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, 2015 | /S/ Bradley S. Powell | |
Bradley S. Powell, Senior Vice President and Chief Financial Officer | ||
CONTACTS: | Jeffrey S. Musser Bradley S. Powell |
• | Revenues increased 6% to a second quarter record of $1.69 billion |
• | Airfreight tonnage volume increased 9% and ocean container volume increased 5% |
• | Net Revenues2 increased 14% to a record $552 million and yields expanded 233 basis points to 32.6% |
• | Operating Income increased 28% to a record $183 million |
• | Net Earnings Attributable to Shareholders increased 29% to a record $118 million |
• | Diluted Net Earnings Attributable to Shareholders per share increased 33% to a record $0.61 |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||
2015 | 2014 | % Change | 2015 | 2014 | % Change | ||||||||||||||
Revenues | $ | 1,691,553 | $ | 1,599,141 | 6% | $ | 3,369,079 | $ | 3,090,786 | 9% | |||||||||
Net revenues1 | $ | 552,141 | $ | 484,714 | 14% | $ | 1,081,627 | $ | 949,300 | 14% | |||||||||
Operating income | $ | 182,716 | $ | 142,443 | 28% | $ | 351,599 | $ | 277,646 | 27% | |||||||||
Net earnings attributable to shareholders | $ | 117,760 | $ | 91,302 | 29% | $ | 224,464 | $ | 175,126 | 28% | |||||||||
Diluted earnings attributable to shareholders per share | $ | 0.61 | $ | 0.46 | 33% | $ | 1.17 | $ | 0.88 | 33% | |||||||||
Basic earnings attributable to shareholders per share | $ | 0.62 | $ | 0.46 | 35% | $ | 1.17 | $ | 0.88 | 33% | |||||||||
Diluted weighted average shares outstanding | 191,917,973 | 197,126,243 | 192,425,521 | 199,482,932 | |||||||||||||||
Basic weighted average shares outstanding | 190,679,008 | 196,451,912 | 191,150,758 | 198,772,260 |
Employee headcount as of June 30, | |||||
2015 | 2014 | ||||
North America | 5,493 | 5,032 | |||
Europe | 2,609 | 2,290 | |||
North Asia | 2,425 | 2,502 | |||
Middle East, Africa and India | 1,387 | 1,327 | |||
South Asia | 1,312 | 1,262 | |||
Latin America | 809 | 725 | |||
Information Systems | 711 | 651 | |||
Corporate | 313 | 294 | |||
Total | 15,059 | 14,083 |
Year-over-year percentage increase in: | ||||||
Airfreight kilos | Ocean freight FEU | |||||
2015 | ||||||
April | 10 | % | 6 | % | ||
May | 8 | % | 6 | % | ||
June | 8 | % | 2 | % | ||
Quarter | 9 | % | 5 | % |
June 30, 2015 | December 31, 2014 | ||||||
Assets | |||||||
Current Assets: | |||||||
Cash and cash equivalents | $ | 985,727 | $ | 927,107 | |||
Short-term investments | 47,047 | 40,336 | |||||
Accounts receivable, net | 1,194,180 | 1,236,042 | |||||
Deferred Federal and state income taxes | 20,930 | 20,279 | |||||
Other current assets | 86,871 | 65,486 | |||||
Total current assets | 2,334,755 | 2,289,250 | |||||
Property and equipment, net | 536,121 | 538,415 | |||||
Goodwill | 7,927 | 7,927 | |||||
Other assets, net | 53,572 | 55,313 | |||||
$ | 2,932,375 | $ | 2,890,905 | ||||
Liabilities and Equity | |||||||
Current Liabilities: | |||||||
Accounts payable | 738,323 | 770,238 | |||||
Accrued expenses, primarily salaries and related costs | 228,537 | 192,468 | |||||
Federal, state and foreign income taxes | 26,821 | 21,077 | |||||
Total current liabilities | 993,681 | 983,783 | |||||
Deferred Federal and state income taxes | 48,961 | 35,514 | |||||
Commitments and contingencies | |||||||
Shareholders’ Equity: | |||||||
Preferred stock; none issued | — | — | |||||
