Expeditors International Of Washington Inc 8-K, filed Nov 7, 2023
Expeditors International Of Washington Inc (EXPD)
About this 8-K
Expeditors International Of Washington Inc filed this 8-K on November 7, 2023.
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): |
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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:
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Trading |
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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 7, 2023, Expeditors International of Washington, Inc., a Washington corporation, issued a press release announcing September 30, 2023 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 |
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Press release, dated November 7, 2023 issued by Expeditors International of Washington, Inc. |
104 |
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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.
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EXPEDITORS INTERNATIONAL OF WASHINGTON, INC. |
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Date: |
November 7, 2023 |
By: |
/S/ Bradley S. Powell |
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Bradley S. Powell, Senior Vice President and Chief Financial Officer |
Exhibit 99.1
EARNINGS RELEASE
By: |
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Expeditors International of Washington, Inc. |
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1015 Third Avenue |
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Seattle, Washington 98104 |
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CONTACTS: |
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Jeffrey S. Musser |
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Bradley S. Powell |
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Geoffrey Buscher |
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President and Chief Executive Officer |
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Senior Vice President and Chief Financial Officer |
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Director - Investor Relations |
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(206) 674-3433 |
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(206) 674-3412 |
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(206) 892-4510 |
FOR IMMEDIATE RELEASE
EXPEDITORS REPORTS THIRD QUARTER 2023 EPS OF $1.16
SEATTLE, WASHINGTON - November 7, 2023, Expeditors International of Washington, Inc. (NASDAQ:EXPD) today announced third quarter 2023 financial results including the following comparisons to the same quarter of 2022:
“As expected, the deceleration in demand that we have seen since the second half of 2022 continued in the comparable third quarter of 2023,” said Jeffrey S. Musser, President and Chief Executive Officer. “Additionally, rates generally remained soft while capacity exceeded demand in most lanes. The shipping industry has been undergoing a great unwinding of so many of the drivers that led up to the massive mismatch of supply and demand that occurred during the pandemic. As a result, air and ocean capacity is now mostly plentiful and at rates that remain well below the pandemic period. We have also experienced declines in the number of customs brokerage transactions we handled, even as we benefited from lower costs resulting from the gradual clearing of pandemic-related port congestion. In addition, shippers continue to pivot back to ocean freight to reduce costs in an uncertain economy. We have seen shippers generally move smaller volumes in a marketplace that is defined by inflation, high energy costs, an increasingly tentative consumer, and now significant and growing geopolitical uncertainty.
“While we have been through many industry cycles of expansion and contraction before, the pace and extent of this unwinding has been as unpredictable and disruptive as the dislocations that drove our market to such unprecedented peaks in pricing and volumes. We are meeting these conditions head-on and have been re-balancing operations for an environment that is now more like the way things were prior to the COVID disruptions. We have made very deliberate efforts to control costs and to carefully manage our headcount; we do not know how long this cycle of cautious demand and soft rates will last in this uncertain economic environment. While not all markets are soft and rates have even increased in certain lanes, we have yet to see signs of a widespread improvement in rates. Nevertheless, we are encouraged by indications that tonnage and volumes are perhaps flattening or improving. While we continue to adjust for the current environment, we also need to be prepared for the longer term when pricing and capacity conditions stabilize and demand begins to consistently trend higher.”
_______________________
1Diluted earnings attributable to shareholders per share.
NOTE: See Disclaimer on Forward-Looking Statements in this release.
Bradley S. Powell, Senior Vice President and Chief Financial Officer, added, “As the market recalibrates, we are encouraged that both tonnage and volumes increased from the June quarter, marking the first sequential quarterly growth in both tons and volumes since the third quarter of 2022. So long as the economic environment remains uncertain, we will continue to focus on aligning headcount and overhead expenses commensurate with our transactions and volumes. We remain dedicated to improving efficiency, while also preparing for the time when demand shows signs of a sustained recovery. Since December 31, we have decreased headcount by 8%. We also continue to be very mindful of our strong cash position, having now returned more than $2 billion to shareholders in repurchased stock and dividends over the past 12 months.”
