Do the numbers hold clues to what lies ahead for the stock? When typing in this field, a list of search results will appear and be automatically updated as you type. So, the shares are expected to perform in line with the market in the near future. UAL also reports EBITDA excluding special charges (credits), nonoperating unrealized (gains) losses on investments, net, nonoperating debt extinguishment and modification fees and nonoperating special termination benefits. The company also had record-setting TRASM (Total Revenue Per Available Seat Mile), up 24 percent versus the same quarter in 2019 and expects 24 to 26 percent improvement in the third quarter over third quarter 2019. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. 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. 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. 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 number of revenue passengers measured by each flight segment flown. UAL believes that adjusting for special charges (credits) is useful to investors because special charges (credits) are not indicative of UAL's ongoing performance. UAL believes that adjusting for these items is useful to investors because they are not indicative of UAL's ongoing performance. 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) and is furnished with this press release with the U.S. Securities and Exchange Commission on a Current Report on Form 8-K. Percentages and earnings per share amounts presented are calculated from the underlying amounts. Long-term liabilities and deferred credits: Long-term obligations under operating leases, Long-term obligations under finance leases, Total long-term liabilities and deferred credits, Total liabilities and stockholders' equity, UNITED AIRLINES HOLDINGS, INC.CONDENSED STATEMENTS OF CONSOLIDATED CASH FLOWS (UNAUDITED), Net cash provided by operating activities, Capital expenditures, net of flight equipment purchase deposit returns, Purchases of short-term and other investments, Proceeds from sale of short-term and other investments, Proceeds from sale of property and equipment, Proceeds from issuance of debt, net of discounts and fees, Payments of long-term debt, finance leases and other financing liabilities, Net cash provided by (used in) financing activities, Net increase (decrease) in cash, cash equivalents and restricted cash, Cash, cash equivalents and restricted cash at beginning of the period, Cash, cash equivalents and restricted cash at end of the period. Uniting the World." United employees and their families participated in nearly 20 different Earth Month events across our hub communities and beyond. During the six months ended June 30, 2019, the company recorded $2 million of severance and benefit costs primarily related to a voluntary early-out program for its technicians and related employees represented by the International Brotherhood of Teamsters. During the three and six months ended June 30, 2021, the company recorded charges of $61 million and $77 million, respectively, primarily related to incentives for certain of its front-line employees to receive a COVID-19 vaccination and the termination of the lease associated with three floors of its headquarters at the Willis Tower in Chicago in the first quarter of 2021. CASM is a common metric used in the airline industry to measure an airline's cost structure and efficiency. These fundamental challenges have already led to higher costs, higher fuel prices but, also higher revenue, which means we're as confident as ever we will deliver on our 9 percent adjusted pre-tax margin target in 2023. For additional information about the reconciling items and their significance, see "Non-GAAP Financial Information" below. 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. 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.
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. 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). The company's business outlook is subject to risks and uncertainties applicable to all forward-looking statements as described elsewhere in this press release. UNITED AIRLINES HOLDINGS, INC.NON-GAAP FINANCIAL INFORMATION (Continued). UAL also believes that excluding third-party business expenses, such as maintenance, flight academy, ground handling and catering services for third parties, provides more meaningful disclosure because these expenses are not directly related to UAL's core business. Reported second quarter 2022 capacity down 15% compared to second quarter 2019. 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. Cost per available seat mile (CASM) (GAAP), Interest expense, net of capitalized interest and interest income, Nonoperating unrealized (gains) losses on investments, net, Nonoperating debt extinguishment and modification fees, Nonoperating special termination benefits. Alaska Air Group (ALK), another stock in the same industry, has yet to report results for the quarter ended June 2022. Announced expansion of its Flight Training Center in, Became the first airline to donate flights in support of the White House's Operation Fly Formula and transported Kendamil formula free of charge from Heathrow Airport in, Debuted new custom amenity kits for United Polaris, Announced limited-time collaboration with Spritz Society to offer complimentary premium cocktails on flights from. United Airlines CEO Scott Kirby said the carrier faces rising fuel price and recession risk as well as "industry-wide operational challenges" that could challenge its profits over the next six to eighteen months. ConnectionSaver tool helped save more than 150,000 connections, assisting more than 1,600 customers daily on average. Yahoo Finance Live anchors discuss second-quarter earnings for Tesla. Our actual results could differ materially from these forward-looking statements due to numerous factors including, without limitation, the following: the adverse impacts of the ongoing COVID-19 global pandemic on our business, operating results, financial condition and liquidity; execution risks associated with our strategic operating plan; changes in our network strategy or other factors outside our control resulting in less economic aircraft orders, costs related to modification or termination of aircraft orders or entry into less favorable aircraft orders, as well as any inability to accept or integrate new aircraft into our fleet as planned; any failure to effectively manage, and receive anticipated benefits and returns from, acquisitions, divestitures, investments, joint ventures and other portfolio actions; adverse publicity, harm to our brand, reduced travel demand, potential tort liability and voluntary or mandatory operational restrictions as a result of an accident, catastrophe or incident involving us, our regional carriers, our