0000746515-13-000002.txt : 20130226 0000746515-13-000002.hdr.sgml : 20130226 20130226155129 ACCESSION NUMBER: 0000746515-13-000002 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20130226 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20130226 DATE AS OF CHANGE: 20130226 FILER: COMPANY DATA: COMPANY CONFORMED NAME: EXPEDITORS INTERNATIONAL OF WASHINGTON INC CENTRAL INDEX KEY: 0000746515 STANDARD INDUSTRIAL CLASSIFICATION: ARRANGEMENT OF TRANSPORTATION OF FREIGHT & CARGO [4731] IRS NUMBER: 911069248 STATE OF INCORPORATION: WA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-13468 FILM NUMBER: 13642574 BUSINESS ADDRESS: STREET 1: 1015 THIRD AVENUE 12TH FLOOR CITY: SEATTLE STATE: WA ZIP: 98104 BUSINESS PHONE: 2066743400 MAIL ADDRESS: STREET 1: 1015 THIRD AVENUE 12TH FLOOR CITY: SEATTLE STATE: WA ZIP: 98104 8-K 1 a20124qer8-k.htm 8-K 2012 4Q ER 8-K


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, 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: February 26, 2013
(Date of earliest event reported)


EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.
(Exact name of registrant as specified in its charter)
Washington
 
000-13468
 
91-1069248
(State or other jurisdiction of
 
(Commission File No.)
(IRS Employer Identification Number)
incorporation or organization)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1015 Third Avenue, 12th Floor, Seattle, Washington
98104
 
(Address of principal executive offices)
 
(Zip Code)
 
 
 
 
 
 
 
 
(206) 674-3400
 
 
 
(Registrant's telephone number, including area code)
 
 
 
 
 
 
 
 
N/A
 
 
 
(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:
o
 
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
 
 
o
 
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
 
 
o
 
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
 
 
o
 
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 
 
 
 
 








Item 2.02 Results of Operations and Financial Condition.

The following information is furnished pursuant to Item 2.02, “Results of Operations and Financial Condition.”

On February 26, 2013, Expeditors International of Washington, Inc., a Washington corporation, issued a press release announcing fourth quarter 2012 financial results. A copy of the press release is furnished as Exhibit 99.1 to this report.

Item 9.01 Financial Statements and Exhibits.

(d)     The following items are filed as exhibits to this report:
         
99.1     Press release, dated February 26, 2013 issued by Expeditors International of Washington, Inc.







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 thereunto duly authorized.

EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.




February 26, 2013         /s/ BRADLEY S. POWELL
Bradley S. Powell, Senior Vice President and Chief Financial Officer



 EX-99.1 2 a20124qerexhibit991.htm EXHIBIT 2012 4Q ER Exhibit 99.1

Exhibit 99.1
EARNINGS RELEASE
By:    Expeditors International of Washington, Inc.
1015 Third Avenue, Suite 1200
Seattle, Washington 98104

CONTACTS:
R. Jordan Gates                Bradley S. Powell
President and Chief Operating Officer        Senior Vice President and Chief Financial Officer
(206) 674-3427     (206) 674-3412
 
 
 
FOR IMMEDIATE RELEASE
EXPEDITORS REPORTS FOURTH QUARTER 2012 EPS OF $.40 PER SHARE 1 
    
SEATTLE, WASHINGTON - February 26, 2013, Expeditors International of Washington, Inc. (NASDAQ:EXPD) today announced net earnings attributable to shareholders of $84,208,000 for the fourth quarter of 2012, as compared with $92,843,000 for the same quarter of 2011, a decrease of (9)%. Net revenues for the fourth quarter of 2012 decreased (4)% to $458,738,000 as compared with $476,155,000 reported for the fourth quarter of 2011. Total revenues and operating income were $1,532,957,000 and $128,025,000 in 2012, as compared with $1,501,914,000 and $155,064,000 for the same quarter of 2011, an increase of 2% and a decrease of (17)%, respectively. Diluted net earnings attributable to shareholders per share for the fourth quarter were $.40, as compared with $.43 for the same quarter in 2011, a decrease of (7)%.
    
