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United Airlines Holdings, Inc. (UAL) CEO Scott Kirby on Q4 2021 Results - Earnings Call Transcript

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United Airlines Holdings, Inc. (NASDAQ:UAL) Q4 2021 Results Conference Call January 20, 2022 10:30 AM ET

Company Participants

Kristina Munoz - Director, IR

Scott Kirby - CEO

Brett Hart - President

Andrew Nocella - EVP and Chief Commercial Officer

Gerry Laderman - EVP and CFO

Conference Call Participants

Conor Cunningham - MKM Partners

Jamie Baker - JP Morgan

Savi Syth - Raymond James

David Vernon - Bernstein

Helane Becker - Cowen and Company

Duane Pfennigwerth - Evercore ISI

Sheila Kahyaoglu - Jefferies

Catherine O'Brien - Goldman Sachs

Michael Linenberg - Deutsche Bank

Andrew Didora - Bank of America

Myles Walton - UBS

Hunter Keay - Wolfe Research

Alison Sider - Wall Street Journal

Leslie Josephs - CNBC

Justin Bachman - Bloomberg

Dawn Gilbertson - USA Today

David Slotnick - TPG


Good morning, and welcome to United Airlines Holdings Earnings Conference Call for the Fourth Quarter and Full Year 2021. My name is Brandon and I'll be your conference facilitator today. Following the initial remarks from management, we will open the lines for questions. [Operator Instructions] This call is being recorded and is copyrighted. Please note that no portion of the call may be recorded, transcribed or rebroadcasted without the Company's permission. Your participation implies your consent to our recording of this call. If you do not agree with these terms, simply drop off the line.

I will now turn the presentation over to your host for today's call, Kristina Munoz, Director of Investor Relations. Kristina, you may begin.

Kristina Munoz

Thank you, Brendan. Good morning, everyone, and welcome to United's fourth quarter and full year 2021 earnings conference call. Yesterday, we issued our earnings release, which is available on our website at ir.united.com.

Information in yesterday's release and the remarks made during this conference call may contain forward-looking statements, which

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Comments (4)

metalhead profile picture
Very deceitful of Kirby and UAL to keep prattling about "CASM-ex." When you dig into their financials, that means they're excluding fuel costs from CASM!

Fuel costs make up something like 30% of their operational expense, so that is like a pro football team losing the game 30-21 but saying excluding the 9 points scored by the other team, we would have won the game!

This is why I consider this entire sector uninvestable. If management is going to resort to such games, stay away.
@metalhead It's just a way of seperating costs they can control from costs they can't. Industry standard metric. Not being deceitful. I agree on your conclusion that this is a difficult industry. Fun to trade as it moves a lot (no pun intended).
metalhead profile picture
@FlightLevel450 yeah but ... Southwest is hedging fuel costs, which tells me that at least their management doesn't view it as something they're completely helpless to at least manage, if not control. And Delta owns a refinery. So those companies are pro-actively trying to do something about it. Delta's recent earnings report highlighted a much lower average fuel cost vs. United.

IMO this is a just another cop out by United management.
@metalhead would you expect anything else from John Scott Kirby...
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