codeshare partners or another airline; the highly competitive nature of the global airline industry and susceptibility of the industry to price discounting and changes in capacity, including as a result of alliances, joint business arrangements or other consolidations; our reliance on a limited number of suppliers to source a majority of our aircraft and certain parts, and the impact of any failure to obtain timely deliveries, additional equipment or support from any of these suppliers; disruptions to our regional network and United Express flights provided by third-party regional carriers; unfavorable economic and political conditions in the United States and globally (including inflationary pressures); reliance on third-party service providers and the impact of any significant failure of these parties to perform as expected, or interruptions in our relationships with these providers or their provision of services; extended interruptions or disruptions in service at major airports where we operate and space, facility and infrastructure constrains at our hubs or other airports; geopolitical conflict, terrorist attacks or security events; any damage to our reputation or brand image; our reliance on technology and automated systems to operate our business and the impact of any significant failure or disruption of, or failure to effectively integrate and implement, the technology or systems; increasing privacy and data security obligations or a significant data breach; increased use of social media platforms by us, our employees and others; the impacts of union disputes, employee strikes or slowdowns, and other labor-related disruptions on our operations; any failure to attract, train or retain skilled personnel, including our senior management team or other key employees; the monetary and operational costs of compliance with extensive government regulation of the airline industry; current or future litigation and regulatory actions, or failure to comply with the terms of any settlement, order or arrangement relating to these actions; costs, liabilities and risks associated with environmental regulation and climate change, including our climate goals; high and/or volatile fuel prices or significant disruptions in the supply of aircraft fuel (including as a result of the Russia-Ukraine military conflict); the impacts of our significant amount of financial leverage from fixed obligations, the possibility we may seek material amounts of additional financial liquidity in the short-term, and the impacts of insufficient liquidity on our financial condition and business; failure to comply with financial and other covenants governing our debt, including our MileagePlus financing agreements; the impacts of the proposed phaseout of the London interbank offer rate; limitations on our ability to use our net operating loss carryforwards and certain other tax attributes to offset future taxable income for U.S. federal income tax purposes; our failure to realize the full value of our intangible assets or our long-lived assets, causing us to record impairments; fluctuations in the price of our common stock; the impacts of seasonality, weather events, infrastructure and other factors associated with the airline industry; increases in insurance costs or inadequate insurance coverage and other risks and uncertainties set forth in Part I, Item 1A. UAL excludes profit sharing because it believes that this exclusion allows investors to better understand and analyze UAL's operating cost performance and provides a more meaningful comparison of our core operating costs to the airline industry. United Airlines Ventures announced an investment in and commercial agreement with Dimensional Energy, another step forward to reaching United's pledge to become 100% green by achieving net-zero greenhouse gas emissions by 2050, without relying on the use of traditional carbon offsets.
The consensus EPS estimate for the quarter has been revised 8.9% lower over the last 30 days to the current level. United is bringing back our customers' favorite destinations and adding new ones on its way to becoming the world's best airline. Launched a new alliance partnership with Virgin Australia, providing customers new connectivity to Australian cities beyond nonstop services. The non-GAAP financial measures are provided as supplemental information to the financial measures presented in this press release that are calculated and presented in accordance with GAAP and are presented because management believes that they supplement or enhance management's, analysts' and investors' overall understanding of the company's underlying financial performance and trends and facilitate comparisons among current, past and future periods. Hosted send-off events for more than 350 athletes and their families flying to the 2022 USA Special Olympics Games in, United welcomed 50 local youths and their family members to its. From our U.S. hubs in Chicago, Denver, Houston, Los Angeles, New York/Newark, San Francisco and Washington, D.C., United operates the most comprehensive global route network among North American carriers. 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. Nonoperating special termination benefits:During the six months ended June 30, 2021, as part of first quarter voluntary separation leave programs, the company recorded $46 million of special termination benefits in the form of additional subsidies for retiree medical costs for certain U.S.-based front-line employees. The company has topped consensus revenue estimates three times over the last four quarters. 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. The non-GAAP financial measures are provided as supplemental information to the financial measures presented in this press release that are calculated and presented in accordance with GAAP and are presented because management believes that they supplement or enhance management's, analysts' and investors' overall understanding of the company's underlying financial performance and trends and facilitate comparisons among current, past and future periods. 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. Resumed 24 international routes in the second quarter. Nonoperating unrealized gains and losses on investments, net:All amounts represent changes to market value of equity investments. 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. UAL reports CASM excluding special charges (credits), third-party business expenses, fuel expense and profit sharing. This compares to year-ago revenues of $5.47 billion. United, in partnership with the Warriors Community Foundation and Good Tidings Foundation, revealed the newly refurbished basketball court and gymnasium at the Willie Mays Boys and Girls Club of. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock.