0001193125-12-516299.txt : 20121227 0001193125-12-516299.hdr.sgml : 20121227 20121227160256 ACCESSION NUMBER: 0001193125-12-516299 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 5 CONFORMED PERIOD OF REPORT: 20121227 ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20121227 DATE AS OF CHANGE: 20121227 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CONTINENTAL AIRLINES INC /DE/ CENTRAL INDEX KEY: 0000319687 STANDARD INDUSTRIAL CLASSIFICATION: AIR TRANSPORTATION, SCHEDULED [4512] IRS NUMBER: 742099724 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-10323 FILM NUMBER: 121287538 BUSINESS ADDRESS: STREET 1: 1600 SMITH STREET 3303D STREET 2: DEPT HQSEO CITY: HOUSTON STATE: TX ZIP: 77002 BUSINESS PHONE: 7133245000 MAIL ADDRESS: STREET 1: 1600 SMITH STREET 3303D STREET 2: DEPT HQSEO CITY: HOUSTON STATE: TX ZIP: 77002 FORMER COMPANY: FORMER CONFORMED NAME: PEOPLE EXPRESS AIRLINES INC DATE OF NAME CHANGE: 19890726 FILER: COMPANY DATA: COMPANY CONFORMED NAME: United Continental Holdings, Inc. CENTRAL INDEX KEY: 0000100517 STANDARD INDUSTRIAL CLASSIFICATION: AIR TRANSPORTATION, SCHEDULED [4512] IRS NUMBER: 362675207 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-06033 FILM NUMBER: 121287537 BUSINESS ADDRESS: STREET 1: JOHN LAKOSIL - WHQLD STREET 2: 77 W. WACKER CITY: CHICAGO STATE: IL ZIP: 60601 BUSINESS PHONE: 312-997-8000 MAIL ADDRESS: STREET 1: JOHN LAKOSIL - WHQLD STREET 2: 77 W. WACKER CITY: CHICAGO STATE: IL ZIP: 60601 FORMER COMPANY: FORMER CONFORMED NAME: UAL CORP /DE/ DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: ALLEGIS CORP DATE OF NAME CHANGE: 19880613 FORMER COMPANY: FORMER CONFORMED NAME: UAL INC DATE OF NAME CHANGE: 19870517 FILER: COMPANY DATA: COMPANY CONFORMED NAME: UNITED AIR LINES INC CENTRAL INDEX KEY: 0000101001 STANDARD INDUSTRIAL CLASSIFICATION: AIR TRANSPORTATION, SCHEDULED [4512] IRS NUMBER: 362675206 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-11355 FILM NUMBER: 121287539 BUSINESS ADDRESS: STREET 1: JOHN LAKOSIL - HDQLD STREET 2: 77 W. WACKER CITY: CHICAGO STATE: IL ZIP: 60601 BUSINESS PHONE: 847-700-4462 MAIL ADDRESS: STREET 1: JOHN LAKOSIL - HDQLD STREET 2: 77 W. WACKER CITY: CHICAGO STATE: IL ZIP: 60601 8-K 1 d458937d8k.htm FORM 8-K Form 8-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): December 27, 2012

 

 

UNITED CONTINENTAL HOLDINGS, INC.

UNITED AIR LINES, INC.

CONTINENTAL AIRLINES, INC.

(Exact name of registrant as specified in its charter)

 

 

 

Delaware   001-06033   36-2675207
Delaware   001-11355   36-2675206
Delaware   001-10323   74-2099724

(State or other jurisdiction

of incorporation)

  

(Commission

File Number)

  

(IRS Employer

Identification Number)

 

77 W. Wacker Drive, Chicago, IL   60601
77 W. Wacker Drive, Chicago, IL   60601
1600 Smith Street, Dept. HQSEO, Houston, Texas   77002
(Address of principal executive offices)   (Zip Code)

(312) 997-8000

(312) 997-8000

(713) 324-2950

Registrant’s telephone number, including area code 

(Former name or former address, if changed since last report.)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 

Item 7.01 Regulation FD Disclosure.

On December 27, 2012, United Continental Holdings, Inc., the holding company whose primary subsidiaries are United Air Lines, Inc. and Continental Airlines, Inc., issued an investor update related to its financial and operational outlook for the fourth quarter and full year 2012. A copy of the investor update is attached as Exhibit 99.1 and is incorporated herein by reference.

