Ratios

• Liquidity has been in good condition
• Net income and revenue have increased
• A/R turnover has decreased
• Average collection period has increased

Employees As Valuable Assets

• Long-term debts to equity has increased
• Treasury stock buy back
• Debts to total assets is well below one

Operating:

• Cheaper fuel impacted the bottom line
• Depreciation and Retirement plan MTM are 8% of revenue
• Lease more 10% aircraft

Losing Against the Only Competitor

• UPS has more than twice of Market Cap
• ROA is lower than UPS (3% vs 8%)
• Average collection period (54 vs 42 days)

Future Growth and Opportunities

• Realized Weakness
• Expansion to international
• Acquired TNT in 2016
• New transportation routes in Europe
• Future income will increase

Conclusion

• Favor financial condition
• Need improvements in A/R