Expeditors International Of Washington Inc 8-K, filed Nov 5, 2024
Expeditors International Of Washington Inc (EXPD)
About this 8-K
Expeditors International Of Washington Inc filed this 8-K on November 5, 2024.
Items reported
- Item 2.02: Financial results
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): |
(Exact name of Registrant as Specified in Its Charter)
(State or Other Jurisdiction |
(Commission File Number) |
(IRS Employer |
||
|
|
|
|
|
|
||||
|
||||
(Address of Principal Executive Offices) |
|
(Zip Code) |
||
Registrant’s Telephone Number, Including Area Code: |
|
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
|
|
Trading |
|
|
|
|
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On November 5, 2024, Expeditors International of Washington, Inc., a Washington corporation, issued a press release announcing third quarter 2024 financial results. A copy of the press release is furnished as Exhibit 99.1 to this report.
In accordance with General Instruction B.2 of Form 8-K, the information in this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) The following items are filed as exhibits to this report:
99.1 |
|
Press release, dated November 5, 2024 issued by Expeditors International of Washington, Inc. |
104 |
|
Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|
|
|
EXPEDITORS INTERNATIONAL OF WASHINGTON, INC. |
|
|
|
|
Date: |
November 5, 2024 |
By: |
/S/ Bradley S. Powell |
|
|
|
Bradley S. Powell, Senior Vice President and Chief Financial Officer |
Exhibit 99.1
EARNINGS RELEASE
By: |
|
Expeditors International of Washington, Inc. |
|
|
||
|
|
Sterling Plaza 2, 3rd Floor Bellevue, Washington 98006 |
|
|
||
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
CONTACTS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Jeffrey S. Musser |
|
Bradley S. Powell |
|
Geoffrey Buscher |
|
|
President and Chief Executive Officer |
|
Senior Vice President and Chief Financial Officer |
|
Director - Investor Relations |
|
|
(206) 674-3433 |
|
(206) 674-3412 |
|
(206) 892-4510 |
FOR IMMEDIATE RELEASE
EXPEDITORS REPORTS THIRD QUARTER 2024 EPS OF $1.63
BELLEVUE, WASHINGTON - November 5, 2024, Expeditors International of Washington, Inc. (NYSE:EXPD) today announced third quarter 2024 financial results including the following comparisons to the same quarter of 2023:
“We have worked hard over this past year to gain additional volumes and grow our business by winning new customers and gaining additional business with current customers,” said Jeffrey S. Musser, President and Chief Executive Officer. “These positive third-quarter results reflect those efforts in securing higher tonnage and volumes, which were further boosted as some shippers pulled freight forward out of concern over port actions and geopolitical disruptions, and in advance of fourth quarter holiday sales. Geopolitical events continued to impact pricing and the flow of freight during the quarter. Ocean transit times remained extended because carriers avoided the Red Sea and were further disrupted by prior concerns over potential port strikes. Air capacity is too scarce and costly to serve as a viable widespread alternative for most shippers.
“Strong growth in air tonnage and ocean volumes had a positive impact on all areas of our business during the quarter. Air tonnage and rates increased across all regions. Direct e-commerce continued to absorb available air freight capacity and boost rates on North Asia exports, and manufacturing relocations and sea-to-air conversions drove higher rates on exports from South Asia. Higher volumes moving through our network led to an increase in fees for customs brokerage and other ancillary services, in addition to new road freight business and growth in order management services. All in all, I would be hard pressed to point to an area of our business where our people did not perform at their highest level.
“We would again caution that our ability to see much beyond our day-to-day levels of activity remains challenging. We believe that ocean rates may decline if demand softens and capacity increases, particularly if commerce on the Red Sea returns to normal. We also believe that global freight markets and pricing are likely to remain volatile for some time. Unpredictable events seem to occur with such increased regularity as to make us wonder if disruption is the new state of normal. Regardless, we remain focused on servicing our current customers and gaining market share, while keeping costs in check.”
Bradley S. Powell, Senior Vice President and Chief Financial Officer, added, “We handled increased volumes and tonnage in the third quarter and executed well throughout our network, while keeping headcount flat and controlling operating expenses. Our measure of operating efficiency (operating income as a percentage of revenue less directly related cost of transportation and other expenses) is now back to our 30% target for the year to date. We continue to
1Diluted earnings attributable to shareholders per share.
