UPS (NYSE:UPS) today announced second-quarter 2022 consolidated
revenues of $24.8 billion, a 5.7% increase over the second quarter
of 2021. Consolidated operating profit was $3.5 billion, up 8.5%
compared to the second quarter of 2021, and up 9.3% on an adjusted
basis. Diluted earnings per share was $3.25 for the quarter;
adjusted diluted earnings per share of $3.29 was 7.5% above the
same period in 2021.
For the second quarter of 2022, GAAP results included after-tax
transformation and other charges of $31 million, or $0.04 per
diluted share.
“I want to thank UPSers around the world for delivering
outstanding service to our customers,” said Carol Tomé, UPS chief
executive officer. “While the external environment is ever
changing, our better not bigger strategic framework has
fundamentally improved nearly every aspect of our business,
enabling greater agility and strong financial performance.”
U.S. Domestic Segment
|
2Q 2022 |
Adjusted2Q 2022 |
2Q 2021 |
Adjusted2Q 2021 |
Revenue |
$15,459 M |
|
$14,402 M |
|
Operating profit |
$1,829 M |
$1,855 M |
$1,567 M |
$1,675 M |
- Revenue grew 7.3%, driven by an 11.9% increase in revenue per
piece.
- Operating margin was 11.8%; adjusted operating margin was
12.0%.
International Segment
|
2Q 2022 |
Adjusted2Q 2022 |
2Q 2021 |
Adjusted2Q 2021 |
Revenue |
$5,073 M |
|
$4,817 M |
|
Operating profit |
$1,193 M |
$1,204 M |
$1,184 M |
$1,190 M |
- Revenue increased 5.3%, driven by a 14.8% increase in revenue
per piece.
- Operating margin was 23.5%; adjusted operating margin was
23.7%.
Supply Chain Solutions1
|
2Q 2022 |
Adjusted2Q 2022 |
2Q 2021 |
Adjusted2Q 2021 |
Revenue |
$4,234 M |
|
$4,205 M |
|
Operating profit |
$513 M |
$517 M |
$507 M |
$408 M |
1 Consists of operating segments that do not meet the criteria
of a reportable segment under ASC Topic 280 – Segment
Reporting.
- Revenue increased 0.7%, led by Forwarding and our healthcare
business.
- Operating margin was 12.1%; adjusted operating margin was
12.2%.
2022 OutlookThe company provides guidance on an
adjusted (non-GAAP) basis because it is not possible to predict or
provide a reconciliation reflecting the impact of future pension
adjustments or other unanticipated events, which would be included
in reported (GAAP) results and could be material.
For 2022, UPS reaffirms its full-year financial targets:
- Consolidated revenue of about $102 billion
- Consolidated adjusted operating margin of approximately
13.7%
- Adjusted return on invested capital above 30%
- Capital expenditures of 5.4% of revenue, or approximately $5.5
billion
- Dividend payments, subject to board approval, of about $5.2
billion
Finally, UPS is raising the amount of targeted share repurchases
for 2022, taking the target to $3 billion for the year.
* “Adjusted” amounts are non-GAAP financial
measures. See the appendix to this release for a discussion of
non-GAAP financial measures, including a reconciliation to the most
closely correlated GAAP measure.
Contacts:UPS Media Relations: 404-828-7123 or pr@ups.comUPS
Investor Relations: 404-828-6059 (option 4) or investor@ups.com
Conference Call Information
UPS CEO Carol Tomé and CFO Brian Newman will discuss
second-quarter results with investors and analysts during a
conference call at 8:30 a.m. ET, July 26, 2022. That call will be
open to others through a live Webcast. To access the call, go to
www.investors.ups.com and click on “Earnings Conference Call.”
Additional financial information is included in the detailed
financial schedules being posted on www.investors.ups.com under
“Quarterly Earnings and Financials” and as filed with the SEC as an
exhibit to our Current Report on Form 8-K.
