Financials & economic performance in Data

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

Operating revenue
2021 in $M 2020 in $M 2019 in $M
Operating revenue (GAAP) 24,634 15,355 43,259
Operating expense
2021 in $M 2020 in $M 2019 in $M
Operating expense (GAAP) 25,656 21,714 38,958
Less: Special charges (A) 3,367 2,616 −246
Equals: Operating expense, excluding special operating expense (non-GAAP) 29,023 24,330 38,712
Less: Employee salaries and related costs −9,566 −9,522 −12,071
Equals: Non-labor operating costs 19,457 14,808 26,641
Operating income
2021 in $M 2020 in $M 2019 in $M
Operating income (GAAP) 1,022 −6,359 4,301
Less: Operating expense: special charges (A) −3,367 −2,616 246
Equals: Operating income, excluding special operating expense (non-GAAP) −4,389 −8,975 4,547
Net income
2021 in $M 2020 in $M 2019 in $M
Net income (GAAP) −1,964 −7,069 3,009
Add/less: Operating and nonoperating expenses: special charges, net of income taxes −2,524 −634 72
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 64
Add/less: Income tax benefit related to adjustments on ERJ145 leases 0 0 −35
Equals: Adjusted net income (non-GAAP) −4,488 −7,703 3,110
Special charges (operating expenses)
2021 in $M 2020 in $M 2019 in $M
Total −3,367 −2,616 246
Severance and benefit costs 438 575 16
Impairment of assets 97 318 171
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 119 27 59
CARES Act grant −4,021 −3,536 0
Special charges (nonoperating expenses)
2021 in $M 2020 in $M 2019 in $M
Total, net of income taxes 843 1,982 −174
Unrealized (gains) losses on investments, net 34 194 −153
Loss on extinguishment of debt and other 50 0 0
Nonoperating credit loss on BRW Term Loan and related guarantee 0 697 0
Nonoperating special termination benefits and settlement losses 31 687 0
Income tax benefit related to special charges 728 404 −21
Income tax benefit associated with special tax adjustment 0 0 0
Special charges (total)
2021 in $M 2020 in $M 2019 in $M
Total operating and nonoperating charges, net −2,524 −634 72
Direct economic value generated
2021 in $M 2020 1 in $M 2019 1 in $M
Revenue 24,634 15,355 43,259
Economic value distributed
2021 in $M 2020 in $M 2019 in $M
Non-labor operating costs1 16,090 12,190 26,887
Employee salaries and related costs 9,566 9,522 12,071
Payments to providers of capital 1,657 1,063 731
Economic value retained
2021 in $M 2020 in $M 2019 in $M
Net income1 −1,964 −7,069 3,009
Operating income1 −1,022 −6,359 4,301
Shareholder value
2021 2020 2019
Share price at Dec. 31 44 43 88
Share price range 62.45–39.06 90.57–17.80 96.03–77.02

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.