FlyerTalk Forums - View Single Post - UA Q3 '14 Financials: $1.1bn profit, excluding special items
Old Oct 24, 2014, 8:07 am
  #74  
entropy
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Put another way the "one time" rule for specials does not fully account for the differences between one time accounting charges and one time cash expenditures.
Its pretty easy, Cash flow is an excellent measure, and less affected by GAAP/nonGAAP shenanigans.

I'm surprised they did as well as they did, frankly; but it seems that domestic demand is pretty robust, and obviously they weren't as hedged as DL on fuel, so they saved some hedging losses there.

They still have issues on the non-fuel costs, probably due to the cross-fleeting issue and SHARES.

The winter quarters will be more challenging as they're going to be seriously drawing down flying, which of course means less cash in to cover fixed costs.
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