About UPS
UPS (NYSE: UPS) is one of the world’s largest companies, with
2021 revenue of $97.3 billion, and provides a broad range of
integrated logistics solutions for customers in more than 220
countries and territories. Focused on its purpose statement,
“Moving our world forward by delivering what matters,” the
company’s 534,000 employees embrace a strategy that is simply
stated and powerfully executed: Customer First. People Led.
Innovation Driven. UPS is committed to reducing its impact on the
environment and supporting the communities we serve around the
world. UPS also takes an unwavering stance in support of diversity,
equity, and inclusion. More information can be found at
www.ups.com, about.ups.com and www.investors.ups.com.
Forward-Looking Statements
This release and our filings with the Securities and Exchange
Commission contain and in the future may contain “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995. Statements other than those of current or
historical fact, and all statements accompanied by terms such as
“will,” “believe,” “project,” “expect,” “estimate,” “assume,”
“intend,” “anticipate,” “target,” “plan,” and similar terms, are
intended to be forward-looking statements. Forward-looking
statements are made subject to the safe harbor provisions of the
federal securities laws pursuant to Section 27A of the Securities
Act of 1933 and Section 21E of the Securities Exchange Act of
1934.
From time to time, we also include written or oral
forward-looking statements in other publicly disclosed materials.
Forward-looking statements may relate to our intent, belief,
forecasts of, or current expectations about our strategic
direction, prospects, future results, or future events; they do not
relate strictly to historical or current facts. Management believes
that these forward-looking statements are reasonable as and when
made. However, caution should be taken not to place undue reliance
on any forward-looking statements because such statements speak
only as of the date when made and the future, by its very nature,
cannot be predicted with certainty.
Forward-looking statements are subject to certain risks and
uncertainties that could cause actual results to differ materially
from our historical experience and our present expectations or
anticipated results. These risks and uncertainties, include, but
are not limited to the impact of: continued uncertainties related
to the COVID-19 pandemic on our business and operations, financial
performance and liquidity, our customers and suppliers, and on the
global economy; changes in general economic conditions, in the U.S.
or internationally; industry evolution and significant competition;
changes in our relationships with our significant customers; our
ability to attract and retain qualified employees; increased or
more complex physical or data security requirements, or any data
security breach; strikes, work stoppages or slowdowns by our
employees; results of negotiations and ratifications of labor
contracts; our ability to maintain our brand image and corporate
reputation; disruptions to our information technology
infrastructure; global climate change; interruptions in or impacts
on our business from natural or man-made events or disasters
including terrorist attacks, epidemics or pandemics; exposure to
changing economic, political and social developments in
international markets; our ability to realize the anticipated
benefits from acquisitions, dispositions, joint ventures or
strategic alliances; changing prices of energy, including gasoline,
diesel and jet fuel, or interruptions in supplies of these
commodities; changes in exchange rates or interest rates; our
ability to accurately forecast our future capital investment needs;
significant expenses and funding obligations relating to employee
health, retiree health and/or pension benefits; our ability to
manage insurance and claims expenses; changes in business strategy,
government regulations, or economic or market conditions that may
result in impairments of our assets; potential additional U.S. or
international tax liabilities; increasingly stringent laws and
regulations, including relating to climate change; potential claims
or litigation related to labor and employment, personal injury,
property damage, business practices, environmental liability and
other matters; and other risks discussed in our filings with the
Securities and Exchange Commission from time to time, including our
Annual Report on Form 10-K for the year ended December 31, 2021,
our Quarterly Report on Form 10-Q for the quarter ended March 31,
2022, and subsequently filed reports. You should consider the
limitations on, and risks associated with, forward-looking
statements and not unduly rely on the accuracy of predictions
contained in such forward-looking statements. We do not undertake
any obligation to update forward-looking statements to reflect
events, circumstances, changes in expectations, or the occurrence
of unanticipated events after the date of those statements.
Information, including comparisons to prior periods, may reflect
adjusted results. See the appendix for reconciliations of adjusted
results and other non-GAAP financial measures.