NOTE: See Disclaimer on Forward-Looking Statements in this release.
control and carefully manage our cash, while working to improve operational efficiencies and return capital to investors.”
Mr. Powell noted that the Company repurchased $140 million in common stock during the third quarter of 2024, and $603 million year to date.
Expeditors is a global logistics company headquartered in Bellevue, Washington. The Company employs trained professionals in 176 district offices and numerous branch locations located on six continents linked into a seamless worldwide network through an integrated information management system. Services include the consolidation or forwarding of air and ocean freight, customs brokerage, vendor consolidation, cargo insurance, time-definite transportation, order management, warehousing and distribution and customized logistics solutions.
Disclaimer on Forward-Looking Statements:
Certain statements contained in this news release are “forward-looking statements,” based on management’s views with respect to future events and underlying assumptions that involve risks and uncertainties. These forward-looking statements include statements regarding inflation; continued growth in air and ocean carrier capacity and the impact on rates; unpredictability in the ocean and air markets, including uncertainty due to conflicts in the Middle East and Red Sea; port actions and other labor disruptions; new capacity in the marketplace; longer ocean transit times; strong e-commerce demand in the air market; and volatile rates. Future financial performance could differ materially because of factors such as: our ability to secure higher air tonnage and ocean volumes; our ability to keep headcount and other costs in check while continuing to generate efficiency that meets our historical expectations; the alignment of our variable compensation structure with performance; our ability to enhance and bolster our network security; that management is able to grow the business and explore new areas for profitable growth; our ability to leverage the strength of our carrier relationships; the strength of our non-asset-based operating model; and our ability to remain a strong, healthy, unified and resilient organization. Geo-political risks, port actions and other labor disruptions, and the current uncertainty in the global economy could have the effect of heightening many of the other risks described in Item 1A of our Annual Report on Form 10-K, including, without limitation, those related to the success of our strategy and desire to maintain historical unitary profitability, our ability to attract and retain customers, our ability to manage costs, interruptions to our information technology systems, the ability of third-party providers to perform and potential litigation and contingencies, including risks associated with tax audits, as updated by our reports on Form 10-Q, filed with the Securities and Exchange Commission. These and other factors are discussed in the Company’s regulatory filings with the Securities and Exchange Commission, including those in “Item 1A. Risk Factors” of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, and the Company’s most recent Form 10-Q. The forward-looking statements contained in this news release speak only as of this date and the Company does not assume any obligation to update them except as required by law.
Expeditors International of Washington, Inc.
Third Quarter 2024 Earnings Release, November 5, 2024
Financial Summary for the three months ended September 30, 2024 and 2023 (Unaudited)
(in 000's of US dollars except share data)
|
|
Three months ended September 30, |
|
Nine months ended September 30, |
||||||||||||||||
|
|
2024 |
|
|
2023 |
|
|
% Change |
|
2024 |
|
|
2023 |
|
|
% Change |
||||
Revenues |
|
$ |
3,000,131 |
|
|
$ |
2,190,001 |
|
|
37% |
|
$ |
7,645,810 |
|
|
$ |
7,022,342 |
|
|
9% |
Directly related cost of transportation and other expenses 1 |
|
$ |
2,093,964 |
|
|
$ |
1,402,111 |
|
|
49% |
|
$ |
5,166,652 |
|
|
$ |
4,540,396 |
|
|
14% |
Salaries and other operating expenses 2 |
|
$ |
604,643 |
|
|
$ |
571,821 |
|
|
6% |
|
$ |
1,738,939 |
|
|
$ |
1,741,411 |
|
|
(0)% |
Operating income |
|
$ |
301,524 |
|
|
$ |
216,069 |
|
|
40% |
|
$ |
740,219 |
|
|
$ |
740,535 |
|
|
(0)% |
Net earnings attributable to shareholders |
|
$ |
229,574 |
|
|
$ |
171,353 |
|
|
34% |
|
$ |
574,195 |
|
|
$ |
594,164 |
|
|
(3)% |
Diluted earnings attributable to shareholders per share |
|
$ |
1.63 |
|
|
$ |
1.16 |
|
|
41% |
|
$ |
4.04 |
|
|
$ |
3.92 |
|
|
3% |
Basic earnings attributable to shareholders per share |
|
$ |
1.63 |
|
|
$ |
1.16 |
|
|
41% |
|
$ |
4.06 |
|
|
$ |
3.95 |
|
|
3% |
Diluted weighted average shares outstanding |
|
|
141,027 |
|
|
|
148,001 |
|
|
|
|
|
142,288 |
|
|
|
151,619 |
|
|
|
Basic weighted average shares outstanding |
|
|
140,417 |
|
|
|
147,099 |
|
|
|
|
|
141,540 |
|
|
|
150,543 |
|
|
|
1Directly related cost of transportation and other expenses totals Operating Expenses from Airfreight services, Ocean freight and ocean services and Customs brokerage and other services as shown in the Condensed Consolidated Statements of Earnings.