Common stock, par value $0.01 per share. Issued and outstanding 189,117,916 shares at June 30, 2015 and 191,655,690 shares at December 31, 2014 | 1,891 | 1,916 | |||||
Additional paid-in capital | 2,349 | 1,113 | |||||
Retained earnings | 1,935,159 | 1,903,196 | |||||
Accumulated other comprehensive loss | (52,778 | ) | (37,817 | ) | |||
Total shareholders’ equity | 1,886,621 | 1,868,408 | |||||
Noncontrolling interest | 3,112 | 3,200 | |||||
Total equity | 1,889,733 | 1,871,608 | |||||
$ | 2,932,375 | $ | 2,890,905 |
04-August-2015 | Expeditors International of Washington, Inc. | Page 3 of 8 |
Three months ended | Six months ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Revenues: | |||||||||||||||
Airfreight services | $ | 693,812 | $ | 667,257 | $ | 1,401,256 | $ | 1,314,395 | |||||||
Ocean freight and ocean services | 576,772 | 536,438 | 1,142,489 | 1,005,662 | |||||||||||
Customs brokerage and other services | 420,969 | 395,446 | 825,334 | 770,729 | |||||||||||
Total revenues | 1,691,553 | 1,599,141 | 3,369,079 | 3,090,786 | |||||||||||
Operating Expenses: | |||||||||||||||
Airfreight services | 506,988 | 503,213 | 1,019,989 | 986,095 | |||||||||||
Ocean freight and ocean services | 433,356 | 423,716 | 878,812 | 791,091 | |||||||||||
Customs brokerage and other services | 199,068 | 187,498 | 388,651 | 364,300 | |||||||||||
Salaries and related costs | 287,065 | 260,767 | 565,943 | 516,709 | |||||||||||
Rent and occupancy costs | 24,971 | 25,401 | 50,359 | 50,563 | |||||||||||
Depreciation and amortization | 11,420 | 12,417 | 22,949 | 24,799 | |||||||||||
Selling and promotion | 10,529 | 9,291 | 19,776 | 17,464 | |||||||||||
Other | 35,440 | 34,395 | 71,001 | 62,119 | |||||||||||
Total operating expenses | 1,508,837 | 1,456,698 | 3,017,480 | 2,813,140 | |||||||||||
Operating income | 182,716 | 142,443 | 351,599 | 277,646 | |||||||||||
Other Income (Expense): | |||||||||||||||
Interest income | 2,636 | 2,764 | 5,368 | 5,461 | |||||||||||
Other, net | 3,804 | 3,190 | 3,838 | 2,909 | |||||||||||
Other income, net | 6,440 | 5,954 | 9,206 | 8,370 | |||||||||||
Earnings before income taxes | 189,156 | 148,397 | 360,805 | 286,016 | |||||||||||
Income tax expense | 70,827 | 56,669 | 135,144 | 110,093 | |||||||||||
Net earnings | 118,329 | 91,728 | 225,661 | 175,923 | |||||||||||
Less net earnings attributable to the noncontrolling interest | 569 | 426 | 1,197 | 797 | |||||||||||
Net earnings attributable to shareholders | $ | 117,760 | $ | 91,302 | $ | 224,464 | $ | 175,126 | |||||||
Diluted earnings attributable to shareholders per share | $ | 0.61 | $ | 0.46 | $ | 1.17 | $ | 0.88 | |||||||
Basic earnings attributable to shareholders per share | $ | 0.62 | $ | 0.46 | $ | 1.17 | $ | 0.88 | |||||||
Weighted average diluted shares outstanding | 191,917,973 | 197,126,243 | 192,425,521 | 199,482,932 | |||||||||||
Weighted average basic shares outstanding | 190,679,008 | 196,451,912 | 191,150,758 | 198,772,260 |
04-August-2015 | Expeditors International of Washington, Inc. | Page 4 of 8 |
Three months ended | Six months ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Operating Activities: | |||||||||||||||
Net earnings | $ | 118,329 | $ | 91,728 | $ | 225,661 | $ | 175,923 | |||||||
Adjustments to reconcile net earnings to net cash from operating activities: | |||||||||||||||
Provision for losses (recoveries) on accounts receivable | 584 | 496 | 861 | (619 | ) | ||||||||||
