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 4, 2014 | /S/ Jeffrey S. Musser | |
Jeffrey S. Musser, President and Chief Executive Officer | ||
November 4, 2014 | /S/ R. Jordan Gates | |
R. Jordan Gates, President and Chief Operating Officer | ||
November 4, 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 September 30, | Nine months ended September 30, | ||||||||||||||||||
2014 | 2013 | % Change | 2014 | 2013 | % Change | ||||||||||||||
Revenues | $ | 1,705,105 | $ | 1,537,966 | 11% | $ | 4,795,891 | $ | 4,454,398 | 8% | |||||||||
Net revenues1 | $ | 513,256 | $ | 484,902 | 6% | $ | 1,462,556 | $ | 1,404,781 | 4% | |||||||||
Operating income | $ | 159,131 | $ | 146,313 | 9% | $ | 436,777 | $ | 418,410 | 4% | |||||||||
Net earnings attributable to shareholders | $ | 102,381 | $ | 92,400 | 11% | $ | 277,507 | $ | 265,030 | 5% | |||||||||
Diluted earnings attributable to shareholders | $ | 0.53 | $ | 0.45 | 18% | $ | 1.40 | $ | 1.28 | 9% | |||||||||
Basic earnings attributable to shareholders | $ | 0.53 | $ | 0.45 | 18% | $ | 1.41 | $ | 1.28 | 10% | |||||||||
Diluted weighted average shares outstanding | 195,001,267 | 207,368,792 | 197,953,810 | 207,351,569 | |||||||||||||||
Basic weighted average shares outstanding | 194,419,071 | 206,516,194 | 197,305,251 | 206,478,746 |
Employee headcount as of September 30 | |||||
2014 | 2013 | ||||
North America | 5,152 | 4,820 | |||
Asia Pacific | 3,839 | 3,931 | |||
Europe and Africa | 2,428 | 2,324 | |||
Middle East and India | 1,227 | 1,206 | |||
Latin America | 737 | 675 | |||
Information Systems | 687 | 655 | |||
Corporate | 302 | 273 | |||
Total | 14,372 | 13,884 |
Year-over-year percentage increase in: | ||||||
Airfreight kilos | Ocean freight FEU | |||||
2014 | ||||||
July | 11 | % | 9 | % | ||
August | 11 | % | 11 | % | ||
September | 15 | % | 12 | % | ||
Quarter | 12 | % | 11 | % |
September 30, 2014 | December 31, 2013 | ||||||
Assets | |||||||
Current Assets: | |||||||
Cash and cash equivalents | $ | 990,480 | $ | 1,247,652 | |||
Short-term investments | 40,317 | 26,337 | |||||
Accounts receivable, net | 1,183,167 | 1,073,500 | |||||
Deferred Federal and state income taxes | 20,782 | 18,396 | |||||
Other current assets | 83,226 | 49,384 | |||||
Total current assets | 2,317,972 | 2,415,269 | |||||
Property and equipment, net | 545,366 | 563,064 | |||||
Goodwill | 7,927 | 7,927 | |||||
Other assets, net | 54,788 | 28,552 | |||||
$ | 2,926,053 | $ | 3,014,812 | ||||
Liabilities and Equity | |||||||
Current Liabilities: | |||||||
Accounts payable | 746,193 | 648,156 | |||||
Accrued expenses, primarily salaries and related costs | 194,546 | 200,301 | |||||
Federal, state and foreign income taxes | 22,059 | 21,743 | |||||
Total current liabilities | 962,798 | 870,200 | |||||
Deferred Federal and state income taxes | 59,325 | 58,281 | |||||
Commitments and contingencies | |||||||
Shareholders’ Equity: | |||||||
Preferred stock; none issued | — | — | |||||
Common stock, par value $0.01 per share. Issued and outstanding 193,019,604 shares at September 30, 2014 and 202,553,220 shares at December 31, 2013 | 1,930 | 2,025 | |||||
Additional paid-in capital | 1,055 | 1,647 | |||||
Retained earnings | 1,920,166 | 2,087,376 | |||||
Accumulated other comprehensive loss | (21,778 | ) | (6,265 | ) | |||
Total shareholders’ equity | 1,901,373 | 2,084,783 | |||||