Mr. Powell noted that other overhead expenses increased $18 million in the quarter, primarily a result of $14 million in expenses related to indirect tax and other contingencies, compared to a recovery of $11 million in the third quarter of 2022 of costs incurred earlier that year as a result of the February 2022 cyber-attack.
Expeditors is a global logistics company headquartered in Seattle, 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 indications that tonnage and volumes are perhaps flattening or improving; our uncertain short-term outlook; a normalized supply chain; shippers pivoting from air freight to ocean freight; falling rates that remain well below the pandemic period; declining volumes; plentiful and in some cases excess air and ocean capacity; shipper uncertainty given the current economic outlook; rising inflation, energy and financing costs; and signs of a slowing economy and drop in demand. Future financial performance could differ materially because of factors such as: our ability to thoughtfully control our headcount and exert other efforts to align our costs; our ability to re-balance operations for an environment that is now more like the way things were prior to the COVID disruptions; our ability to improve our efficiency; our ability to predict when operating conditions may eventually stabilize and demand and volumes begin to recover and grow; our ability to leverage the strength of our carrier relationships; the strength of our non-asset-based operating model; our ability to align expenses with revenues and to enhance our productivity; our ability to maintain our existing accounts and gain new business; our ability to invest in our strategic efforts to explore new areas for profitable growth; and our ability to remain a strong, healthy, unified and resilient organization. The normalizing of the supply chain at the end of the pandemic, along with 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 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, 2022 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.
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1Diluted earnings attributable to shareholders per share.
NOTE: See Disclaimer on Forward-Looking Statements in this release.
Expeditors International of Washington, Inc.
Third Quarter 2023 Earnings Release, November 7, 2023
Financial Highlights for the three months ended September 30, 2023 and 2022 (Unaudited)
(in 000's of US dollars except share data)
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Three months ended September 30, |
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Nine months ended September 30, |
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2023 |
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2022 |
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% Change |
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2023 |
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2022 |
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% Change |
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Revenues |
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$ |
2,190,001 |
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$ |
4,362,146 |
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(50)% |
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$ |
7,022,342 |
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$ |
13,629,756 |
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(48)% |
Directly related cost of transportation and other expenses 1 |
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$ |
1,402,111 |
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$ |
3,194,273 |
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(56)% |
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$ |
4,540,396 |
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$ |
10,151,332 |
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(55)% |
Salaries and other operating expenses 2 |
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$ |
571,821 |
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$ |
640,950 |
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(11)% |
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$ |
1,741,411 |
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$ |
1,983,759 |
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(12)% |
Operating income 3 |
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$ |
216,069 |
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$ |
526,923 |
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(59)% |
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$ |
740,535 |
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$ |
1,494,665 |
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(50)% |
Net earnings attributable to shareholders |
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$ |
171,353 |
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$ |
414,209 |
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(59)% |
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$ |
594,164 |
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$ |
1,138,123 |
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(48)% |
Diluted earnings attributable to shareholders per share |
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$ |
1.16 |
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$ |
2.54 |
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(54)% |
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$ |
3.92 |
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$ |
6.84 |
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(43)% |
Basic earnings attributable to shareholders per share |
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$ |
1.16 |
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$ |
2.56 |
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(55)% |
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$ |
3.95 |
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$ |
6.90 |
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(43)% |
Diluted weighted average shares outstanding |
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148,001 |
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163,250 |
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151,619 |
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166,398 |
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Basic weighted average shares outstanding |
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147,099 |
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162,029 |
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150,543 |
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164,944 |
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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. In the three months ended September 30, 2023, includes $14 million of expense related to indirect tax and other contingencies.
3Operating income in the three months ended September 30, 2022 includes recoveries of $18 million of expense related to the Company's global systems downtime and investigation, recovery and remediation efforts caused by a targeted cyber-attack that occurred in the first quarter of 2022. In the nine months ended September 30, 2022, operating income includes $70 million in expenses incurred as a result of the cyber-attack. In the three and nine months ended September 30, 2023, amounts related to the cyber-attack recorded in Operating Income were insignificant.
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. During the three and nine months ended September 30, 2022 we repurchased 4.5 million and 9.5 million shares of common stock at an average price of $103.56 and $106.84 per share.
