Exhibit 99.2
United Parcel Service, Inc.
Selected Financial Data - First Quarter
(unaudited)
Three Months Ended | ||||||||||||||
March 31 | ||||||||||||||
2022 | 2021 | Change | % Change | |||||||||||
(amounts in millions, except per share data) | ||||||||||||||
Statement of Income Data: | ||||||||||||||
Revenue: | ||||||||||||||
U.S. Domestic Package | $ | 15,124 | $ | 14,010 | $ | 1,114 | 8.0 | % | ||||||
International Package | 4,876 | 4,607 | 269 | 5.8 | % | |||||||||
Supply Chain Solutions(1) | 4,378 | 4,291 | 87 | 2.0 | % | |||||||||
Total revenue | 24,378 | 22,908 | 1,470 | 6.4 | % | |||||||||
Operating expenses: | ||||||||||||||
U.S. Domestic Package | 13,462 | 12,651 | 811 | 6.4 | % | |||||||||
International Package | 3,760 | 3,522 | 238 | 6.8 | % | |||||||||
Supply Chain Solutions(1) | 3,905 | 3,970 | (65) | (1.6) | % | |||||||||
Total operating expenses | 21,127 | 20,143 | 984 | 4.9 | % | |||||||||
Operating profit: | ||||||||||||||
U.S. Domestic Package | 1,662 | 1,359 | 303 | 22.3 | % | |||||||||
International Package | 1,116 | 1,085 | 31 | 2.9 | % | |||||||||
Supply Chain Solutions(1) | 473 | 321 | 152 | 47.4 | % | |||||||||
Total operating profit | 3,251 | 2,765 | 486 | 17.6 | % | |||||||||
Other income (expense): | ||||||||||||||
Other pension income (expense) | 331 | 3,603 | (3,272) | (90.8) | % | |||||||||
Investment income (expense) and other | (16) | 13 | (29) | N/M | ||||||||||
Interest expense | (174) | (177) | 3 | (1.7) | % | |||||||||
Total other income (expense) | 141 | 3,439 | (3,298) | (95.9) | % | |||||||||
Income before income taxes | 3,392 | 6,204 | (2,812) | (45.3) | % | |||||||||
Income tax expense | 730 | 1,412 | (682) | (48.3) | % | |||||||||
Net income | $ | 2,662 | $ | 4,792 | $ | (2,130) | (44.4) | % | ||||||
Net income as a percentage of revenue | 10.9 | % | 20.9 | % | ||||||||||
Per share amounts: | ||||||||||||||
Basic earnings per share | $ | 3.05 | $ | 5.50 | $ | (2.45) | (44.5) | % | ||||||
Diluted earnings per share | $ | 3.03 | $ | 5.47 | $ | (2.44) | (44.6) | % | ||||||
Weighted-average shares outstanding: | ||||||||||||||
Basic | 874 | 872 | 2 | 0.2 | % | |||||||||
Diluted | 879 | 876 | 3 | 0.3 | % | |||||||||
As Adjusted Income Data (2): | ||||||||||||||
Operating profit: | ||||||||||||||
U.S. Domestic Package | $ | 1,705 | $ | 1,463 | $ | 242 | 16.5 | % | ||||||
International Package | 1,120 | 1,091 | 29 | 2.7 | % | |||||||||
Supply Chain Solutions(1) | 481 | 395 | 86 | 21.8 | % | |||||||||
Total operating profit | 3,306 | 2,949 | 357 | 12.1 | % | |||||||||
Total other income (expense) | $ | 108 | $ | 149 | $ | (41) | (27.5) | % | ||||||
Income before income taxes | $ | 3,414 | $ | 3,098 | $ | 316 | 10.2 | % | ||||||
Net income | $ | 2,681 | $ | 2,430 | $ | 251 | 10.3 | % | ||||||
Basic earnings per share | $ | 3.07 | $ | 2.79 | $ | 0.28 | 10.0 | % | ||||||
Diluted earnings per share | $ | 3.05 | $ | 2.77 | $ | 0.28 | 10.1 | % |
(1) The divestiture of UPS Freight was completed on April 30, 2021.
(2) See Non-GAAP schedules for reconciliation of adjustments.
.
