$FDX
FEDEX CORP

2022 Q3 Form 10-Q Financial Statement

#000095017022018769 Filed on September 22, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2021 Q3
Revenue $23.24B $22.00B
YoY Change 5.63% 13.88%
Cost Of Revenue $7.589B $6.668B
YoY Change 13.81% 20.32%
Gross Profit $15.65B $15.34B
YoY Change 2.07% 11.29%
Gross Profit Margin 67.35% 69.7%
Selling, General & Admin $9.922B $9.778B
YoY Change 1.47% 13.78%
% of Gross Profit 63.39% 63.76%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.024B $971.0M
YoY Change 5.46% 4.86%
% of Gross Profit 6.54% 6.33%
Operating Expenses $14.42B $13.87B
YoY Change 3.99% 13.79%
Operating Profit $1.191B $1.398B
YoY Change -14.81% -12.08%
Interest Expense -$142.0M -$160.0M
YoY Change -11.25% -13.04%
% of Operating Profit -11.92% -11.44%
Other Income/Expense, Net -$37.00M $219.0M
YoY Change -116.89% 9.5%
Pretax Income $1.154B $1.457B
YoY Change -20.8% -9.28%
Income Tax $279.0M $345.0M
% Of Pretax Income 24.18% 23.68%
Net Earnings $875.0M $1.112B
YoY Change -21.31% -10.68%
Net Earnings / Revenue 3.76% 5.05%
Basic Earnings Per Share $3.37 $4.17
Diluted Earnings Per Share $3.33 $4.180M
COMMON SHARES
Basic Shares Outstanding 259.8M 266.0M
Diluted Shares Outstanding 262.0M 271.0M

Balance Sheet

Concept 2022 Q3 2021 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $6.850B $6.853B
YoY Change -0.04% -1.45%
Cash & Equivalents $6.850B $6.853B
Short-Term Investments
Other Short-Term Assets $1.054B $991.0M
YoY Change 6.36% 16.86%
Inventory $647.0M $577.0M
Prepaid Expenses
Receivables $11.06B $11.13B
Other Receivables $0.00 $0.00
Total Short-Term Assets $19.61B $19.55B
YoY Change 0.31% 3.4%
LONG-TERM ASSETS
Property, Plant & Equipment $38.81B $51.90B
YoY Change -25.22% 6.43%
Goodwill $6.316B
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.879B $3.764B
YoY Change 3.06% 12.22%
Total Long-Term Assets $66.22B $62.50B
YoY Change 5.95% 6.4%
TOTAL ASSETS
Total Short-Term Assets $19.61B $19.55B
Total Long-Term Assets $66.22B $62.50B
Total Assets $85.83B $82.05B
YoY Change 4.6% 5.67%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.167B $3.822B
YoY Change 9.03% 14.47%
Accrued Expenses $4.726B $8.963B
YoY Change -47.27% 15.37%
Deferred Revenue $14.00M $11.00M
YoY Change 27.27% 22.22%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $139.0M $125.0M
YoY Change 11.2% 43.68%
Total Short-Term Liabilities $13.77B $12.91B
YoY Change 6.62% 15.32%
LONG-TERM LIABILITIES
Long-Term Debt $19.92B $20.55B
YoY Change -3.09% -11.42%
Other Long-Term Liabilities $654.0M $20.29B
YoY Change -96.78% -1.56%
Total Long-Term Liabilities $654.0M $40.85B
YoY Change -98.4% -6.78%
TOTAL LIABILITIES
Total Short-Term Liabilities $13.77B $12.91B
Total Long-Term Liabilities $654.0M $40.85B
Total Liabilities $14.42B $57.73B
YoY Change -75.02% -0.79%
SHAREHOLDERS EQUITY
Retained Earnings $33.06B
YoY Change
Common Stock $3.783B
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $10.39B
YoY Change
Treasury Stock Shares
Shareholders Equity $25.14B $24.32B
YoY Change
Total Liabilities & Shareholders Equity $85.83B $82.05B
YoY Change 4.6% 5.67%

Cashflow Statement

Concept 2022 Q3 2021 Q3
OPERATING ACTIVITIES
Net Income $875.0M $1.112B
YoY Change -21.31% -10.68%
Depreciation, Depletion And Amortization $1.024B $971.0M
YoY Change 5.46% 4.86%
Cash From Operating Activities $1.607B $2.084B
YoY Change -22.89% -21.39%
INVESTING ACTIVITIES
Capital Expenditures -$1.284B -$1.570B
YoY Change -18.22% 10.25%
Acquisitions
YoY Change
Other Investing Activities -$25.00M $20.00M
YoY Change -225.0% 233.33%
Cash From Investing Activities -$1.309B -$1.550B
YoY Change -15.55% 9.31%
FINANCING ACTIVITIES
Cash Dividend Paid $299.0M $200.0M
YoY Change 49.5% 17.65%
Common Stock Issuance & Retirement, Net $549.0M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -247.0M -730.0M
YoY Change -66.16% -188.48%
NET CHANGE
Cash From Operating Activities 1.607B 2.084B
Cash From Investing Activities -1.309B -1.550B
Cash From Financing Activities -247.0M -730.0M
Net Change In Cash -47.00M -234.0M
YoY Change -79.91% -111.29%
FREE CASH FLOW
Cash From Operating Activities $1.607B $2.084B
Capital Expenditures -$1.284B -$1.570B
Free Cash Flow $2.891B $3.654B
YoY Change -20.88% -10.33%