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Employee Full-time Equivalents as of |
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September 30, 2023 |
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December 31, 2022 |
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September 30, 2022 |
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North America |
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6,975 |
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7,778 |
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7,819 |
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Europe |
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3,811 |
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4,228 |
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4,167 |
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North Asia |
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2,290 |
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2,448 |
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2,485 |
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South Asia |
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1,709 |
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1,851 |
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1,843 |
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Middle East, Africa and India |
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1,440 |
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1,540 |
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1,538 |
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Latin America |
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753 |
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859 |
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852 |
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Information Systems |
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1,239 |
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1,173 |
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1,144 |
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Corporate |
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408 |
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425 |
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421 |
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Total |
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18,625 |
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20,302 |
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20,269 |
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Third quarter year-over-year percentage decrease in: |
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2023 |
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Airfreight |
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Ocean freight |
July |
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(15)% |
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(14)% |
August |
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(15)% |
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(15)% |
September |
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(12)% |
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(17)% |
Quarter |
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(14)% |
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(15)% |
Investors may submit written questions via e-mail to: investor@expeditors.com. Questions received by the end of business on November 10, 2023 will be considered in management's 8-K “Responses to Selected Questions.”
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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)
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September 30, 2023 |
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December 31, 2022 |
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Assets: |
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Current Assets: |
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Cash and cash equivalents |
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$ |
1,639,428 |
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$ |
2,034,131 |
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Accounts receivable, less allowance for credit loss of |
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1,458,983 |
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2,107,645 |
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Deferred contract costs |
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223,768 |
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257,545 |
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Other |
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189,737 |
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118,696 |
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Total current assets |
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3,511,916 |
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4,518,017 |
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Property and equipment, less accumulated depreciation and |
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480,924 |
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501,916 |
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Operating lease right-of-use assets |
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506,981 |
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507,503 |
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Goodwill |
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7,927 |
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7,927 |
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Deferred federal and state income taxes, net |
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50,796 |
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37,449 |
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Other assets, net |
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19,577 |
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17,622 |
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Total assets |
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$ |
4,578,121 |
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$ |
5,590,434 |
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Liabilities: |
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Current Liabilities: |
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Accounts payable |
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$ |
846,461 |
