The company continues to execute its United Next plan, taking delivery of new narrow- and widebody aircraft. This expansion aims to increase customer choice, brand loyalty, and revenue streams. The company expects to take delivery of over 660 new aircraft by the end of 2033.

United is expanding its global network to new destinations, including Ulaanbaatar, Mongolia; Nuuk, Greenland; and Kaohsiung, Taiwan. This signifies a strategic effort to capture new markets and cater to evolving travel preferences.

The company is partnering with SpaceX to bring Starlink's Wi-Fi service to its aircraft and launching Kinective MediaSM to offer personalized advertising experiences. These initiatives aim to improve customer satisfaction and engagement.

The company emphasizes operational excellence to improve on-time flights, acknowledging challenges due to congested hubs. This indicates a commitment to efficient operations and customer satisfaction.

The company has increased employee headcount by more than 30,000 since 2020 and invests in training programs. This highlights the importance of human capital in achieving strategic objectives.

Michael Leskinen has served as Executive Vice President and Chief Financial Officer of UAL and United since September 2023. This change in leadership could impact future strategic decisions.

The company acknowledges the risk that it may not be successful in executing elements of its strategic operating plan, which may have a material adverse impact on its business, financial results and market capitalization.

The company acknowledges that any accident, catastrophe or incident involving its aircraft or operations could create adverse publicity, increase regulatory scrutiny, and result in potential tort liability.

The company relies heavily on technology and automated systems to operate its business and any significant failure or disruption of, or failure to effectively integrate and implement, these technologies or systems could materially harm its business or business strategy.

The airline industry is highly competitive, marked by significant competition with respect to routes, fares, schedules, services, products, customer service and frequent flyer programs. Consolidation, international carriers, and JBAs have altered the competitive landscape.

The company faces competition from low-cost carriers and government-subsidized competitors from certain Middle East countries. These carriers have large numbers of international widebody aircraft on order and are increasing service to the U.S.

Through alliance and other marketing and codesharing agreements with foreign carriers, U.S. carriers have increased their ability to sell international transportation. If we are not able to continue participating in these types of alliance and other marketing and codesharing agreements in the future, our business, operating results and financial condition could be materially and adversely affected.

The company is focused on improving fuel efficiency in its operations, including the introduction of newer, more fuel-efficient aircraft and incorporating fuel efficiency considerations within flight and ground operations.

The company relies extensively on third-party service providers, including technology providers, and failure of these parties to perform as expected could have a material adverse effect on the company's business.

Extended interruptions or disruptions in service at major airports where we operate could have a material adverse impact on our operations, including our ability to operate our existing flight schedule and to expand or change our route network.

The company is making significant technology changes that empower employees and improve the customer experience. This includes the introduction of Starlink's Wi-Fi service and the use of Kinective Media.

The company considers management of cybersecurity and digital risk as essential for enabling success and has established a risk-based strategy informed by industry standard frameworks.

The Company depends on technology and automated systems, including artificial intelligence ("AI"), to operate its business. If AI is improperly utilized, including if the content, analyses, or recommendations that AI applications assist in producing are or are alleged to be deficient, inaccurate, or biased, we would be exposed to new or expanded risks and liabilities.

The board authorized a share repurchase program with no stated expiration, allowing for purchases of up to $1.5 billion of outstanding UAL common stock and Warrants, subject to a limit of $500 million in the aggregate through 2024.

The Company expects less than $7.0 billion of adjusted capital expenditures, in light of certain aircraft delivery delays.

During 2024, the Company made payments for debt, finance leases, and other financial liabilities of $10.1 billion, including the $3.9 billion prepayment of its 2021 term loan, $1.8 billion prepayment of the outstanding principal balance of its MileagePlus term loan, and a $0.4 billion prepayment of its 2024 term loan.

The Company's commitment to operating an environmentally sustainable airline is woven into its long-term strategy. The Company pledged a net zero goal to reduce its greenhouse gas ("GHG") emissions by 100% by 2050 without relying on the use of voluntary, traditional carbon offsets.

The Company is working with strategic partners to scale, employ and commercialize the use of SAF. The Company became the first airline to purchase SAF for use at ORD, signing agreements with two suppliers.

The Company also established a mid-term target of reducing, compared to 2019, its carbon emissions intensity by 50% by 2035. This intensity target is intended to align to the Company's net zero goal.

The Company's business and operating results are significantly impacted by U.S. and global economic and political conditions. The airline industry is highly cyclical and the level of demand for air travel is correlated to the strength of the U.S. and global economies.

As a global business with operations outside of the United States from which we derive significant operating revenues, volatile conditions in certain international regions may have a negative impact on our operating results and our ability to achieve our business objectives.

We operate in a public-facing industry and maintaining a good reputation and brand image is critical to our business. Damage to our reputation or brand image or loss of customer confidence in our services could adversely affect our business and financial results, as well as require additional resources to rebuild our reputation.