Reconciliation of GAAP and Non-GAAP Financial
Measures
From time to time we supplement the reporting of our financial
information determined under generally accepted accounting
principles ("GAAP") with certain non-GAAP financial measures. These
include: "adjusted" compensation and benefits; operating expenses;
earnings before interest, taxes, depreciation and amortization
(“EBITDA”); operating profit; operating margin; other income and
(expense); income before income taxes; income tax expense;
effective tax rate; net income; and earnings per share. We present
revenue, revenue per piece and operating profit on a constant
currency basis. Additionally, we disclose free cash flow, return on
invested capital (“ROIC”) and the ratio of adjusted total debt to
adjusted EBITDA.
We believe that these non-GAAP measures provide meaningful
information to assist users of our financial statements in more
fully understanding our financial results and cash flows and
assessing our ongoing performance, because they exclude items that
may not be indicative of, or are unrelated to, our underlying
operations and may provide a useful baseline for analyzing trends
in our underlying businesses. These non-GAAP measures are used
internally by management for business unit operating performance
analysis, business unit resource allocation and in connection with
incentive compensation award determinations.
Non-GAAP financial measures should be considered in addition to,
and not as an alternative for, our reported results prepared in
accordance with GAAP. Our adjusted financial information does not
represent a comprehensive basis of accounting. Therefore, our
adjusted financial information may not be comparable to similarly
titled information reported by other companies.
Transformation and Other Charges
Adjusted EBITDA, operating profit, operating margin, income
before income taxes, net income and earnings per share may exclude
the impact of charges related to transformation activities,
goodwill and asset impairments, and divestitures.
Changes in Foreign Currency Exchange Rates and Hedging
Activities
Currency-neutral revenue, revenue per piece and operating profit
exclude the period over period impact of foreign currency exchange
rate changes and any foreign currency hedging activities. These
measures are calculated by dividing current period reported U.S.
dollar revenue, revenue per piece and operating profit by the
current period average exchange rates to derive current period
local currency revenue, revenue per piece and operating profit. The
derived amounts are then multiplied by the average foreign exchange
rates used to translate the comparable results for each month in
the prior year period (including the impact of any foreign currency
hedging activities). The difference between the current period
reported U.S. dollar revenue, revenue per piece and operating
profit and the derived current period U.S. dollar revenue, revenue
per piece and operating profit is the period over period impact of
foreign currency exchange rates and hedging activities.
Pension and Postretirement Adjustments
We recognize changes in the fair value of plan assets and net
actuarial gains and losses in excess of a 10% corridor (defined as
10% of the greater of the fair value of plan assets or the plan's
projected benefit obligation), as well as gains and losses
resulting from plan amendments, for our pension and postretirement
defined benefit plans immediately as part of other pension income
(expense). We supplement the presentation of our income before
income taxes, net income and earnings per share with adjusted
measures that exclude the impact of these gains and losses and the
related income tax effects. We believe excluding these defined
benefit plan gains and losses provides important supplemental
information by removing the volatility associated with plan
amendments and short-term changes in market interest rates, equity
values and similar factors.
The deferred income tax effects of pension and postretirement
adjustments are calculated by multiplying the statutory tax rates
applicable in each tax jurisdiction, including the U.S. federal
jurisdiction and various U.S. state and non-U.S. jurisdictions, by
the adjustments.
Free Cash Flow
We calculate free cash flow as cash flows from operating
activities less capital expenditures, proceeds from disposals of
property, plant and equipment, and plus or minus the net changes in
finance receivables and other investing activities. We believe free
cash flow is an important indicator of how much cash is generated
by our ongoing business operations and we use this as a measure of
incremental cash available to invest in our business, meet our debt
obligations and return cash to shareowners.
