UPS Releases 2Q 2024 Earnings

• Consolidated Revenues of $21.8B, Compared to $22.1B Last Year
• Consolidated Operating Margin of 8.9%; Adjusted^* Consolidated Operating Margin of 9.5%
• Diluted EPS of $1.65; Adj. Diluted EPS of $1.79, Compared to $2.54 Last Year
• Updates Full-Year 2024 Financial Guidance; Restarts Share Repurchase Program, Targeting $1B Annually

ATLANTA – 2024 年 7 月 23 日 – UPS (NYSE:UPS) today announced second-quarter 2024 consolidated revenues of $21.8 billion, a 1.1% decrease from the second quarter of 2023. Consolidated operating profit was $1.9 billion, down 30.1% compared to the second quarter of 2023, and down 29.3% on an adjusted basis. Diluted earnings per share were $1.65 for the quarter; adjusted diluted earnings per share of $1.79 were 29.5% below the same period in 2023. 

For the second quarter of 2024, GAAP results include an after-tax charge of $120 million, or $0.14 per diluted share, comprised of a one-time payment of $94 million to settle an international regulatory matter, and transformation and other charges of $26 million.

“I want to thank all UPSers for their hard work and efforts in the second quarter,” said Carol Tomé, UPS chief executive officer. “This quarter was a significant turning point for our company as we returned to volume growth in the U.S., the first time in nine quarters. As expected, our operating profit declined in the first half of 2024 from what we reported last year. Going forward we expect to return to operating profit growth.”

美国国内业务

• Revenue decreased 1.9%, driven by a 2.6% decrease in revenue per piece due primarily to changes in product mix.
• Operating margin was 7.0%; adjusted operating margin was 7.1%.

国际业务

• Revenue decreased 1.0%, driven primarily by a 2.9% decrease in average daily volume.
• Operating margin was 16.4%; adjusted operating margin was 18.9%.

供应链解决方案¹

_{¹ 包括不符合 ASC Topic 280 – 分部报告下的可报告分部标准经营部分。}

• Revenue increased 2.6% due primarily to growth in logistics, including healthcare.
• Operating margin was 7.1%; adjusted operating margin was 7.3%.

2024 年展望

公司可在调整后的 (非 GAAP) 基础上提供一定指南，原因是无法预测或提供关于反映未来市场养老金调整、其他非常规活动的影响，这些指南可能在报告 (GAAP) 结果范围内，且可能是以材料的形式。

For 2024, UPS updates its full-year, consolidated financial targets^**:

• Consolidated revenue expected to be approximately $93.0 billion
• Consolidated adjusted operating margin expected to be approximately 9.4%
• Capital expenditures of approximately $4.0 billion
• Targeting around $500 million in share repurchases

_{*“调整后”金额为非 GAAP 会计原则。请参考本新闻稿的附录，了解非 GAAP 会计原则的相关讨论，包括与最密切相关的 GAAP 会计原则的对照。
**Excludes the impacts of pending disposition of Coyote and announced acquisition.}

联系人：
UPS 媒体关系：404-828-7123 或 pr@ups.com
UPS 投资者关系：404-828-6059（选项 4）或 investor@ups.com

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视频会议信息

UPS CEO Carol Tomé and CFO Brian Dykes will discuss second-quarter results with investors and analysts during a conference call at 8:30 a.m. ET, 2024 年 7 月 23 日. 其他人将可通过实时网络直播参与视频会议。如需参加电话会议，请访问 www.investors.ups.com，并点击“营收电话会议”。其他财务信息包括在 www.investors.ups.com 上“季度收益和财务”下公布的详细财务清单，这些清单作为目前的 8-K 表格报告的附件提交给美国证券交易委员会 (SEC)。

