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Overview of Financial Section
The financial section of the FedEx Corporation (“FedEx”) AnnualReport consists of the following Management’s Discussionand Analysis of Results of Operations and Financial Condition(“MD&A”), the Consolidated Financial Statements and the notesto the Consolidated Financial Statements, and Other FinancialInformation, all of which include information about our significantAccounting policies, practices and the transactions thatunderlie our financial results. The following MD&A describesthe principal factors affecting the results of operations, liquidity,capital resources, contractual cash obligations and the criticalaccounting estimates of FedEx. The discussion in the financialsection should be read in conjunction with the other sectionsof this Annual Report and our detailed discussion of risk factorsincluded in this MD&A.
Organization Of Information
Our MD&A is comprised of three major sections: Results ofOperations, Financial Condition and Critical Accounting Estimates.These sections include the following information:
• Results of Operations includes an overview of our consolidated2007 results compared to 2006, and 2006 results compared to2005. This section also includes a discussion of key actions andevents that impacted our results, as well as a discussion of ouroutlook for 2008.
• The overview is followed by a financial summary and analysis(including a discussion of both historical operating results andour outlook for 2008) for each of our four reportable businesssegments.
• Our financial condition is reviewed through an analysis of keyelements of our liquidity, capital resources and contractual cashobligations, including a discussion of our cash flow statementsand our financial commitments.
• We conclude with a discussion of the critical accounting estimatesthat we believe are important to understanding certainof the material judgments and assumptions incorporated in ourreported financial results.
Description Of Business
FedEx provides a broad portfolio of transportation, e-commerceand business services through companies competing collectively,operating independently and managed collaboratively,under the respected FedEx brand. These operating companiesare primarily represented by FedEx Express, the world’s largestexpress transportation company; FedEx Ground, a leading providerof small-package ground delivery services; FedEx FreightCorporation, a leading U.S. provider of less-than-truckload(“LTL”) freight services; and FedEx Kinko’s, a leading provider ofdocument solutions and business services. These companies representour major service lines and form the core of our reportablesegments. See “Reportable Segments” for further discussion.The key indicators necessary to understand our operating resultsinclude:• the overall customer demand for our various services;
• the volumes of transportation and business services providedthrough our networks, primarily measured by our average dailyvolume and shipment weight;
• the mix of services purchased by our customers;
• the prices we obtain for our services, primarily measured byyield (average price per shipment or pound) or average priceper hundredweight for FedEx Freight LTL Group shipments;
• our ability to manage our cost structure for capital expendituresand operating expenses and to match our cost structureto shifting volume levels; and the timing and amount o本论文由英语论文网提供整理，提供论文代写，英语论文代写，代写论文，代写英语论文，代写留学生论文，代写英文论文，留学生论文代写相关核心关键词搜索。