8-K
EXPEDITORS INTERNATIONAL OF WASHINGTON INC (EXPD)
UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
| Date of Report (Date of earliest event reported): August 08, 2023 |
|---|
EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.
(Exact name of Registrant as Specified in Its Charter)
| Washington | 000-13468 | 91-1069248 |
|---|---|---|
| (State or Other Jurisdiction<br>of Incorporation) | (Commission File Number) | (IRS Employer<br>Identification No.) |
| 1015 Third Avenue | ||
| Seattle, Washington | 98104 | |
| (Address of Principal Executive Offices) | (Zip Code) | |
| Registrant’s Telephone Number, Including Area Code: 206 674-3400 | ||
| --- |
(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:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading<br>Symbol(s) | Name of each exchange on which registered |
|---|---|---|
| Common Stock, par value $0.01 per share | EXPD | Nasdaq Global Select Market |
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 August 8, 2023, Expeditors International of Washington, Inc., a Washington corporation, issued a press release announcing June 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 | Press release, dated August 8, 2023 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: | August 8, 2023 | By: | /S/ Bradley S. Powell |
| Bradley S. Powell, Senior Vice President and Chief Financial Officer |
EX-99.1
Exhibit 99.1
EARNINGS RELEASE
| By: | Expeditors International of Washington, Inc. | ||
|---|---|---|---|
| 1015 Third Avenue | |||
| Seattle, Washington 98104 | |||
| 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 SECOND QUARTER 2023 EPS OF $1.30
SEATTLE, WASHINGTON - August 8, 2023, Expeditors International of Washington, Inc. (NASDAQ:EXPD) today announced second quarter 2023 financial results including the following comparisons to the same quarter of 2022:
• Diluted Net Earnings Attributable to Shareholders per share (EPS1) decreased 43% to $1.30
• Net Earnings Attributable to Shareholders decreased 48% to $197 million
• Operating Income decreased 51% to $248 million
• Revenues decreased 51% to $2.2 billion
• Airfreight tonnage volume decreased 15% and ocean container volume decreased 13%
“The freight marketplace has continued to reset and has reverted closer to pre-pandemic levels of activity,” said Jeffrey S. Musser, President and Chief Executive Officer. “Average buy and sell rates in the second quarter are still above their pre-COVID levels but are falling, and volumes have continued to decline at the same time that air capacity has scaled up and ocean capacity is readily available. Pricing is becoming a more critical determining factor to shippers the further away we get from the severe supply chain disruptions brought on by the pandemic, which impacted revenues this quarter, primarily in our air and ocean businesses. There is now ample and, in some cases, excess capacity in both air and ocean freight, as global supply chain congestion of recent years has effectively disappeared.
"With the return of passenger belly space, total air cargo capacity now exceeds pre-pandemic levels. Driven by robust passenger demand, carriers continue to bring new and idled aircraft back into service, which is coupled with persistent higher utilization of freighter capacity compared to pre-pandemic levels. Despite increased air capacity, shippers face uncertain demand for their products, as consumers remain cautious amidst declines in their purchasing power. In that regard, second-quarter operating conditions were very much a continuation of what we experienced in the immediately prior two quarters.
“Ocean buy and sell rates also have continued to fall significantly for the third consecutive quarter as capacity exceeded demand despite carrier efforts to rationalize the availability of space. Our customs brokerage fees and Transcon revenue also were lower due to declines in volumes.
“Looking forward, we will continue to thoughtfully manage down our headcount and exert other efforts to align our costs with these lower levels of demand. In many ways, current conditions are very much the reverse of what we experienced in the early days of the pandemic, as the current marketplace shifts to a lower gear on increased capacity and falling rates and demand. We do not see those conditions changing meaningfully before the end of the current year. Shippers are cautious, the economy remains uncertain, and carrier capacity does not adequately reflect the current levels of marketplace demand.”
Bradley S. Powell, Senior Vice President and Chief Financial Officer, added, “It is critical that while we keep costs in check, we also prepare ourselves for the future when operating conditions eventually stabilize and demand and volumes begin to recover and grow. While focused on controlling and carefully managing our cash, we still were able
_______________________
1Diluted earnings attributable to shareholders per share.