Return on Invested Capital
ROIC is calculated as the trailing twelve months (“TTM”) of
adjusted operating income divided by the average of total debt,
non-current pension and postretirement benefit obligations and
shareowners’ equity, at the current period end and the
corresponding period end of the prior year. Because ROIC is not a
measure defined by GAAP, we calculate it, in part, using non-GAAP
financial measures that we believe are most indicative of our
ongoing business performance. We consider ROIC to be a useful
measure for evaluating the effectiveness and efficiency of our
long-term capital investments.
Adjusted Total Debt / Adjusted EBITDA
Adjusted total debt is defined as our long-term debt and finance
leases, including current maturities, plus non-current pension and
postretirement benefit obligations. Adjusted EBITDA is defined as
earnings before interest, taxes, depreciation and amortization
adjusted for restructuring and other costs and investment income
and other. We believe the ratio of adjusted total debt to adjusted
EBITDA is an important indicator of our financial strength, and is
a ratio used by third parties when evaluating the level of our
indebtedness.
Forward-Looking Non-GAAP Metrics
From time to time when presenting forward-looking non-GAAP
metrics, we are unable to provide quantitative reconciliations to
the most closely correlated GAAP measure due to the uncertainty in
the timing, amount or nature of any adjustments, which could be
material in any period.
Reconciliation of GAAP and Non-GAAP
Income Statement Items(in millions, except per
share amounts):
Three Months Ended June 30, 2022 |
|
|
|
|
|
|
|
As Reported (GAAP) |
|
Transformation & Other
Adj.(1) |
|
As Adjusted(Non-GAAP) |
U.S. Domestic Package |
$ |
13,630 |
|
|
$ |
26 |
|
$ |
13,604 |
|
International Package |
|
3,880 |
|
|
|
11 |
|
|
3,869 |
|
Supply Chain Solutions |
|
3,721 |
|
|
|
4 |
|
|
3,717 |
|
Operating Expense |
|
21,231 |
|
|
|
41 |
|
|
21,190 |
|
|
|
|
|
|
|
U.S. Domestic Package |
|
1,829 |
|
|
|
26 |
|
|
1,855 |
|
International Package |
|
1,193 |
|
|
|
11 |
|
|
1,204 |
|
Supply Chain Solutions |
|
513 |
|
|
|
4 |
|
|
517 |
|
Operating Profit |
|
3,535 |
|
|
|
41 |
|
|
3,576 |
|
|
|
|
|
|
|
Other Income and
(Expense): |
|
|
|
|
|
Other pension income (expense) |
|
298 |
|
|
|
— |
|
|
298 |
|
Investment income (expense) and other |
|
35 |
|
|
|
— |
|
|
35 |
|
Interest expense |
|
(171 |
) |
|
|
— |
|
|
(171 |
) |
Total Other Income
(Expense) |
|
162 |
|
|
|
— |
|
|
162 |
|
|
|
|
|
|
|
Income Before Income
Taxes |
|
3,697 |
|
|
|
41 |
|
|
3,738 |
|
Income Tax Expense |
|
848 |
|
|
|
10 |
|
|
858 |
|
Net Income |
$ |
2,849 |
|
|
$ |
31 |
|
$ |
2,880 |
|
|
|
|
|
|
|
Basic Earnings Per Share |
$ |
3.26 |
|
|
$ |
0.04 |
|
$ |
3.30 |
|
|
|
|
|
|
|
Diluted Earnings Per
Share |
$ |
3.25 |
|
|
$ |
0.04 |
|
$ |
3.29 |
|
|
|
|
|
|
|
(1) Transformation & Other of $41 million reflects other
employee benefits costs of $23 million and other costs of $18
million.