2Salaries and other operating expenses totals Salaries and related, Rent and occupancy, Depreciation and amortization, Selling and promotion and Other as shown in the Condensed Consolidated Statements of Earnings.
During the three and nine months ended September 30, 2024 we repurchased 1.2 million and 5.1 million shares of common stock at an average price of $118.47 and $119.21 per share. During the three and nine months ended September 30, 2023 we repurchased 2.6 million and 10.5 million shares of common stock at an average price of $116.29 and $113.97 per share.
|
|
Employee Full-time Equivalents as of |
|
|||||
|
|
September 30, 2024 |
|
|
September 30, 2023 |
|
||
North America |
|
|
6,920 |
|
|
|
6,975 |
|
Europe |
|
|
3,838 |
|
|
|
3,811 |
|
North Asia |
|
|
2,271 |
|
|
|
2,290 |
|
South Asia |
|
|
1,776 |
|
|
|
1,709 |
|
Middle East, Africa and India |
|
|
1,386 |
|
|
|
1,440 |
|
Latin America |
|
|
780 |
|
|
|
753 |
|
Information Systems |
|
|
1,303 |
|
|
|
1,244 |
|
Corporate |
|
|
416 |
|
|
|
403 |
|
Total |
|
|
18,690 |
|
|
|
18,625 |
|
|
|
Third quarter year-over-year percentage increase (decrease) in: |
||
2024 |
|
Airfreight |
|
Ocean freight |
July |
|
20% |
|
8% |
August |
|
17% |
|
14% |
September |
|
20% |
|
15% |
Quarter |
|
19% |
|
12% |
Investors may submit written questions via e-mail to: investor@expeditors.com. Questions received by the end of business on November 8, 2024 will be considered in management's 8-K “Responses to Selected Questions.”
___________________________________
NOTE: See Disclaimer on Forward-Looking Statements in this release.
EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.
AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(In thousands, except per share data)
(Unaudited)
|
|
September 30, 2024 |
|
|
December 31, 2023 |
|
||
Assets: |
|
|
|
|
|
|
||
Current Assets: |
|
|
|
|
|
|
||
Cash and cash equivalents |
|
$ |
1,293,173 |
|
|
$ |
1,512,883 |
|
Accounts receivable, less allowance for credit loss of |
|
|
2,176,959 |
|
|
|
1,532,599 |
|
Deferred contract costs |
|
|
431,640 |
|
|
|
218,807 |
|
Other |
|
|
181,273 |
|
|
|
170,907 |
|
Total current assets |
|
|
4,083,045 |
|
|
|
3,435,196 |
|
Property and equipment, less accumulated depreciation and |
|
|
468,594 |
|
|
|
479,225 |
|
Operating lease right-of-use assets |
|
|
525,810 |
|
|
|
516,280 |
|
Goodwill |
|
|
7,927 |
|
|
|
7,927 |
|
Deferred federal and state income taxes, net |
|
|
69,789 |
|
|
|
63,690 |
|
Other assets, net |
|
|
15,752 |
|
|
|
21,491 |
|
Total assets |
|
$ |
5,170,917 |
|
|
$ |
4,523,809 |
|
Liabilities: |
|
|
|
|
|
|
||
Current Liabilities: |
|
|
|
|
|
|
||
Accounts payable |
|
$ |
1,240,174 |
|
|
$ |
860,856 |
|
Accrued liabilities, primarily salaries and related costs |
|
|
470,723 |