关于 UPS

UPS（纽约证券交易所代码：UPS）是全球最大公司之一，2023 年营收为 910 亿美元，为 200 多个国家和地区的客户提供广泛的物流整合方案。公司专注于“执行意义深远的递送服务，推动世界向前迈进”的宗旨，公司大约 500,000 多名员工接受该表述简单且易于执行的战略：客户至上。以人为本。致力创新。UPS 致力于减少其对环境的影响，并为我们在全球所服务的社区提供支持。UPS 同时以坚定的姿态，支持多样化、平等和包容性。更多信息见 www.ups.com、about.ups.com 和 www.investors.ups.com。

前瞻性陈述

本新闻稿、我们截至 2023 年 12 月 31 日的 10-K 表格年度报告，以及我们向美国证券交易委员会提交的其他文件包含并且将来可能包含 1995 年《私人证券诉讼改革法案》所定义的“前瞻性陈述”。除了对于现时事实或过往事实的陈述之外，所有包括“将”、“相信”、“计划”、“预期”、“预估”、“假定”、“打算”、“期望”、“目标”、“方案”和类似的条款，均意指前瞻性陈述。前瞻性陈述依据美国联邦 1933 年证券法第 27A 节与 1934 年证券交易法第 21E 节的安全港法规提出。

我们也不时在其他公开揭露数据中提供包含书面或口头的前瞻性陈述。此前瞻性陈述可能与关于我们战略方向、前景、未来结果或未来活动的意图、信念、预测或预期有关；这些并不与过往或现时事实确切相关。管理层相信这些前瞻性陈述到时候会是合理的。但是，应注意不应过度依赖任何前瞻性陈述，因为此类陈述仅在陈述当时和未来无法预测定性的情况。

前瞻性陈述受某些风险和不确定性限制，可能导致实际结果与历史经验和现行期望或预期的结果有显著的不同。这些风险和不确定性包括但不限于：changes in general economic conditions in the U.S. or internationally; significant competition on a local, regional, national and international basis; changes in our relationships with our significant customers; our ability to attract and retain qualified employees; strikes, work stoppages or slowdowns by our employees; increased or more complex physical or operational security requirements; a significant cybersecurity incident, or increased data protection regulations; our ability to maintain our brand image and corporate reputation; impacts from 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, regulatory and social developments in international and emerging markets; our ability to realize the anticipated benefits from acquisitions, dispositions, joint ventures or strategic alliances; the effects of changing prices of energy, including gasoline, diesel, jet fuel, other fuels and interruptions in supplies of these commodities; changes in exchange rates or interest rates; our ability to accurately forecast our future capital investment needs; increases in our expenses or 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 regulations related 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 2023 年 12 月 31 日, and subsequently filed reports. 您应该考虑与前瞻性陈述相关的限制和风险，而非过度仰赖这类前瞻性陈述中所包含的预测准确性。除非法律规定所规定之外，我们并不承担任何更新前瞻性声明以反映在这些声明后发生的事件、情形、期望变化或意外事件的义务。

我们希望不时参加分析师和投资者会议。Materials provided or displayed at those conferences, such as slides and presentations, may be posted on our investor relations website at www.investors.ups.com under the heading "Presentations" when made available. 这些简报可能包含我们公司的新材料和非公开信息，敬请关注本网站的新帖，我们可能会公告此机制。

GAAP 与非 GAAP 财务指标调节

我们依一般公认会计原则（简称“GAAP”）认定的方式增补财务信息的报告内容，同时也使用某些非 GAAP 财务指标。

调整后的财务指标应该作为我们依据 GAAP 备制的公告结果的补充物，而非替代物。调整后的财务指标不代表综合会计基础，因而与其他公司报告的类似标题指标并不相当。

前瞻性非 GAAP 指标

当我们展现前瞻性非 GAAP 指标时，我们无法提供关于最关联 GAAP 指标的量化核对，原因时任何调整的时间、数量或特性有所不同，材料的时间可能存在差异。

One-Time Payment for International Regulatory Matter

In the second quarter of 2024, we made a one-time payment of $94 million of previously restricted cash to settle a previously-disclosed challenge by Italian tax authorities to the deductibility of Value Added Tax payments by UPS to certain third-party service providers, a review of which was launched in the fourth quarter of 2023. We supplement the presentation of our operating profit, operating margin, interest expense, total other income (expense), income before income taxes, net income and earnings per share with non-GAAP measures that exclude the impact of this payment. We believe excluding the impact of this payment, which we do not believe is a component of our ongoing operations and we do not expect to recur, better enables users of our financial statements to view and evaluate underlying business performance from the same perspective as management.

