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Fedex Corp (FDX) SEC Filing 10-K Annual Report for the fiscal year ending Tuesday, May 31, 2022

Fedex Corp

HISTORY TOOLS
CIK: 1048911 Ticker: FDX

 

Exhibit 99.1

 

 

 

FedEx Corp. Reports Fourth Quarter and Full-Year Results

Additional Earnings Momentum Expected During Fiscal 2023

 

MEMPHIS, Tenn., June 23, 2022 ... FedEx Corp. (NYSE: FDX) today reported the following consolidated results for the quarter ended May 31 (adjusted measures exclude the items listed below for the applicable fiscal year):

 

 

 

Fiscal 2022

 

Fiscal 2021

 

 

As Reported
(GAAP)

 

Adjusted
(non-GAAP)

 

As Reported
(GAAP)

 

Adjusted
(non-GAAP)

Revenue

 

$24.4 billion

 

$24.4 billion

 

$22.6 billion

 

$22.6 billion

Operating income

 

$1.92 billion

 

$2.23 billion

 

$1.80 billion

 

$1.97 billion

Operating margin

 

7.9%

 

9.2%

 

8.0%

 

8.7%

Net income

 

$558 million

 

$1.80 billion

 

$1.87 billion

 

$1.36 billion

Diluted EPS

 

$2.13

 

$6.87

 

$6.88

 

$5.01

 

This year’s and last year’s quarterly and full-year consolidated results have been adjusted for:

 

 

 

Fiscal 2022

 

Fiscal 2021

Impact per diluted share

 

Fourth
Quarter

 

Full
Year

 

Fourth
Quarter

 

Full
Year

Mark-to-market (MTM) retirement
    plans accounting adjustments

 

$3.83

 

$4.49

 

($3.44)

 

($3.33)

FedEx Ground legal matter

 

0.61

 

0.60

 

—

 

—

Business realignment costs

 

0.18

 

0.80

 

0.30

 

0.33

TNT Express integration expenses

 

0.12

 

0.39

 

0.18

 

0.60

Loss on debt extinguishment

 

—

 

—

 

1.09

 

1.11

 

“Our fiscal 2022 financial performance was a result of our team's ability to adapt to a number of unexpected challenges and is a testament to the FedEx value proposition and the execution of our long-term strategy,” said Raj Subramaniam, FedEx Corp. president and chief executive officer. “Our foundational investments have set the stage for a strong fiscal 2023. As we move forward, our focus will be on revenue quality and lowering our cost to serve. I am honored to lead our dedicated global team, who enable FedEx to lead the industry from a position of strength.”

 

Fourth Quarter Results

 

Fourth quarter operating income improved primarily due to revenue management actions, including the favorable net impact of fuel at each transportation segment, and lower variable compensation expense. These factors were partially offset by

1

The following information was filed by Fedex Corp (FDX) on Thursday, June 23, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Assess how Fedex Corp's management team is paid from their Annual Proxy