Reconciliation of GAAP and Non-GAAP
Income Statement Items(in millions, except per
share amounts):
Six Months Ended June 30, 2022 |
|
|
|
|
|
|
|
|
|
As Reported (GAAP) |
|
Pension Adj.(1) |
|
Transformation & Other
Adj.(2) |
|
As Adjusted(Non-GAAP) |
U.S. Domestic Package |
$ |
27,092 |
|
|
$ |
— |
|
|
$ |
69 |
|
$ |
27,023 |
|
International Package |
|
7,640 |
|
|
|
— |
|
|
|
15 |
|
|
7,625 |
|
Supply Chain Solutions |
|
7,626 |
|
|
|
— |
|
|
|
12 |
|
|
7,614 |
|
Operating Expense |
|
42,358 |
|
|
|
— |
|
|
|
96 |
|
|
42,262 |
|
|
|
|
|
|
|
|
|
U.S. Domestic Package |
|
3,491 |
|
|
|
— |
|
|
|
69 |
|
|
3,560 |
|
International Package |
|
2,309 |
|
|
|
— |
|
|
|
15 |
|
|
2,324 |
|
Supply Chain Solutions |
|
986 |
|
|
|
— |
|
|
|
12 |
|
|
998 |
|
Operating Profit |
|
6,786 |
|
|
|
— |
|
|
|
96 |
|
|
6,882 |
|
|
|
|
|
|
|
|
|
Other Income and
(Expense): |
|
|
|
|
|
|
|
Other pension income (expense) |
|
629 |
|
|
|
(33 |
) |
|
|
— |
|
|
596 |
|
Investment income (expense) and other |
|
19 |
|
|
|
— |
|
|
|
— |
|
|
19 |
|
Interest expense |
|
(345 |
) |
|
|
— |
|
|
|
— |
|
|
(345 |
) |
Total Other Income
(Expense) |
|
303 |
|
|
|
(33 |
) |
|
|
— |
|
|
270 |
|
|
|
|
|
|
|
|
|
Income Before Income
Taxes |
|
7,089 |
|
|
|
(33 |
) |
|
|
96 |
|
|
7,152 |
|
Income Tax Expense |
|
1,578 |
|
|
|
(9 |
) |
|
|
22 |
|
|
1,591 |
|
Net Income |
$ |
5,511 |
|
|
$ |
(24 |
) |
|
$ |
74 |
|
$ |
5,561 |
|
|
|
|
|
|
|
|
|
Basic Earnings Per Share |
$ |
6.31 |
|
|
$ |
(0.03 |
) |
|
$ |
0.08 |
|
$ |
6.36 |
|
|
|
|
|
|
|
|
|
Diluted Earnings Per
Share |
$ |
6.28 |
|
|
$ |
(0.03 |
) |
|
$ |
0.08 |
|
$ |
6.33 |
|
|
|
|
|
|
|
|
|
(1) Represents the impact of curtailment of benefits effective
December 31, 2023, for the Canada LTD Retirement
Plan.
(2) Transformation & Other of $96 million reflects other
employee benefits costs of $56 million and other costs of $40
million.
Reconciliation of Currency Adjusted
Revenue, Revenue Per Piece, and Adjusted Operating
Profit(in millions, except per piece
amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2022As-Reported(GAAP) |
|
2021As-Reported(GAAP) |
|
% Change(GAAP) |
|
CurrencyImpact |
|
|
2022CurrencyNeutral(Non-GAAP)(1) |
|
% Change(Non-GAAP) |
Average Revenue Per
Piece: |
|
|
|
|
|
|
|
|
|
|
|
|
|
International Package: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic |
|
$ |
7.61 |
|
$ |
7.44 |
|
2.3 |
% |
|
$ |
0.84 |
|
|
$ |
8.45 |
|
13.6 |
% |
Export |
|
|
36.91 |
|
|
32.60 |
|
13.2 |
% |
|
|
1.53 |
|
|
|
38.44 |
|
17.9 |
% |
Total International Package |
|
$ |
22.17 |
|
$ |
19.32 |
|
14.8 |
% |
|
$ |
1.18 |
|
|
$ |
23.35 |
|
20.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated |
|
$ |
13.72 |
|
$ |
12.26 |
|
11.9 |
% |
|
$ |
0.18 |
|
|
$ |
13.90 |
|
13.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Domestic Package |
|
$ |
15,459 |
|
$ |
