutive perfect score of 100% on the Human Rights Campaign Foundation's 2021 Corporate Equality Index (CEI). The scorecard is a benchmarking report on corporate policies and practices related to LGBTQ workplace equality. The perfect score places United on the prestigious 2021 list of "Best Places to Work for LGBTQ Equality."
"Receiving this recognition for the 10th year in a row speaks to our continued commitment to establishing a workplace that truly supports and celebrates our LGBTQ+ employees and customers," said Jessica Kimbrough, United's Chief of Diversity, Equity and Inclusion. "We will continue working with organizations like the Human Rights Campaign as we work towards creating a more diverse, equitable and inclusive culture at United where all employees and customers feel safe to be their authentic selves."
"Many businesses across the nation, including United Airlines, stepped up and continued to prioritize and champion LGBTQ equality," said Alphonso David, President, Human Rights Campaign. "While the CEI cannot measure every facet of what makes a workspace inclusive, it does create a foundation upon which employees can feel more comfortable living and working as their true selves—an important step, but one which is only the starting point. Diversity and inclusion policies and practices advanced through tools like the CEI are critical, but meaningful change requires breathing life into these policies in real and tangible ways, so that LGBTQ employees are truly seen, valued and respected not only at work, but in every aspect of life."
United's commitment to LGBTQ+ equality includes being the first U.S. airline to fully recognize domestic partnerships in 1999 to becoming the first U.S. airline to offer non-binary gender options throughout all of its booking channels. United became the first public company to be inducted into Pride Live's Stonewall Ambassador program in recognition of the airline's commitment to LGBTQ+ equality in 2019Through EQUAL, the airline's LGBTQ+ Business Resource Group, more than 2,600 members work together to advocate on behalf of the LGBTQ+ community, working with members and leaders companywide to develop ways to deliver and support resources, education and advocacy.
United has partnered with the Human Rights Campaign on training initiatives including educating employees, through comprehensive training modules and exercises, about preferred pronouns and the persistence of gender norms and other steps to make United an inclusive space for both customers and employees.
About United
United's shared purpose is "Connecting People. Uniting the World." For more information, visit united.com, follow @United on Twitter, Instagram, TikTok or connect on Facebook. The common stock of UAL is traded on the Nasdaq under the symbol "UAL".
SOURCE United Airlines
For further information: United Airlines Worldwide Media Relations, +1-872-825-8640, media.relations@united.com
CHICAGO, Jan. 27, 2021 /PRNewswire/ -- Beginning February 1, United customers traveling to Hawaii who have a valid negative COVID-19 test can show their results before boarding to save time and skip document screening lines upon arrival. The new pre-clearance process will be in place for customers traveling on 110 of United's weekly flights to Hawaii.
United is also making it easier to get the right tests to avoid Hawaii's 10-day quarantine by making approved COVID-19 tests available to all customers traveling to the islands no matter where in the U.S. their travel begins.
"We're making it easier for customers traveling to Hawaii to spend more time enjoying their trip and less time waiting in lines," said Toby Enqvist, chief customer officer at United. "Testing is the key to opening domestic and international travel so we'll continue to lead the way in rolling out solutions that are simple and safe so our customers have what they need when they take their next trip with us."
To begin the pre-clearance program, customers will enroll in Hawaii's Safe Travels program and complete Hawaii's COVID-19 questionnaire within 24 hours from departure. Next, customers will use the Safe Travels website to upload their negative test results from one of Hawaii's trusted testing partners which must be taken within 72 hours of their departure. At the airport, customers will see a United team member at the gate for their flight to Hawaii where they will receive a wristband if they qualify to bypass airport screening in Hawaii. Customers who have been pre-cleared will be able to skip test screenings in Hawaii and begin their trip as soon as they land.
For images of United's pre-clearance program click here.
United is also making it easier for customers to obtain approved COVID-19 test options with the expansion of mail-in tests to customers no matter where in the U.S. their travel originates. The airline will notify customers in advance of their Hawaii trip to let them know what testing options they have locally. Last year, United also teamed up with XpresCheck to open additional same-day testing facilities for United customers in select airports. XpresCheck currently has locations open in United's Denver terminal, and expects to open additional locations in United's terminals in Houston and Newark in the coming weeks. Customers who choose to take a test with XpresCheck can schedule an appointment online for a rapid molecular test on the same day as their travel. Walk up appointments are also available on a first come, first served basis.
Since the COVID-19 pandemic began, United made numerous enhancements to its business that improve the travel experience and make the airline a better company. Earlier this week, United announced a new Travel-Ready Center in the United app and online where customers can review COVID-19 travel requirements, find local testing options and upload any testing and vaccination records that their destinations requires. This year, United also began allowing all customers to fly standby on another flight to the same destination on the same day for free, and all MileagePlus® Premier® members now confirm a new flight on the same day to the same destinations at check-in when space is available in the same fare class. Last year, the carrier eliminated most change fees, pledged to reduce its greenhouse gases 100% by 2050, and as a part of its United CleanPlus℠ program, teamed up with Clorox and the Cleveland Clinic to guide its cleaning and safety protocols. Last spring, United extended MileagePlus Premier status to all customers through January 2022 and made earning status for the next two years easier for all MileagePlus members.
About United
United's shared purpose is "Connecting People. Uniting the World." For more information, visit united.com, follow @United on Twitter and Instagram or connect on Facebook. The common stock of UAL is traded on the Nasdaq under the symbol "UAL".
SOURCE United Airlines
For further information: United Airlines Worldwide Media Relations, +1-872-825-8640, media.relations@united.com
CHICAGO, Jan. 25, 2021 /PRNewswire/ -- United Airlines today launched the "Travel-Ready Center" - a new, digital solution where customers can review COVID-19 entry requirements, find local testing options and upload any required testing and vaccination records for domestic and international travel, all in one place. United is the first airline to integrate all these features into its mobile app and website.
"While pre-travel testing and documentation are key to safely reopening global travel, we know it can be confusing for customers when they're preparing for a flight," said Linda Jojo, Executive Vice President for Technology and Chief Digital Officer, United. "Starting today, our 'Travel-Ready Center' gives customers a personalized, step-by-step guide of what is needed for their trip, a simple way to upload required documents and quickly get their boarding pass, fully integrated within our app and website."
In the weeks and months ahead, United will add more innovative, industry-first features to the Travel-Ready Center platform to make navigating evolving entry requirements even easier. United customers will soon be able to:
- Schedule a COVID-19 test at one of more than 15,000 testing sites around the world, right from the app or website.
- Access the recently launched "Agent on Demand", a United-exclusive feature that gives customers the ability to video chat live with a customer service agent to answer any questions about pre-travel requirements or documentation.
- View details about visa requirements for the countries they plan to visit.
Customers with an active reservation can access the Travel-Ready Center through the "My Trips" section of the United App and on united.com. The Travel-Ready Center will provide tailored details on requirements for all travelers 18 and older on a customer's itinerary, with status indicators noting if they are travel-ready based on specific requirements each individual needs to meet in order to board their flight, including any additional requirements for connecting flights. Documents uploaded by a passenger will be reviewed by designated personnel for verification. The individual status indicators for each passenger will then note whether they are "travel ready" and they will be allowed to complete the check-in process. Customers should still plan to bring the physical documents to the airport in case further inspection is needed along their journey.
