0000746515-13-000028.txt : 20130806 0000746515-13-000028.hdr.sgml : 20130806 20130806154927 ACCESSION NUMBER: 0000746515-13-000028 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20130806 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20130806 DATE AS OF CHANGE: 20130806 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: 131013371 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 a20132qer8-k.htm 8-K 2013 2Q 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: August 6, 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 August 6, 2013, Expeditors International of Washington, Inc., a Washington corporation, issued a press release announcing second quarter 2013 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 August 6, 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.

 
 
 
 
 
 
August 6, 2013
 
/S/ Peter J. Rose
 
 
Peter J. Rose, Chairman and Chief Executive Officer
 
 
 
 
 
 
August 6, 2013
 
/S/ R. Jordan Gates
 
 
R. Jordan Gates, President and Chief Operating Officer
 
 
 
 
 
 
August 6, 2013
 
/S/ Bradley S. Powell
 
 
Bradley S. Powell, Senior Vice President and Chief Financial Officer
 
 
 



 EX-99.1 2 a20132qerexhibit991.htm EXHIBIT 2013 2Q 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 SECOND QUARTER 2013 EPS OF $.45 PER SHARE 1 
SEATTLE, WASHINGTON - August 6, 2013, Expeditors International of Washington, Inc. (NASDAQ:EXPD) today announced net earnings attributable to shareholders of $92,315,000 for the second quarter of 2013, as compared with $83,955,000 for the same quarter of 2012, an increase of 10%. Net revenues2 for the second quarter of 2013 increased 3% to $469,101,000 as compared with $453,651,000 for the same quarter in 2012. Total revenues and operating income were $1,500,453,000 and $143,579,000 in the second quarter of 2013, as compared with $1,504,952,000 and $132,403,000 for the same quarter of 2012, a marginal decrease and an increase of 8%, respectively. Diluted net earnings attributable to shareholders per share for the second quarter were $.45, as compared with $.39 for the same quarter in 2012, an increase of 15%.
For the six months ended June 30, 2013, net earnings attributable to shareholders was $172,630,000, as compared with $160,662,000 in 2012, an increase of 7%. Net revenues for the six months increased to $914,385,000 from $900,222,000 for 2012, up 2%. Total revenues and operating income for the six months were $2,910,938,000 and $272,097,000 in 2013, as compared with $2,916,322,000 and $257,674,000 for the same period in 2012, a marginal decrease and an increase of 6%, respectively. Diluted net earnings attributable to shareholders per share for the first two quarters of 2013 were $.83, as compared with $.75 for the same period of 2012, an increase of 11%.
“These results are very significant to us and we continue to be encouraged by our progress. The beginning signs of improvement we noticed during our 2013 first quarter, picked up during the second quarter,” said Peter J. Rose, Chairman and Chief Executive Officer. “While the global economy is still slowly emerging from the fundamental problems that have held it in thrall over the last five years, and slowly is the operative word, we've selectively grown market share this quarter. Our airfreight volumes were up again, for the third straight quarter, by 5%. Ocean FEU count on a yearly quarter-over-quarter basis was up 2%, as was our order management activity. The volatility of the pricing environment continues to require focused attention to both the buy and sell elements of the air and ocean marketplace. We think these results prove we did a good job of that during the second quarter,” Rose went on to say.
“Moving successfully through difficult times without having those difficult times move through us requires commitment to and confidence in the power of our culture and faith in our people and their knowledge and ability to execute in the markets we deal in,” Rose continued. "It takes discipline and integrity to win short-term market share battles without losing the long-term profitability wars that successful companies are built upon and which creates long-term shareholder value. Many businesses struggle with executing that strategic trade-off. Fortunately for us, our people, who are the core and cause of our success, have admirably demonstrated that they have ample amounts of both. We're grateful for their efforts and we're grateful to our customers, and our shareholders, who both benefit from the aligned efforts of our people,” 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.

_______________________
1Diluted earnings attributable to shareholders per share.
2Non-GAAP measure calculated as revenues less directly related operating expenses attributable to the Company's principal services. See reconciliation on the last page of this release.
NOTE: See Disclaimer on Forward-Looking Statements on the following page of this release.

