United reports first quarter 2017 performance - United Hub

United Airlines Reports First-Quarter 2017 Performance

April 17, 2017

CHICAGO, April 17, 2017 /PRNewswire/ -- United Airlines (UAL) today announced its first-quarter 2017 financial results.

  • UAL reported first-quarter net income of $96 million, diluted earnings per share of $0.31, pre-tax earnings of $145 million and pre-tax margin of 1.7 percent.
  • Excluding special items, UAL reported first-quarter net income of $129 million, diluted earnings per share of $0.41, pre-tax earnings of $196 million and pre-tax margin of 2.3 percent.

Oscar Munoz, chief executive officer of United Airlines, said, "In the first quarter of 2017, our financial and operational performance gives us a lot of confidence about the foundation we are building. It is obvious from recent experiences that we need to do a much better job serving our customers. The incident that took place aboard Flight 3411 has been a humbling experience, and I take full responsibility. This will prove to be a watershed moment for our company, and we are more determined than ever to put our customers at the center of everything we do. We are dedicated to setting the standard for customer service among U.S. airlines, as we elevate the experience our customers have with us from booking to baggage claim."

First-Quarter Revenue

For the first quarter of 2017, revenue was $8.4 billion, an increase of 2.7 percent year-over-year. First-quarter 2017 consolidated passenger revenue per available seat mile (PRASM) was flat and consolidated yield increased 0.4 percent compared to the first quarter of 2017.

Scott Kirby, president of United Airlines, said, "United is delivering on the commitments we made at investor day last fall. We saw positive trends in the revenue environment in the quarter and are optimistic about the year ahead. Looking forward, we expect second-quarter consolidated PRASM to be up 1.0 to 3.0 percent. This would mark the fifth straight quarter of sequential improvement and the first quarter of positive unit revenue growth in two years."

First-Quarter Costs

Operating expense was $8.1 billion in the first quarter, up 7.9 percent year-over-year. Excluding special charges, operating expense was $8.1 billion, a 10.0 percent increase year-over-year. Consolidated unit cost per available seat mile (CASM) increased 5.1 percent compared to the first quarter of 2017 due largely to higher fuel expense and the impact of labor agreements ratified in 2017. First-quarter consolidated CASM, excluding special charges, third-party business expenses, fuel and profit sharing, increased 5.0 percent year-over-year, driven mainly by higher labor expense.

Liquidity and Capital Allocation

In the first quarter of 2017, UAL increased its revolving credit facility by $650 million to a total capacity of $2.0 billion with the full amount currently undrawn and increased its existing term loan by approximately $440 million with more favorable terms and rates. Also in the first quarter, the company raised $300 million of unsecured debt at 5 percent.

UAL generated $547 million in operating cash flow and ended the quarter with $6.4 billion in unrestricted liquidity, including its $2.0 billion revolving credit facility. The company's capital expenditures were $691 million in the first quarter. Including assets acquired through the issuance of debt and airport construction financing and excluding fully reimbursable projects, the company invested $1.4 billion during the first quarter in adjusted capital expenditures. The company contributed $80 million to its pension plans and made debt and capital lease principal payments of $346 million in the first quarter.

For the 12 months ended March 31, 2017, the company's pre-tax income was $3.5 billion and return on invested capital (ROIC) was 17.5 percent. In the quarter, UAL purchased $0.3 billion of its common shares at an average price of $68.41 per share. As of March 31, 2017, the company had approximately $1.5 billion remaining to purchase shares under its existing share repurchase authority.

Andrew Levy, executive vice president and chief financial officer of United Airlines, said, "During the quarter, we improved our liquidity and continued to return cash to shareholders. We remain focused on maintaining a strong balance sheet and finding incremental cost savings opportunities."

For more information on UAL's second-quarter 2017 guidance, please visit ir.united.com for the company's investor update.

First-Quarter Highlights

Customer Experience

  • Modernized airport screening experience with fully redesigned security checkpoint at Newark Liberty International Airport.
  • Debuted new Terminal C North at Houston's George Bush Intercontinental Airport – elevating the customer experience with roomier gate areas, the latest technology and chef-inspired dining choices.
  • United named "Eco-Airline of the Year" from Air Transport World magazine for its leadership in environmental action.
  • Launched United Jetstream, a new online portal for corporate and travel agency customers that simplifies the travel management process and gives customers an intuitive suite of self-service tools.
  • Launched new Basic Economy fare for travel between Minneapolis/St. Paul and any of United's seven U.S. hubs.

Network and Fleet

  • Began implementing plan to improve the company's route network with more destinations, more flights and more convenient connections, with expectations to add service to 31 destinations across the U.S. and Europe in 2017.
  • Took delivery of six Boeing 777-300ER aircraft, two Boeing 787-9 aircraft and one used Airbus A319 aircraft in the quarter.
  • Purchased 12 currently operated Boeing 737NG aircraft previously leased to the company.
  • Entered into a new partnership with Air Wisconsin Airlines to operate 50 regional jets under the United Express brand.

Operations and Employees

  • Achieved a record-setting 25 zero-cancellation days for the mainline operation in the quarter.
  • Consolidated completion factor was 97.5 percent in the first quarter, 0.6 points higher than the 96.9 percent from first-quarter 2017. This represents over 2,500 fewer flight cancellations compared to the first quarter of 2017.
  • Achieved best-ever consolidated on-time departure rate for both February and March and lowest-ever first-quarter mishandled bag rate in company history.
  • Employees earned cash-incentive payments of approximately $18 million for achieving operational performance goals in the quarter.

