Q1 Fiscal 2011 Statistics FedEx Corporation Financial and Operating Statistics First Quarter Fiscal 2011 September 16, 2010 This report is a statistical supplement to FedEx’s interim financial reports and is prepared quarterly. Additional copies are available for downloading and printing at www.fedex.com/us/investorrelations. For more information, write or call: Mickey Foster, Vice President Stephen Hughes, Director Jeff Smith, Director Elizabeth Allen, Manager FedEx Corp. Investor Relations 942 S. Shady Grove Road Memphis, TN 38120 Telephone: (901) 818-7200
27
Embed
Q1 Fiscal 2011 Statistics - FedEx · Q1 Fiscal 2011 Statistics FedEx Corporation Financial and Operating Statistics First Quarter Fiscal 2011 ... residences. FedEx Freightis the market
This document is posted to help you gain knowledge. Please leave a comment to let me know what you think about it! Share it to your friends and learn new things together.
Transcript
Q1 Fiscal 2011 Statistics
FedEx Corporation
Financial and Operating Statistics
First Quarter Fiscal 2011
September 16, 2010
This report is a statistical supplement to FedEx’s interim financial reports and is prepared quarterly. Additional copies are available for downloading and printing at
www.fedex.com/us/investorrelations. For more information, write or call:
Mickey Foster, Vice President Stephen Hughes, Director
Jeff Smith, Director Elizabeth Allen, Manager
FedEx Corp. Investor Relations 942 S. Shady Grove Road
OVERVIEW 1 CONDENSED CONSOLIDATED BALANCE SHEETS 2 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS 3 ANNUAL CONSOLIDATED STATEMENTS OF INCOME 4 QUARTERLY CONSOLIDATED STATEMENTS OF INCOME
FY2008 – FY2009 5 FY2010 – FY2011 6
CAPITAL EXPENDITURES 7
• FEDEX EXPRESS SEGMENT
ANNUAL CONSOLIDATED STATEMENTS OF INCOME 8 QUARTERLY CONSOLIDATED STATEMENTS OF INCOME
provides customers and businesses worldwide with a broad portfolio of transportation,
e-commerce and business services. With annual revenues of $36 billion, the company offers integrated business applications through operating companies competing collectively and managed collaboratively, under the respected FedEx brand. Consistently ranked among the world's most admired and trusted employers, FedEx inspires its more than 280,000 team members to remain "absolutely, positively" focused on safety, the highest ethical and professional standards and the needs of their customers and communities.
FedEx Express
invented express distribution and remains the industry’s global leader, providing rapid,
reliable, time-definite delivery to more than 220 countries and territories, connecting markets that comprise more than 90 percent of the world’s gross domestic product within one to three business days. Unmatched air route authorities and transportation infrastructure make FedEx Express the world’s largest express transportation company, providing fast and reliable services for more than 3.5 million shipments each business day.
FedEx Ground
is a leading provider of ground small-package delivery services, providing service to the U.S. and Canada. FedEx Home Delivery, the industry’s first ground service dedicated to residential delivery, is available from FedEx Ground and is backed by a money-back guarantee. FedEx Ground segment financial results include FedEx SmartPost, which specializes in the consolidation and delivery of high volumes of low-weight, less time-sensitive business-to-consumer packages using the U.S. Postal Service for final delivery to residences.
FedEx Freight
is the market leader in providing less-than-truckload (LTL) freight services across all lengths of haul. FedEx Freight segment financial results also include FedEx Custom Critical, North America’s largest time-specific, critical shipment carrier.
FedEx Services
operates combined sales, marketing, administrative and information technology functions in a shared services operation that supports our transportation businesses and allows us to pursue synergies from the combination of these functions. The FedEx Services segment includes: FedEx Services, which provides sales, marketing and information technology support to our other companies; FCIS, which is responsible for customer service, billings and collections for U.S. customers of our major business units; and FedEx Office, which provides retail access to our customers for our package transportation businesses and an array of document and business services.
