United Airlines Raises Full Year 2019 Adjusted Diluted Earnings Per Share Guidance - United Hub

United Airlines Raises Full Year 2019 Adjusted Diluted Earnings Per Share Guidance

Expects to meet or exceed $11 to $13 adjusted diluted earnings per share(1) target for 2020
October 15, 2019

CHICAGO, Oct. 15, 2019 /PRNewswire/ -- United Airlines (UAL) today announced that it has achieved third quarter diluted earnings per share (EPS) of $3.99 and adjusted diluted EPS2 of $4.07, and raised its full year 2019 adjusted diluted EPS1 guidance, with a new range of $11.25 to $12.25.

"Thanks to the outstanding efforts of our employees, United extended our streak of expanding pre-tax margin on a quarterly basis. It provides us further confidence to raise our full year 2019 adjusted diluted EPS guidance, putting us ahead of pace to achieve our goal of $11 to $13 in adjusted diluted EPS by the end of 2020," said Oscar Munoz, CEO of United Airlines. "While headwinds affected the sector as a whole this quarter, United's team once again demonstrated a robust ability to overcome adverse cost pressure, managing to continue growing our network while investing in winning our customers' loyalty through smart enhancements to the United experience."

  • Reported third quarter net income of $1.0 billion, diluted earnings per share of $3.99, pre-tax earnings of $1.3 billion and pre-tax margin of 11.9 percent, expanding pre-tax margin 2.3 points versus the third quarter of 2018.
  • Reported third quarter adjusted net income of $1.0 billion, adjusted diluted EPS of $4.07, adjusted pre-tax earnings of $1.4 billion and adjusted pre-tax margin of 12.1 percent, expanding adjusted pre-tax margin 2.5 points versus the third quarter of 2018.²
  • Consolidated third quarter passenger revenue per available seat mile (PRASM) increased 1.7 percent year-over-year.
  • Consolidated third quarter unit cost per available seat mile (CASM) decreased 0.9 percent year-over-year.
  • Consolidated third quarter CASM, excluding special charges, third party business expenses, fuel and profit sharing, increased 2.1 percent year-over-year.
  • Repurchased $363 million of its common shares in the third quarter of 2019 at an average purchase price of $88.22 per share.
  • Raised $1.2 billion in Enhanced Equipment Trust Certificates at a record low blended interest rate of 2.8% in connection with the financing of certain aircraft.

1 Excludes special charges and the mark-to-market impact of financial instruments, the nature of which are not determined at this time, and imputed interest on certain finance leases. Accordingly, UAL is not providing earnings guidance on a GAAP basis.

2 Excludes special charges, the mark-to-market impact of financial instruments and imputed interest on certain finance leases. Reconciliations of non-GAAP financial measures to the most directly comparable GAAP measures are included in the tables accompanying this release.

For more information on UAL's fourth quarter and full year 2019 guidance, please visit ir.united.com for the company's investor update.

Third Quarter 2019 Highlights
Customer Experience

  • Announced MileagePlus award miles never expire, giving members a lifetime to use miles on flights, experiences, hotels and more.
  • Announced partnership with CLEAR which includes a free or discounted CLEAR membership for U.S. based MileagePlus members.
  • MileagePlus members between the ages of 18 to 22 receive a 10% discount on domestic flights when booked through the United mobile app by Dec. 31, 2019.
  • Announced improvements to United PassPlus, the airline's prepaid program that offers discounts, fixed fares and amenities to both individual and corporate customers.
  • Customers are now provided three inflight snack options on domestic flights regardless of departure time, including the Stroopwafel.
  • Customers can now pre pay for bags as soon as their ticket is issued. Previously customers had to wait until check-in to pay for their bags.
  • MileagePlus loyalty program was awarded Favorite Frequent-Flyer Program for the fourth time by Trazee Awards and the United Explorer Card from Chase was awarded Favorite Credit Card for the second consecutive year.

Operations

  • Achieved No. 1 in on-time departures in all hubs where United faces large hub competitors: Denver, Chicago and Los Angeles.
  • Completed introduction of ConnectionSaver to all of seven domestic hubs, saving over 35,000 connections in the quarter.

Employees

  • Honored with being recognized by search site indeed.com as a "Top 50 Workplace" for 2019.
  • Recognized for fourth consecutive year as a top-scoring company and best place to work for disability and inclusion with a perfect score of 100% on the 2019 Disability Equality Index.
  • Expects to hire about 8,000 people by the end of 2019.

Network

  • Announced 12 new and expanded international routes from Chicago, Denver, New York/Newark and San Francisco including Nice, France; Palermo, Italy; and Curacao.
  • Announced nonstop service to Tokyo Haneda with routes from Chicago, Los Angeles, New York/Newark and Washington, D.C., beginning March 28, 2020.
  • Resumed daily nonstop service between New York/Newark and Delhi and Mumbai on September 6.

Fleet

  • Launched Boeing 767-300ER ultra-premium United Polaris business class configuration on all flights between New York/Newark and London-Heathrow starting Sept. 15, 2019.
  • Took delivery of six used Airbus A319 aircraft and nine new Embraer E175 aircraft.

Community

  • Launched Crowdrise fundraising campaign for those affected by Hurricane Dorian.
  • Operated a Boeing 787-8 Dreamliner crewed exclusively by women to the largest airshow in the world, EAA AirVenture in Oshkosh, Wisconsin, to symbolize the airline's commitment to supporting women in aviation.

Investor Day

On March 5, 2020 United will host an investor event in New York. More details will be provided at a later date.