For the year ended December 31, 2012, net earnings attributable to shareholders was $333,360,000, as compared with $385,679,000 in 2011, a decrease of (14)%. Net revenues for the year decreased to $1,824,098,000 from $1,896,477,000 for 2011, down (4)%. Total revenues and operating income for the year were $5,980,943,000 and $530,798,000 in 2012, as compared with $6,150,498,000 and $618,327,000 for the same period in 2011, decreases of (3)% and (14)%, respectively. Diluted net earnings attributable to shareholders per share for the year ended December 31, 2012 were $1.57, as compared with $1.79 for the same period of 2011, a decrease of (12)%.
    
“We obviously would have liked better results for the annual 2012 and fourth quarter, not withstanding 2012 was our third most profitable year on record," said Peter J. Rose, Chairman and Chief Executive Officer. "The market has been challenged throughout the year by air carriers reducing capacity to optimize their pricing and load factors as market volumes declined, primarily in the hi-tech and computer industry, traditionally among the prime users of airfreight space. As airfreight tonnage spiked during the latter part of the fourth quarter, carriers imposed rate increases so quickly that we were unable to commercially adjust our corresponding sell rates to avoid temporary yield declines. That all said, we still have much to be proud of this year. We remain highly efficient and profitable with strong cash flow and an operating margin just under 30%2. We have a balance sheet as solid as the Rock of Gibraltar, abundant cash and the wherewithal to make strategic investments to increase growth and continue technological enhancements. And finally, we successfully concluded our part of the five year DOJ investigation into our industry. As we reflect back on the goals and aspirations we held at the start of 2012, we executed to protect the long-term value of Expeditors, particularly given global economic uncertainties. We made the safe-guarding of our people a priority; we continued to make essential investments in systems and new services, such as Transcon, our time definite transportation service; and we continued to provide consistently high-quality service to our customers. We also made record stock buybacks of $302 million and paid out record dividends of $117 million," Rose continued.
"Early in 2012, while eschewing layoffs, we asked our managers to focus on being more efficient with current staff, to be cautious with hiring decisions and to only add headcount in instances where attrition or new business required it, so as to not compromise our customer service standards. We concentrated our efforts on managing and developing the investments in our most valuable assets, our people. Our final 2012 headcount is only 0.2% above 2011 levels, but even that slight increase reflects targeted investments in new offices, strategic business initiatives and information systems which will allow us to drive future productivity and on-board new customers more efficiently. As we move into 2013, we have taken several steps to enhance our ability to retain existing customers while attracting new business. We have refined our pricing regimen to ensure that we are focusing on market share expansion through more timely and efficient rate quotation; we are in the process of rolling out our internally-developed customer relationship management system; we have increased our emphasis on our customer-facing network engineering offerings which have been very successful in assisting customer supply-chain optimization initiatives; and, of course, we will continue to train, measure and emphasize our foundational commitment to customer service. We think those are winning combinations to help our people manage whatever 2013 will bring," Rose concluded.
Expeditors is a global logistics company headquartered in Seattle, Washington. The company employs trained professionals in 188 full-service offices and numerous satellite 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, domestic time definite transportation services, purchase order management and customized logistics solutions.

________________________
1 Diluted earnings attributable to shareholders per share.
2 Operating margin is calculated as operating income divided by net revenues.
NOTE: See Disclaimer on Forward-Looking Statements on the following page of this release.

Expeditors International of Washington, Inc.
4th Quarter 2012 Earnings Release, February 26, 2013

Financial Highlights for the Three months and Years ended December 31, 2012 and 2011 (Unaudited)
(in 000's of US dollars except share data)
 
Three months ended December 31,
 
 
 
Years ended December 31,
 
 
 
2012
 
2011
 
% Increase (Decrease)
 