NOTE: See Disclaimer on Forward-Looking Statements in this release.
to return $1 billion to shareholders in repurchased stock and dividends paid out during the first six months of the year, and more than $2.1 billion over the past 12 months. While our first priority always is to invest in the growth of our business, we will continue to focus on controlling costs, improving operational efficiencies, and returning capital to investors as we have done for more than 40 years.”
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 our uncertain short-term outlook; a normalized supply chain; increased air capacity due to robust passenger demand; falling rates; declining volumes; sufficient and in some cases excess air and ocean capacity; shipper uncertainty given the current economic outlook; rising inflation 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 manage down our headcount and exert other efforts to align our costs; 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.
_______________________
1Diluted earnings attributable to shareholders per share.
NOTE: See Disclaimer on Forward-Looking Statements in this release.
Expeditors International of Washington, Inc.
Second Quarter 2023 Earnings Release, August 8, 2023
Financial Highlights for the three months ended June 30, 2023 and 2022 (Unaudited)
(in 000's of US dollars except share data)
| Three months ended June 30, | Six months ended June 30, | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 2023 | 2022 | % Change | 2023 | 2022 | % Change | |||||
| Revenues | $ | 2,239,752 | $ | 4,603,312 | (51)% | $ | 4,832,341 | $ | 9,267,610 | (48)% |
| Directly related cost of transportation and other expenses 1 | $ | 1,419,183 | $ | 3,440,948 | (59)% | $ | 3,138,285 | $ | 6,957,059 | (55)% |
| Salaries and other operating expenses 2 | $ | 572,072 | $ | 656,382 | (13)% | $ | 1,169,590 | $ | 1,342,809 | (13)% |
| Operating income 3 | $ | 248,497 | $ | 505,982 | (51)% | $ | 524,466 | $ | 967,742 | (46)% |
| Net earnings attributable to shareholders | $ | 196,800 | $ | 377,805 | (48)% | $ | 422,811 | $ | 723,914 | (42)% |
| Diluted earnings attributable to shareholders per share | $ | 1.30 | $ | 2.27 | (43)% | $ | 2.75 | $ | 4.31 | (36)% |
| Basic earnings attributable to shareholders per share | $ | 1.31 | $ | 2.29 | (43)% | $ | 2.78 | $ | 4.35 | (36)% |
| Diluted weighted average shares outstanding | 151,563 | 166,474 | 153,516 | 167,980 | ||||||
| Basic weighted average shares outstanding | 150,435 | 165,092 | 152,291 | 166,423 |
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.
3Operating income in the three and six months ended June 30, 2022 includes $26 million and $88 million in expenses incurred as a result of 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 three and six months ended June 30, 2023, amounts related to the cyber-attack recorded in Operating Income were insignificant.
During the three and six months ended June 30, 2023, we repurchased 6.0 million and 8.0 million shares of common stock at an average price of $114.61 and $113.23 per share. During the three and six months ended June 30, 2022 we repurchased 5.0 million shares of common stock at an average price of $109.81.