CORPORATE HEADQUARTERS: 942 S. Shady Grove Road Memphis, TN 38120
COMMON STOCK LISTING: The New York Stock Exchange
STOCK SYMBOL: FDX
COMMON SHARES AUTHORIZED: 800,000,000
COMMON SHARES OUTSTANDING: 314,645,054 (as of August 31, 2010)
STOCKHOLDERS OF RECORD: 14,798 (as of August 31, 2010)
TRANSFER AGENT & REGISTRAR: Computershare Investor Services P.O. Box 43069 Providence, RI 02940-3069 (800) 446-2617 or John Ruocco (312) 499-7033
Receivables, less allowances 4,359 3,391 4,163 4,135
Spare parts, supplies and fuel, less allowances 435 367 389 377
Deferred income taxes 544 511 529 529
Prepaid expenses and other 367 555 251 286
Total current assets 7,244 7,116 7,284 7,036
Property and Equipment, at Cost
Aircraft and related equipment 10,165 10,118 11,640
Package handling and GSE 4,817 4,960 5,193
Computer and electronic equipment 5,040 4,280 4,218
Vehicles 2,754 3,078 3,170
Facilities and other 6,529 6,824 7,081
29,305 29,260 31,302 31,773
Less accumulated depreciation and amort. 15,827 15,843 16,917 17,094
Net property and equipment 13,478 13,417 14,385 14,679
Other Long-Term Assets
Goodwill 3,165 2,229 2,200 2,211
Pension assets 827 311 – –
Intangible and other assets 919 1,171 1,033 1,286
Total other long-term assets 4,911 3,711 3,233 3,497
$ 25,633 $ 24,244 $ 24,902 $ 25,212
LIABILITIES AND STOCKHOLDERS' INVESTMENT
Current Liabilities
Current portion of long-term debt $ 502 $ 653 $ 262 $ 251
Accrued salaries and employee benefits 1,118 861 1,146 1,081
Accounts payable 2,195 1,372 1,522 1,423
Accrued expenses 1,553 1,638 1,715 1,786
Total current liabilities 5,368 4,524 4,645 4,541
Long-Term Debt, Less Current Portion 1,506 1,930 1,668 1,668
Other Long-Term Liabilities
Deferred income taxes 1,264 1,071 891 902
Pension, postretirement health and other benefit obligations 989 934 1,705 1,693
Self-insurance accruals 804 904 960 960
Deferred lease obligations 671 802 804 828
Deferred gains, principally related to aircraft transactions 315 289 267 263
Other liabilities 190 164 151 152
Total other long-term liabilities 4,233 4,164 4,778 4,798
Commitments and Contingencies
Common Stockholders' Investment
Common stock $0.10 par value; 800 million shares auth. 31 31 31 31
Additional paid-in capital 1,922 2,053 2,261 2,302
Retained earnings 13,002 12,919 13,966 14,270
Accumulated other comprehensive loss1
(425) (1,373) (2,440) (2,386)
Treasury stock, at cost (4) (4) (7) (12)
Total common stockholders' investment 14,526 13,626 13,811 14,205
$ 25,633 $ 24,244 $ 24,902 $ 25,212
1 -
Current period financial results are unaudited. Differences may result due to rounding.
FY09 amount includes other comprehensive income charge of $1.2 billion, net of taxes, related to the funded status of our retirement plans at May 31, 2009. FY10
amount includes other comprehensive income charge of $1.0 billion, net of taxes, related to the funded status of our retirement plans at May 31, 2010.
2 / Q1 FY11 Stat Book
Years ended May 31 .
In millions Q1 YTD
FY 2008 FY 2009 FY 2010 FY 20111
OPERATING ACTIVITIES
Net income $ 1,125 $ 98 $ 1,184 $ 380
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization 1,946 1,975 1,958 479
Provision for uncollectible accounts 134 181 124
Deferred income taxes and other noncash items 124 299 331
Noncash impairment charges2
882 1,103 18 –
Stock-based compensation 101 99 101
Other noncash charges, net 98
Changes in operating assets and liabilities, net of the effects of businesses acquired: (161)
Receivables (447) 762 (906)
Other current assets (237) (196) 276
Pension assets and liabilities, net (273) (913) (611)
Accounts payable and other operating liabilities 190 (628) 710
Other, net (80) (27) (47)
Cash provided by operating activities 3,465 2,753 3,138 796
INVESTING ACTIVITIES
Capital expenditures (2,947) (2,459) (2,816) (1,012)
Business acquisitions, net of cash acquired (4) (3) –
Proceeds from asset dispositions and other 54 79 35 3
Cash used in investing activities (2,897) (2,383) (2,781) (1,009)
FINANCING ACTIVITIES
Principal payments on debt (639) (501) (653) (12)
Proceeds from debt issuances – 1,000 – –
Proceeds from stock issuances 108 41 94
Excess tax benefits on the exercise of stock options 38 4 25
Effect of exchange rate changes on cash 19 (17) (5) 11
CASH AND CASH EQUIVALENTS
Net (decrease) increase in cash and cash equivalents (30) 753 (340) (243)
Cash and cash equivalents at beginning of period 1,569 1,539 2,292 1,952
Cash and cash equivalents at end of period $ 1,539 $ 2,292 $ 1,952 $ 1,709
2 -
Current period financial results are unaudited. Differences may result due to rounding.