The Travel-Ready Center is just one of many new technologies the airline has introduced to create a safer and more efficient experience for customers. United recently redesigned its mobile app with new enhancements intended to make travel easier for people with visual disabilities, introduced Destination Travel Guide, which allows customers to filter and view destinations' COVID-19 related travel restrictions, and debuted a new chat function to give customers a contactless option to receive immediate access to information about cleaning and safety procedures.
This year, United made numerous enhancements to its business that improve the travel experience for its customers. The carrier eliminated most change fees, pledged to reduce its greenhouse gases 100% by 2050, teamed up with Clorox and the Cleveland Clinic to guide its cleaning and safety protocols as a part of United CleanPlus℠, extended MileagePlus® Premier® status to all customers through January 2022 and made earning status for the next two years easier for all MileagePlus members. United also announced this year that beginning in January, all customers will be able to fly standby on another flight to the same destination on the same day for free, and all MileagePlus Premier members will be able to confirm a new flight on the same day to the same destinations at check-in when space is available in the same fare class.
About United
United's shared purpose is "Connecting People. Uniting the World." For more information, visit united.com, follow @United on Twitter and Instagram or connect on Facebook. The common stock of UAL is traded on the Nasdaq under the symbol "UAL".
SOURCE United Airlines
For further information: United Airlines Worldwide Media Relations, 872.825.8640, media.relations@united.com
CHICAGO, Jan. 20, 2021 /PRNewswire/ -- United Airlines (UAL) today announced fourth-quarter and full-year 2020 financial results. The company continues its efforts to lead the industry as it manages the most disruptive crisis in aviation history.
Since the beginning of the COVID-19 crisis, United has raised over $26 billion in liquidity and made important progress in reducing core cash burn (see detailed chart below) to ensure the company's survival. Over the last three quarters, the company has identified $1.4 billion of annual cost savings and has a path to achieve at least $2.0 billion in structural reductions moving forward. United ended 2020 with $19.7 billion in available liquidity1, including an undrawn revolver capacity and funds available under the CARES Act loan program from the U.S. Treasury.
Having stabilized its financial foundation, the company expects 2021 to be a transition year that's focused on preparing for a recovery. United has resumed heavy maintenance and engine overhauls, investments that are essential to recovery when demand returns. The combination of structural cost reduction and timely investments will help set up United to exceed its 2019 adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) margin in 2023. The company expressed high confidence that it would achieve this target by 2023 – and said its ongoing recovery planning would help ensure the company was equipped to reach this level even sooner, if demand returns more quickly.
"Aggressively managing the challenges of 2020 depended on our innovation and fast-paced decision making. But, the truth is that COVID-19 has changed United Airlines forever," said United Airlines CEO Scott Kirby. "The passion, teamwork and perseverance that the United team showed in 2020 is exactly what will help us build a new United Airlines that's better, stronger and more profitable than ever. I could not be prouder of – and more grateful to – this team, which is going to lead us there."
_____________________________________________________________________ |
* Adjusted EBITDA margin is a non-GAAP financial measure calculated as Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA), excluding special charges and unrealized (gains) losses on investments, divided by total operating revenue. We are not providing a target or a reconciliation to profit margin (net income/total operating revenue), the most directly comparable GAAP measure, because we are unable to predict certain items contained in the GAAP measure without unreasonable efforts. Adjusted EBITDA margin does not reflect certain items, including special charges and unrealized (gains) losses on investments, which may be significant. For a reconciliation of adjusted EBITDA to net income for the years ended December 31, 2020 and 2019, please see the accompanying tables to this release. |
Fourth-Quarter and Full-Year 2020 Financial Results
- Reported fourth-quarter net loss of $1.9 billion, $7.1 billion for the full-year 2020.
- Reported fourth-quarter adjusted net loss2 of $2.1 billion, $7.7 billion for the full-year 2020.
- Reported fourth-quarter total operating revenue of $3.4 billion, down 69% versus fourth-quarter 2019.
- Reported fourth-quarter operating expenses down 45% versus fourth-quarter 2019, down 42% excluding special charges3.
Core Cash Burn
- Reported fourth-quarter daily cash burn4 of $23 million, plus $10 million of average debt principal payments and severance payments per day.
- Reported fourth-quarter core cash burn4 of $19 million per day, an improvement of an average of $5 million per day versus the third-quarter 2020.
- Core cash burn captures underlying operational performance of the company throughout the pandemic; a reconciliation with cash burn4 is provided below.
$M/day | 2Q20 | 3Q20 | 4Q20 | |||
Cash burn4 | $(40) | $(25) | $(33) | |||
Debt principal and severance payments | (3) | (4) | (10) | |||
Timing of certain payments5 | 2 | 1 | (2) | |||
Investments in the recovery6 | — | (1) | (2) | |||
Capital expenditures, net of flight equipment purchase deposit returns | — | 4 | (1) | |||
Core cash burn4 | $(38) | $(24) | $(19) |
First Quarter 2021 Outlook
- Based on current trends, the company expects first quarter 2021 total operating revenue to be down 65 percent to 70 percent versus the first quarter 2019. Accelerated distribution of the COVID-19 vaccine may lead to faster improvement, however, the company is not including this potential improvement in its first quarter 2021 revenue outlook.
- Expects first quarter 2021 capacity to be down at least 51 percent versus the first quarter of 2019.
- Expects first quarter 2021 ending available liquidity to be similar to year-end 2020 available liquidity of around $19.7 billion1.
Fourth-Quarter and Full-Year Highlights
- Completed $3 billion Enhanced Equipment Trust Certificate (EETC) transaction; the largest deal of this type in aviation history.
- First U.S. airline to leverage its loyalty program, MileagePlus®, as collateral for a $6.8B loan.
- Received $968 million in net proceeds from the sale of 20.8 million shares in the ATM program in the fourth quarter 2020. For the full year 2020, total net proceeds were $989 million from the sale of 21.4 million shares through the ATM program.
- Only airline to partner with the Defense Advanced Research Projects Agency (DARPA), U.S. Transportation Command (USTRANSCOM) and Air Mobility Command (AMC) to study how effectively the unique airflow configuration on board an aircraft can prevent the spread of aerosolized particles among passengers and crew.
- First airline to safely transport the first delivery of Pfizer and BioNTech's COVID-19 vaccine into the U.S.
- First among U.S. global airlines to permanently eliminate change fees on all standard economy and premium cabin tickets for travel within the U.S., and starting January 1, 2021, any United customer can fly standby for free on a flight departing the day of their travel regardless of the type of ticket or class of service.
- Announced bold environmental commitment unmatched by any airline; pledging 100% green by reducing greenhouse gas emissions 100% by 2050.
- First U.S. airline to implement schedule reductions due to sharp travel demand drop.
- Increased cargo revenue by an industry-leading 77 percent in the fourth quarter by leveraging international flying and deploying strategic international cargo-only missions.
- Launched the world's first free transatlantic COVID-19 testing pilot for customers.
- First U.S. airline to launch a COVID-19 testing program for customers traveling on United from San Francisco International Airport to Hawaii.
- Since COVID-19 began, first major U.S. airline to require masks onboard. In the third quarter, extended mask requirements to airport terminals.