2012
 
2011
 
% Decrease
Revenues
$
1,532,957

 
$
1,501,914

 
2%
 
$
5,980,943

 
$
6,150,498

 
(3)%
Net revenues
$
458,738

 
$
476,155

 
(4)%
 
$
1,824,098

 
$
1,896,477

 
(4)%
Operating income
$
128,025

 
$
155,064

 
(17)%
 
$
530,798

 
$
618,327

 
(14)%
Net earnings attributable to shareholders
$
84,208

 
$
92,843

 
(9)%
 
$
333,360

 
$
385,679

 
(14)%
Diluted earnings attributable to shareholders
$
.40

 
$
.43

 
(7)%
 
$
1.57

 
$
1.79

 
(12)%
Basic earnings attributable to shareholders
$
.41

 
$
.44

 
(7)%
 
$
1.58

 
$
1.82

 
(13)%
Diluted weighted average shares outstanding
208,963,216

 
214,159,723

 
 
 
211,935,171

 
215,033,580

 
 
Basic weighted average shares outstanding
207,766,619

 
211,988,482

 
 
 
210,422,945

 
212,117,511

 
 
   
 
Employee headcount as of December 31,
 
2012
 
2011
North America
4,726

 
4,666

Asia Pacific
3,914

 
4,083

Europe and Africa
2,332

 
2,262

Middle East
1,236

 
1,250

South America
672

 
645

Information Systems
600

 
569

Corporate
248

 
228

Total
13,728

 
13,703

  
 
 
Year-over-year percentage increase (decrease) in:
 
 
Airfreight kilos
 
Ocean freight FEU
2012
 
 
 
 
October
 
3
%
 
(9
)%
November
 
8
%
 
(4
)%
December
 
2
%
 
(4
)%
Quarter
 
5
%
 
(6
)%





Disclaimer on Forward-Looking Statements:
Certain portions of this release contain forward-looking statements which are based on certain assumptions and expectations of future events that are subject to risks and uncertainties, including comments on global economic uncertainties; challenges in the airfreight industry and reducing capacity to optimize their pricing and loan factors; ability to maintain or improve profitability, cash flow, operating margins and efficiencies; ability to make strategic investments that increase growth and enhance our technology, systems and new services; ability to safeguard, manage and develop our people; ability to maintain and improve high quality services to customers; ability to continue stock buy-backs and dividends; ability to retain existing customers or attract new business; ability to operate new offices profitably; ability to drive future productivity, or on-board new customers; ability to refine our pricing regimen to ensure we are focusing on market-share expansion or timing and efficient rate quotation; success of internally developed systems; success of network engineering offerings; and success in optimizing customer supply chain initiatives. Actual future results and trends may differ materially from historical results or those projected in any forward-looking statements depending on a variety of factors including, but not limited to, our ability to maintain consistent and stable operating results, future success of our business model, ability to perpetuate profits, changes in customer demand for Expeditors’ services caused by a general economic slow-down, customers’ inventory build-up, decreased consumer confidence, volatility in equity markets, energy prices, political changes, regulatory actions or changes or the unpredictable acts of competitors and other risks, risk factors and uncertainties detailed in our Annual Report as updated by our reports on Form 10-Q, filed with the Securities and Exchange Commission.

EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.
AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(In thousands, except share data)
(Unaudited)
 
 
December 31,
2012
 
December 31, 2011
Assets
 
 
 
Current Assets:
 
 
 
Cash and cash equivalents
$
1,260,842

 
$
1,294,356

Accounts receivable, net
1,031,376

 
934,752

Deferred Federal and state income taxes
12,102

 
10,415

Other current assets
53,279

 
47,360

Total current assets
2,357,599

 
2,286,883

Property and equipment, net
556,204

 
538,806

Goodwill
7,927

 
7,927

Other assets, net
32,395

 
33,211

 
$
2,954,125

 
$
2,866,827

Liabilities and Equity
 
 
 
Current Liabilities:
 
 
 
Accounts payable
641,593

 
606,628

Accrued expenses, primarily salaries and related costs
178,995

 
169,445

Federal, state and foreign income taxes
21,970

 
20,072

Total current liabilities
842,558

 
796,145

Deferred Federal and state income taxes
78,997

 
60,613

Commitments and contingencies
 
 
 
Shareholders’ Equity:
 
 
 
Preferred stock; none issued
—

 
—

Common stock, par value $.01 per share; issued and outstanding 206,392,013 shares at December 31, 2012 and 212,003,662 shares at December 31, 2011
2,064

