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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
(Mark One) | | | | | |
| ☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended September 30, 2024
OR | | | | | |
| ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Commission
File Number | | Exact Name of Registrant as Specified in its Charter, Principal Executive Office Address and Telephone Number | | State of
Incorporation | | I.R.S. Employer
Identification No. | | |
| 001-06033 | | United Airlines Holdings, Inc. | | Delaware | | 36-2675207 | | |
| | | 233 South Wacker Drive, | Chicago, | Illinois | 60606 | | | | | | |
| | | (872) | 825-4000 | | | | | | | | | | |
| | | | | | | | | | | | | | |
| 001-10323 | | United Airlines, Inc. | | Delaware | | 74-2099724 | | |
| | | 233 South Wacker Drive, | Chicago, | Illinois | 60606 | | | | | | |
| | | (872) | 825-4000 | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
| Securities registered pursuant to Section 12(b) of the Act |
| Registrant | | Title of Each Class | | Trading Symbol | | Name of Each Exchange on Which Registered |
| United Airlines Holdings, Inc. | | Common Stock, $0.01 par value | | UAL | | The Nasdaq Stock Market LLC |
| United Airlines Holdings, Inc. | | Preferred Stock Purchase Rights | | None | | The Nasdaq Stock Market LLC |
| United Airlines, Inc. | | None | | | None | | None |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| United Airlines Holdings, Inc. | | Yes | ☒ | No | ☐ | | United Airlines, Inc. | | Yes | ☒ | No | ☐ |
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this Chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| United Airlines Holdings, Inc. | | Yes | ☒ | No | ☐ | | United Airlines, Inc. | | Yes | ☒ | No | ☐ |
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| United Airlines Holdings, Inc. | Large accelerated filer | ☒ | Accelerated filer | ☐ | Non-accelerated filer | ☐ | Smaller reporting company | ☐ | Emerging growth company | ☐ |
| United Airlines, Inc. | Large accelerated filer | ☐ | Accelerated filer | ☐ | Non-accelerated filer | ☒ | Smaller reporting company | ☐ | Emerging growth company | ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | | | | | | | | |
| United Airlines Holdings, Inc. | | ☐ |
| United Airlines, Inc. | | ☐ |
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). | | | | | | | | | | | | | | | | | |
| United Airlines Holdings, Inc. | | Yes | ☐ | No | ☒ |
| United Airlines, Inc. | | Yes | ☐ | No | ☒ |
The number of shares outstanding of each of the issuer's classes of common stock as of October 10, 2024 is shown below: | | | | | | | | | | | |
| United Airlines Holdings, Inc. | | 328,875,900 | | shares of common stock ($0.01 par value) |
| United Airlines, Inc. | | 1,000 | | shares of common stock ($0.01 par value) (100% owned by United Airlines Holdings, Inc.) |
OMISSION OF CERTAIN INFORMATION
This combined Quarterly Report on Form 10-Q is separately filed by United Airlines Holdings, Inc. and United Airlines, Inc. United Airlines, Inc. meets the conditions set forth in General Instruction H(1)(a) and (b) of Form 10-Q and is therefore filing this form with the reduced disclosure format allowed under that General Instruction.
United Airlines Holdings, Inc.
United Airlines, Inc.
Quarterly Report on Form 10-Q
For the Quarterly Period Ended September 30, 2024
Table of Contents
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS.
UNITED AIRLINES HOLDINGS, INC.
STATEMENTS OF CONSOLIDATED OPERATIONS (UNAUDITED)
(In millions, except per share amounts)
| | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended September 30, | | Nine Months Ended September 30, |
| | 2024 | | 2023 | | 2024 | | 2023 |
| Operating revenue: | | | | | | | |
| Passenger | $ | 13,561 | | | $ | 13,349 | | | $ | 38,554 | | | $ | 36,625 | |
| Cargo | 417 | | | 333 | | | 1,222 | | | 1,093 | |
| Other | 865 | | | 802 | | | 2,592 | | | 2,373 | |
| Total operating revenue | 14,843 | | | 14,484 | | | 42,368 | | | 40,091 | |
| | | | | | | |
| Operating expense: | | | | | | | |
| Salaries and related costs | 4,323 | | | 3,914 | | | 12,353 | | | 10,946 | |
| Aircraft fuel | 2,993 | | | 3,342 | | | 9,080 | | | 9,336 | |
| Landing fees and other rent | 866 | | | 801 | | | 2,536 | | | 2,283 | |
| Aircraft maintenance materials and outside repairs | 765 | | | 684 | | | 2,254 | | | 2,072 | |
| Depreciation and amortization | 742 | | | 663 | | | 2,169 | | | 1,987 | |
| Regional capacity purchase | 651 | | | 592 | | | 1,848 | | | 1,806 | |
| Distribution expenses | 574 | | | 516 | | | 1,680 | | | 1,406 | |
| Aircraft rent | 65 | | | 46 | | | 148 | | | 151 | |
| Special charges | (5) | | | 29 | | | 44 | | | 902 | |
| Other | 2,304 | | | 2,158 | | | 6,663 | | | 5,989 | |
| Total operating expense | 13,278 | | | 12,745 | | | 38,775 | | | 36,878 | |
| Operating income | 1,565 | | | 1,739 | | | 3,593 | | | 3,213 | |
| | | | | | | |
| Nonoperating income (expense): | | | | | | | |
| Interest expense | (379) | | | (493) | | | (1,260) | | | (1,472) | |
| Interest income | 187 | | | 234 | | | 554 | | | 620 | |
| Interest capitalized | 53 | | | 48 | | | 174 | | | 128 | |
| Unrealized gains (losses) on investments, net | (90) | | | (54) | | | (160) | | | 54 | |
| Miscellaneous, net | (50) | | | 11 | | | (40) | | | 73 | |
| Total nonoperating expense, net | (279) | | | (254) | | | (732) | | | (597) | |
| Income before income tax expense | 1,286 | | | 1,485 | | | 2,861 | | | 2,616 | |
| Income tax expense | 321 | | | 348 | | | 697 | | | 598 | |
| Net income | $ | 965 | | | $ | 1,137 | | | $ | 2,164 | | | $ | 2,018 | |
| | | | | | | |
| Earnings per share, basic | $ | 2.93 | | | $ | 3.47 | | | $ | 6.58 | | | $ | 6.16 | |
| Earnings per share, diluted | $ | 2.90 | | | $ | 3.42 | | | $ | 6.49 | | | $ | 6.08 | |
The accompanying Combined Notes to Condensed Consolidated Financial Statements are an integral part of these statements.