- One of the first U.S. airlines to enforce policy banning customers for refusing to follow mask requirements.
- First major U.S. airline to ask all passengers to complete a health self-assessment during their check-in process based on recommendations from the Cleveland Clinic.
- First airline to contact customers when flights are more than 70% full to give them the opportunity to change their plans for free.
- First U.S. airline to introduce a tool like the Destination Travel Guide, a new interactive map tool on united.com and the United mobile app that allows customers to filter and view destinations' COVID-19 related travel restrictions.
- First U.S. airline to introduce an interactive map feature for customers on united.com, powered by Google Flight Search Enterprise Technology, to easily compare and shop for flights based on departure city, budget, and location type. Customers can simultaneously compare travel to various destinations in a single search.
- First U.S. airline whose CEO took a 100% salary cut.
Taking Care of Our Customers
- Launched United CleanPlusSM to reinforce the company's commitment to putting health and safety at the forefront of the entire customer experience, with the goal of delivering an industry-leading standard of cleanliness, including partnerships with Clorox and experts from the Cleveland Clinic.
- First and only airline to maximize ventilation systems by running the auxiliary power on mainline aircraft during the entire boarding and deplaning process, so customers and crew get the important safety benefits provided by high-efficiency particulate air (HEPA) filtration systems.
- Electrostatic spraying aircraft interiors on all U.S. flights.
- Began using new Clorox® Electrostatic Sprayers to disinfect airport terminals.
- Introduced customer COVID-19 testing from Houston to Latin American and Caribbean destinations.
- Began working with the Centers for Disease Control (CDC) on the first contact tracing initiative for all international and domestic flights.
- Added Zoono Microbe Shield, an EPA-registered antimicrobial coating that forms a long-lasting bond with surfaces and inhibits the growth of microbes, to the airline's already rigorous safety and cleaning procedures.
- Launched an automated assistant chat function that gives customers a contactless option to receive immediate access to information about cleaning and safety procedures put in place due to COVID-19.
- Began cleaning pilot flight decks with Ultraviolet C (UVC) lighting technology on most aircraft at hub airports to disinfect the flight deck interior and continue providing pilots with a sanitary work environment.
- Expanded touchless check-in capabilities to kiosks at more than 215 airports.
- Launched free COVID-19 testing to all employees and checks their temperatures before they begin work at all U.S. airports.
- In May, started providing individually wrapped hand wipes and snack bag with pretzels, Stroopwafel and water to reduce touchpoints.
- Redesigned United's Mobile App to be more accessible for people with visual disabilities.
- Announced changes to the MileagePlus Premier® program that will make it easier to earn status in 2021 for the 2022 program year.
- Launched virtual, on-demand customer service at the airport.
- Announced plan to continue installing United Polaris® Business Class on Boeing 787 fleet.
Reimagining the Route Network
- In 2020, started 43 domestic routes and 10 international routes, with 15 more international routes planned to launch in 2021.
- In 4Q, responded to Thanksgiving travel demand by adding over 1,400 domestic flights to the November schedule.
- In 4Q, expanded service to India with 4 daily flights including the addition of O'Hare to Delhi; United remains the only U.S. carrier to serve India.
- Compared to September, United had nonstop service in 23 more domestic and 8 more international routes in October, 37 more domestic and 32 more international routes in November, and 95 more domestic and 53 more international routes in December.
- Announced plans to return service to New York/JFK after a five-year absence, with two daily round-trips to both San Francisco and Los Angeles starting in February 2021.
Assisting the Communities We Serve
- Through a combination of cargo-only flights and passenger flights, United has transported more than 401 million pounds of freight, which includes 87 million pounds of vital shipments, such as COVID-19 vaccines, medical kits, PPE, pharmaceuticals, and medical equipment, and more than 3.4 million pounds of military mail and packages.
- Booked over 2,900 free flights for medical professionals to support COVID-19 response in New Jersey/New York and California.
- Using crowdsourcing platform - Miles on a Mission - donated more than 11 million miles for charities like the Thurgood Marshall College Fund, College to Congress, and Compass to Care.
- More than 19.2 million miles were donated by MileagePlus members and 7.6 million miles were matched by United to help organizations providing relief during COVID-19.
- Donated nearly 1.2 million pounds of food from United Polaris lounges, United Club locations, and catering kitchens to local food banks and charities.
- Over 7,500 face masks were made from upcycled unused employee uniforms.
- More than 800 gallons of hand sanitizer produced by United employees in San Francisco for use by United employees.
- Donated 15,000 pillows, 2,800 amenity kits, and 5,000 self-care products to charities and homeless shelters.
- More than 2.2 million pounds of food and household goods were processed by United employees at the Houston Food Bank.
- More than 2,500 United employees worldwide have volunteered, with over 36,800 hours served.
Additional Noteworthy Accomplishments
- For the ninth consecutive year received a perfect score of 100% on the Corporate Equality Index (CEI), a premier benchmarking survey and report on corporate policies and practices related to LGBTQ+ workplace equality, administered by the Human Rights Campaign (HRC) Foundation.
- Honored by DiversityInc with their "DiversityInc Top 50" designation, lauding the airline's leadership in promoting diversity through a diversity-focused talent pipeline and talent development, leadership accountability and a top supplier diversity program.
- Recognized for the fifth consecutive year as a top-scoring company and best place to work for disability inclusion with a perfect score of 100 on the 2020 Disability Equality Index (DEI).
- Teamed up with Peerspace to bundle flights with work and meeting spaces for remotely distanced companies.
- Named best overall airline in the world by Global Traveler Readers.
- Selected by the Commission on Presidential Debates as the official airline for the 2020 Presidential and Vice Presidential Debates.
- Announced signing of The Board Challenge and committed to adding a second Black board member to the Board of Directors.
_________________________________________________________________________ |
1 Total available liquidity includes cash and cash equivalents, short-term investments and $1 billion available under our undrawn revolving credit facility, as well as $7 billion available under the CARES Act loan program. |
2 Excludes operating and non-operating special charges, and unrealized gains and losses on investments. Reconciliations of non-GAAP financial measures to the most directly comparable GAAP measures are included in the tables accompanying this release. |
3 Reconciliations of non-GAAP financial measures to the most directly comparable GAAP measures are included in the tables accompanying this release. |
4 Cash burn, as previously guided, is defined as: Net cash from operations, less investing and financing activities. Proceeds from the issuance of new debt (excluding expected aircraft financing), government grants associated with the Payroll Support Program of the CARES Act, issuance of new stock, net proceeds from the sale of short-term and other investments and changes in certain restricted cash balances are not included in this figure. Core cash burn is defined as: Cash burn, as further adjusted to exclude: debt principal payments, timing of certain payments, capital expenditures (net of flight equipment purchase deposit returns), investments in the recovery and severance payments. Amounts may not add due to rounding. See the tables accompanying this release for further information. |
5 Timing of certain payments refers to exclusion of payments in the quarter that had been deferred from prior periods or additions of payments that were deferred to a future period to maximize cash preservation. |
6 Investments in the recovery primarily include, but are not limited to, spending on engine and airframe maintenance to prepare for the efficient operations ramp up as air travel demand returns. |
Earnings Call
UAL will hold a conference call to discuss fourth-quarter and full-year 2020 financial results as well as its financial and operational outlook for the first quarter 2021, on Thursday, January 21, at 9:30 a.m. CT/10:30 a.m. ET. A live, listen-only webcast of the conference call will be available at ir.united.com.
