$FDX
FEDEX CORP

2019 Q1 Form 10-Q Financial Statement

#000156459019008444 Filed on March 19, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q1
Revenue $17.01B $16.53B
YoY Change 2.93% 10.2%
Cost Of Revenue $4.253B $3.935B
YoY Change 8.08% -7.04%
Gross Profit $12.76B $12.59B
YoY Change 1.32% 16.97%
Gross Profit Margin 75.0% 76.19%
Selling, General & Admin $7.601B $7.625B
YoY Change -0.31% 11.85%
% of Gross Profit 59.58% 60.56%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $851.0M $786.0M
YoY Change 8.27% 3.15%
% of Gross Profit 6.67% 6.24%
Operating Expenses $10.94B $10.82B
YoY Change 1.07% 11.09%
Operating Profit $911.0M $858.0M
YoY Change 6.18% -16.29%
Interest Expense -$135.0M -$125.0M
YoY Change 8.0% 2.46%
% of Operating Profit -14.82% -14.57%
Other Income/Expense, Net $20.00M $16.00M
YoY Change 25.0% -112.7%
Pretax Income $931.0M $874.0M
YoY Change 6.52% -2.78%
Income Tax $192.0M -$1.200B
% Of Pretax Income 20.62% -137.3%
Net Earnings $739.0M $2.074B
YoY Change -64.37% 269.04%
Net Earnings / Revenue 4.34% 12.55%
Basic Earnings Per Share $2.83 $7.74
Diluted Earnings Per Share $2.80 $7.59
COMMON SHARES
Basic Shares Outstanding 261.0M 268.0M
Diluted Shares Outstanding 263.0M 273.0M

Balance Sheet

Concept 2019 Q1 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.872B $2.789B
YoY Change 2.98% -12.1%
Cash & Equivalents $2.872B $2.789B
Short-Term Investments
Other Short-Term Assets $1.045B $1.592B
YoY Change -34.36% 94.15%
Inventory $546.0M $523.0M
Prepaid Expenses
Receivables $9.037B $8.671B
Other Receivables $0.00 $0.00
Total Short-Term Assets $13.50B $13.58B
YoY Change -0.55% 13.71%
LONG-TERM ASSETS
Property, Plant & Equipment $29.77B $27.70B
YoY Change 7.48% 8.14%
Goodwill $7.464B
YoY Change 6.63%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $4.280B $3.115B
YoY Change 37.4% 39.69%
Total Long-Term Assets $40.96B $38.28B
YoY Change 7.02% 9.85%
TOTAL ASSETS
Total Short-Term Assets $13.50B $13.58B
Total Long-Term Assets $40.96B $38.28B
Total Assets $54.46B $51.85B
YoY Change 5.04% 10.84%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.156B $3.102B
YoY Change 1.74% 14.59%
Accrued Expenses $3.243B $2.893B
YoY Change 12.1% -3.82%
Deferred Revenue $9.000M
YoY Change
Short-Term Debt $225.0M $799.0M
YoY Change -71.84%
Long-Term Debt Due $973.0M $764.0M
YoY Change 27.36% 1597.78%
Total Short-Term Liabilities $9.256B $9.503B
YoY Change -2.6% 27.56%
LONG-TERM LIABILITIES
Long-Term Debt $17.22B $16.02B
YoY Change 7.5% 8.86%
Other Long-Term Liabilities $547.0M $484.0M
YoY Change 13.02% -1.43%
Total Long-Term Liabilities $547.0M $484.0M
YoY Change 13.02% -1.43%
TOTAL LIABILITIES
Total Short-Term Liabilities $9.256B $9.503B
Total Long-Term Liabilities $547.0M $484.0M
Total Liabilities $9.803B $9.987B
YoY Change -1.84% 25.77%
SHAREHOLDERS EQUITY
Retained Earnings $26.65B $23.71B
YoY Change 12.4% 19.57%
Common Stock $3.241B $3.117B
YoY Change 3.98% 3.62%
Preferred Stock
YoY Change
Treasury Stock (at cost) $9.260B $7.576B
YoY Change 22.23% 3.5%
Treasury Stock Shares
Shareholders Equity $19.89B $18.89B
YoY Change
Total Liabilities & Shareholders Equity $54.46B $51.85B
YoY Change 5.04% 10.84%

