The non-GAAP financial measures are provided as supplemental information to the financial measures presented in this press release that are calculated and presented in accordance with GAAP and are presented because management believes that they supplement or enhance management's, analysts' and investors' overall understanding of the company's underlying financial performance and trends and facilitate comparisons among current, past and future periods. Our actual results could differ materially from these forward-looking statements due to numerous factors including, without limitation, the following: the adverse impacts of the ongoing COVID-19 global pandemic on our business, operating results, financial condition and liquidity; execution risks associated with our strategic operating plan; changes in our network strategy or other factors outside our control resulting in less economic aircraft orders, costs related to modification or termination of aircraft orders or entry into less favorable aircraft orders, as well as any inability to accept or integrate new aircraft into our fleet as planned; any failure to effectively manage, and receive anticipated benefits and returns from, acquisitions, divestitures, investments, joint ventures and other portfolio actions; adverse publicity, harm to our brand, reduced travel demand, potential tort liability and voluntary or mandatory operational restrictions as a result of an accident, catastrophe or incident involving us, our regional carriers, our codeshare partners or another airline; the highly competitive nature of the global airline industry and susceptibility of the industry to price discounting and changes in capacity, including as a result of alliances, joint business arrangements or other consolidations; our reliance on a limited number of suppliers to source a majority of our aircraft and certain parts, and the impact of any failure to obtain timely deliveries, additional equipment or support from any of these suppliers; disruptions to our regional network and United Express flights provided by third-party regional carriers; unfavorable economic and political conditions in the United States and globally (including inflationary pressures); reliance on third-party service providers and the impact of any significant failure of these parties to perform as expected, or interruptions in our relationships with these providers or their provision of services; extended interruptions or disruptions in service at major airports where we operate and space, facility and infrastructure constrains at our hubs or other airports; geopolitical conflict, terrorist attacks or security events; any damage to our reputation or brand image; our reliance on technology and automated systems to operate our business and the impact of any significant failure or disruption of, or failure to effectively integrate and implement, the technology or systems; increasing privacy and data security obligations or a significant data breach; increased use of social media platforms by us, our employees and others; the impacts of union disputes, employee strikes or slowdowns, and other labor-related disruptions on our operations; any failure to attract, train or retain skilled personnel, including our senior management team or other key employees; the monetary and operational costs of compliance with extensive government regulation of the airline industry; current or future litigation and regulatory actions, or failure to comply with the terms of any settlement, order or arrangement relating to these actions; costs, liabilities and risks associated with environmental regulation and climate change, including our climate goals; high and/or volatile fuel prices or significant disruptions in the supply of aircraft fuel (including as a result of the Russia-Ukraine military conflict); the impacts of our significant amount of financial leverage from fixed obligations, the possibility we may seek material amounts of additional financial liquidity in the short-term, and the impacts of insufficient liquidity on our financial condition and business; failure to comply with financial and other covenants governing our debt, including our MileagePlus financing agreements; the impacts of the proposed phaseout of the London interbank offer rate; limitations on our ability to use our net operating loss carryforwards and certain other tax attributes to offset future taxable income for U.S. federal income tax purposes; our failure to realize the full value of our intangible assets or our long-lived assets, causing us to record impairments; fluctuations in the price of our common stock; the impacts of seasonality, weather events, infrastructure and other factors associated with the airline industry; increases in insurance costs or inadequate insurance coverage and other risks and uncertainties set forth in Part I, Item 1A. Launched a new, national advertising campaign "Good Leads The Way" that tells the story of United's leadership in areas like customer service, diversity and sustainability, and captures the optimism fueling the airline's large ambitions at a time of unprecedented demand in air travel. Achieved the highest Net Promoter Score (NPS) for inflight satisfaction. During the three months ended March 31, 2019, the company recorded gains of $17 million primarily for the change in market value of its equity investments. The Earnings Whisper number was $1.89 per share. UAL will hold a conference call to discuss second quarter 2022 financial results, as well as its financial and operational outlook for third quarter 2022 and beyond, on Thursday, July 21, at 9:30 a.m. CT/10:30 a.m. Long-term liabilities and deferred credits: Long-term obligations under operating leases, Long-term obligations under finance leases, Total long-term liabilities and deferred credits, Total liabilities and stockholders' equity, UNITED AIRLINES HOLDINGS, INC.CONDENSED STATEMENTS OF CONSOLIDATED CASH FLOWS (UNAUDITED), Net cash provided by operating activities, Capital expenditures, net of flight equipment purchase deposit returns, Purchases of short-term and other investments, Proceeds from sale of short-term and other investments, Proceeds from sale of property and equipment, Proceeds from issuance of debt, net of discounts and fees, Payments of long-term debt, finance leases and other financing liabilities, Net cash provided by (used in) financing activities, Net increase (decrease) in cash, cash equivalents and restricted cash, Cash, cash equivalents and restricted cash at beginning of the period, Cash, cash equivalents and restricted cash at end of the period. United has the most comprehensive route network among North American carriers, including U.S. mainland hubs in Chicago, Denver, Houston, Los Angeles, New York/Newark, San Francisco and Washington, D.C.For information about how to join the United team, please visit more information about the company is at Approximately 4,500 employees elected to voluntarily separate from the company. The company's effective tax rates for the three months ended March 31, 2022, 2021 and 2019 were 21.4%, 22.5% and 20.4%, respectively. The Investor Update is also available through the company's investor relations website at As such, our actual flown capacity may differ materially from currently published flight schedules or current estimations. Within the financial tables presented, certain columns and rows may not add due to the use of rounded numbers.