|
|
|
447,336 |
|
Contract liabilities |
|
|
532,289 |
|
|
|
280,909 |
|
Current portion of operating lease liabilities |
|
|
106,832 |
|
|
|
99,749 |
|
Federal, state and foreign income taxes |
|
|
25,728 |
|
|
|
15,562 |
|
Total current liabilities |
|
|
2,375,746 |
|
|
|
1,704,412 |
|
Noncurrent portion of operating lease liabilities |
|
|
436,001 |
|
|
|
427,984 |
|
Shareholders’ Equity: |
|
|
|
|
|
|
||
Preferred stock, none issued |
|
|
— |
|
|
|
— |
|
Common stock, par value $0.01 per share. Issued and outstanding: |
|
|
1,400 |
|
|
|
1,439 |
|
Additional paid-in capital |
|
|
4,307 |
|
|
|
— |
|
Retained earnings |
|
|
2,540,978 |
|
|
|
2,580,968 |
|
Accumulated other comprehensive loss |
|
|
(189,978 |
) |
|
|
(192,057 |
) |
Total shareholders’ equity |
|
|
2,356,707 |
|
|
|
2,390,350 |
|
Noncontrolling interest |
|
|
2,463 |
|
|
|
1,063 |
|
Total equity |
|
|
2,359,170 |
|
|
|
2,391,413 |
|
Total liabilities and equity |
|
$ |
5,170,917 |
|
|
$ |
4,523,809 |
|
5-November-2024 |
Expeditors International of Washington, Inc. |
Page 4 of 7 |
EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.
AND SUBSIDIARIES
Condensed Consolidated Statements of Earnings
(In thousands, except per share data)
(Unaudited)
|
|
Three months ended September 30, |
|
|
Nine months ended September 30, |
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Airfreight services |
|
$ |
986,950 |
|
|
$ |
724,331 |
|
|
$ |
2,606,647 |
|
|
$ |
2,380,405 |
|
Ocean freight and ocean services |
|
|
1,017,618 |
|
|
|
560,281 |
|
|
|
2,240,079 |
|
|
|
1,851,389 |
|
Customs brokerage and other services |
|
|
995,563 |
|
|
|
905,389 |
|
|
|
2,799,084 |
|
|
|
2,790,548 |
|
Total revenues |
|
|
3,000,131 |
|
|
|
2,190,001 |
|
|
|
7,645,810 |
|
|
|
7,022,342 |
|
Operating Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Airfreight services |
|
|
740,356 |
|
|
|
516,519 |
|
|
|
1,923,115 |
|
|
|
1,707,568 |
|
Ocean freight and ocean services |
|
|
783,827 |
|
|
|
387,670 |
|
|
|
1,675,931 |
|
|
|
1,277,159 |
|
Customs brokerage and other services |
|
|
569,781 |
|
|
|
497,922 |
|
|
|
1,567,606 |
|
|
|
1,555,669 |
|
Salaries and related |
|
|
450,308 |
|
|
|
412,505 |
|
|
|
1,289,901 |
|
|
|
1,290,911 |
|
Rent and occupancy |
|
|
61,024 |
|
|
|
58,387 |
|
|
|
181,873 |
|
|
|
174,224 |
|
Depreciation and amortization |
|
|
15,774 |
|
|
|
15,607 |
|
|
|
45,914 |
|
|
|
46,374 |
|
Selling and promotion |
|
|
7,589 |
|
|
|
6,149 |
|
|
|
22,366 |
|
|
|
18,847 |
|
Other |
|
|
69,948 |
|
|
|
79,173 |
|
|
|
198,885 |
|
|
|
211,055 |
|
Total operating expenses |
|
|
2,698,607 |
|
|
|
1,973,932 |
|
|
|
6,905,591 |
|
|
|
6,281,807 |
|
Operating income |
|
|
301,524 |
|
|
|
216,069 |
|
|
|
740,219 |
|
|
|
740,535 |
|
