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)) | |
August 5, 2014 | /S/ Jeffrey S. Musser | |
Jeffrey S. Musser, President and Chief Executive Officer | ||
August 5, 2014 | /S/ R. Jordan Gates | |
R. Jordan Gates, President and Chief Operating Officer | ||
August 5, 2014 | /S/ Bradley S. Powell | |
Bradley S. Powell, Senior Vice President and Chief Financial Officer | ||
CONTACTS: | R. Jordan Gates Bradley S. Powell |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||
2014 | 2013 | % Change | 2014 | 2013 | % Change | ||||||||||||||
Revenues | $ | 1,599,141 | $ | 1,503,224 | 6% | $ | 3,090,786 | $ | 2,916,432 | 6% | |||||||||
Net revenues1 | $ | 484,714 | $ | 471,872 | 3% | $ | 949,300 | $ | 919,879 | 3% | |||||||||
Operating income | $ | 142,443 | $ | 143,579 | (1)% | $ | 277,646 | $ | 272,097 | 2% | |||||||||
Net earnings attributable to shareholders | $ | 91,302 | $ | 92,315 | (1)% | $ | 175,126 | $ | 172,630 | 1% | |||||||||
Diluted earnings attributable to shareholders | $ | 0.46 | $ | 0.45 | 2% | $ | 0.88 | $ | 0.83 | 6% | |||||||||
Basic earnings attributable to shareholders | $ | 0.46 | $ | 0.45 | 2% | $ | 0.88 | $ | 0.84 | 5% | |||||||||
Diluted weighted average shares outstanding | 197,126,243 | 207,192,534 | 199,482,932 | 207,421,805 | |||||||||||||||
Basic weighted average shares outstanding | 196,451,912 | 206,444,464 | 198,772,260 | 206,459,701 |
Employee headcount as of June 30 | |||||
2014 | 2013 | ||||
North America | 5,032 | 4,761 | |||
Asia Pacific | 3,826 | 3,881 | |||
Europe and Africa | 2,325 | 2,349 | |||
Middle East and India | 1,229 | 1,213 | |||
Latin America | 725 | 679 | |||
Information Systems | 638 | 628 | |||
Corporate | 307 | 270 | |||
Total | 14,082 | 13,781 |
Year-over-year percentage increase in: | ||||||
Airfreight kilos | Ocean freight FEU | |||||
2014 | ||||||
April 2 | 10 | % | 12 | % | ||
May | 5 | % | 10 | % | ||
June | 2 | % | 12 | % | ||
Quarter | 6 | % | 12 | % |
June 30, 2014 | December 31, 2013 | ||||||
Assets | |||||||
Current Assets: | |||||||
Cash and cash equivalents | $ | 970,561 | $ | 1,247,652 | |||
Short-term investments | 86,149 | 26,337 | |||||
Accounts receivable, net | 1,150,531 | 1,073,500 | |||||
Deferred Federal and state income taxes | 19,148 | 18,396 | |||||
Other current assets | 84,081 | 49,384 | |||||
Total current assets | 2,310,470 | 2,415,269 | |||||
Property and equipment, net | 556,228 | 563,064 | |||||
Goodwill | 7,927 | 7,927 | |||||
Other assets, net | 55,315 | 28,552 | |||||
$ | 2,929,940 | $ | 3,014,812 | ||||
Liabilities and Equity | |||||||
Current Liabilities: | |||||||
Accounts payable | 717,141 | 648,156 | |||||
Accrued expenses, primarily salaries and related costs | 220,753 | 200,301 | |||||
Federal, state and foreign income taxes | 24,337 | 21,743 | |||||
Total current liabilities | 962,231 | 870,200 | |||||
Deferred Federal and state income taxes | 70,572 | 58,281 | |||||
Commitments and contingencies | |||||||
Shareholders’ Equity: | |||||||
Preferred stock; none issued | — | — | |||||
Common stock, par value $0.01 per share. Issued and outstanding 195,036,823 shares at June 30, 2014 and 202,553,220 shares at December 31, 2013 | 1,951 | 2,025 | |||||
Additional paid-in capital | 2,701 | 1,647 | |||||
Retained earnings | 1,893,771 | 2,087,376 | |||||
Accumulated other comprehensive loss | (3,609 | ) | (6,265 | ) | |||