UNITED AIRLINES HOLDINGS, INC.
STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME (LOSS) (UNAUDITED)
(In millions)
| | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended September 30, | | Nine Months Ended September 30, |
| | 2024 | | 2023 | | 2024 | | 2023 |
| Net income | $ | 965 | | | $ | 1,137 | | | $ | 2,164 | | | $ | 2,018 | |
| | | | | | | |
| Other comprehensive income (loss), net of tax: | | | | | | | |
| Employee benefit plans | (24) | | | (20) | | | (58) | | | (89) | |
| Investments and other | 12 | | | 8 | | | 11 | | | 5 | |
| Total other comprehensive loss, net of tax | (12) | | | (12) | | | (47) | | | (84) | |
| | | | | | | |
| Total comprehensive income, net | $ | 953 | | | $ | 1,125 | | | $ | 2,117 | | | $ | 1,934 | |
The accompanying Combined Notes to Condensed Consolidated Financial Statements are an integral part of these statements.
UNITED AIRLINES HOLDINGS, INC.
CONSOLIDATED BALANCE SHEETS(UNAUDITED)
(In millions, except shares)
| | | | | | | | | | | |
| September 30, 2024 | | December 31, 2023 |
| ASSETS | | | |
| Current assets: | | | |
| Cash and cash equivalents | $ | 8,812 | | | $ | 6,058 | |
| Short-term investments | 5,352 | | | 8,330 | |
| Restricted cash | 36 | | | 31 | |
Receivables, less allowance for credit losses (2024 — $21; 2023 — $18) | 2,042 | | | 1,898 | |
Aircraft fuel, spare parts and supplies, less obsolescence allowance (2024 — $788; 2023 — $689) | 1,639 | | | 1,561 | |
| Prepaid expenses and other | 690 | | | 609 | |
| Total current assets | 18,571 | | | 18,487 | |
| Operating property and equipment: | | | |
| Flight equipment | 50,933 | | | 48,448 | |
| Other property and equipment | 11,865 | | | 10,527 | |
| Purchase deposits for flight equipment | 3,414 | | | 3,550 | |
| Total operating property and equipment | 66,212 | | | 62,525 | |
| Less — Accumulated depreciation and amortization | (24,532) | | | (22,710) | |
| Total operating property and equipment, net | 41,680 | | | 39,815 | |
| | | |
| Operating lease right-of-use assets | 3,782 | | | 3,914 | |
| | | |
| Other assets: | | | |
| Goodwill | 4,527 | | | 4,527 | |
Intangibles, less accumulated amortization (2024 — $1,355; 2023 — $1,495) | 2,691 | | | 2,725 | |
| Restricted cash | 180 | | | 245 | |
Investments in affiliates and other, less allowance for credit losses (2024 — $32; 2023 — $38) | 1,209 | | | 1,391 | |
| Total other assets | 8,607 | | | 8,888 | |
| Total assets | $ | 72,640 | | | $ | 71,104 | |
(continued on next page)
UNITED AIRLINES HOLDINGS, INC.
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(In millions, except shares)
| | | | | | | | | | | |
| | September 30, 2024 | | December 31, 2023 |
| LIABILITIES AND STOCKHOLDERS' EQUITY | | | |
| Current liabilities: | | | |
| Accounts payable | $ | 4,008 | | | $ | 3,835 | |
| Accrued salaries and benefits | 2,802 | | | 2,940 | |
| Advance ticket sales | 8,477 | | | 6,704 | |
| Frequent flyer deferred revenue | 3,314 | | | 3,095 | |
| Current maturities of long-term debt | 3,279 | | | 4,018 | |
| Current maturities of operating leases | 491 | | | 576 | |
| Current maturities of finance leases | 87 | | | 172 | |
| Current maturities of other financial liabilities | 69 | | | 57 | |
| Other | 838 | | | 806 | |
| Total current liabilities | 23,365 | | | 22,203 | |
| | | |
| Long-term debt | 22,207 | | | 25,057 | |
| Long-term obligations under operating leases | 4,432 | | | 4,503 | |
| Long-term obligations under finance leases | 89 | | | 91 | |
| | | |
| Other liabilities and deferred credits: | | | |
| Frequent flyer deferred revenue | 4,057 | | | 4,048 | |
| Pension liability | 1,030 | | | 968 | |
| Postretirement benefit liability | 594 | | | 637 | |
| Deferred income taxes | 1,224 | | | 594 | |
| Other financial liabilities | 2,705 | | | 2,265 | |
| Other | 1,500 | | | 1,414 | |
| Total other liabilities and deferred credits | 11,110 | | | 9,926 | |
| Commitments and contingencies | | | |
| Stockholders' equity: | | | |
| Preferred stock | — | | | — | |
Common stock at par, $0.01 par value; authorized 1,000,000,000 shares; outstanding 328,846,178 and 328,018,739 shares at September 30, 2024 and December 31, 2023, respectively | 4 | | | 4 | |
| Additional capital invested | 8,945 | | | 8,992 | |
| Stock held in treasury, at cost | (3,299) | | | (3,441) | |
| Retained earnings | 5,896 | | | 3,831 | |
| Accumulated other comprehensive loss | (109) | | | (62) | |
| Total stockholders' equity | 11,437 | | | 9,324 | |
| Total liabilities and stockholders' equity | $ | 72,640 | | | $ | 71,104 | |
The accompanying Combined Notes to Condensed Consolidated Financial Statements are an integral part of these statements.