The information in this Item 7.01, including Exhibit 99.1, is being furnished and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section and shall not be deemed incorporated by reference into any registration statement or other document filed pursuant to the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

 

Exhibit No.

   

Description

99.1*    United Continental Holdings, Inc. Investor Update dated December 27, 2012

 

* Furnished herewith electronically.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

UNITED CONTINENTAL HOLDINGS, INC.
UNITED AIR LINES, INC.
CONTINENTAL AIRLINES, INC.
By:  

/s/ Chris Kenny

Name:   Chris Kenny
Title:   Vice President and Controller

Date: December 27, 2012

EXHIBIT INDEX

 

Exhibit No.

   

Description

99.1*    United Continental Holdings, Inc. Investor Update dated December 27, 2012

 

* Furnished herewith electronically.
EX-99.1 2 d458937dex991.htm UNITED CONTINENTAL HOLDINGS, INC. INVESTOR UPDATE DATED DECEMBER 27, 2012 United Continental Holdings, Inc. Investor Update dated December 27, 2012

Exhibit 99.1

 

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Investor Update    Issue Date: December 27, 2012

This investor update provides certain forward-looking information about United Continental Holdings, Inc. (the “Company” or “UAL”) for fourth quarter and full year 2012.

Capacity

The Company estimates its fourth quarter 2012 consolidated system available seat miles (“ASMs”) to decrease 4.2% as compared to the same period in the prior year. Weather, including Superstorm Sandy, impacted UAL’s operations during the fourth quarter, reducing year-over-year consolidated ASMs by approximately 1.5 percentage points. The Company estimates its fourth quarter 2012 consolidated domestic ASMs to decrease 4.1% and consolidated international ASMs to decrease 4.3% year-over-year. For full year 2012, the Company estimates its consolidated ASMs to decrease 1.5% year-over-year.

Revenue

The Company expects its fourth quarter 2012 consolidated passenger revenue per available seat mile (“PRASM”) to increase between 0.5% and 1.5% and full year PRASM to increase between 1.7% and 1.9% year-over-year.

The Company expects its fourth quarter 2012 cargo and other revenue to be between $1.10 billion and $1.15 billion and full year 2012 cargo and other revenue to be between $4.50 billion and $4.55 billion.

Non-Fuel Expense

The Company expects its fourth quarter consolidated cost per ASM (“CASM”), excluding profit sharing, third-party business expense, fuel and special charges, to increase 5.6% to 6.6% year-over-year.

The Company’s fourth quarter consolidated CASM, excluding profit sharing, third-party business expense, fuel and special charges, was negatively impacted by approximately 1.5 percentage points due to weather-related capacity reductions, including the impact of Superstorm Sandy. Additionally, due to recent progress in negotiations for a joint collective bargaining agreement with the International Association of Machinists and Aerospace Workers, the Company made additional accruals not included in previous fourth quarter consolidated CASM guidance.

For the full year, the Company expects consolidated CASM, excluding profit sharing, third-party business expense, fuel and special charges, to increase 3.2% to 3.6% year-over-year.

The Company expects to record approximately $120 million of third-party business expense in the fourth quarter and $300 million for the full year. Corresponding third-party business revenue associated with third-party business activities is recorded in other revenue. Fourth-quarter and full-year third-party business expense guidance is higher than October 2012 guidance due to a new contract to sell aircraft fuel from the Company to a third party. The new agreement is earnings-neutral but results in revenue and expense, specifically cost of sale, which is unrelated to the operation of the airline.

Fuel Expense

The Company estimates its consolidated fuel price, including the impact of cash settled hedges, to be $3.28 per gallon for the fourth quarter and $3.27 for the full year based on the forward curve as of December 19, 2012.

Non-Operating Expense

The Company estimates fourth quarter non-operating expense to be between $165 million and $175 million. For the full year, the Company expects non-operating expense to be between $760 and $770 million. Non-operating expense includes interest expense, capitalized interest, interest income, mark-to-market impact of derivatives not designated for hedge accounting and other non-operating income/expense.