14,402 |
|
7.3 |
% |
|
$ |
— |
|
|
$ |
15,459 |
|
7.3 |
% |
International Package |
|
|
5,073 |
|
|
4,817 |
|
5.3 |
% |
|
|
261 |
|
|
|
5,334 |
|
10.7 |
% |
Supply Chain Solutions(2) |
|
|
4,234 |
|
|
4,205 |
|
0.7 |
% |
|
|
62 |
|
|
|
4,296 |
|
2.2 |
% |
Total revenue |
|
$ |
24,766 |
|
$ |
23,424 |
|
5.7 |
% |
|
$ |
323 |
|
|
$ |
25,089 |
|
7.1 |
% |
|
|
2022As-Adjusted(Non-GAAP) |
|
2021As-Adjusted(Non-GAAP) |
|
% Change(Non-GAAP) |
|
CurrencyImpact |
|
2022As-AdjustedCurrencyNeutral(Non-GAAP)(1) |
|
% Change(Non-GAAP) |
As-Adjusted Operating
Profit(3): |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Domestic Package |
|
$ |
1,855 |
|
$ |
1,675 |
|
10.7 |
% |
|
$ |
— |
|
|
$ |
1,855 |
|
10.7 |
% |
International Package |
|
|
1,204 |
|
|
1,190 |
|
1.2 |
% |
|
|
60 |
|
|
|
1,264 |
|
6.2 |
% |
Supply Chain Solutions(2) |
|
|
517 |
|
|
408 |
|
26.7 |
% |
|
|
(15 |
) |
|
|
502 |
|
23.0 |
% |
Total operating profit |
|
$ |
3,576 |
|
$ |
3,273 |
|
9.3 |
% |
|
$ |
45 |
|
|
$ |
3,621 |
|
10.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Amounts adjusted for period over period foreign currency
exchange rate and hedging differences
(2) The divestiture of UPS Freight was completed on April 30,
2021.
(3) Amounts adjusted for transformation & other
Reconciliation of Currency Adjusted
Revenue, Revenue Per Piece, and Adjusted Operating
Profit(in millions, except per piece
amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2022As-Reported(GAAP) |
|
2021As-Reported(GAAP) |
|
% Change(GAAP) |
|
CurrencyImpact |
|
|
2022CurrencyNeutral(Non-GAAP)(1) |
|
% Change(Non-GAAP) |
Average Revenue Per
Piece: |
|
|
|
|
|
|
|
|
|
|
|
|
|
International Package: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic |
|
$ |
7.48 |
|
$ |
7.38 |
|
1.4 |
% |
|
$ |
0.65 |
|
|
$ |
8.13 |
|
10.2 |
% |
Export |
|
|
35.47 |
|
|
31.85 |
|
11.4 |
% |
|
|
1.14 |
|
|
|
36.61 |
|
14.9 |
% |
Total International Package |
|
$ |
21.29 |
|
$ |
18.91 |
|
12.6 |
% |
|
$ |
0.89 |
|
|
$ |
22.18 |
|
17.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated |
|
$ |
13.49 |
|
$ |
12.19 |
|
10.7 |
% |
|
$ |
0.13 |
|
|
$ |
13.62 |
|
11.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Domestic Package |
|
$ |
30,583 |
|
$ |
28,412 |
|
7.6 |
% |
|
$ |
— |
|
|
$ |
30,583 |
|
7.6 |
% |
International Package |
|
|
9,949 |
|
|
9,424 |
|
5.6 |
% |
|
|
404 |
|
|
|
10,353 |
|
9.9 |
% |
Supply Chain Solutions(2) |
|
|
8,612 |
|
|
8,496 |
|
1.4 |
% |
|
|
99 |
|
|
|
8,711 |
|
2.5 |
% |
Total revenue |
|
$ |
49,144 |
|
$ |
46,332 |
|
6.1 |
% |
|
$ |
503 |
|
|
$ |
49,647 |
|
7.2 |
% |
|
|
2022As-Adjusted(Non-GAAP) |
|
2021As-Adjusted(Non-GAAP) |
|
% Change(Non-GAAP) |
|
CurrencyImpact |
|
2022As-AdjustedCurrencyNeutral(Non-GAAP)(1) |
|
% Change(Non-GAAP) |
As-Adjusted Operating
Profit(3): |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Domestic Package |
