Financials & economic performance
Data on financials (revenue, income, expenses), economic value generated and distributed, and shareholder value.
Operating revenue |
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---|---|---|---|
2022 in $M | 2021 in $M | 2020 in $M | |
Operating revenue (GAAP) | 44,955 | 24,634 | 15,355 |
Operating expense |
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2022 in $M | 2021 in $M | 2020 in $M | |
Operating expense (GAAP) | 42,618 | 25,656 | 21,714 |
Less: Special charges (A) | −140 | 3,367 | 2,616 |
Equals: Operating expense, excluding special operating expense (non-GAAP) | 42,478 | 29,023 | 24,330 |
Less: Employee salaries and related costs | −11,466 | −9,566 | −9,522 |
Equals: Non-labor operating costs | 31,012 | 19,457 | 14,808 |
Operating income |
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2022 in $M | 2021 in $M | 2020 in $M | |
Operating income (GAAP) | 2,337 | 1,022 | −6,359 |
Less: Operating expense: special charges (A) | 140 | −3,367 | −2,616 |
Equals: Operating income, excluding special operating expense (non-GAAP) | 2,477 | −4,389 | −8,975 |
Net income |
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---|---|---|---|
2022 in $M | 2021 in $M | 2020 in $M | |
Net income (GAAP) | 737 | −1,964 | −7,069 |
Add/less: Operating and nonoperating expenses: special charges, net of income taxes | 94 | −2,524 | −634 |
Add/less: Economic hedge adjustment: Prior period gains/losses on fuel contracts settled in the current period | 0 | 0 | 0 |
Add/less: Interest expense on ERJ145 finance lease | 0 | 0 | 0 |
Add/less: Income tax benefit related to adjustments on ERJ145 leases | 0 | 0 | 0 |
Equals: Adjusted net income (non-GAAP) | 831 | −4,488 | −7,703 |
Special charges (operating expenses) |
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---|---|---|---|
2022 in $M | 2021 in $M | 2020 in $M | |
Total | 140 | −3,367 | −2,616 |
Severance and benefit costs | 0 | 438 | 575 |
Impairment of assets | 0 | 97 | 318 |
Termination of engine maintenance service agreement | 0 | 0 | 0 |
Labor agreement costs | 0 | 0 | 0 |
Cleveland airport lease restructuring | 0 | 0 | 0 |
Sale of assets and other special gains/losses, net | 140 | 119 | 27 |
CARES Act grant | 0 | −4,021 | −3,536 |
Special charges (nonoperating expenses) |
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---|---|---|---|
2022 in $M | 2021 in $M | 2020 in $M | |
Total, net of income taxes | −46 | 843 | 1,982 |
Unrealized (gains) losses on investments, net | −20 | 34 | 194 |
Loss on extinguishment of debt and other | 7 | 50 | 0 |
Nonoperating credit loss on BRW Term Loan and related guarantee | 0 | 0 | 697 |
Nonoperating special termination benefits and settlement losses | 0 | 31 | 687 |
Income tax benefit related to special charges | −33 | 728 | 404 |
Income tax benefit associated with special tax adjustment | 0 | 0 | 0 |
Special charges (total) |
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2022 in $M | 2021 in $M | 2020 in $M | |
Total operating and nonoperating charges, net | 94 | −2,524 | −634 |
Direct economic value generated |
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2022 in $M | 2021 in $M | 2020 in $M | |
Revenue | 44,955 | 24,634 | 15,355 |
Economic value distributed |
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2022 in $M | 2021 in $M | 2020 in $M | |
Non-labor operating costs1 | 31,152 | 16,090 | 12,190 |
Employee salaries and related costs | 11,466 | 9,566 | 9,522 |
Payments to providers of capital | 1,778 | 1,657 | 1,063 |
Economic value retained |
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---|---|---|---|
2022 in $M | 2021 in $M | 2020 in $M | |
Net income1 | 737 | −1,964 | −7,069 |
Operating income1 | 2,337 | −1,022 | −6,359 |
Shareholder value |
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---|---|---|---|
2022 | 2021 | 2020 | |
Share price at Dec. 31 | 38 | 44 | 43 |
Share price range | 51.90–31.20 | 62.45–39.06 | 90.57–17.80 |
Footnotes
- Pursuant to SEC Regulation G, UAL has included the above reconciliation of reported Non-GAAP financial measures to comparable financial measures reported on a GAAP basis. UAL believes that adjusting for special items is useful to investors because special charges are indicative of UAL’s ongoing performance. UAL believes that adjusting for unrealized (gains) losses on investments, net is useful to investors because those unrealized gains or losses may not ultimately be realized on a cash basis. UAL believes that adjusting for interest expense related to finance leases of Embraer ERJ145 aircraft is useful to investors because of the accelerated recognition of interest expense. For additional information related to special items, see the 2021 Annual Report on Form 10-K.