Profit Sharing and Share-Based Compensation

The Company pays 15% of total GAAP pre-tax earnings, excluding special items and share-based compensation program expense, as profit sharing to employees when pre-tax profit, excluding special items, profit sharing expense and share-based compensation program expense, exceeds $10 million. Share-based compensation expense for the purposes of the profit sharing calculation is estimated to be $10 million in the fourth quarter and $47 million for the full year 2012.

 

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Capital Expenditures and Scheduled Debt and Capital Lease Payments

In the fourth quarter, the Company expects approximately $1.05 billion of gross capital expenditures and approximately $785 million of net capital expenditures, excluding net purchase deposit refunds of $150 million. For the full year, excluding $103 million of net purchase deposits paid, the Company expects approximately $2.35 billion of gross capital expenditures and $1.70 billion of net capital expenditures. Fourth quarter and full year net capital expenditures are higher than October 2012 guidance due to the timing of financing proceeds.

Scheduled debt and capital lease payments amount to $0.3 billion for the fourth quarter and $1.3 billion for the full year 2012. Including all debt pre-payments, the Company expects debt and capital lease payments of $1.5 billion in 2012. During the fourth quarter, the Company elected to redeem the $400 million outstanding of 9.875% Senior Secured Notes Due 2013 and the $200 million outstanding of 12.000% Senior Second Lien Notes Due 2013, each issued by United Air Lines, Inc. The notes will be redeemed on February 1, 2013 at a price equal to 100% of the principal amount of the notes, plus any accrued and unpaid interest.

Liquidity Position

The Company expects to end 2012 with approximately $6.9 billion in unrestricted liquidity comprised of approximately $6.4 billion of unrestricted cash, cash equivalents and short-term investments and $500 million in undrawn commitments under its revolving credit facility.

Taxes

The Company currently expects to record minimal cash income taxes in 2012.

Advance Booked Seat Factor (Percentage of Available Seats that are Sold)

Compared to the same period last year, for the next six weeks, mainline domestic advance booked seat factor is up 6.4 points, mainline international advance booked seat factor is up 4.1 points, mainline Atlantic advance booked seat factor is up 3.0 points, mainline Pacific advance booked seat factor is up 2.8 points and mainline Latin America advance booked seat factor is up 5.6 points. Regional advance booked seat factor is up 6.6 points.

 

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Company Outlook

Fourth Quarter and Full Year 2012 Operational Outlook

 

    Estimated 4Q 2012   Year-Over-Year %
Change  Higher/(Lower)		   Estimated FY 2012   Year-Over-Year %
Change  Higher/(Lower)

Capacity (Million ASMs)

        

Mainline Capacity

        

Domestic

   25,811   (4.6)%   109,071   (2.4)%

Atlantic

   10,538   (7.3)%   47,423   (3.6)%

Pacific

   9,402   (1.7)%   39,231   2.7%

Latin America

   4,604   (1.3)%   20,583   1.4%

Total Mainline Capacity

   50,354   (4.3)%   216,308   (1.4)%

Regional1

   7,806   (3.4)%   32,549   (1.6)%

Consolidated Capacity

        

Domestic

   33,322   (4.1)%   140,069   (2.2)%

International

   24,838   (4.3)%   108,788   (0.5)%

Total Consolidated Capacity

   58,160   (4.2)%   248,857   (1.5)%

Traffic (Million RPMs)

        

Mainline Traffic

        

Domestic

   21,619- 21,847   (5.1)% -(4.1)%   92,486 -92,724   (2.7)%- (2.5)%

Atlantic

   8,209 -8,298   (7.8)% -(6.8)%   37,757 -37,855   (3.9)% -(3.6)%

Pacific

   7,769 -7,847   (0.1)% -0.9%   32,321 -32,399   3.1% -3.3%

Latin America

   3,707 -3,744   0.8% -1.8%   16,589 -16,629   3.3% -3.5%

Total Mainline System Traffic

   41,304-41,736   (4.2)%-(3.2)%   179,153-179,607   (1.4)%- (1.2)%

Regional System Traffic1

   6,286 -6,349   (0.8)%-0.2%   26,043 -26,108   1.1% -1.3%

Consolidated System Traffic

        

Domestic System

   27,683-27,972   (4.0)% -(3.0)%   117,378-117,678   (1.9)% -(1.7)%

International System

   19,907-20,113   (3.5)% -(2.5)%   87,818 -88,037   0.0% -0.2%

Total Consolidated System Traffic

   47,590-48,085   (3.8)%-(2.8)%   205,196- 205,715   (1.1)%-(0.9)%

Load Factor

        

Mainline Load Factor

        

Domestic

   83.8%-84.6%   (0.4) pts .-0.4 pts.   84.8% -85.0%   (0.3) pts. - (0.1) pts.