FY08 noncash impairment charges of $882 million include impairment charges associated with the decision to minimize the use of the Kinko's tradename ($515 million)
and goodwill resulting from the Kinko's acquisition ($367 million). FY09 noncash impairment charges of $1.1 billion include an $810 million charge related to the
reduction of the value of goodwill related to the Kinko's acquisition, $90 million related to the reduction of the value of goodwill related to the Watkins Motor Lines
acquisition and asset impairment charges primarily related to aircraft.
FedEx Corporation
FY 2008 – FY 2011
1 - FY11 year-to-date cash flow information has been included on a condensed basis and therefore certain line items are not presented individually.
Condensed Consolidated Statements of Cash Flows
Q1 FY11 Stat Book / 3
FedEx Corporation
Annual Consolidated Statements of IncomeFY 2008 – FY 2011
Salaries and employee benefits 14,202 13,767 14,027 3,803
Purchased transportation2
4,634 4,534 4,728 1,327
Rentals and landing fees 2,441 2,429 2,359 601
Depreciation and amortization 1,946 1,975 1,958 479
Fuel2
4,409 3,811 3,106 887
Maintenance and repairs 2,068 1,898 1,715 517
Impairment and other charges1
882 1,204 18 –Other 5,296 5,132 4,825 1,215
Total Operating Expenses 35,878 34,750 32,736 8,829
Operating Income (Loss):
FedEx Express segment 1,901 794 1,127 357
FedEx Ground segment 736 807 1,024 287
FedEx Freight segment 329 (44) (153) (16)
FedEx Services segment1 (891) (810) – –
Total Operating Income 2,075 747 1,998 628
Other Income (Expense):
Interest, net (54) (59) (71) (18)
Other, net (5) (11) (33) (7)
Total Other Income (Expense) (59) (70) (104) (25)
Income Before Income Taxes 2,016 677 1,894 603
Provision for Income Taxes 891 579 710 223
Net Income $ 1,125 $ 98 $ 1,184 $ 380
Basic Earnings Per Share1
$ 3.64 $ 0.31 $ 3.78 $ 1.21
Weighted Avg. Common Shares 309 311 312 314
Diluted Earnings Per Share1
$ 3.60 $ 0.31 $ 3.76 $ 1.20
Avg Common and Common Equiv. Shares 312 312 314 315
SELECTED STATISTICS
Operating Margin 5.5% 2.1% 5.8% 6.6%
Pretax Margin 5.3% 1.9% 5.5% 6.4%
Return on Assets3
4.5% 0.4% 4.8% 5.6%
Return on Equity3
8.3% 0.7% 8.6% 9.9%
FedEx Corp. Average FTEs 254,142 247,908 245,109 251,903
Dividends Paid Per Common Share $ 0.40 $ 0.44 $ 0.44 $ 0.12
1 -
2 -
3 - Return on Assets and Return on Equity for the current year-to-date are calculated on a rolling four quarter basis.
Current period financial results are unaudited. Differences may result due to rounding.
FY08 includes impairment of approximately $891 million ($696 million, net of tax, or $2.23 per diluted share), predominantly related to noncash impairment charges associated
with the decision to minimize the use of the Kinko's trade name and goodwill resulting from the Kinko's acquisition (FedEx Services Segment). FY09 includes impairment and
other charges of approximately $1.2 billion ($1.1 billion, net of tax, or $3.45 per diluted share), including an $810 million charge related to the reduction of the value of goodwill
related to the Kinko's acquisition (FedEx Services Segment), $90 million related to the reduction of the value of goodwill related to the Watkins Motor Lines acquisition (FedEx
Freight Segment), aircraft-related charges and other charges primarily associated with aircraft-related lease and contract termination costs, and employee severance. The
charges included in the results of the FedEx Services Segment were not allocated to our transportation segments as the charges were unrelated to the core performance of
these businesses.