Noncontrolling interest | 2,557 | 1,548 | |||||
Total equity | 1,903,930 | 2,086,331 | |||||
$ | 2,926,053 | $ | 3,014,812 |
04-November-2014 | Expeditors International of Washington, Inc. | Page 3 of 7 |
Three months ended | Nine months ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
Revenues: | |||||||||||||||
Airfreight services | $ | 686,434 | $ | 628,116 | $ | 2,000,829 | $ | 1,891,459 | |||||||
Ocean freight and ocean services | 600,483 | 525,193 | 1,606,145 | 1,462,679 | |||||||||||
Customs brokerage and other services | 418,188 | 384,657 | 1,188,917 | 1,100,260 | |||||||||||
Total revenues | 1,705,105 | 1,537,966 | 4,795,891 | 4,454,398 | |||||||||||
Operating Expenses: | |||||||||||||||
Airfreight services | 516,969 | 466,699 | 1,503,064 | 1,414,634 | |||||||||||
Ocean freight and ocean services | 475,460 | 409,649 | 1,266,551 | 1,135,299 | |||||||||||
Customs brokerage and other services | 199,420 | 176,716 | 563,720 | 499,684 | |||||||||||
Salaries and related costs | 272,548 | 261,613 | 789,257 | 765,599 | |||||||||||
Rent and occupancy costs | 26,396 | 24,542 | 76,959 | 73,447 | |||||||||||
Depreciation and amortization | 12,741 | 12,629 | 37,540 | 35,581 | |||||||||||
Selling and promotion | 9,240 | 8,306 | 26,704 | 23,891 | |||||||||||
Other | 33,200 | 31,499 | 95,319 | 87,853 | |||||||||||
Total operating expenses | 1,545,974 | 1,391,653 | 4,359,114 | 4,035,988 | |||||||||||
Operating income | 159,131 | 146,313 | 436,777 | 418,410 | |||||||||||
Other Income (Expense): | |||||||||||||||
Interest income | 2,793 | 2,967 | 8,254 | 9,280 | |||||||||||
Other, net | 2,336 | 1,212 | 5,245 | 7,068 | |||||||||||
Other income, net | 5,129 | 4,179 | 13,499 | 16,348 | |||||||||||
Earnings before income taxes | 164,260 | 150,492 | 450,276 | 434,758 | |||||||||||
Income tax expense | 61,463 | 57,763 | 171,556 | 168,756 | |||||||||||
Net earnings | 102,797 | 92,729 | 278,720 | 266,002 | |||||||||||
Less net earnings attributable to the noncontrolling interest | 416 | 329 | 1,213 | 972 | |||||||||||
Net earnings attributable to shareholders | $ | 102,381 | $ | 92,400 | $ | 277,507 | $ | 265,030 | |||||||
Diluted earnings attributable to shareholders per share | $ | 0.53 | $ | 0.45 | $ | 1.40 | $ | 1.28 | |||||||
Basic earnings attributable to shareholders per share | $ | 0.53 | $ | 0.45 | $ | 1.41 | $ | 1.28 | |||||||
Dividends declared and paid per common share | $ | — | $ | — | $ | 0.32 | $ | 0.30 | |||||||
Weighted average diluted shares outstanding | 195,001,267 | 207,368,792 | 197,953,810 | 207,351,569 | |||||||||||
Weighted average basic shares outstanding | 194,419,071 | 206,516,194 | 197,305,251 | 206,478,746 |
04-November-2014 | Expeditors International of Washington, Inc. | Page 4 of 7 |
Three months ended | Nine months ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
Operating Activities: | |||||||||||||||
Net earnings | $ | 102,797 | $ | 92,729 | $ | 278,720 | $ | 266,002 | |||||||
Adjustments to reconcile net earnings to net cash from operating activities: | |||||||||||||||
Provision for losses (recoveries) on accounts receivable | 564 | 1,496 | (55 | ) | 2,537 | ||||||||||
Deferred income tax (benefit) expense | (2,085 | ) | (33,185 | ) | 8,000 | (20,245 | ) | ||||||||
Excess tax benefits from stock plans | (47 | ) | — | (1,031 | ) | (1,683 | ) | ||||||||