UNITED AIRLINES HOLDINGS, INC.
CONDENSED STATEMENTS OF CONSOLIDATED CASH FLOWS (UNAUDITED)
(In millions)
| | | | | | | | | | | |
| | Nine Months Ended September 30, |
| | 2024 | | 2023 |
| Cash Flows from Operating Activities: | | | |
| Net cash provided by operating activities | $ | 7,221 | | | $ | 7,821 | |
| | | |
| Cash Flows from Investing Activities: | | | |
| Capital expenditures, net of flight equipment purchase deposit returns | (3,940) | | | (5,105) | |
| Purchases of short-term and other investments | (4,057) | | | (8,875) | |
| Proceeds from sale of short-term and other investments | 7,206 | | | 8,614 | |
| Proceeds from sale of property and equipment | 66 | | | 20 | |
| Other, net | (211) | | | (17) | |
| Net cash used in investing activities | (936) | | | (5,363) | |
| | | |
| Cash Flows from Financing Activities: | | | |
| Proceeds from issuance of debt and other financing liabilities, net of discounts and fees | 5,302 | | | 1,685 | |
| Payments of long-term debt, finance leases and other financing liabilities | (8,792) | | | (3,423) | |
| Repurchase of common stock | (82) | | | — | |
| Other, net | (19) | | | (31) | |
| Net cash used in financing activities | (3,591) | | | (1,769) | |
| Net increase in cash, cash equivalents and restricted cash | 2,694 | | | 689 | |
| Cash, cash equivalents and restricted cash at beginning of the period | 6,334 | | | 7,421 | |
| Cash, cash equivalents and restricted cash at end of the period (a) | $ | 9,028 | | | $ | 8,110 | |
| | | |
| Investing and Financing Activities Not Affecting Cash: | | | |
| Property and equipment acquired through the issuance of debt, finance leases and other | $ | (159) | | | $ | 677 | |
| Right-of-use assets acquired through operating leases | 376 | | | 470 | |
| Lease modifications and lease conversions | 117 | | | 438 | |
| Investment interests received in exchange for loans, goods and services | 18 | | | 25 | |
(a) The following table provides a reconciliation of cash, cash equivalents and restricted cash to amounts reported within the consolidated balance sheet:
| | | | | | | | | | | |
| Cash and cash equivalents | $ | 8,812 | | | $ | 7,478 | |
| Restricted cash — Current | 36 | | | 392 | |
| Restricted cash — Non-Current | 180 | | | 240 | |
| Total cash, cash equivalents and restricted cash | $ | 9,028 | | | $ | 8,110 | |
The accompanying Combined Notes to Condensed Consolidated Financial Statements are an integral part of these statements.
UNITED AIRLINES HOLDINGS, INC.
STATEMENTS OF CONSOLIDATED STOCKHOLDERS' EQUITY (UNAUDITED)
(In millions)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Common
Stock | | Additional
Capital Invested | | Treasury Stock | | Retained Earnings | | Accumulated
Other Comprehensive Income (Loss) | | Total |
| Shares | | Amount | | | | | |
| Balance at June 30, 2024 | 328.8 | | | $ | 4 | | | $ | 9,001 | | | $ | (3,368) | | | $ | 4,986 | | | $ | (97) | | | $ | 10,526 | |
| Net income | — | | | — | | | — | | | — | | | 965 | | | — | | | 965 | |
| Other comprehensive loss | — | | | — | | | — | | | — | | | — | | | (12) | | | (12) | |
| Stock-settled share-based compensation | — | | | — | | | 41 | | | — | | | — | | | — | | | 41 | |
| Repurchases of common stock | (2.0) | | | — | | | — | | | (82) | | | — | | | — | | | (82) | |
| Share issued for settlement of warrants | 2.0 | | | — | | | (96) | | | 150 | | | (54) | | | — | | | — | |
| Stock issued for share-based awards, net of shares withheld for tax | — | | | — | | | (1) | | | 1 | | | (1) | | | — | | | (1) | |
| Balance at September 30, 2024 | 328.8 | | | $ | 4 | | | $ | 8,945 | | | $ | (3,299) | | | $ | 5,896 | | | $ | (109) | | | $ | 11,437 | |
| | | | | | | | | | | | | |
| Balance at December 31, 2023 | 328.0 | | $ | 4 | | | $ | 8,992 | | | $ | (3,441) | | | $ | 3,831 | | | $ | (62) | | | $ | 9,324 | |
| Net income | — | | | — | | | — | | | — | | | 2,164 | | | — | | | 2,164 | |
| Other comprehensive loss | — | | | — | | | — | | | — | | | — | | | (47) | | | (47) | |
| Stock-settled share-based compensation | — | | | — | | | 97 | | | — | | | — | | | — | | | 97 | |
