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)) | |
CONTACTS: | R. Jordan Gates Bradley S. Powell |
FOR IMMEDIATE RELEASE |
Three months ended December 31, | Years ended December 31, | ||||||||||||||||||
2014 | 2013 | % Increase | 2014 | 2013 | % Increase | ||||||||||||||
Revenues | $ | 1,768,830 | $ | 1,625,859 | 9% | $ | 6,564,721 | $ | 6,080,257 | 8% | |||||||||
Net revenues | $ | 518,871 | $ | 478,072 | 9% | $ | 1,981,427 | $ | 1,882,853 | 5% | |||||||||
Operating income3 | $ | 157,871 | $ | 133,663 | 18% | $ | 594,648 | $ | 552,073 | 8% | |||||||||
Net earnings attributable to shareholders | $ | 99,381 | $ | 83,496 | 19% | $ | 376,888 | $ | 348,526 | 8% | |||||||||
Diluted earnings attributable to shareholders | $ | 0.51 | $ | 0.41 | 24% | $ | 1.92 | $ | 1.68 | 14% | |||||||||
Basic earnings attributable to shareholders | $ | 0.52 | $ | 0.41 | 27% | $ | 1.92 | $ | 1.69 | 14% | |||||||||
Diluted weighted average shares outstanding | 193,307,389 | 205,526,229 | 196,768,067 | 206,895,473 | |||||||||||||||
Basic weighted average shares outstanding | 192,708,729 | 204,558,152 | 196,146,676 | 205,994,656 |
Employee headcount as of December 31, | |||||
2014 | 2013 | ||||
North America | 5,279 | 4,860 | |||
Asia Pacific | 3,824 | 3,891 | |||
Europe | 2,472 | 2,291 | |||
Middle East, Africa and India | 1,344 | 1,316 | |||
Latin America | 748 | 685 | |||
Information Systems | 702 | 648 | |||
Corporate | 290 | 277 | |||
Total | 14,659 | 13,968 |
Year-over-year percentage increase in: | ||||||
Airfreight kilos | Ocean freight FEU | |||||
2014 | ||||||
October | 9 | % | 11 | % | ||
November | 7 | % | 10 | % | ||
December | 19 | % | 6 | % | ||
Quarter | 11 | % | 9 | % |
December 31, 2014 | December 31, 2013 | ||||||
Assets | |||||||
Current Assets: | |||||||
Cash and cash equivalents | $ | 927,107 | $ | 1,247,652 | |||
Short-term investments | 40,336 | 26,337 | |||||
Accounts receivable, net | 1,236,042 | 1,073,500 | |||||
Deferred Federal and state income taxes | 20,279 | 18,396 | |||||
Other current assets | 65,486 | 49,384 | |||||
Total current assets | 2,289,250 | 2,415,269 | |||||
Property and equipment, net | 538,415 | 563,064 | |||||
Goodwill | 7,927 | 7,927 | |||||
Other assets, net | 55,313 | 28,552 | |||||
$ | 2,890,905 | $ | 3,014,812 | ||||
Liabilities and Equity | |||||||
Current Liabilities: | |||||||
Accounts payable | $ | 770,238 | $ | 648,156 | |||
Accrued expenses, primarily salaries and related costs | 192,468 | 200,301 | |||||
Federal, state and foreign income taxes | 21,077 | 21,743 | |||||
Total current liabilities | 983,783 | 870,200 | |||||
Deferred Federal and state income taxes | 35,514 | 58,281 | |||||
Commitments and contingencies | |||||||
Shareholders’ Equity: | |||||||
Preferred stock; none issued | — | — | |||||
Common stock, par value $0.01 per share; issued and outstanding 191,655,690 shares at December 31, 2014 and 202,553,220 shares at December 31, 2013 | 1,916 | 2,025 | |||||
Additional paid-in capital | 1,113 | 1,647 | |||||
Retained earnings | 1,903,196 | 2,087,376 | |||||
Accumulated other comprehensive loss | (37,817 | ) | (6,265 | ) | |||
Total shareholders’ equity | 1,868,408 | 2,084,783 | |||||
Noncontrolling interest | 3,200 | 1,548 | |||||
Total equity | 1,871,608 | 2,086,331 | |||||
$ | 2,890,905 | $ | 3,014,812 |
Three months ended | Twelve months ended | ||||||||||||||
December 31, | December 31, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
Revenues: | |||||||||||||||
Airfreight services | $ | 780,011 | $ | 742,371 | $ | 2,780,840 | $ | 2,633,830 | |||||||
Ocean freight and ocean services | 568,249 | 495,552 | 2,174,394 | 1,958,231 | |||||||||||
