Investors should understand that it is not possible to predict or identify all such factors and should not consider this list to be a complete statement of all potential risks and uncertainties. We determined that since small changes in estimated income would result in significant changes in the estimated annual effective tax rate, the historical method would not provide a reliable estimate for the three months ended March 31, 2022. During the three and six months ended June 30, 2019, the company recorded $6 million and $10 million, respectively, of management severance. We believe that, at this time, the use of the discrete method for the three and six months ended June 30, 2022 is more appropriate than the estimated annual effective tax rate method as the estimated annual effective tax rate method is not reliable due to a high degree of uncertainty in estimating annual pretax earnings. Impairment of assets: During the three months ended March 31, 2019, the company recorded an $8 million fair value adjustment for aircraft purchased off lease. The information below provides an explanation of certain adjustments reflected in the non-GAAP financial measures and shows a reconciliation of non-GAAP financial measures reported in this press release to the most directly comparable GAAP financial measures. Percentages and earnings per share amounts presented are calculated from the underlying amounts. (a) United entered into agreements with third parties to finance through sale and leaseback transactions new Boeing model 787 aircraft and Boeing model 737 MAX aircraft subject to purchase agreements between United and Boeing. UAL will hold a conference call to discuss second quarter 2022 financial results, as well as its financial and operational outlook for third quarter 2022 and beyond, on Thursday, July 21, at 9:30 a.m. CT/10:30 a.m. In addition, certain forward-looking outlook provided in this release relies on assumptions about the duration and severity of the COVID-19 pandemic, the timing of the return to a more stable business environment, the volatility of aircraft fuel prices, customer behavior changes and return in demand for air travel, among other things (together, the "Recovery Process"). ConnectionSaver tool helped save more than 150,000 connections, assisting more than 1,600 customers daily on average. The current consensus revenue estimate is $12.62 billion for the quarter ending September 30, 2022.United Continental Holdings Inc transports people and cargo through its mainline operations, which use jet aircraft with at least 118 seats, and its regional operations. The COVID-19 pandemic and the measures taken in response may continue to impact many aspects of our business, operating results, financial condition and liquidity in a number of ways, including labor shortages (including reductions in available staffing and related impacts to the company's flight schedules and reputation), facility closures and related costs and disruptions to the company's and its business partners' operations, reduced travel demand and consumer spending, increased operating costs, supply chain disruptions, logistics constraints, volatility in the price of our securities, our ability to access capital markets and volatility in the global economy and financial markets generally. Reported second quarter 2022 Cost Per Available Seat Mile (CASM) of up 32%, and CASM-ex, Reported second quarter 2022 operating margin of 7.2%, adjusted operating margin, Reported second quarter 2022 pre-tax margin of 3.8%, adjusted pre-tax margin, Reported second quarter 2022 fuel price of approximately, Reported second quarter 2022 payments of long-term debt, finance leases and other financing liabilities of, Reported second quarter 2022 ending available liquidity. United Airlines Holdings (UAL) reported 2nd Quarter June 2022 earnings of $1.43 per share on revenue of $12.1 billion. UAL evaluates its financial performance utilizing various accounting principles generally accepted in the United States of America (GAAP) and non-GAAP financial measures, including adjusted earnings before interest, taxes, depreciation and amortization (adjusted EBITDA), adjusted operating income (loss), adjusted operating margin, adjusted pre-tax income (loss), adjusted pre-tax margin, adjusted net income (loss), adjusted diluted earnings (loss) per share, CASM, excluding special charges, third-party business expenses, fuel, and profit sharing (CASM-ex), operating expenses excluding special charges, and adjusted capital expenditures, among others. Investors should understand that it is not possible to predict or identify all such factors and should not consider this list to be a complete statement of all potential risks and uncertainties. It leaves me more optimistic than ever about United's future. We may also use social media channels to communicate with our investors and the public about our company