Earnings Call

UAL will hold a conference call to discuss its third-quarter 2019 financial results and its financial and operational outlook for fourth-quarter and full-year 2019 on Wednesday, October 16, 2019, at 9:30 a.m. Central time /10:30 a.m. Eastern time. 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.

Every customer. Every flight. Every day.

In 2019, United is focusing more than ever on its commitment to its customers, looking at every aspect of its business to ensure that the carrier keeps customers' best interests at the heart of its service. In addition to today's announcement, this year United:

  • Announced that MileagePlus award miles will never expire
  • Gave Economy customers a choice of complimentary snacks on domestic flights
  • Made DIRECTV free for every customer on more than 200 aircraft
  • Released a new version of the award-winning, most downloaded app in the airline industry
  • Launched a new tool called ConnectionSaver, dedicated to improving the experience for customers with connecting flights
  • Partnered with CLEAR on free or discounted memberships for MileagePlus members
  • Announced PlusPoints, new upgrade benefits for MileagePlus Premier members
  • And introduced products in its amenity kits made exclusively for the airline by luxury skincare line Sunday Riley

About United

United's shared purpose is "Connecting People. Uniting the World." We are more focused than ever on our commitment to customers through a series of innovations and improvements designed to help build a great experience: Every customer. Every flight. Every day. Together, United Airlines and United Express operate approximately 4,900 flights a day to 358 airports across five continents. In 2018, United and United Express operated more than 1.7 million flights carrying more than 158 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, New York/Newark, San Francisco and Washington, D.C. United operates 788 mainline aircraft and the airline's United Express carriers operate 560 regional aircraft. United is a founding member of Star Alliance, which provides service to 195 countries via 26 member airlines. 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 included in this release 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," "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: our ability to execute our strategic operating plan, including our growth, revenue-generating and cost-control initiatives; 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 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; 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; 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; an outbreak of a disease that affects travel demand or travel behavior; 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; the costs and availability of financing; our ability to maintain adequate liquidity; our ability to comply with the terms of our various financing arrangements; our ability to realize the full value of our intangible assets and long-lived assets; 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, 2018, our Quarterly Report on Form 10-Q for the quarter ended June 30, 2019, 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-

On January 1, 2019, United Airlines Holdings, Inc. ("UAL") adopted Accounting Standards Update No. 2016-02, Leases ("Topic 842"). As such, certain previously reported 2018 figures are adjusted in this report on a basis consistent with Topic 842.

UNITED AIRLINES HOLDINGS, INC.

STATEMENTS OF CONSOLIDATED OPERATIONS (UNAUDITED)



Three Months Ended

September 30,


%

Increase/



Nine Months Ended

September 30,


%

Increase/


(In millions, except per share data)

2019


2018


(Decrease)



2019


2018


(Decrease)


Operating revenue:














Passenger

$

10,481



$

10,120



3.6




$

29,692



$

28,150



5.5



Cargo

282



296



(4.7)




863



903



(4.4)



Other operating revenue

617



587



5.1




1,816



1,759



3.2



Total operating revenue

11,380



11,003



3.4




32,371



30,812



5.1

















Operating expense:














Salaries and related costs

3,063



2,930



4.5




8,993



8,534



5.4



Aircraft fuel

2,296



2,572



(10.7)




6,704



6,927



(3.2)



Regional capacity purchase

721



676



6.7




2,124



1,999



6.3



Landing fees and other rent

645



618



4.4




1,893



1,822



3.9



Depreciation and amortization

575



545



5.5




1,682



1,607



4.7



Aircraft maintenance materials and outside repairs

490



455



7.7




1,319



1,333



(1.1)



Distribution expenses

432



427



1.2




1,234



1,162



6.2



Aircraft rent

67



109



(38.5)




221



355



(37.7)



Special charges (B)

27



17



NM




116



186



NM



Other operating expenses

1,591



1,467



8.5




4,645



4,293



8.2



Total operating expense

9,907



9,816



0.9




28,931



28,218



2.5

















Operating income

1,473



1,187



24.1




3,440



2,594



32.6

















Operating margin

12.9

%


10.8

%


2.1


pts.


10.6

%


8.4

%


2.2


pts.

Adjusted operating margin (Non-GAAP) (A)

13.2

%


10.9

%


2.3


pts.


11.0

%


9.0

%


2.0


pts.















Nonoperating income (expense):














Interest expense

(191)



(172)



11.0




(570)



(497)



14.7



Interest capitalized

22



16



37.5




65



46



41.3



Interest income

36



28



28.6




103



70



47.1



Miscellaneous, net (B)

9



(1)



NM




32



(118)



NM



Total nonoperating expense

(124)



(129)



(3.9)




(370)



(499)



(25.9)

















Income before income taxes

1,349



1,058



27.5




3,070



2,095



46.5

















Pre-tax margin

11.9

%


9.6

%


2.3


pts.


9.5

%


6.8

%


2.7


pts.

Adjusted pre-tax margin (Non-GAAP) (A)

12.1

%


9.6

%


2.5


pts.


9.8

%


7.6

%


2.2


pts.















Income tax expense (D)

325



225



44.4




702



434



61.8



Net income

$

1,024



$

833



22.9




$

2,368



$

1,661



42.6

















Diluted earnings per share

$

3.99



$

3.05



30.8




$

9.04



$

5.98



51.2



Diluted weighted average shares

256.4



273.6



(6.3)




262.0



278.0



(5.8)




NM Not meaningful

UNITED AIRLINES HOLDINGS, INC.

