UPS 2011 Annual Report Download - page 3

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Calculation of 2011 Free Cash Flow
(millions of dollars)
Founded: 1907
Employees: 398,300
Customers: 8.8 million
Daily online tracking requests: 32.1 million
Delivery fleet: 101,121
Worldwide operating facilities: 2,879
Retail access points: 61,700
2011 delivery volume: 4 billion
Daily flight segments: 1,827
Alternative fuel vehicles: 2,593
• Time-definitedeliveryoflettersandpackagestomorethan220countriesandterritories.
• Supplychain,forwarding,andlogisticsservicesin195countries;ocean,rail,ground,andairfreightservices;
transportationnetworkmanagement;customsbrokerage;andmailservices.
• Long-haulandless-than-truckload(LTL)freightservicesintheUnitedStates,Canada,Mexico,Guam,PuertoRico,
andtheU.S.VirginIslands.
• Exceededprevioushighforadjusteddiluted
earnings per share.
• Realizedrecordglobalvolumeandrevenuelevels.
• Generatedmorethan$5.0billioninfreecashflow.
• Continuedinvestingforgrowththroughnewaircraft,
technology, vehicles, and acquisitions.
• Achievedindustry-leadingoperatingmarginsacross
all segments of the company.
• Recognizedforleadershipinsustainability
and transparency.
Operating Highlights
2011 2010
Revenue $53,105 $49,545
Operatingexpenses 47,025 43,904
Net income 3,804 3,338
Adjustednetincome* 4,311 3,495
Diluted earnings per share 3.84 3.33
Adjusteddilutedearningspershare*4.35 3.48
Dividends declared per share 2.08 1.88
Assets 34,701 33,597
Long-termdebt 11,095 10,491
Shareowners’equity 7,108 8,047
Capitalexpenditures 2,005 1,389
Cash and marketable securities 4,275 4,081
Financial Highlights
(inmillionsexceptforper-shareamounts)
UPS Facts
We offer...
Netcashfromoperations $7,073
Capitalexpenditures (2,005)
ProceedsfromdisposalsofPP&E 27
Net change in finance receivables 184
Other investing activities (257)
Free cash flow $5,022
* See Items Affecting Comparability in Management’s Discussion and Analysis of Financial Condition and Results of Operations under Part II of our Form 10-K, included as
part of this annual report, for explanations of adjustments.