Customs brokerage and other services | 420,570 | 387,936 | 1,609,487 | 1,488,196 | |||||||||||
Total revenues | 1,768,830 | 1,625,859 | 6,564,721 | 6,080,257 | |||||||||||
Operating Expenses: | |||||||||||||||
Airfreight services | 600,713 | 579,740 | 2,103,777 | 1,994,374 | |||||||||||
Ocean freight and ocean services | 446,244 | 386,041 | 1,712,795 | 1,521,340 | |||||||||||
Customs brokerage and other services | 203,002 | 182,006 | 766,722 | 681,690 | |||||||||||
Salaries and related costs | 276,072 | 267,002 | 1,065,329 | 1,032,601 | |||||||||||
Rent and occupancy costs | 25,851 | 24,990 | 102,810 | 98,437 | |||||||||||
Depreciation and amortization | 11,752 | 12,490 | 49,292 | 48,071 | |||||||||||
Selling and promotion | 11,421 | 9,352 | 38,125 | 33,243 | |||||||||||
Other | 35,904 | 30,575 | 131,223 | 118,428 | |||||||||||
Total operating expenses | 1,610,959 | 1,492,196 | 5,970,073 | 5,528,184 | |||||||||||
Operating income | 157,871 | 133,663 | 594,648 | 552,073 | |||||||||||
Interest income | 2,519 | 2,530 | 10,773 | 11,810 | |||||||||||
Other, net | 223 | 1,645 | 5,468 | 8,713 | |||||||||||
Other income, net | 2,742 | 4,175 | 16,241 | 20,523 | |||||||||||
Earnings before income taxes | 160,613 | 137,838 | 610,889 | 572,596 | |||||||||||
Income tax expense | 59,873 | 53,829 | 231,429 | 222,585 | |||||||||||
Net earnings | 100,740 | 84,009 | 379,460 | 350,011 | |||||||||||
Less net earnings attributable to the noncontrolling interest | 1,359 | 513 | 2,572 | 1,485 | |||||||||||
Net earnings attributable to shareholders | $ | 99,381 | $ | 83,496 | $ | 376,888 | $ | 348,526 | |||||||
Diluted earnings attributable to shareholders per share | $ | 0.51 | $ | 0.41 | $ | 1.92 | $ | 1.68 | |||||||
Basic earnings attributable to shareholders per share | $ | 0.52 | $ | 0.41 | $ | 1.92 | $ | 1.69 | |||||||
Dividends declared and paid per common share | $ | 0.32 | $ | 0.30 | $ | 0.64 | $ | 0.60 | |||||||
Weighted average diluted shares outstanding | 193,307,389 | 205,526,229 | 196,768,067 | 206,895,473 | |||||||||||
Weighted average basic shares outstanding | 192,708,729 | 204,558,152 | 196,146,676 | 205,994,656 |
Three months ended | Twelve months ended | ||||||||||||||
December 31, | December 31, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
Operating Activities: | |||||||||||||||
Net earnings | $ | 100,740 | $ | 84,009 | $ | 379,460 | $ | 350,011 | |||||||
Adjustments to reconcile net earnings to net cash from operating activities: | |||||||||||||||
Provision for losses (recoveries) on accounts receivable | 818 | (421 | ) | 763 | 2,116 | ||||||||||
Deferred income tax benefit | (14,576 | ) | (730 | ) | (6,576 | ) | (20,975 | ) | |||||||
Excess tax benefits from stock plans | (84 | ) | (656 | ) | (1,115 | ) | (2,339 | ) | |||||||
Stock compensation expense | 10,313 | 10,753 | 42,533 | 43,813 | |||||||||||
Depreciation and amortization | 11,752 | 12,490 | 49,292 | 48,071 | |||||||||||
Other | (5 | ) | 208 | 340 | 844 | ||||||||||
Changes in operating assets and liabilities: | |||||||||||||||
Increase in accounts receivable | (75,513 | ) | (50,093 | ) | (206,887 | ) | (64,575 | ) | |||||||
Increase in accounts payable and accrued expenses | 39,388 | 9,335 | 153,424 | 44,150 | |||||||||||
Increase (decrease) in income taxes payable, net | 14,117 | (6,205 | ) | (12,998 | ) | 8,435 | |||||||||
Decrease (increase) in other current assets | 2,582 | 3,263 | (3,270 | ) | (2,015 | ) | |||||||||
Net cash from operating activities | 89,532 | 61,953 | 394,966 | 407,536 | |||||||||||
Investing Activities: | |||||||||||||||