Certain prior year amounts have been reclassified to conform to the current year presentation.
United Parcel Service, Inc.
Selected Operating Data - First Quarter
(unaudited)
Three Months Ended | ||||||||||||||
March 31 | ||||||||||||||
2022 | 2021 | Change | % Change | |||||||||||
Revenue (in millions): | ||||||||||||||
U.S. Domestic Package: | ||||||||||||||
Next Day Air | $ | 2,594 | $ | 2,331 | $ | 263 | 11.3 | % | ||||||
Deferred | 1,420 | 1,260 | 160 | 12.7 | % | |||||||||
Ground | 11,110 | 10,419 | 691 | 6.6 | % | |||||||||
Total U.S. Domestic Package | 15,124 | 14,010 | 1,114 | 8.0 | % | |||||||||
International Package: | ||||||||||||||
Domestic | 851 | 928 | (77) | (8.3) | % | |||||||||
Export | 3,778 | 3,493 | 285 | 8.2 | % | |||||||||
Cargo and Other | 247 | 186 | 61 | 32.8 | % | |||||||||
Total International Package | 4,876 | 4,607 | 269 | 5.8 | % | |||||||||
Supply Chain Solutions(1): | ||||||||||||||
Forwarding | 2,589 | 2,072 | 517 | 25.0 | % | |||||||||
Logistics | 1,251 | 1,104 | 147 | 13.3 | % | |||||||||
Freight | — | 767 | (767) | (100.0) | % | |||||||||
Other | 538 | 348 | 190 | 54.6 | % | |||||||||
Total Supply Chain Solutions | 4,378 | 4,291 | 87 | 2.0 | % | |||||||||
Consolidated | $ | 24,378 | $ | 22,908 | $ | 1,470 | 6.4 | % | ||||||
Consolidated volume (in millions) | 1,490 | 1,521 | (31) | (2.0) | % | |||||||||
Operating weekdays | 64 | 63 | 1 | 1.6 | % | |||||||||
Average Daily Package Volume (in thousands): | ||||||||||||||
U.S. Domestic Package: | ||||||||||||||
Next Day Air | 1,945 | 2,012 | (67) | (3.3) | % | |||||||||
Deferred | 1,509 | 1,513 | (4) | (0.3) | % | |||||||||
Ground | 16,287 | 16,827 | (540) | (3.2) | % | |||||||||
Total U.S. Domestic Package | 19,741 | 20,352 | (611) | (3.0) | % | |||||||||
International Package: | ||||||||||||||
Domestic | 1,806 | 2,010 | (204) | (10.1) | % | |||||||||
Export | 1,731 | 1,783 | (52) | (2.9) | % | |||||||||
Total International Package | 3,537 | 3,793 | (256) | (6.7) | % | |||||||||
Consolidated | 23,278 | 24,145 | (867) | (3.6) | % | |||||||||
Average Revenue Per Piece: | ||||||||||||||
U.S. Domestic Package: | ||||||||||||||
Next Day Air | $ | 20.84 | $ | 18.39 | $ | 2.45 | 13.3 | % | ||||||
Deferred | 14.70 | 13.22 | 1.48 | 11.2 | % | |||||||||
Ground | 10.66 | 9.83 | 0.83 | 8.4 | % | |||||||||
Total U.S. Domestic Package | 11.97 | 10.93 | 1.04 | 9.5 | % | |||||||||
International Package: | ||||||||||||||
Domestic | 7.36 | 7.33 | 0.03 | 0.4 | % | |||||||||
Export | 34.10 | 31.10 | 3.00 | 9.6 | % | |||||||||
Total International Package | 20.45 | 18.50 | 1.95 | 10.5 | % | |||||||||
Consolidated | $ | 13.26 | $ | 12.12 | $ | 1.14 | 9.4 | % |
(1) The divestiture of UPS Freight was completed on April 30, 2021.
Certain prior year amounts have been reclassified to conform to the current year presentation.
United Parcel Service, Inc.