Total shareholders’ equity | 1,894,814 | 2,084,783 | |||||
Noncontrolling interest | 2,323 | 1,548 | |||||
Total equity | 1,897,137 | 2,086,331 | |||||
$ | 2,929,940 | $ | 3,014,812 |
05-August-2014 | Expeditors International of Washington, Inc. | Page 3 of 7 |
Three months ended | Six months ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
Revenues: | |||||||||||||||
Airfreight services | $ | 667,257 | $ | 642,969 | $ | 1,314,395 | $ | 1,263,343 | |||||||
Ocean freight and ocean services | 536,438 | 492,007 | 1,005,662 | 937,486 | |||||||||||
Customs brokerage and other services | 395,446 | 368,248 | 770,729 | 715,603 | |||||||||||
Total revenues | 1,599,141 | 1,503,224 | 3,090,786 | 2,916,432 | |||||||||||
Operating Expenses: | |||||||||||||||
Airfreight services | 503,213 | 483,016 | 986,095 | 947,935 | |||||||||||
Ocean freight and ocean services | 423,716 | 380,727 | 791,091 | 725,650 | |||||||||||
Customs brokerage and other services | 187,498 | 167,609 | 364,300 | 322,968 | |||||||||||
Salaries and related costs | 260,767 | 255,569 | 516,709 | 503,986 | |||||||||||
Rent and occupancy costs | 25,401 | 24,712 | 50,563 | 48,905 | |||||||||||
Depreciation and amortization | 12,417 | 11,674 | 24,799 | 22,952 | |||||||||||
Selling and promotion | 9,291 | 8,328 | 17,464 | 15,585 | |||||||||||
Other | 34,395 | 28,010 | 62,119 | 56,354 | |||||||||||
Total operating expenses | 1,456,698 | 1,359,645 | 2,813,140 | 2,644,335 | |||||||||||
Operating income | 142,443 | 143,579 | 277,646 | 272,097 | |||||||||||
Other Income (Expense): | |||||||||||||||
Interest income | 2,764 | 3,070 | 5,461 | 6,313 | |||||||||||
Other, net | 3,190 | 4,325 | 2,909 | 5,856 | |||||||||||
Other income, net | 5,954 | 7,395 | 8,370 | 12,169 | |||||||||||
Earnings before income taxes | 148,397 | 150,974 | 286,016 | 284,266 | |||||||||||
Income tax expense | 56,669 | 58,311 | 110,093 | 110,993 | |||||||||||
Net earnings | 91,728 | 92,663 | 175,923 | 173,273 | |||||||||||
Less net earnings attributable to the noncontrolling interest | 426 | 348 | 797 | 643 | |||||||||||
Net earnings attributable to shareholders | $ | 91,302 | $ | 92,315 | $ | 175,126 | $ | 172,630 | |||||||
Diluted earnings attributable to shareholders per share | $ | 0.46 | $ | 0.45 | $ | 0.88 | $ | 0.83 | |||||||
Basic earnings attributable to shareholders per share | $ | 0.46 | $ | 0.45 | $ | 0.88 | $ | 0.84 | |||||||
Dividends declared and paid per common share | $ | 0.32 | $ | 0.30 | $ | 0.32 | $ | 0.30 | |||||||
Weighted average diluted shares outstanding | 197,126,243 | 207,192,534 | 199,482,932 | 207,421,805 | |||||||||||
Weighted average basic shares outstanding | 196,451,912 | 206,444,464 | 198,772,260 | 206,459,701 |
05-August-2014 | Expeditors International of Washington, Inc. | Page 4 of 7 |
Three months ended | Six months ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
Operating Activities: | |||||||||||||||
Net earnings | $ | 91,728 | $ | 92,663 | $ | 175,923 | $ | 173,273 | |||||||
Adjustments to reconcile net earnings to net cash from operating activities: | |||||||||||||||
Provision for losses (recoveries) on accounts receivable | 496 | 100 | (619 | ) | 1,041 | ||||||||||
Deferred income tax expense | 2,891 | 5,818 | 10,085 | 12,940 | |||||||||||
Excess tax benefits from stock plans | (495 | ) | (584 | ) | (984 | ) | (1,683 | ) | |||||||