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Fedex Corp's Definitive Proxy Statement (Form DEF 14A) filed after their 2022 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
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Inside Fedex Corp's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Common Stockholders' Investment
Consolidated Statements Of Changes In Common Stockholders' Investment (Parenthetical)
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Comprehensive Income (Parenthetical)
Consolidated Statements Of Income
Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Tables)
Accumulated Other Comprehensive Income - Reclassification Out Of Accumulated Other Comprehensive Income (Loss) (Details)
Accumulated Other Comprehensive Income - Schedule Of Changes In Accumulated Other Comprehensive Income (Loss) (Details)
Business Combinations
Business Combinations - Additional Information (Details)
Business Segments And Disaggregated Revenue
Business Segments And Disaggregated Revenue (Tables)
Business Segments And Disaggregated Revenue - Schedule Of Geographical Information (Details)
Business Segments And Disaggregated Revenue - Schedule Of Revenue By Service Type (Details)
Business Segments And Disaggregated Revenue - Schedule Of Segment Information (Details)
Business Segments And Disaggregated Revenue - Schedule Of Segment Information (Parenthetical) (Details)
Commitments
Commitments (Tables)
Commitments - Additional Information (Details)
Commitments - Schedule Of Aircraft Purchase Commitments (Details)
Commitments - Schedule Of Purchase Commitments (Details)
Computation Of Earnings Per Share
Computation Of Earnings Per Share (Tables)
Computation Of Earnings Per Share - Schedule Of Basic And Diluted Earnings Per Common Share (Details)
Contingencies
Contingencies - Additional Information (Details)
Credit Losses
Credit Losses - Additional Information (Details)
Description Of Business Segments And Summary Of Significant Accounting Policies
Description Of Business Segments And Summary Of Significant Accounting Policies (Policies)
Description Of Business Segments And Summary Of Significant Accounting Policies (Tables)
Description Of Business Segments And Summary Of Significant Accounting Policies - Additional Information (Details)
Description Of Business Segments And Summary Of Significant Accounting Policies - Schedule Of Depreciable Lives And Net Book Value Of Our Property And Equipment (Details)
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets (Tables)
Goodwill And Other Intangible Assets - Additional Information (Details)
Goodwill And Other Intangible Assets - Schedule Of Finite Lived Intangible Assets Future Amortization Expense (Details)
Goodwill And Other Intangible Assets - Schedule Of Goodwill (Details)
Goodwill And Other Intangible Assets - Schedule Of Identifiable Intangible Assets (Details)
Guarantees And Indemnifications
Income Taxes
Income Taxes (Tables)
Income Taxes - Additional Information (Details)
Income Taxes - Reconciliation Of Beginning And Ending Amount Of Unrecognized Tax Benefits (Details)
Income Taxes - Schedule Of Components Of Provision For Income Taxes (Details)
Income Taxes - Schedule Of Net Deferred Tax Liabilities (Details)
Income Taxes - Schedule Of Reconciliation Of Total Income Tax Expense And Amount Computed By Statutory Federal Income Tax Rate To Income Before Income Taxes (Details)
Income Taxes - Schedule Of Significant Components Of Deferred Tax Assets And Liabilities (Details)
Leases
Leases (Tables)
Leases - Additional Information (Details)
Leases - Schedule Of Supplemental Balance Sheet Information Related To Leases (Details)
Leases - Schedule Of Supplemental Cash Flow Information Related To Leases (Details)
Leases - Summary Of Components Of Net Lease Cost (Details)
Leases - Summary Of Future Minimum Lease Payments, Operating And Finance Leases (Details)
Long Term Debt And Other Financing Arrangements (Tables)
Long-Term Debt And Other Financing Arrangements
Long-Term Debt And Other Financing Arrangements - Additional Information (Details)
Long-Term Debt And Other Financing Arrangements - Components Of Long-Term Debt (Net Of Discounts And Debt Issuance Costs) (Details)
Long-Term Debt And Other Financing Arrangements - Scheduled Principal Payments On Long-Term Debt Maturities (Details)
Preferred Stock
Preferred Stock - Additional Information (Details)
Recent Accounting Guidance
Retirement Plans
Retirement Plans (Tables)
Retirement Plans - Additional Information (Details)
Retirement Plans - Reconciliation Of Changes In Pension And Postretirement Healthcare Plans Benefit Obligations And Fair Value Of Assets (Details)
Retirement Plans - Schedule Of Change In Fair Value Of Level 3 Assets (Details)
Retirement Plans - Schedule Of Components Of Pension Plans (Details)
Retirement Plans - Schedule Of Expected Future Benefit Payments (Details)
Retirement Plans - Schedule Of Fair Value Of Plan Assets For Pension Plans With A Pbo Or Abo In Excess Of Plan Assets (Details)
Retirement Plans - Schedule Of Mtm Adjustments (Details)
Retirement Plans - Schedule Of Net Periodic Benefit Cost (Details)
Retirement Plans - Schedule Of Pension Plans Contributions (Details)
Retirement Plans - Schedule Of Retirement Plan Costs (Details)
Retirement Plans - Schedule Of Weighted Average Actuarial Assumptions Used To Determine The Benefit Obligations And Net Periodic Benefit Cost Of Our Plans (Details)
Retirement Plans - Schedule Of Weighted-Average Asset Allocations For U.S Pension Plans And International Pension Plans (Details)
Selected Current Liabilities
Selected Current Liabilities (Tables)
Selected Current Liabilities - Components Of Selected Current Liability Captions (Details)
Stock-Based Compensation
Stock-Based Compensation (Tables)
Stock-Based Compensation - Additional Information (Details)
Stock-Based Compensation - Schedule Of Stock Based Compensation Key Assumptions For Valuation (Details)
Stock-Based Compensation - Schedule Of Stock Option Activity (Details)
Stock-Based Compensation - Schedule Of Stock Option Vesting (Details)
Stock-Based Compensation - Schedule Of Vested And Unvested Restricted Stock (Details)
Stock-Based Compensation - Stock-Based Compensation Expense (Details)
Supplemental Cash Flow Information
Supplemental Cash Flow Information (Tables)
Supplemental Cash Flow Information - Supplemental Cash Flow (Details)
Valuation And Qualifying Accounts
Valuation And Qualifying Accounts (Details)
Valuation And Qualifying Accounts (Tables)