Deferred income tax expense | 8,986 | 2,891 | 20,923 | 10,085 | |||||||||||
Excess tax benefits from stock plans | (366 | ) | (495 | ) | (1,846 | ) | (984 | ) | |||||||
Stock compensation expense | 11,663 | 11,877 | 21,570 | 22,171 | |||||||||||
Depreciation and amortization | 11,420 | 12,417 | 22,949 | 24,799 | |||||||||||
Other | 27 | 68 | 113 | 206 | |||||||||||
Changes in operating assets and liabilities: | |||||||||||||||
Decrease (increase) in accounts receivable | 63,234 | (84,618 | ) | 16,444 | (72,390 | ) | |||||||||
Increase in accounts payable and accrued expenses | 8,038 | 61,377 | 22,933 | 90,923 | |||||||||||
Decrease in income taxes payable, net | (39,000 | ) | (47,370 | ) | (15,868 | ) | (29,165 | ) | |||||||
(Increase) decrease in other current assets | (1,187 | ) | (3,485 | ) | 2,382 | (2,206 | ) | ||||||||
Net cash from operating activities | 181,728 | 44,886 | 316,122 | 218,743 | |||||||||||
Investing Activities: | |||||||||||||||
(Increase) decrease in short-term investments, net | (46,986 | ) | 342 | (6,712 | ) | (59,812 | ) | ||||||||
Purchase of property and equipment | (12,912 | ) | (9,635 | ) | (22,357 | ) | (18,395 | ) | |||||||
Escrow deposit for land acquisition | — | (27,101 | ) | — | (27,101 | ) | |||||||||
Other, net | (14 | ) | (1,536 | ) | 184 | 134 | |||||||||
Net cash from investing activities | (59,912 | ) | (37,930 | ) | (28,885 | ) | (105,174 | ) | |||||||
Financing Activities: | |||||||||||||||
Proceeds from issuance of common stock | 25,047 | 22,125 | 60,095 | 30,017 | |||||||||||
Repurchases of common stock | (128,137 | ) | (131,391 | ) | (205,505 | ) | (358,116 | ) | |||||||
Excess tax benefits from stock plans | 366 | 495 | 1,846 | 984 | |||||||||||
Dividends paid | (68,781 | ) | (62,807 | ) | (68,781 | ) | (62,807 | ) | |||||||
Distribution to noncontrolling interest | — | — | (857 | ) | (85 | ) | |||||||||
Net cash from financing activities | (171,505 | ) | (171,578 | ) | (213,202 | ) | (390,007 | ) | |||||||
Effect of exchange rate changes on cash and cash equivalents | 2,272 | 4,137 | (15,415 | ) | (653 | ) | |||||||||
(Decrease) increase in cash and cash equivalents | (47,417 | ) | (160,485 | ) | 58,620 | (277,091 | ) | ||||||||
Cash and cash equivalents at beginning of period | 1,033,144 | 1,131,046 | 927,107 | 1,247,652 | |||||||||||
Cash and cash equivalents at end of period | $ | 985,727 | $ | 970,561 | $ | 985,727 | $ | 970,561 | |||||||
Taxes paid: | |||||||||||||||
Income taxes | $ | 101,389 | $ | 105,963 | $ | 129,650 | $ | 133,459 |
04-August-2015 | Expeditors International of Washington, Inc. | Page 5 of 8 |
UNITED STATES | OTHER NORTH AMERICA | LATIN AMERICA | NORTH ASIA | SOUTH ASIA | EUROPE | MIDDLE EAST, AFRICA and INDIA | ELIMI- NATIONS | CONSOLI- DATED | |||||||||||||||||||
Three months ended June 30, 2015: | |||||||||||||||||||||||||||
Revenues from unaffiliated customers | $ | 449,622 | 58,739 | 24,314 | 649,901 | 184,862 | 239,953 | 84,162 | — | 1,691,553 | |||||||||||||||||
Transfers between geographic areas | 32,486 | 3,685 | 5,403 | 5,427 | 6,473 | 10,716 | 5,112 | (69,302 | ) | — | |||||||||||||||||
Total revenues | $ | 482,108 | 62,424 | 29,717 | 655,328 | 191,335 | 250,669 | 89,274 | (69,302 | ) | 1,691,553 | ||||||||||||||||
Net revenues1 | $ | 229,353 | 30,576 | 17,485 | 124,491 | 46,944 | 76,607 | 26,685 | — | 552,141 | |||||||||||||||||
Operating income | $ | 68,547 | 10,437 | 5,441 | 60,597 | 16,140 | 15,587 | 5,967 | — | 182,716 | |||||||||||||||||