About United

United Airlines and United Express operate approximately 4,500 flights a day to 337 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, New York/Newark, San Francisco and Washington, D.C. United operates 743 mainline aircraft and the airline's United Express partners operate 478 regional aircraft. The airline is a founding member of Star Alliance, which provides service to 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".

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," "forecast," "guidance," "outlook," "goals" 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 comply with the terms of our various financing arrangements; the costs and availability of financing; our ability to maintain adequate liquidity; our ability to execute our operational plans and revenue-generating initiatives, including optimizing our revenue; our ability to control our costs, including realizing benefits from our resource optimization efforts, cost reduction initiatives and fleet replacement programs; costs associated with any modification or termination of our aircraft orders; our ability to utilize our net operating losses; our ability to attract and retain customers; potential reputational or other impact from adverse events in our operations; demand for transportation in the markets in which we operate; an outbreak of a disease that affects travel demand or travel behavior; demand for travel and the impact that global economic and political conditions have on customer travel patterns; excessive taxation and the inability to offset future taxable income; 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); our ability to cost-effectively hedge against increases in the price of aircraft fuel if we decide to do so; any potential realized or unrealized gains or losses related to fuel or currency hedging programs; economic and political instability and other risks of doing business globally; the effects of any hostilities, act of war or terrorist attack; 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; the effects of any technology failures or cybersecurity breaches; disruptions to our regional network; the costs and availability of aviation and other insurance; industry consolidation or changes in airline alliances; the success of our investments in airlines in other parts of the world; competitive pressures on pricing and on demand; our capacity decisions and the capacity decisions of our competitors; U.S. or foreign governmental legislation, regulation and other actions (including Open Skies agreements and environmental regulations); the impact of regulatory, investigative and legal proceedings and legal compliance risks; the impact of any management changes; labor costs; 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; weather conditions; 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, 2017, 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 CONTINENTAL HOLDINGS, INC.
STATEMENTS OF CONSOLIDATED OPERATIONS (UNAUDITED)
(In millions, except per share data)

(In millions, except per share data) Three Months Ended
March 31, 2017
Three Months Ended
March 31, 2016
%
Increase/
(Decrease)
Operating revenue:
Passenger:
Mainline
$5,831 $5,577 4.6
Operating revenue: Passenger: Regional 1,343 1,413 (5.0)
Operating revenue: Passenger: Total passenger revenue (B) 7,174 6,990 2.6
Operating revenue: Cargo 220 194 13.4
Operating revenue: Other operating revenue 1,026 1,011 1.5
Operating revenue: Total operating revenue 8,420 8,195 2.7
Operating expense:
Salaries and related costs
2,661 2,490 6.9
Operating expense: Aircraft fuel (C) 1,560 1,218 28.1
Operating expense: Landing fees and other rent 544 525 3.6
Operating expense: Regional capacity purchase 536 522 2.7
Operating expense: Depreciation and amortization 518 479 8.1
Operating expense: Aircraft maintenance materials and outside repairs 454 402 12.9
Operating expense: Distribution expenses 307 303 1.3
Operating expense: Aircraft rent 179 178 0.6
Operating expense: Special charges (D) 51 190 NM1
Operating expense: Other operating expenses 1,332 1,239 7.5
Operating expense: Other Operating Expenses: Total operating expenses 8,142 7,546 7.9
Operating income: Operating income 278 649 (57.2)
Operating margin 3.3% 7.9% (4.6) pts.
Operating margin, excluding special charges (A) (Non-GAAP) 3.9% 10.2% (6.3) pts.
Nonoperating income (expense):
Interest expense
(150) (159) (5.7)
Nonoperating income (expense): Interest capitalized 23 14 64.3
Nonoperating income (expense): Interest income 11 8 37.5
Nonoperating income (expense): Miscellaneous, net (D) (17) (18) (5.6)
Nonoperating income (expense): Miscellaneous, net (D): Total nonoperating expense (133) (155) (14.2)
Income before income taxes: Income before income taxes 145 494 (70.6)
Pre-tax margin 1.7% 6.0% (4.3) pts.
Pre-tax margin, excluding special items (A) (Non-GAAP) 2.3% 8.4% (6.1) pts.
Income tax expense (benefit) (E) 49 181 (72.9)
Net income $96 $313 (69.3)
Earnings per share, diluted $0.31 $0.88 (64.8)
Weighted average shares, diluted 315 355 (11.3)
  1. NM means Not Meaningful

 