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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:&quot;Times New Roman&quot;, serif;min-width:fit-content;">(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:&quot;Times New Roman&quot;, serif;min-width:fit-content;">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:&quot;Times New Roman&quot;, serif;min-width:fit-content;"/> </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(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;">Service Provider Lawsuits</span><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:&quot;Times New Roman&quot;, serif;min-width:fit-content;">. 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: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:&quot;Times New Roman&quot;, serif;min-width:fit-content;"/> </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(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;">FedEx Ground Vehicle Accident Lawsuit</span><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:&quot;Times New Roman&quot;, serif;min-width:fit-content;">. In July 2012, FedEx Ground was named as a defendant in a lawsuit filed in New Mexico state court related to a vehicle accident involving a driver employed by a service provider engaged by FedEx Ground that resulted in three fatalities, including the driver employed by the service provider. The complaint alleged personal injury and wrongful death. After trial, in January 2015, the jury awarded the plaintiffs compensatory damages of approximately $</span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;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:&quot;Times New Roman&quot;, serif;min-width:fit-content;">160</span><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:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> million. Following the trial judge’s recusal, this award was affirmed by the substitute judge in July 2015 and by the New Mexico Court of Appeals in February 2018, respectively. FedEx Ground subsequently sought a discretionary appeal to the New Mexico Supreme Court to address what FedEx Ground believed to be an excessive verdict. The New Mexico Supreme Court granted FedEx Ground’s appeal in June 2018. In May 2022, the New Mexico Supreme Court affirmed the decision of the New Mexico Court of Appeals.</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:&quot;Times New Roman&quot;, serif;min-width:fit-content;"/> </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(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">A loss reserve in the amount of approximately $</span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;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:&quot;Times New Roman&quot;, serif;min-width:fit-content;">370</span><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:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> million was recorded in FedEx’s consolidated financial statements for the year ended May 31, 2022, representing the approximately $</span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;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:&quot;Times New Roman&quot;, serif;min-width:fit-content;">160</span><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:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> million base amount of the judgment and accrued pre- and post-judgment interest, with a corresponding insurance receivable recorded for the base amount of the judgment in excess of FedEx Ground’s $</span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;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:&quot;Times New Roman&quot;, serif;min-width:fit-content;">7.5</span><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:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> million self-insured retention and insurance deductible. In July 2022 we paid approximately $</span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;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:&quot;Times New Roman&quot;, serif;min-width:fit-content;">370</span><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:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> million to plaintiffs and their counsel. Our insurance carriers funded the base amount of the judgment in excess of FedEx Ground’s self-insured retention and insurance deductible. We are vigorously pursuing reimbursement of each insurance carrier’s share of our payment of approximately $</span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;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:&quot;Times New Roman&quot;, serif;min-width:fit-content;">210</span><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:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> million of pre- and post-judgment interest through litigation and arbitration.</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:&quot;Times New Roman&quot;, serif;min-width:fit-content;"/> </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(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;">Other Matters</span><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:&quot;Times New Roman&quot;, serif;min-width:fit-content;">. 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 other 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: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:&quot;Times New Roman&quot;, serif;min-width:fit-content;"/> </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(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;">Environmental Matters</span><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:&quot;Times New Roman&quot;, serif;min-width:fit-content;">. 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 $1 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>
CY2015Q1 us-gaap Loss Contingency Damages Awarded Value
LossContingencyDamagesAwardedValue
160000000
CY2022Q2 us-gaap Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
370000000
CY2022 fdx Loss Contingency Base Amount
LossContingencyBaseAmount
160000000
CY2022 fdx Loss Contingency Self Insured Retention And Insurance Deductible
LossContingencySelfInsuredRetentionAndInsuranceDeductible
7500000
CY2022Q3 us-gaap Loss Contingency Damages Paid Value
LossContingencyDamagesPaidValue
370000000
CY2022Q3 fdx Loss Contingency Insurance Coverages For Reimbursement
LossContingencyInsuranceCoveragesForReimbursement
210000000
CY2022Q3 us-gaap Interest Paid Net
InterestPaidNet
154000000
CY2021Q3 us-gaap Interest Paid Net
InterestPaidNet
150000000
CY2022Q3 us-gaap Income Taxes Paid
IncomeTaxesPaid
139000000
CY2021Q3 us-gaap Income Taxes Paid
IncomeTaxesPaid
92000000
CY2022Q3 us-gaap Proceeds From Income Tax Refunds
ProceedsFromIncomeTaxRefunds
36000000
CY2021Q3 us-gaap Proceeds From Income Tax Refunds
ProceedsFromIncomeTaxRefunds
16000000
CY2022Q3 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
103000000
CY2021Q3 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
76000000

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