Stock compensation expense | 11,877 | 11,040 | 22,171 | 22,045 | |||||||||||
Depreciation and amortization | 12,417 | 11,674 | 24,799 | 22,952 | |||||||||||
Other | 68 | 241 | 206 | 449 | |||||||||||
Changes in operating assets and liabilities: | |||||||||||||||
Increase in accounts receivable | (84,618 | ) | (48,223 | ) | (72,390 | ) | (9,367 | ) | |||||||
Increase in accounts payable and accrued expenses | 61,377 | 45,080 | 90,923 | 43,690 | |||||||||||
Increase in income taxes payable, net | (47,370 | ) | (33,692 | ) | (29,165 | ) | (15,474 | ) | |||||||
Increase in other current assets | (3,485 | ) | (91 | ) | (2,206 | ) | (576 | ) | |||||||
Net cash from operating activities | 44,886 | 84,026 | 218,743 | 249,290 | |||||||||||
Investing Activities: | |||||||||||||||
Decrease (increase) in short-term investments, net | 342 | (89,803 | ) | (59,812 | ) | (89,765 | ) | ||||||||
Purchase of property and equipment | (9,635 | ) | (17,141 | ) | (18,395 | ) | (27,209 | ) | |||||||
Escrow deposit for land acquisition | (27,101 | ) | — | (27,101 | ) | — | |||||||||
Other, net | (1,536 | ) | 1,264 | 134 | 820 | ||||||||||
Net cash from investing activities | (37,930 | ) | (105,680 | ) | (105,174 | ) | (116,154 | ) | |||||||
Financing Activities: | |||||||||||||||
Proceeds from issuance of common stock | 22,125 | 7,548 | 30,017 | 18,477 | |||||||||||
Repurchases of common stock | (131,391 | ) | (21,600 | ) | (358,116 | ) | (39,281 | ) | |||||||
Excess tax benefits from stock plans | 495 | 584 | 984 | 1,683 | |||||||||||
Dividends paid | (62,807 | ) | (61,899 | ) | (62,807 | ) | (61,899 | ) | |||||||
Purchase of noncontrolling interest | — | — | — | (7,730 | ) | ||||||||||
Distribution to noncontrolling interest | — | — | (85 | ) | — | ||||||||||
Net cash from financing activities | (171,578 | ) | (75,367 | ) | (390,007 | ) | (88,750 | ) | |||||||
Effect of exchange rate changes on cash and cash equivalents | 4,137 | (11,557 | ) | (653 | ) | (19,119 | ) | ||||||||
(Decrease) increase in cash and cash equivalents | (160,485 | ) | (108,578 | ) | (277,091 | ) | 25,267 | ||||||||
Cash and cash equivalents at beginning of period | 1,131,046 | 1,394,687 | 1,247,652 | 1,260,842 | |||||||||||
Cash and cash equivalents at end of period | $ | 970,561 | $ | 1,286,109 | $ | 970,561 | $ | 1,286,109 | |||||||
Taxes paid: | |||||||||||||||
Income taxes | $ | 105,963 | $ | 85,195 | $ | 133,459 | $ | 112,146 |
05-August-2014 | 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 June 30, 2014: | ||||||||||||||||||||||||
Revenues from unaffiliated customers | $ | 416,454 | 55,343 | 22,003 | 780,834 | 244,642 | 79,865 | — | 1,599,141 | |||||||||||||||
Transfers between geographic areas | 22,408 | 2,587 | 5,567 | 12,393 | 9,468 | 5,238 | (57,661 | ) | — | |||||||||||||||
Total revenues | $ | 438,862 | 57,930 | 27,570 | 793,227 | 254,110 | 85,103 | (57,661 | ) | 1,599,141 | ||||||||||||||
Net revenues | $ | 200,106 | 25,533 | 16,648 | 138,445 | 78,638 | 25,344 | — | 484,714 | |||||||||||||||
Operating income | $ | 59,780 | 7,001 | 4,676 | 51,436 | 14,219 | 5,331 | — | 142,443 | |||||||||||||||
Identifiable assets | $ | 1,328,312 | 110,498 | 57,588 | 743,190 | 511,149 | 173,425 | 5,778 | 2,929,940 | |||||||||||||||
Capital expenditures | $ | 5,547 | 422 | 171 | 1,907 | 1,262 | 326 | — | 9,635 | |||||||||||||||