Stock compensation expense | 10,049 | 11,015 | 32,220 | 33,060 | |||||||||||
Depreciation and amortization | 12,741 | 12,629 | 37,540 | 35,581 | |||||||||||
Other | 139 | 187 | 345 | 636 | |||||||||||
Changes in operating assets and liabilities: | |||||||||||||||
Increase in accounts receivable | (58,984 | ) | (5,115 | ) | (131,374 | ) | (14,482 | ) | |||||||
Increase (decrease) in accounts payable and accrued expenses | 23,113 | (8,875 | ) | 114,036 | 34,815 | ||||||||||
Increase (decrease) in income taxes payable, net | 2,050 | 30,114 | (27,115 | ) | 14,640 | ||||||||||
Increase in other current assets | (3,646 | ) | (4,702 | ) | (5,852 | ) | (5,278 | ) | |||||||
Net cash from operating activities | 86,691 | 96,293 | 305,434 | 345,583 | |||||||||||
Investing Activities: | |||||||||||||||
Decrease (increase) in short-term investments, net | 45,832 | (9,925 | ) | (13,980 | ) | (99,690 | ) | ||||||||
Purchase of property and equipment | (8,255 | ) | (15,482 | ) | (26,650 | ) | (42,691 | ) | |||||||
Escrow deposit for land acquisition | — | — | (27,101 | ) | — | ||||||||||
Other, net | 370 | 306 | 504 | 1,126 | |||||||||||
Net cash from investing activities | 37,947 | (25,101 | ) | (67,227 | ) | (141,255 | ) | ||||||||
Financing Activities: | |||||||||||||||
Proceeds from issuance of common stock | 28,452 | 33,615 | 58,469 | 52,092 | |||||||||||
Repurchases of common stock | (117,044 | ) | (85,925 | ) | (475,160 | ) | (125,206 | ) | |||||||
Excess tax benefits from stock plans | 47 | — | 1,031 | 1,683 | |||||||||||
Dividends paid | — | — | (62,807 | ) | (61,899 | ) | |||||||||
Purchase of noncontrolling interest | — | — | — | (7,730 | ) | ||||||||||
Distribution to noncontrolling interest | — | (1,161 | ) | (85 | ) | (1,161 | ) | ||||||||
Net cash from financing activities | (88,545 | ) | (53,471 | ) | (478,552 | ) | (142,221 | ) | |||||||
Effect of exchange rate changes on cash and cash equivalents | (16,174 | ) | 6,500 | (16,827 | ) | (12,619 | ) | ||||||||
Increase (decrease) in cash and cash equivalents | 19,919 | 24,221 | (257,172 | ) | 49,488 | ||||||||||
Cash and cash equivalents at beginning of period | 970,561 | 1,286,109 | 1,247,652 | 1,260,842 | |||||||||||
Cash and cash equivalents at end of period | $ | 990,480 | $ | 1,310,330 | $ | 990,480 | $ | 1,310,330 | |||||||
Taxes paid: | |||||||||||||||
Income taxes | $ | 61,899 | $ | 62,053 | $ | 195,358 | $ | 174,199 |
04-November-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 September 30, 2014: | ||||||||||||||||||||||||
Revenues from unaffiliated customers | $ | 438,882 | 55,209 | 22,962 | 850,855 | 253,683 | 83,514 | — | 1,705,105 | |||||||||||||||
Transfers between geographic areas | 24,847 | 2,867 | 5,194 | 12,965 | 9,492 | 5,427 | (60,792 | ) | — | |||||||||||||||
Total revenues | $ | 463,729 | 58,076 | 28,156 | 863,820 | 263,175 | 88,941 | (60,792 | ) | 1,705,105 | ||||||||||||||
Net revenues | $ | 215,320 | 27,323 | 16,792 | 149,069 | 79,007 | 25,745 | — | 513,256 | |||||||||||||||
Operating income | $ | 68,972 | 7,779 | 4,890 | 57,409 | 14,413 | 5,668 | — | 159,131 | |||||||||||||||
Identifiable assets | $ | 1,333,124 | 113,621 | 53,939 | 733,776 | 506,442 | 173,455 | 11,696 | 2,926,053 | |||||||||||||||
Capital expenditures | $ | 3,171 | 361 | 369 | 2,942 | 1,042 | 370 | — | 8,255 | |||||||||||||||