(Increase) decrease in short-term investments, net | (20 | ) | 73,489 | (14,000 | ) | (26,201 | ) | ||||||||
Purchase of property and equipment | (10,822 | ) | (10,720 | ) | (37,472 | ) | (53,411 | ) | |||||||
Escrow deposit on land acquisition | — | — | (27,101 | ) | — | ||||||||||
Other, net | (842 | ) | 1,680 | (338 | ) | 2,806 | |||||||||
Net cash from investing activities | (11,684 | ) | 64,449 | (78,911 | ) | (76,806 | ) | ||||||||
Financing Activities: | |||||||||||||||
Proceeds from issuance of common stock | 10,800 | 7,660 | 69,269 | 59,752 | |||||||||||
Repurchases of common stock | (75,621 | ) | (136,730 | ) | (550,781 | ) | (261,936 | ) | |||||||
Excess tax benefits from stock plans | 84 | 656 | 1,115 | 2,339 | |||||||||||
Dividends paid | (61,827 | ) | (61,393 | ) | (124,634 | ) | (123,292 | ) | |||||||
Purchase of noncontrolling interest | — | — | — | (7,730 | ) | ||||||||||
Distribution to noncontrolling interest | (418 | ) | — | (503 | ) | (1,161 | ) | ||||||||
Net cash from financing activities | (126,982 | ) | (189,807 | ) | (605,534 | ) | (332,028 | ) | |||||||
Effect of exchange rate changes on cash and cash equivalents | (14,239 | ) | 727 | (31,066 | ) | (11,892 | ) | ||||||||
Decrease in cash and cash equivalents | (63,373 | ) | (62,678 | ) | (320,545 | ) | (13,190 | ) | |||||||
Cash and cash equivalents at beginning of period | 990,480 | 1,310,330 | 1,247,652 | 1,260,842 | |||||||||||
Cash and cash equivalents at end of period | $ | 927,107 | $ | 1,247,652 | $ | 927,107 | $ | 1,247,652 | |||||||
Taxes paid: | |||||||||||||||
Income taxes | $ | 59,081 | $ | 61,169 | $ | 254,439 | $ | 235,368 |
UNITED STATES | OTHER NORTH AMERICA | LATIN AMERICA | ASIA PACIFIC4 | EUROPE4 | MIDDLE EAST, AFRICA and INDIA4 | ELIMI- NATIONS | CONSOLI- DATED | |||||||||||||||||
Three months ended December 31, 2014: | ||||||||||||||||||||||||
Revenues from unaffiliated customers | $ | 438,744 | 56,599 | 23,464 | 902,310 | 267,923 | 79,790 | — | 1,768,830 | |||||||||||||||
Transfers between geographic areas | 29,762 | 3,062 | 4,669 | 12,357 | 10,610 | 5,016 | (65,476 | ) | — | |||||||||||||||
Total revenues | $ | 468,506 | 59,661 | 28,133 | 914,667 | 278,533 | 84,806 | (65,476 | ) | 1,768,830 | ||||||||||||||
Net revenues | $ | 215,603 | 29,614 | 16,219 | 152,415 | 79,012 | 26,008 | — | 518,871 | |||||||||||||||
Operating income | $ | 40,516 | 13,320 | 5,430 | 69,193 | 20,586 | 8,826 | — | 157,871 | |||||||||||||||
Identifiable assets | $ | 1,408,598 | 111,324 | 53,815 | 655,148 | 447,349 | 208,684 | 5,987 | 2,890,905 | |||||||||||||||
Capital expenditures | $ | 6,964 | 392 | 733 | 1,161 | 1,130 | 442 | — | 10,822 | |||||||||||||||
Depreciation and amortization | $ | 7,453 | 291 | 246 | 2,023 | 1,314 | 425 | — | 11,752 | |||||||||||||||
Equity | $ | 1,165,488 | 54,338 | 34,386 | 361,529 | 169,117 | 121,520 | (34,770 | ) | 1,871,608 | ||||||||||||||
Three months ended December 31, 2013: | ||||||||||||||||||||||||
Revenues from unaffiliated customers | $ | 394,835 | 54,651 | 22,629 | 838,881 | 236,302 | 78,561 | — | 1,625,859 | |||||||||||||||
Transfers between geographic areas | 24,262 | 3,067 | 5,578 | 12,353 | 10,430 | 4,119 | (59,809 | ) | — | |||||||||||||||
Total revenues | $ | 419,097 | 57,718 | 28,207 | 851,234 | 246,732 | 82,680 | (59,809 | ) | 1,625,859 | ||||||||||||||
Net revenues | $ | 197,560 | 27,388 | 15,918 | 138,453 | 74,203 | 24,550 | — | 478,072 | |||||||||||||||
Operating income | $ | 34,509 | 12,201 | 1,727 | 59,009 | 17,791 | 8,426 | — | 133,663 | |||||||||||||||
Identifiable assets | $ | 1,582,557 | 104,735 | 58,027 | 668,032 | 414,710 | 180,646 | 6,105 | 3,014,812 | |||||||||||||||
