$FDX
FEDEX CORP

2022 Q1 Form 10-Q Financial Statement

#000095017022004086 Filed on March 17, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $23.64B $21.51B
YoY Change 9.91% 23.01%
Cost Of Revenue $7.473B $6.416B
YoY Change 16.47% 18.01%
Gross Profit $16.17B $15.09B
YoY Change 7.12% 25.26%
Gross Profit Margin 68.39% 70.17%
Selling, General & Admin $10.29B $9.963B
YoY Change 3.29% 24.07%
% of Gross Profit 63.65% 66.01%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $986.0M $956.0M
YoY Change 3.14% 5.29%
% of Gross Profit 6.1% 6.33%
Operating Expenses $14.74B $14.08B
YoY Change 4.66% 20.96%
Operating Profit $1.326B $1.005B
YoY Change 31.94% 144.53%
Interest Expense -$163.0M -$187.0M
YoY Change -12.83% 20.65%
% of Operating Profit -12.29% -18.61%
Other Income/Expense, Net $49.00M $44.00M
YoY Change 11.36% -1200.0%
Pretax Income $1.375B $1.049B
YoY Change 31.08% 149.76%
Income Tax $263.0M $157.0M
% Of Pretax Income 19.13% 14.97%
Net Earnings $1.112B $892.0M
YoY Change 24.66% 183.17%
Net Earnings / Revenue 4.7% 4.15%
Basic Earnings Per Share $4.26 $3.36
Diluted Earnings Per Share $4.20 $3.30
COMMON SHARES
Basic Shares Outstanding 261.0M 265.0M
Diluted Shares Outstanding 265.0M 270.0M

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $6.065B $8.856B
YoY Change -31.52% 401.47%
Cash & Equivalents $6.065B $8.856B
Short-Term Investments
Other Short-Term Assets $1.122B $790.0M
YoY Change 42.03% -10.63%
Inventory $611.0M $583.0M
Prepaid Expenses
Receivables $11.67B $11.48B
Other Receivables $0.00 $0.00
Total Short-Term Assets $19.47B $21.71B
YoY Change -10.34% 73.11%
LONG-TERM ASSETS
Property, Plant & Equipment $37.38B $49.95B
YoY Change -25.18% 49.98%
Goodwill $6.755B
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.906B $4.152B
YoY Change -5.92% 23.13%
Total Long-Term Assets $64.64B $61.08B
YoY Change 5.83% 6.28%
TOTAL ASSETS
Total Short-Term Assets $19.47B $21.71B
Total Long-Term Assets $64.64B $61.08B
Total Assets $84.11B $82.79B
YoY Change 1.59% 18.25%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.187B $3.990B
YoY Change 4.94% 24.96%
Accrued Expenses $4.803B $8.930B
YoY Change -46.22% 160.88%
Deferred Revenue $8.000M $9.000M
YoY Change -11.11% -10.0%
Short-Term Debt $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $116.0M $646.0M
YoY Change -82.04% 1745.71%
Total Short-Term Liabilities $13.99B $13.57B
YoY Change 3.13% 31.39%
LONG-TERM LIABILITIES
Long-Term Debt $20.39B $22.80B
YoY Change -10.55% 20.15%
Other Long-Term Liabilities $721.0M $20.89B
YoY Change -96.55% 11.19%
Total Long-Term Liabilities $721.0M $43.68B
YoY Change -98.35% 15.7%
TOTAL LIABILITIES
Total Short-Term Liabilities $13.99B $13.57B
Total Long-Term Liabilities $721.0M $43.68B
Total Liabilities $14.71B $60.81B
YoY Change -75.81% 18.81%
SHAREHOLDERS EQUITY
Retained Earnings $32.23B
YoY Change
Common Stock $3.718B
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $10.53B
YoY Change
Treasury Stock Shares
Shareholders Equity $24.53B $21.98B
YoY Change
Total Liabilities & Shareholders Equity $84.11B $82.79B
YoY Change 1.59% 18.25%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income $1.112B $892.0M
YoY Change 24.66% 183.17%
Depreciation, Depletion And Amortization $986.0M $956.0M
YoY Change 3.14% 5.29%
Cash From Operating Activities $2.248B $2.162B
YoY Change 3.98% 79.57%
INVESTING ACTIVITIES
Capital Expenditures -$1.236B -$1.376B
YoY Change -10.17% -4.38%
Acquisitions
YoY Change
Other Investing Activities -$105.0M -$151.0M
YoY Change -30.46% -1472.73%
Cash From Investing Activities -$1.341B -$1.527B
YoY Change -12.18% 6.93%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.699B -152.0M
YoY Change 1017.76% 347.06%
NET CHANGE
Cash From Operating Activities 2.248B 2.162B
Cash From Investing Activities -1.341B -1.527B
Cash From Financing Activities -1.699B -152.0M
Net Change In Cash -792.0M 483.0M
YoY Change -263.98% -287.21%
FREE CASH FLOW
Cash From Operating Activities $2.248B $2.162B
Capital Expenditures -$1.236B -$1.376B
Free Cash Flow $3.484B $3.538B
YoY Change -1.53% 33.86%