Detail of Operating Expenses - First Quarter
(unaudited)
Three Months Ended | |||||||||||||||||||||||
March 31 | |||||||||||||||||||||||
2022 | 2021 | Change | % Change | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Compensation and benefits | $ | 11,616 | $ | 11,483 | $ | 133 | 1.2 | % | |||||||||||||||
Repairs and maintenance | 626 | 619 | 7 | 1.1 | % | ||||||||||||||||||
Depreciation and amortization | 764 | 722 | 42 | 5.8 | % | ||||||||||||||||||
Purchased transportation | 4,600 | 4,243 | 357 | 8.4 | % | ||||||||||||||||||
Fuel | 1,220 | 807 | 413 | 51.2 | % | ||||||||||||||||||
Other occupancy | 491 | 466 | 25 | 5.4 | % | ||||||||||||||||||
Other expenses | 1,810 | 1,803 | 7 | 0.4 | % | ||||||||||||||||||
Total operating expenses | $ | 21,127 | $ | 20,143 | $ | 984 | 4.9 | % |
Certain prior year amounts have been reclassified to conform to the current year presentation.
United Parcel Service, Inc.
Consolidated Balance Sheets
March 31, 2022 (unaudited) and December 31, 2021
March 31, 2022 | December 31, 2021 | ||||||||||
(amounts in millions) | |||||||||||
ASSETS | |||||||||||
Current Assets: | |||||||||||
Cash and cash equivalents | $ | 12,208 | $ | 10,255 | |||||||
Marketable securities | 337 | 338 | |||||||||
Accounts receivables | 11,335 | 12,669 | |||||||||
Less: Allowance for credit losses | (136) | (128) | |||||||||
Accounts receivable, net | 11,199 | 12,541 | |||||||||
Other current assets | 1,857 | 1,800 | |||||||||
Total Current Assets | 25,601 | 24,934 | |||||||||
Property, Plant and Equipment, Net | 33,595 | 33,475 | |||||||||
Operating Lease Right-Of-Use Assets | 3,481 | 3,562 | |||||||||
Goodwill | 3,668 | 3,692 | |||||||||
Intangible Assets, Net | 2,465 | 2,486 | |||||||||
Investments and Restricted Cash | 22 | 26 | |||||||||
Deferred Income Tax Assets | 173 | 176 | |||||||||
Other Non-Current Assets | 1,108 | 1,054 | |||||||||
Total Assets | $ | 70,113 | $ | 69,405 | |||||||
LIABILITIES AND SHAREOWNERS' EQUITY | |||||||||||
Current Liabilities: | |||||||||||
Current maturities of long-term debt, commercial paper and finance leases | $ | 2,141 | $ | 2,131 | |||||||
Current maturities of operating leases | 579 | 580 | |||||||||
Accounts payable | 7,036 | 7,523 | |||||||||
Accrued wage and withholdings | 3,418 | 3,819 | |||||||||
Self-insurance reserves | 1,025 | 1,048 | |||||||||
Accrued group welfare and retirement plan contributions | 922 | 1,038 | |||||||||
Other current liabilities | 1,721 | 1,430 | |||||||||
Total Current Liabilities | 16,842 | 17,569 | |||||||||
Long-Term Debt and Finance Leases | 19,740 | 19,784 | |||||||||
Non-Current Operating Leases | 2,970 | 3,033 | |||||||||
Pension and Postretirement Benefit Obligations | 8,203 | 8,047 | |||||||||
Deferred Income Tax Liabilities | 3,356 | 3,125 | |||||||||
Other Non-Current Liabilities | 3,568 | 3,578 | |||||||||
Shareowners' Equity: | |||||||||||
Class A common stock | 2 | 2 | |||||||||
Class B common stock | 7 | 7 | |||||||||
Additional paid-in capital | 1,231 | 1,343 | |||||||||
Retained earnings | 17,433 | 16,179 | |||||||||
Accumulated other comprehensive loss | (3,257) | (3,278) | |||||||||
Deferred compensation obligations | 12 | 16 | |||||||||
Less: Treasury stock | (12) | (16) | |||||||||
Total Equity for Controlling Interests | 15,416 | 14,253 | |||||||||
Noncontrolling interests | 18 | 16 | |||||||||
Total Shareowners' Equity | 15,434 | 14,269 | |||||||||
Total Liabilities and Sharewoners' Equity | $ | 70,113 | $ | 69,405 |
Certain prior year amounts have been reclassified to conform to the current year presentation.