UNITED CONTINENTAL HOLDINGS, INC.
STATISTICS
Statistics: Three Months Ended
March 31, 2017
Three Months Ended
March 31, 2016
%
Increase/
(Decrease)
Mainline:
Passengers (thousands)
23,825 22,277 6.9
Mainline:Revenue passenger miles (millions) 42,183 40,856 3.2
Mainline:Available seat miles (millions) 53,054 51,165 3.7
Mainline:Cargo ton miles (millions) 748 622 20.3
Mainline:Passenger revenue per available seat mile (cents) 10.99 10.90 0.8
Mainline:Average yield per revenue passenger mile (cents) 13.82 13.65 (1.2
Mainline:Aircraft in fleet at end of period 743 719 3.3
Mainline:Average stage length (miles) 1,802 1,859 (3.1)
Mainline:Average daily utilization of each aircraft (hours) 9:45 9:36 1.6
Regional:
Passengers (thousands)
9,280 9,810 (5.4)
Regional:Revenue passenger miles (millions) 5,428 5,726 (5.2)
Regional:Available seat miles (millions) 6,754 7,108 (5.0)
Regional:Passenger revenue per available seat mile (cents) 19.88 19.88
Regional:Average yield per revenue passenger mile (cents) 24.74 24.68 0.2
Regional:Aircraft in fleet at end of period 478 503 (5.0)
Regional:Average stage length (miles) 573 575 (0.3)
Consolidated (Mainline and Regional):
Passengers (thousands)
33,105 32,087 3.2
Consolidated (Mainline and Regional):Revenue passenger miles (millions) 47,611 46,582 2.2
Consolidated (Mainline and Regional):Available seat miles (millions) 59,808 58,273 2.6
Consolidated (Mainline and Regional):Passenger load factor:
Consolidated
79.6% 79.9% (0.3) pts.
Consolidated (Mainline and Regional):Domestic 83.3% 82.9% 0.4 pts.
Consolidated (Mainline and Regional):International 75.2% 76.4% (1.2) pts.
Consolidated (Mainline and Regional):Passenger revenue per available seat mile (cents) 12.00 12.00
Consolidated (Mainline and Regional):Total revenue per available seat mile (cents) 14.08 14.06 0.1
Consolidated (Mainline and Regional):Average yield per revenue passenger mile (cents) 15.07 15.01 0.4
Consolidated (Mainline and Regional):Aircraft in fleet at end of period 1,221 1,222 (0.1)
Consolidated (Mainline and Regional):Average stage length (miles) 1,451 1,461 (0.7)
Consolidated (Mainline and Regional):Average full-time equivalent employees (thousands) 85.2 82.5 3.3
  • Note: See Part II, Item 6 Selected Financial Data of the company's Annual Report on Form 10-K for the year ended December 31, 2016 for the definition of these statistics.

 

UNITED CONTINENTAL HOLDINGS, INC.
SUMMARY FINANCIAL METRICS

Note (A) provides a reconciliation of non-GAAP financial metrics to the comparable GAAP financial metrics and provides the reasons UAL management believes these financial metrics are useful.
(In millions, except per share data)

Summary Financial Metrics: Three Months Ended
March 31, 2017
Three Months Ended
March 31, 2016
%
Increase/
(Decrease)
Operating income (GAAP) $278 $649 (57.2)
Operating margin (GAAP) 3.3% 7.9% (4.6) pts.
Operating income, excluding Special charges (Non-GAAP) 329 839 (60.8)
Operating margin, excluding Special charges (Non-GAAP) 3.9% 10.2% (6.3) pts.
Adjusted EBITDA, excluding special items (Non-GAAP) $830 $1,304 (36.3)
Adjusted EBITDA margin, excluding special items (Non-GAAP) 9.9% 15.9% (6.0) pts.
Adjusted EBITDAR, excluding special items (Non-GAAP) 1,009 1,482 (31.9)
Adjusted EBITDAR margin, excluding special items (Non-GAAP) 12.0% 18.1% (6.1) pts.
Pre-tax income (GAAP) $145 $494 (70.6)
Pre-tax margin (GAAP) 1.7% 6.0% (4.3) pts.
Pre-tax income, excluding special items (Non-GAAP) 196 688 (71.5)
Pre-tax margin, excluding special items (Non-GAAP) 2.3% 8.4% (6.1) pts.
Net income (GAAP) $96 $313 (69.3)
Net income, excluding special items (Non-GAAP) 129 435 (70.3)
Diluted earnings per share (GAAP) $0.31 $0.88 (64.8)
Diluted earnings per share, excluding special items (Non-GAAP) 0.41 1.23 (66.7)
Net cash provided by operating activities $547 $1,199 (54.4)
Capital expenditures $691 $816 (15.3)
Adjusted capital expenditures 1,354 823 64.5
Free cash flow, net of financings (Non-GAAP) $(144) $383 NM
Free cash flow (Non-GAAP) (807) 376 NM

 

UNITED CONTINENTAL HOLDINGS, INC.
RETURN ON INVESTED CAPITAL (ROIC)

ROIC is a Non-GAAP financial measure that we believe provides useful supplemental information for management and investors by measuring the effectiveness of our operations' use of invested capital to generate profits.
Return on invested captial: Twelve Months Ended
March 31, 2017
Net Operating Profit After Tax (NOPAT)
Pre-tax income excluding special items 2
$3,970
Pre-tax income excluding special items: NOPAT adjustments 3 975
NOPAT $4,945
Effective cash tax rate 4 0.5%
Invested Capital (five-quarter average)
Total assets
$40,552
Total assets: Invested capital adjustments 5 12,271
Average Invested Capital $28,281
Return on Invested Capital 17.5%
  1. Non-GAAP Financial Reconciliation
  2. NOPAT adjustments include: adding back (net of tax shield) interest expense, the interest component of capitalized aircraft rent and net interest on pension.
  3. Effective cash tax rate is calculated by dividing cash taxes paid by adjusted pre-tax income.
  4. Invested capital adjustments include: adding back capital aircraft rent (at 7.0X) and deferred income taxes, less advance ticket sales, frequent flyer deferred revenue, tax valuation allowance and other non-interest bearing liabilities.
Notes: Twelve Months Ended
March 31, 2017
Pre-tax income $3,470
Pre-tax income: Add: Special items 500
Pre-tax income excluding special items $3,970

 

UNITED CONTINENTAL HOLDINGS, INC.
NON-GAAP FINANCIAL RECONCILIATION (Continued)

(A) Pursuant to SEC Regulation G, UAL has included the following reconciliations of reported Non-GAAP financial measures to comparable financial measures reported on a GAAP basis.