Atlantic

   77.9%-78.7%   (0.5) pts.- 0.3 pts.   79.6% -79.8%   (0.2) pts. -0.0 pts.

Pacific

   82.6%-83.5%   1.3 pts. -2.1 pts.   82.4% -82.6%   0.3 pts. -0.5 pts.

Latin America

   80.5%-81.3%   1.7 pts. -2.5 pts.   80.6% -80.8%   1.5 pts. -1.7 pts.

Total Mainline Load Factor

   82.0%-82.9%   0.1 pts. -0.9 pts.   82.8% -83.0%   0.0 pts. -0.2 pts.

Regional Load Factor1

   80.5%-81.3%   2.0 pts.-2.8 pts.   80.0% -80.2%   2.1 pts. -2.3 pts.

Consolidated Load Factor

        

Domestic

   83.1%-83.9%   0.1 pts. -0.9 pts.   83.8% -84.0%   0.3 pts. -0.5 pts.

International

   80.1%-81.0%   0.7 pts. -1.5 pts.   80.7% -80.9%   0.3 pts. -0.5 pts.

Total Consolidated Load Factor

   81.8%-82.7%   0.3 pts. -1.2 pts.   82.5%- 82.7%   0.3 pts. -0.5 pts.

 

1. Regional results reflect flights operated under capacity purchase agreements and flights operated as part of our joint venture with Aer Lingus.

 

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Company Outlook

Fourth Quarter and Full Year 2012 Financial Outlook

 

     Estimated 4Q 2012    Year-Over-Year  %
Change
Higher/(Lower)		    Estimated
FY 2012		    Year-Over-Year  %
Change
Higher/(Lower)

Revenue (¢/ASM, except Cargo and Other Revenue)

            

Mainline Passenger Unit Revenue

    11.71 - 11.83    (0.5%) - 0.5%    11.93 - 11.96    0.7% - 1.0%

Consolidated Passenger Unit Revenue

    12.93 - 13.06    0.5% -1.5%    13.09 - 13.12    1.7% - 1.9%

Cargo and Other Revenue ($B)

    $1.10 - $1.15       $4.50 - $4.55   

Operating Expense1 (¢/ASM)

            

Mainline Unit Cost Excluding Profit Sharing & Third-Party Business Expense

    13.91 - 13.99    5.0% - 5.6%    13.28 - 13.30    5.0% - 5.1%

Consolidated Unit Cost Excluding Profit Sharing & Third-Party Business Expense

    14.80 - 14.89    5.1% - 5.8%    14.20 - 14.23    4.9% - 5.1%

Non-Fuel Expense1 (¢/ASM)

            

Mainline Unit Cost Excluding Profit Sharing, Fuel & Third-Party Business Expense

    8.93 - 9.01    5.4% - 6.4%    8.33 - 8.35    2.6% - 2.8%

Consolidated Unit Cost Excluding Profit Sharing, Fuel & Third-Party Business Expense

    9.47 - 9.56    5.6% - 6.6%    8.92 - 8.95    3.2% - 3.6%

Third-Party Business Expense ($M)

    $120       $300   

Select Expense Measures ($M)

            

Aircraft Rent

    $245       $990   

Depreciation and Amortization

    $390       $1,530   

Fuel Expense

            

Mainline Fuel Consumption (Million Gallons)

    765       3,275   

Consolidated Fuel Consumption (Million Gallons)

    945       4,015   

Consolidated Fuel Price Excluding Hedges

    $3.25 / Gallon       $3.24 /Gallon   

Consolidated Fuel Price Including Cash Settled Hedges

    $3.28 / Gallon       $3.27 / Gallon   

Non-Operating Expense ($M)

    $165 - $175       $760 - $770   

Income Taxes

            

Income Tax Rate

    0%       0%   

Capital Expenditures ($M)

            

Gross Capital Expenditures ex Purchase Deposits

    $1,050       $2,350   

Net Capital Expenditures ex Purchase Deposits

    $785       $1,700   

Net Purchase Deposits Paid / (Refunded)