In FY09, the company reclassified certain fuel supplemental costs at FedEx Ground related to its independent contractors from fuel expense to purchased transportation
expense to conform to the current period presentation.
4 / Q1 FY11 Stat Book
FedEx CorporationQuarterly Consolidated Statements of Income
FY 2008 – FY 2009
Years ended May 31
In millions, except EPS and FTEs
FY 2008 FY 2009
FIRST SECOND THIRD FOURTH FIRST SECOND THIRD FOURTH
Unaudited. Differences may result due to rounding.
In FY09, the company reclassified certain fuel supplemental costs at FedEx Ground related to its independent contractors from fuel expense to purchased transportation expense to conform
to the current period presentation.
Q4 FY08 FedEx Services segment operating expenses included a charge of approximately $891 million ($696 million, net of tax, or $2.22 per diluted share), predominantly related to noncash
impairment charges associated with the decision to minimize the use of the Kinko's trade name and goodwill resulting from the Kinko's acquisition. Q4 FY09 includes impairment and other
charges of approximately $1.2 billion ($1.1 billion, net of tax, or $3.46 per diluted share), including an $810 million charge related to the reduction of the value of goodwill related to the Kinko's
acquisition (FedEx Services Segment), $90 million related to the reduction of the value of goodwill related to the Watkins Motor Lines acquisition (FedEx Freight Segment), aircraft-related
charges and other charges primarily associated with aircraft-related lease and contract termination costs, and employee severance. These charges included in the results of the FedEx
Services Segment were not allocated to our transportation segments as they were unrelated to the core performance of these businesses.
Q1 FY11 Stat Book / 5
FedEx CorporationQuarterly Consolidated Statements of Income
FY 2010 – FY 2011
Years ended May 31
In millions, except EPS and FTEs
FY 2010 FY 2011
FIRST SECOND THIRD FOURTH FIRST SECOND THIRD FOURTH
Total U.S. Package Revenue 11,585 10,718 9,831 2,584
International Priority 7,666 6,978 7,087 1,974
International Domestic1 663 565 578 148
Total Package Revenue 19,914 18,261 17,496 4,706
Freight Revenue:
U.S. 2,398 2,165 1,980 523
International Priority 1,243 1,104 1,303 406
International Airfreight 406 369 251 70
Total Freight Revenue 4,047 3,638 3,534 999
Other Revenue2 460 465 525 207
Total Revenue 24,421 22,364 21,555 5,912
Operating Expenses:
Salaries and employee benefits 8,451 8,217 8,402 2,258
Purchased transportation 1,208 1,112 1,177 369
Rentals and landing fees 1,673 1,613 1,577 403
Depreciation and amortization 944 961 1,016 255
Fuel 3,785 3,281 2,651 754
Maintenance and repairs 1,512 1,351 1,131 352
Impairment and other charges3
– 260 – –
Intercompany charges 2,134 2,103 1,940 513
Other 2,813 2,672 2,534 651
22,520 21,570 20,428 5,555
Operating Income $ 1,901 $ 794 $ 1,127 $ 357
SELECTED STATISTICS
Operating Margin 7.8% 3.6% 5.2% 6.0%
Average FTEs 131,242 128,197 127,828 131,592
1 -
2 -
3 -
Current period financial results are unaudited. Differences may result due to rounding.
Results for FY09 include charges of $260 million related to noncash impairment charges associated with aircraft-related asset impairments and other charges primarily
associated with aircraft-related lease and contract termination costs and employee severance.
FedEx Express Segment
FY 2008 – FY 2011
International Domestic shipments are shipments where the origin and destination are both within the same non-U.S. country, including the United Kingdom, Canada, China,
India and Mexico.
Annual Consolidated Statements of Income
Other revenue includes FedEx Trade Networks and, beginning in the second quarter of FY10, FedEx SupplyChain Systems.