The webcast will be available for replay within 24 hours of the conference call and then archived on the website for three months.
About United
United's shared purpose is "Connecting People. Uniting the World." For more information, visit united.com, follow @United on Twitter and Instagram or connect on Facebook. The common stock of United's parent, United Airlines Holdings, Inc., is traded on the Nasdaq under the symbol "UAL".
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Certain statements in this release, including statements regarding our outlook for the first quarter 2021, our 2023 adjusted EBITDA margin target and our cost savings plans related to preparing for a recovery, are forward-looking and thus reflect our current expectations and beliefs with respect to certain current and future events and anticipated financial and operating performance. Such forward-looking statements are and will be subject to many risks and uncertainties relating to our operations and business environment that may cause actual results to differ materially from any future results expressed or implied in such forward-looking statements. Words such as "expects," "will," "plans," "anticipates," "indicates," "remains," "believes," "estimates," "forecast," "guidance," "outlook," "goals," "targets" and similar expressions are intended to identify forward-looking statements. Additionally, forward-looking statements include statements that do not relate solely to historical facts, such as statements which identify uncertainties or trends, discuss the possible future effects of current known trends or uncertainties, or which indicate that the future effects of known trends or uncertainties cannot be predicted, guaranteed or assured. All forward-looking statements in this release are based upon information available to us on the date of this release. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, changed circumstances or otherwise, except as required by applicable law. Our actual results could differ materially from these forward-looking statements due to numerous factors including, without limitation, the following: the duration and spread of the ongoing global COVID-19 pandemic and the outbreak of any other disease or similar public health threat and the impact on our business, results of operations and financial condition; the lenders' ability to accelerate the MileagePlus indebtedness, foreclose upon the collateral securing the MileagePlus indebtedness or exercise other remedies if we are not able to comply with the covenants in the MileagePlus financing agreements; the effects of borrowing pursuant to the Loan Program under the CARES Act and the effects of the grant and promissory note through the Payroll Support Program under the CARES Act; the costs and availability of financing; our significant amount of financial leverage from fixed obligations and ability to seek additional liquidity and maintain adequate liquidity; our ability to comply with the terms of our various financing arrangements; our ability to utilize our net operating losses to offset future taxable income; the material disruption of our strategic operating plan as a result of the COVID-19 pandemic and our ability to execute our strategic operating plans in the long term; general economic conditions (including interest rates, foreign currency exchange rates, investment or credit market conditions, crude oil prices, costs of aircraft fuel and energy refining capacity in relevant markets); risks of doing business globally, including instability and political developments that may impact our operations in certain countries; demand for travel and the impact that global economic and political conditions have on customer travel patterns; our capacity decisions and the capacity decisions of our competitors; competitive pressures on pricing and on demand; changes in aircraft fuel prices; disruptions in our supply of aircraft fuel; our ability to cost-effectively hedge against increases in the price of aircraft fuel, if we decide to do so; the effects of any technology failures or cybersecurity or significant data breaches; disruptions to services provided by third-party service providers; potential reputational or other impact from adverse events involving our aircraft or operations, the aircraft or operations of our regional carriers or our code share partners or the aircraft or operations of another airline; our ability to attract and retain customers; the effects of any terrorist attacks, international hostilities or other security events, or the fear of such events; the mandatory grounding of aircraft in our fleet; disruptions to our regional network, as a result of the COVID-19 pandemic or otherwise; the impact of regulatory, investigative and legal proceedings and legal compliance risks; the success of our investments in other airlines, including in other parts of the world, which involve significant challenges and risks, particularly given the impact of the COVID-19 pandemic; industry consolidation or changes in airline alliances; the ability of other air carriers with whom we have alliances or partnerships to provide the services contemplated by the respective arrangements with such carriers; costs associated with any modification or termination of our aircraft orders; disruptions in the availability of aircraft, parts or support from our suppliers; our ability to maintain satisfactory labor relations and the results of any collective bargaining agreement process with our union groups; any disruptions to operations due to any potential actions by our labor groups; labor costs; the impact of any management changes; extended interruptions or disruptions in service at major airports where we operate; U.S. or foreign governmental legislation, regulation and other actions (including Open Skies agreements, environmental regulations and the United Kingdom's withdrawal from the European Union); the seasonality of the airline industry; weather conditions; the costs and availability of aviation and other insurance; our ability to realize the full value of our intangible assets and long-lived assets; any impact to our reputation or brand image; and other risks and uncertainties set forth under Part I, Item 1A., "Risk Factors," of our Annual Report on Form 10-K for the fiscal year ended December 31, 2019, as updated by our Quarterly Report on Form 10-Q for the quarter ended September 30, 2020 and our Current Report on Form 8-K filed on the date hereof, as well as other risks and uncertainties set forth from time to time in the reports we file with the U.S. Securities and Exchange Commission.