and other matters, and those communications could be deemed to be material information. United's shared purpose is "Connecting People. Our team continues to do an outstanding job of caring for our customers," said United Airlines CEO Scott Kirby. This total includes employees who elected to voluntarily separate from the company but who are still on pre-separation leave of absence with pay and benefit, UNITED AIRLINES HOLDINGS, INC.NON-GAAP FINANCIAL INFORMATION. CASM is a common metric used in the airline industry to measure an airline's cost structure and efficiency. Because the non-GAAP financial measures are not calculated in accordance with GAAP, they should not be considered superior to and are not intended to be considered in isolation or as a substitute for the related GAAP financial measures presented in the press release and may not be the same as or comparable to similarly titled measures presented by other companies due to possible differences in method and in the items being adjusted. 3See the tables accompanying this release for more detailed information regarding non-GAAP financial measures used. Reported first quarter 2022 TRASM of down 3% compared to first quarter 2019. Capital expenditures, net of flight equipment purchase deposit returns (GAAP), Property and equipment acquired through the issuance of debt, finance leases, and other financial liabilities, Adjustment to property and equipment acquired through other financial liabilities (a), Net cash provided by operating activities (GAAP), Less capital expenditures, net of flight equipment purchase deposit returns, Free cash flow, net of financings (Non-GAAP), Less adjusted capital expenditures (Non-GAAP). If the repurchase option is not exercised, these aircraft will be accounted for as leased assets at the time of the option expiration and the related assets andliabilities will be adjusted to the present value of the remaining lease payments at that time. We routinely post important news and information regarding United on our corporate website, united.com, and our investor relations website, ir.united.com. "It's nice to return to profitability but we must confront three risks that could grow over the next 6-18 months. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, changed circumstances or otherwise, except as required by applicable law or regulation. Please refer to the tables accompanying this release for reconciliations of the non-GAAP financial measures used to the most comparable GAAP financial measure and related disclosures. UAL evaluates its financial performance utilizing various accounting principles generally accepted in the United States of America (GAAP) and non-GAAP financial measures, including adjusted earnings before interest, taxes, depreciation and amortization (adjusted EBITDA), adjusted EBITDA margin, adjusted operating income (loss), adjusted operating expenses, adjusted operating margin, adjusted pre-tax income (loss), adjusted pre-tax margin, adjusted net income (loss), adjusted diluted earnings (loss) per share, CASM, excluding special charges, third-party business expenses, fuel, and profit sharing (CASM-ex), operating expenses excluding special charges, adjusted capital expenditures, free cash flow, and free cash flow, net of financings, among others.
Information is as follows (in millions, except for percentage changes): Select operating statistics are as follows: Revenue passenger miles ("RPMs") (millions) (b), Available seat miles ("ASMs") (millions) (c), Passenger revenue per available seat mile (cents), Total revenue per available seat mile ("TRASM") (cents), Average yield per revenue passenger mile (cents) (e), Employee headcount, as of March 31 (in thousands) (h). We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, changed circumstances or otherwise, except as required by applicable law or regulation.
Became the first airline to donate flights in support of the, Debuted new custom amenity kits for United Polaris, Announced limited-time collaboration with, Announced year-round, nonstop service between, Announced the company's application with the, Kicked off the launch of the largest transatlantic expansion in United history with 10 new routes including new destinations, Expanded the airline's codeshare agreement with Star Alliance member Singapore Airlines, making it easier for customers to travel to more cities in. The company recorded $1.8billion as grant income and $47million for the warrants issued to the U.S. Department of the Treasury as part of the PSP2 Agreement, within stockholders' equity, as an offset to the grant income. A live, listen-only webcast of the conference call will be available at ir.united.com. Achieved best first quarter baggage handling performance in the last 6 years excluding the pandemic. The number of seats available for passengers multiplied by the number of scheduled miles those seats are flown. 