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$ |
1,108,996 |
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Accrued liabilities, primarily salaries and related costs |
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423,685 |
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479,262 |
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Contract liabilities |
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283,797 |
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323,101 |
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Current portion of operating lease liabilities |
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99,876 |
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95,621 |
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Federal, state and foreign income taxes |
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13,226 |
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47,075 |
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Total current liabilities |
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1,667,045 |
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2,054,055 |
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Noncurrent portion of operating lease liabilities |
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419,602 |
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422,844 |
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Commitments and contingencies |
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Shareholders’ Equity: |
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Preferred stock, none issued |
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— |
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— |
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Common stock, par value $0.01 per share. Issued and outstanding: |
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1,454 |
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1,543 |
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Additional paid-in capital |
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— |
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139 |
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Retained earnings |
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2,701,386 |
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3,310,892 |
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Accumulated other comprehensive loss |
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(213,060 |
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(202,553 |
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Total shareholders’ equity |
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2,489,780 |
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3,110,021 |
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Noncontrolling interest |
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1,694 |
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3,514 |
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Total equity |
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2,491,474 |
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3,113,535 |
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Total liabilities and equity |
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$ |
4,578,121 |
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$ |
5,590,434 |
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8-November-2023 |
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)
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Three months ended September 30, |
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Nine months ended September 30, |
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2023 |
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2022 |
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2023 |
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2022 |
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Revenues: |
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Airfreight services |
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$ |
724,331 |
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$ |
1,480,955 |
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$ |
2,380,405 |
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$ |
4,682,076 |
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Ocean freight and ocean services |
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560,281 |
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1,684,579 |
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1,851,389 |
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5,420,471 |
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Customs brokerage and other services |
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905,389 |
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1,196,612 |
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2,790,548 |
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3,527,209 |
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Total revenues |
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2,190,001 |
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4,362,146 |
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7,022,342 |
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13,629,756 |
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Operating Expenses: |
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Airfreight services |
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516,519 |
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1,104,812 |
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1,707,568 |
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3,459,861 |
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Ocean freight and ocean services |
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387,670 |
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1,343,355 |
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1,277,159 |
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4,345,963 |
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Customs brokerage and other services |
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497,922 |
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746,106 |
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1,555,669 |
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2,345,508 |
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Salaries and related |