| Employee Full-time Equivalents as of | ||||||
|---|---|---|---|---|---|---|
| June 30, 2023 | December 31, 2022 | June 30, 2022 | ||||
| North America | 7,154 | 7,778 | 7,770 | |||
| Europe | 3,946 | 4,228 | 4,099 | |||
| North Asia | 2,340 | 2,448 | 2,488 | |||
| South Asia | 1,731 | 1,851 | 1,821 | |||
| Middle East, Africa and India | 1,459 | 1,540 | 1,533 | |||
| Latin America | 765 | 859 | 854 | |||
| Information Systems | 1,242 | 1,173 | 1,093 | |||
| Corporate | 416 | 425 | 438 | |||
| Total | 19,053 | 20,302 | 20,096 | |||
| Second quarter year-over-year percentage increase (decrease) in: | ||||||
| --- | --- | --- | ||||
| 2023 | Airfreight<br>kilos | Ocean freight<br>FEU | ||||
| April | (6)% | (15)% | ||||
| May | (16)% | (13)% | ||||
| June | (22)% | (12)% | ||||
| Quarter | (15)% | (13)% |
Investors may submit written questions via e-mail to: investor@expeditors.com. Questions received by the end of business on August 11, 2023 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)
| December 31, 2022 | |||||
|---|---|---|---|---|---|
| Assets: | |||||
| Current Assets: | |||||
| Cash and cash equivalents | 1,698,587 | $ | 2,034,131 | ||
| Accounts receivable, less allowance for credit loss of 5,802 at June 30, 2023 and 9,466 at December 31, 2022 | 1,423,622 | 2,107,645 | |||
| Deferred contract costs | 175,723 | 257,545 | |||
| Other | 184,614 | 118,696 | |||
| Total current assets | 3,482,546 | 4,518,017 | |||
| Property and equipment, less accumulated depreciation and amortization 590,490 at June 30, 2023 and 567,758 at December 31, 2022 | 494,539 | 501,916 | |||
| Operating lease right-of-use assets | 514,958 | 507,503 | |||
| Goodwill | 7,927 | 7,927 | |||
| Deferred federal and state income taxes, net | 43,550 | 37,449 | |||
| Other assets, net | 20,520 | 17,622 | |||
| Total assets | 4,564,040 | $ | 5,590,434 | ||
| Liabilities: | |||||
| Current Liabilities: | |||||
| Accounts payable | 815,514 | $ | 1,108,996 | ||
| Accrued expenses, primarily salaries and related costs | 422,134 | 479,262 | |||
| Contract liabilities | 218,561 | 323,101 | |||
| Current portion of operating lease liabilities | 99,962 | 95,621 | |||
| Federal, state and foreign income taxes | 22,936 | 47,075 | |||
| Total current liabilities | 1,579,107 | 2,054,055 | |||
| Noncurrent portion of operating lease liabilities | 426,829 | 422,844 | |||
| Commitments and contingencies | |||||
| Shareholders’ Equity: | |||||
| Preferred stock, none issued | — | — | |||
| Common stock, par value 0.01 per share. Issued and outstanding: 147,222 shares at June 30, 2023 and 154,313 shares at December 31, 2022 | 1,472 | 1,543 | |||
| Additional paid-in capital | — | 139 | |||
| Retained earnings | 2,752,461 | 3,310,892 | |||
| Accumulated other comprehensive loss | (198,001 | ) | (202,553 | ) | |
| Total shareholders’ equity | 2,555,932 | 3,110,021 | |||
| Noncontrolling interest | 2,172 | 3,514 | |||
| Total equity | 2,558,104 | 3,113,535 | |||
| Total liabilities and equity | 4,564,040 | $ | 5,590,434 |
All values are in US Dollars.
| 8-August-2023 | Expeditors International of Washington, Inc. | Page 4 of 7 |
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EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.
AND SUBSIDIARIES
Condensed Consolidated Statements of Earnings
(In thousands, except per share data)
(Unaudited)
| Three months ended June 30, | Six months ended June 30, | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2023 | 2022 | 2023 | 2022 | |||||||||
| Revenues: | ||||||||||||
| Airfreight services | $ | 751,171 | $ | 1,602,566 | $ | 1,656,074 | $ | 3,201,121 | ||||
| Ocean freight and ocean services | 593,801 | 1,759,646 | 1,291,108 | 3,735,892 | ||||||||
| Customs brokerage and other services | 894,780 | 1,241,100 | 1,885,159 | 2,330,597 | ||||||||