Other Income (Expense): |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest income |
|
|
9,917 |
|
|
|
17,156 |
|
|
|
36,699 |
|
|
|
53,723 |
|
Other, net |
|
|
973 |
|
|
|
(1,334 |
) |
|
|
4,599 |
|
|
|
4,394 |
|
Other income, net |
|
|
10,890 |
|
|
|
15,822 |
|
|
|
41,298 |
|
|
|
58,117 |
|
Earnings before income taxes |
|
|
312,414 |
|
|
|
231,891 |
|
|
|
781,517 |
|
|
|
798,652 |
|
Income tax expense |
|
|
82,488 |
|
|
|
61,048 |
|
|
|
206,040 |
|
|
|
206,018 |
|
Net earnings |
|
|
229,926 |
|
|
|
170,843 |
|
|
|
575,477 |
|
|
|
592,634 |
|
Less net earnings (losses) attributable to the noncontrolling |
|
|
352 |
|
|
|
(510 |
) |
|
|
1,282 |
|
|
|
(1,530 |
) |
Net earnings attributable to shareholders |
|
$ |
229,574 |
|
|
$ |
171,353 |
|
|
$ |
574,195 |
|
|
$ |
594,164 |
|
Diluted earnings attributable to shareholders per share |
|
$ |
1.63 |
|
|
$ |
1.16 |
|
|
$ |
4.04 |
|
|
$ |
3.92 |
|
Basic earnings attributable to shareholders per share |
|
$ |
1.63 |
|
|
$ |
1.16 |
|
|
$ |
4.06 |
|
|
$ |
3.95 |
|
Weighted average diluted shares outstanding |
|
|
141,027 |
|
|
|
148,001 |
|
|
|
142,288 |
|
|
|
151,619 |
|
Weighted average basic shares outstanding |
|
|
140,417 |
|
|
|
147,099 |
|
|
|
141,540 |
|
|
|
150,543 |
|
5-November-2024 |
Expeditors International of Washington, Inc. |
Page 5 of 7 |
EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.
AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
|
|
Three months ended September 30, |
|
|
Nine months ended September 30, |
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
Operating Activities: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net earnings |
|
$ |
229,926 |
|
|
$ |
170,843 |
|
|
$ |
575,477 |
|
|
$ |
592,634 |
|
Adjustments to reconcile net earnings to net cash from operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Provisions for (recoveries) losses on accounts receivable |
|
|
(582 |
) |
|
|
1,411 |
|
|
|
1,456 |
|
|
|
2,316 |
|
Deferred income tax benefit |
|
|
(1,057 |
) |
|
|
(6,418 |
) |
|
|
(5,680 |
) |
|
|
(7,942 |
) |
Stock compensation expense |
|
|
9,760 |
|
|
|
15,879 |
|
|
|
47,836 |
|
|
|
46,962 |
|
Depreciation and amortization |
|
|
15,774 |
|
|
|
15,607 |
|
|
|
45,914 |
|
|
|
46,374 |
|
Other, net |
|
|
162 |
|
|
|
2,673 |
|
|
|
4,032 |
|
|
|
6,396 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
(Increase) decrease in accounts receivable |
|
|
(301,167 |
) |
|
|
(53,722 |
) |
|
|
(647,794 |
) |
|
|
629,205 |
|
Increase (decrease) in accounts payable and accrued liabilities |
|
|
107,535 |
|
|
|
40,919 |
|
|
|
402,818 |
|
|
|
(311,990 |
) |
(Increase) decrease in deferred contract costs |
|
|
(30,657 |
) |
|
|
(56,917 |
) |
|
|
(216,977 |
) |
|
|
28,870 |
|
Increase (decrease) in contract liabilities |
|
|
50,527 |
|
|
|
74,701 |
|
|
|