-tables attached-
UNITED AIRLINES HOLDINGS, INC. | ||||||||||||||||||||||
STATEMENTS OF CONSOLIDATED OPERATIONS (UNAUDITED) | ||||||||||||||||||||||
Three Months Ended December 31, | % Increase/ | Year Ended December 31, | % Increase/ | |||||||||||||||||||
(In millions, except per share data) | 2020 | 2019 | (Decrease) | 2020 | 2019 | (Decrease) | ||||||||||||||||
Operating revenue: | ||||||||||||||||||||||
Passenger | $ | 2,410 | $ | 9,933 | (75.7) | $ | 11,805 | $ | 39,625 | (70.2) | ||||||||||||
Cargo | 560 | 316 | 77.2 | 1,648 | 1,179 | 39.8 | ||||||||||||||||
Other operating revenue | 442 | 639 | (30.8) | 1,902 | 2,455 | (22.5) | ||||||||||||||||
Total operating revenue | 3,412 | 10,888 | (68.7) | 15,355 | 43,259 | (64.5) | ||||||||||||||||
Operating expense: | ||||||||||||||||||||||
Salaries and related costs | 2,168 | 3,078 | (29.6) | 9,522 | 12,071 | (21.1) | ||||||||||||||||
Aircraft fuel | 679 | 2,249 | (69.8) | 3,153 | 8,953 | (64.8) | ||||||||||||||||
Regional capacity purchase | 489 | 725 | (32.6) | 2,039 | 2,849 | (28.4) | ||||||||||||||||
Landing fees and other rent | 575 | 650 | (11.5) | 2,127 | 2,543 | (16.4) | ||||||||||||||||
Depreciation and amortization | 629 | 606 | 3.8 | 2,488 | 2,288 | 8.7 | ||||||||||||||||
Aircraft maintenance materials and outside repairs | 199 | 475 | (58.1) | 858 | 1,794 | (52.2) | ||||||||||||||||
Distribution expenses | 80 | 417 | (80.8) | 459 | 1,651 | (72.2) | ||||||||||||||||
Aircraft rent | 51 | 67 | (23.9) | 198 | 288 | (31.3) | ||||||||||||||||
Special charges (credits) | (149) | 130 | NM | (2,616) | 246 | NM | ||||||||||||||||
Other operating expenses | 826 | 1,630 | (49.3) | 3,486 | 6,275 | (44.4) | ||||||||||||||||
Total operating expense | 5,547 | 10,027 | (44.7) | 21,714 | 38,958 | (44.3) | ||||||||||||||||
Operating income (loss) | (2,135) | 861 | NM | (6,359) | 4,301 | NM | ||||||||||||||||
Nonoperating income (expense): | ||||||||||||||||||||||
Interest expense | (351) | (161) | 118.0 | (1,063) | (731) | 45.4 | ||||||||||||||||
Interest capitalized | 17 | 20 | (15.0) | 71 | 85 | (16.5) | ||||||||||||||||
Interest income | 5 | 30 | (83.3) | 50 | 133 | (62.4) | ||||||||||||||||
Unrealized gains (losses) on investments, net | 101 | 81 | 24.7 | (194) | 153 | NM | ||||||||||||||||
Miscellaneous, net | (10) | 13 | NM | (1,327) | (27) | NM | ||||||||||||||||
Total nonoperating expense | (238) | (17) | NM | (2,463) | (387) | NM | ||||||||||||||||
Income (loss) before income taxes | (2,373) | 844 | NM | (8,822) | 3,914 | NM | ||||||||||||||||
Income tax expense (benefit) | (476) | 203 | NM | (1,753) | 905 | NM | ||||||||||||||||
Net income (loss) | $ | (1,897) | $ | 641 | NM | $ | (7,069) | $ | 3,009 | NM | ||||||||||||
Diluted earnings (loss) per share | $ | (6.39) | $ | 2.53 | NM | $ | (25.30) | $ | 11.58 | NM | ||||||||||||
Diluted weighted average shares | 297.0 | 253.4 | 17.2 | 279.4 | 259.9 | 7.5 | ||||||||||||||||
NM Not meaningful |
UNITED AIRLINES HOLDINGS, INC. | |||||||||||||||||
PASSENGER REVENUE INFORMATION AND STATISTICS | |||||||||||||||||
Passenger revenue information is as follows (in millions, except for percentage changes): | |||||||||||||||||
4Q 2020 Passenger Revenue | Passenger Revenue vs. 4Q 2019 | PRASM vs. 4Q 2019 | Yield vs. 4Q 2019 | Available Seat Miles vs. 4Q 2019 | 4Q 2020 Available Seat Miles | 4Q 2020 Revenue Passenger Miles | |||||||||||
Domestic | $ | 1,797 | (71.6%) | (39.9%) | (22.2%) | (52.8%) | 19,166 | 12,417 | |||||||||
Atlantic | 199 | (87.7%) | (71.5%) | (32.0%) | (56.8%) | 5,467 | 1,877 | ||||||||||
Pacific | 100 | (90.8%) | (47.2%) | 78.4% | (82.6%) | 1,935 | 446 | ||||||||||
Latin America | 314 | (64.8%) | (42.9%) | (16.0%) | (38.3%) | 4,123 | 2,331 | ||||||||||
International | 613 | (82.9%) | (55.0%) | (9.9%) | (62.1%) | 11,525 | 4,654 | ||||||||||
Consolidated | $ | 2,410 | (75.7%) | (43.8%) | (16.6%) | (56.8%) | 30,691 | 17,071 | |||||||||
Select operating statistics are as follows: | |||||||||||||||||||||||
Three Months Ended December 31, | % Increase/ | Year Ended December 31, | % Increase/ | ||||||||||||||||||||
2020 | 2019 | (Decrease) | 2020 | 2019 | (Decrease) | ||||||||||||||||||
Passengers (thousands) | 14,850 | 40,306 | (63.2) | 57,761 | 162,443 | (64.4) | |||||||||||||||||
Revenue passenger miles (millions) | 17,071 | 58,633 | (70.9) | 73,883 | 239,360 | (69.1) | |||||||||||||||||
Available seat miles (millions) | 30,691 | 71,038 | (56.8) | 122,804 | 284,999 | (56.9) | |||||||||||||||||
Passenger load factor: | |||||||||||||||||||||||
Consolidated | 55.6 | % | 82.5 | % | (26.9) | pts. | 60.2 | % | 84.0 | % | (23.8) | pts. | |||||||||||
Domestic | 64.8 | % | 83.8 | % | (19.0) | pts. | 63.2 | % | 85.2 | % | (22.0) | pts. | |||||||||||
International | 40.4 | % | 80.8 | % | (40.4) | pts. | 55.1 | % | 82.4 | % | (27.3) | pts. | |||||||||||
Passenger revenue per available seat mile (cents) | 7.85 | 13.98 | (43.8) | 9.61 | 13.90 | (30.9) | |||||||||||||||||
Total revenue per available seat mile (cents) | 11.12 | 15.33 | (27.5) | 12.50 | 15.18 | (17.7) | |||||||||||||||||
Average yield per revenue passenger mile (cents) | 14.12 | 16.94 | (16.6) | 15.98 | 16.55 | (3.4) | |||||||||||||||||
Cargo ton miles (millions) | 835 | 889 | (6.1) | 2,711 | 3,329 | (18.6) | |||||||||||||||||
Aircraft in fleet at end of period | 1,287 | 1,372 | (6.2) | 1,287 | 1,372 | (6.2) | |||||||||||||||||
Average stage length (miles) | 1,292 | 1,446 | (10.7) | 1,307 | 1,460 | (10.5) | |||||||||||||||||
Employee headcount (in thousands) | 74.4 | 95.9 | (22.4) | 74.4 | 95.9 | (22.4) | |||||||||||||||||
Average aircraft fuel price per gallon | $ | 1.35 | $ | 2.10 | (35.7) | $ | 1.57 | $ | 2.09 | (24.9) | |||||||||||||
Fuel gallons consumed (millions) | 503 | 1,071 | (53.0) | 2,004 | 4,292 | (53.3) |
Note: See Part II, Item 6, Selected Financial Data, of UAL's Annual Report on Form 10-K for the fiscal year ended December 31, 2019, for definitions of these statistics. |
Cash burn: The company's management views "cash burn" as an important measure in monitoring liquidity in order to assess the company's cash needs without the impact of certain extraordinary actions or events, and the company believes this provides useful information to investors about the company's liquidity position. In light of the transition to recovery in 2021, the company is now presenting "core cash burn", which the company believes better reflects the core operational performance of the company's business.