Facts In Submission

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us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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us-gaap Net Income Loss Available To Common Stockholders Basic
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us-gaap Net Income Loss Available To Common Stockholders Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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In 2020, we announced the closing of our U.S.-based defined benefit pension plans to new non-union employees hired on or after January 1, 2020. We introduced an all-401(k) plan retirement benefit structure for eligible employees with a higher company match of up to 8% across all U.S.-based operating companies in 2022. During calendar 2021, current eligible employees under the Portable Pension Account (“PPA”) pension formula were given a one-time option to continue to be eligible for pension compensation credits under the existing PPA formula and remain in the existing 401(k) plan with its match of up to 3.5%, or to cease receiving compensation credits under the PPA and move to the new 401(k) plan with the higher company match of up to 8%. Changes to the new 401(k) plan structure became effective January 1, 2022. While this new program will provide employees greater flexibility and reduce our long-term pension costs, it will not have a material impact on current or near-term financial results.
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us-gaap Loss Contingency Disclosures
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<p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">(9) </span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;text-decoration:underline;font-size:10.0pt;font-family:Times New Roman;">Contingencies</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:Times New Roman;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(255,255,255,1);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;font-style:italic;">Service Provider Lawsuits</span><span style="background-color:rgba(255,255,255,1);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">. FedEx Ground is defending lawsuits in which it is alleged that FedEx Ground should be treated as a joint employer of drivers employed by service providers engaged by FedEx Ground. These cases are in varying stages of litigation, and we are not currently able to estimate an amount or range of potential loss in all of these matters. However, we do not expect to incur, individually or in the aggregate, a material loss in these matters. Nevertheless, adverse determinations in these matters could, among other things, entitle service providers’ drivers to certain wage payments from the service providers and FedEx Ground and result in employment and withholding tax and benefit liability for FedEx Ground. We continue to believe that FedEx Ground is not an employer or joint employer of the drivers of these independent businesses.</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:9.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(255,255,255,1);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;font-style:italic;">Derivative Lawsuit Related to New York Cigarette Litigation</span><span style="background-color:rgba(255,255,255,1);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">. On October 3, 2019, FedEx and certain present and former FedEx directors and officers were named as defendants in a stockholder derivative lawsuit filed in the Delaware Court of Chancery. The complaint alleged the defendants breached their fiduciary duties in connection with the activities alleged in lawsuits filed by the City of New York and the State of New York against FedEx Ground in December 2013 and November 2014 and against FedEx Ground and FedEx Freight in July 2017. The underlying lawsuits related to the alleged shipment of cigarettes to New York residents in contravention of several statutes, as well as common law nuisance claims, and were dismissed by the court in December 2018 following entry into a final settlement agreement for approximately $</span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(255,255,255,1);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">35</span><span style="background-color:rgba(255,255,255,1);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> million. The settlement did not include any admission of liability by FedEx Ground or FedEx Freight. In addition to the settlement amount, we recognized approximately $</span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(255,255,255,1);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">10</span><span style="background-color:rgba(255,255,255,1);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> million for certain attorney’s fees in connection with the underlying lawsuits. On June 28, 2021, the stockholder derivative lawsuit was dismissed with prejudice. The dismissal was appealed on July 28, 2021. On February 25, 2022, the Delaware Supreme Court affirmed the dismissal, and the matter is now concluded.</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:9.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(255,255,255,1);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;font-style:italic;">Other Matters</span><span style="background-color:rgba(255,255,255,1);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">. FedEx and its subsidiaries are subject to other legal proceedings that arise in the ordinary course of business, including certain lawsuits containing various class-action allegations of wage-and-hour violations in which plaintiffs claim, among other things, that they were forced to work “off the clock,” were not paid overtime, or were not provided work breaks or other benefits, as well as lawsuits containing allegations that FedEx and its subsidiaries are responsible for third-party losses related to vehicle accidents that could exceed our insurance coverage for such losses. In the opinion of management, the aggregate liability, if any, with respect to these other actions will not have a material adverse effect on our financial position, results of operations, or cash flows.</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:9.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(255,255,255,1);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;font-style:italic;">Environmental Matters</span><span style="background-color:rgba(255,255,255,1);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">. SEC regulations require us to disclose certain information about proceedings arising under federal, state, or local environmental provisions if we reasonably believe that such proceedings may result in monetary sanctions above a stated threshold. Pursuant to the SEC regulations, FedEx uses a threshold of $</span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(255,255,255,1);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">1</span><span style="background-color:rgba(255,255,255,1);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;font-style:italic;"> </span><span style="background-color:rgba(255,255,255,1);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">million or more for purposes of determining whether disclosure of any such proceedings is required. Applying this threshold, there are no environmental matters required to be disclosed for this period.</span></p>
us-gaap Litigation Settlement Amount Awarded From Other Party
LitigationSettlementAmountAwardedFromOtherParty
35000000
fdx Attorneys Fees Recognized In Connection With Underlying Lawsuits
AttorneysFeesRecognizedInConnectionWithUnderlyingLawsuits
10000000
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1000000
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ProceedsFromIncomeTaxRefunds
42000000
CY2022Q1 fdx Lessee Operating Lease And Finance Lease Liability Payments Due Year Four
LesseeOperatingLeaseAndFinanceLeaseLiabilityPaymentsDueYearFour
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CY2022Q1 fdx Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
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LesseeOperatingLeaseAndFinanceLeaseLiabilityUndiscountedExcessAmount
2823000000
CY2022Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
16845000000
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FinanceLeaseLiability
501000000
us-gaap Interest Paid Net
InterestPaidNet
496000000
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InterestPaidNet
593000000
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IncomeTaxesPaid
628000000
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IncomeTaxesPaid
934000000
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ProceedsFromIncomeTaxRefunds
180000000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
448000000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
892000000

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