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) |
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)) | |
November 5, 2013 | /S/ Peter J. Rose | |
Peter J. Rose, Chairman and Chief Executive Officer | ||
November 5, 2013 | /S/ R. Jordan Gates | |
R. Jordan Gates, President and Chief Operating Officer | ||
November 5, 2013 | /S/ Bradley S. Powell | |
Bradley S. Powell, Senior Vice President and Chief Financial Officer | ||
CONTACTS: | R. Jordan Gates Bradley S. Powell |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||
2013 | 2012 | % Change | 2013 | 2012 | % Change | ||||||||||||||
Revenues | $ | 1,535,089 | $ | 1,531,664 | —% | $ | 4,446,027 | $ | 4,447,986 | —% | |||||||||
Net revenues1 | $ | 482,025 | $ | 465,138 | 4% | $ | 1,396,410 | $ | 1,365,360 | 2% | |||||||||
Operating income | $ | 146,313 | $ | 145,099 | 1% | $ | 418,410 | $ | 402,773 | 4% | |||||||||
Net earnings attributable to shareholders | $ | 92,400 | $ | 88,490 | 4% | $ | 265,030 | $ | 249,152 | 6% | |||||||||
Diluted earnings attributable to shareholders | $ | .45 | $ | .42 | 7% | $ | 1.28 | $ | 1.17 | 9% | |||||||||
Basic earnings attributable to shareholders | $ | .45 | $ | .42 | 7% | $ | 1.28 | $ | 1.18 | 8% | |||||||||
Diluted weighted average shares outstanding | 207,368,792 | 211,397,602 | 207,351,569 | 212,916,309 | |||||||||||||||
Basic weighted average shares outstanding | 206,516,194 | 210,135,763 | 206,478,746 | 211,314,850 |
Employee headcount as of September 30, | |||||
2013 | 2012 | ||||
North America | 4,820 | 4,786 | |||
Asia Pacific | 3,931 | 3,936 | |||
Europe and Africa | 2,288 | 2,336 | |||
Middle East and India | 1,206 | 1,249 | |||
Latin America | 675 | 683 | |||
Information Systems | 635 | 603 | |||
Corporate | 293 | 241 | |||
Total | 13,848 | 13,834 |
Year-over-year percentage increase in: | ||||||
Airfreight kilos | Ocean freight FEU | |||||
2013 | ||||||
July | 10 | % | 10 | % | ||
August | 1 | % | 12 | % | ||
September | (2 | )% | 6 | % | ||
Quarter | 3 | % | 9 | % |
September 30, 2013 | December 31, 2012 | ||||||
Assets | |||||||
Current Assets: | |||||||
Cash and cash equivalents | $ | 1,310,330 | $ | 1,260,842 | |||
Short-term investments | 99,828 | 139 | |||||
Accounts receivable, net | 1,027,572 | 1,031,376 | |||||
Deferred Federal and state income taxes | 12,670 | 12,102 | |||||
Other current assets | 47,811 | 53,140 | |||||
Total current assets | 2,498,211 | 2,357,599 | |||||
Property and equipment, net | 562,125 | 556,204 | |||||
Goodwill | 7,927 | 7,927 | |||||
Other assets, net | 30,300 | 32,395 | |||||
$ | 3,098,563 | $ | 2,954,125 | ||||
Liabilities and Equity | |||||||
Current Liabilities: | |||||||
Accounts payable | 656,674 | 641,593 | |||||
Accrued expenses, primarily salaries and related costs | 183,130 | 178,995 | |||||
Federal, state and foreign income taxes | 24,175 | 21,970 | |||||
Total current liabilities | 863,979 | 842,558 | |||||
Deferred Federal and state income taxes | 53,854 | 78,997 | |||||
Commitments and contingencies | |||||||
Shareholders’ Equity: | |||||||
Preferred stock; none issued | — | — | |||||
Common stock, par value $.01 per share; issued and outstanding 205,455,991 shares at September 30, 2013 and 206,392,013 shares at December 31, 2012 | 2,055 | 2,064 | |||||
Additional paid-in capital | 2,443 | 1,283 | |||||
Retained earnings | 2,181,317 | 2,018,618 | |||||
Accumulated other comprehensive (loss) income | (6,236 | ) | 5,734 | ||||
Total shareholders’ equity | 2,179,579 | 2,027,699 | |||||
Noncontrolling interest | 1,151 | 4,871 | |||||
Total equity | 2,180,730 | 2,032,570 | |||||
$ | 3,098,563 | $ | 2,954,125 |