Three Months Ended June 30, 2020 | Three Months Ended September 30, 2020 | Three Months Ended December 31, 2020 | ||||||||
Net cash used by operating activities | $ | (130) | $ | (1,889) | $ | (2,137) | ||||
Cash flows provided by investing activities | 812 | 770 | — | |||||||
Cash flows provided by financing activities | 2,382 | 7,905 | 481 | |||||||
3,064 | 6,786 | (1,656) | ||||||||
Adjusted to remove: | ||||||||||
CARES Act Payroll Support Program ("PSP") grant | 3,154 | 447 | — | |||||||
PSP Note | 1,309 | 192 | — | |||||||
Equity issuances | 1,135 | — | 968 | |||||||
Net proceeds from sale of short-term and other investments | 838 | 406 | 137 | |||||||
Secured debt (net of discount and fees) | 250 | 7,376 | 250 | |||||||
Increase in certain restricted cash balances | 1 | 99 | 11 | |||||||
CARES Act secured loan | — | 520 | — | |||||||
Total adjustments | 6,687 | 9,040 | 1,366 | |||||||
Adjusted Cash Burn | $ | (3,623) | $ | (2,254) | $ | (3,022) | ||||
Days in the period | 91 | 92 | 92 | |||||||
Average daily cash burn | $ | (40) | $ | (25) | $ | (33) | ||||
Further adjusted to remove: | ||||||||||
Debt principal and severance payments (a) | (288) | (348) | (886) | |||||||
Timing of certain payments | 160 | 60 | (148) | |||||||
Capital expenditures, net of flight equipment purchase deposit returns | (39) | 368 | (137) | |||||||
Investments in the recovery | — | (81) | (139) | |||||||
Total additional adjustments | (167) | (1) | (1,310) | |||||||
Core cash burn | $ | (3,456) | $ | (2,253) | $ | (1,712) | ||||
Days in the period | 91 | 92 | 92 | |||||||
Average daily core cash burn | $ | (38) | $ | (24) | $ | (19) | ||||
(a) Fourth quarter amounts include interest payments on extinguished debt |
UNITED AIRLINES HOLDINGS, INC.
NON-GAAP FINANCIAL RECONCILIATION
UAL evaluates its financial performance utilizing various accounting principles generally accepted in the United States of America (GAAP) and Non-GAAP financial measures, including adjusted earnings before interest, taxes, depreciation and amortization (adjusted EBITDA), adjusted operating income (loss), adjusted operating margin, adjusted pre-tax income (loss), adjusted pre-tax margin, adjusted net income (loss), adjusted diluted earnings (loss) per share and CASM, excluding special charges, third-party business expenses, fuel, and profit sharing, among others. UAL believes that adjusting for special charges and for nonoperating credit losses and nonoperating special termination benefits and settlement losses is useful to investors because these items are not indicative of UAL's ongoing performance. UAL believes that adjusting for unrealized (gains) losses on investments, net is useful to investors because those unrealized gains or losses may not ultimately be realized on a cash basis. UAL believes that adjusting for interest expense related to finance leases of Embraer ERJ 145 aircraft is useful to investors because of the accelerated recognition of interest expense.
CASM is a common metric used in the airline industry to measure an airline's cost structure and efficiency. UAL reports CASM excluding special charges, third-party business expenses, fuel and profit sharing. UAL believes that adjusting for special charges is useful to investors because special charges are not indicative of UAL's ongoing performance. UAL also believes that excluding third-party business expenses, such as maintenance, ground handling and catering services for third parties, provides more meaningful disclosure because these expenses are not directly related to UAL's core business. UAL also believes that excluding fuel costs from certain measures is useful to investors because it provides an additional measure of management's performance excluding the effects of a significant cost item over which management has limited influence. UAL excludes profit sharing because this exclusion allows investors to better understand and analyze our operating cost performance and provides a more meaningful comparison of our core operating costs to the airline industry.
Reconciliations of reported non-GAAP financial measures to the most directly comparable GAAP financial measures are included below.
Three Months Ended December 31, | % Increase/ (Decrease) | Year Ended December 31, | % Increase/ (Decrease) | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||
CASM (cents) | |||||||||||||||||
Cost per available seat mile (CASM) (GAAP) | 18.07 | 14.11 | 28.1 | 17.68 | 13.67 | 29.3 | |||||||||||
Special charges | (0.49) | 0.18 | NM | (2.13) | 0.09 | NM | |||||||||||
Third-party business expenses | 0.07 | 0.07 | — | 0.11 | 0.06 | 83.3 | |||||||||||
Fuel expense | 2.21 | 3.16 | (30.1) | 2.57 | 3.14 | (18.2) | |||||||||||
Profit sharing | — | 0.17 | (100.0) | — | 0.17 | (100.0) | |||||||||||
CASM, excluding special charges, third-party business expenses, fuel, and profit sharing (Non-GAAP) | 16.28 | 10.53 | 54.6 | 17.13 | 10.21 | 67.8 | |||||||||||
NM Not Meaningful |
Adjusted EBITDA | Year Ended December 31, | ||||||
2020 | 2019 | ||||||
Net income (loss) | $ | (7,069) | $ | 3,009 | |||
Adjusted for: | |||||||
Depreciation and amortization | 2,488 | 2,288 | |||||
Interest expense | 1,063 | 731 | |||||
Interest capitalized | (71) | (85) | |||||
Interest income | (50) | (133) | |||||
Income tax expense (benefit) | (1,753) | 905 | |||||
Special charges (credit) and unrealized (gains) losses on investments, net | (1,038) | 93 | |||||
Adjusted EBITDA, excluding special charges and unrealized (gains) losses on investments, net | $ | (6,430) | $ | 6,808 | |||
Adjusted EBITDA margin | (41.9) | % | 15.7 | % |
UNITED AIRLINES HOLDINGS, INC.
NON-GAAP FINANCIAL RECONCILIATION (Continued)
UAL believes that adjusting capital expenditures for assets acquired through the issuance of debt, finance leases and other financial liabilities is useful to investors in order to appropriately reflect the total amounts spent on capital expenditures. UAL also believes that adjusting net cash provided by (used in) operating activities for capital expenditures, adjusted capital expenditures, and aircraft operating lease additions is useful to allow investors to evaluate the company's ability to generate cash that is available for debt service or general corporate initiatives.