254,902 |
|
|
|
(33,549 |
) |
Increase (decrease) in income taxes payable, net |
|
|
20,331 |
|
|
|
(4,017 |
) |
|
|
13,163 |
|
|
|
(97,743 |
) |
Increase in other, net |
|
|
(10,580 |
) |
|
|
(10,979 |
) |
|
|
(1,502 |
) |
|
|
(6,695 |
) |
Net cash from operating activities |
|
|
89,972 |
|
|
|
189,980 |
|
|
|
473,645 |
|
|
|
894,838 |
|
Investing Activities: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Purchase of property and equipment |
|
|
(12,291 |
) |
|
|
(7,993 |
) |
|
|
(30,415 |
) |
|
|
(28,600 |
) |
Other, net |
|
|
(225 |
) |
|
|
10 |
|
|
|
(62 |
) |
|
|
(209 |
) |
Net cash from investing activities |
|
|
(12,516 |
) |
|
|
(7,983 |
) |
|
|
(30,477 |
) |
|
|
(28,809 |
) |
Financing Activities: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Proceeds (payments) on borrowings on lines of credit, net |
|
|
10,445 |
|
|
|
6,913 |
|
|
|
(5,538 |
) |
|
|
(6,683 |
) |
Proceeds from issuance of common stock |
|
|
53,256 |
|
|
|
61,841 |
|
|
|
67,734 |
|
|
|
80,305 |
|
Repurchases of common stock |
|
|
(140,031 |
) |
|
|
(298,103 |
) |
|
|
(602,855 |
) |
|
|
(1,199,294 |
) |
Dividends paid |
|
|
— |
|
|
|
— |
|
|
|
(102,638 |
) |
|
|
(102,263 |
) |
Payments for taxes related to net share settlement of equity awards |
|
|
— |
|
|
|
— |
|
|
|
(15,348 |
) |
|
|
(19,501 |
) |
Net cash from financing activities |
|
|
(76,330 |
) |
|
|
(229,349 |
) |
|
|
(658,645 |
) |
|
|
(1,247,436 |
) |
Effect of exchange rate changes on cash and cash equivalents |
|
|
20,194 |
|
|
|
(11,807 |
) |
|
|
(4,233 |
) |
|
|
(13,296 |
) |
Change in cash and cash equivalents |
|
|
21,320 |
|
|
|
(59,159 |
) |
|
|
(219,710 |
) |
|
|
(394,703 |
) |
Cash and cash equivalents at beginning of period |
|
|
1,271,853 |
|
|
|
1,698,587 |
|
|
|
1,512,883 |
|
|
|
2,034,131 |
|
Cash and cash equivalents at end of period |
|
$ |
1,293,173 |
|
|
$ |
1,639,428 |
|
|
$ |
1,293,173 |
|
|
$ |
1,639,428 |
|
Taxes Paid: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Income taxes |
|
$ |
63,046 |
|
|
$ |
61,603 |
|
|
$ |
196,649 |
|
|
$ |
306,059 |
|
5-November-2024 |
Expeditors International of Washington, Inc. |
Page 6 of 7 |
EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.
AND SUBSIDIARIES
Business Segment Information
(In thousands)
(Unaudited)
|
|
UNITED |
|
|
OTHER |
|
|
LATIN |
|
|
NORTH |
|
|
SOUTH |
|
|
EUROPE |
|
|
MIDDLE |
|
|
ELIMI- |
|
|
CONSOLI- |
|
|||||||||
For the three months ended September 30, 2024: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Revenues |
|
$ |
854,679 |
|
|
|
114,264 |
|
|
|
61,981 |
|
|
|
914,417 |
|
|
|
445,308 |
|
|
|
433,660 |
|
|
|
177,145 |
|
|
|
(1,323 |
) |
|
|
3,000,131 |
|
Directly related cost of transportation and other expenses1 |
|
$ |
443,930 |
|
|
|
67,626 |
|
|
|
38,973 |
|
|
|