| Total revenues | 2,239,752 | 4,603,312 | 4,832,341 | 9,267,610 | ||||||||
| Operating Expenses: | ||||||||||||
| Airfreight services | 525,027 | 1,212,503 | 1,191,049 | 2,355,049 | ||||||||
| Ocean freight and ocean services | 405,807 | 1,402,365 | 889,489 | 3,002,608 | ||||||||
| Customs brokerage and other services | 488,349 | 826,080 | 1,057,747 | 1,599,402 | ||||||||
| Salaries and related | 428,558 | 508,222 | 878,406 | 1,047,162 | ||||||||
| Rent and occupancy | 58,205 | 51,598 | 115,837 | 102,526 | ||||||||
| Depreciation and amortization | 15,506 | 14,254 | 30,767 | 27,229 | ||||||||
| Selling and promotion | 6,314 | 5,887 | 12,698 | 9,935 | ||||||||
| Other | 63,489 | 76,421 | 131,882 | 155,957 | ||||||||
| Total operating expenses | 1,991,255 | 4,097,330 | 4,307,875 | 8,299,868 | ||||||||
| Operating income | 248,497 | 505,982 | 524,466 | 967,742 | ||||||||
| Other Income (Expense): | ||||||||||||
| Interest income | 17,792 | 2,720 | 36,567 | 4,612 | ||||||||
| Interest expense | (395 | ) | (58 | ) | (3,040 | ) | (561 | ) | ||||
| Other, net | 289 | 164 | 8,768 | 8,194 | ||||||||
| Other income, net | 17,686 | 2,826 | 42,295 | 12,245 | ||||||||
| Earnings before income taxes | 266,183 | 508,808 | 566,761 | 979,987 | ||||||||
| Income tax expense | 70,390 | 126,582 | 144,970 | 248,281 | ||||||||
| Net earnings | 195,793 | 382,226 | 421,791 | 731,706 | ||||||||
| Less net (losses) earnings attributable to the noncontrolling<br> interest | (1,007 | ) | 4,421 | (1,020 | ) | 7,792 | ||||||
| Net earnings attributable to shareholders | $ | 196,800 | $ | 377,805 | $ | 422,811 | $ | 723,914 | ||||
| Diluted earnings attributable to shareholders per share | $ | 1.30 | $ | 2.27 | $ | 2.75 | $ | 4.31 | ||||
| Basic earnings attributable to shareholders per share | $ | 1.31 | $ | 2.29 | $ | 2.78 | $ | 4.35 | ||||
| Weighted average diluted shares outstanding | 151,563 | 166,474 | 153,516 | 167,980 | ||||||||
| Weighted average basic shares outstanding | 150,435 | 165,092 | 152,291 | 166,423 | ||||||||
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| --- | --- | --- |
EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.
AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
| Three months ended June 30, | Six months ended June 30, | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2023 | 2022 | 2023 | 2022 | |||||||||
| Operating Activities: | ||||||||||||
| Net earnings | $ | 195,793 | $ | 382,226 | $ | 421,791 | $ | 731,706 | ||||
| Adjustments to reconcile net earnings to net cash from operating activities: | ||||||||||||
| Provisions for (recoveries) losses on accounts receivable | (167 | ) | 4,763 | 905 | 4,347 | |||||||
| Deferred income tax benefit | (3,560 | ) | (8,622 | ) | (1,524 | ) | (11,858 | ) | ||||
| Stock compensation expense | 18,595 | 25,518 | 31,083 | 37,121 | ||||||||
| Depreciation and amortization | 15,506 | 14,254 | 30,767 | 27,229 | ||||||||
| Other, net | 2,564 | (1,746 | ) | 3,723 | (1,291 | ) | ||||||
| Changes in operating assets and liabilities: | ||||||||||||
| Decrease in accounts receivable | 174,321 | 378,291 | 682,927 | 245,943 | ||||||||
| (Decrease) increase in accounts payable and accrued liabilities | (149,986 | ) | (133,171 | ) | (352,909 | ) | 7,020 | |||||
| Decrease in deferred contract costs | 18,166 | 37,138 | 85,787 | 211,068 | ||||||||
| Decrease in contract liabilities | (23,803 | ) | (45,574 | ) | (108,250 | ) | (238,931 | ) | ||||
| Increase in income taxes payable, net | (93,817 | ) | (93,430 | ) | (93,726 | ) | (47,171 | ) | ||||
| Decrease (increase) in other, net | 4,834 | (1,001 | ) | 4,284 | 7,409 | |||||||
| Net cash from operating activities | 158,446 | 558,646 | 704,858 | 972,592 | ||||||||
| Investing Activities: | ||||||||||||