| Repurchases of common stock | (2.0) | | | — | | | — | | | (82) | | | — | | | — | | | (82) | |
| Share issued for settlement of warrants | 2.0 | | | — | | | (96) | | | 150 | | | (54) | | | — | | | — | |
| Stock issued for share-based awards, net of shares withheld for tax | 0.8 | | | — | | | (48) | | | 74 | | | (45) | | | — | | | (19) | |
| Balance at September 30, 2024 | 328.8 | | | $ | 4 | | | $ | 8,945 | | | $ | (3,299) | | | $ | 5,896 | | | $ | (109) | | | $ | 11,437 | |
| | | | | | | | | | | | | |
| Balance at June 30, 2023 | 328.0 | | $ | 4 | | | $ | 8,945 | | | $ | (3,442) | | | $ | 2,095 | | | $ | 103 | | | $ | 7,705 | |
| Net income | — | | | — | | | — | | | — | | | 1,137 | | | — | | | 1,137 | |
| Other comprehensive loss | — | | | — | | | — | | | — | | | — | | | (12) | | | (12) | |
| Stock-settled share-based compensation | — | | | — | | | 23 | | | — | | | — | | | — | | | 23 | |
| Balance at September 30, 2023 | 328.0 | | | $ | 4 | | | $ | 8,968 | | | $ | (3,442) | | | $ | 3,232 | | | $ | 91 | | | $ | 8,853 | |
| | | | | | | | | | | | | |
| Balance at December 31, 2022 | 326.9 | | $ | 4 | | | $ | 8,986 | | | $ | (3,534) | | | $ | 1,265 | | | $ | 175 | | | $ | 6,896 | |
| Net income | — | | | — | | | — | | | — | | | 2,018 | | | — | | | 2,018 | |
| Other comprehensive loss | — | | | — | | | — | | | — | | | — | | | (84) | | | (84) | |
| Stock-settled share-based compensation | — | | | — | | | 55 | | | — | | | — | | | — | | | 55 | |
| Stock issued for share-based awards, net of shares withheld for tax | 1.1 | | | — | | | (73) | | | 92 | | | (51) | | | — | | | (32) | |
| Balance at September 30, 2023 | 328.0 | | | $ | 4 | | | $ | 8,968 | | | $ | (3,442) | | | $ | 3,232 | | | $ | 91 | | | $ | 8,853 | |
The accompanying Combined Notes to Condensed Consolidated Financial Statements are an integral part of these statements.
UNITED AIRLINES, INC.
STATEMENTS OF CONSOLIDATED OPERATIONS (UNAUDITED)
(In millions)
| | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended September 30, | | Nine Months Ended September 30, |
| | 2024 | | 2023 | | 2024 | | 2023 |
| Operating revenue: | | | | | | | |
| Passenger | $ | 13,561 | | | $ | 13,349 | | | $ | 38,554 | | | $ | 36,625 | |
| Cargo | 417 | | | 333 | | | 1,222 | | | 1,093 | |
| Other | 865 | | | 802 | | | 2,592 | | | 2,373 | |
| Total operating revenue | 14,843 | | | 14,484 | | | 42,368 | | | 40,091 | |
| | | | | | | |
| Operating expense: | | | | | | | |
| Salaries and related costs | 4,323 | | | 3,914 | | | 12,353 | | | 10,946 | |
| Aircraft fuel | 2,993 | | | 3,342 | | | 9,080 | | | 9,336 | |
| Landing fees and other rent | 866 | | | 801 | | | 2,536 | | | 2,283 | |
| Aircraft maintenance materials and outside repairs | 765 | | | 684 | | | 2,254 | | | 2,072 | |
| Depreciation and amortization | 742 | | | 663 | | | 2,169 | | | 1,987 | |
| Regional capacity purchase | 651 | | | 592 | | | 1,848 | | | 1,806 | |
| Distribution expenses | 574 | | | 516 | | | 1,680 | | | 1,406 | |
| Aircraft rent | 65 | | | 46 | | | 148 | | | 151 | |
| Special charges | (5) | | | 29 | | | 44 | | | 902 | |
| Other | 2,304 | | | 2,158 | | | 6,662 | | | 5,988 | |
| Total operating expense | 13,278 | | | 12,745 | | | 38,774 | | | 36,877 | |
| Operating income | 1,565 | | | 1,739 | | | 3,594 | | | 3,214 | |
| | | | | | | |
| Nonoperating income (expense): | | | | | | | |
| Interest expense | (379) | | | (493) | | | (1,260) | | | (1,472) | |
| Interest income | 187 | | | 234 | | | 554 | | | 620 | |
| Interest capitalized | 53 | | | 48 | | | 174 | | | 128 | |
| Unrealized gains (losses) on investments, net | (90) | | | (54) | | | (160) | | | 54 | |
| Miscellaneous, net | (50) | | | 12 | | | (40) | | | 74 | |
| Total nonoperating expense, net | (279) | | | (253) | | | (732) | | | (596) | |
| Income before income tax expense | 1,286 | | | 1,486 | | | 2,862 | | | 2,618 | |
| Income tax expense | 321 | | | 348 | | | 697 | | | 599 | |
| Net income | $ | 965 | | | $ | 1,138 | | | $ | 2,165 | | | $ | 2,019 | |
The accompanying Combined Notes to Condensed Consolidated Financial Statements are an integral part of these statements.