8 / Q1 FY11 Stat Book
FedEx Express SegmentQuarterly Consolidated Statements of Income
FY 2008 – FY 2009
Years ended May 31
In millions, except FTEs
FY 2008 FY 2009
FIRST SECOND THIRD FOURTH FIRST SECOND THIRD FOURTH
Average FTEs 131,013 131,031 132,254 130,672 129,723 128,375 129,424 125,266
1 -
2 - Other revenue includes FedEx Trade Networks.
3 -
Unaudited. Differences may result due to rounding.
Q4 FY09 results include charges of $260 million related to noncash impairment charges associated with aircraft-related asset impairments and other charges primarily associated with aircraft-
related charges and other charges primarily associated with aircraft-related lease and contract termination costs and employee severance.
International Domestic shipments are shipments where the origin and destination are both within the same non-U.S. country, including the United Kingdom, Canada, China, India and Mexico.
Q1 FY11 Stat Book / 9
FedEx Express SegmentQuarterly Consolidated Statements of Income
FY 2010 – FY 2011
Years ended May 31
In millions, except FTEs
FY 2010 FY 2011
FIRST SECOND THIRD FOURTH FIRST SECOND THIRD FOURTH
Total U.S. Overnight 1,739 1,767 1,813 1,923 1,923
U.S. Deferred 601 626 692 670 661
Total U.S. Packages 2,340 2,393 2,505 2,593 2,584
International Priority 1,594 1,763 1,748 1,982 1,974
International Domestic1
134 151 142 151 148
Total Package Revenue 4,068 4,307 4,395 4,726 4,706
Freight Revenue:
U.S. 449 490 525 516 523
International Priority 260 321 329 393 406
International Airfreight 61 63 61 66 70
Total Freight Revenue 770 874 915 975 999
Other Revenue2 86 133 130 176 207
Total Revenue 4,924 5,314 5,440 5,877 5,912
Operating Expenses:
Salaries and employee benefits 2,043 2,036 2,136 2,187 2,258
Purchased transportation 255 283 292 347 369
Rentals and landing fees 385 396 397 399 403
Depreciation and amortization 252 251 254 259 255
Fuel 571 638 694 748 754
Maintenance and repairs 261 267 261 342 352
Intercompany charges 469 470 497 504 513
Other 584 628 644 678 651
4,820 4,969 5,175 5,464 5,555
Operating Income $ 104 $ 345 $ 265 $ 413 $ 357
SELECTED STATISTICS
Operating Margin 2.1% 6.5% 4.9% 7.0% 6.0%
Average FTEs 125,223 126,414 129,833 128,998 131,592
1 -
2 -
Unaudited. Differences may result due to rounding.
Other revenue includes FedEx Trade Networks and, beginning in the second quarter of FY10, FedEx SupplyChain Systems.
International Domestic shipments are shipments where the origin and destination are both within the same non-U.S. country, including the United Kingdom, Canada, China, India and Mexico.
10 / Q1 FY11 Stat Book
FedEx ExpressAnnual Shipment Statistics
FY 2008 – FY 2011
Q1 YTD
FY 2008 FY 2009 FY 2010 FY 2011
AVG DAILY VOLUME / POUNDS
Average Daily Package Volume (000s):
U.S. Overnight Box (FO, POB, SOB) 1,151 1,127 1,157 1,168
U.S. Overnight Envelope (POE, SOE) 677 627 614 624
Total U.S. Overnight (FO, PO, SO) 1,828 1,754 1,771 1,792U.S. Deferred (E2, ES) 895 849 867 846
Total U.S. Packages 2,723 2,603 2,638 2,638
International Priority (IP,IE) 517 475 523 566
International Domestic1 296 298 318 323
Total Avg Daily Packages 3,536 3,376 3,479 3,527
Average Daily Freight Pounds (000s):
U.S. (F1/F2/F3/Domestic ATA) 8,648 7,287 7,141 6,908
International Priority (IPF,IEF) 2,220 1,959 2,544 3,027
International Airfreight (IXF/ATA) 1,817 1,475 1,222 1,240
Total Avg Daily Freight Pounds 12,685 10,721 10,907 11,175
Unaudited. Differences may result due to rounding.
International Domestic shipments are shipments where the origin and destination are both within the same non-U.S. country, including the United Kingdom, Canada, China,
India and Mexico.