The webcast will be available for replay within 24 hours of the conference call and then archived on the website for three months. Announced new three times weekly service between. (f) The number of cargo revenue tons transported multiplied by the number of miles flown. Resumed 24 international routes in the second quarter. For additional information about the reconciling items and their significance, see "Non-GAAP Financial Information" below. For instance, we regularly monitor future demand and booking trends and adjust capacity, as needed. See "Cautionary Statement Regarding Forward-Looking Statements" above. This press release should be read in conjunction with the company's Investor Update issued in connection with this quarterly earnings announcement, which provides additional information on the company's business outlook (including certain financial and operational guidance for the company's second quarter and full year 2022) and is furnished with this press release with the U.S. Securities and Exchange Commission on a Current Report on Form 8-K. The United Aviate Academy announced it aims to potentially quadruple the size of its fleet of training aircraft adding 25 new, state-of-the-art Cirrus TRAC SR20 aircraft to its current fleet. ET. UAL also believes that excluding fuel expense from certain measures is useful to investors because it provides an additional measure of management's performance excluding the effects of a significant cost item over which management has limited influence. This adjustment reflects the difference between therecorded amounts and the present value of future lease payments at inception. United has the most comprehensive route network among North American carriers, including U.S. mainland hubs in Chicago, Denver, Houston, Los Angeles, New York/Newark, San Francisco and Washington, D.C.For information about how to join the United team, please visit united.com/careersand more information about the company is at ir.united.com. Words such as "should," "could," "would," "will," "may," "expects," "plans," "intends," "anticipates," "indicates," "remains," "believes," "estimates," "projects," "forecast," "guidance," "outlook," "goals", "targets", "confident" and other words and terms of similar meaning and expression are intended to identify forward-looking statements, although not all forward-looking statements contain such terms. As a result, the company is not providing a target for or a reconciliation to operating margin, the most directly comparable GAAP measure, or operating margin because the company is unable to predict certain items contained in the GAAP measure without unreasonable efforts. Nonoperating debt extinguishment and modification fees: During the six months ended June 30, 2022, the company recorded $7 million of charges mainly related to the early redemption of $400million of its unsecured debt. UAL believes that adjusting for interest expense related to finance leases of Embraer ERJ 145 aircraft is useful to investors because of the accelerated recognition of interest expense. UAL believes that adjusting for interest expense related to finance leases of Embraer ERJ 145 aircraft in certain non-GAAP measures is useful to investors because of the accelerated recognition of interest expense. UNITED AIRLINES HOLDINGS, INC.NON-GAAP FINANCIAL RECONCILIATION (Continued). Information is as follows (in millions, except for percentage changes): Select operating statistics are as follows: Revenue passenger miles ("RPMs") (millions) (b), Available seat miles ("ASMs") (millions) (c), Passenger revenue per available seat mile (cents), Total revenue per available seat mile ("TRASM") (cents), Average yield per revenue passenger mile (cents) (e), Employee headcount, as of June 30 (in thousands) (h). The company expects to be solidly profitable in the second quarter with an approximate 10% operating margin (on both a GAAP and adjusted basis1), just 2.9 points less than 2019 operating margin and 3.5 points less than 2019 adjusted operating margin, despite cost headwinds driven by the recent fuel price spike. It is routine for our internal projections and expectations to change as the year or each quarter in the year progresses, and therefore it should be clearly understood that the internal projections, beliefs and assumptions upon which we base our expectations may change. (c) The number of seats available for passengers multiplied by the number of scheduled miles those seats are flown. The provisions for income taxes for the three months ended March 31, 2021 and 2019 are based on the estimated annual effective tax rate which represents a blend of federal, state and foreign taxes and includes the impact of certain nondeductible items. The company achieved the highest second quarter revenue in its history, delivering its first profitable quarter since COVID-19 began, despite record-high fuel prices. The company also recorded $52 million and $99 million for the related warrants issued to the U.S. Treasury Department as part of the agreements related to PSP2 and PSP3, within stockholders' equity, as an offset to the grant income in the three and six months ended June 30, 2021, respectively. We routinely post important news and information regarding United on our corporate website, united.com, and our investor relations website, ir.united.com. Announced plans to expand service to one of the world's most popular vacation destinations by offering three nonstop flights per week, year-round, between, Resumed 19 International routes and relaunched service to six cities not served since the beginning of the pandemic including, Completed all United Polaris lounge re-openings with the addition of. United employees and their families participated in nearly 20 different Earth Month events across our hub communities and beyond. During the three months ended March 31, 2019, the company recorded gains of $17 million primarily for the change in market value of its equity investments. Interest expense related to finance leases of Embraer ERJ 145 aircraft: During the third quarter of 2018, United entered into an agreement with the lessor of 54 Embraer ERJ 145 aircraft to purchase those aircraft in 2019. Delayed Achieved the highest Net Promoter Score (NPS) for inflight satisfaction. See the tables accompanying this release for more detailed information.
