From the first 2024 quarterly report:
FedEx expects to repurchase an additional $1.5 billion of common stock during fiscal 2024. Cash on-hand as of August 31, 2023 was $7.1 billion.

If my memory is correct they also repurchased $1.5 billion of stock in FY2023 and $2.2 billion in FY2022. That’s over $5 billion in stock buyback and the company negotiators saying there’s just no more juice left.

Seems to me there’s a lot of juice left!

They announced this back in December 2021.

"TREASURY SHARES. In January 2016, our Board of Directors approved a stock repurchase program of up to 25 million shares. During the second quarter of 2022, we repurchased 0.9 million shares of FedEx common stock under the 2016 program at an average price of $223.90 per share for a total of $199 million. During the first half of 2022, we repurchased 2.8 million shares of FedEx common stock under the 2016 program at an average price of $267.27 per share for a total of $748 million. As of November 30, 2021, 2.3 million shares remained available for repurchase under the 2016 stock repurchase authorization.

In December 2021, our Board of Directors authorized a new stock repurchase program of up to $5 billion of FedEx common stock, including $1.5 billion of FedEx common stock to be repurchased through an accelerated share repurchase (“ASR”) agreement with a bank. The ASR will be used in part to complete the 2016 stock repurchase authorization. Shares under the 2016 and 2021 repurchase programs may be repurchased from time to time in the open market or in privately negotiated transactions. The timing and volume of repurchases are at the discretion of management, based on the capital needs of the business, the market price of FedEx common stock, and general market conditions. No time limits were set for the completion of the programs, and the programs may be suspended or discontinued at any time."

Hmmmm. So there's only billions left - in a bad economy that will likely only improve over the life of the contract? Yeah, I'm gonna need their TPS reports.

Just wanted to say that it is absolutely absurd that we have a significant chunk of this pilot group that argues for lower pay rates. I’ve never seen anything like it.

We need the pay increase that we do because the company delayed this process two years. That’s how inflation works. If they had just given us inflation plus 5% in 2021, we would’ve jumped at it. But they didn’t. That’s on them. Don’t settle for less because management can’t execute.

And stop begging for scraps. It’s embarrassing. Have some self respect.

You know you don't get paid out of cash, right? Do you pay your own bills out of your savings account?

But maybe the smart move here is to make a deal where you agree to get paid out of the company's cash position, and you just stop getting paid when the cash runs out. They might take that deal.

Amen to that. "This doo doo sandwich tastes great to me!"

That pretty much sums up the SM group. The beatings will continue until morale improves. Thank you sir may I have another?!

The entities that I pay do not care what account I pay them from.

I do not care what account I am paid from.

If you wish to analogize using personal finance, I'll see your bet and raise you. I hope that the company has been responsibly placing their years of savings and excess profit in a "savings" account with the knowledge that the money wasn't made by magic.

Is that straightforward enough?

☝️- this right here.

So what is the last slide in the survey? Came up for about an hour today in the online MEC meeting.