$FDX
FEDEX CORP

2022 Q4 Form 10-Q Financial Statement

#000095017022026825 Filed on December 20, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2021 Q4
Revenue $22.81B $23.47B
YoY Change -2.81% 14.16%
Cost Of Revenue $7.258B $7.386B
YoY Change -1.73% 22.45%
Gross Profit $15.56B $16.09B
YoY Change -3.31% 10.72%
Gross Profit Margin 68.19% 68.54%
Selling, General & Admin $9.869B $10.15B
YoY Change -2.78% 9.57%
% of Gross Profit 63.44% 63.1%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.046B $995.0M
YoY Change 5.13% 6.3%
% of Gross Profit 6.72% 6.18%
Operating Expenses $14.34B $14.45B
YoY Change -0.71% 10.57%
Operating Profit $1.176B $1.597B
YoY Change -26.36% 9.01%
Interest Expense -$127.0M -$155.0M
YoY Change -18.06% -15.76%
% of Operating Profit -10.8% -9.71%
Other Income/Expense, Net -$117.0M -$62.00M
YoY Change 88.71% -149.6%
Pretax Income $1.059B $1.380B
YoY Change -23.26% -1.85%
Income Tax $271.0M $336.0M
% Of Pretax Income 25.59% 24.35%
Net Earnings $788.0M $1.044B
YoY Change -24.52% -14.85%
Net Earnings / Revenue 3.45% 4.45%
Basic Earnings Per Share $3.08 $3.94
Diluted Earnings Per Share $3.07 $3.940M
COMMON SHARES
Basic Shares Outstanding 255.0M 265.0M
Diluted Shares Outstanding 256.0M 268.0M

Balance Sheet

Concept 2022 Q4 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.646B $6.833B
YoY Change -32.01% -18.06%
Cash & Equivalents $4.646B $6.833B
Short-Term Investments
Other Short-Term Assets $1.272B $1.123B
YoY Change 13.27% 21.8%
Inventory $655.0M $594.0M
Prepaid Expenses
Receivables $11.64B $12.20B
Other Receivables $0.00 $0.00
Total Short-Term Assets $18.22B $20.75B
YoY Change -12.19% -2.44%
LONG-TERM ASSETS
Property, Plant & Equipment $39.72B $53.17B
YoY Change -25.3% 7.51%
Goodwill $6.377B
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.903B $3.627B
YoY Change 7.61% -2.87%
Total Long-Term Assets $67.37B $63.50B
YoY Change 6.1% 6.03%
TOTAL ASSETS
Total Short-Term Assets $18.22B $20.75B
Total Long-Term Assets $67.37B $63.50B
Total Assets $85.59B $84.25B
YoY Change 1.6% 3.81%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.989B $4.190B
YoY Change -4.8% 12.24%
Accrued Expenses $4.960B $9.577B
YoY Change -48.21% 15.59%
Deferred Revenue $15.00M $9.000M
YoY Change 66.67% 0.0%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $172.0M $117.0M
YoY Change 47.01% 20.62%
Total Short-Term Liabilities $14.04B $13.88B
YoY Change 1.12% 14.6%
LONG-TERM LIABILITIES
Long-Term Debt $20.08B $20.39B
YoY Change -1.52% -12.21%
Other Long-Term Liabilities $662.0M $20.88B
YoY Change -96.83% -2.04%
Total Long-Term Liabilities $662.0M $41.26B
YoY Change -98.4% -7.34%
TOTAL LIABILITIES
Total Short-Term Liabilities $14.04B $13.88B
Total Long-Term Liabilities $662.0M $41.26B
Total Liabilities $14.70B $59.31B
YoY Change -75.21% -1.35%
SHAREHOLDERS EQUITY
Retained Earnings $33.56B
YoY Change
Common Stock $3.519B
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $11.58B
YoY Change
Treasury Stock Shares
Shareholders Equity $24.12B $24.94B
YoY Change
Total Liabilities & Shareholders Equity $85.59B $84.25B
YoY Change 1.6% 3.81%

Cashflow Statement

Concept 2022 Q4 2021 Q4
OPERATING ACTIVITIES
Net Income $788.0M $1.044B
YoY Change -24.52% -14.85%
Depreciation, Depletion And Amortization $1.046B $995.0M
YoY Change 5.13% 6.3%
Cash From Operating Activities $1.518B $1.998B
YoY Change -24.02% -22.53%
INVESTING ACTIVITIES
Capital Expenditures -$1.858B -$1.573B
YoY Change 18.12% 12.2%
Acquisitions
YoY Change
Other Investing Activities -$33.00M $11.00M
YoY Change -400.0% 37.5%
Cash From Investing Activities -$1.891B -$1.562B
YoY Change 21.06% 12.05%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $199.0M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.793B -379.0M
YoY Change 373.09% -356.08%
NET CHANGE
Cash From Operating Activities 1.518B 1.998B
Cash From Investing Activities -1.891B -1.562B
Cash From Financing Activities -1.793B -379.0M
Net Change In Cash -2.166B 57.00M
YoY Change -3900.0% -95.72%
FREE CASH FLOW
Cash From Operating Activities $1.518B $1.998B
Capital Expenditures -$1.858B -$1.573B
Free Cash Flow $3.376B $3.571B
YoY Change -5.46% -10.3%

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us-gaap Loss Contingency Disclosures
LossContingencyDisclosures
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;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;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;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;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;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 Services Employment 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 May 2021, FedEx Services was named as a defendant in a lawsuit filed in the U.S. District Court for the Southern District of Texas related to the termination of a former FedEx Services employee. The complaint alleged race discrimination and retaliation for complaints of discrimination under Section 1981 of the Civil Rights Act of 1866 and Title VII of the Civil Rights Act of 1964. After trial, on October 25, 2022, the jury found in favor of FedEx Services on the race discrimination claims but awarded the plaintiff compensatory damages of $</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;">1.16</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 and punitive damages of $</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;">365</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 for the retaliation claims. FedEx disagrees with the verdict. FedEx Services will ask the trial judge to enter judgment for the company notwithstanding the verdict or to reduce the damages, and will appeal the verdict if necessary.</span><span style="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;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="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;"> </span> </p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;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;">FedEx expects the jury’s award to be reduced based on the United States Supreme Court’s ruling in </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;font-style:italic;min-width:fit-content;">State Farm v. Campbell</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;"> that, with the exception of limited instances, awards for punitive damages should be no greater than a single-digit multiple of related awards for compensatory damages, with a multiple closer to one appropriate where compensatory damages are substantial. FedEx believes ultimate compensatory and punitive damages and pre- and post-judgment interest up to $</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;">75</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 will be covered by insurance, subject to a retention of up to $</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;">10</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. An immaterial loss reserve below the retention has been recorded in FedEx’s consolidated financial statements.</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;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;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 Negligence 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 December 2022, FedEx Ground was named as a defendant in a lawsuit filed in Texas state court related to the alleged kidnapping and first-degree murder of a minor by a driver employed by a service provider engaged by FedEx Ground. The complaint alleges compensatory and punitive damages against FedEx Ground for negligent and gross negligent hiring and retention, as well as negligent entrustment. The service provider and driver are also named as defendants in the lawsuit. Given the early stage of the litigation, we cannot estimate the amount or range of loss, if any; however, it is reasonably possible that it could be material.</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;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;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;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;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>
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us-gaap Income Taxes Paid Net
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us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
297000000

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