763,781 |
|
|
|
369,905 |
|
|
|
279,235 |
|
|
|
131,098 |
|
|
|
(584 |
) |
|
|
2,093,964 |
|
Salaries and other operating expenses2 |
|
$ |
253,452 |
|
|
|
35,261 |
|
|
|
18,605 |
|
|
|
86,566 |
|
|
|
51,307 |
|
|
|
126,917 |
|
|
|
33,283 |
|
|
|
(748 |
) |
|
|
604,643 |
|
Operating income |
|
$ |
157,297 |
|
|
|
11,377 |
|
|
|
4,403 |
|
|
|
64,070 |
|
|
|
24,096 |
|
|
|
27,508 |
|
|
|
12,764 |
|
|
|
9 |
|
|
|
301,524 |
|
Identifiable assets at period end |
|
$ |
2,611,417 |
|
|
|
192,370 |
|
|
|
108,985 |
|
|
|
727,724 |
|
|
|
376,283 |
|
|
|
863,840 |
|
|
|
319,627 |
|
|
|
(29,329 |
) |
|
|
5,170,917 |
|
Capital expenditures |
|
$ |
9,299 |
|
|
|
198 |
|
|
|
101 |
|
|
|
296 |
|
|
|
839 |
|
|
|
1,548 |
|
|
|
10 |
|
|
|
— |
|
|
|
12,291 |
|
Equity |
|
$ |
1,628,893 |
|
|
|
35,825 |
|
|
|
42,670 |
|
|
|
221,519 |
|
|
|
124,387 |
|
|
|
182,515 |
|
|
|
164,665 |
|
|
|
(41,304 |
) |
|
|
2,359,170 |
|
For the three months ended September 30, 2023: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Revenues |
|
$ |
784,503 |
|
|
|
106,293 |
|
|
|
47,327 |
|
|
|
515,340 |
|
|
|
207,006 |
|
|
|
410,904 |
|
|
|
119,849 |
|
|
|
(1,221 |
) |
|
|
2,190,001 |
|
Directly related cost of transportation and other expenses1 |
|
$ |
421,432 |
|
|
|
63,671 |
|
|
|
28,409 |
|
|
|
398,681 |
|
|
|
145,292 |
|
|
|
263,524 |
|
|
|
81,643 |
|
|
|
(541 |
) |
|
|
1,402,111 |
|
Salaries and other operating expenses2 |
|
$ |
261,323 |
|
|
|
38,275 |
|
|
|
16,405 |
|
|
|
66,546 |
|
|
|
42,138 |
|
|
|
120,436 |
|
|
|
27,351 |
|
|
|
(653 |
) |
|
|
571,821 |
|
Operating income |
|
$ |
101,748 |
|
|
|
4,347 |
|
|
|
2,513 |
|
|
|
50,113 |
|
|
|
19,576 |
|
|
|
26,944 |
|
|
|
10,855 |
|
|
|
(27 |
) |
|
|
216,069 |
|
Identifiable assets at period end |
|
$ |
2,572,404 |
|
|
|
200,711 |
|
|
|
110,708 |
|
|
|
512,746 |
|
|
|
217,018 |
|
|
|
726,729 |
|
|
|
260,619 |
|
|
|
(22,814 |
) |
|
|
4,578,121 |
|
Capital expenditures |
|
$ |
3,762 |
|
|
|
302 |
|
|
|
84 |
|
|
|
168 |
|
|
|
409 |
|
|
|
1,369 |
|
|
|
1,899 |
|
|
|
— |
|
|
|
7,993 |
|
Equity |
|
$ |
1,797,123 |
|
|
|
46,264 |
|
|
|
54,096 |
|
|
|
225,229 |
|
|
|
91,712 |
|
|
|
154,617 |
|
|
|
161,882 |
|
|
|
(39,449 |
) |
|
|
2,491,474 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
UNITED |
|
|
OTHER |
|
|
LATIN |
|
|
NORTH |
|
|
SOUTH |
|
|
EUROPE |
|
|
MIDDLE |
|
|
ELIMI- |
|
|
CONSOLI- |
|
|||||||||
For the nine months ended September 30, 2024: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Revenues |
|
$ |
2,385,392 |
|
|
|
331,837 |
|
|
|
151,787 |
|
|
|
2,096,709 |
|
|
|
960,970 |
|
|
|
1,241,432 |
|
|
|
481,600 |
|
|
|
(3,917 |
) |
|
|
7,645,810 |
|
Directly related cost of transportation and other expenses1 |
|
$ |
1,270,981 |
|
|
|
199,710 |
|
|
|
88,077 |
|
|
|
1,702,401 |
|
|