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||
Capital Expenditures (in millions) | 2020 | 2019 | 2020 | 2019 | |||||||||||
Capital expenditures, net of flight equipment purchase deposit returns (GAAP) | $ | 137 | $ | 1,192 | $ | 1,767 | $ | 4,528 | |||||||
Property and equipment acquired through the issuance of debt and other | 263 | 187 | 773 | 493 | |||||||||||
Property and equipment acquired through finance leases | — | 14 | 30 | 22 | |||||||||||
Property and equipment acquired through other financial liabilities | 192 | — | 1,165 | — | |||||||||||
Adjustment to property and equipment acquired through other financial liabilities (a) | (61) | — | (246) | — | |||||||||||
Adjusted capital expenditures (Non-GAAP) | $ | 531 | $ | 1,393 | $ | 3,489 | $ | 5,043 | |||||||
Free Cash Flow (in millions) | |||||||||||||||
Net cash provided by (used in) operating activities (GAAP) | $ | (2,137) | $ | 1,181 | $ | (4,093) | $ | 6,909 | |||||||
Less capital expenditures, net of flight equipment purchase deposit returns | 137 | 1,192 | 1,767 | 4,528 | |||||||||||
Free cash flow, net of financings (Non-GAAP) | $ | (2,274) | $ | (11) | $ | (5,860) | $ | 2,381 | |||||||
Net cash provided by (used in) operating activities (GAAP) | $ | (2,137) | $ | 1,181 | $ | (4,093) | $ | 6,909 | |||||||
Less adjusted capital expenditures (Non-GAAP) | 531 | 1,393 | 3,489 | 5,043 | |||||||||||
Less aircraft operating lease additions | 131 | 8 | 171 | 56 | |||||||||||
Free cash flow (Non-GAAP) | $ | (2,799) | $ | (220) | $ | (7,753) | $ | 1,810 | |||||||
(a) In 2020, United entered into agreements with third parties to finance through sale and leaseback transactions new Boeing model 787-9 aircraft and Boeing model 737 MAX aircraft subject to purchase agreements between United and Boeing. In connection with the delivery of each aircraft from Boeing, United assigned its right to purchase such aircraft to the buyer, and simultaneous with the buyer's purchase from Boeing, United entered into a long-term lease for such aircraft with the buyer as lessor. Fifteen Boeing model aircraft were delivered in 2020 under these transactions (and each is presently subject to a long-term lease to United). Upon delivery, the company accounted for the aircraft which have a repurchase option at a price other than fair value as part of Flight equipment on the company's balance sheet and the related obligation as Other current liabilities and Other financial liabilities from sale-leasebacks (noncurrent) since they do not qualify for sale recognition. If the repurchase option is not exercised, these aircraft will be accounted for as leased assets at the time of the option expiration and the related assets and liabilities will be adjusted to the present value of the remaining lease payments at that time. This adjustment reflects the difference between the recorded amounts and the present value of future lease payments at inception. The remaining aircraft in this transaction that qualify for sale recognition are recorded as Operating lease right-of-use assets and lease liabilities on the company's balance sheet after recognition of related gains or losses on such sale. |
UNITED AIRLINES HOLDINGS, INC. | |||||||||||||||||||||||||||||
NON-GAAP FINANCIAL RECONCILIATION (Continued) | |||||||||||||||||||||||||||||
Three Months Ended December 31, | Increase/ (Decrease) | % Increase/ (Decrease) | Year Ended December 31, | Increase/ | % Increase/ | ||||||||||||||||||||||||
(in millions) | 2020 | 2019 | 2020 | 2019 | (Decrease) | (Decrease) | |||||||||||||||||||||||
Operating expenses (GAAP) | $ | 5,547 | $ | 10,027 | $ | (4,480) | (44.7) | $ | 21,714 | $ | 38,958 | $ | (17,244) | (44.3) | |||||||||||||||
Special charges (credit) | (149) | 130 | (279) | NM | (2,616) | 246 | (2,862) | NM | |||||||||||||||||||||
Operating expenses, excluding special charges | 5,696 | 9,897 | (4,201) | (42.4) | 24,330 | 38,712 | (14,382) | (37.2) | |||||||||||||||||||||
Adjusted to exclude: | |||||||||||||||||||||||||||||
Third-party business expenses | 22 | 48 | (26) | (54.2) | 137 | 168 | (31) | (18.5) | |||||||||||||||||||||
Fuel expense | 679 | 2,249 | (1,570) | (69.8) | 3,153 | 8,953 | (5,800) | (64.8) | |||||||||||||||||||||
Profit sharing, including taxes | — | 123 | (123) | (100.0) | — | 491 | (491) | (100.0) | |||||||||||||||||||||
Adjusted operating expenses (Non-GAAP) | $ | 4,995 | $ | 7,477 | $ | (2,482) | (33.2) | $ | 21,040 | $ | 29,100 | $ | (8,060) | (27.7) | |||||||||||||||
Operating income (loss) (GAAP) | $ | (2,135) | $ | 861 | $ | (2,996) | NM | $ | (6,359) | $ | 4,301 | $ | (10,660) | NM | |||||||||||||||
Adjusted to exclude: | |||||||||||||||||||||||||||||
Special charges (credits) | (149) | 130 | (279) | NM | (2,616) | 246 | (2,862) | NM | |||||||||||||||||||||
Adjusted operating income (Non-GAAP) | $ | (2,284) | $ | 991 | $ | (3,275) | NM | $ | (8,975) | $ | 4,547 | $ | (13,522) | NM | |||||||||||||||
Operating margin | (62.6) | % | 7.9 | % | (70.5) | pts. | (41.4) | % | 9.9 | % | (51.3) | pts. | |||||||||||||||||
Adjusted operating margin (Non-GAAP) | (66.9) | % | 9.1 | % | (76.0) | pts. | (58.5) | % | 10.5 | % | (69.0) | pts. | |||||||||||||||||
Pre-tax income (loss) (GAAP) | $ | (2,373) | $ | 844 | $ | (3,217) | NM | $ | (8,822) | $ | 3,914 | $ | (12,736) | NM | |||||||||||||||
Adjusted to exclude: | |||||||||||||||||||||||||||||
Special charges (credit) | (149) | 130 | (279) | NM | (2,616) | 246 | (2,862) | NM | |||||||||||||||||||||
Termination benefits and settlement losses | 41 | — | 41 | NM | 687 | — | 687 | NM | |||||||||||||||||||||
Unrealized (gains) losses on investments, net | (101) | (81) | (20) | NM | 194 | (153) | 347 | NM | |||||||||||||||||||||
Loss on BRW term loan and guarantee | — | — | — | NM | 697 | — | 697 | NM | |||||||||||||||||||||
Interest expense on ERJ 145 finance leases | — | (4) | 4 | NM | — | 64 | (64) | NM | |||||||||||||||||||||
Adjusted pre-tax income (loss) (Non-GAAP) | $ | (2,582) | $ | 889 | $ | (3,471) | NM | $ | (9,860) | $ | 4,071 | $ | (13,931) | NM | |||||||||||||||
Pre-tax margin | (69.5) | % | 7.8 | % | (77.3) | pts. | (57.5) | % | 9.0 | % | (66.5) | pts. | |||||||||||||||||
Adjusted pre-tax margin (Non-GAAP) | (75.7) | % | 8.2 | % | (83.9) | pts. | (64.2) | % | 9.4 | % | (73.6) | pts. | |||||||||||||||||
Net income (loss) (GAAP) | $ | (1,897) | $ | 641 | $ | (2,538) | NM | $ | (7,069) | $ | 3,009 | $ | (10,078) | NM | |||||||||||||||
Adjusted to exclude: | |||||||||||||||||||||||||||||
Special charges (credit) | (149) | 130 | (279) | NM | (2,616) | 246 | (2,862) | NM | |||||||||||||||||||||
Termination benefits and settlement losses | 41 | — | 41 | NM | 687 | — | 687 | NM | |||||||||||||||||||||
Unrealized (gains) losses on investments, net | (101) | (81) | (20) | NM | 194 | (153) | 347 | NM | |||||||||||||||||||||
Loss on BRW term loan and guarantee | — | — | — | NM | 697 | — | 697 | NM | |||||||||||||||||||||
Interest expense on ERJ 145 finance leases | — | (4) | 4 | NM | — | 64 | (64) | NM | |||||||||||||||||||||
