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.”

美國本土市場

• 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%.

國際市場

• 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%.

供應鏈解決方案¹

_{¹ 包含根據 ASC 主題 280 - 分部報告，不滿足可報告部分之標準的經營部分。}

• 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

公司在調整的（非 GAAP）基礎上提供一定程度的指導，因為不可能預測或提供可反映未來退休金調整或其他未知或非預期的可能調整（這會包含在所報告的（GAAP）成果中且可能會是重大調整）之影響的對帳。

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

_{* 「調整後的」或「Adj.」金額為非 GAAP 財務指標。請參閱本新聞稿附錄，查看非 GAAP 財務指標討論，包括最密切相關的 GAAP 指標對賬。
**Excludes the impacts of pending disposition of Coyote and announced acquisition.}

聯絡人：
UPS 媒體關係：404-828-7123 或 pr@ups.com
UPS 投資者關係：404-828-6059 （選項 4）或 investor@ups.com

# # #

電話會議資訊

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. 此次電話會議將透過網上直播供其他人觀看。若要聽取電話會議，請前往 www.investors.ups.com 並點按「關於收益的電話會議」。其他財務資訊包含在 www.investors.ups.com 上「季度收益和財務」部分中公佈的詳細財務明細表中，內容與我們作為 8-K 表上「當前報告」之附表而呈交給 SEC 的內容一致。

關於 UPS

UPS (NYSE: UPS) 是全球最大的公司之一，2023 年收入超過 910 億美元，為 200 多個國家和地區內的客戶提供各種整合物流解決方案。公司的約 500,000 名員工專注於公司宗旨「透過遞送重要貨件，助力世界向前發展」，採用簡單表述和強力執行的策略：客戶至上。以人為本。創新驅動。UPS 致力於減少其對環境的影響，並支援我們在世界各地所服務的社區。UPS 在支援多元、平等及包容性方面立場堅定。查看更多資訊可瀏覽 www.ups.com、about.ups.com 和 www.investors.ups.com 。

預測性陳述

本新聞稿，我們截至 2023 年 12 月 31 日 年度 10-K 表上「年度報告」及我們提交給證券交易委員會的其他備案文件中包含並在未來可能包含《1995 年美國私人證券訴訟改革法案》意思範疇內的「預測性陳述」。除當前或歷史事實之外的聲明，及所有帶有「將要」、「相信」、「預測」、「預期」、「估計」、「假定」、「打算」、「預料」、「目標」、「計劃」及類似術語，均為預測性陳述。根據《1933年證券法》第 27A 條和《1934 年證券交易法》第 21E 條規定，預測性陳述應遵守聯邦證券法的安全港規則。

我們也會不時在其他公開披露的材料中納入書面或口頭的預測性陳述。預測性陳述可能與我們對策略方向、前景、未來結果或未來活動的意圖、信念、預測或目前預期有關；它們與歷史或目前的事實並無確切聯系。管理層認為，這些預測性陳述在作出時是合理的。但是，應注意不要過度依賴任何預測性陳述，因為此類陳述就其性質而言僅截至發表之日，且無法肯定地預測未來。

預測性陳述存在某些風險與不確定性，這些風險和不確定性可能導致實際結果與我們的歷史經驗及我們當前的預期或預期結果之間存在重大差異。這些風險與不確定性包括但不限於：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. 您應該考慮與預測性陳述有關之限制與風險，不應過度依賴此類預測性陳述中所含預測之準確性。除非法律有所要求，我們不承擔為了反映在這些聲明日期後之事件、情況、預期變化，或意料之外之事件而更新預測性陳述的任何義務。

我們預計將不時參加分析師與投資者會議。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. 這些演示文稿可能包含關於我們公司非公開的新材料資訊，我們建議您密切關注該網站，了解任何最新發佈的內容，因為我們可能會使用此機制作為公共通告。

GAAP 和非 GAAP 財務指標調節

我們會以某些非 GAAP 財務指標，根據普遍接受的會計原則（「GAAP」）充實我們的財務資訊報告。

調整後的財務指標應視為我們根據 GAAP 編制的報告結果的補充，而不是更替。我們調整後的財務指標不代表綜合會計基準，因此無法與其他公司所報告的類似提法的指標作比較。

預測性非 GAAP 指標

在不時提出我們的預測性非 GAAP 指標時，由於任何調整（這些調整在任何時期內都可能是重大調整）的時機、數量或性質的不確定性，我們無法向最密切相關的 GAAP 指標提供定量對帳。

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.

轉型和其他成本以及資產減值費用

我們以非 GAAP 指標（不包括與轉型活動、資產減值和其他費用的影響）補充表述營業利潤、營運毛利、稅前收入、淨收入及每股收益。我們認為，排除這些費用的影響便能讓我們財務報表的使用者更好地使用管理層的視角來查看和評估基本業務績效。在評估我們業務部門的經營業績、做出資源配置決定或確定激勵性薪酬獎項時，我們不會考慮這些成本。 

一次性補償金

我們以非 GAAP 指標（不包括在我們與 Teamsters 的勞資協議獲得批准後，向某些美國非工會主管的一次性支付的影響）補充表述營業利潤、營運毛利、稅前收入、淨收入及每股收益。我們預計此類或類似付款不會再次發生。我們認為，排除這筆一次性支付的影響便能讓我們財務報表的使用者更好地使用管理層相同的視角來查看和評估基本業務績效。

固定福利退休金和退休後醫療計劃損益

我們認可計劃資產的公允價值變動及超出 10% 幅度的保險統計損益（定義為計劃資產公允價值或計劃的預測給付義務之間取較大者的 10%），以及計劃縮減和解決導致的損益，因為我們的退休金和退休後固定福利計劃直接定義為投資收入（費用）及合併收入報表中其他專案的一部分。我們以調整後的指標補充所得稅前收入、淨收入和每股收益，這些指標不包括這些損益和相關所得稅的影響。我們認為，排除這些固定福利養老金和退休後計劃的損益，可以消除與計劃修訂以及市場利率、股權價值和類似因素的短期變化相關的波動性，從而提供重要的補充資訊。

自由現金流

我們計算自由現金流的方式如下：營業活動的現金流減去資本支出、處理財產、廠房及設備所得款項，再加上或減去其他投資活動的淨變。我們認為自由現金流為持續經營活動所產生之現金量的重要指標，我們會用其來估量可用於投資我們的業務、履行我們的債務及向股東返還現金之增量現金。

調整後的投資回報

調整後的 ROIC 的計算方式如下：在當期結束時及上一年對應時期結束時，用調整後營運收入後十二個月 (「TTM」) 除以總債務、非當期養老金和退休後福利義務與股東權益的平均數。由於調整後的 ROIC 並非 GAAP 規定的指標，我們計算它時有部分是使用我們認為最能表示我們持續營運業績的非 GAAP 財務指標。我們認為調整後的 ROIC 是評估我們長期資本投資之有效性和效率的實用指標。

調整後的總債務 / 調整後的 EBITDA

調整後的總債務定義為我們的長期債務和融資租賃，包括本年到期的部分，加上非當期退休金與退休後福利義務。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. 我們認為調整後的總債務和調整後的 EBITDA 之間的比值是體現我們財務實力的重要指標，而且第三方在評估我們的債務時也會使用這個比值 。

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.