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 non-recurring charges 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, fuel sales and non-air mileage redemptions, 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 recurring cost performance and provides a more meaningful comparison of our core operating costs to the airline industry. In addition, the company believes that adjusting for MTM gains and losses from fuel derivative contracts settling in future periods and prior period gains and losses on fuel derivative contracts settled in the current period is useful because the adjustments allow investors to better understand the cash impact of settled fuel derivative contracts in a given period.
Non-GAAP Financial Reconciliation: Three Months Ended
March 31, 2017 in cents
Three Months Ended
March 31, 2016 in cents
%
Increase/
(Decrease)
CASM Mainline Operations (cents)
Cost per available seat mile (CASM)
13.22 12.47 6.0
CASM Mainline Operations (cents): Cost per available seat mile (CASM):Less: Special charges (D) 0.09 0.37 NM1
CASM Mainline Operations (cents): Cost per available seat mile (CASM): Less: Third-party business expenses 0.13 0.13
CASM Mainline Operations (cents): Cost per available seat mile (CASM): Less: Fuel expense 2.44 2.00 22.0
CASM Mainline Operations (cents): CASM, excluding special charges, third-party business expenses and fuel 10.56 9.97 5.9
CASM Mainline Operations (cents): CASM, excluding special charges, third-party business expenses and fuel: Less: Profit sharing per available seat mile 0.03 0.18 (83.3)
CASM Mainline Operations (cents): CASM, excluding special charges, third-party business expenses, fuel, and profit sharing 10.53 9.79 7.6
CASM Consolidated Operations (cents)
Cost per available seat mile (CASM)
13.61 12.95 5.1
CASM Consolidated Operations (cents): Cost per available seat mile (CASM):Less: Special charges (D) 0.08 0.33 NM1
CASM Consolidated Operations (cents): Cost per available seat mile (CASM): Less: Third-party business expenses 0.12 0.11 9.1
CASM Consolidated Operations (cents): Cost per available seat mile (CASM): Less: Fuel expense 2.60 2.09 24.4
CASM Consolidated Operations (cents): CASM, excluding special charges, third-party business expenses and fuel 10.81 10.42 3.7
CASM Consolidated Operations (cents): CASM, excluding special charges, third-party business expenses and fuel: Less: Profit sharing per available seat mile 0.04 0.16 (75.0)
CASM Consolidated Operations (cents): CASM, excluding special charges, third-party business expenses, fuel, and profit sharing 10.77 10.26 5.0

 

UNITED CONTINENTAL HOLDINGS, INC.
NON-GAAP FINANCIAL RECONCILIATION (Continued)

UAL evaluates its financial performance utilizing various accounting principles generally accepted in the United States of America (GAAP) and Non-GAAP financial measures, including operating income (loss) excluding special charges, income (loss) before income taxes excluding special items, net income (loss) excluding special items, and net earnings (loss) per share excluding special items, among others. UAL also presented diluted earnings per share excluding special items for the periods presented in 2016 adjusted for the impact of tax expense using the effective tax rate from the respective period in 2017 in order to make the financial measures more comparable. UAL had minimal income tax expense in the second half of 2016 that was offset by the release of its deferred tax asset valuation allowance resulting in a net income tax benefit.
Non-GAAP Financial Reconciliation continued: Three Months Ended
March 31, 2017 (In millions)
Three Months Ended
March 31, 2016 (In millions)
$
Increase/
(Decrease)
%
Increase/
(Decrease)
Operating expenses $8,142 $7,546 $596 7.9
Operating expenses: Less: Special charges (D) 51 190 (139) NM1
Operating expenses, excluding special charges 8,091 7,356 735 10.0
Operating expenses, excluding special charges: Less: Third-party business expenses 68 67 1 1.5
Operating expenses, excluding special charges: Less: Fuel expense 1,560 1,218 342 28.1
Operating expenses, excluding special charges: Less: Profit sharing, including taxes 20 93 (73) (78.5)
Operating expenses, excluding fuel, profit sharing, special charges and third-party business expenses $6,443 $5,978 $465 7.8
Operating income $278 $649 $(371) (57.2)
Operating income: Less: Special charges (D) 51 190 (139) NM1
Operating income, excluding special charges $329 $839 $(510) (60.8)
Income before income taxes $145 $494 $(349) (70.6)
Income before income taxes: Less: special items before income taxes (D) 51 194 (143) NM1
Income before income taxes and excluding special items $196 $688 $(492) (71.5)
Net income $96 $313 $(217) (69.3)
Net income: Less: special items, net of tax (D) 33 122 (89) NM1
Net income, excluding special items 129 435 (306) (70.3)
Diluted earnings per share $0.31 $0.88 $(0.57) (64.8)
Diluted earnings per share: Less: special items 0.16 0.55 (0.39) NM1
Diluted earnings per share: Less: tax effect related to special items (0.06) (0.20) 0.14 NM1
Diluted earnings per share, excluding special items $0.41 $1.23 $(0.82) (66.7)

 

UNITED CONTINENTAL HOLDINGS, INC.
NON-GAAP FINANCIAL RECONCILIATION (Continued)

UAL provides financial metrics, including earnings before interest, taxes, depreciation and amortization (EBITDA) as well as earnings before interest, taxes, depreciation and amortization, and aircraft rent (EBITDAR), that we believe provides useful supplemental information for management and investors by measuring profit and profit as a percentage of total operating revenues. These financial metrics are adjusted for special items that are non-recurring and that management believes are not indicative of UAL's ongoing performance.
EBITDA and EBITDAR (in millions) Three Months Ended
March 31, 2017
Three Months Ended
March 31, 2016
Net income $96 $313
Adjusted For:
Depreciation and amortization
518 479
Adjusted For: Interest expense 150 159
Adjusted For: Interest capitalized (23) (14)
Adjusted For: Interest income (11) (8)
Adjusted For: Income tax expense 49 181
Adjusted For: Special items before income taxes (D) 51 194
Adjusted EBITDA, excluding special items 830 1,304
Adjusted EBITDA, excluding special items: Aircraft rent 179 178
Adjusted EBITDAR, excluding special items $1,009 $1,482
UAL believes that adjusting capital expenditures for assets acquired through the issuance of debt, airport construction financing and excluding fully reimbursable projects is useful to investors in order to appropriately reflect the non-reimbursable funds spent on capital expenditures.

