Year Ended December 31, 2022 2021 2020 Operating revenue: Passenger revenue Cargo Other operating revenue Total operating revenue Operating expense: Aircraft fuel Salaries and related costs Landing fees and other rent Depreciation and amortization Regional capacity purchase 40,032 S 20,197 $ 11,805 2,171 2,349 1,648 2,752 2,088 1,902 44,955 24,634 15,355 13,113 5,755 3,153 11,466 9,566 9,522 2,576 2,416 2,127 2,456 2,485 2,488 2,299 2,147 2,039 Aircraft maintenance materials and outside repairs 2,153 1,316 858 Distribution expenses 1,535 677 459 Aircraft rent 252 228 198 Special charges (credits) 140 (3.367) (2,616) Other operating expenses Total operating expense 6,628 4,4331 3,486 42,618 25,656 21.714 2,337 (1,022) (6,359) Operating income (loss) Nonoperating income (expense): Interest expense Interest income Interest capitalized Unrealized gains (losses) on investments, net, Miscellaneous, net Total nonoperating expense, net Income (loss) before income taxes Income tax expense (benefit) Net income (loss) Earnings (loss) per share, basic Earnings (loss) per share, diluted (1,778) (1,657) (1,063) 298 36 50 105 80 71 20 (34) (194) 8 40 (1,327) (1,347) (1,535) (2.463) 990 (2,557) (8,822) 253 (593) (1,753) $ 737 $ (1,964) $ (7,069) 2.26 $ (6.10) $ (25.30) $ 2.23 $ (6.10) S (25.30) UNITED AIRLINES HOLDINGS, INC. CONSOLIDATED BALANCE SHEETS (In millions, except shares) ASSETS Current assets: Cash and cash equivalents Short-term investments Restricted cash Receivables, less allowance for credit losses (2022-$11; 2021-$28) Aircraft fuel, spare parts and supplies, less obsolescence allowance (2022-$610, 2021-$546) Prepaid expenses and other Total current assets Operating property and equipment Flight equipment Other property and equipment Purchase deposits for flight equipment Total operating property and equipment Less-Accumulated depreciation and amortization Total operating property and equipment, net Operating lease right-of-use assets Other assets: Goodwill Intangibles, less accumulated amortization (2022-$1,472; 2021-$1,544) Restricted cash Deferred income taxes Investments in affiliates and other, less allowance for credit losses (2022-521; 2021-5622) Total other assets Total assets At December 31, 2022 2021 7,166 $ 9,248 18,283 123 45 37 1,801 1,663 1,109 983 689 745 20,058 21,834 42,775 39,584 9,334 8,764 2,820 2,215 54,929 50,563 (20,481) (18,489) 34,448 32,074 3,889 4,645 4,527 4,527 2,762 2,803 210 213 91 659 1,373 1,420 8,963 9,622 67,358 $ 68,175 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable Accrued salaries and benefits Advance ticket sales Frequent flyer deferred revenue Current maturities of long-term debt Current maturities of other financial liabilities Current maturities of operating leases Current maturities of finance leases Other Total current liabilities Long-term debt Long-term obligations under operating leases Long-term obligations under finance leases Other liabilities and deferred credits: Frequent flyer deferred revenue Pension liability UNITED AIRLINES HOLDINGS, INC. CONSOLIDATED BALANCE SHEETS (In millions, except shares) Postretirement benefit liability Other financial liabilities Other Total other liabilities and deferred credits: Commitments and contingencies Stockholders' equity: Preferred stock Common stock at par, $0.01 par value; authorized 1,000,000,000 shares; outstanding 326,930,321 and 323,810,825 shares at December 31, 2022 and 2021, respectively Additional capital invested Stock held in treasury, at cost Retained earnings Accumulated other comprehensive income (loss) Total stockholders' equity Total liabilities and stockholders' equity At December 31, 2022 2021 3,395 $ 2,562 1,971 2,121 7,555 6,354 2,693 2,239 2,911 3,002 23 834 561 556 1041 76 779 560 19,992 18,304 28,283 30,361 4,459 5,152 115 219 3,982 4,043 747 1,920 671 1,000 844 863 1,369 1,284 7,613 9,110 8,986 9,156 (3,534) (3,814) 1,265 625 175 (942) 6,896 5,029 67,358 S 68,175 Year Ended December 31, Operating Activities: Net income (loss) 2022 737 $ 2021 2020 (1,964) $ (7,069) Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities- Deferred income tax (benefit) Depreciation and amortization Operating and non-operating special charges, non-cash portion Unrealized (gains) losses on investments Amortization of debt discount and debt issuance costs 248 (583) (1,741) 2,456 2,485 2,488 16 32 1,448 (20) 34 194 156 171 94 Other operating activities Changes in operating assets and liabilities- (Increase) decrease in receivables (Increase) decrease in other assets Increase in advance ticket sales Increase in frequent flyer deferred revenue Increase (decrease) in accounts payable Increase (decrease) in other liabilities 218 222 226 (158) (448) 135 (86) (292) 484 1,200 1,521 14 393 307 699 796 985 (1,079) 110 (403) (26) Net cash provided by (used in) operating activities 6,066 2,067 (4,133) Investing Activities: Capital expenditures, net of flight equipment purchase deposit returns (4,819) (2.107) (1,727) Purchases of short-term and other investments (11,232) (68) (552) Proceeds from sale of short-term and other investments 2.084 397 2319 Proceeds from sale of property and equipment 207 107 6 Other, net Net cash provided by (used in) investing activities (69) (1) 4 (13,829) (1,672) 50 Financing Activities Proceeds from issuance of debt, net of discounts and fees 736 11,096 15,676 Payments of long-term debts, finance leases and other financing liabilities (4,011) (5,205) (4,449) Repurchases of common stock (353) Proceeds from equity issuance 532 2,103 Other, net (74) (27) (20) Net cash provided by (used in) financing activities (3.349) 6,396 12,957 Net increase (decrease) in cash, cash equivalents and restricted cash (11,112) 6,791 8,874 Cash, cash equivalents and restricted cash at beginning of year 18,533 11,742 2,868 Cash, cash equivalents and restricted cash at end of year 7,421 $ 18.533 5 11,742 Investing and Financing Activities Not Affecting Cash: Property and equipment acquired through the issuance of debe, finance leases and other Right-of-use assets acquired through operating leases Investment interests received in exchange for goods and services Lease modifications and lease conversions Cash Paid (Refunded) During the Period for Interest Income taxes 195 814 $ 1,968 137 771 198 103 295 (84) 123 527 1,373 5 1,424 5 874 8 (29) iii. How much cash could the company generate from its operational activities? iv. How much cash could the company generate from its investing activities? V. How much cash could the company generate from its financial activities?