Depreciation and amortization | $ | 8,369 | 303 | 226 | 2,030 | 1,389 | 424 | — | 12,741 | |||||||||||||||
Equity | $ | 1,074,837 | 75,848 | 34,218 | 454,982 | 199,751 | 97,476 | (33,182 | ) | 1,903,930 | ||||||||||||||
Three months ended September 30, 2013: | ||||||||||||||||||||||||
Revenues from unaffiliated customers | $ | 396,764 | 52,962 | 22,136 | 777,845 | 212,507 | 75,752 | — | 1,537,966 | |||||||||||||||
Transfers between geographic areas | 22,065 | 2,911 | 5,643 | 12,081 | 9,358 | 4,473 | (56,531 | ) | — | |||||||||||||||
Total revenues | $ | 418,829 | 55,873 | 27,779 | 789,926 | 221,865 | 80,225 | (56,531 | ) | 1,537,966 | ||||||||||||||
Net revenues | $ | 199,107 | 26,255 | 15,627 | 147,477 | 70,949 | 25,487 | — | 484,902 | |||||||||||||||
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 |
Nine months ended September 30, 2014: | ||||||||||||||||||||||||
Revenues from unaffiliated customers | $ | 1,256,075 | 162,136 | 65,594 | 2,346,073 | 725,833 | 240,180 | — | 4,795,891 | |||||||||||||||
Transfers between geographic areas | 67,266 | 7,829 | 15,965 | 37,367 | 27,917 | 15,527 | (171,871 | ) | — | |||||||||||||||
Total revenues | $ | 1,323,341 | 169,965 | 81,559 | 2,383,440 | 753,750 | 255,707 | (171,871 | ) | 4,795,891 | ||||||||||||||
Net revenues | $ | 607,508 | 79,017 | 48,797 | 420,788 | 230,702 | 75,744 | — | 1,462,556 | |||||||||||||||
Operating income | $ | 180,650 | 23,155 | 14,425 | 161,686 | 39,698 | 17,163 | — | 436,777 | |||||||||||||||
Identifiable assets | $ | 1,333,124 | 113,621 | 53,939 | 733,776 | 506,442 | 173,455 | 11,696 | 2,926,053 | |||||||||||||||
Capital expenditures | $ | 12,646 | 1,047 | 841 | 7,975 | 3,156 | 985 | — | 26,650 | |||||||||||||||
Depreciation and amortization | $ | 24,100 | 879 | 665 | 6,246 | 4,352 | 1,298 | — | 37,540 | |||||||||||||||
Equity | $ | 1,074,837 | 75,848 | 34,218 | 454,982 | 199,751 | 97,476 | (33,182 | ) | 1,903,930 | ||||||||||||||
Nine months ended September 30, 2013: | ||||||||||||||||||||||||
Revenues from unaffiliated customers | $ | 1,166,633 | 161,317 | 63,421 | 2,221,264 | 621,040 | 220,723 | — | 4,454,398 | |||||||||||||||
Transfers between geographic areas | 65,308 | 7,971 | 16,133 | 34,316 | 27,427 | 13,359 | (164,514 | ) | — | |||||||||||||||
Total revenues | $ | 1,231,941 | 169,288 | 79,554 | 2,255,580 | 648,467 | 234,082 | (164,514 | ) | 4,454,398 | ||||||||||||||
Net revenues | $ | 572,959 | 75,476 | 45,560 | 424,466 | 212,631 | 73,689 | — | 1,404,781 | |||||||||||||||
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 |
04-November-2014 | Expeditors International of Washington, Inc. | Page 6 of 7 |
Three months ended | Nine months ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
(in thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||
Total revenues | $ | 1,705,105 | $ | 1,537,966 | $ | 4,795,891 | $ | 4,454,398 | |||||||
Expenses: | |||||||||||||||
Airfreight services | 516,969 | 466,699 | 1,503,064 | 1,414,634 | |||||||||||
Ocean freight and ocean services | 475,460 | 409,649 | 1,266,551 | 1,135,299 | |||||||||||
Customs brokerage and other services | 199,420 | 176,716 | 563,720 | 499,684 | |||||||||||
Net revenues | $ | 513,256 | $ | 484,902 | $ | 1,462,556 | $ | 1,404,781 |
04-November-2014 | Expeditors International of Washington, Inc. | Page 7 of 7 |
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