UNITED AIRLINES, INC.
STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME (LOSS) (UNAUDITED)
(In millions)
| | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended September 30, | | Nine Months Ended September 30, |
| | 2024 | | 2023 | | 2024 | | 2023 |
| Net income | $ | 965 | | | $ | 1,138 | | | $ | 2,165 | | | $ | 2,019 | |
| | | | | | | |
| Other comprehensive income (loss), net of tax: | | | | | | | |
| Employee benefit plans | (24) | | | (20) | | | (58) | | | (89) | |
| Investments and other | 12 | | | 8 | | | 11 | | | 5 | |
| Total other comprehensive loss, net of tax | (12) | | | (12) | | | (47) | | | (84) | |
| | | | | | | |
| Total comprehensive income, net | $ | 953 | | | $ | 1,126 | | | $ | 2,118 | | | $ | 1,935 | |
The accompanying Combined Notes to Condensed Consolidated Financial Statements are an integral part of these statements.
UNITED AIRLINES, INC.
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(In millions, except shares)
| | | | | | | | | | | |
| September 30, 2024 | | December 31, 2023 |
| ASSETS | | | |
| Current assets: | | | |
| Cash and cash equivalents | $ | 8,812 | | | $ | 6,058 | |
| Short-term investments | 5,352 | | | 8,330 | |
| Restricted cash | 36 | | | 31 | |
Receivables, less allowance for credit losses (2024 — $21; 2023 — $18) | 2,042 | | | 1,898 | |
Aircraft fuel, spare parts and supplies, less obsolescence allowance (2024 — $788; 2023 — $689) | 1,639 | | | 1,561 | |
| Prepaid expenses and other | 690 | | | 609 | |
| Total current assets | 18,571 | | | 18,487 | |
| Operating property and equipment: | | | |
| Flight equipment | 50,933 | | | 48,448 | |
| Other property and equipment | 11,865 | | | 10,527 | |
| Purchase deposits for flight equipment | 3,414 | | | 3,550 | |
| Total operating property and equipment | 66,212 | | | 62,525 | |
| Less — Accumulated depreciation and amortization | (24,532) | | | (22,710) | |
| Total operating property and equipment, net | 41,680 | | | 39,815 | |
| | | |
| Operating lease right-of-use assets | 3,782 | | | 3,914 | |
| | | |
| Other assets: | | | |
| Goodwill | 4,527 | | | 4,527 | |
Intangibles, less accumulated amortization (2024 — $1,355; 2023 — $1,495) | 2,691 | | | 2,725 | |
| Restricted cash | 180 | | | 245 | |
Investments in affiliates and other, less allowance for credit losses (2024 — $32; 2023 —$38) | 1,209 | | | 1,391 | |
| Total other assets | 8,607 | | | 8,888 | |
| Total assets | $ | 72,640 | | | $ | 71,104 | |
(continued on next page)
UNITED AIRLINES, INC.
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(In millions, except shares)
| | | | | | | | | | | |
| | September 30, 2024 | | December 31, 2023 |
| LIABILITIES AND STOCKHOLDER'S EQUITY | | | |
| Current liabilities: | | | |
| Accounts payable | $ | 4,008 | | | $ | 3,835 | |
| Accrued salaries and benefits | 2,802 | | | 2,940 | |
| Advance ticket sales | 8,477 | | | 6,704 | |
| Frequent flyer deferred revenue | 3,314 | | | 3,095 | |
| Current maturities of long-term debt | 3,279 | | | 4,018 | |
| Current maturities of operating leases | 491 | | | 576 | |
| Current maturities of finance leases | 87 | | | 172 | |
| Current maturities of other financial liabilities | 69 | | | 57 | |
| Other | 839 | | | 808 | |
| Total current liabilities | 23,366 | | | 22,205 | |
| | | |
| Long-term debt | 22,207 | | | 25,057 | |
| Long-term obligations under operating leases | 4,432 | | | 4,503 | |
| Long-term obligations under finance leases | 89 | | | 91 | |
| | | |
| Other liabilities and deferred credits: | | | |
| Frequent flyer deferred revenue | 4,057 | | | 4,048 | |
| Pension liability | 1,030 | | | 968 | |
| Postretirement benefit liability | 594 | | | 637 | |
| Deferred income taxes | 1,254 | | | 622 | |
| Other financial liabilities | 2,705 | | | 2,265 | |
| Other | 1,500 | | | 1,414 | |
| Total other liabilities and deferred credits | 11,140 | | | 9,954 | |
| Commitments and contingencies | | | |
| Stockholder's equity: | | | |
Common stock at par, $0.01 par value; authorized 1,000 shares; issued and outstanding 1,000 shares at both September 30, 2024 and December 31, 2023 | — | | | — | |
| Additional capital invested | 579 | | | 482 | |
| Retained earnings | 8,501 | | | 6,336 | |
| Accumulated other comprehensive loss | (109) | | | (62) | |
| Payable to parent | 2,435 | | | 2,538 | |
| Total stockholder's equity | 11,406 | | | 9,294 | |
| Total liabilities and stockholder's equity | $ | 72,640 | | | $ | 71,104 | |
The accompanying Combined Notes to Condensed Consolidated Financial Statements are an integral part of these statements.
UNITED AIRLINES, INC.
