United Airlines Files Q2 2024 10-Q Report

TL;DR

UAL Q2 10-Q filed. Financials and ops update.

AI Summary

United Airlines Holdings, Inc. filed its 10-Q for the period ending June 30, 2024. The filing provides an update on the company's financial performance and operational status. Key financial details and business developments are outlined within the report.

Why It Matters

This filing offers investors and analysts a detailed look into United Airlines' financial health and operational performance during the second quarter of 2024, influencing investment decisions and market sentiment.

Risk Assessment

Risk Level: medium — A 10-Q filing is a routine quarterly report, but the airline industry is subject to significant external risks like fuel prices and economic downturns.

Key Players & Entities

• United Airlines Holdings, Inc. (company) — Filer of the 10-Q
• 20240630 (date) — End of the reporting period
• 20240718 (date) — Filing date
• United Continental Holdings, Inc. (company) — Former name of United Airlines Holdings, Inc.
• UAL CORP /DE/ (company) — Former name of United Airlines Holdings, Inc.
• ALLEGIS CORP (company) — Former name of United Airlines Holdings, Inc.
• UNITED AIRLINES, INC. (company) — Subsidiary company
• CONTINENTAL AIRLINES, INC. (company) — Former name of United Airlines, Inc.
• CONTINENTAL AIRLINES INC /DE/ (company) — Former name of United Airlines, Inc.

FAQ

Key Financial Figures

• $0.01 — d Airlines Holdings, Inc. Common Stock, $0.01 par value UAL The Nasdaq Stock Market L

Filing Documents

• ual-20240630.htm (10-Q) — 1666KB
• ual_2024063010qex102.htm (EX-10.2) — 23KB
• ual_2024063010qex103.htm (EX-10.3) — 178KB
• ual_2024063010qex104.htm (EX-10.4) — 44KB
• ual_2024063010qex311.htm (EX-31.1) — 8KB
• ual_2024063010qex312.htm (EX-31.2) — 9KB
• ual_2024063010qex313.htm (EX-31.3) — 9KB
• ual_2024063010qex314.htm (EX-31.4) — 9KB
• ual_2024063010qex321.htm (EX-32.1) — 5KB
• ual_2024063010qex322.htm (EX-32.2) — 5KB
• image_0.jpg (GRAPHIC) — 25KB
• image_12.jpg (GRAPHIC) — 25KB
• image_2boeing1.jpg (GRAPHIC) — 75KB
• image_2boeinga.jpg (GRAPHIC) — 75KB
• image_31a.jpg (GRAPHIC) — 0KB
• image_3a.jpg (GRAPHIC) — 0KB
• ual-20240630_g1.jpg (GRAPHIC) — 22KB
• 0000100517-24-000121.txt ( ) — 8226KB
• ual-20240630.xsd (EX-101.SCH) — 46KB
• ual-20240630_cal.xml (EX-101.CAL) — 81KB
• ual-20240630_def.xml (EX-101.DEF) — 308KB
• ual-20240630_lab.xml (EX-101.LAB) — 576KB
• ual-20240630_pre.xml (EX-101.PRE) — 483KB
• ual-20240630_htm.xml (XML) — 1001KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements United Airlines Holdings, Inc.: 3 4 Consolidated Balance Sheets 5 Condensed Statements of Consolidated Cash Flows 7 8 United Airlines, Inc.: 9 10 Consolidated Balance Sheets 11 Condensed Statements of Consolidated Cash Flows 13 14 Combined Notes to Condensed Consolidated Financial Statements (United Airlines Holdings, Inc. and United Airlines, Inc.) 15

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 24

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 36

Controls and Procedures

Item 4. Controls and Procedures 36

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 36

Risk Factors

Item 1A. Risk Factors 36

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 36

Other Information

Item 5. Other Information 36

Exhibits

Item 6. Exhibits 37 Exhibit Index 37

Signatures

Signatures 38 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS. UNITED AIRLINES HOLDINGS, INC. (In millions, except per share amounts) Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Operating revenue: Passenger $ 13,680 $ 13,002 $ 24,993 $ 23,276 Cargo 414 362 805 760 Other 892 814 1,727 1,571 Total operating revenue 14,986 14,178 27,525 25,607 Operating expense: Salaries and related costs 4,098 3,710 8,030 7,032 Aircraft fuel 3,133 2,820 6,087 5,994 Landing fees and other rent 866 765 1,670 1,482 Aircraft maintenance materials and outside repairs 716 686 1,489 1,388 Depreciation and amortization 719 669 1,427 1,324 Regional capacity purchase 612 599 1,197 1,214 Distribution expenses 626 487 1,106 890 Aircraft rent 40 49 83 105 Special charges 36 859 49 873 Other 2,211 2,017 4,359 3,831 Total operating expense 13,057 12,661 25,497 24,133 Operating income 1,929 1,517 2,028 1,474 Nonoperating income (expense): Interest expense ( 427 ) ( 493 ) ( 881 ) ( 979 ) Interest income 190 216 367 386 Interest capitalized 60 42 121 80 Unrealized gains (losses) on investments, net ( 33 ) 84 ( 70 ) 108 Miscellaneous, net 20 21 10 62 Total nonoperating expense, net ( 190 ) ( 130 ) ( 453 ) ( 343 ) Income before income tax expense 1,739 1,387 1,575 1,131 Income tax expense 416 312 376 250 Net income $ 1,323 $ 1,075 $ 1,199 $ 881 Earnings per share, basic $ 4.02 $ 3.28 $ 3.65 $ 2.69 Earnings per share, diluted $ 3.96 $ 3.24 $ 3.60 $ 2.66 The accompanying Combined Notes to Condensed Consolidated Financial Statements are an integral part of these statements. 3 Table of Contents UNITED AIRLINES HOLDINGS, INC. (In millions) Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Net income $ 1,323 $ 1,075 $ 1,199 $ 881 Other comprehensive income (loss), net of tax: Employee benefit plans ( 17 ) ( 34 ) ( 34

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