Such forward-looking statements are based on historical performance and current expectations, estimates, forecasts and projections about the company's future financial results, goals, plans and objectives and involve inherent risks, assumptions and uncertainties, known or unknown, including internal or external factors that could delay, divert or change any of them, that are difficult to predict, may be beyond the company's control and could cause the company's future financial results, goals, plans and objectives to differ materially from those expressed in, or implied by, the statements. Special charges (credits) and unrealized (gains) and losses on investments, net include the following: (Gains) losses on sale of assets and other special charges, Total operating special charges (credits), Total nonoperating special charges and unrealized (gains) losses on investments, net, Total operating and nonoperating special charges (credits) and unrealized (gains) losses on investments, net, Income tax expense (benefit), net of valuation allowance, Total operating and non-operating special charges (credits) and unrealized (gains) losses on investments, net of income taxes. The subsidies were in the form of a one-time contribution to a notional Retiree Health Account of $125,000 for full-time employees and $75,000 for part-time employees. "I am proud of the United team that once again managed to overcome the challenges of the quarter and prioritized high operating reliability for our customers by gradually adding back capacity. See the tables accompanying this release for more detailed information. UAL evaluates its financial performance utilizing various accounting principles generally accepted in the United States of America (GAAP) and non-GAAP financial measures, including adjusted earnings before interest, taxes, depreciation and amortization (adjusted EBITDA), adjusted operating income (loss), adjusted operating margin, adjusted pre-tax income (loss), adjusted pre-tax margin, adjusted net income (loss), adjusted diluted earnings (loss) per share, CASM, excluding special charges, third-party business expenses, fuel, and profit sharing (CASM-ex), operating expenses excluding special charges, and adjusted capital expenditures, among others. The company recognized $21 million of additional interest expense in the three months ended March 31, 2019 as a result of this change. Nonoperating special termination benefits:During the six months ended June 30, 2021, as part of first quarter voluntary separation leave programs, the company recorded $46 million of special termination benefits in the form of additional subsidies for retiree medical costs for certain U.S.-based front-line employees. Announced new three times weekly service between. We determined that since small changes in estimated income would result in significant changes in the estimated annual effective tax rate, the historical method would not provide a reliable estimate for the three months ended March 31, 2022. United is bringing back our customers' favorite destinations and adding new ones on its way to becoming the world's best airline. As a result, the company is not providing a target for or a reconciliation to pre-tax margin, the most directly comparable GAAP measure, because the company is unable to predict certain items contained in the GAAP measure without unreasonable efforts. "It's nice to return to profitability but we must confront three risks that could grow over the next 6-18 months. Copyright 2022 Surperformance. Please refer to the tables accompanying this release for reconciliations of the non-GAAP financial measures used to the most comparable GAAP financial measure and related disclosures. Reported first quarter 2022 Cost Per Available Seat Mile (CASM) of up 21%, and CASM-ex, Reported first quarter 2022 operating loss of, Reported first quarter 2022 fuel price of approximately, Reported first quarter 2022 pre-tax margin of negative 23.2%, negative 23.2% on an adjusted, Reported first quarter 2022 ending available liquidity. Within the financial tables presented, certain columns and rows may not add due to the use of rounded numbers. UAL believes that adjusting capital expenditures for assets acquired through the issuance of debt, finance leases and other financial liabilities is useful to investors in order to appropriately reflect the total amounts spent on capital expenditures. Nasdaq For the quarter, the company saw operating revenue up 6 percent versus the same quarter in 2019 and expects to see sequential improvement in the third quarter. The company recorded $1.8billion as grant income and $47million for the warrants issued to the U.S. Department of the Treasury as part of the PSP2 Agreement, within stockholders' equity, as an offset to the grant income. "I am grateful to the United team that has fought through severe systemic challenges impacting all of global aviation to serve our customers," said United Airlines CEO Scott Kirby. UAL believes that adjusting for operating and nonoperating special charges (credits), and nonoperating unrealized (gains) losses on investments, net is useful to investors because these items are not indicative of UAL's ongoing performance. We have historically calculated the provision for income taxes during interim reporting periods by applying an estimate of the annual effective tax rate for the full fiscal year to income or loss for the reporting period. 4Includes cash, cash equivalents, short-term investments and undrawn credit facilities. UAL also reports EBITDA excluding special charges (credits), nonoperating unrealized (gains) losses on investments, net, nonoperating debt extinguishment and modification fees and nonoperating special termination benefits. CHICAGO, July 20, 2022 /PRNewswire/ -- United Airlines (UAL) today reported second quarter 2022 financial results. If the repurchase option is not exercised, these aircraft will be accounted for as leased assets at the time of the option expiration and the related assets and liabilities will be adjusted to the present value of the remaining lease payments at that time. The United Aviate Academy announced it aims to potentially quadruple the size of its fleet of training aircraft adding 25 new, state-of-the-art Cirrus TRAC SR20 aircraft to its current fleet. CARES Act grant: During the six months ended June 30, 2021, the company received approximately $5.8 billion in funding pursuant to certain Payroll Support Programs ("PSP2" and "PSP3") under the Coronavirus Aid, Relief, and Economic Security Act ("CARES Act"), which included an approximately $1.7 billion unsecured loan. The company also recorded $52 million and $99 million for the related warrants issued to the U.S. Treasury Department as part of the agreements related to PSP2 and PSP3, within stockholders' equity, as an offset to the grant income in the three and six months ended June 30, 2021, respectively. skywest