PASSENGER REVENUE INFORMATION AND STATISTICS


Passenger revenue information is as follows (in millions, except for percentage changes):



3Q 2019

Passenger

Revenue


3Q 2018

Passenger

Revenue (a)


Reporting
Adjustments
(b)


3Q 2018

Passenger

Revenue
(b)


Passenger

Revenue

vs.

3Q 2018
(b)


PRASM
vs.
3Q 2018
(b)


Yield vs.
3Q 2018
(b)


Available

Seat Miles

vs.

3Q 2018


3Q 2019
Available
Seat
Miles


3Q 2019
Revenue
Passenger
Miles

Domestic

$

6,554



$

6,253



$

56



$

6,309



3.9%


2.1%


2.3%


1.7%


42,670


36,940





















Atlantic

1,963



1,933



(38)



1,895



3.6%


0.8%


1.0%


2.8%


15,219


13,216

Pacific

1,121



1,163



(30)



1,133



(1.1)%


(3.4)%


(4.0)%


2.3%


10,858


9,038

Latin America

843



771



12



783



7.7%


7.2%


5.9%


0.4%


6,329


5,435

International

3,927



3,867



(56)



3,811



3.0%


0.9%


0.5%


2.2%


32,406


27,689





















Consolidated

$

10,481



$

10,120



$



$

10,120



3.6%


1.7%


1.6%


1.9%


75,076


64,629


(a) As previously reported.

(b) During the third quarter of 2019, United implemented a new revenue accounting software system which allowed it to more precisely determine the geographic regions associated with certain ancillary passenger revenue items. Prior to July 2019, those ancillary revenue items were determined using an allocation method that was based on revenue from passenger travel. While the total passenger revenue is not impacted, the geographic totals for each period are not comparable year-over-year due to the change. The third quarter 2018 passenger revenue presented in the table above, and utilized in the year-over-year comparisons displayed, was adjusted using the third quarter 2019 percentages.

Select operating statistics are as follows:



Three Months Ended

September 30,


%

Increase/

(Decrease)



Nine Months Ended

September 30,


%

Increase/

(Decrease)



2019


2018





2019


2018




Passengers (thousands)

43,091



42,886



0.5




122,137



118,439



3.1



Revenue passenger miles (millions)

64,629



63,393



1.9




180,727



173,187



4.4



Available seat miles (millions)

75,076



73,681



1.9




213,961



206,360



3.7



Passenger load factor:














Consolidated

86.1

%


86.0

%


0.1


pts.


84.5

%


83.9

%


0.6


pts.

Domestic

86.6

%


86.7

%


(0.1)


pts.


85.7

%


85.7

%



pts.

International

85.4

%


85.2

%


0.2


pts.


82.9

%


81.6

%


1.3


pts.

Passenger revenue per available seat mile (cents)

13.96



13.73



1.7




13.88



13.64



1.8



Total revenue per available seat mile (cents)

15.16



14.93



1.5




15.13



14.93



1.3



Average yield per revenue passenger mile (cents)

16.22



15.96



1.6




16.43



16.25



1.1



Cargo ton miles

804



851



(5.5)




2,440



2,523



(3.3)



Aircraft in fleet at end of period

1,348



1,306



3.2




1,348



1,306



3.2



Average stage length (miles)

1,473



1,454



1.3




1,464



1,453



0.8



Average full-time equivalent employees

90,591



89,022



1.8




90,071



87,112



3.4



Average aircraft fuel price per gallon

$

2.02



$

2.32



(12.9)




$

2.08



$

2.23



(6.7)



Fuel gallons consumed (millions)

1,134



1,111



2.1




3,221



3,101



3.9




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, 2018, for definitions of these statistics.

UNITED AIRLINES HOLDINGS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)


(In millions)

September 30, 2019


December 31, 2018

ASSETS




Current assets:




Cash and cash equivalents

$

2,959



$

1,694


Short-term investments

2,167



2,256


Receivables, less allowance for doubtful accounts

1,617



1,426


Aircraft fuel, spare parts and supplies, less obsolescence allowance

1,065



985


Prepaid expenses and other

725



733


Total current assets

8,533



7,094






Total operating property and equipment, net

29,332



27,399


Operating lease right-of-use assets

4,937



5,262






Other assets:




Goodwill

4,523



4,523


Intangibles, less accumulated amortization

3,114



3,159


Restricted cash

100



105


Notes receivable, net

529



516


Investments in affiliates and other, net

1,131



966


Total other assets

9,397



9,269


Total assets

$

52,199



$

49,024






LIABILITIES AND STOCKHOLDERS' EQUITY




Current liabilities:




Advance ticket sales

$

5,515



$

4,381


Accounts payable

2,848



2,363


Frequent flyer deferred revenue

2,537



2,286


Accrued salaries and benefits

2,104



2,184


Current maturities of long-term debt

1,243



1,230


Current maturities of finance leases

92



123


Current maturities of operating leases

778



719


Other

574



553


Total current liabilities

15,691



13,839






Other long-term liabilities and deferred credits:




Long-term debt

12,900



12,215


Long-term obligations under finance leases

186



224


Long-term obligations under operating leases

4,941



5,276


Frequent flyer deferred revenue

2,682



2,719


Postretirement benefit liability

836



1,295


Pension liability

1,087



1,576


Deferred income taxes

1,594



828


Other

981



1,010


Total other long-term liabilities and deferred credits

25,207



25,143


Stockholders' equity

11,301



10,042


Total liabilities and stockholders' equity

$

52,199



$

49,024


UNITED AIRLINES HOLDINGS, INC.