 

Capital Expenditures (in millions) Three Months Ended
March 31, 2017
Three Months Ended
March 31, 2016
Capital Expenditures: Capital expenditures – GAAP $691 $816
Capital Expenditures: Capital expenditures – GAAP:Property and equipment acquired through the issuance of debt 711 59
Capital Expenditures: Capital expenditures – GAAP:Airport construction financing 21 9
Capital Expenditures: Capital expenditures – GAAP:Fully reimbursable projects (69) (61)
Capital Expenditures:Adjusted capital expenditures – Non-GAAP $1,354 $823
Free Cash Flow (in millions) Three Months Ended
March 31, 2017
Three Months Ended
March 31, 2016
Free Cash Flow: Net cash provided by operating activities $547 $1,199
Free Cash Flow: Net cash provided by operating activities: Less capital expenditures – Non-GAAP 691 816
Free Cash Flow: Free cash flow, net of financings - Non-GAAP $(144) $383
Free Cash Flow: Net cash provided by operating activities $547 $1,199
Free Cash Flow: Net cash provided by operating activities: Less adjusted capital expenditures – Non-GAAP 1,354 823
Free Cash Flow: Free cash flow - Non-GAAP $(807) $376

 

UNITED CONTINENTAL HOLDINGS, INC.
NOTES (UNAUDITED)

(B) Select passenger revenue information is as follows (in millions):
Notes unaudited: 1Q 2017
Passenger
Revenue
(millions)
Passenger
Revenue
vs.
1Q 2016
PRASM
vs.
1Q 2016
Yield
vs.
1Q 2016
Available
Seat Miles
vs.
1Q 2016
Domestic $4,358 3.0% (0.1%) (0.6%) 3.1%
Atlantic 1,048 0.8% 2.1% 3.7% (1.3%)
Pacific 987 3.7% (3.5%) (0.1%) 7.4%
Latin America 781 2.0% 2.8% 2.3% (0.8%)
International 2,816 2.1% 0.0% 1.6% 2.1%
Consolidated $7,174 2.6% 0.0% 0.4% 2.6%
Mainline $5,831 4.6% 0.8% 1.2% 3.7%
Regional 1,343 (5.0%) 0.0% 0.2% (5.0%)
Consolidated $7,174

 

UNITED CONTINENTAL HOLDINGS, INC.
NOTES (UNAUDITED)

(C) UAL's results of operations include fuel expense for both mainline and regional operations. (In millions, except per gallon)
Notes unaudited: Three Months Ended
March 31, 2017
Three Months Ended
March 31, 2016
%
Increase/
(Decrease)
Mainline fuel expense excluding hedge impacts $1,290 $885 45.8
Hedge losses reported in fuel expense 6 (2) (138) NM1
Total mainline fuel expense 1,292 1,023 26.3
Regional fuel expense 268 195 37.4
Consolidated fuel expense 1,560 1,218 28.1
Mainline fuel consumption (gallons) 761 734 3.7
Mainline average aircraft fuel price per gallon $1.70 $1.39 22.3
Mainline average aircraft fuel price per gallon excluding hedge losses recorded in fuel expense $1.70 $1.21 40.5
Regional fuel consumption (gallons) 149 156 (4.5)
Regional average aircraft fuel price per gallon $1.80 $1.25 44.0
Consolidated fuel consumption (gallons) 910 890 2.2
Consolidated average aircraft fuel price per gallon $1.71 $1.37 24.8
Consolidated average aircraft fuel price per gallon excluding hedge losses recorded in fuel expense $1.71 $1.21 41.3
  1. Includes losses from settled hedges that were designated for hedge accounting. UAL allocates 100 percent of hedge accounting gains (losses) to mainline fuel expense.
  2. Includes ineffectiveness losses on settled hedges and losses on settled hedges that were not designated for hedge accounting. Ineffectiveness gains (losses) and gains (losses) on hedges that do not qualify for hedge accounting are recorded in Nonoperating income (expense): Miscellaneous, net.

 

UNITED CONTINENTAL HOLDINGS, INC.
NOTES (UNAUDITED)

(D) Special items include the following:
(In millions) Three Months Ended
March 31, 2017 (In millions)
Three Months Ended
March 31, 2016 (In millions)
Operating:
Operating: Severance and benefit costs
$37 $8
Labor agreement costs 100
Operating: Cleveland airport lease restructuring 74
Operating: (Gains) losses on sale of assets and other special charges 14 8
Operating: (Gains) losses on sale of assets and other special charges: Special charges 51 190
Nonoperating and income taxes:
Foreign currency loss
8
Nonoperating and income taxes: Income tax benefit related to special charges (18) (72)
Nonoperating and income taxes: Income tax expense (benefit) related to special charges: Total operating and nonoperating special charges, net of income taxes 33 126
Nonoperating and income taxes: Prior period losses on fuel derivative contracts settled in the current period (4)
Nonoperating and income taxes: Prior period gains (losses) on fuel derivative contracts settled in the current period:Total special items, net of income taxes $33 $122

 

Special items

 

Severance and benefit costs: During the three months ended March 31, 2017, the company recorded $21 million ($14 million net of taxes) of severance and benefit costs primarily 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 will receive a severance payment, with a maximum value of $100,000 per participant, based on years of service, with retirement dates through early 2019. The company also recorded $16 million ($10 million net of taxes) of severance related to its management reorganization initiative.