Expeditors International of Washington, Inc.
Second Quarter 2013 Earnings Release, August 6, 2013

Financial Highlights for the Three and Six months ended June 30, 2013 and 2012 (Unaudited)
(in 000's of US dollars except share data)
 
Three months ended June 30,
 
 
 
Six months ended June 30,
 
 
 
2013
 
2012
 
% Change
 
2013
 
2012
 
% Change
Revenues
$
1,500,453

 
$
1,504,952

 
—%
 
$
2,910,938

 
$
2,916,322

 
—%
Net revenues1
$
469,101

 
$
453,651

 
3%
 
$
914,385

 
$
900,222

 
2%
Operating income
$
143,579

 
$
132,403

 
8%
 
$
272,097

 
$
257,674

 
6%
Net earnings attributable to shareholders
$
92,315

 
$
83,955

 
10%
 
$
172,630

 
$
160,662

 
7%
Diluted earnings attributable to shareholders
$
.45

 
$
.39

 
15%
 
$
.83

 
$
.75

 
11%
Basic earnings attributable to shareholders
$
.45

 
$
.40

 
13%
 
$
.84

 
$
.76

 
11%
Diluted weighted average shares outstanding
207,192,534

 
213,212,912

 
 
 
207,421,805

 
213,683,587

 
 
Basic weighted average shares outstanding
206,444,464

 
211,724,082

 
 
 
206,459,701

 
211,910,872

 
 
_______________________
1Non-GAAP measure calculated as revenues less directly related operating expenses attributable to the Company's principal services. See reconciliation on the last page of this release.
 
Employee headcount as of June 30,
 
2013
 
2012
North America
4,761

 
4,764

Asia Pacific
3,881

 
3,979

Europe and Africa
2,323

 
2,308

Middle East and India
1,213

 
1,249

Latin America
679

 
660

Information Systems
628

 
587

Corporate
270

 
243

Total
13,755

 
13,790

 
 
Year-over-year percentage increase in:
 
 
Airfreight kilos
 
Ocean freight FEU
2013
 
 
 
 
April
 
9
%
 
2
%
May
 
7
%
 
—
%
June
 
1
%
 
3
%
Quarter
 
5
%
 
2
%

Investors may submit written questions via e-mail to: investor@expeditors.com. Questions received by the end of business on August 9, 2013 will be considered in management's 8-K “Responses to Selected Questions” expected to be filed on or about August 23, 2013.


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 recovery of global economy; ability to grow market share; ability to successfully manage volatile buy and sell rates; ability to execute and create long-term shareholder value. 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, foreign exchange rates, 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)
 
 
June 30,
2013
 
December 31, 2012
Assets
 
 
 
Current Assets:
 
 
 
Cash and cash equivalents
$
1,286,109

 
$
1,260,842

Short-term investments
89,902

 
139

Accounts receivable, net
1,018,337

 
1,031,376

Deferred Federal and state income taxes
11,999

 
12,102

Other current assets
69,431

 
53,140

Total current assets
2,475,778

 
2,357,599

Property and equipment, net
549,583

 
556,204

Goodwill
7,927

 
7,927

Other assets, net
30,377

 
32,395

 
$
3,063,665

 
$
2,954,125

Liabilities and Equity
 
 
 
Current Liabilities:
 
 
 
Accounts payable
645,196

 
641,593

Accrued expenses, primarily salaries and related costs
196,789

 
178,995

Federal, state and foreign income taxes
18,228

 
21,970

Total current liabilities
860,213

 
842,558

Deferred Federal and state income taxes
81,510

 
78,997

 
 
 
 
Commitments and contingencies

 

 
 
 
 
Shareholders’ Equity:
 
 
 
Preferred stock; none issued
—

 
—

Common stock, par value $.01 per share; issued and outstanding 206,321,425 shares at June 30, 2013 and 206,392,013 shares at December 31, 2012
2,063

 
2,064

Additional paid-in capital
3,534

 
1,283

Retained earnings
2,129,349

 
2,018,618

Accumulated other comprehensive (loss) income
(15,105
)
 
5,734

Total shareholders’ equity
2,119,841

 
2,027,699

Noncontrolling interest
2,101

 
4,871

Total equity
2,121,942

 
2,032,570

 
$
3,063,665

 
$
2,954,125



06-Aug-2013
Expeditors International of Washington, Inc.
Page 3 of 7


EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.
AND SUBSIDIARIES
Condensed Consolidated Statements of Earnings
(In thousands, except share data)
(Unaudited)
 