    $(150)       $103   

Debt and Capital Lease Obligations ($B)

            

Scheduled Debt & Capital Lease Obligations

    $0.3       $1.3   

 

1. Excludes special charges.

 

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Company Outlook

Fuel Hedge Positions by Quarter

As of December 19, 2012, the Company had hedged approximately 38% of its expected first half 2013 consolidated fuel consumption; further details are as follows:

 

          4Q 2012     1Q 2013     2Q 2013  
          % of
Expected
Consumption		     Weighted
Average
Strike
Price		     % of
Expected
Consumption		     Weighted
Average
Strike
Price		     % of
Expected
Consumption		     Weighted
Average
Strike
Price		  

Brent Crude 3-Way1

   ($ /bbl )      —              —                3 %      90        113        128   

Heating Oil 3-Way1

   ($ /gal )      —              11 %      2.60        2.92        3.25        21 %      2.62        2.99        3.29   

Aircraft Fuel 3-Way1

   ($ /gal )      —              4 %      2.64        3.00        3.26        5 %      2.65        3.02        3.28   

Brent Crude Collar

   ($ /bbl )      14 %      81        116        21 %      90        134          3 %      87        132     

Heating Oil Collar

   ($ /gal )      20 %      2.80        3.56        5 %      2.67        3.02          2 %      2.50        2.90     

Diesel Fuel Collar

   ($ /gal )      9 %      2.45        3.28        2 %      2.75        3.76          —           
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total

       43 %            43 %          34 %       
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
1. Weighted average strike prices for 3-way hedge positions from left to right represent floor, cap and cap limit.

Share Count

These share count charts are based upon several assumptions including market stock price and number of shares outstanding. The number of shares used in the actual earnings per share calculation will likely be different from those set forth below.

 

     4Q 2012
(Estimated)		  
     Basic Share Count      Diluted Share Count      Interest Add-back  

Net Income

    (in millions)      (in millions)      (in $ millions)  

Less than or equal to $0

      331         331       $ —     

$1 million - $36 million

      331         332         —     

$37 million - $62 million

      331         372         4   

$63 million - $111 million

      331         384         7   

$112 million - $299 million

      331         389         8   

$300 million or greater

      331         393         11   
     Full Year 2012
(Estimated)		  

Net Income

    Basic Share Count
(in millions)		      Diluted Share Count
(in millions)		      Interest Add-back
(in $  millions)		  

Less than or equal to $0

      331         331       $ —     

$1 million - $145 million

      331         332         —     

$146 million - $248 million

      331         372         17   

$249 million - $447 million

      331         384         26   

$448 million - $1,248 million

      331         389         32   

$1,249 million or greater

      331         393         46   

 

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Non-GAAP to GAAP Reconciliations

Pursuant to SEC Regulation G, the Company has included the following reconciliation of reported non-GAAP financial measures to comparable financial measures reported on a GAAP basis. The Company believes that excluding fuel costs and certain other charges from some 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, and the effects of certain other charges that would otherwise make analysis of the Company’s operating performance more difficult.

 

     Estimated 4Q
2012		      Estimated
FY 2012		  
     Low      High      Low      High  

Mainline Unit Cost (¢/ASM)

            

Mainline CASM Excluding Profit Sharing

      14.15         14.23         13.42         13.44   

Special Charges (a)

      —           —           —           —     
  

 

 

     

 

 

     

 

 

     

 

 

  

Mainline CASM Excluding Profit Sharing & Special Charges (b)

      14.15         14.23         13.42         13.44   

Less: Third-Party Business Expense

      0.24         0.24         0.14         0.14   
  

 

 

     

 

 

     

 

 

     

 

 

  

Mainline CASM Excluding Profit Sharing, Third-Party Business Expense & Special Charges (b)

      13.91         13.99         13.28         13.30   

Less: Fuel Expense (c)

      4.98         4.98         4.95         4.95   
  

 

 

     

 

 

     

 

 

     

 

 

  

Mainline CASM Excluding Profit Sharing, Third-Party Business Expense, Fuel & Special Charges (b)

      8.93         9.01         8.33         8.35   
     Low      High      Low      High  

Consolidated Unit Cost (¢/ASM)