During the three months ended March 31, 2016, the company recorded $8 million ($5 million net of taxes) of severance and benefit costs primarily related to a voluntary early-out program for its flight attendants.

 

Labor agreement costs: In April 2016, the fleet service, passenger service, storekeeper and other employees represented by the International Association of Machinists and Aerospace Workers ratified seven new contracts with the company which extended the contracts through 2021. The company recorded a $100 million ($64 million net of taxes) special charge for bonus payments in conjunction with the ratification of these contracts.

 

Cleveland airport lease restructuring: During the three months ended March 31, 2016, the City of Cleveland agreed to amend the lease, which runs through 2029, associated with certain excess airport terminal space (principally Terminal D) and related facilities at Hopkins International Airport ("Cleveland"). The company recorded an accrual for remaining payments under the lease for facilities that the company no longer uses and will continue to incur costs under the lease without economic benefit to the company. This liability was measured and recorded at its fair value when the company ceased its right to use such facilities leased to it pursuant to the lease. The company recorded a net charge of $74 million ($47 million net of taxes) related to the amended lease.

 

Foreign currency loss: During the three months ended March 31, 2016, the company recorded $8 million of losses ($5 million net of taxes) due to exchange rate changes in Venezuela applicable to funds held in local currency.

 

Prior period losses on fuel derivative contracts settled in the current period: Prior to 2017, the company used certain combinations of derivative contracts that were economic hedges but did not qualify for hedge accounting under U.S. generally accepted accounting principles.  As with derivatives that qualified for hedge accounting, the economic hedges and individual contracts were part of the company's program to mitigate the adverse financial impact of potential increases in the price of fuel. The company recorded changes in the fair value of the various contracts that were not designated for hedge accounting to Nonoperating income (expense): Miscellaneous, net in the statements of consolidated operations. For fuel derivative contracts that settled in the three months ended March 31, 2016, the company recorded mark-to-market losses of $4 million in prior periods.

 

(E) Effective tax rate: The company's effective tax rate for the three months ended March 31, 2017 and 2016 was 33.8% and 36.6%, respectively, which represented a blend of federal, state and foreign taxes and included the impact of certain nondeductible items. The effective tax rate for the three months ended March 31, 2017 reflects the impact of discrete events including the recognition of excess tax benefits related to employee stock compensation as a result of the adoption of ASU 2016-09, as well as a change in the 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

A Message from United CEO Scott Kirby

May 27, 2020

CHICAGO, May 27, 2020 /PRNewswire/ -- J. Scott Kirby, Chief Executive Officer, today issued the following message to nearly 100,000 United Airlines (NASDAQ: UAL) employees:

Hello everybody.

In my message to you last week, I talked about doing everything in my power as CEO to make sure we are in a position to bounce back more quickly than any of our competitors once the virus is defeated and demand begins to recover.

That means we have to continue to plan for the worst. But at the same time, we also have to be prepared for the best. After all, the one thing I am absolutely confident in is that our customers want to fly again and reconnect with people and places around the world. And part of preparing for the best means thinking about the short-term adjustments that we have to make to get through the crisis as well as the long-term structural changes that will allow us to thrive once again.

So today, I am asking Greg Hart to take the lead on those big picture issues. During my tenure here at United, Greg has been the rock that I could always count on as our Chief Operations Officer (COO). Despite having hubs in the most difficult weather/ATC markets of any airline anywhere in the world, we moved to the top of the industry in all of the operational metrics. We also invested in the customer experience and have been making the largest, recent improvements in Customer Satisfaction of any airline in the country.

But being the COO of United is a tough, 24x7 job. Greg told me last year that he wanted to start preparing for retirement but he agreed to spend the next 12-18 months grooming his successors. And while none of us could have anticipated the COVID-19 crisis, it accelerates a need for leadership in new areas.

Specifically, I'm asking Greg to step back from his role as COO and instead focus on critical medium and long term issues - in particular, setting the stage for United to be the world leader in innovation with respect to safety, hygiene, and operating efficiency. Additionally, I'll be relying on him to continue his work on one of our most important objectives - developing strategies to allow flexibility in our cost structure, including labor costs. Our costs are not designed for the near-term uncertainty of travel demand. Demand could be down 30% or it could be down 70%. The way to best survive this crisis is to be able to nimbly adjust the size of the airline, including labor costs, to meet demand and importantly, be ready to bounce back quickly when the virus is defeated. We believe we are working on ideas that no other airline in the world is considering. Greg is uniquely qualified to be a leader not just for United, but in world-wide aviation, taking us all to the next level on these issues that are so critical to our future.

And so that means that it's time for other members of Greg's team to step up, in a way that is consistent with our succession planning, to help run the operation while Greg focuses on more broad, fundamental, structural changes to our business.

Jon Roitman, currently our Senior Vice President of Airport and Network Operations, will step into the role of Senior Vice President and Chief Operations Officer effective June 1. Jon is the embodiment of our core4 culture and no one has a better sense of the inner-workings of our operation. We've made some tough choices as an organization and even tougher decisions may come in the near-term, so it's more critical than ever that we have a leader of Jon's caliber waking up every day thinking solely about how we stay a step ahead of this virus and its impact on our operation. In addition to his current responsibilities, Jon will expand his role to include Flight Operations, Technical Operations and Safety. I am confident that Jon will rise to this challenge.