United Parcel Service, Inc.
Statements of Consolidated Cash Flows
(unaudited)
(amounts in millions) | Three Months Ended | ||||||||||||||||
March 31 | |||||||||||||||||
2022 | 2021 | ||||||||||||||||
Cash Flows From Operating Activities: | |||||||||||||||||
Net income | $ | 2,662 | $ | 4,792 | |||||||||||||
Adjustments to reconcile net income to net cash from operating activities: | |||||||||||||||||
Depreciation and amortization | 764 | 722 | |||||||||||||||
Pension and postretirement benefit (income) expense | 201 | (3,024) | |||||||||||||||
Pension and postretirement benefit contributions | (45) | (215) | |||||||||||||||
Self-insurance reserves | (45) | 4 | |||||||||||||||
Deferred tax (benefit) expense | 209 | 942 | |||||||||||||||
Stock compensation expense | 386 | 315 | |||||||||||||||
Other (gains) losses | 44 | 57 | |||||||||||||||
Changes in assets and liabilities, net of effects of business acquisitions: | |||||||||||||||||
Accounts receivable | 1,227 | 435 | |||||||||||||||
Other assets | 7 | 363 | |||||||||||||||
Accounts payable | (743) | (261) | |||||||||||||||
Accrued wages and withholdings | (343) | 199 | |||||||||||||||
Other liabilities | 173 | 180 | |||||||||||||||
Other operating activities | (17) | 22 | |||||||||||||||
Net cash from operating activities | 4,480 | 4,531 | |||||||||||||||
Cash Flow From Investing Activities: | |||||||||||||||||
Capital expenditures | (548) | (834) | |||||||||||||||
Proceeds from disposal of businesses, property, plant and equipment | — | 10 | |||||||||||||||
Purchases of marketable securities | (68) | (78) | |||||||||||||||
Sales and maturities of marketable securities | 60 | 134 | |||||||||||||||
Net change in finance receivables | 5 | 11 | |||||||||||||||
Cash paid for business acquisitions, net of cash and cash equivalents acquired | 1 | (3) | |||||||||||||||
Other investing activities | (22) | (6) | |||||||||||||||
Net cash used in investing activities | (572) | (766) | |||||||||||||||
Cash Flow From Financing Activities: | |||||||||||||||||
Net change in short-term debt | — | 697 | |||||||||||||||
Proceeds from long-term borrowings | — | — | |||||||||||||||
Repayments of long-term borrowings | (18) | (1,528) | |||||||||||||||
Purchases of common stock | (254) | — | |||||||||||||||
Issuances of common stock | 67 | 78 | |||||||||||||||
Dividends | (1,284) | (858) | |||||||||||||||
Other financing activities | (481) | (334) | |||||||||||||||
Net cash used in financing activities | (1,970) | (1,945) | |||||||||||||||
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash | 15 | 1 | |||||||||||||||
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash | 1,953 | 1,821 | |||||||||||||||
Cash, Cash Equivalents and Restricted Cash: | |||||||||||||||||
Beginning of period | 10,255 | 5,910 | |||||||||||||||
End of period | $ | 12,208 | $ | 7,731 |
Certain prior year amounts have been reclassified to conform to the current year presentation.
United Parcel Service, Inc.
Reconciliation of Free Cash Flow (Non-GAAP measure)
(unaudited)
(amounts in millions) | Three Months Ended | ||||||||||||||||||||||||||||||||||
March 31 | |||||||||||||||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||||||||||||||
Cash flows from operating activities | $ | 4,480 | $ | 4,531 | |||||||||||||||||||||||||||||||
Capital expenditures | (548) | (834) | |||||||||||||||||||||||||||||||||
Proceeds from disposals of property, plant and equipment | — | 10 | |||||||||||||||||||||||||||||||||
Net change in finance receivables | 5 | 11 | |||||||||||||||||||||||||||||||||
Other investing activities | (22) | (6) | |||||||||||||||||||||||||||||||||
Free Cash Flow (Non-GAAP measure) | $ | 3,915 | $ | 3,712 |
Certain prior year amounts have been reclassified to conform to the current year presentation.
United Parcel Service, Inc.