CONDENSED STATEMENTS OF CONSOLIDATED CASH FLOWS (UNAUDITED)
(In millions)
| | | | | | | | | | | |
| | Nine Months Ended September 30, |
| | 2024 | | 2023 |
| | | |
| Cash Flows from Operating Activities: | | | |
| Net cash provided by operating activities | $ | 7,120 | | | $ | 7,790 | |
| | | |
| Cash Flows from Investing Activities: | | | |
| Capital expenditures, net of flight equipment purchase deposit returns | (3,940) | | | (5,105) | |
| Purchases of short-term and other investments | (4,057) | | | (8,875) | |
| Proceeds from sale of short-term and other investments | 7,206 | | | 8,614 | |
| Proceeds from sale of property and equipment | 66 | | | 20 | |
| Other, net | (211) | | | (17) | |
| Net cash used in investing activities | (936) | | | (5,363) | |
| | | |
| Cash Flows from Financing Activities: | | | |
| Proceeds from issuance of debt and other financing liabilities, net of discounts and fees | 5,302 | | | 1,685 | |
| Payments of long-term debt, finance leases and other financing liabilities | (8,792) | | | (3,423) | |
| | | |
| Net cash used in financing activities | (3,490) | | | (1,738) | |
| Net increase in cash, cash equivalents and restricted cash | 2,694 | | | 689 | |
| Cash, cash equivalents and restricted cash at beginning of the period | 6,334 | | | 7,421 | |
| Cash, cash equivalents and restricted cash at end of the period (a) | $ | 9,028 | | | $ | 8,110 | |
| | | |
| Investing and Financing Activities Not Affecting Cash: | | | |
| Property and equipment acquired through the issuance of debt, finance leases and other | $ | (159) | | | $ | 677 | |
| Right-of-use assets acquired through operating leases | 376 | | | 470 | |
| Lease modifications and lease conversions | 117 | | | 438 | |
| Investment interests received in exchange for loans, goods and services | 18 | | | 25 | |
(a) The following table provides a reconciliation of cash, cash equivalents and restricted cash to amounts reported within the consolidated balance sheet:
| | | | | | | | | | | |
| Cash and cash equivalents | $ | 8,812 | | | $ | 7,478 | |
| Restricted cash — Current | 36 | | | 392 | |
| Restricted cash — Non-Current | 180 | | | 240 | |
| Total cash, cash equivalents and restricted cash | $ | 9,028 | | | $ | 8,110 | |
The accompanying Combined Notes to Condensed Consolidated Financial Statements are an integral part of these statements.
UNITED AIRLINES, INC.
STATEMENTS OF CONSOLIDATED STOCKHOLDER'S EQUITY (UNAUDITED)
(In millions)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Additional
Capital Invested | | Retained Earnings | | Accumulated
Other Comprehensive Income (Loss) | | Payable to Parent | | Total |
|
| Balance at June 30, 2024 | $ | 538 | | | $ | 7,536 | | | $ | (97) | | | $ | 2,518 | | | $ | 10,495 | |
| Net income | — | | | 965 | | | — | | | — | | | 965 | |
| Other comprehensive loss | — | | | — | | | (12) | | | — | | | (12) | |
| Stock-settled share-based compensation | 41 | | | — | | | — | | | — | | | 41 | |
| Impact of UAL share repurchase | — | | | — | | | — | | | (82) | | | (82) | |
| Other | — | | | — | | | — | | | (1) | | | (1) | |
| Balance at September 30, 2024 | $ | 579 | | | $ | 8,501 | | | $ | (109) | | | $ | 2,435 | | | $ | 11,406 | |
| | | | | | | | | |
| Balance at December 31, 2023 | $ | 482 | | | $ | 6,336 | | | $ | (62) | | | $ | 2,538 | | | $ | 9,294 | |
| Net income | — | | | 2,165 | | | — | | | — | | | 2,165 | |
| Other comprehensive loss | — | | | — | | | (47) | | | — | | | (47) | |
| Stock-settled share-based compensation | 97 | | | — | | | — | | | — | | | 97 | |
| Impact of UAL share repurchase | — | | | — | | | — | | | (82) | | | (82) | |
| Other | — | | | — | | | — | | | (21) | | | (21) | |
| Balance at September 30, 2024 | $ | 579 | | | $ | 8,501 | | | $ | (109) | | | $ | 2,435 | | | $ | 11,406 | |
| | | | | | | | | |
| Balance at June 30, 2023 | $ | 435 | | | $ | 4,597 | | | $ | 103 | | | $ | 2,539 | | | $ | 7,674 | |
| Net income | — | | | 1,138 | | | — | | | — | | | 1,138 | |
| Other comprehensive loss | — | | | — | | | (12) | | | — | | | (12) | |
| Stock-settled share-based compensation | 23 | | | — | | | — | | | — | | | 23 | |
| Balance at September 30, 2023 | $ | 458 | | | $ | 5,735 | | | $ | 91 | | | $ | 2,539 | | | $ | 8,823 | |
| | | | | | | | | |
| Balance at December 31, 2022 | $ | 403 | | | $ | 3,716 | | | $ | 175 | | | $ | 2,571 | | | $ | 6,865 | |
| Net income | — | | | 2,019 | | | — | | | — | | | 2,019 | |
| Other comprehensive loss | — | | | — | | | (84) | | | — | | | (84) | |
| Stock-settled share-based compensation | 55 | | | — | | | — | | | — | | | 55 | |
| Other | — | | | — | | | — | | | (32) | | | (32) | |
| Balance at September 30, 2023 | $ | 458 | | | $ | 5,735 | | | $ | 91 | | | $ | 2,539 | | | $ | 8,823 | |
The accompanying Combined Notes to Condensed Consolidated Financial Statements are an integral part of these statements.