            

Consolidated CASM Excluding Profit Sharing

      15.01         15.10         14.32         14.35   

Special Charges (a)

      —           —           —           —     
  

 

 

     

 

 

     

 

 

     

 

 

  

Consolidated CASM Excluding Profit Sharing & Special Charges (b)

      15.01         15.10         14.32         14.35   

Less: Third-Party Business Expense

      0.21         0.21         0.12         0.12   
  

 

 

     

 

 

     

 

 

     

 

 

  

Consolidated CASM Excluding Profit Sharing, Third-Party Business Expense & Special Charges (b)

      14.80         14.89         14.20         14.23   

Less: Fuel Expense (c)

      5.33         5.33         5.28         5.28   
  

 

 

     

 

 

     

 

 

     

 

 

  

Consolidated CASM Excluding Profit Sharing, Third-Party Business Expense, Fuel & Special Charges (b)

      9.47         9.56         8.92         8.95   

 

(a) Operating expense per ASM – CASM excludes special charges, the impact of certain primarily non-cash impairment, severance and other similar accounting charges. While the Company anticipates that it will record such special charges throughout the year and may record profit sharing, at this time the Company is unable to provide an estimate of these charges with reasonable certainty.
(b) These financial measures provide management and investors the ability to measure and monitor the Company’s performance on a consistent basis.
(c) Both the cost and availability of fuel are subject to many economic and political factors and are therefore beyond the Company’s control.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995:

Certain statements included in this investor update are forward-looking and thus reflect our current expectations and beliefs with respect to certain current and future events and financial performance. Such forward-looking statements are and will be subject to many risks and uncertainties relating to our operations and business environment that may cause actual results to differ materially from any future results expressed or implied in such forward-looking statements. Words such as “expects,” “will,” “plans,” “anticipates,” “indicates,” “believes,” “forecast,” “guidance,” “outlook” and similar expressions are intended to identify forward-looking statements. Additionally, forward-looking statements include statements which do not relate solely to historical facts, such as statements which identify uncertainties or trends, discuss the possible future effects of current known trends or uncertainties, or which indicate that the future effects of known trends or uncertainties cannot be predicted, guaranteed or assured. All forward-looking statements in this investor update are based upon information available to us on the date of this investor update. 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. Our actual results could differ materially from these forward-looking statements due to numerous factors including, without limitation, the following: our ability to comply with the terms of our various financing arrangements; the costs and availability of financing; our ability to maintain adequate liquidity; our ability to execute our operational plans; our ability to control our costs, including realizing benefits from our resource optimization efforts, cost reduction initiatives and fleet replacement programs; our ability to utilize our net operating losses; our ability to attract and retain customers; demand for transportation in the markets in which we operate; an outbreak of a disease that affects travel demand or travel behavior; demand for travel and the impact that global economic conditions have on customer travel patterns; excessive taxation and the inability to offset future taxable income; general economic conditions (including interest rates, foreign currency exchange rates, investment or credit market conditions, crude oil prices, costs of aviation fuel and energy refining capacity in relevant markets); our ability to cost-effectively hedge against increases in the price of aviation fuel; any potential realized or unrealized gains or losses related to fuel or currency hedging programs; the effects of any hostilities, act of war or terrorist attack; the ability of other air carriers with whom we have alliances or partnerships to provide the services contemplated by the respective arrangements with such carriers; the costs and availability of aviation and other insurance; the costs associated with security measures and practices; industry consolidation or changes in airline alliances; competitive pressures on pricing and on demand; our capacity decisions and the capacity decisions of our competitors; U.S. or foreign governmental legislation, regulation and other actions (including open skies agreements and environmental regulations); labor costs; our ability to maintain satisfactory labor relations and the results of the collective bargaining agreement process with our union groups; any disruptions to operations due to any potential actions by our labor groups; weather conditions; the possibility that expected merger synergies will not be realized or will not be realized within the expected time period; and other risks and uncertainties set forth under Item 1A., Risk Factors of our Annual Report on Form 10-K, as well as other risks and uncertainties set forth from time to time in the reports we file with the SEC. Consequently, forward-looking statements should not be regarded as representations or warranties by us that such matters will be realized.

For further questions, contact Investor Relations at (312) 997-8610 or investorrelations@united.com

 

6

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