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412,505 |
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499,341 |
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1,290,911 |
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1,546,503 |
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Rent and occupancy |
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58,387 |
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52,715 |
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174,224 |
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155,241 |
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Depreciation and amortization |
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15,607 |
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15,187 |
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46,374 |
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42,416 |
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Selling and promotion |
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6,149 |
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6,239 |
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18,847 |
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16,174 |
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Other |
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79,173 |
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67,468 |
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211,055 |
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223,425 |
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Total operating expenses |
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1,973,932 |
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3,835,223 |
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6,281,807 |
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12,135,091 |
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Operating income |
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216,069 |
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526,923 |
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740,535 |
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1,494,665 |
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Other Income (Expense): |
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Interest income |
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17,156 |
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7,835 |
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53,723 |
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12,447 |
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Interest expense |
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(1,601 |
) |
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(470 |
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(4,641 |
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(1,031 |
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Other, net |
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267 |
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568 |
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9,035 |
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8,762 |
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Other income, net |
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15,822 |
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7,933 |
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58,117 |
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20,178 |
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Earnings before income taxes |
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231,891 |
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534,856 |
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798,652 |
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1,514,843 |
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Income tax expense |
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61,048 |
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|
120,694 |
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|
206,018 |
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|
368,975 |
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Net earnings |
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170,843 |
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414,162 |
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592,634 |
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1,145,868 |
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Less net (losses) earnings attributable to the noncontrolling |
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(510 |
) |
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(47 |
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(1,530 |
) |
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|
7,745 |
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Net earnings attributable to shareholders |
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$ |
171,353 |
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$ |
414,209 |
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$ |
594,164 |
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|
$ |
1,138,123 |
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Diluted earnings attributable to shareholders per share |
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$ |
1.16 |
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$ |
2.54 |
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$ |
3.92 |
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$ |
6.84 |
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Basic earnings attributable to shareholders per share |
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$ |
1.16 |
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|
$ |
2.56 |
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$ |
3.95 |
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$ |
6.90 |
|
Weighted average diluted shares outstanding |
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148,001 |
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163,250 |
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|
151,619 |
|
|
|
166,398 |
|
Weighted average basic shares outstanding |
|
|
147,099 |
|
|
|
162,029 |
|
|
|
150,543 |
|
|
|
164,944 |
|
8-November-2023 |
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, |
|
||||||||||
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
||||
Operating Activities: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net earnings |