|
$ |
3,560 |
|
$ |
3,138 |
|
13.4 |
% |
|
$ |
— |
|
|
$ |
3,560 |
|
13.4 |
% |
International Package |
|
|
2,324 |
|
|
2,281 |
|
1.9 |
% |
|
|
88 |
|
|
|
2,412 |
|
5.7 |
% |
Supply Chain Solutions(2) |
|
|
998 |
|
|
803 |
|
24.3 |
% |
|
|
(18 |
) |
|
|
980 |
|
22.0 |
% |
Total operating profit |
|
$ |
6,882 |
|
$ |
6,222 |
|
10.6 |
% |
|
$ |
70 |
|
|
$ |
6,952 |
|
11.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Amounts adjusted for period over period foreign currency
exchange rate and hedging differences
(2) The divestiture of UPS Freight was completed on April 30,
2021.
(3) Amounts adjusted for transformation & other
Reconciliation of Free Cash Flow
(Non-GAAP measure)(in millions):
|
|
Six Months Ended June 30, |
|
|
2022 |
|
Cash flows from operating
activities |
$ |
8,293 |
|
Capital expenditures |
|
(1,388 |
) |
Proceeds from disposals of
property, plant and equipment |
|
9 |
|
Net change in finance
receivables |
|
7 |
|
Other investing
activities |
|
(26 |
) |
Free Cash Flow (Non-GAAP measure) |
$ |
6,895 |
|
Reconciliation of Adjusted Debt to
Adjusted EBITDA (Non-GAAP measure)(in
millions):
|
|
|
TTM(1) |
|
June 30, |
|
|
2022 |
|
Net income |
$ |
10,933 |
|
Add back: |
|
Income tax expense |
|
3,111 |
|
Interest expense |
|
695 |
|
Depreciation & amortization |
|
3,018 |
|
EBITDA |
|
17,757 |
|
Add back (deduct): |
|
Transformation and other |
|
231 |
|
Defined benefit plan (gains) and losses |
|
(15 |
) |
Investment income and other |
|
(1,151 |
) |
Adjusted EBITDA |
$ |
16,822 |
|
|
|
Debt and finance leases,
including current maturities |
$ |
20,576 |
|
Add back: |
|
Non-current pension and postretirement benefit obligations |
|
8,343 |
|
Adjusted total debt |
$ |
28,919 |
|
|
|
Adjusted total debt/adjusted
EBITDA |
|
1.72 |
|
|
|
(1) Trailing twelve months
Reconciliation of Return on Invested
Capital (Non-GAAP measure)(in
millions):
|
|
|
TTM(1) |
|
June 30, |
|
|
2022 |
|
Net income |
$ |
10,933 |
|
Add back (deduct): |
|
Income tax expense |
|
3,111 |
|
Interest expense |
|
695 |
|
Other pension (income) expense |
|
(1,181 |
) |
Investment (income) expense and other |
|
15 |
|
Operating profit |
|
13,573 |
|
Transformation and other |
|
231 |
|
Adjusted operating profit |
$ |
13,804 |
|
|
|
Average debt and finance
leases, including current maturities |
|
21,584 |
|
Average non-current pension
and postretirement benefit obligations |
|
8,009 |
|
Average shareowners'
equity |
|
13,566 |
|
Average Invested Capital |
$ |
43,159 |
|
|
|
Net income to average invested
capital |
|
25.3 |
% |
|
|
Adjusted Return on Invested
Capital |
|
32.0 |
% |
(1) Trailing twelve months
United Parcel Service (NYSE:UPS)
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United Parcel Service (NYSE:UPS)
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