Q1 FY11 Stat Book / 11
FedEx ExpressQuarterly Shipment Statistics
FY 2008 – FY 2009
FY 2008 FY 2009
FIRST SECOND THIRD FOURTH FIRST SECOND THIRD FOURTH
Unaudited. Differences may result due to rounding.
International Domestic shipments are shipments where the origin and destination are both within the same non-U.S. country, including the United Kingdom, Canada, China,
India and Mexico.
12 / Q1 FY11 Stat Book
FedEx ExpressQuarterly Shipment Statistics
FY 2010 - FY2012
FY 2010 FY 2011
FIRST SECOND THIRD FOURTH FIRST SECOND THIRD FOURTH
Unaudited. Differences may result due to rounding.
International Domestic shipments are shipments where the origin and destination are both within the same non-U.S. country, including the United Kingdom, Canada, China, India and
Unaudited. Differences may result due to rounding.
In FY09, the company reclassified certain fuel supplemental costs related to its independent contractors from fuel expense to purchased transportation expense to conform to the
current period presentation.
Q1 FY11 Stat Book / 17
FedEx Ground SegmentQuarterly Consolidated Statements of Income
FY 2010 – FY 2011
Years ended May 31
In millions
FY 2010 FY 2011
FIRST SECOND THIRD FOURTH FIRST SECOND THIRD FOURTH
Unaudited. Differences may result due to rounding.
20 / Q1 FY11 Stat Book
Years ended May 31
In millions
Q1 YTD
FY 2008 FY 2009 FY 2010 FY 2011
Revenues $ 4,934 $ 4,415 $ 4,321 $ 1,258
Operating Expenses:
Salaries and employee benefits 2,381 2,247 2,128 600
Purchased transportation 582 540 690 204
Rentals 119 139 116 34
Depreciation and amortization 227 224 198 48
Fuel 608 520 445 131
Maintenance and repairs 175 153 148 46
Impairment and other charges2
– 100 18 –
Intercompany charges1
81 109 351 109
Other 432 427 380 102
4,605 4,459 4,474 1,274
Operating Income (Loss) $ 329 ($44) ($153) ($16)
SELECTED STATISTICS
Operating Margin 6.7% (1.0%) (3.5%) (1.3%)
1 -
2 -
Unaudited. Differences may result due to rounding.
Results for FY09 include charges of $100 million related to noncash impairment charges associated with goodwill related to the Watkins Motor Lines acquisition and
other charges primarily associated with employee severance.
FedEx Freight SegmentAnnual Consolidated Statements of Income
FY 2008 – FY 2011
In Q1 FY10, approximately 2,700 FedEx Freight segment employees were transferred to FedEx Services and FCIS. These employees represented the sales,
information technology, marketing, pricing, customer service, claims and credit and collection functions of the FedEx Freight segment and were transferred to allow
further centralization of these functions into the FedEx Services segment shared service organization. The costs of the functions are allocated to the FedEx Freight
segment through intercompany charges.
Q1 FY11 Stat Book / 21
FedEx Freight SegmentQuarterly Consolidated Statements of Income
FY 2008 – FY 2009
Years ended May 31In millions
FY 2008 FY 2009
FIRST SECOND THIRD FOURTH FIRST SECOND THIRD FOURTH
Unaudited. Differences may result due to rounding.
Q4 FY09 results include charges of $100 million related to noncash impairment charges associated with goodwill related to the Watkins Motor Lines acquisition and other charges
primarily associated with employee severance.
22 / Q1 FY11 Stat Book
FedEx Freight SegmentQuarterly Consolidated Statements of Income
FY 2010 – FY 2011
Years ended May 31In millions
FY 2010 FY 2011
FIRST SECOND THIRD FOURTH FIRST SECOND THIRD FOURTH
Unaudited. Differences may result due to rounding.
In Q1 FY10, approximately 2,700 FedEx Freight segment employees were transferred to FedEx Services and FCIS. These employees represented the sales, information technology,
marketing, pricing, customer service, claims and credit and collection functions of the FedEx Freight segment and were transferred to allow further centralization of these functions into
the FedEx Services segment shared service organization. The costs of the functions are allocated to the FedEx Freight segment through intercompany charges.