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United Airlines Holdings, Inc. (UAL) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2020

SEC Filings

UAL Quarterly Reports

United Continental Holdings, Inc.

CIK: 100517 Ticker: UAL
Exhibit 99.1
News Release
 
United Airlines
Worldwide Media Relations
872.825.8640
media.relations@united.com
 
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United Airlines Announces First Quarter 2020
Financial Results

Company takes U.S. airline industry-leading steps to mitigate impacts of COVID-19

CHICAGO, April 30, 2020 - United Airlines (UAL) today announced first quarter 2020 financial results with a net loss of $1.7 billion, and an adjusted net loss¹ of $639 million. The company also outlined U.S. airline industry-leading efforts to manage through the most disruptive global crisis in the history of aviation. The company's total liquidity as of the close of business on Wednesday, April 29, 2020 was approximately $9.6 billion, including $2 billion under its undrawn revolving credit facility. The company currently expects daily cash burn² to average between $40 million and $45 million during the second quarter of 2020.
"Throughout the COVID-19 crisis we have maintained our focus - first on the safety of our customers and our people and second on swiftly taking action to keep United operating. We have been at the forefront of warning how deep of an impact we expect this crisis could have and how long we expect it could last. We've also led the industry in taking decisive steps to mitigate the operational and financial impacts of COVID-19 -- making deep schedule reductions, drastically reducing spending and aggressively raising liquidity," said Chief Executive Officer, Oscar Munoz. "While we are still in the midst of this crisis, we will not hesitate to make difficult decisions we believe will ensure the long term success of our company. When demand returns, we believe we'll be positioned to bounce back strongly and quickly because of our early and aggressive efforts to fight the worst financial crisis in aviation history."
COVID-19 Actions
The company took early and aggressive action intended to mitigate the impact of COVID-19 to position the company to bounce back quickly and make United stronger when demand returns.
First U.S. airline to make aggressive capacity reductions.
Suspended share repurchase program on Feb. 24, 2020, after spread of COVID-19 to Italy and terminated the program on April 24, 2020.
First U.S. airline to actively raise additional liquidity to manage the crisis. Since early March, the company raised $4.0 billion of new liquidity in three secured term loan facilities, new aircraft financings and an equity offering (excludes CARES Act Payroll Support Program funding and any Loan Program loans) as of the close of business April 29, 2020.

1 Excludes special charges, nonoperating credit losses and unrealized gains and losses on investments. Reconciliations of non-GAAP financial measures to the most directly comparable GAAP measures are included in the tables accompanying this release.
2 Cash burn is defined as: Net cash from operations, less investing and financing activities. Proceeds from the issuance of new debt (excluding expected aircraft financing), government grants associated with the Payroll Support Program of the CARES Act and issuance of new stock are not included in this figure. 



The following information was filed by United Continental Holdings, Inc. (UAL) on Thursday, April 30, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside United Continental Holdings, Inc.'s 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Statements Of Consolidated Cash Flows (Unaudited)
Condensed Statements Of Consolidated Cash Flows (Unaudited) (Parenthetical)
Consolidated Balance Sheets (Unaudited)
Consolidated Balance Sheets (Unaudited) (Parenthetical)
Statements Of Consolidated Comprehensive Income (Loss) (Unaudited)
Statements Of Consolidated Operations (Unaudited)
Statements Of Consolidated Stockholders' Equity (Unaudited)
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) (Tables)
Accumulated Other Comprehensive Income (Loss) - Components Of Accumulated Other Comprehensive Income, Net Of Tax (Details)
Brw Term Loan
Brw Term Loan (Details)
Combined Notes To The Financial Statements (Unaudited)
Combined Notes To The Financial Statements (Unaudited) (Details)
Commitments And Contingencies
Commitments And Contingencies (Tables)
Commitments And Contingencies - Firm Commitments And Options To Purchase Aircraft (Details)
Commitments And Contingencies - Narrative (Details)
Commitments And Contingencies - Summary Of Commitments (Details)
Debt
Debt (Tables)
Debt - Contractual Principal Payments (Details)
Debt - Details Of Pass Through Trusts (Details)
Debt - Narrative (Details)
Earnings (Loss) Per Share
Earnings (Loss) Per Share (Tables)
Earnings (Loss) Per Share - Computation Of Basic And Diluted Earnings Per Share (Details)
Earnings (Loss) Per Share - Narrative (Details)
Employee Benefit Plans
Employee Benefit Plans (Tables)
Employee Benefit Plans - Components Of Net Periodic Benefit Cost (Details)
Employee Benefit Plans - Information Related To Share-Based Compensation (Details)
Employee Benefit Plans - Narrative (Details)
Financial Instruments And Fair Value Measurements
Financial Instruments And Fair Value Measurements (Tables)
Financial Instruments And Fair Value Measurements - Carrying Values And Estimated Fair Values Of Financial Instruments (Details)
Financial Instruments And Fair Value Measurements - Financial Assets And Liabilities Measured At Fair Value On Recurring Basis (Details)
Financial Instruments And Fair Value Measurements - Narrative (Details)
Income Taxes
Income Taxes (Details)
Recently Issued Accounting Standards
Recently Issued Accounting Standards (Details)
Recently Issued Accounting Standards (Policies)
Revenue
Revenue (Tables)
Revenue - Narrative (Details)
Revenue - Operating Revenue By Geographic Region (Details)
Revenue - Roll Forward Of Frequent Flyer Deferred Revenue (Details)
Special Charges
Special Charges (Tables)
Special Charges - Components Of Special Charges (Details)
Special Charges - Narrative (Details)
Ticker: UAL
CIK: 100517
Form Type: 10-Q Quarterly Report
Accession Number: 0000100517-20-000037
Submitted to the SEC: Mon May 04 2020 8:41:11 AM EST
Accepted by the SEC: Mon May 04 2020
Period: Tuesday, March 31, 2020
Industry: Air Transportation Scheduled

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