CONDENSED STATEMENTS OF CONSOLIDATED CASH FLOWS (UNAUDITED)


(In millions)

Nine Months Ended

September 30,


2019


2018

Cash Flows from Operating Activities:




Net cash provided by operating activities

$

5,728



$

5,035






Cash Flows from Investing Activities:




Capital expenditures

(3,336)



(2,496)


Purchases of short-term and other investments

(2,168)



(1,975)


Proceeds from sale of short-term and other investments

2,282



1,979


Investment in affiliates

(36)



(139)


Proceeds from sale of property and equipment

47



30


Loans made to others

(10)



(10)


Other, net

(10)



104


Net cash used in investing activities

(3,231)



(2,507)






Cash Flows from Financing Activities:




Proceeds from issuance of long-term debt

1,109



1,241


Payments of long-term debt

(726)



(1,519)


Repurchases of common stock

(1,431)



(1,010)


Principal payments under finance leases

(105)



(57)


Capitalized financing costs

(51)



(31)


Other, net

(29)



(17)


Net cash used in financing activities

(1,233)



(1,393)


Net increase in cash, cash equivalents and restricted cash

1,264



1,135


Cash, cash equivalents and restricted cash at beginning of the period

1,799



1,591


Cash, cash equivalents and restricted cash at end of the period

$

3,063



$

2,726






Investing and Financing Activities Not Affecting Cash:




Property and equipment acquired through the issuance of debt

$

306



$

125


Operating lease conversions to finance lease

36



52


Right-of-use assets acquired through operating leases

344



537


Property and equipment acquired through finance leases

8




UNITED AIRLINES HOLDINGS, INC.

RETURN ON INVESTED CAPITAL (ROIC)—Non-GAAP


ROIC is a non-GAAP financial measure that UAL believes provides useful supplemental information for management and investors by measuring the effectiveness of the company's operations' use of invested capital to generate profits.


(in millions)

Twelve Months Ended

September 30, 2019

Net Operating Profit After Tax ("NOPAT")


Pre-tax income

$

3,623


Adjustments:


Special charges and mark-to-market ("MTM") gains on financial instruments:


Impairment of assets

301


Termination of a maintenance service agreement

64


Severance and benefit costs

21


MTM gains on financial instruments

(128)


(Gains) losses on sale of assets and other special charges

31


Pre-tax income excluding special charges and MTM gains on financial instruments (Non-GAAP)

3,912


add: Interest expense (net of income tax benefit) (a)

739


add: Interest component of capitalized aircraft rent (net of income tax benefit) (a)

163


add: Net interest on pension (net of income tax benefit) (a)

(14)


less: Income taxes paid

(22)


NOPAT (Non-GAAP)

$

4,778






Average Invested Capital (five-quarter average)


Total assets

$

50,642


less: Non-interest bearing liabilities (b)

(17,823)


Average invested capital (Non-GAAP)

$

32,819




ROIC (Non-GAAP)

14.6

%



(a)

Income tax benefit measured based on the effective cash tax rate. The effective cash tax rate is calculated by dividing cash taxes paid by pre-tax income excluding special charges and MTM gains on financial instruments. For the twelve months ended September 30, 2019, the effective cash tax rate was 0.6%.

(b)

Non-interest bearing liabilities include advance ticket sales, frequent flyer deferred revenue, deferred income taxes and other non-interest bearing liabilities.

UNITED AIRLINES HOLDINGS, INC.

NON-GAAP FINANCIAL RECONCILIATION


(A) 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 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 is useful to investors because special charges are not indicative of UAL's ongoing performance. UAL believes that adjusting for MTM gains and losses on financial instruments 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 and fuel sales, 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

September 30,


%

Increase/


Nine Months Ended

September 30,


%

Increase/


2019


2018


(Decrease)


2019


2018


(Decrease)

CASM (cents)












Cost per available seat mile (CASM) (GAAP)

13.20



13.32



(0.9)



13.52



13.67



(1.1)


Special charges (B)

0.04



0.02



NM



0.05



0.09



NM


Third-party business expenses

0.07



0.04



75.0



0.06



0.04



50.0


Fuel expense

3.05



3.49



(12.6)



3.13



3.36



(6.8)


Profit sharing, including taxes

0.24



0.17



41.2



0.17



0.12



41.7


CASM, excluding special charges, third-party business expenses, fuel, and profit sharing (Non-GAAP)

9.80



9.60



2.1



10.11



10.06



0.5



NM Not Meaningful

UNITED AIRLINES HOLDINGS, INC.

NON-GAAP FINANCIAL RECONCILIATION (Continued)



Three Months Ended

September 30,


$

Increase/


%

Increase/


Nine Months Ended

September 30,


$

Increase/


%

Increase/

(in millions)

2019


2018


(Decrease)


(Decrease)


2019


2018


(Decrease)


(Decrease)

Operating expenses (GAAP)

$

9,907



$

9,816



$

91



0.9



$

28,931



$

28,218



$

713



2.5


Special charges (B)

27



17



10



NM



116



186



(70)



NM


Operating expenses, excluding special charges

9,880



9,799



81



0.8



28,815



28,032



783



2.8


Adjusted to exclude:
















Third-party business expenses

49



29



20



69.0



120



89



31



34.8


Fuel expense

2,296



2,572



(276)



(10.7)



6,704



6,927



(223)



(3.2)


Profit sharing, including taxes

174



127



47



37.0



368



252



116



46.0


Adjusted operating expenses (Non-GAAP)

$

7,361



$

7,071



$

290



4.1



$

21,623



$

20,764



$

859



4.1


















Operating income (GAAP)