Capital expenditures | $ | 6,503 | 336 | 459 | 2,400 | 775 | 247 | — | 10,720 | |||||||||||||||
Depreciation and amortization | $ | 7,928 | 267 | 221 | 2,096 | 1,538 | 440 | — | 12,490 | |||||||||||||||
Equity | $ | 1,330,262 | 72,772 | 29,590 | 406,728 | 178,729 | 102,628 | (34,378 | ) | 2,086,331 |
Twelve months ended December 31, 2014: | ||||||||||||||||||||||||
Revenues from unaffiliated customers | $ | 1,694,819 | 218,735 | 89,058 | 3,233,539 | 1,012,389 | 316,181 | — | 6,564,721 | |||||||||||||||
Transfers between geographic areas | 97,028 | 10,891 | 20,634 | 49,599 | 39,541 | 19,654 | (237,347 | ) | — | |||||||||||||||
Total revenues | $ | 1,791,847 | 229,626 | 109,692 | 3,283,138 | 1,051,930 | 335,835 | (237,347 | ) | 6,564,721 | ||||||||||||||
Net revenues | $ | 823,111 | 108,631 | 65,016 | 570,793 | 313,325 | 100,551 | — | 1,981,427 | |||||||||||||||
Operating income | $ | 221,166 | 36,475 | 19,855 | 230,092 | 62,101 | 24,959 | — | 594,648 | |||||||||||||||
Identifiable assets | $ | 1,408,598 | 111,324 | 53,815 | 655,148 | 447,349 | 208,684 | 5,987 | 2,890,905 | |||||||||||||||
Capital expenditures | $ | 19,610 | 1,439 | 1,574 | 9,073 | 4,246 | 1,530 | — | 37,472 | |||||||||||||||
Depreciation and amortization | $ | 31,553 | 1,170 | 911 | 8,233 | 5,690 | 1,735 | — | 49,292 | |||||||||||||||
Equity | $ | 1,165,488 | 54,338 | 34,386 | 361,529 | 169,117 | 121,520 | (34,770 | ) | 1,871,608 | ||||||||||||||
Twelve months ended December 31, 2013: | ||||||||||||||||||||||||
Revenues from unaffiliated customers | $ | 1,561,468 | 215,968 | 86,050 | 3,046,039 | 876,967 | 293,765 | — | 6,080,257 | |||||||||||||||
Transfers between geographic areas | 89,570 | 11,038 | 21,711 | 46,578 | 38,728 | 16,698 | (224,323 | ) | — | |||||||||||||||
Total revenues | $ | 1,651,038 | 227,006 | 107,761 | 3,092,617 | 915,695 | 310,463 | (224,323 | ) | 6,080,257 | ||||||||||||||
Net revenues | $ | 770,519 | 102,864 | 61,478 | 560,900 | 288,407 | 98,685 | — | 1,882,853 | |||||||||||||||
Operating income | $ | 195,799 | 35,224 | 15,734 | 223,980 | 53,294 | 28,042 | — | 552,073 | |||||||||||||||
Identifiable assets | $ | 1,582,557 | 104,735 | 58,027 | 668,032 | 414,710 | 180,646 | 6,105 | 3,014,812 | |||||||||||||||
Capital expenditures | $ | 28,699 | 1,870 | 1,010 | 17,231 | 3,313 | 1,288 | — | 53,411 | |||||||||||||||
Depreciation and amortization | $ | 29,569 | 882 | 901 | 8,381 | 6,569 | 1,769 | — | 48,071 | |||||||||||||||
Equity | $ | 1,330,262 | 72,772 | 29,590 | 406,728 | 178,729 | 102,628 | (34,378 | ) | 2,086,331 | ||||||||||||||
4Effective in the fourth quarter of 2014, management made changes to the reporting structure of the geographic operating segments. Africa is now reported as Middle East, Africa and India ("MAIR") and certain countries have shifted between designated geographic areas. Amounts for 2013 have been recast to conform to the 2014 presentation. |
Three months ended | Twelve months ended | ||||||||||||||
December 31, | December 31, | ||||||||||||||
(in thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||
Total revenues | $ | 1,768,830 | $ | 1,625,859 | $ | 6,564,721 | $ | 6,080,257 | |||||||
Expenses: | |||||||||||||||
Airfreight services | 600,713 | 579,740 | 2,103,777 | 1,994,374 | |||||||||||
Ocean freight and ocean services | 446,244 | 386,041 | 1,712,795 | 1,521,340 | |||||||||||
Customs brokerage and other services | 203,002 | 182,006 | 766,722 | 681,690 | |||||||||||
Net revenues | $ | 518,871 | $ | 478,072 | $ | 1,981,427 | $ | 1,882,853 |
February 24, 2015 | Expeditors International of Washington, Inc. | Page 7 of 7 |
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