As part of these moves, Sarah Murphy, Senior Vice President of United Express, and Jan Krems, Vice President of Cargo, will move into Andrew Nocella's organization and Toby Enqvist, Senior Vice President and Chief Customer Officer, will report to Brett Hart.

There are tough times ahead. But there are also glimmers of hope – our schedule is expected to be down 75 percent in July, a slight improvement over May and June. While we can't quite see the light at the end of the tunnel yet, it's not pitch black in here anymore.

But there is more work to be done and I'm confident that today's leadership changes will put United in an even better position to drive our near-term, operational goals, while at the same time create an environment where we can fly past our competitors when demand returns.

Thank you for all you do every day to take care of our customers and one another.

Stay safe and we'll talk soon,

Scott
Scott Kirby, CEO

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 are forward-looking and thus reflect the Company's 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 the Company's 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 the Company on the date of this release. The Company undertakes 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.

The Company's actual results could differ materially from these forward-looking statements due to numerous factors including, without limitation, the following: the Company's ability to execute its strategic operating plan, including its 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 its operations in certain countries; demand for travel and the impact that global economic and political conditions have on customer travel patterns; the Company's capacity decisions and the capacity decisions of its competitors; competitive pressures on pricing and on demand; changes in aircraft fuel prices; disruptions in the Company's supply of aircraft fuel; the Company's ability to cost-effectively hedge against increases in the price of aircraft fuel, if it decides to do so; the effects of any technology failures, cybersecurity or significant data breaches; disruptions to services provided by third-party service providers; potential reputational or other impact from adverse events involving the Company's aircraft or operations, the aircraft or operations of its regional carriers or its code share partners or the aircraft or operations of another airline; the Company's 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 the Company's fleet; disruptions to the Company's regional network; the impact of regulatory, investigative and legal proceedings and legal compliance risks; the success of the Company's 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 the Company has alliances or partnerships to provide the services contemplated by the respective arrangements with such carriers; costs associated with any modification or termination of the Company's aircraft orders; disruptions in the availability of aircraft, parts or support from its suppliers; the Company's ability to maintain satisfactory labor relations and the results of any collective bargaining agreement process with its union groups; any disruptions to operations due to any potential actions by the Company's labor groups; labor costs; the existing outbreak of coronavirus and the outbreak of any other disease or similar public health threat that affects travel demand or travel behavior; the impact of any management changes; extended interruptions or disruptions in service at major airports where the Company operates; 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; the Company's ability to maintain adequate liquidity; the Company's ability to comply with the terms of its various financing arrangements; the Company's ability to realize the full value of its intangible assets and long-lived assets; any impact to the Company's reputation or brand image and other risks and uncertainties set forth under Part I, Item 1A., "Risk Factors," of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2019 as well as other risks and uncertainties set forth from time to time in the reports it files with the SEC.

 

SOURCE United Airlines

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

United Turns Old Uniforms Into Masks for Employees

May 27, 2020

CHICAGO, May 27, 2020 /PRNewswire/ -- United Airlines delivered 7,500 face coverings over the past week to front line employees at San Francisco International Airport and the airline's San Francisco Maintenance Base that were made from 12,284 pounds of uniforms United upcycled. United worked with upcycling partner, Looptworks to produce masks that would supplement the supply of face coverings that the airline already provides all employees and customers. Download images and broll here.

United Airlines to Present at the Bernstein 36th Annual Strategic Decisions Conference

May 22, 2020

CHICAGO, May 22, 2020 /PRNewswire/ -- United Airlines will present at the Bernstein Strategic Decisions Conference on Thursday, May 28. The presentation will begin at 1:00 p.m. CT / 2:00 p.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 video webcast on the website within 24 hours of the presentation, and the webcast will be available for a limited time.

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 Launches United CleanPlus: A New Standard of Cleanliness and Safety in Partnership with Clorox and Cleveland Clinic

May 20, 2020

CHICAGO, May 20, 2020 /PRNewswire/ -- Today, United Airlines is introducing United CleanPlus: 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. United CleanPlus brings together a most trusted brand in surface disinfection - Clorox - and the country's top medical experts - Cleveland Clinic - to inform and guide United's new cleaning, safety and social distancing protocols that includes touchless kiosks in select locations for baggage check-in, sneeze guards, mandatory face coverings for crew and customers, and giving customers options when flights are more full. Specifically, Clorox products will be used at United's hub airports and medical experts from the Cleveland Clinic will advise on new technologies, training development and quality assurance programming.

By establishing collaborations with world-renowned leaders in surface disinfection and health like Clorox and Cleveland Clinic, United customers can travel with more confidence knowing that the airline's protocols have been informed by trusted experts.

"Safety has always been our top priority, and right now in the midst of an unprecedented crisis, it's our singular customer focus," said United CEO, Scott Kirby, in a video message to customers today. "We recognize that COVID-19 has brought cleanliness and hygiene standards to the front of customers' minds when making travel decisions, and we're not leaving a single stone unturned in our pursuit to better protect our customers and employees."

United Airlines to Present at the 13th Annual Wolfe Research Global Transportation & Industrials Conference

May 15, 2020

CHICAGO, May 15, 2020 /PRNewswire/ -- United Airlines will present at the 13th Annual Wolfe Research Global Transportation & Industrials Conference on Tuesday, May 19. The presentation will begin at 1:00 p.m. CT / 2:00 p.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.

