UPS is deliberately shedding low-margin, high-volume e-commerce business (including more than 50% of its largest customer's volume) while growing higher-yielding SMB traffic through its Digital Access Program. Revenue per piece rising 9.3% while volumes fall indicates pricing power and mix improvement that could reset the domestic package segment toward structurally higher margins once the network right-sizes.
the thesis · admitted · the reason above is the thesis, not printed twice
no findingread · nothing bore on it
It held on this filing. No finding was written because nothing in it bore on the reason — the sentences it was read against are below.
the evidence · every sentence checkedfour sentences · whole, uncut
the claims it rests on · in our words, not the filing’s