|
$ |
170,843 |
|
|
$ |
414,162 |
|
|
$ |
592,634 |
|
|
$ |
1,145,868 |
|
Adjustments to reconcile net earnings to net cash from operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Provisions for losses on accounts receivable |
|
|
1,411 |
|
|
|
5,570 |
|
|
|
2,316 |
|
|
|
9,917 |
|
Deferred income tax benefit |
|
|
(6,418 |
) |
|
|
(3,070 |
) |
|
|
(7,942 |
) |
|
|
(14,928 |
) |
Stock compensation expense |
|
|
15,879 |
|
|
|
14,175 |
|
|
|
46,962 |
|
|
|
51,296 |
|
Depreciation and amortization |
|
|
15,607 |
|
|
|
15,187 |
|
|
|
46,374 |
|
|
|
42,416 |
|
Other, net |
|
|
2,673 |
|
|
|
1,435 |
|
|
|
6,396 |
|
|
|
144 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
(Increase) decrease in accounts receivable |
|
|
(53,722 |
) |
|
|
634,421 |
|
|
|
629,205 |
|
|
|
880,364 |
|
Increase (decrease) in accounts payable and accrued liabilities |
|
|
40,919 |
|
|
|
(350,922 |
) |
|
|
(311,990 |
) |
|
|
(343,902 |
) |
(Increase) decrease in deferred contract costs |
|
|
(56,917 |
) |
|
|
226,087 |
|
|
|
28,870 |
|
|
|
437,155 |
|
Increase (decrease) in contract liabilities |
|
|
74,701 |
|
|
|
(249,895 |
) |
|
|
(33,549 |
) |
|
|
(488,826 |
) |
Decrease in income taxes payable, net |
|
|
(4,017 |
) |
|
|
(31,397 |
) |
|
|
(97,743 |
) |
|
|
(78,568 |
) |
(Increase) decrease in other, net |
|
|
(10,979 |
) |
|
|
(5,369 |
) |
|
|
(6,695 |
) |
|
|
2,040 |
|
Net cash from operating activities |
|
|
189,980 |
|
|
|
670,384 |
|
|
|
894,838 |
|
|
|
1,642,976 |
|
Investing Activities: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Purchase of property and equipment |
|
|
(7,993 |
) |
|
|
(15,928 |
) |
|
|
(28,600 |
) |
|
|
(68,498 |
) |
Other, net |
|
|
10 |
|
|
|
(590 |
) |
|
|
(209 |
) |
|
|
(645 |
) |
Net cash from investing activities |
|
|
(7,983 |
) |
|
|
(16,518 |
) |
|
|
(28,809 |
) |
|
|
(69,143 |
) |
Financing Activities: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Payments on borrowings on lines of credit |
|
|
(1,491 |
) |
|
|
(21,117 |
) |
|
|
(33,636 |
) |
|
|
(29,601 |
) |
Proceeds from borrowings on lines of credit |
|
|
8,404 |
|
|
|
— |
|
|
|
26,953 |
|
|
|
56,545 |
|
Proceeds from issuance of common stock |
|
|
61,841 |
|
|
|
61,885 |
|
|
|
80,305 |
|
|
|
73,318 |
|
Repurchases of common stock |
|
|
(298,103 |
) |
|
|
(469,041 |
) |
|
|
(1,199,294 |
) |
|
|
(1,018,106 |
) |
Dividends Paid |
|
|
— |
|
|
|
— |
|
|
|
(102,263 |
) |
|
|
(109,828 |
) |
Payments for taxes related to net share settlement of equity awards |
|
|
— |
|
|
|
— |
|
|
|
(19,501 |
) |
|
|
(19,333 |
) |
Distribution to noncontrolling interest |
|
|
— |
|
|
|
(543 |
) |
|
|
— |
|
|
|
(543 |
) |
Net cash from financing activities |
|
|
(229,349 |
) |
|
|
(428,816 |
) |
|
|
(1,247,436 |
) |
|
|
(1,047,548 |
) |
Effect of exchange rate changes on cash and cash equivalents |
|
|
(11,807 |
) |
|
|
(47,487 |
) |
|
|
(13,296 |
) |
|
|
(100,443 |
) |
Change in cash and cash equivalents |
|
|
(59,159 |
) |
|
|
177,563 |
|
|
|
(394,703 |
) |
|
|
425,842 |
|
Cash and cash equivalents at beginning of period |
|
|
1,698,587 |
|
|
|
1,976,971 |
|
|
|
2,034,131 |
|
|
|
1,728,692 |
|
Cash and cash equivalents at end of period |
|
$ |
1,639,428 |
|
|
$ |
2,154,534 |
|
|
$ |
1,639,428 |
|
|
$ |
2,154,534 |
|
Taxes Paid: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Income taxes |
|
$ |
61,603 |
|
|
$ |
150,960 |
|
|
$ |
306,059 |
|
|
$ |
465,711 |
|
8-November-2023 |
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, 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 (loss) |
|
$ |
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 |
|
For the three months ended September 30, 2022: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Revenues |
|
$ |
1,244,515 |
|
|
|
140,622 |
|
|
|
68,057 |
|
|
|
1,489,331 |
|
|
|
518,780 |
|
|
|
637,411 |
|
|
|
264,518 |
|
|
|
(1,088 |
) |
|
|
4,362,146 |
|
Directly related cost of transportation and other expenses1 |
|
$ |
742,826 |
|
|
|
80,116 |
|
|
|
41,638 |
|
|
|
1,250,872 |
|
|
|
416,817 |
|
|
|
453,248 |
|
|
|
209,248 |
|
|
|
(492 |
) |
|
|
3,194,273 |
|
Salaries and other operating expenses2 |
|
$ |
314,442 |
|
|
|
30,151 |
|
|
|
15,057 |
|
|
|
98,758 |
|
|
|
37,577 |
|
|
|
109,308 |
|
|
|
36,181 |
|
|
|
(524 |
) |
|
|
640,950 |
|
Operating income |
|
$ |
187,247 |
|
|
|
30,355 |
|
|
|
11,362 |
|
|
|
139,701 |
|
|
|
64,386 |
|
|
|
74,855 |
|
|
|
19,089 |
|
|
|
(72 |
) |
|
|
526,923 |
|
Identifiable assets at period end |
|
$ |
3,553,279 |
|
|
|
272,527 |
|
|
|
137,472 |
|
|
|
915,895 |
|
|
|
421,148 |
|
|
|
1,020,756 |
|
|
|
322,160 |
|
|
|
(35,711 |
) |
|
|
6,607,526 |
|
Capital expenditures |
|
$ |
9,278 |
|
|
|
556 |
|
|
|
419 |
|
|
|
581 |
|
|
|
426 |
|
|
|
3,619 |
|
|
|
1,049 |
|
|
|
— |
|
|
|
15,928 |
|
Equity |
|
$ |
2,430,632 |
|
|
|
129,346 |
|
|
|
59,494 |
|
|
|
304,496 |
|
|
|
180,855 |
|
|
|
289,595 |
|
|
|
140,147 |
|
|
|
(43,172 |
) |
|
|
3,491,393 |
|
|
|
UNITED |
|
|
OTHER |
|
|
LATIN |
|
|
NORTH |
|
|
SOUTH |
|
|
EUROPE |
|
|
MIDDLE |
|
|
ELIMI- |
|
|
CONSOLI- |
|
|||||||||
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 |
|
For the nine months ended September 30, 2022: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Revenues |
|
$ |
3,751,102 |
|
|
|
390,220 |
|
|
|
191,900 |
|
|
|
4,840,822 |
|
|
|
1,776,355 |
|
|
|
1,871,509 |
|
|
|
811,147 |
|
|
|
(3,299 |
) |
|
|
13,629,756 |
|
Directly related cost of transportation and other expenses1 |
|
$ |
2,303,428 |
|
|
|
230,154 |
|
|
|
118,793 |
|
|
|
4,054,319 |
|
|
|
1,463,173 |
|
|
|
1,335,267 |
|
|
|
647,510 |
|
|
|
(1,312 |
) |
|
|
10,151,332 |
|
Salaries and other operating expenses2 |
|
$ |
962,817 |
|
|
|
86,328 |
|
|
|
42,654 |
|
|
|
326,767 |
|
|
|
121,634 |
|
|
|
333,971 |
|
|
|
111,481 |
|
|
|
(1,893 |
) |
|
|
1,983,759 |
|
Operating income |
|
$ |
484,857 |
|
|
|
73,738 |
|
|
|
30,453 |
|
|
|
459,736 |
|
|
|
191,548 |
|
|
|
202,271 |
|
|
|
52,156 |
|
|
|
(94 |
) |
|
|
1,494,665 |
|
Identifiable assets at period end |
|
$ |
3,553,279 |
|
|
|
272,527 |
|
|
|
137,472 |
|
|
|
915,895 |
|
|
|
421,148 |
|
|
|
1,020,756 |
|
|
|
322,160 |
|
|
|
(35,711 |
) |
|
|
6,607,526 |
|
Capital expenditures |
|
$ |
45,149 |
|
|
|
2,672 |
|
|
|
705 |
|
|
|
1,878 |
|
|
|
1,152 |
|
|
|
13,343 |
|
|
|
3,599 |
|
|
|
— |
|
|
|
68,498 |
|
Equity |
|
$ |
2,430,632 |
|
|
|
129,346 |
|
|
|
59,494 |
|
|
|
304,496 |
|
|
|
180,855 |
|
|
|
289,595 |
|
|
|
140,147 |
|
|
|
(43,172 |
) |
|
|
3,491,393 |
|
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.
2 Salaries 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.
8-November-2023 |
Expeditors International of Washington, Inc. |
Page 7 of 7 |