UNITED AIRLINES HOLDINGS, INC. AND UNITED AIRLINES, INC.
COMBINED NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
United Airlines Holdings, Inc. (together with its consolidated subsidiaries, "UAL" or the "Company") is a holding company and its wholly-owned subsidiary is United Airlines, Inc. (together with its consolidated subsidiaries, "United"). This Quarterly Report on Form 10-Q is a combined report of UAL and United, including their respective consolidated financial statements. As UAL consolidates United for financial statement purposes, disclosures that relate to activities of United also apply to UAL, unless otherwise noted. United's operating revenues and operating expenses comprise nearly 100% of UAL's revenues and operating expenses. In addition, United comprises approximately the entire balance of UAL's assets, liabilities and operating cash flows. When appropriate, UAL and United are named specifically for their individual contractual obligations and related disclosures, and any significant differences between the operations and results of UAL and United are separately disclosed and explained. We sometimes use the words "we," "our," "us," and the "Company" in this report for disclosures that relate to all of UAL and United.
The UAL and United unaudited condensed consolidated financial statements shown here have been prepared as required by the U.S. Securities and Exchange Commission (the "SEC"). Some information and footnote disclosures normally included in financial statements that comply with accounting principles generally accepted in the United States ("GAAP") have been condensed or omitted as permitted by the SEC. The financial statements include all adjustments, including normal recurring adjustments and other adjustments, which are considered necessary for a fair presentation of the Company's financial position and results of operations for interim periods presented. The UAL and United financial statements should be read together with the information included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2023 (the "2023 Form 10-K"). The Company's quarterly financial data is subject to seasonal fluctuations. Historically its second and third quarter financial results have reflected higher travel demand than its first and fourth quarter financial results.
NOTE 1 — REVENUE
Revenue by Geography. The table below presents the Company's operating revenue by principal geographic region (as defined by the U.S. Department of Transportation) (in millions): | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Nine Months Ended September 30, |
| 2024 | | 2023 | | 2024 | | 2023 |
| Domestic (U.S. and Canada) | $ | 8,648 | | | $ | 8,379 | | | $ | 25,082 | | | $ | 23,963 | |
| Atlantic | 3,432 | | | 3,543 | | | 8,542 | | | 8,604 | |
| Latin America | 1,232 | | | 1,184 | | | 4,023 | | | 3,773 | |
| Pacific | 1,531 | | | 1,378 | | | 4,721 | | | 3,751 | |
| Total | $ | 14,843 | | | $ | 14,484 | | | $ | 42,368 | | | $ | 40,091 | |
Advance Ticket Sales. The Company defers amounts related to future travel in its Advance ticket sales liability account. All tickets sold at any given point in time have travel dates through the subsequent 12 months. The Company estimates the value of Advance ticket sales that will expire unused ("breakage") and recognizes revenue and any changes in estimates in proportion to the usage of the related tickets. To determine breakage, the Company uses its historical experience with expired tickets and certificates and other facts, such as recent aging trends, program changes and modifications that could affect the ultimate expiration patterns.
In the nine months ended September 30, 2024 and 2023, the Company recognized approximately $5.2 billion and $5.3 billion, respectively, of passenger revenue for tickets that were included in Advance ticket sales at the beginning of those periods.
Ancillary Fees. The Company charges fees, separately from ticket sales, for certain ancillary services that are directly related to passenger travel. This includes fees for baggage, premium seats, inflight amenities and other ticket-related fees. These ancillary fees are part of the travel performance obligation and, as such, are recognized as passenger revenue when the travel occurs. The Company recorded $1.1 billion and $3.3 billion of ancillary fees within passenger revenue in the three and nine months ended September 30, 2024, respectively. The Company recorded $1.1 billion and $3.0 billion of ancillary fees within passenger revenue in the three and nine months ended September 30, 2023, respectively.
Frequent Flyer Accounting. The table below presents a roll forward of Frequent flyer deferred revenue (in millions): | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Nine Months Ended September 30, |
| 2024 | | 2023 | | 2024 | | 2023 |
| Total Frequent flyer deferred revenue - beginning balance | $ | 7,353 | | | $ | 7,024 | | | $ | 7,143 | | | $ | 6,675 | |
| Total miles awarded | 884 | | | 816 | | | 2,643 | | | 2,465 | |
| Travel miles redeemed | (842) | | | (740) | | | (2,325) | | | (1,983) | |
| Non-travel miles redeemed | (24) | | | (24) | | | (90) | | | (81) | |
| Total Frequent flyer deferred revenue - ending balance | $ | 7,371 | | | $ | 7,076 | | | $ | 7,371 | | | $ | 7,076 | |
In the three and nine months ended September 30, 2024, the Company recognized, in Other operating revenue, $0.7 billion and $2.2 billion, respectively, related to the marketing, advertising, non-travel miles redeemed (net of related costs) and other travel-related benefits of the mileage revenue associated with our various partner agreements including, but not limited to, our JPMorgan Chase Bank, N.A. MileagePlus co-brand agreement. The Company recognized $0.7 billion and $2.0 billion, respectively, in the three and nine months ended September 30, 2023, related to those agreements. The portion related to the MileagePlus miles awarded of the total amounts received from our various partner agreements is deferred and presented in the table above as an increase to the Frequent flyer deferred revenue. We determine the current portion of that account based on our estimate of expected redemptions in the next 12 months.
