United Continental Holdings, Inc. (NYSE:UAL) Q4 2018 Earnings Conference Call - Final Transcript

Jan 16, 2019 • 10:30 am ET


United Continental Holdings, Inc. (NYSE:UAL) Q4 2018 Earnings Conference Call - Final Transcript


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Good morning, and welcome to United Continental Holdings Earnings Conference Call for the Fourth Quarter and Full Year 2018. My name is Brandon, and I will 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 rebroadcast 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, Michael Leskinen, Managing Director of Investor Relations. Please go ahead, sir.

Michael Leskinen

Thank you, Brandon. Good morning, everyone, and welcome to United's fourth quarter and full-year 2018 earnings conference call. Yesterday, we issued our earnings release and separate investor update. Additionally, this morning we issued a presentation to accompany this call. All three of these documents are available on our website at ir.united.com.

Information in yesterday's release and investor update, the accompanying presentation and the remarks made during this conference call may contain forward looking statements, which represent the company's current expectations or beliefs concerning future events and financial performance.

All forward-looking statements are based upon information currently available to the company. Number of factors could cause actual results to differ materially from our current expectations. Please refer to our earnings release, Form 10-K, and other reports filed with the SEC by United Continental Holdings and United Airlines for a more thorough description of these factors.

Also, during the course of our call, we will discuss several non-GAAP financial measures. For reconciliation of these non-GAAP measures to the most directly comparable GAAP measures, please refer to the tables at the end of our earnings release, investor update and presentation, copies of which are available on our website.

Joining us here in Chicago to discuss our results and outlook are Chief Executive Officer, Oscar Munoz; President, Scott Kirby; Executive Vice President and Chief Commercial Officer, Andrew Nocella; and Executive Vice President and Chief Financial Officer, Gerry Laderman. In addition, we have other members of the team in the room available to assist with Q&A.

And now, I'd like to turn over the call to Oscar.

Oscar Munoz

Thank you, Mike, and thank you all of us for joining us today.

Well, what a difference a year makes. You, no doubt, remember, that over a year ago when we laid out our multi-year growth strategy and steps for the series of concrete promises. I'm proud to say that in 2018 our incredible United team, over 90,000 strong, got to work fulfilling those promises because what matters is proof, not promise. You'll remember that we said we would deliver higher unit revenue in 2018, while simultaneously increasing supply, we have.

Not many at Wall Street believed this was possible, when we initially announced our plan and now there are a few who question the value of our continued