|
757,167 |
|
|
|
796,205 |
|
|
|
353,839 |
|
|
|
(1,728 |
) |
|
|
5,166,652 |
|
Salaries and other operating expenses2 |
|
$ |
772,835 |
|
|
|
102,684 |
|
|
|
49,920 |
|
|
|
224,588 |
|
|
|
135,303 |
|
|
|
363,718 |
|
|
|
92,099 |
|
|
|
(2,208 |
) |
|
|
1,738,939 |
|
Operating income |
|
$ |
341,576 |
|
|
|
29,443 |
|
|
|
13,790 |
|
|
|
169,720 |
|
|
|
68,500 |
|
|
|
81,509 |
|
|
|
35,662 |
|
|
|
19 |
|
|
|
740,219 |
|
Identifiable assets at period end |
|
$ |
2,611,417 |
|
|
|
192,370 |
|
|
|
108,985 |
|
|
|
727,724 |
|
|
|
376,283 |
|
|
|
863,840 |
|
|
|
319,627 |
|
|
|
(29,329 |
) |
|
|
5,170,917 |
|
Capital expenditures |
|
$ |
17,775 |
|
|
|
2,172 |
|
|
|
383 |
|
|
|
933 |
|
|
|
2,938 |
|
|
|
4,860 |
|
|
|
1,354 |
|
|
|
|
|
|
30,415 |
|
|
Equity |
|
$ |
1,628,893 |
|
|
|
35,825 |
|
|
|
42,670 |
|
|
|
221,519 |
|
|
|
124,387 |
|
|
|
182,515 |
|
|
|
164,665 |
|
|
|
(41,304 |
) |
|
|
2,359,170 |
|
For the nine months ended September 30, 2023: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Revenues |
|
$ |
2,535,945 |
|
|
|
326,398 |
|
|
|
151,994 |
|
|
|
1,607,788 |
|
|
|
631,001 |
|
|
|
1,386,284 |
|
|
|
386,524 |
|
|
|
(3,592 |
) |
|
|
7,022,342 |
|
Directly related cost of transportation and other expenses1 |
|
$ |
1,387,511 |
|
|
|
201,984 |
|
|
|
90,139 |
|
|
|
1,238,996 |
|
|
|
437,392 |
|
|
|
924,592 |
|
|
|
261,482 |
|
|
|
(1,700 |
) |
|
|
4,540,396 |
|
Salaries and other operating expenses2 |
|
$ |
785,282 |
|
|
|
108,892 |
|
|
|
52,172 |
|
|
|
205,976 |
|
|
|
132,984 |
|
|
|
373,004 |
|
|
|
85,003 |
|
|
|
(1,902 |
) |
|
|
1,741,411 |
|
Operating income |
|
$ |
363,152 |
|
|
|
15,522 |
|
|
|
9,683 |
|
|
|
162,816 |
|
|
|
60,625 |
|
|
|
88,688 |
|
|
|
40,039 |
|
|
|
10 |
|
|
|
740,535 |
|
Identifiable assets at period end |
|
$ |
2,572,404 |
|
|
|
200,711 |
|
|
|
110,708 |
|
|
|
512,746 |
|
|
|
217,018 |
|
|
|
726,729 |
|
|
|
260,619 |
|
|
|
(22,814 |
) |
|
|
4,578,121 |
|
Capital expenditures |
|
$ |
15,829 |
|
|
|
932 |
|
|
|
360 |
|
|
|
1,110 |
|
|
|
744 |
|
|
|
6,688 |
|
|
|
2,937 |
|
|
|
— |
|
|
|
28,600 |
|
Equity |
|
$ |
1,797,123 |
|
|
|
46,264 |
|
|
|
54,096 |
|
|
|
225,229 |
|
|
|
91,712 |
|
|
|
154,617 |
|
|
|
161,882 |
|
|
|
(39,449 |
) |
|
|
2,491,474 |
|
1 Directly related cost of transportation and other expenses totals Operating Expenses from Airfreight services, Ocean freight and ocean services and Customs brokerage and other services as shown in the Condensed Consolidated Statements of Earnings.
2Salaries and other operating expenses totals Salaries and related, Rent and occupancy, Depreciation and amortization, Selling and promotion and Other as shown in the Condensed Consolidated Statements of Earnings.
5-November-2024 |
Expeditors International of Washington, Inc. |
Page 7 of 7 |