$FDX
FEDEX CORP

2021 Q4 Form 10-Q Financial Statement

#000156459021060577 Filed on December 16, 2021

View on sec.gov

Income Statement

Concept 2021 Q4 2020 Q4
Revenue $23.47B $20.56B
YoY Change 14.16% 18.7%
Cost Of Revenue $7.386B $6.032B
YoY Change 22.45% 15.6%
Gross Profit $16.09B $14.53B
YoY Change 10.72% 20.03%
Gross Profit Margin 68.54% 70.67%
Selling, General & Admin $10.15B $9.264B
YoY Change 9.57% 16.78%
% of Gross Profit 63.1% 63.75%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $995.0M $936.0M
YoY Change 6.3% 3.88%
% of Gross Profit 6.18% 6.44%
Operating Expenses $14.45B $13.07B
YoY Change 10.57% 13.76%
Operating Profit $1.597B $1.465B
YoY Change 9.01% 164.44%
Interest Expense -$155.0M -$184.0M
YoY Change -15.76% 21.85%
% of Operating Profit -9.71% -12.56%
Other Income/Expense, Net -$62.00M $125.0M
YoY Change -149.6% 594.44%
Pretax Income $1.380B $1.406B
YoY Change -1.85% 145.8%
Income Tax $336.0M $180.0M
% Of Pretax Income 24.35% 12.8%
Net Earnings $1.044B $1.226B
YoY Change -14.85% 118.93%
Net Earnings / Revenue 4.45% 5.96%
Basic Earnings Per Share $3.94 $4.64
Diluted Earnings Per Share $3.940M $4.55
COMMON SHARES
Basic Shares Outstanding 265.0M 264.0M
Diluted Shares Outstanding 268.0M 269.0M

Balance Sheet

Concept 2021 Q4 2020 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $6.833B $8.339B
YoY Change -18.06% 310.59%
Cash & Equivalents $6.833B $8.339B
Short-Term Investments
Other Short-Term Assets $1.123B $922.0M
YoY Change 21.8% 4.54%
Inventory $594.0M $587.0M
Prepaid Expenses
Receivables $12.20B $11.42B
Other Receivables $0.00 $0.00
Total Short-Term Assets $20.75B $21.27B
YoY Change -2.44% 61.12%
LONG-TERM ASSETS
Property, Plant & Equipment $53.17B $49.46B
YoY Change 7.51% 52.6%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.627B $3.734B
YoY Change -2.87% 10.15%
Total Long-Term Assets $63.50B $59.89B
YoY Change 6.03% 5.52%
TOTAL ASSETS
Total Short-Term Assets $20.75B $21.27B
Total Long-Term Assets $63.50B $59.89B
Total Assets $84.25B $81.16B
YoY Change 3.81% 16.01%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.190B $3.733B
YoY Change 12.24% 13.71%
Accrued Expenses $9.577B $8.285B
YoY Change 15.59% 134.17%
Deferred Revenue $9.000M $9.000M
YoY Change 0.0% -10.0%
Short-Term Debt $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $117.0M $97.00M
YoY Change 20.62% 506.25%
Total Short-Term Liabilities $13.88B $12.12B
YoY Change 14.6% 14.87%
LONG-TERM LIABILITIES
Long-Term Debt $20.39B $23.22B
YoY Change -12.21% 24.24%
Other Long-Term Liabilities $20.88B $21.31B
YoY Change -2.04% 4376.89%
Total Long-Term Liabilities $41.26B $44.53B
YoY Change -7.34% 9255.25%
TOTAL LIABILITIES
Total Short-Term Liabilities $13.88B $12.12B
Total Long-Term Liabilities $41.26B $44.53B
Total Liabilities $59.31B $60.12B
YoY Change -1.35% 445.38%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $24.94B $21.04B
YoY Change
Total Liabilities & Shareholders Equity $84.25B $81.16B
YoY Change 3.81% 16.01%

Cashflow Statement

Concept 2021 Q4 2020 Q4
OPERATING ACTIVITIES
Net Income $1.044B $1.226B
YoY Change -14.85% 118.93%
Depreciation, Depletion And Amortization $995.0M $936.0M
YoY Change 6.3% 3.88%
Cash From Operating Activities $1.998B $2.579B
YoY Change -22.53% 70.91%
INVESTING ACTIVITIES
Capital Expenditures -$1.573B -$1.402B
YoY Change 12.2% -24.09%
Acquisitions
YoY Change
Other Investing Activities $11.00M $8.000M
YoY Change 37.5% 100.0%
Cash From Investing Activities -$1.562B -$1.394B
YoY Change 12.05% -24.36%
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 -379.0M 148.0M
YoY Change -356.08% -460.98%
NET CHANGE
Cash From Operating Activities 1.998B 2.579B
Cash From Investing Activities -1.562B -1.394B
Cash From Financing Activities -379.0M 148.0M
Net Change In Cash 57.00M 1.333B
YoY Change -95.72% -455.47%
FREE CASH FLOW
Cash From Operating Activities $1.998B $2.579B
Capital Expenditures -$1.573B -$1.402B
Free Cash Flow $3.571B $3.981B
YoY Change -10.3% 18.62%

Facts In Submission

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us-gaap Loss Contingency Disclosures
LossContingencyDisclosures
<p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(9) <span style="text-decoration:underline;">Contingencies</span></p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;"> </p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-style:italic;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">Service Provider Lawsuits<span style="font-style:normal;">. 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="margin-top:9pt;margin-bottom:0pt;text-indent:0%;font-style:italic;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">Derivative Lawsuit Related to New York Cigarette Litigation<span style="font-style:normal;">. 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 alleges 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 $35 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 $10 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. </span></p> <p style="margin-top:9pt;margin-bottom:0pt;text-indent:0%;font-style:italic;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">Other Matters<span 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 “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="margin-top:9pt;margin-bottom:0pt;text-indent:0%;font-style:italic;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">Environmental Matters<span style="font-style:normal;">. 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</span> <span style="font-style:normal;">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
CY2021Q4 us-gaap Accrual For Environmental Loss Contingencies
AccrualForEnvironmentalLossContingencies
1000000
us-gaap Interest Paid Net
InterestPaidNet
330000000
us-gaap Interest Paid Net
InterestPaidNet
377000000
us-gaap Income Taxes Paid
IncomeTaxesPaid
474000000
us-gaap Income Taxes Paid
IncomeTaxesPaid
526000000
us-gaap Proceeds From Income Tax Refunds
ProceedsFromIncomeTaxRefunds
177000000
us-gaap Proceeds From Income Tax Refunds
ProceedsFromIncomeTaxRefunds
22000000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
297000000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
504000000

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