Q1 call
#151
DAL did everything they could to make Q1 look bad, UAL did everything they could to make Q1 look good. Per GAAP DAL lost money in Q1 for MTM investments. They also posted a profit sharing expense even though GAAP would dictate otherwise. Meanwhile UAL had half a billion dollars in sale lease backs that actually damaged the balance sheet to make the P&L look good. UAL still lost.
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