| Purchase of property and equipment | (10,481 | ) | (38,158 | ) | (20,607 | ) | (52,570 | ) | ||||
| Other, net | (794 | ) | (134 | ) | (219 | ) | (55 | ) | ||||
| Net cash from investing activities | (11,275 | ) | (38,292 | ) | (20,826 | ) | (52,625 | ) | ||||
| Financing Activities: | ||||||||||||
| Payments on borrowings on lines of credit | (5,743 | ) | (5,382 | ) | (32,145 | ) | (8,484 | ) | ||||
| Proceeds from borrowings on lines of credit | 7,054 | 33,953 | 18,549 | 56,545 | ||||||||
| Proceeds from issuance of common stock | 9,176 | 5,682 | 18,464 | 11,433 | ||||||||
| Repurchases of common stock | (687,689 | ) | (549,065 | ) | (901,191 | ) | (549,065 | ) | ||||
| Dividends Paid | (102,263 | ) | (109,828 | ) | (102,263 | ) | (109,828 | ) | ||||
| Payments for taxes related to net share settlement of equity awards | (12,056 | ) | (11,851 | ) | (19,501 | ) | (19,333 | ) | ||||
| Net cash from financing activities | (791,521 | ) | (636,491 | ) | (1,018,087 | ) | (618,732 | ) | ||||
| Effect of exchange rate changes on cash and cash equivalents | (7,857 | ) | (46,518 | ) | (1,489 | ) | (52,956 | ) | ||||
| Change in cash and cash equivalents | (652,207 | ) | (162,655 | ) | (335,544 | ) | 248,279 | |||||
| Cash and cash equivalents at beginning of period | 2,350,794 | 2,139,626 | 2,034,131 | 1,728,692 | ||||||||
| Cash and cash equivalents at end of period | $ | 1,698,587 | $ | 1,976,971 | $ | 1,698,587 | $ | 1,976,971 | ||||
| Taxes Paid: | ||||||||||||
| Income taxes | $ | 173,670 | $ | 236,791 | $ | 244,456 | $ | 314,751 | ||||
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| --- | --- | --- |
EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.
AND SUBSIDIARIES
Business Segment Information
(In thousands)
(Unaudited)
| UNITED<br>STATES | OTHER<br>NORTH<br>AMERICA | LATIN<br>AMERICA | NORTH<br>ASIA | SOUTH<br>ASIA | OPE | MIDDLE<br>EAST,<br>AFRICA<br>AND<br>INDIA | ELIMI-<br>NATIONS | CONSOLI-<br>DATED | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| For the three months ended June 30, 2023: | ||||||||||||||||||
| Revenues | $ | 805,948 | 110,255 | 49,972 | 510,027 | 199,868 | 123,972 | (1,206 | ) | 2,239,752 | ||||||||
| Directly related cost of transportation and other expenses1 | $ | 426,121 | 69,108 | 29,428 | 387,973 | 134,477 | 83,890 | (623 | ) | 1,419,182 | ||||||||
| Salaries and other operating expenses2 | $ | 256,277 | 34,793 | 16,265 | 68,290 | 44,048 | 27,820 | (616 | ) | 572,073 | ||||||||
| Operating income (loss) | $ | 123,550 | 6,354 | 4,279 | 53,764 | 21,343 | 12,262 | 33 | 248,497 | |||||||||
| Identifiable assets at period end | $ | 2,553,553 | 192,362 | 115,458 | 495,229 | 213,026 | 258,849 | (12,886 | ) | 4,564,040 | ||||||||
| Capital expenditures | $ | 6,623 | 161 | 46 | 352 | 168 | 795 | — | 10,481 | |||||||||
| Equity | $ | 1,873,220 | 45,252 | 59,289 | 220,638 | 93,476 | 158,133 | (38,078 | ) | 2,558,104 | ||||||||
| For the three months ended June 30, 2022: | ||||||||||||||||||
| Revenues | $ | 1,265,363 | 144,988 | 66,136 | 1,582,475 | 611,246 | 275,948 | (1,151 | ) | 4,603,312 | ||||||||
| Directly related cost of transportation and other expenses1 | $ | 797,179 | 85,806 | 43,298 | 1,323,354 | 507,473 | 220,162 | (723 | ) | 3,440,948 | ||||||||
| Salaries and other operating expenses2 | $ | 314,726 | 31,308 | 14,496 | 104,896 | 38,728 | 37,258 | (424 | ) | 656,382 | ||||||||
| Operating income | $ | 153,458 | 27,874 | 8,342 | 154,225 | 65,045 | 18,528 | (4 | ) | 505,982 | ||||||||
| Identifiable assets at period end | $ | 3,681,137 | 304,799 | 144,303 | 1,275,808 | 554,166 | 365,532 | (45,849 | ) | 7,361,142 | ||||||||
| Capital expenditures | $ | 26,394 | 1,038 | 177 | 766 | 436 | 1,681 | — | 38,158 | |||||||||
| Equity | $ | 2,435,088 | 127,428 | 54,762 | 307,453 | 217,437 | 134,388 | (38,865 | ) | 3,535,263 |
All values are in Euros.