Reconciliation of Adjusted Debt to Adjusted EBITDA (Non-GAAP measure)
(unaudited)
(amounts in millions) | TTM(1) | TTM(1) | ||||||||||||
March 31, 2022 | March 31, 2021 | |||||||||||||
Net Income | $ | 10,760 | $ | 5,170 | ||||||||||
Add back: | ||||||||||||||
Income tax expense | 3,023 | 1,628 | ||||||||||||
Interest expense | 691 | 711 | ||||||||||||
Depreciation and amortization | 2,995 | 2,772 | ||||||||||||
EBITDA | 17,469 | 10,281 | ||||||||||||
Add back (deduct): | ||||||||||||||
Transformation and other | 205 | 1,173 | ||||||||||||
Defined benefit plan (gains) and losses | (15) | 3,194 | ||||||||||||
Investment income and other | (1,163) | (1,326) | ||||||||||||
Adjusted EBITDA | $ | 16,496 | $ | 13,322 | ||||||||||
Debt and finance leases, including current maturities | $ | 21,881 | $ | 23,727 | ||||||||||
Add back: | ||||||||||||||
Non-current pension and postretirement benefit obligations | 8,203 | 9,594 | ||||||||||||
Adjusted total debt | $ | 30,084 | $ | 33,321 | ||||||||||
Adjusted total adjusted debt/adjusted EBITDA | 1.82 | 2.50 |
(1) Trailing twelve months
Certain prior year amounts have been reclassified to conform to the current year presentation.
United Parcel Service, Inc.
Reconciliation of Return of Invested Capital (Non-GAAP measure)
(unaudited)
(amounts in millions) | TTM(1) | TTM(1) | ||||||||||||
March 31, 2022 | March 31, 2021 | |||||||||||||
Net Income | $ | 10,760 | $ | 5,170 | ||||||||||
Add back (deduct): | ||||||||||||||
Income tax expense | 3,023 | 1,628 | ||||||||||||
Interest expense | 691 | 711 | ||||||||||||
Other pension (income) expense | (1,185) | 1,900 | ||||||||||||
Investment (income) expenses and other | 7 | (32) | ||||||||||||
Operating profit | 13,296 | 9,377 | ||||||||||||
Transformation and other | $ | 205 | $ | 1,173 | ||||||||||
Adjusted operating profit | $ | 13,501 | $ | 10,550 | ||||||||||
Average debt and finance leases, including current maturities | $ | 22,804 | $ | 26,164 | ||||||||||
Average pension and postretirement benefit obligations | 8,899 | 10,036 | ||||||||||||
Average shareowners' equity | 11,297 | 5,236 | ||||||||||||
Average Invested Capital | $ | 42,999 | $ | 41,436 | ||||||||||
Net income to average invested capital | 25.0 | % | 12.5 | % | ||||||||||
Adjusted Return on Invested Capital | 31.4 | % | 25.5 | % |
(1) Trailing twelve months
Certain prior year amounts have been reclassified to conform to the current year presentation.
United Parcel Service, Inc.