 
Three months ended
 
Six months ended
 
June 30,
 
June 30,
 
2013
 
2012
 
2013
 
2012
Revenues:
 
 
 
 
 
 
 
Airfreight services
$
642,969

 
$
638,541

 
$
1,263,343

 
$
1,277,453

Ocean freight and ocean services
492,007

 
518,998

 
937,486

 
953,334

Customs brokerage and other services
365,477

 
347,413

 
710,109

 
685,535

Total revenues
1,500,453

 
1,504,952

 
2,910,938

 
2,916,322

Operating Expenses:
 
 
 
 
 
 
 
Airfreight services
483,016

 
484,311

 
947,935

 
965,354

Ocean freight and ocean services
380,727

 
413,447

 
725,650

 
745,401

Customs brokerage and other services
167,609

 
153,543

 
322,968

 
305,345

Salaries and related costs
255,569

 
249,925

 
503,986

 
496,057

Rent and occupancy costs
22,132

 
20,853

 
43,789

 
42,029

Depreciation and amortization
11,674

 
9,670

 
22,952

 
19,215

Selling and promotion
8,328

 
8,860

 
15,585

 
17,523

Other
27,819

 
31,940

 
55,976

 
67,724

Total operating expenses
1,356,874

 
1,372,549

 
2,638,841

 
2,658,648

Operating income
143,579

 
132,403

 
272,097

 
257,674

 
 
 
 
 
 
 
 
Interest income
3,070

 
3,050

 
6,313

 
6,410

Other, net
4,325

 
3,460

 
5,856

 
3,937

Other income, net
7,395

 
6,510

 
12,169

 
10,347

Earnings before income taxes
150,974

 
138,913

 
284,266

 
268,021

Income tax expense
58,311

 
54,892

 
110,993

 
107,278

Net earnings
92,663

 
84,021

 
173,273

 
160,743

Less net earnings attributable to the noncontrolling interest
348

 
66

 
643

 
81

Net earnings attributable to shareholders
$
92,315

 
$
83,955

 
$
172,630

 
$
160,662

Diluted earnings attributable to shareholders per share
$
.45

 
$
.39

 
$
.83

 
$
.75

Basic earnings attributable to shareholders per share
$
.45

 
$
.40

 
$
.84

 
$
.76

Dividends declared and paid per common share
$
.30

 
$
.28

 
$
.30

 
$
.28

Weighted average diluted shares outstanding
207,192,534

 
213,212,912

 
207,421,805

 
213,683,587

Weighted average basic shares outstanding
206,444,464

 
211,724,082

 
206,459,701

 
211,910,872



06-Aug-2013
Expeditors International of Washington, Inc.
Page 4 of 7

EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.
AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(In thousands) (Unaudited)
 
Three months ended
 
Six months ended
 
June 30,
 
June 30,
 
2013
 
2012
 
2013
 
2012
Operating Activities:
 
 
 
 
 
 
 
Net earnings
$
92,663

 
$
84,021

 
$
173,273

 
$
160,743

Adjustments to reconcile net earnings to net cash from operating activities:
 
 
 
 
 
 
 
Provision for losses (recoveries) on accounts receivable
100

 
(388
)
 
1,041

 
(855
)
Deferred income tax expense (benefit)
5,818

 
(5,739
)
 
12,940

 
(258
)
Excess tax benefits from stock plans
(584
)
 
(806
)
 
(1,683
)
 
(4,232
)
Stock compensation expense
11,040

 
10,926

 
22,045

 
21,526

Depreciation and amortization
11,674

 
9,670

 
22,952

 
19,215

Other
241

 
206

 
449

 
423

Changes in operating assets and liabilities:
 
 
 
 
 
 
 
Increase in accounts receivable
(48,223
)
 
(63,260
)
 
(9,367
)
 
(50,292
)
(Increase) decrease in other current assets
(91
)
 
1,642

 
(576
)
 
3,566

Increase in accounts payable and accrued expenses
45,080

 
70,674

 
43,690

 
84,233

(Decrease) increase in income taxes payable, net
(33,692
)
 
(14,132
)
 
(15,474
)
 
6,142

Net cash from operating activities
84,026

 
92,814

 
249,290

 
240,211

Investing Activities:
 