| UNITED<br>STATES | OTHER<br>NORTH<br>AMERICA | LATIN<br>AMERICA | NORTH<br>ASIA | SOUTH<br>ASIA | OPE | MIDDLE<br>EAST,<br>AFRICA<br>AND<br>INDIA | ELIMI-<br>NATIONS | CONSOLI-<br>DATED | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| For the six months ended June 30, 2023: | ||||||||||||||||||
| Revenues | $ | 1,751,442 | 220,105 | 104,667 | 1,092,448 | 423,995 | 266,675 | (2,371 | ) | 4,832,341 | ||||||||
| Directly related cost of transportation and other expenses1 | $ | 966,078 | 138,313 | 61,730 | 840,315 | 292,100 | 179,839 | (1,159 | ) | 3,138,284 | ||||||||
| Salaries and other operating expenses2 | $ | 523,960 | 70,617 | 35,767 | 139,430 | 90,846 | 57,652 | (1,249 | ) | 1,169,591 | ||||||||
| Operating income | $ | 261,404 | 11,175 | 7,170 | 112,703 | 41,049 | 29,184 | 37 | 524,466 | |||||||||
| Identifiable assets at period end | $ | 2,553,553 | 192,362 | 115,458 | 495,229 | 213,026 | 258,849 | (12,886 | ) | 4,564,040 | ||||||||
| Capital expenditures | $ | 12,067 | 630 | 276 | 942 | 335 | 1,038 | — | 20,607 | |||||||||
| Equity | $ | 1,873,220 | 45,252 | 59,289 | 220,638 | 93,476 | 158,133 | (38,078 | ) | 2,558,104 | ||||||||
| For the six months ended June 30, 2022: | ||||||||||||||||||
| Revenues | $ | 2,506,587 | 249,598 | 123,843 | 3,351,491 | 1,257,575 | 546,629 | (2,211 | ) | 9,267,610 | ||||||||
| Directly related cost of transportation and other expenses1 | $ | 1,560,602 | 150,038 | 77,155 | 2,803,447 | 1,046,356 | 438,262 | (820 | ) | 6,957,059 | ||||||||
| Salaries and other operating expenses2 | $ | 648,375 | 56,177 | 27,597 | 228,009 | 84,057 | 75,300 | (1,369 | ) | 1,342,809 | ||||||||
| Operating income | $ | 297,610 | 43,383 | 19,091 | 320,035 | 127,162 | 33,067 | (22 | ) | 967,742 | ||||||||
| Identifiable assets at period end | $ | 3,681,137 | 304,799 | 144,303 | 1,275,808 | 554,166 | 365,532 | (45,849 | ) | 7,361,142 | ||||||||
| Capital expenditures | $ | 35,871 | 2,116 | 286 | 1,297 | 726 | 2,550 | — | 52,570 | |||||||||
| Equity | $ | 2,435,088 | 127,428 | 54,762 | 307,453 | 217,437 | 134,388 | (38,865 | ) | 3,535,263 |
All values are in Euros.
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.
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