Cashflow Statement

Concept 2019 Q1 2018 Q1
OPERATING ACTIVITIES
Net Income $739.0M $2.074B
YoY Change -64.37% 269.04%
Depreciation, Depletion And Amortization $851.0M $786.0M
YoY Change 8.27% 3.15%
Cash From Operating Activities $1.144B -$336.0M
YoY Change -440.48% -3460.0%
INVESTING ACTIVITIES
Capital Expenditures -$1.123B -$1.373B
YoY Change -18.21% 23.81%
Acquisitions
YoY Change
Other Investing Activities $9.000M $9.000M
YoY Change 0.0% -60.87%
Cash From Investing Activities -$1.114B -$1.364B
YoY Change -18.33% 25.6%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $93.00M $288.0M
YoY Change -67.71% 1100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 695.0M 1.685B
YoY Change -58.75% 45.01%
NET CHANGE
Cash From Operating Activities 1.144B -336.0M
Cash From Investing Activities -1.114B -1.364B
Cash From Financing Activities 695.0M 1.685B
Net Change In Cash 725.0M -15.00M
YoY Change -4933.33% -117.44%
FREE CASH FLOW
Cash From Operating Activities $1.144B -$336.0M
Capital Expenditures -$1.123B -$1.373B
Free Cash Flow $2.267B $1.037B
YoY Change 118.61% -7.33%

Facts In Submission

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<p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(9) <font style="text-decoration:underline;">Contingencies</font></p> <p style="margin-top:9pt;margin-bottom:0pt;text-indent:0%;font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;"><a name="eolPage20"></a>Independent Contractor &#8212; Lawsuits and Administrative Proceedings.<font style="font-style:normal;"><a name="eolPage20"></a> FedEx Ground is involved in lawsuits and administrative proceedings claiming that owner-operators engaged under operating agreements no longer in place should have been treated as employees of FedEx Ground, rather than independent contractors. In addition, we are defending joint-employer cases where it is alleged that FedEx Ground should be treated as an employer of the drivers employed by owner-operators 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 matters related to owner-operators engaged by FedEx Ground could, among other things, entitle certain owner-operators to the reimbursement of certain expenses, and their drivers to certain wage payments from the owner-operators and FedEx Ground, and result in employment and withholding tax and benefit liability for FedEx Ground. We continue to believe that owner-operators engaged by FedEx Ground are properly classified as independent contractors and that FedEx Ground is not an employer or joint employer of the drivers of these independent contractors.</font></p> <p style="margin-top:9pt;margin-bottom:0pt;text-indent:0%;font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">City and State of New York Cigarette Suit.<font style="font-style:normal;"> The City of New York and the State of New York filed two related lawsuits against FedEx Ground in December 2013 and November 2014 arising from FedEx Ground&#8217;s alleged shipments of cigarettes to New York residents in contravention of several statutes, including the Racketeer Influenced and Corrupt Organizations Act (&#8220;RICO&#8221;) and New York&#8217;s Public Health Law, as well as common law nuisance claims.&#160;The first-filed lawsuit alleged that FedEx Ground provided delivery services on behalf of four shippers, and the second-filed lawsuit alleged that FedEx Ground provided delivery services on behalf of six additional shippers; none of these shippers continue to ship in our network. On July 10, 2017, the City of New York and the State of New York filed a third lawsuit against FedEx Ground and included FedEx Freight as a co-defendant. This additional case identified no shippers or shipments, but generally alleged violations of the same laws that were the subject of the other two lawsuits. </font></p> <p style="Background-color:#FFFFFF;margin-bottom:0pt;margin-top:6pt;text-indent:0%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On October&#160;10, 2018, FedEx Ground and the City and State of New York reached an agreement in principle to settle the lawsuits arising from FedEx Ground&#8217;s and FedEx Freight&#8217;s alleged shipments of cigarettes to New York residents for $35.4&#160;million. The settlement does not include any admission of liability by FedEx Ground or FedEx Freight. In addition to the settlement amount, we recognized approximately $10 million for certain attorney&#8217;s fees in connection with this matter. In December 2018, the parties entered into a final settlement agreement and, subsequently, the settlement amount was paid and the lawsuits were dismissed by the court.</p> <p style="margin-top:9pt;margin-bottom:0pt;text-indent:0%;font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">Other Matters. <font style="font-style:normal;">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 &#8220;off the clock,&#8221; were not paid overtime or were not provided work breaks or other benefits. 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.</font></p>
us-gaap Prior Period Reclassification Adjustment Description
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<p style="margin-top:9pt;margin-bottom:0pt;text-indent:0%;font-style:italic;letter-spacing:-0.1pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">RECLASSIFICATIONS<font style="font-style:normal;">. Certain reclassifications have been made to the prior years&#8217; condensed consolidated financial statements to conform to the current year presentation. </font></p>
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4885000000
CY2018Q2 fdx Spare Parts Supplies Fuel Prepaid Expenses And Other Net
SparePartsSuppliesFuelPrepaidExpensesAndOtherNet
1595000000
CY2018Q2 us-gaap Other Long Term Debt Noncurrent
OtherLongTermDebtNoncurrent
5177000000

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