 
 
 
 
 
 
(Increase) decrease in short-term investments, net
(89,803
)
 
15,878

 
(89,765
)
 
98

Purchase of property and equipment
(17,141
)
 
(9,814
)
 
(27,209
)
 
(26,902
)
Other, net
1,264

 
(91
)
 
820

 
379

Net cash from investing activities
(105,680
)
 
5,973

 
(116,154
)
 
(26,425
)
Financing Activities:
 
 
 
 
 
 
 
Proceeds from issuance of common stock
7,548

 
7,482

 
18,477

 
20,402

Repurchases of common stock
(21,600
)
 
(84,401
)
 
(39,281
)
 
(106,266
)
Excess tax benefits from stock plans
584

 
806

 
1,683

 
4,232

Dividends paid
(61,899
)
 
(59,358
)
 
(61,899
)
 
(59,358
)
Purchase of noncontrolling interest
—

 
—

 
(7,730
)
 
—

Net cash from financing activities
(75,367
)
 
(135,471
)
 
(88,750
)
 
(140,990
)
Effect of exchange rate changes on cash and cash equivalents
(11,557
)
 
(11,984
)
 
(19,119
)
 
(2,905
)
(Decrease) increase in cash and cash equivalents
(108,578
)
 
(48,668
)
 
25,267

 
69,891

Cash and cash equivalents at beginning of period
1,394,687

 
1,412,915

 
1,260,842

 
1,294,356

Cash and cash equivalents at end of period
$
1,286,109

 
$
1,364,247

 
$
1,286,109

 
$
1,364,247

Taxes paid:
 
 
 
 
 
 
 
Income taxes
$
85,195

 
$
77,583

 
$
112,146

 
$
104,095



06-Aug-2013
Expeditors International of Washington, Inc.
Page 5 of 7

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 June 30, 2013:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenues from unaffiliated customers
$
392,804

 
56,626

 
21,421

 
749,227

 
205,995

 
74,380

 
—

 
1,500,453

Transfers between geographic areas
23,217

 
2,516

 
5,614

 
11,605

 
9,189

 
4,559

 
(56,700
)
 
—

Total revenues
$
416,021

 
59,142

 
27,035

 
760,832

 
215,184

 
78,939

 
(56,700
)
 
1,500,453

Net revenues
$
190,818

 
25,440

 
15,522

 
141,385

 
71,042

 
24,894

 
—

 
469,101

Operating income
$
58,310

 
7,887

 
4,601

 
54,781

 
11,613

 
6,387

 
—

 
143,579

Identifiable assets
$
1,531,739

 
101,721

 
53,795

 
809,827

 
418,077

 
155,058

 
(6,552
)
 
3,063,665

Capital expenditures
$
4,354

 
708

 
145

 
11,056

 
563

 
315

 
—

 
17,141

Depreciation and amortization
$
7,276

 
197

 
229

 
1,983

 
1,550

 
439

 
—

 
11,674

Equity
$
1,209,762

 
65,897

 
33,272

 
606,793

 
166,891

 
75,418

 
(36,091
)
 
2,121,942

Three months ended June 30, 2012:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenues from unaffiliated customers
$
379,126

 
49,802

 
21,366

 
780,858

 
202,301

 
71,499

 
—

 
1,504,952

Transfers between geographic areas
22,504

 
2,466

 
4,791

 
11,038

 
9,603

 
4,670

 
(55,072
)
 
—

Total revenues
$
401,630

 
52,268

 
26,157

 
791,896


211,904

 
76,169

 
(55,072
)
 
1,504,952

Net revenues
$
182,291

 
25,115

 
14,724

 
135,908

 
71,497

 
24,116

 
—

 
453,651

Operating income
$
49,193

 
8,085

 
4,118

 
51,768

 
12,951

 
6,288

 
—

 
132,403

Identifiable assets
$
1,597,543

 
93,374

 
52,019

 
687,586

 
412,752

 
152,754

 
(3,656
)
 
2,992,372

Capital expenditures
$
5,236

 
153

 
400

 
2,602

 
1,111

 
312

 
—

 
9,814

Depreciation and amortization
$
5,756

 
181

 
207

 
1,645

 
1,430

 
451

 
—

 
9,670

Equity
$
1,295,963

 
51,248

 
31,903

 
462,123

 
144,659

 
94,892

 
(30,731
)
 