Income tax expense (benefit) related to adjustments above, net of valuation allowance | 29 | (10) | 39 | NM | 404 | (35) | 439 | NM | |||||||||||||||||||||
Adjusted net income (loss) (Non-GAAP) | $ | (2,077) | $ | 676 | $ | (2,753) | NM | $ | (7,703) | $ | 3,131 | $ | (10,834) | NM | |||||||||||||||
Diluted earnings (loss) per share (GAAP) | $ | (6.39) | $ | 2.53 | $ | (8.92) | NM | $ | (25.30) | $ | 11.58 | $ | (36.88) | NM | |||||||||||||||
Adjusted to exclude: | |||||||||||||||||||||||||||||
Special charges (credit) | (0.50) | 0.52 | (1.02) | NM | (9.36) | 0.95 | (10.31) | NM | |||||||||||||||||||||
Termination benefits and settlement losses | 0.13 | — | 0.13 | NM | 2.46 | — | 2.46 | NM | |||||||||||||||||||||
Unrealized (gains) losses on investments, net | (0.34) | (0.32) | (0.02) | NM | 0.69 | (0.59) | 1.28 | NM | |||||||||||||||||||||
Loss on BRW term loan and guarantee | — | — | — | NM | 2.49 | — | 2.49 | NM | |||||||||||||||||||||
Interest expense on ERJ 145 finance leases | — | (0.02) | 0.02 | NM | — | 0.25 | (0.25) | NM | |||||||||||||||||||||
Income tax expense (benefit) related to adjustments, net of valuation allowance | 0.10 | (0.04) | 0.14 | NM | 1.45 | (0.14) | 1.59 | NM | |||||||||||||||||||||
Adjusted diluted earnings (loss) per share (Non-GAAP) | $ | (7.00) | $ | 2.67 | $ | (9.67) | NM | $ | (27.57) | $ | 12.05 | $ | (39.62) | NM | |||||||||||||||
NM Not Meaningful |
UNITED AIRLINES HOLDINGS, INC. | |||||||
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) | |||||||
(In millions) | December 31, 2020 | December 31, 2019 | |||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 11,269 | $ | 2,762 | |||
Short-term investments | 414 | 2,182 | |||||
Restricted cash | 255 | — | |||||
Receivables, less allowance for credit losses (2020—$78; 2019—$9) | 1,295 | 1,364 | |||||
Aircraft fuel, spare parts and supplies, less obsolescence allowance (2020—$478; 2019—$425) | 932 | 1,072 | |||||
Prepaid expenses and other | 635 | 814 | |||||
Total current assets | 14,800 | 8,194 | |||||
Total operating property and equipment, net | 31,466 | 30,170 | |||||
Operating lease right-of-use assets | 4,537 | 4,758 | |||||
Other assets: | |||||||
Goodwill | 4,527 | 4,523 | |||||
Intangibles, less accumulated amortization (2020—$1,495; 2019—$1,440) | 2,838 | 3,009 | |||||
Restricted cash | 218 | 106 | |||||
Notes receivable, less allowance for credit losses (2020—$522) | 31 | 671 | |||||
Deferred income taxes | 131 | — | |||||
Investments in affiliates and other, net | 1,000 | 1,180 | |||||
Total other assets | 8,745 | 9,489 | |||||
Total assets | $ | 59,548 | $ | 52,611 | |||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
Current liabilities: | |||||||
Advance ticket sales | $ | 4,833 | $ | 4,819 | |||
Accounts payable | 1,595 | 2,703 | |||||
Frequent flyer deferred revenue | 908 | 2,440 | |||||
Accrued salaries and benefits | 1,960 | 2,271 | |||||
Current maturities of long-term debt | 1,911 | 1,407 | |||||
Current maturities of finance leases | 182 | 46 | |||||
Current maturities of operating leases | 612 | 686 | |||||
Other | 724 | 566 | |||||
Total current liabilities | 12,725 | 14,938 | |||||
Long-term liabilities and deferred credits: | |||||||
Long-term debt | 24,836 | 13,145 | |||||
Long-term obligations under finance leases | 224 | 220 | |||||
Long-term obligations under operating leases | 4,986 | 4,946 | |||||
Frequent flyer deferred revenue | 5,067 | 2,836 | |||||
Postretirement benefit liability | 994 | 789 | |||||
Pension liability | 2,460 | 1,446 | |||||
Deferred income taxes | — | 1,736 | |||||
Other financial liabilities from sale-leasebacks | 1,140 | — | |||||
Other | 1,156 | 1,024 | |||||
Total long-term liabilities and deferred credits | 40,863 | 26,142 | |||||
Total stockholders' equity | 5,960 | 11,531 | |||||
Total liabilities and stockholders' equity | $ | 59,548 | $ | 52,611 |
UNITED AIRLINES HOLDINGS, INC. | |||||||
CONDENSED STATEMENTS OF CONSOLIDATED CASH FLOWS (UNAUDITED) | |||||||
(In millions) | Year Ended December 31, | ||||||
2020 | 2019 | ||||||
Cash Flows from Operating Activities: | |||||||
Net cash provided by (used in) operating activities | $ | (4,093) | $ | 6,909 | |||
Cash Flows from Investing Activities: | |||||||
Capital expenditures, net of flight equipment purchase deposit returns | (1,767) | (4,528) | |||||
Purchases of short-term and other investments | (552) | (2,897) | |||||
Proceeds from sale of short-term and other investments | 2,319 | 2,996 | |||||
Loans made to others | — | (174) | |||||
Investment in affiliates | — | (36) | |||||
Other, net | 10 | 79 | |||||
Net cash provided by (used in) investing activities | 10 | (4,560) | |||||
Cash Flows from Financing Activities: | |||||||
Repurchases of common stock | (353) | (1,645) | |||||
Proceeds from issuance of debt | 16,044 | 1,847 | |||||
Proceeds from equity issuance | 2,103 | — | |||||
Payments of long-term debt | (4,383) | (1,240) | |||||
Principal payments under finance leases | (66) | (151) | |||||
Capitalized financing costs | (368) | (61) | |||||
Other, net | (20) | (30) | |||||
Net cash provided by (used in) financing activities | 12,957 | (1,280) | |||||
Net increase in cash, cash equivalents and restricted cash | 8,874 | 1,069 | |||||
Cash, cash equivalents and restricted cash at beginning of year | 2,868 | 1,799 | |||||
Cash, cash equivalents and restricted cash at end of year | $ | 11,742 | $ | 2,868 | |||
Investing and Financing Activities Not Affecting Cash: | |||||||
Property and equipment acquired through the issuance of debt, finance leases and other | $ | 1,968 | $ | 515 | |||
Right-of-use assets acquired through operating leases | 198 | 498 | |||||
Lease modifications and lease conversions | 527 | (2) | |||||
Capacity purchase agreement liability converted to debt | 33 | — |
UNITED AIRLINES HOLDINGS, INC. | |||||||||||||||
NOTES (UNAUDITED) | |||||||||||||||
Special charges (credit) and unrealized (gains) losses on investments, net include the following: | |||||||||||||||
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||
(In millions) | 2020 | 2019 | 2020 | 2019 | |||||||||||
Operating: | |||||||||||||||
CARES Act grant | $ | (453) | $ | — | $ | (3,536) | $ | — | |||||||
Severance and benefit costs | 162 | 2 | 575 | 16 | |||||||||||
Impairment of assets | 137 | 102 | 318 | 171 | |||||||||||
(Gains) losses on sale of assets and other special charges | 5 | 26 | 27 | 59 | |||||||||||
Total operating special charges (credit) | (149) | 130 | (2,616) | 246 | |||||||||||
Nonoperating unrealized (gains) losses on investments | (101) | (81) | 194 | (153) | |||||||||||
Nonoperating special termination benefits and settlement losses | 41 | — | 687 | — | |||||||||||
Nonoperating credit loss on BRW Aviation Holding LLC and BRW Aviation LLC ("BRW") term loan and related guarantee | — | — | 697 | — | |||||||||||
Total nonoperating special charges and unrealized (gains) losses on investments | (60) | (81) |