NOTE 2 — EARNINGS PER SHARE
The following table shows the computation of basic and diluted earnings per share, the latter of which uses the treasury stock method to calculate the dilutive effect of UAL's potential common stock (in millions, except per share amounts):
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Nine Months Ended September 30, |
| 2024 | | 2023 | | 2024 | | 2023 |
| Earnings available to common stockholders | $ | 965 | | | $ | 1,137 | | | $ | 2,164 | | | $ | 2,018 | |
| | | | | | | |
| Basic weighted-average shares outstanding | 329.0 | | | 328.0 | | | 328.7 | | | 327.8 | |
| Dilutive effect of stock Warrants (a) | 0.9 | | | 2.7 | | | 1.8 | | | 2.5 | |
| Dilutive effect of employee stock awards | 2.8 | | | 1.7 | | | 2.8 | | | 1.5 | |
| Diluted weighted-average shares outstanding | 332.7 | | | 332.4 | | | 333.3 | | | 331.8 | |
| | | | | | | |
| Earnings per share, basic | $ | 2.93 | | | $ | 3.47 | | | $ | 6.58 | | | $ | 6.16 | |
| Earnings per share, diluted | $ | 2.90 | | | $ | 3.42 | | | $ | 6.49 | | | $ | 6.08 | |
| | | | | | | |
| Potentially dilutive securities (b) | | | | | | | |
| Stock Warrants (a) | 1.5 | | | 1.5 | | | 1.5 | | | 1.5 | |
| Employee stock awards | 0.7 | | | 0.6 | | | 0.5 | | | 0.6 | |
(a) See discussion below for more information about these Warrants. |
| (b) Weighted-average potentially dilutive securities outstanding are excluded from the computation of diluted earnings per share because the securities would have an antidilutive effect. |
In 2020 and 2021, the Company issued to the United States Department of the Treasury (the "U.S. Treasury") warrants (the "Warrants") to purchase 9,928,349 shares of UAL common stock in connection with the Payroll Support Program established under Division A, Title IV, Subtitle B of the Coronavirus Aid, Relief, and Economic Security ("CARES") Act, the Payroll Support Program Extension established under Division N, Title IV, Subtitle A of the Consolidated Appropriations Act, 2021 ("PSP2"), the Payroll Support Program 3 established under Title VII, Subtitle C of the American Rescue Plan Act of 2021 ("PSP3"), and the Airline Loan Program established under Division A, Title IV, Subtitle A of the CARES Act. In August 2024, the holder of the Warrants exercised 6,414,635, or 65%, of the Warrants, with an exercise price of $31.50, in a net share settlement for 2,043,906 shares of UAL common stock. As of September 30, 2024, the Company had the below Warrants outstanding:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Warrant Description | | Number of Shares of UAL Common Stock | | Exercise Price | | Expiration Dates |
| PSP2 Warrants | | 2,011,924 | | | $ | 43.26 | | | 1/15/2026 | — | 4/29/2026 |
| PSP3 Warrants | | 1,501,790 | | | 53.92 | | | 4/29/2026 | — | 6/10/2026 |
| Total | | 3,513,714 | | | | | | | |
In August 2024, the Company repurchased, through open market repurchases following the exercise of the Warrants described above, 2,043,906 shares of UAL common stock, which was recorded as an approximately $82 million increase to Stock held in treasury, at cost. These share repurchases were executed outside a publicly announced plan or program using cash resources.
On October 15, 2024, the Company announced that its Board of Directors ("Board") authorized a new share repurchase program, allowing for purchases of up to $1.5 billion in the aggregate of outstanding UAL common stock and Warrants, subject to a limit of $500 million in the aggregate through 2024. Unless suspended or terminated earlier by the Board, this program has no set expiration date and will therefore terminate when the Company has completed all purchases authorized under the program. The specific timing and number of shares of UAL common stock or Warrants purchased will be determined by the Company's management at its discretion and will vary based on the capital needs of the business, the market price of UAL common stock, general market conditions, securities law limitations and other factors. The purchases may be effected through a combination of one or more open market and privately negotiated transactions (including under trading plans intended to comply with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended (the "Exchange Act")) as well as transactions structured through investment banking institutions and other derivative transactions (including through one or more accelerated share repurchase programs).
NOTE 3 — ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
The table below presents the components of the Company's accumulated other comprehensive income (loss), net of tax ("AOCI") (in millions): | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Pension and Other Postretirement Liabilities | | Investments and Other | | Deferred Taxes (a) | | Total |
|
| Balance at June 30, 2024 | | $ | 245 | | | $ | (5) | | | $ | (337) | | | $ | (97) | |
| Changes in value | | (5) | | | 15 | | | (2) | | | 8 | |
| Amounts reclassified to earnings | | (25) | | (b) | — | | | 5 | | | (20) | |
| Balance at September 30, 2024 | | $ | 215 | | | $ | 10 | | | $ | (334) | | | $ | (109) | |
| | | | | | | | |
| Balance at December 31, 2023 | | $ | 289 | | | $ | (4) | | | $ | (347) | | | $ | (62) | |
| Changes in value | | 1 | | | 14 | | | (3) | | | 12 | |
| Amounts reclassified to earnings | | (75) | | (b) | — | | | 16 | | | (59) | |
| Balance at September 30, 2024 | | $ | 215 | | | $ | 10 | | | $ | (334) | | | $ | (109) | |
| | | | | | | | |
| Balance at June 30, 2023 | | $ | |
