Financials & economic performance

Data on financials (revenue, income, expenses), economic value generated and distributed, and shareholder value.

Operating revenue

2022 in $M 2021 in $M 2020 in $M
Operating revenue (GAAP) 44,955 24,634 15,355

Operating expense
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
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
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)
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)
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)
2022 in $M 2021 in $M 2020 in $M
Total operating and nonoperating charges, net 94 −2,524 −634

Direct economic value generated
2022 in $M 2021 in $M 2020 in $M
Revenue 44,955 24,634 15,355

Economic value distributed
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
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
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

  1. 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.