Depreciation and amortization | $ | 7,879 | 296 | 227 | 2,108 | 1,471 | 436 | — | 12,417 | |||||||||||||||
Equity | $ | 1,044,386 | 72,681 | 35,578 | 481,899 | 204,952 | 94,390 | (36,749 | ) | 1,897,137 | ||||||||||||||
Three months ended June 30, 2013: | ||||||||||||||||||||||||
Revenues from unaffiliated customers | $ | 395,495 | 56,626 | 21,421 | 749,282 | 206,020 | 74,380 | — | 1,503,224 | |||||||||||||||
Transfers between geographic areas | 23,217 | 2,516 | 5,614 | 11,605 | 9,189 | 4,559 | (56,700 | ) | — | |||||||||||||||
Total revenues | $ | 418,712 | 59,142 | 27,035 | 760,887 | 215,209 | 78,939 | (56,700 | ) | 1,503,224 | ||||||||||||||
Net revenues | $ | 193,509 | 25,440 | 15,522 | 141,439 | 71,068 | 24,894 | — | 471,872 | |||||||||||||||
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 |
Six months ended June 30, 2014: | ||||||||||||||||||||||||
Revenues from unaffiliated customers | $ | 817,193 | 106,927 | 42,632 | 1,495,218 | 472,150 | 156,666 | — | 3,090,786 | |||||||||||||||
Transfers between geographic areas | 42,419 | 4,962 | 10,771 | 24,402 | 18,425 | 10,100 | (111,079 | ) | — | |||||||||||||||
Total revenues | $ | 859,612 | 111,889 | 53,403 | 1,519,620 | 490,575 | 166,766 | (111,079 | ) | 3,090,786 | ||||||||||||||
Net revenues | $ | 392,188 | 51,694 | 32,005 | 271,719 | 151,695 | 49,999 | — | 949,300 | |||||||||||||||
Operating income | $ | 111,678 | 15,376 | 9,535 | 104,277 | 25,285 | 11,495 | — | 277,646 | |||||||||||||||
Identifiable assets | $ | 1,328,312 | 110,498 | 57,588 | 743,190 | 511,149 | 173,425 | 5,778 | 2,929,940 | |||||||||||||||
Capital expenditures | $ | 9,475 | 686 | 472 | 5,033 | 2,114 | 615 | — | 18,395 | |||||||||||||||
Depreciation and amortization | $ | 15,731 | 576 | 439 | 4,216 | 2,963 | 874 | — | 24,799 | |||||||||||||||
Equity | $ | 1,044,386 | 72,681 | 35,578 | 481,899 | 204,952 | 94,390 | (36,749 | ) | 1,897,137 | ||||||||||||||
Six months ended June 30, 2013: | ||||||||||||||||||||||||
Revenues from unaffiliated customers | $ | 769,869 | 108,355 | 41,285 | 1,443,419 | 408,533 | 144,971 | — | 2,916,432 | |||||||||||||||
Transfers between geographic areas | 43,243 | 5,060 | 10,490 | 22,235 | 18,069 | 8,886 | (107,983 | ) | — | |||||||||||||||
Total revenues | $ | 813,112 | 113,415 | 51,775 | 1,465,654 | 426,602 | 153,857 | (107,983 | ) | 2,916,432 | ||||||||||||||
Net revenues | $ | 373,852 | 49,221 | 29,933 | 276,989 | 141,682 | 48,202 | — | 919,879 | |||||||||||||||
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 |
05-August-2014 | Expeditors International of Washington, Inc. | Page 6 of 7 |
Three months ended | Six months ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
(in thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||
Total revenues | $ | 1,599,141 | $ | 1,503,224 | $ | 3,090,786 | $ | 2,916,432 | |||||||
Expenses: | |||||||||||||||
Airfreight services | 503,213 | 483,016 | 986,095 | 947,935 | |||||||||||
Ocean freight and ocean services | 423,716 | 380,727 | 791,091 | 725,650 | |||||||||||
Customs brokerage and other services | 187,498 | 167,609 | 364,300 | 322,968 | |||||||||||
Net revenues | $ | 484,714 | $ | 471,872 | $ | 949,300 | $ | 919,879 |
05-August-2014 | Expeditors International of Washington, Inc. | Page 7 of 7 |
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