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".

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

Brett J. Hart Named President of United Airlines

May 11, 2020

CHICAGO, May 11, 2020 /PRNewswire/ -- United Airlines (NASDAQ: UAL) today announced that effective May 20, 2020, Brett J. Hart, Executive Vice President and Chief Administrative Officer, will be appointed President of United Airlines Holdings, Inc. – a continuation of the company's leadership succession plan announced in early December with current CEO Oscar Munoz transitioning to Executive Chair and current President Scott Kirby becoming CEO following the Annual Meeting of Shareholders on May 20, 2020.

"Brett is a well-established and widely respected leader who has established a strong track record, over the last decade, helping United navigate complex challenges across all areas of our business," Munoz said. "He is recognized inside and outside of the airline industry for his leadership and has played a central role in shaping our strategy, culture and leading our community engagement around the world."

United Airlines Announces Proposed Senior Secured Notes Offering

May 06, 2020

CHICAGO, May 6, 2020 /PRNewswire/ -- Today, United Airlines, Inc. ("United") announced that it intends to commence a private offering to eligible purchasers of $2.25 billion in aggregate principal amount of two series of notes, the senior secured notes due 2023 and the senior secured notes due 2025 (the "Notes"), subject to market and other conditions. The Notes will be guaranteed by United's parent company United Airlines Holdings, Inc.

United intends to use the net proceeds from the offering of the Notes to repay the $2.0 billion aggregate principal amount outstanding under the term loan facility that United entered into on March 9, 2020 and, to the extent that any net proceeds remain, for general corporate purposes. The final terms and amounts of the Notes are subject to market and other conditions and may be materially different than expectations.

The Notes will be secured initially by first priority security interests in a designated pool of 360 aircraft owned by United.

This press release is neither an offer to sell nor the solicitation of an offer to buy the Notes or any other securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offering, solicitation or sale would be unlawful. The Notes are being offered only to qualified institutional buyers in an offering exempt from registration in reliance on Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"), and outside the United States in reliance on Regulation S under the Securities Act. The Notes have not been registered under the Securities Act or any state securities laws and may not be offered or sold in the United States without registration or an applicable exemption from the registration requirements of the Securities Act or any applicable state securities laws. This press release is being issued pursuant to and in accordance with Rule 135c under the Securities Act.

United Airlines Launches #GivingTuesdayNow Campaigns to Support Charities That Rely on Travel

May 04, 2020

CHICAGO, May 4, 2020 /PRNewswire/ -- United Airlines today launched new, Giving Tuesday Now campaigns aimed at helping non-profits that rely on travel during the COVID-19 crisis. The airline will match all donations up to 500,000 miles through its Miles on a Mission crowdsourcing platform to help charities like:

  • Fayette Cares needs miles to get domestic violence victims to safe locations
  • COSIG, Inc. brings homeless veterans and those with disabilities to Virginia for housing and career training opportunities
  • Combined Arms provides transportation for veterans who want to volunteer
  • Project HOPE uses miles to deliver PPE and medical equipment to America's health workers and underserviced communities globally
  • Rise Against Hunger uses miles for travel to countries in critical need for food distribution and life-changing aid

"In this time of crisis, essential travel is critical for many like veterans, domestic violence victims and others needing to reunite with family or otherwise find shelter during COVID-19," said Sharon Grant, vice president and chief community engagement officer at United Airlines. "We are proud to provide a platform for organizations helping to meet this need and match donations our members contribute to these critical causes."

United Airlines Announces First Quarter 2020 Financial Results

April 30, 2020

CHICAGO, April 30, 2020 /PRNewswire/ -- United Airlines (UAL) today announced first quarter 2020 financial results with a net loss of $1.7 billion, and an adjusted net loss¹ of $639 million. The company also outlined U.S. airline industry-leading efforts to manage through the most disruptive global crisis in the history of aviation. The company's total liquidity as of the close of business on Wednesday, April 29, 2020 was approximately $9.6 billion, including $2 billion under its undrawn revolving credit facility. The company currently expects daily cash burn² to average between $40 million and $45 million during the second quarter of 2020.

"Throughout the COVID-19 crisis we have maintained our focus - first on the safety of our customers and our people and second on swiftly taking action to keep United operating. We have been at the forefront of warning how deep of an impact we expect this crisis could have and how long we expect it could last. We've also led the industry in taking decisive steps to mitigate the operational and financial impacts of COVID-19 -- making deep schedule reductions, drastically reducing spending and aggressively raising liquidity," said Chief Executive Officer, Oscar Munoz. "While we are still in the midst of this crisis, we will not hesitate to make difficult decisions we believe will ensure the long term success of our company. When demand returns, we believe we'll be positioned to bounce back strongly and quickly because of our early and aggressive efforts to fight the worst financial crisis in aviation history."

United Airlines Joins Governor's "Stay Home. Save Lives. Check In." Initiative to Ensure the Well-being of Older Californians

April 24, 2020

SAN FRANCISCO, April 24, 2020 /PRNewswire/ -- United Airlines is teaming up with Listos California – a campaign by the Governor's Office of Emergency Services that helps vulnerable Californians prepare for disasters – to help address the significant health risks faced by older state residents isolated during the COVID-19 pandemic.

United Airlines to Hold Webcast of First-Quarter 2020 Financial Results

April 24, 2020

CHICAGO, April 24, 2020 /PRNewswire/ -- United Airlines will hold a conference call to discuss first-quarter 2020 financial results on Friday, May 1, at 9:00 a.m. CT/10:00 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 and second-quarter investor update after market close on Thursday, April 30.

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".


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