Material Contracts, Statements, Certifications & more

Fedex Corp provided additional information to their SEC Filing as exhibits

Exhibit 4.1: Instruments Defining The Rights Of Security Holders, Including Indentures
Exhibit 10.14: Material Contract
Exhibit 10.15: Material Contract
Exhibit 10.16: Material Contract
Exhibit 10.19: Material Contract
Exhibit 10.20: Material Contract
Exhibit 10.21: Material Contract
Exhibit 10.22: Material Contract
Exhibit 10.23: Material Contract
Exhibit 10.24: Material Contract
Exhibit 10.25: Material Contract
Exhibit 10.26: Material Contract
Exhibit 10.27: Material Contract
Exhibit 10.28: Material Contract
Exhibit 10.29: Material Contract
Exhibit 10.30: Material Contract
Exhibit 10.31: Material Contract
Exhibit 10.32: Material Contract
Exhibit 10.33: Material Contract
Exhibit 10.34: Material Contract
Exhibit 10.35: Material Contract
Exhibit 10.36: Material Contract
Exhibit 10.37: Material Contract
Exhibit 10.38: Material Contract
Exhibit 10.39: Material Contract
Exhibit 10.40: Material Contract
Exhibit 10.41: Material Contract
Exhibit 10.42: Material Contract
Exhibit 10.52: Material Contract
Exhibit 10.53: Material Contract
Exhibit 10.54: Material Contract
Exhibit 10.55: Material Contract
Exhibit 10.56: Material Contract
Exhibit 10.57: Material Contract
Exhibit 10.58: Material Contract
Exhibit 10.59: Material Contract
Exhibit 10.60: Material Contract
Exhibit 10.61: Material Contract
Exhibit 10.62: Material Contract
Exhibit 10.63: Material Contract
Exhibit 10.64: Material Contract
Exhibit 10.65: Material Contract
Exhibit 10.80: Material Contract
Exhibit 10.81: Material Contract
Exhibit 10.102: Material Contract
Exhibit 10.103: Material Contract
Exhibit 10.104: Material Contract
Exhibit 10.107: Material Contract
Exhibit 21: Subsidaries Of The Registrant
Exhibit 22: Published Report Regarding Matters Submitted To Vote Of Security Holders
Exhibit 23: Consents Of Experts And Counsel
Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 32.1: Section 1350 Certification
Exhibit 32.2: Section 1350 Certification
Ticker: FDX
CIK: 1048911
Form Type: 10-K Annual Report
Accession Number: 0000950170-22-012762
Submitted to the SEC: Mon Jul 18 2022 4:16:49 PM EST
Accepted by the SEC: Mon Jul 18 2022
Period: Tuesday, May 31, 2022
Industry: Air Courier Services

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