United Airlines Holdings, Inc. · NASDAQ:UAL
United Airlines — Debt Investor Presentation (June 2020)
6 slides from United Airlines's debt investor presentation, Jun 23, 2020
Slide 1: Excerpts from the MileagePlus Investor Presentation June 22, 2020
Excerpts from the MileagePlus Investor Presentation June 22, 2020
Slide 2: Forward-looking statements
2 Certain statements in this presentation are forward - looking and thus reflect our current expectations and beliefs with respect to certain current and future events and anticipated financial and operating performance . Such forward - looking statements are and will be subject to many risks and un
Slide 3: Certain Limitations and Non-GAAP Financial Measures
3 Certain Limitations The contents of this presentation are not to be construed as legal, regulatory, business, tax or accounting advice. You shoul d c onsult your own attorney, business advisor, tax advisor and accountant as to legal, regulatory, business, tax and accounting advice. Under no circum
Slide 4: United liquidity and capitalization
1 Note: Common equity issuance, CARES Act items and Spare Engine Bridge were done after 3/31/2020; Revolving Credit Facility wa s u ndrawn as of 3/31/2020 1 Represents proceeds from equity issuance completed in April 2020. 2 Adjusted total debt is a non - GAAP measure that includes current and long
Slide 5: MileagePlus financials
4 1 2017 cash flow from sales to third - parties are impacted by the utilization of a $865 million prepayment of miles sold in earlie r years. ² Represents the change in the MileagePlus miles sold (in total and separately to United and third parties) for the period presented to the corresponding per
Slide 6: COVID-19's impact on MPH cash flows
1 COVID - 19’s impact on MPH cash flows As demand for redemptions has decreased, miles returned to customers’ accounts for cancelled flights are exceeding new bookings ▪ Miles earned on United are down ~97% for April and May combined, which negatively impacts cash inflows for MPH – However, members
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