$

1,473



$

1,187



$

286



24.1



$

3,440



$

2,594



$

846



32.6


Adjusted to exclude:
















Special charges (B)

27



17



10



NM



116



186



(70)



NM


Adjusted operating income (Non-GAAP)

$

1,500



$

1,204



$

296



24.6



$

3,556



$

2,780



$

776



27.9


















Pre-tax income (GAAP)

$

1,349



$

1,058



$

291



27.5



$

3,070



$

2,095



$

975



46.5


Adjusted to exclude:
















Special charges (B)

27



17



10



NM



116



186



(70)



NM


MTM (gains) losses on financial instruments (B)

(21)



(29)



8



NM



(72)



61



(133)



NM


Interest expense on ERJ 145 finance leases (C)

22



13



9



NM



68



13



55



NM


Adjusted pre-tax income (Non-GAAP)

$

1,377



$

1,059



$

318



30.0



$

3,182



$

2,355



$

827



35.1


















Net income (GAAP)

$

1,024



$

833



$

191



22.9



$

2,368



$

1,661



$

707.0



42.6


Adjusted to exclude:
















Special charges (B)

27



17



10



NM



116



186



(70)



NM


MTM (gains) losses on financial instruments (B)

(21)



(29)



8



NM



(72)



61



(133)



NM


Interest expense on ERJ 145 finance leases (C)

22



13



9



NM



68



13



55



NM


Income tax expense (benefit) related to adjustments above

(6)





(6)



NM



(25)



(58)



33



NM


Adjusted net income (Non-GAAP)

$

1,046



$

834



$

212



25.4



$

2,455



$

1,863



$

592



31.8


















Diluted earnings per share (GAAP)

$

3.99



$

3.05



$

0.94



30.8



$

9.04



$

5.98



$

3.06



51.2


Adjusted to exclude:
















Special charges (B)

0.10



0.06



0.04



NM



0.44



0.67



(0.23)



NM


MTM (gains) losses on financial instruments (B)

(0.08)



(0.11)



0.03



NM



(0.27)



0.22



(0.49)



NM


Interest expense on ERJ 145 finance leases (C)

0.08



0.05



0.03



NM



0.26



0.05



0.21



NM


Income tax benefit related to adjustments

(0.02)





(0.02)



NM



(0.10)



(0.22)



0.12



NM


Adjusted diluted earnings per share (Non-GAAP)

$

4.07



$

3.05



$

1.02



33.4



$

9.37



$

6.70



$

2.67



39.9



NM Not Meaningful

UNITED AIRLINES HOLDINGS, INC.

NON-GAAP FINANCIAL RECONCILIATION (Continued)


UAL believes that adjusting capital expenditures for assets acquired through the issuance of debt and finance leases 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 operating activities for capital expenditures and adjusted capital expenditures 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

September 30,


Nine Months Ended

September 30,

Capital Expenditures (in millions)

2019


2018


2019


2018

Capital expenditures (GAAP)

$

869



$

825



$

3,336



$

2,496


Property and equipment acquired through the issuance of debt

86





306



125


Property and equipment acquired through finance leases





8




Adjusted capital expenditures (Non-GAAP)

$

955



$

825



$

3,650



$

2,621










Free Cash Flow (in millions)








Net cash provided by operating activities (GAAP)

$

1,103



$

883



$

5,728



$

5,035


Less capital expenditures

869



825



3,336



2,496


Free cash flow, net of financings (Non-GAAP)

$

234



$

58



$

2,392



$

2,539










Net cash provided by operating activities (GAAP)

$

1,103



$

883



$

5,728



$

5,035


Less adjusted capital expenditures (Non-GAAP)

955



825



3,650



2,621


Free cash flow (Non-GAAP)

$

148



$

58



$

2,078



$

2,414


UNITED AIRLINES HOLDINGS, INC.

NOTES (UNAUDITED)


(B) Special charges and MTM gains and losses on financial instruments include the following:



Three Months Ended

September 30,


Nine Months Ended

September 30,

(In millions)

2019


2018


2019


2018

Operating:








Severance and benefit costs

$

2



$

9



$

14



$

34


Impairment of assets



11



69



145


(Gains) losses on sale of assets and other special charges

25



(3)



33



7


Total special charges

27



17



116



186


Nonoperating MTM (gains) losses on financial instruments

(21)



(29)



(72)



61


Total special charges and MTM (gains) losses on financial instruments

6



(12)



44



247


Income tax expense (benefit) related to special charges and MTM (gains) losses on financial instruments

(2)



3



(10)



(55)


Total special charges and MTM (gains) losses on financial instruments, net of income taxes

$

4



$

(9)



$

34



$

192



Severance and benefit costs: During the three and nine months ended September 30, 2019, the company recorded $2 million and $12 million, respectively, of management severance. During the nine months ended September 30, 2019, the company recorded $2 million of severance and benefit costs related to a voluntary early-out program for its technicians and related employees represented by the International Brotherhood of Teamsters. In the first quarter of 2017, approximately 1,000 technicians and related employees elected to voluntarily separate from the company and received a severance payment, with a maximum value of $100,000 per participant, based on years of service, with retirement dates through early 2019.


During the three and nine months ended September 30, 2018, the company recorded $5 million and $19 million, respectively, of severance and benefit costs related to the voluntary early-out program for its technicians and related employees, and $4 million and $15 million, respectively, of management severance.


Impairment of assets: During the nine months ended September 30, 2019, the company recorded a $47 million impairment for aircraft engines removed from operations, an $8 million fair value adjustment for aircraft purchased off lease, a $6 million charge for the early termination of several regional aircraft finance leases and $8 million in other miscellaneous impairments.


In May 2018, the Brazil–United States open skies agreement was ratified, which provides air carriers with unrestricted access between the United States and Brazil. The company determined that the approval of the open skies agreement impaired the entire value of its Brazil route authorities because the agreement removed all limitations or reciprocity requirements for flights between the United States and Brazil. Accordingly, the company recorded a $105 million special charge to write off the entire value of the intangible asset associated with its Brazil routes. For the three and nine months ended September 30, 2018, the company also recorded $11 million and $40 million, respectively, of fair value adjustments related to aircraft purchased off lease, write-off of unexercised aircraft purchase options and other impairments related to certain fleet types and international slots no longer in use.


(Gains) losses on sale of assets and other special charges. During the three months ended September 30, 2019, the company recorded charges of $18 million for the settlement of certain legal matters and $15 million related to a contract termination, as well as an $8 million gain primarily related to the sale and disposition of certain assets. During the nine months ended September 30, 2019, the company recorded $8 million of losses on the sale of assets.


During the three and nine months ended September 30, 2018, the company recorded $3 million of gains primarily related to the sale of aircraft engines and $7 million of losses primarily related to contract termination of regional aircraft operations in Guam, respectively.


MTM gains and losses on financial instruments: During the three and nine months ended September 30, 2019, the company recorded gains of $25 million and $77 million, respectively, for the change in market value of certain of its equity investments, primarily Azul Linhas Aéreas Brasileiras S.A.. Also, during the three and nine months ended September 30, 2019, the company recorded losses of $4 million and $5 million, respectively, for the change in fair value of certain derivative assets related to equity of Avianca Holdings S.A. For equity investments and derivative assets subject to MTM accounting, the company records gains and losses as part of Nonoperating income (expense): Miscellaneous, net in its statements of consolidated operations.


During the three and nine months ended September 30, 2018, the company recorded gains of $29 million and losses of $61 million, respectively, for the change in market value of certain of its equity investments.


(C) Interest expense related to finance leases of Embraer ERJ 145 aircraft


During the third quarter of 2018, United entered into an agreement with the lessor of 54 Embraer ERJ 145 aircraft to purchase those aircraft in 2019. The provisions of the new lease agreement resulted in a change in accounting classification of these new leases from operating leases to finance leases up until the purchase date. As a result of this change, the company recognized $22 million and $68 million, respectively, of additional interest expense in the three and nine months ended September 30, 2019, and $13 million of additional interest expense in the third quarter of 2018.


(D) Effective tax rate


The company's effective tax rate for the three and nine months ended September 30, 2019 was 24.1% and 22.9%, respectively. The effective tax rate for the three and nine months ended September 30, 2018 was 21.3% and 20.7%, respectively. The effective tax rate represents a blend of federal, state and foreign taxes and includes the impact of certain nondeductible items and the impact of a change in the company's mix of domestic and foreign earnings.

SOURCE United Airlines

For further information: United Airlines Worldwide Media Relations, +1-872-825-8640, media.relations@united.com

United Airlines to Lead Industry Switch to Sustainable Aviation Fuel with Global Corporations, Customers

New United Eco-Skies Alliance Program includes global corporate leaders who, with United, will pay towards more sustainable aviation fuel, all companies invited to participate
April 13, 2021

CHICAGO, April 13, 2021 /PRNewswire/ -- United Airlines continues to lead the industry towards a more sustainable future with the launch of the first-of-its-kind Eco-Skies Alliance SM  program. Working with the airline, more than a dozen leading global corporations will collectively contribute towards the purchase of approximately 3.4 million gallons of sustainable aviation fuel (SAF) this year. With its nearly 80% emissions reductions on a lifecycle basis compared to conventional jet fuel, this is enough SAF to eliminate approximately 31,000 metric tons of greenhouse gas emissions, or enough to fly passengers over 220 million miles.

As inaugural participants, the following companies are taking a lead within their respective industries, reducing their aviation-related impact on the environment at the source, and creating demand for more SAF production.

  • Autodesk
  • Boston Consulting Group
  • CEVA Logistics
  • Deloitte
  • DHL Global Forwarding
  • DSV Panalpina
  • HP Inc.
  • Nike
  • Palantir
  • Siemens
  • Takeda Pharmaceuticals

"While we've partnered with companies for years to help them offset their flight emissions, we applaud those participating in the Eco-Skies Alliance for recognizing the need to go beyond carbon offsets and support SAF-powered flying, which will lead to more affordable supply and ultimately, lower emissions," said United CEO Scott Kirby. "This is just the beginning. Our goal is to add more companies to the Eco-Skies Alliance program, purchase more SAF and work across industries to find other innovative paths towards decarbonization."

United has made the airline industry's single largest investment in SAF and has purchased more SAF than any other airline in the world. World Energy, a long-term partner of United, will supply the SAF to Los Angeles International Airport (LAX), which makes it conveniently accessible to United's operations.

Customers traveling with United can now purchase SAF

In addition to the Eco-Skies Alliance program, United is giving customers the ability to contribute funds for additional SAF purchase or for use on initiatives United believes will help decarbonize aviation – the first of any U.S. airline to do so. Understanding there is a growing interest among customers for real, lasting solutions, this new capability will be available starting immediately via portal on united.com/ecoskiesalliance.