05-Nov-2013 | Expeditors International of Washington, Inc. | Page 3 of 7 |
Three months ended | Nine months ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
Revenues: | |||||||||||||||
Airfreight services | $ | 628,116 | $ | 622,678 | $ | 1,891,459 | $ | 1,900,131 | |||||||
Ocean freight and ocean services | 525,193 | 549,250 | 1,462,679 | 1,502,584 | |||||||||||
Customs brokerage and other services | 381,780 | 359,736 | 1,091,889 | 1,045,271 | |||||||||||
Total revenues | 1,535,089 | 1,531,664 | 4,446,027 | 4,447,986 | |||||||||||
Operating Expenses: | |||||||||||||||
Airfreight services | 466,699 | 471,947 | 1,414,634 | 1,437,301 | |||||||||||
Ocean freight and ocean services | 409,649 | 432,518 | 1,135,299 | 1,177,919 | |||||||||||
Customs brokerage and other services | 176,716 | 162,061 | 499,684 | 467,406 | |||||||||||
Salaries and related costs | 261,613 | 252,899 | 765,599 | 748,956 | |||||||||||
Rent and occupancy costs | 21,851 | 21,304 | 65,640 | 63,333 | |||||||||||
Depreciation and amortization | 12,629 | 10,030 | 35,581 | 29,245 | |||||||||||
Selling and promotion | 8,306 | 7,847 | 23,891 | 25,370 | |||||||||||
Other | 31,313 | 27,959 | 87,289 | 95,683 | |||||||||||
Total operating expenses | 1,388,776 | 1,386,565 | 4,027,617 | 4,045,213 | |||||||||||
Operating income | 146,313 | 145,099 | 418,410 | 402,773 | |||||||||||
Interest income | 2,967 | 2,831 | 9,280 | 9,241 | |||||||||||
Other, net | 1,212 | 1,050 | 7,068 | 4,987 | |||||||||||
Other income, net | 4,179 | 3,881 | 16,348 | 14,228 | |||||||||||
Earnings before income taxes | 150,492 | 148,980 | 434,758 | 417,001 | |||||||||||
Income tax expense | 57,763 | 60,253 | 168,756 | 167,531 | |||||||||||
Net earnings | 92,729 | 88,727 | 266,002 | 249,470 | |||||||||||
Less net earnings attributable to the noncontrolling interest | 329 | 237 | 972 | 318 | |||||||||||
Net earnings attributable to shareholders | $ | 92,400 | $ | 88,490 | $ | 265,030 | $ | 249,152 | |||||||
Diluted earnings attributable to shareholders per share | $ | .45 | $ | .42 | $ | 1.28 | $ | 1.17 | |||||||
Basic earnings attributable to shareholders per share | $ | .45 | $ | .42 | $ | 1.28 | $ | 1.18 | |||||||
Dividends declared and paid per common share | $ | — | $ | — | $ | .30 | $ | .28 | |||||||
Weighted average diluted shares outstanding | 207,368,792 | 211,397,602 | 207,351,569 | 212,916,309 | |||||||||||
Weighted average basic shares outstanding | 206,516,194 | 210,135,763 | 206,478,746 | 211,314,850 |
05-Nov-2013 | Expeditors International of Washington, Inc. | Page 4 of 7 |
Three months ended | Nine months ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
Operating Activities: | |||||||||||||||
Net earnings | $ | 92,729 | $ | 88,727 | $ | 266,002 | $ | 249,470 | |||||||
Adjustments to reconcile net earnings to net cash from operating activities: | |||||||||||||||
Provision for losses (recoveries) on accounts receivable | 1,496 | 463 | 2,537 | (392 | ) | ||||||||||
Deferred income tax (benefit) expense | (33,185 | ) | 4,588 | (20,245 | ) | 4,330 | |||||||||
Excess tax benefits from stock plans | — | (59 | ) | (1,683 | ) | (4,291 | ) | ||||||||
Stock compensation expense | 11,015 | 11,320 | 33,060 | 32,846 | |||||||||||
Depreciation and amortization | 12,629 | 10,030 | 35,581 | 29,245 | |||||||||||
Other | 187 | 1,260 | 636 | 1,683 | |||||||||||
Changes in operating assets and liabilities: | |||||||||||||||
Increase in accounts receivable | (5,115 | ) | (23,520 | ) | (14,482 | ) | (73,812 | ) | |||||||
Increase in other current assets | (4,702 | ) | (7,195 | ) | (5,278 | ) | (3,629 | ) | |||||||