 
2,120

Additional paid-in capital
1,283

 
13,260

Retained earnings
2,018,618

 
1,991,222

Accumulated other comprehensive income (loss)
5,734

 
(2,964
)
Total shareholders’ equity
2,027,699

 
2,003,638

Noncontrolling interest
4,871

 
6,431

Total equity
2,032,570

 
2,010,069

 
$
2,954,125

 
$
2,866,827



February 26, 2013
Expeditors International of Washington, Inc.
Page 3 of 6


EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.
AND SUBSIDIARIES
Condensed Consolidated Statements of Earnings
(In thousands, except share data)
(Unaudited)
 
 
Three months ended
 
Twelve months ended
 
December 31,
 
December 31,
 
2012
 
2011
 
2012
 
2011
Revenues:
 
 
 
 
 
 
 
Airfreight services
$
700,785

 
$
705,744

 
$
2,600,916

 
$
2,893,474

Ocean freight and ocean services
472,307

 
441,102

 
1,974,891

 
1,878,595

Customs brokerage and other services
359,865

 
355,068

 
1,405,136

 
1,378,429

Total revenues
1,532,957

 
1,501,914

 
5,980,943

 
6,150,498

Operating Expenses:
 
 
 
 
 
 
 
Airfreight consolidation
546,395

 
534,159

 
1,983,696

 
2,193,122

Ocean freight consolidation
364,251

 
333,567

 
1,542,170

 
1,443,170

Customs brokerage and other services
163,573

 
158,033

 
630,979

 
617,729

Salaries and related costs
246,096

 
247,917

 
995,052

 
993,358

Rent and occupancy costs
24,711

 
20,578

 
88,044

 
84,665

Depreciation and amortization
10,695

 
9,146

 
39,940

 
36,776

Selling and promotion
8,814

 
10,447

 
34,184

 
38,974

Other
40,397

 
33,003

 
136,080

 
124,377

Total operating expenses
1,404,932

 
1,346,850

 
5,450,145

 
5,532,171

Operating income
128,025

 
155,064

 
530,798

 
618,327

 
 
 
 
 
 
 
 
Interest income
3,522

 
2,715

 
12,763

 
10,235

Interest expense
(227
)
 
(248
)
 
(1,251
)
 
(970
)
Other, net
2,072

 
(2,330
)
 
8,083

 
10,436

Other income, net
5,367

 
137

 
19,595

 
19,701

Earnings before income taxes
133,392

 
155,201

 
550,393

 
638,028

Income tax expense
49,893

 
62,061

 
217,424

 
251,785

Net earnings
83,499

 
93,140

 
332,969

 
386,243

Less net (losses) earnings attributable to the noncontrolling interest
(709
)
 
297

 
(391
)
 
564

Net earnings attributable to shareholders
$
84,208

 
$
92,843

 
$
333,360

 
$
385,679

Diluted earnings attributable to shareholders per share
$
.40

 
$
.43

 
$
1.57

 
$
1.79

Basic earnings attributable to shareholders per share
$
.41

 
$
.44

 
$
1.58

 
$
1.82

Dividends declared and paid per common share
$
.28

 
$
.25

 
$
.56

 
$
.50

Weighted average diluted shares outstanding
208,963,216

 
214,159,723

 
211,935,171

 
215,033,580

Weighted average basic shares outstanding
207,766,619

 
211,988,482

 
210,422,945

 
212,117,511



February 26, 2013
Expeditors International of Washington, Inc.
Page 4 of 6

EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.
AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(In thousands) (Unaudited)
 
Three months ended
 
Twelve months ended
 
December 31,
 
December 31,
 
2012
 
2011
 
2012
 
2011
Operating Activities:
 
 
 
 
 
 
 
Net earnings
$
83,499

 
$
93,140

 
$
332,969

 
$
386,243

Adjustments to reconcile net earnings to net cash provided by operating activities:
 
 
 
 
 
 
 
Provision for losses (recoveries) on accounts receivable
302

 
166

 
(90
)
 
1,327

Deferred income tax expense (benefit)
7,309

 
5,598

 
11,639

 
(4,065
)
Excess tax benefits from stock plans
(1,110
)
 
(232
)
 
(5,401
)
 