Reconciliation of GAAP and As Adjusted Income Statement Data
(unaudited)
Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions, except per share amounts) | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
As Reported (GAAP) | Pension Adj.(1) | Transformation & Other Adj.(2) | As Adjusted (Non-GAAP) | As Reported (GAAP) | Pension Adj.(3) | Transformation & Other Adj.(4) | As Adjusted (Non-GAAP) | % Change As Rep. (GAAP) | % Change As Adj. (Non-GAAP) | |||||||||||||||||||||||||||||||||||||||||||||||
U.S. Domestic Package | $ | 13,462 | $ | — | 43 | $ | 13,419 | $ | 12,651 | $ | — | $ | 104 | $ | 12,547 | 6.4 | % | 6.9 | % | |||||||||||||||||||||||||||||||||||||
International Package | 3,760 | — | 4 | 3,756 | 3,522 | — | 6 | 3,516 | 6.8 | % | 6.8 | % | ||||||||||||||||||||||||||||||||||||||||||||
Supply Chain Solutions(5) | 3,905 | — | 8 | 3,897 | 3,970 | — | 74 | 3,896 | (1.6) | % | — | % | ||||||||||||||||||||||||||||||||||||||||||||
Operating expense | 21,127 | — | 55 | 21,072 | 20,143 | — | 184 | 19,959 | 4.9 | % | 5.6 | % | ||||||||||||||||||||||||||||||||||||||||||||
U.S. Domestic Package | $ | 1,662 | $ | — | 43 | $ | 1,705 | $ | 1,359 | $ | — | $ | 104 | $ | 1,463 | 22.3 | % | 16.5 | % | |||||||||||||||||||||||||||||||||||||
International Package | 1,116 | — | 4 | 1,120 | 1,085 | — | 6 | 1,091 | 2.9 | % | 2.7 | % | ||||||||||||||||||||||||||||||||||||||||||||
Supply Chain Solutions(5) | 473 | — | 8 | 481 | 321 | — | 74 | 395 | 47.4 | % | 21.8 | % | ||||||||||||||||||||||||||||||||||||||||||||
Operating Profit | 3,251 | — | 55 | 3,306 | 2,765 | — | 184 | 2,949 | 17.6 | % | 12.1 | % | ||||||||||||||||||||||||||||||||||||||||||||
Other Income and (Expense): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other pension income (expense) | 331 | (33) | — | 298 | 3,603 | (3,290) | — | 313 | (90.8) | % | (4.8) | % | ||||||||||||||||||||||||||||||||||||||||||||
Investment income (expense) and other | (16) | — | — | (16) | 13 | — | — | 13 | N/M | N/M | ||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | (174) | — | — | (174) | (177) | — | — | (177) | (1.7) | % | (1.7) | % | ||||||||||||||||||||||||||||||||||||||||||||
Total Other Income (Expense) | $ | 141 | $ | (33) | $ | — | $ | 108 | $ | 3,439 | $ | (3,290) | $ | — | $ | 149 | (95.9) | % | (27.5) | % | ||||||||||||||||||||||||||||||||||||
Income Before Income Taxes | 3,392 | (33) | 55 | 3,414 | 6,204 | (3,290) | 184 | 3,098 | (45.3) | % | 10.2 | % | ||||||||||||||||||||||||||||||||||||||||||||
Income Tax Expense | 730 | (9) | 12 | 733 | 1,412 | (788) | 44 | 668 | (48.3) | % | 9.7 | % | ||||||||||||||||||||||||||||||||||||||||||||
Net Income | $ | 2,662 | $ | (24) | $ | 43 | $ | 2,681 | $ | 4,792 | $ | (2,502) | $ | 140 | $ | 2,430 | (44.4) | % | 10.3 | % | ||||||||||||||||||||||||||||||||||||
Basic Earnings Per Share | $ | 3.05 | $ | (0.03) | $ | 0.05 | $ | 3.07 | $ | 5.50 | $ | (2.87) | $ | 0.16 | $ | 2.79 | (44.5) | % | 10.0 | % | ||||||||||||||||||||||||||||||||||||
Diluted Earnings Per Share | $ | 3.03 | $ | (0.03) | $ | 0.05 | $ | 3.05 | $ | 5.47 | $ | (2.86) | $ | 0.16 | $ | 2.77 | (44.6) | % | 10.1 | % | ||||||||||||||||||||||||||||||||||||
Weighted-average shares outstanding: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basic | 874 | 872 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Diluted | 879 | 876 |
(1) Represents the impact of curtailment of benefits effective December 31, 2023, for the Canada Ltd Retirement Plan.
(2) Transformation & Other of $55 million reflects other employee benefits costs of $33 million and other costs of $22 million.
(3) Represents a mark-to-market gain recognized outside of a 10% corridor for the UPS IBT Pension Plan.
(4) Transformation & Other Adj. of $184 million reflects a valuation allowance of $66 million related to the divestiture of UPS Freight, other employee benefits costs of $76 million and other costs of $42 million.
(5) The divestiture of UPS Freight was completed on April 30, 2021
Certain prior year amounts have been reclassified to conform to the current year presentation.
United Parcel Service, Inc.