(Decrease) increase in accounts payable and accrued expenses | (8,875 | ) | (23,267 | ) | 34,815 | 60,966 | |||||||||
Increase in income taxes payable, net | 30,114 | 6,819 | 14,640 | 12,961 | |||||||||||
Net cash from operating activities | 96,293 | 69,166 | 345,583 | 309,377 | |||||||||||
Investing Activities: | |||||||||||||||
(Increase) decrease in short-term investments, net | (9,925 | ) | 113 | (99,690 | ) | 211 | |||||||||
Purchase of property and equipment | (15,482 | ) | (10,170 | ) | (42,691 | ) | (37,072 | ) | |||||||
Other, net | 306 | (104 | ) | 1,126 | 275 | ||||||||||
Net cash from investing activities | (25,101 | ) | (10,161 | ) | (141,255 | ) | (36,586 | ) | |||||||
Financing Activities: | |||||||||||||||
Proceeds from issuance of common stock | 33,615 | 24,599 | 52,092 | 45,001 | |||||||||||
Repurchases of common stock | (85,925 | ) | (87,227 | ) | (125,206 | ) | (193,493 | ) | |||||||
Excess tax benefits from stock plans | — | 59 | 1,683 | 4,291 | |||||||||||
Dividends paid | — | — | (61,899 | ) | (59,358 | ) | |||||||||
Purchase of noncontrolling interest | — | — | (7,730 | ) | — | ||||||||||
Distribution to noncontrolling interest | (1,161 | ) | (1,177 | ) | (1,161 | ) | (1,177 | ) | |||||||
Net cash from financing activities | (53,471 | ) | (63,746 | ) | (142,221 | ) | (204,736 | ) | |||||||
Effect of exchange rate changes on cash and cash equivalents | 6,500 | 8,136 | (12,619 | ) | 5,231 | ||||||||||
Increase in cash and cash equivalents | 24,221 | 3,395 | 49,488 | 73,286 | |||||||||||
Cash and cash equivalents at beginning of period | 1,286,109 | 1,364,247 | 1,260,842 | 1,294,356 | |||||||||||
Cash and cash equivalents at end of period | $ | 1,310,330 | $ | 1,367,642 | $ | 1,310,330 | $ | 1,367,642 | |||||||
Taxes paid: | |||||||||||||||
Income taxes | $ | 147,248 | $ | 50,911 | $ | 174,199 | $ | 155,006 |
05-Nov-2013 | Expeditors International of Washington, Inc. | Page 5 of 7 |
UNITED STATES | OTHER NORTH AMERICA | LATIN AMERICA | ASIA PACIFIC | EUROPE and AFRICA | MIDDLE EAST and INDIA | ELIMI- NATIONS | CONSOLI- DATED | |||||||||||||||||
Three months ended September 30, 2013: | ||||||||||||||||||||||||
Revenues from unaffiliated customers | $ | 394,046 | 52,962 | 22,136 | 777,711 | 212,482 | 75,752 | — | 1,535,089 | |||||||||||||||
Transfers between geographic areas | 22,065 | 2,911 | 5,643 | 12,081 | 9,358 | 4,473 | (56,531 | ) | — | |||||||||||||||
Total revenues | $ | 416,111 | 55,873 | 27,779 | 789,792 | 221,840 | 80,225 | (56,531 | ) | 1,535,089 | ||||||||||||||
Net revenues | $ | 196,389 | 26,255 | 15,627 | 147,343 | 70,924 | 25,487 | — | 482,025 | |||||||||||||||
Operating income | $ | 55,627 | 8,524 | 5,317 | 57,975 | 11,894 | 6,976 | — | 146,313 | |||||||||||||||
Identifiable assets | $ | 1,694,366 | 102,713 | 52,785 | 663,584 | 438,711 | 142,843 | 3,561 | 3,098,563 | |||||||||||||||
Capital expenditures | $ | 12,463 | 639 | 147 | 1,250 | 703 | 280 | — | 15,482 | |||||||||||||||
Depreciation and amortization | $ | 7,608 | 211 | 210 | 2,343 | 1,534 | 723 | — | 12,629 | |||||||||||||||
Equity | $ | 1,423,598 | 63,351 | 30,637 | 439,719 | 181,134 | 75,444 | (33,153 | ) | 2,180,730 | ||||||||||||||
Three months ended September 30, 2012: | ||||||||||||||||||||||||
Revenues from unaffiliated customers | $ | 383,830 | 50,208 | 20,815 | 804,855 | 198,124 | 73,832 | — | 1,531,664 | |||||||||||||||
Transfers between geographic areas | 24,423 | 2,677 | 4,140 | 10,676 | 9,624 | 4,507 | (56,047 | ) | — | |||||||||||||||
Total revenues | $ | 408,253 | 52,885 | 24,955 | 815,531 | 207,748 | 78,339 | (56,047 | ) | 1,531,664 | ||||||||||||||