Advocating for sustainable travel, together with United

Strong federal and state policy leadership will be essential to reducing the climate impacts of air travel, so starting immediately United will help individuals connect with elected representatives to advocate for policies that would make air travel more sustainable for the long term. United will be the first airline in the world to connect customers directly with policy makers to voice the support that is needed to advance and accelerate permanent, scalable solutions that hold the potential to decarbonize the air transportation industry – and not just offset emissions.

 "We know there is a growing demand from a wide range of our customers including corporations, cargo shippers and individuals who share the same concern we do – that climate change is the most pressing issue of our generation," Kirby said.

United's 100% Green Commitment

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've committed to become 100% green and reduce our greenhouse gas emissions 100% by 2050 by taking the harder, better path of reducing emissions from flying, rather than relying on traditional carbon offsets.

Here are some of the ways we're making sustainability the new standard in flight:

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 (CDP) named United as the only airline globally to its 2020 Climate '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 inNewsweek's2017 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/sustainability.

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

United Sets New Diversity Goal: 50% of Students at New Pilot Training Academy To Be Women and People of Color

United Airlines is only major U.S. airline to own flight school: United Aviate Academy
April 06, 2021

CHICAGO, April 6, 2021 /PRNewswire/ -- United Airlines, the only major U.S. airline to own a flight school, will begin accepting applications today as it embarks on an ambitious plan to train 5,000 new pilots by 2030, at least half of them women and people of color. Backed by scholarship commitments from United Airlines and JPMorgan Chase, United Aviate Academy will create opportunities for thousands of students, including women and people of color to pursue a career as a commercial airline pilot, one of the most lucrative careers in the industry.

United Returns to JFK With Coast-to-Coast Flights and the Most Premium Seats From the NYC Area

Flights feature a reconfigured Boeing 767-300ER airplane with 46 business class seats and 22 United Premium Plus® seats
March 29, 2021

NEW YORK, March 29, 2021 /PRNewswire/ -- United is back at John F. Kennedy Airport (JFK), now operating direct service to the airline's West Coast hubs – Los Angeles International Airport (LAX) and San Francisco International Airport (SFO) from New York City. The airline will use its Boeing 767-300ER aircraft which features 46 business class all-aisle-access seating, and 22 United Premium Plus® seats. The airline operates the most premium seats between the New York City area and Los Angeles and San Francisco combined.

United is currently flying one round-trip flight, five days a week to each West Coast airport, with plans to double the number of flights as demand grows. The carrier is back at JFK following a five-year hiatus and now offers service from all three major airports in the New York City area.

"United's return to JFK reflects not only our strong commitment to the New York City area, but also to increasing service to and from the places our customers want to fly," said Ankit Gupta, Vice President of Domestic Network Planning and Scheduling. "With the addition of JFK, United now offers unmatched service, greater convenience, more choice and a best-in-class product for travelers throughout the New York City region as they return to the skies."

"We're happy to welcome United Airlines back to Kennedy Airport," said Charles Everett, General Manager of John F. Kennedy International Airport. "We remain committed to providing the highest level of safety, accessibility and ease of travel for all of the passengers who use the Port Authority's airport facilities, and United's decision is a great step in that direction."

United's premium cabin features flat-bed seats on all flights similar to the current Newark-Los Angeles and Newark-San Francisco offerings, providing a consistent and comprehensive NYC-West Coast product. This includes the signature cooling gel pillow along with the Saks Fifth Avenue day blanket and pillow. The routes offer seasonal menus crafted by renowned chefs and distinctive amenities. This includes both travelers in United Business and United Premium Plus sections who enjoy a complimentary hot entrée, mixed nuts, salad and dessert, as well as complimentary alcoholic beverages. The Economy Plus® and Economy sections feature the United all-in-one snack bag as well as the airline's buy on board program, which returns on April 12. Eligible customers will have access to the United ClubSM location at either LAX or SFO.

United's operations at JFK's Terminal 7 will provide seamless access for customers. The lobby area offers self-service kiosks, along with eight podiums which are conveniently located steps away from the TSA check point. Just a short walk from security screening, travelers will find the United-operated gates. Customers will also benefit from easy connections to more than a dozen Star Alliance partners at JFK, including access to 15 destinations in 14 countries as of March 2021.

For images and video footage please click here. Tickets are now available for purchase on United.com.

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 CleanPlusSM 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. For more details on all the ways United is helping keep customers safe during their journey, please visit united.com/cleanplus.

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

United to Hold Webcast of First-Quarter 2021 Financial Results

March 26, 2021

CHICAGO, March 26, 2021 /PRNewswire/ -- United Airlines will hold a conference call to discuss first-quarter 2021 financial results on Tuesday, April 20 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 company will issue its first-quarter financial results after market close on Monday, April 19.

United Airlines Adds New Direct Flights to Coastal Vacation Destinations Starting Memorial Day Weekend

Airline adds 26 new routes between Midwest cities and popular summer getaway destinations in the South and New England
March 25, 2021

CHICAGO, March 25, 2021 /PRNewswire/ -- As more travelers begin to plan long-awaited getaways with family and friends, United Airlines is kicking off summer vacation season with a robust May schedule that includes the addition of 26 new nonstop routes between Midwest cities such as Cleveland, Cincinnati and Milwaukee and popular vacation destinations such as Hilton Head, S.C.; Pensacola, Fla.; and Portland, Maine. The airline also plans to resume more than 20 domestic routes and will start new service between Orange County, Calif., and Honolulu.

Internationally, in May United will fly more than 100% of its pre-pandemic schedule to Latin America compared to what it operated in 2019, including more flights to Mexico, the Caribbean, Central America and South America. The airline also plans to resume flights between Chicago and Tokyo Haneda, resume passenger flights between New York/Newark and Milan and Rome, and restart service between Chicago and Amsterdam. In total, United plans to operate 52% of its overall schedule compared to May 2019, whereas in May 2020 United operated 14% of its overall schedule compared to May 2019.