(5,300
)
Stock compensation expense
11,212

 
10,832

 
44,058

 
44,278

Depreciation and amortization
10,695

 
9,146

 
39,940

 
36,776

Other
3,181

 
722

 
4,864

 
2,496

Changes in operating assets and liabilities:
 
 
 
 
 
 
 
(Increase) decrease in accounts receivable
(16,044
)
 
58,717

 
(89,856
)
 
46,915

Decrease (increase) in other current assets
3,566

 
(1,620
)
 
(63
)
 
(7,483
)
(Decrease) increase in accounts payable and accrued expenses
(30,341
)
 
(54,879
)
 
30,625

 
(40,819
)
(Decrease) increase in income taxes payable, net
(11,520
)
 
(13,654
)
 
1,441

 
(3,237
)
Net cash from operating activities
60,749

 
107,936

 
370,126

 
457,131

Investing Activities:
 
 
 
 
 
 
 
Purchase of property and equipment
(10,554
)
 
(19,261
)
 
(47,626
)
 
(78,115
)
Prepayment on long-term leases, net
—

 
—

 
—

 
(936
)
Other
146

 
343

 
632

 
(1,288
)
Net cash from investing activities
(10,408
)
 
(18,918
)
 
(46,994
)
 
(80,339
)
Financing Activities:
 
 
 
 
 
 
 
Proceeds from issuance of common stock
7,510

 
2,055

 
52,511

 
56,646

Repurchases of common stock
(108,921
)
 
(3,499
)
 
(302,414
)
 
(112,071
)
Excess tax benefits from stock plans
1,110

 
232

 
5,401

 
5,300

Dividends paid
(57,905
)
 
(52,997
)
 
(117,263
)
 
(106,011
)
Distribution to noncontrolling interest
(105
)
 
(133
)
 
(1,282
)
 
(955
)
Net cash from financing activities
(158,311
)
 
(54,342
)
 
(363,047
)
 
(157,091
)
Effect of exchange rate changes on cash and cash equivalents
1,170

 
(1,134
)
 
6,401

 
(9,810
)
(Decrease) increase in cash and cash equivalents
(106,800
)
 
33,542

 
(33,514
)
 
209,891

Cash and cash equivalents at beginning of period
1,367,642

 
1,260,814

 
1,294,356

 
1,084,465

Cash and cash equivalents at end of period
$
1,260,842

 
$
1,294,356

 
$
1,260,842

 
$
1,294,356

Interest and taxes paid:
 
 
 
 
 
 
 
Interest
$
68

 
$
231

 
$
515

 
$
296

Income taxes
52,168

 
83,454

 
207,174

 
266,621



February 26, 2013
Expeditors International of Washington, Inc.
Page 5 of 6

EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.
AND SUBSIDIARIES
Business Segment Information
(In thousands) (Unaudited)
 
UNITED
STATES
 
OTHER
NORTH
AMERICA
 
LATIN
AMERICA
 
ASIA
PACIFIC
 
EUROPE and
AFRICA
 
MIDDLE
EAST and
INDIA
 
ELIMI-
NATIONS
 
CONSOLI-
DATED
Three months ended December 31, 2012:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenues from unaffiliated customers
$
379,018

 
51,557

 
20,887

 
800,804

 
210,231

 
70,460

 
—

 
1,532,957

Transfers between geographic areas
25,386

 
2,868

 
4,770

 
11,035

 
10,097

 
4,300

 
(58,456
)
 
—

Total revenues
$
404,404

 
54,425

 
25,657

 
811,839

 
220,328

 
74,760

 
(58,456
)
 
1,532,957

Net revenues
$
186,176

 
25,029

 
14,258

 
136,497

 
73,393

 
23,385

 
—

 
458,738

Operating income
$
28,201

 
11,045

 
4,237

 
57,933

 
18,804

 
7,805

 
—

 
128,025

Identifiable assets
$
1,459,425

 
92,075

 
48,995

 
776,902

 
428,053

 
147,871

 
804

 
2,954,125

Capital expenditures
$
7,412

 
281

 
241

 
1,452

 
794

 
374

 
—

 
10,554

Depreciation and amortization
$
6,358

 
200

 
229

 
1,850

 
1,605

 
453

 
—

 
10,695

Equity
$
1,197,239

 
58,071

 
29,504

 
538,710

 
167,752

 
74,950

 
(33,656
)
 