2,050,057

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Six months ended June 30, 2013:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenues from unaffiliated customers
$
764,523

 
108,355

 
41,285

 
1,443,322

 
408,482

 
144,971

 
—

 
2,910,938

Transfers between geographic areas
43,243

 
5,060

 
10,490

 
22,235

 
18,069

 
8,886

 
(107,983
)
 
—

Total revenues
$
807,766

 
113,415

 
51,775

 
1,465,557

 
426,551

 
153,857

 
(107,983
)
 
2,910,938

Net revenues
$
368,506

 
49,221

 
29,933

 
276,892

 
141,631

 
48,202

 
—

 
914,385

Operating income
$
105,663

 
14,499

 
8,690

 
107,665

 
23,539

 
12,041

 
—

 
272,097

Identifiable assets
$
1,531,739

 
101,721

 
53,795

 
809,827

 
418,077

 
155,058

 
(6,552
)
 
3,063,665

Capital expenditures
$
9,733

 
895

 
404

 
13,608

 
1,761

 
808

 
—

 
27,209

Depreciation and amortization
$
14,033

 
404

 
470

 
3,971

 
3,179

 
895

 
—

 
22,952

Equity
$
1,209,762

 
65,897

 
33,272

 
606,793

 
166,891

 
75,418

 
(36,091
)
 
2,121,942

Six months ended June 30, 2012:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenues from unaffiliated customers
$
756,428

 
99,756

 
40,635

 
1,468,928

 
408,572

 
142,003

 
—

 
2,916,322

Transfers between geographic areas
44,712

 
4,931

 
9,870

 
22,010

 
19,070

 
9,321

 
(109,914
)
 
—

Total revenues
$
801,140

 
104,687

 
50,505

 
1,490,938

 
427,642

 
151,324

 
(109,914
)
 
2,916,322

Net revenues
$
363,766

 
47,357

 
29,559

 
267,722

 
143,030

 
48,788

 
—

 
900,222

Operating income
$
94,718

 
14,454

 
8,880

 
99,006

 
27,198

 
13,418

 
—

 
257,674

Identifiable assets
$
1,597,543

 
93,374

 
52,019

 
687,586

 
412,752

 
152,754

 
(3,656
)
 
2,992,372

Capital expenditures
$
14,995

 
329

 
655

 
7,889

 
2,053

 
981

 
—

 
26,902

Depreciation and amortization
$
11,378

 
368

 
424

 
3,269

 
2,834

 
942

 
—

 
19,215

Equity
$
1,295,963

 
51,248

 
31,903

 
462,123

 
144,659

 
94,892

 
(30,731
)
 
2,050,057




06-Aug-2013
Expeditors International of Washington, Inc.
Page 6 of 7

Net Revenues (Non-GAAP measure)

We commonly refer to the term “net revenues” when commenting about our Company and the results of its operations. Net revenues are a Non-GAAP measure calculated as revenues less directly related operations expenses attributable to the Company's principal services. We believe that net revenues are a better measure than are total revenues when analyzing and discussing our effectiveness in managing our principal services since total revenues earned as a freight consolidator must consider the carriers' charges to us for carrying the shipment, whereas revenues earned in other capacities include primarily the commissions and fees earned by us. Net revenue is one of our primary operational and financial measures and demonstrates our ability concentrate and leverage purchasing power (buy rates) through effective consolidation of shipments from customers utilizing a variety of transportation carriers and optimal routings. Using net revenues also provides a commonality for comparison among various services. The following table presents the calculation of net revenues.
 
Three months ended
 
Six months ended
 
June 30,
 
June 30,
(in thousands)
2013
 
2012
 
2013
 
2012
Total revenues
$
1,500,453

 
$
1,504,952

 
$
2,910,938

 
$
2,916,322

Expenses:
 
 
 
 
 
 
 
Airfreight services
483,016

 
484,311

 
947,935

 
965,354

Ocean freight and ocean services
380,727

 
413,447

 
725,650

 
745,401

Customs brokerage and other services
167,609

 
153,543

 
322,968

 
305,345

Net revenues
$
469,101

 
$
453,651

 
$
914,385

 
$
900,222



06-Aug-2013
Expeditors International of Washington, Inc.
Page 7 of 7
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