Net revenues | $ | 187,737 | 23,412 | 13,978 | 146,992 | 69,841 | 23,178 | — | 465,138 | |||||||||||||||
Operating income | $ | 56,096 | 6,886 | 4,239 | 59,620 | 13,312 | 4,946 | — | 145,099 | |||||||||||||||
Identifiable assets | $ | 1,570,615 | 102,020 | 58,687 | 714,982 | 423,488 | 162,225 | 170 | 3,032,187 | |||||||||||||||
Capital expenditures | $ | 5,681 | 222 | 405 | 1,934 | 1,476 | 452 | — | 10,170 | |||||||||||||||
Depreciation and amortization | $ | 5,942 | 188 | 220 | 1,691 | 1,555 | 434 | — | 10,030 | |||||||||||||||
Equity | $ | 1,281,250 | 58,471 | 33,444 | 499,590 | 158,939 | 96,621 | (32,616 | ) | 2,095,699 |
Nine months ended September 30, 2013: | ||||||||||||||||||||||||
Revenues from unaffiliated customers | $ | 1,158,569 | 161,317 | 63,421 | 2,221,033 | 620,964 | 220,723 | — | 4,446,027 | |||||||||||||||
Transfers between geographic areas | 65,308 | 7,971 | 16,133 | 34,316 | 27,427 | 13,359 | (164,514 | ) | — | |||||||||||||||
Total revenues | $ | 1,223,877 | 169,288 | 79,554 | 2,255,349 | 648,391 | 234,082 | (164,514 | ) | 4,446,027 | ||||||||||||||
Net revenues | $ | 564,895 | 75,476 | 45,560 | 424,235 | 212,555 | 73,689 | — | 1,396,410 | |||||||||||||||
Operating income | $ | 161,290 | 23,023 | 14,007 | 165,640 | 35,433 | 19,017 | — | 418,410 | |||||||||||||||
Identifiable assets | $ | 1,694,366 | 102,713 | 52,785 | 663,584 | 438,711 | 142,843 | 3,561 | 3,098,563 | |||||||||||||||
Capital expenditures | $ | 22,196 | 1,534 | 551 | 14,858 | 2,464 | 1,088 | — | 42,691 | |||||||||||||||
Depreciation and amortization | $ | 21,641 | 615 | 680 | 6,314 | 4,713 | 1,618 | — | 35,581 | |||||||||||||||
Equity | $ | 1,423,598 | 63,351 | 30,637 | 439,719 | 181,134 | 75,444 | (33,153 | ) | 2,180,730 | ||||||||||||||
Nine months ended September 30, 2012: | ||||||||||||||||||||||||
Revenues from unaffiliated customers | $ | 1,140,258 | 149,964 | 61,450 | 2,273,783 | 606,696 | 215,835 | — | 4,447,986 | |||||||||||||||
Transfers between geographic areas | 69,135 | 7,608 | 14,010 | 32,686 | 28,694 | 13,828 | (165,961 | ) | — | |||||||||||||||
Total revenues | $ | 1,209,393 | 157,572 | 75,460 | 2,306,469 | 635,390 | 229,663 | (165,961 | ) | 4,447,986 | ||||||||||||||
Net revenues | $ | 551,503 | 70,769 | 43,537 | 414,714 | 212,871 | 71,966 | — | 1,365,360 | |||||||||||||||
Operating income | $ | 150,814 | 21,340 | 13,119 | 158,626 | 40,510 | 18,364 | — | 402,773 | |||||||||||||||
Identifiable assets | $ | 1,570,615 | 102,020 | 58,687 | 714,982 | 423,488 | 162,225 | 170 | 3,032,187 | |||||||||||||||
Capital expenditures | $ | 20,676 | 551 | 1,060 | 9,823 | 3,529 | 1,433 | — | 37,072 | |||||||||||||||
Depreciation and amortization | $ | 17,320 | 556 | 644 | 4,960 | 4,389 | 1,376 | — | 29,245 | |||||||||||||||
Equity | $ | 1,281,250 | 58,471 | 33,444 | 499,590 | 158,939 | 96,621 | (32,616 | ) | 2,095,699 |
05-Nov-2013 | Expeditors International of Washington, Inc. | Page 6 of 7 |
Three months ended | Nine months ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
(in thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||||
Total revenues | $ | 1,535,089 | $ | 1,531,664 | $ | 4,446,027 | $ | 4,447,986 | |||||||
Expenses: | |||||||||||||||
Airfreight services | 466,699 | 471,947 | 1,414,634 | 1,437,301 | |||||||||||
Ocean freight and ocean services | 409,649 | 432,518 | 1,135,299 | 1,177,919 | |||||||||||
Customs brokerage and other services | 176,716 | 162,061 | 499,684 | 467,406 | |||||||||||
Net revenues | $ | 482,025 | $ | 465,138 | $ | 1,396,410 | $ | 1,365,360 |
05-Nov-2013 | Expeditors International of Washington, Inc. | Page 7 of 7 |
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