Supplemental Analysis of Currency - First Quarter
(unaudited)
Currency Neutral Revenue Per Piece, Revenue and As Adjusted Operating Profit | |||||||||||||||||||||||||||||||||||
Three Months Ended | Currency | ||||||||||||||||||||||||||||||||||
March 31 | Neutral | ||||||||||||||||||||||||||||||||||
2022 | 2021 | % Change | Currency | 2022 (1) | % Change | ||||||||||||||||||||||||||||||
Average Revenue Per Piece: | |||||||||||||||||||||||||||||||||||
International Package: | |||||||||||||||||||||||||||||||||||
Domestic | $ | 7.36 | $ | 7.33 | 0.4 | % | $ | 0.47 | $ | 7.83 | 6.8 | % | |||||||||||||||||||||||
Export | 34.10 | 31.10 | 9.6 | % | 0.78 | 34.88 | 12.2 | % | |||||||||||||||||||||||||||
Total International Package | $ | 20.45 | $ | 18.50 | 10.5 | % | $ | 0.62 | $ | 21.07 | 13.9 | % | |||||||||||||||||||||||
Consolidated | $ | 13.26 | $ | 12.12 | 9.4 | % | $ | 0.09 | $ | 13.35 | 10.1 | % | |||||||||||||||||||||||
Three Months Ended | Currency | ||||||||||||||||||||||||||||||||||
March 31 | Neutral | ||||||||||||||||||||||||||||||||||
2022 | 2021 | % Change | Currency | 2022 (1) | % Change | ||||||||||||||||||||||||||||||
Revenue (in millions): | |||||||||||||||||||||||||||||||||||
U.S. Domestic Package | $ | 15,124 | $ | 14,010 | 8.0 | % | $ | — | $ | 15,124 | 8.0 | % | |||||||||||||||||||||||
International Package | 4,876 | 4,607 | 5.8 | % | 143 | 5,019 | 8.9 | % | |||||||||||||||||||||||||||
Supply Chain Solutions(2) | 4,378 | 4,291 | 2.0 | % | 37 | 4,415 | 2.9 | % | |||||||||||||||||||||||||||
Total revenue | $ | 24,378 | $ | 22,908 | 6.4 | % | $ | 180 | $ | 24,558 | 7.2 | % | |||||||||||||||||||||||
Three Months Ended | Currency | ||||||||||||||||||||||||||||||||||
March 31 | Neutral | ||||||||||||||||||||||||||||||||||
2022 | 2021 | % Change | Currency | 2022 (1) | % Change | ||||||||||||||||||||||||||||||
As-Adjusted Operating Profit (in millions)(3): | |||||||||||||||||||||||||||||||||||
U.S. Domestic Package | $ | 1,705 | $ | 1,463 | 16.5 | % | $ | — | $ | 1,705 | 16.5 | % | |||||||||||||||||||||||
International Package | 1,120 | 1,091 | 2.7 | % | 28 | 1,148 | 5.2 | % | |||||||||||||||||||||||||||
Supply Chain Solutions(2) | 481 | 395 | 21.8 | % | (3) | 478 | 21.0 | % | |||||||||||||||||||||||||||
Total operating profit | $ | 3,306 | $ | 2,949 | 12.1 | % | $ | 25 | $ | 3,331 | 13.0 | % | |||||||||||||||||||||||
(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.
Certain prior year amounts have been reclassified to conform to the current year presentation.
United Parcel Service, Inc.
Aircraft Fleet - As of March 31, 2022
(unaudited)
Description | Owned and Finance Leases | Operating Leases & Charters from Others | On Order | Under Option | ||||||||||
Operating: | ||||||||||||||
Boeing 757-200 | 75 | — | — | — | ||||||||||
Boeing 767-300 | 72 | — | 19 | 8 | ||||||||||
Boeing 767-300BCF | 4 | — | — | — | ||||||||||
Boeing 767-300BDSF | 4 | — | — | — | ||||||||||
Airbus A300-600 | 52 | — | — | — | ||||||||||
Boeing MD-11 | 42 | — | — | — | ||||||||||
Boeing 747-400F | 11 | — | — | — | ||||||||||
Boeing 747-400BCF | 2 | — | — | — | ||||||||||
Boeing 747-8F | 27 | — | 1 | — | ||||||||||
Other | — | 296 | — | — | ||||||||||
Total | 289 | 296 | 20 | 8 | ||||||||||
Certain prior year amounts have been reclassified to conform to the current year presentation.