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Chairman's Letter LETTER FROM THE CHAIRMAN To our shareowners, FedEx Corporation performed exceptionally well in fiscal 2017, and we are very optimistic about our future. In FY17, we boosted long-term value for shareowners — delivered an outstanding peak season with highest ever volumes and service levels; invested heavily in several strategic areas; and managed yields and volumes extremely well. Frederick W. Smith Three areas of focus not only contributed to a very Chairman and CEO profitable year but also promise to accelerate performance that will improve margins, cash flows, returns, and earnings per share going forward. They are: Reduced costs and emissions. FedEx Express continues to upgrade its aircraft fleet to improve Investments. We continue to take advantage of margins and add flexibility to domestic and international market growth and meet customers’ increasing operations. We invested $1.8 billion in aircraft and demands for our services. related equipment in FY17. The payback is impressive: the B767F carries almost as much payload as the Integration. We’re building on our record of MD10 it replaces and is about 30 percent more success as we integrate acquisitions we’ve fuel-efficient resulting in lower emissions as well. made in recent years. Unit operating costs are about 20 percent lower overall including reduced maintenance costs and Innovation. We’re rapidly advancing information- higher reliability that also improves service levels. technology solutions targeting efficiency and customer convenience. Systems and safety improvements. Focusing on efficiency at FedEx Freight should significantly Investments boost improve margins by the end of FY20 and make FedEx the first choice for more customers in the financial performance less-than-truckload (LTL) market. Adding dimensioning Capacity and automation. Our strategic investments technology will improve FedEx Freight yields and have one thing in common — expected high rates automating the customer experience will make of long-term returns. To meet forecasts for strong LTL shipping simpler. Safety is a top priority. e-commerce and commercial growth, FedEx Today about 80 percent of our fleet is equipped Ground is expanding its network capacity and with advanced safety technologies such as rollover automation to make certain we have the capacity, stability control, lane-departure warning, and efficiency, and flexibility customers demand. systems to help avoid collisions. Our goal is 100 percent deployment by the end of FY18. This adds In the year leading up to the FY17 peak season, to FedEx Freight’s competitive advantage of the FedEx Ground added 10 million square feet of fastest published transit times in the LTL industry. operating space through 185 facility projects including four new major distribution hubs and 19 new fully automated stations. These state-of- the-art facilities are much more efficient to operate and allow us to quickly adjust to fluctuations in package volume and location. 1 LETTER FROM THE CHAIRMAN Integration unlocks new and we’ve begun integration activities across additional countries including many of the largest customer solutions operations in TNT’s global network. We’re capitalizing Implications of recent acquisitions — TNT on the immense talent and expertise of former TNT Express, FedEx Supply Chain (formerly GENCO), executives who now comprise about 40 percent of and FedEx Cross Border — are profound. Together FedEx Express internationally based officers and they fill strategic gaps in our global network managing directors. and strengthen supply chain and e-commerce capabilities. Customers are delighted with the The results are proving to be transformative to initial results which deliver significant opportunities customers and our financial outlook. In the latter for efficiencies and growth. regard, we’re targeting an operating income improvement at the FedEx Express group of Amplifying our global scope. We are pleased with $1.2 billion to $1.5 billion in FY20 compared the progress of our multi-year TNT integration plan. with FY17, assuming moderate economic Sixty-four countries were fully integrated in FY17, growth and current accounting and tax rules. The biggest acquisition in FedEx history is transforming our global reach. 