2,032,570

Three months ended December 31, 2011:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenues from unaffiliated customers
$
383,830

 
48,839

 
19,490

 
761,092

 
218,074

 
70,589

 
—

 
1,501,914

Transfers between geographic areas
24,639

 
2,641

 
5,356

 
10,159

 
10,570

 
4,592

 
(57,957
)
 
—

Total revenues
$
408,469

 
51,480

 
24,846

 
771,251

 
228,644

 
75,181

 
(57,957
)
 
1,501,914

Net revenues
$
183,381

 
24,367

 
14,673

 
150,262

 
76,950

 
26,522

 
—

 
476,155

Operating income
$
41,652

 
10,314

 
5,056

 
68,971

 
19,048

 
10,023

 
—

 
155,064

Identifiable assets
$
1,521,657

 
86,020

 
48,221

 
667,171

 
401,518

 
141,379

 
861

 
2,866,827

Capital expenditures
$
8,404

 
199

 
166

 
8,760

 
1,288

 
444

 
—

 
19,261

Depreciation and amortization
$
5,222

 
208

 
226

 
1,605

 
1,400

 
485

 
—

 
9,146

Equity
$
1,285,812

 
49,571

 
27,346

 
448,613

 
145,998

 
85,605

 
(32,876
)
 
2,010,069

Twelve months ended December 31, 2012:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenues from unaffiliated customers
$
1,519,276

 
201,521

 
82,337

 
3,074,587

 
816,927

 
286,295

 
—

 
5,980,943

Transfers between geographic areas
94,521

 
10,476

 
18,780

 
43,721

 
38,791

 
18,128

 
(224,417
)
 
—

Total revenues
$
1,613,797

 
211,997

 
101,117

 
3,118,308

 
855,718

 
304,423

 
(224,417
)
 
5,980,943

Net revenues
$
737,679

 
95,798

 
57,795

 
551,211

 
286,264

 
95,351

 
—

 
1,824,098

Operating income
$
179,015

 
32,385

 
17,356

 
216,559

 
59,314

 
26,169

 
—

 
530,798

Identifiable assets
$
1,459,425

 
92,075

 
48,995

 
776,902

 
428,053

 
147,871

 
804

 
2,954,125

Capital expenditures
$
28,088

 
832

 
1,301

 
11,275

 
4,323

 
1,807

 
—

 
47,626

Depreciation and amortization
$
23,678

 
756

 
873

 
6,810

 
5,994

 
1,829

 
—

 
39,940

Equity
$
1,197,239

 
58,071

 
29,504

 
538,710

 
167,752

 
74,950

 
(33,656
)
 
2,032,570

Twelve months ended December 31, 2011:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenues from unaffiliated customers
$
1,540,477

 
189,843

 
82,312

 
3,144,641

 
891,185

 
302,040

 
—

 
6,150,498

Transfers between geographic areas
101,738

 
11,095

 
21,222

 
40,012

 
43,359

 
17,897

 
(235,323
)
 
—

Total revenues
$
1,642,215

 
200,938

 
103,534

 
3,184,653

 
934,544

 
319,937

 
(235,323
)
 
6,150,498

Net revenues
$
732,299

 
90,432

 
59,968

 
605,151

 
307,471

 
101,156

 
—

 
1,896,477

Operating income
$
210,702

 
29,209

 
19,151

 
258,952

 
72,248

 
28,065

 
—

 
618,327

Identifiable assets
$
1,521,657

 
86,020

 
48,221

 
667,171

 
401,518

 
141,379

 
861

 
2,866,827

Capital expenditures
$
23,219

 
1,122

 
628

 
25,295

 
25,856

 
1,995

 
—

 
78,115

Depreciation and amortization
$
20,037

 
1,038

 
999

 
7,243

 
5,414

 
2,045

 
—

 
36,776

Equity
$
1,285,812

 
49,571

 
27,346

 
448,613

 
145,998

 
85,605

 
(32,876
)
 
2,010,069



February 26, 2013
Expeditors International of Washington, Inc.
Page 6 of 6
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