Copyright 1998 - 2022 EarningsWhispers, Receivables, less allowance for credit losses (2022 , Aircraft fuel, spare parts and supplies, less obsolescence allowance (2022 , Intangibles, less accumulated amortization (2022 , Investments in affiliates and other, less allowance for credit losses (2022 , - the professionals' earnings expectation. Led Black History Month fundraising campaign alongside JPMorgan Chase and VISA supporting Thurgood Marshall College Fund, Leadership Conference Education Fund; NAACP Legal Defense and Education Fund, and United Negro College Fund. If the repurchase option is not exercised, these aircraft will be accounted for as leased assets at the time of the option expiration and the related assets and liabilities will be adjusted to the present value of the remaining lease payments at that time. Additionally, forward-looking statements include conditional statements and statements that identify uncertainties or trends, discuss the possible future effects of known trends or uncertainties, or that indicate that the future effects of known trends or uncertainties cannot be predicted, guaranteed or assured. Reported second quarter 2022 total operating revenue of. Protected 225,000 passengers' trips with ConnectionSaver in Q1. Risk Factors, of our Annual Report on Form 10-K for the fiscal year ended December 31, 2021, as well as other risks and uncertainties set forth from time to time in the reports we file with the U.S. Securities and Exchange Commission. All forward-looking statements in this report are based upon information available to us on the date of this report. For more about how to join the United team, please visit www.united.com/careers and more information about the company is at www.united.com. Special charges (credits) and unrealized (gains) and losses on investments, net include the following: (Gains) losses on sale of assets and other special charges, Total operating special charges (credits), Total nonoperating special charges and unrealized (gains) losses on investments, net, Total operating and nonoperating special charges (credits) and unrealized (gains) losses on investments, net, Income tax expense (benefit), net of valuation allowance, Total operating and non-operating special charges (credits) and unrealized (gains) losses on investments, net of income taxes. Management will also discuss certain business outlook items during the quarterly earnings conference call. The provisions of the new lease agreement resulted in a change in accounting classification of these new leases from operating leases to finance leases up until the purchase date. Officially opened the United Aviate Academy with the goal of training 5,000 new pilots by 2030. The information contained on, or that may be accessed through, our website or social media channels are not incorporated by reference into, and are not a part of, this document. All statements, other than those that relate solely to historical facts, are forward-looking statements. We have historically calculated the provision for income taxes during interim reporting periods by applying an estimate of the annual effective tax rate for the full fiscal year to income or loss for the reporting period. In discussing financial results and guidance, the company refers to financial measures that are not in accordance with U.S. Generally Accepted Accounting Principles (GAAP).
Inflight satisfaction for on-time flights remained at the highest historic level, achieving 80% for the quarter. During the three and six months ended June 30, 2019, the company recorded $4 million and $8 million, respectively, of net charges, primarily related to the sale of aircraft engines. This adjustment reflects the difference between the recorded amounts and the present value of future lease payments at inception. We have used a discrete effective tax rate method to calculate taxes for the three and six months ended June 30, 2022. (h) This total includes employees who elected to voluntarily separate from the company but who are still on pre-separation leave of absence with pay and benefits. The information below provides an explanation of certain adjustments reflected in the non-GAAP financial measures and shows a reconciliation of non-GAAP financial measures reported in this press release to the most directly comparable GAAP financial measures. Within the financial tables presented, certain columns and rows may not add due to the use of rounded numbers. Approximately 4,500 employees elected to voluntary separate from the company. As the company's Pratt & Whitney-powered Boeing 777 aircraft are expected to gradually return to service, the company will continue to add back capacity based on its ability to best serve customers and will take a long-term view of profitability by not sacrificing operational reliability. UAL reports CASM excluding special charges (credits), third-party business expenses, fuel and profit sharing. First quarter results consistent with company guidance, Expects 10% operating margin for Q2; and to be profitable for FY22, Business and long-haul international bookings accelerating rapidly. OF OPERATIONS. The second quarter results combined with continued progress the company is seeing affirms United's confidence in achieving the long-term adjusted pre-tax margin1 targets of approximately 9 percent in 2023 and about 14 percent in 2026 that are part of the United Next strategy. The information contained on, or that may be accessed through, our website or social media channels are not incorporated by reference into, and are not a part of, this document. (Gains) losses on sale of assets and other special charges: During the three and six months ended June 30, 2022, the company recorded $112million and $104million, respectively, of net charges primarily comprised of $94million for various legal matters. It is routine for our internal projections and expectations to change as the year or each quarter in the year progresses, and therefore it should be clearly understood that the internal projections, beliefs and assumptions upon which we base our expectations may change. As such, our actual flown capacity may differ materially from currently published flight schedules or current estimations. All rights reserved, https://www.prnewswire.com/news-releases/united-airlines-announces-second-quarter-financial-results--returns-to-profitability-301590427.html, Reported second quarter 2022 net income of. Please see the section entitled "Cautionary Statement Regarding Forward-Looking Statements.". Reported first quarter 2022 Cost Per Available Seat Mile (CASM) of up 21%, and CASM-ex, Reported first quarter 2022 operating loss of, Reported first quarter 2022 fuel price of approximately, Reported first quarter 2022 pre-tax margin of negative 23.2%, negative 23.2% on an adjusted, Reported first quarter 2022 ending available liquidity. (a) United entered into agreements with third parties to finance through sale and leaseback transactions new Boeing model 787 aircraft and Boeing model 737 MAX aircraft subject to purchase agreements between United and Boeing. Announced a new collaboration with OneTen, a coalition committed to upskill, hire and advance Black talent into family-sustaining careers over the next 10 years. We encourage investors to review our financial statements and publicly-filed reports in their entirety and not to rely on any single financial measure. The foregoing list sets forth many, but not all, of the factors that could impact our ability to achieve results described in any forward-looking statements. Interest expense related to finance leases of Embraer ERJ 145 aircraft: During the third quarter of 2018, United entered into an agreement with the lessor of 54 Embraer ERJ 145 aircraft to purchase those aircraft in 2019. (a) The number of revenue passengers measured by each flight segment flown. Operating expenses, excluding special charges (credits), Adjusted operating income (loss) (Non-GAAP), Unrealized (gains) losses on investments, net, Debt extinguishment and modification fees, Interest expense on ERJ 145 finance leases, Adjusted pre-tax income (loss) (Non-GAAP), Income tax expense (benefit) on adjustments, net, Adjusted diluted income (loss) per share (Non-GAAP), UNITED AIRLINES HOLDINGS, INCCONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED), Receivables, less allowance for credit losses (2022 $31; 2021 $28), Aircraft fuel, spare parts and supplies, less obsolescence allowance (2022 $578; 2021 $546), Total operating property and equipment, net, Intangibles, less accumulated amortization (2022 $1,451; 2021 $1,544), Investments in affiliates and other, less allowance for credit losses (2022 $623; 2021 $622), Current maturities of other financial liabilities. During the three months ended March 31, 2019, the company recorded $4 million of net charges, primarily related to the sale of aircraft. As such, our actual flown capacity may differ materially from currently published flight schedules or current estimations. Cautionary Statement Regarding Forward-Looking Statements: This earnings release and the related attachments and Investor Update (as well as the oral statements made with respect to information contained in this release and the attachments) contain certain "forward-looking statements," within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, relating to, among other things, the potential impacts of the COVID-19 pandemic and steps the company plans to take in response thereto and goals, plans and projections regarding the company's financial position, results of operations, market position, capacity, fleet, product development, ESG targets and business strategy. The Investor Update is also available through the company's investor relations website at https://ir.united.com. UAL believes that adjusting capital expenditures for assets acquired through the issuance of debt, finance leases and other financial liabilities is useful to investors in order to appropriately reflect the total amounts spent on capital expenditures. The company offered, based on employee group, age and completed years of service, pay continuation, health care coverage, and travel benefits. The company is also seeing indications that business travel is rapidly returning and expects further improvement in international travel, including Asia. The Earnings Whisper number was $1.89 per share. Launched a new, national advertising campaign "Good Leads The Way" that tells the story of United's leadership in areas like customer service, diversity and sustainability, and captures the optimism fueling the airline's large ambitions at a time of unprecedented demand in air travel. Reported second quarter 2022 TRASM of up 24% compared to second quarter 2019. United Airlines Holdings, Inc., the parent company of United Airlines, Inc., is traded on the Nasdaq under the symbol "UAL". Because the non-GAAP financial measures are not calculated in accordance with GAAP, they should not be considered superior to and are not intended to be considered in isolation or as a substitute for the related GAAP financial measures presented in the press release and may not be the same as or comparable to similarly titled measures presented by other companies due to possible differences in method and in the items being adjusted.