"In the past few weeks, we have seen the strongest flight bookings since the start of the pandemic," said Ankit Gupta, vice president of United's domestic network planning and scheduling. "As we rebuild our schedule to meet that demand, adding in seasonal point-to-point flying is just one of the ways we are finding opportunities to add new and exciting service. And as we have done throughout the entire pandemic, we will continue being nimble and strategic with our network to add the right service to the destinations our customers want to visit."

Domestic May Schedule

Starting May 27, United will begin point-to-point service to Charleston, S.C.; Hilton Head, S.C.; Myrtle Beach, S.C.; Pensacola, Fla. and Portland, Maine from seven cities including Cleveland, Cincinnati and Columbus, Ohio; St. Louis, Mo.; Pittsburgh, Pa.; Milwaukee, Wis. and Indianapolis, Ind. United plans to operate these point-to-point routes through Labor Day weekend. Most customers on these flights will experience United's new Bombardier CRJ-550 – the world's first 50-seater aircraft with two cabins. The spacious CRJ-550 is equipped with 10 first class seats, 20 Economy Plus seats, 20 standard economy seats, Wi-Fi, more legroom and enough overhead bin space for every customer to bring a roller bag on board.

For video and photos of the CRJ-550 click here.

United also continues to be a leading airline to Hawaii, offering more than 200 weekly flights, including new service between Orange County and Honolulu. In May, United will begin offering United Premium Plus® service on select Hawaii routes, which includes a bigger, more comfortable seat and a complimentary meal. United Premium Plus will be available for customers traveling to Honolulu and Maui from Chicago and Denver and will be expanded in June to flights between Chicago and Kona, Houston and Honolulu, and New York/Newark and Maui. United allows customers with valid negative COVID-19 tests to pre-clear before departing to Hawaii so they can save time and skip document screening lines upon arrival in the islands.

In addition to the new point-to-point service, United will resume 20 domestic flights to popular destinations and introduce three new domestic routes. This new nonstop service includes flights between Houston and Kalispell, Mont.; Washington, D.C. and Bozeman, Mont.; and between Chicago and Nantucket, Mass. Overall, United plans to operate 58% of its domestic schedule compared to May 2019.

International May Schedule

United will fly 46% of its international schedule compared to its May 2019 schedule. As customers continue to travel to warm beach destinations, United will operate more flights to Mexico, the Caribbean, Central America and South America than the carrier flew in 2019, providing more options to travel to Central America than any other U.S. carrier. Across the Pacific, United will resume flights between Chicago and Tokyo's Haneda airport and increase service from Los Angeles to Sydney and Tokyo Narita. Across the Atlantic, United will resume service between Newark and Milan and Rome as well as between Chicago and Amsterdam, Munich and Tel Aviv.

New Summer Point-to-Point Frequencies


Service from Cleveland to:

Destination

Frequency

Charleston, S.C.

3x weekly

Hilton Head, S.C.

3x weekly

Myrtle Beach, S.C.

3x weekly

Pensacola, Fla.

3x weekly

Portland, Maine

3x weekly


Service from Cincinnati to:

Charleston, S.C.

3x weekly

Hilton Head, S.C.

3x weekly

Pensacola, Fla.

3x weekly

Portland, Maine

3x weekly


Service from Columbus to:

Charleston, S.C.

3x weekly

Hilton Head, S.C.

4x weekly

Portland, Maine

4x weekly


Service from Indianapolis to:

Charleston, S.C.

4x weekly

Hilton Head, S.C.

3x weekly

Portland, Maine

4x weekly


Service from Milwaukee to:

Charleston, S.C.

2x weekly

Myrtle Beach, S.C.

2x weekly

Pensacola, Fla.

2x weekly

Portland, Maine

2x weekly

Savannah, Ga.

2x weekly


Service from St. Louis to:

Hilton Head, S.C.

3x weekly

Myrtle Beach, S.C.

3x weekly


Service from Pittsburgh to:

Charleston, S.C.

3x weekly

Hilton Head, S.C.

3x weekly

Pensacola, Fla.

3x weekly

Portland, Maine

3x weekly

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

United Airlines to Present at the 2021 J.P. Morgan Industrials Conference

March 09, 2021

CHICAGO, March 9, 2021 /PRNewswire/ -- United Airlines will present at the J.P. Morgan Industrials Conference on Monday, March 15. United Airlines' Chief Executive Officer Scott Kirby will present at the conference beginning at 8:40 a.m. CT / 9:40 a.m. ET.

The live webcast will be available on the investor relations section of United's website at ir.united.com. The company will archive the audio webcast on the website within 24 hours of the presentation, and the webcast will be available for a limited time.

From Airline to Landline: United Offers Seamless Travel from Denver International Airport to Breckenridge and Fort Collins

New luxury bus collaboration allows customers to fly into DEN, have their bags and ski equipment automatically transferred and be driven to Breckenridge and Fort Collins
February 26, 2021

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.

United Airlines Names Laysha Ward to Board of Directors

February 24, 2021

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.

United Announces Plans to Begin New Daily Nonstop Service Between Boston Logan and London Heathrow

United will be the only U.S. carrier to offer nonstop service between the nation's top seven business markets and London Heathrow
February 19, 2021

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.

Aloha, Summer! United to Offer the Only Nonstop Flights Between Orange County, California and Honolulu

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

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.