2 Simplifying e-commerce for retailers. Integrating FedEx Fulfillment also works closely with FedEx FedEx Supply Chain capabilities with the FedEx Cross Border to make it easier for small-to-medium transportation networks has broadened our e-tailers to serve international customers. portfolio of solutions. FedEx® Fulfillment, created with extensive customer input, is a new way for Reducing residential delivery costs. The integration us to support e-commerce companies of all sizes. of FedEx Ground and FedEx SmartPost® operations The service provides retailers with warehousing, will enable us to use FedEx Ground contracted inventory management, fulfillment, packaging, and service providers to deliver a FedEx SmartPost reverse logistics in one bundle powered by FedEx package going to the same or nearby location on transportation networks. the same day which will reduce costs. Not only does the online platform make monitoring logistics activity as easy as using a smartphone, it also simplifies the returns process so retailers can better manage their products’ entire life cycle. TNT EXPRESS INTEGRATION > FedEx successfully integrated B777F flight from the TNT air hub in Liège, Belgium, to the FedEx World IS IN FULL SWING 64 countries in FY17. We’re in the process of integrating additional Hub in Memphis. This new around- the-world flight goes on to Shanghai Key TNT Express integration milestones countries including many of our before returning to Liège. in FY17 include: largest direct-serve businesses. Our focus for country integration It gives 100,000 TNT customers > We implemented the first phase of in FY18 will turn to more complex, access to the FedEx network in the cross-scan technology that enables but higher value markets. U.S. and Canada, with consistent us to handle TNT Express packages two-day transit times for express In April, we took one of the first in the FedEx network and vice versa. > shipments compared with two steps to connect the FedEx Express Just as important, we’re able to to four days previously. The flight and TNT worldwide networks by manage and coordinate inquiries also speeds up transit times from successfully launching our new from FedEx and TNT customers. Asia to Europe. 3 MORE > fedex.com/AnnualReport2016 3 Up to 8,000 Walgreens locations will make it easier to drop off and pick up packages. 4 LETTER FROM THE CHAIRMAN Innovation reduces costs, Consumers can take advantage of these secure delivery locations by using FedEx Delivery Manager®. improves service All it takes is a mobile phone or tablet to track, While our residential e-commerce revenues schedule delivery, reroute packages, sign for are much smaller than our business-to-business packages remotely, and receive delivery confirmations. revenues, it’s the fastest-growing market and requires constant innovation to make delivery Deploying new technology is part of our ongoing to consumers more efficient. strategy to reduce our carbon footprint. In FY17, FedEx Freight purchased more than 100 compressed That’s one reason we are expanding our FedEx natural gas (CNG) tractors and installed a CNG OnSite network of convenient pickup and drop-off fueling station at our Oklahoma City Service Center. locations. FedEx OnSite locations reduce costs because we can deliver multiple packages to FedEx Express is also introducing new vehicle one location for customer collection instead of technologies and making more efficient use of delivering single packages to individual residences. conventional vehicles. We met our target of A major new alliance with Walgreens will add increasing vehicle fuel efficiency by 30 percent nearly 8,000 locations to the FedEx OnSite from a 2005 baseline five years ahead of schedule. network prior to the FY18 peak season. We’ve therefore now set a new goal: by 2025 we will increase FedEx Express vehicle fuel efficiency by 50 percent from the 2005 baseline. SOLUTIONS MAKE E-COMMERCE EASIER, MORE PROFITABLE E-commerce continues to reshape > Small and medium-sized online > More than 6 million registered users retail, with retailers moving rapidly retailers are now fulfilling U.S. — about 50 percent more than last to meet shifting consumer behavior domestic and export orders through year — are now taking advantage and expectations. As the big picture FedEx® Fulfillment — a new turnkey of FedEx Delivery Manager® to evolves, our role is clear: facilitate e-commerce solution that helps schedule package deliveries where profitable e-commerce growth. businesses fulfill orders from and when it’s convenient for them. Over time, economics will require different sources, including We also expanded the service to 36 more innovative ways to deliver e-commerce websites and countries, with plans to add dozens goods ordered online, instead of online marketplaces. more in FY18. only delivering individual items to > Cross-border shopping is growing > Nearly 8,000 Walgreens locations residences, which is expensive. and is expected to total 20 percent of will add punch to the FedEx OnSite To make that happen, FedEx must e-commerce by 2022, with sales of network offering consumers more continue combining our physical assets $627 billion.* New FedEx Cross Border convenient and secure drop-off and and digital capabilities to create more services provide
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