转型和其他成本，以及资产减值费用

我们使用非 GAAP 指标（可排除转型费用、资产减值费用和其他费用的影响），提供有关营业利润、营业利润率、税前收入、净所得及每股收益的更多信息。我们相信，排除这些变更的影响可以让财务报表使用者更好地从管理层的角度看待和评估潜在绩效。我们在评估业务单位的运营绩效、决定资源分配或激励性薪酬奖励时，不会考虑这些成本。 

一次性补偿付款

我们使用非 GAAP 指标提供有关营业利润、营业利润率、税前收入、净所得及每股收益的更多信息，排除我们与 Teamsters 签订劳工协议后一次性支付给美国某些非工会兼职主管的款项的影响。预计该付款或类似付款不会再发生。我们相信，排除这些一次性付款的影响可以让财务报表使用者更好地从管理层的角度看待和评估潜在绩效。

固定养老金福利和退休后医疗计划损益

我们将计划资产公允价值的变化，以及超出 10% 缓冲区（定义为计划资产公允价值或计划预计收益义务的 10%，以较高者为准）的退休金和退休后定义的收益计划之债务净精算损益和计划缩减及结算损益，直接认定为一部分的其他退休金收入（支出）。我们使用调整后的指标（可排除损益影响以及相关的所得税效应)，提供有关税前收入、净所得及每股收益的更多信息。我们相信，排除这些固定养老金福利和退休后计划损益影响，可通过消除与市场利率、股票价值和类似因素的短期变化有关的波动，提供重要的补充信息。

自由现金流量

我们计算自由现金流量的方式是：在营业活动所得现金流量小于资本支出时，将来自不动产、厂房和设备处理的收入，加上或扣除财务其他投资活动的净变动。我们认为，自由现金流量是重要的指标，可了解当前业务运营产生的现金有多少，而且我们运用此指标评估可投入于投资业务、承担债务及回馈给股东的增量现金。

调整后投资资本回报率超

调整后 ROIC 的计算方式为：过去 12 个月的 (TTM) 调整后的营业收入除以本期末和上年同期末的总债务、非流动养老金和退休后福利义务以及股东权益的平均值。由于调整后的 ROIC 并非由 GAAP 定义的指标，我们部分使用我们认为最能说明我们的持续业务绩效的、非 GAAP 财务指标计算。我们考虑将调整后的 ROIC 视为评估长期资本投资有效性和效率的有用指标。

调整后总债务/调整后 EBITDA

调整后总债务的定义为我们的长期债务和融资租赁，包括当前到期日、以及非当期养老金和退休后福利义务。Adjusted EBITDA is defined as earnings before interest, taxes, depreciation and amortization adjusted for the impacts of incentive compensation program redesign, one-time compensation, goodwill & asset impairment charges, transformation and other costs, a one-time international regulatory matter, defined benefit plan gains and losses and other income. 我们相信，调整后总债务与调整后 EBITDA 之比是我们展现经济实力的重要指标，且为评估我们的债务级别时，第三方使用的比例。

Adjusted Cost per Piece

We evaluate the efficiency of our operations using various metrics, including adjusted cost per piece. Adjusted cost per piece is calculated as adjusted operating expenses in a period divided by total volume for that period. Because adjusted operating expenses exclude costs or charges that we do not consider a part of underlying business performance when monitoring and evaluating the operating performance of our business units, making decisions to allocate resources or in determining incentive compensation awards, we believe this is the appropriate metric on which to base reviews and evaluations of the efficiency of our operational performance.