Financials & economic performance

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

Operating revenue

2023 in $M 2022 in $M 2021 in $M 2020 in $M
Operating revenue (GAAP) 53,717 44,955 24,634 15,355

Operating expense
2023 in $M 2022 in $M 2021 in $M 2020 in $M
Operating expense (GAAP) 49,506 42,618 25,656 21,714
Less: Special charges (A) −949 −140 3,367 2,616
Equals: Operating expense, excluding special operating expense (non-GAAP) 48,557 42,478 29,023 24,330
Less: Employee salaries and related costs −14,787 −11,466 −9,566 −9,522
Equals: Non-labor operating costs 33,770 31,012 19,457 14,808

Operating income
2023 in $M 2022 in $M 2021 in $M 2020 in $M
Operating income (GAAP) 4,211 2,337 −1,022 −6,359
Less: Operating expense: special charges (A) 949 140 −3,367 −2,616
Equals: Operating income, excluding special operating expense (non-GAAP) 5,160 2,477 −4,389 −8,975

Net income
2023 in $M 2022 in $M 2021 in $M 2020 in $M
Net income (GAAP) 2,618 737 −1,964 −7,069
Add/less: Operating and non-operating expenses: special charges, net of income taxes 719 94 −2,524 −634
Equals: Adjusted net income (non-GAAP) 3,337 831 −4,488 −7,703

Special charges (operating expenses)
2023 in $M 2022 in $M 2021 in $M 2020 in $M
Total 949 140 −3,367 −2,616
Severance and benefit costs 0 0 438 575
Impairment of assets 0 0 97 318
Labor contract ratification bonuses 814 0 0 0
Sale of assets and other special gains/losses, net 135 140 119 27
CARES Act grant 0 0 −4,021 −3,536

Special charges (non-operating expenses)
2023 in $M 2022 in $M 2021 in $M 2020 in $M
Total, net of income taxes −230 −46 843 1,982
Unrealized (gains) losses on investments, net −27 −20 34 194
Loss on extinguishment of debt and other 11 7 50 0
Non-operating credit loss on BRW Term Loan and related guarantee 0 0 0 697
Non-operating special termination benefits and settlement losses 0 0 31 687
Income tax expense (benefit) related to special charges −214 −33 728 404

Special charges (total)
2023 in $M 2022 in $M 2021 in $M 2020 in $M
Total operating and non-operating charges, net 719 94 −2,524 −634

Direct economic value generated
2023 in $M 2022 in $M 2021 in $M 2020 in $M
Revenue 53,717 44,955 24,634 15,355

Economic value distributed
2023 in $M 2022 in $M 2021 in $M 2020 in $M
Non-labor operating costs1 34,719 31,152 16,090 12,192
Employee salaries and related costs 14,787 11,466 9,566 9,522
Payments to providers of capital −1,956 −1,778 −1,657 −1,063

Economic value retained
2023 in $M 2022 in $M 2021 in $M 2020 in $M
Net income1 2,618 737 −1,964 −7,069
Operating income1 4,211 2,337 −1,022 −6,359

Shareholder value
2023 in $ 2022 in $ 2021 in $ 2020 in $
Share price at Dec. 31 41.26 37.70 43.78 43.25
Share price range 57.61–33.90 51.90–31.20 62.45–39.06 89.74–19.92

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 2023 Annual Report on Form 10-K.