Identifiable assets | $ | 1,381,755 | 103,613 | 57,711 | 572,425 | 141,344 | 448,475 | 219,280 | 7,772 | 2,932,375 | |||||||||||||||||
Capital expenditures | $ | 7,711 | 1,656 | 569 | 475 | 989 | 921 | 591 | — | 12,912 | |||||||||||||||||
Depreciation and amortization | $ | 7,339 | 310 | 248 | 1,379 | 548 | 1,176 | 420 | — | 11,420 | |||||||||||||||||
Equity | $ | 1,075,703 | 59,374 | 38,447 | 344,479 | 118,175 | 166,569 | 124,564 | (37,578 | ) | 1,889,733 | ||||||||||||||||
Three months ended June 30, 2014: | |||||||||||||||||||||||||||
Revenues from unaffiliated customers | $ | 416,454 | 55,343 | 22,003 | 623,625 | 152,570 | 250,823 | 78,323 | — | 1,599,141 | |||||||||||||||||
Transfers between geographic areas | 22,408 | 2,587 | 5,567 | 5,637 | 6,708 | 9,829 | 4,925 | (57,661 | ) | — | |||||||||||||||||
Total revenues | $ | 438,862 | 57,930 | 27,570 | 629,262 | 159,278 | 260,652 | 83,248 | (57,661 | ) | 1,599,141 | ||||||||||||||||
Net revenues1 | $ | 200,106 | 25,533 | 16,648 | 97,498 | 40,145 | 79,958 | 24,826 | — | 484,714 | |||||||||||||||||
Operating income | $ | 59,780 | 7,001 | 4,676 | 39,321 | 11,828 | 14,952 | 4,885 | — | 142,443 | |||||||||||||||||
Identifiable assets | $ | 1,328,312 | 110,498 | 57,588 | 587,891 | 153,660 | 481,190 | 205,023 | 5,778 | 2,929,940 | |||||||||||||||||
Capital expenditures | $ | 5,547 | 422 | 171 | 1,383 | 518 | 1,234 | 360 | — | 9,635 | |||||||||||||||||
Depreciation and amortization | $ | 7,879 | 296 | 227 | 1,476 | 620 | 1,478 | 441 | — | 12,417 | |||||||||||||||||
Equity | $ | 1,044,386 | 72,681 | 35,578 | 356,974 | 122,577 | 189,296 | 112,394 | (36,749 | ) | 1,897,137 |
04-August-2015 | Expeditors International of Washington, Inc. | Page 6 of 8 |
UNITED STATES | OTHER NORTH AMERICA | LATIN AMERICA | NORTH ASIA | SOUTH ASIA | EUROPE | MIDDLE EAST, AFRICA and INDIA | ELIMI- NATIONS | CONSOLI- DATED | |||||||||||||||||||
Six months ended June 30, 2015: | |||||||||||||||||||||||||||
Revenues from unaffiliated customers | $ | 893,803 | 113,533 | 48,395 | 1,295,345 | 366,243 | 482,039 | 169,721 | — | 3,369,079 | |||||||||||||||||
Transfers between geographic areas | 60,161 | 6,499 | 10,180 | 11,124 | 12,388 | 20,353 | 10,179 | (130,884 | ) | — | |||||||||||||||||
Total revenues | $ | 953,964 | 120,032 | 58,575 | 1,306,469 | 378,631 | 502,392 | 179,900 | (130,884 | ) | 3,369,079 | ||||||||||||||||
Net revenues1 | $ | 448,956 | 61,254 | 34,044 | 241,896 | 89,144 | 152,495 | 53,838 | — | 1,081,627 | |||||||||||||||||
Operating income | $ | 127,728 | 21,528 | 10,797 | 117,653 | 30,020 | 30,658 | 13,215 | — | 351,599 | |||||||||||||||||
Identifiable assets | $ | 1,381,755 | 103,613 | 57,711 | 572,425 | 141,344 | 448,475 | 219,280 | 7,772 | 2,932,375 | |||||||||||||||||
Capital expenditures | $ | 14,036 | 1,944 | 1,186 | 765 | 1,308 | 2,069 | 1,049 | — | 22,357 | |||||||||||||||||
Depreciation and amortization | $ | 14,732 | 602 | 516 | 2,778 | 1,078 | 2,422 | 821 | — | 22,949 | |||||||||||||||||
Equity | $ | 1,075,703 | 59,374 | 38,447 | 344,479 | 118,175 | 166,569 | 124,564 | (37,578 | ) | 1,889,733 | ||||||||||||||||
Six months ended June 30, 2014: | |||||||||||||||||||||||||||
Revenues from unaffiliated customers | $ | 817,193 | 106,927 | 42,632 | 1,192,314 | 293,313 | 484,506 | 153,901 | — | 3,090,786 | |||||||||||||||||
Transfers between geographic areas | 42,419 | 4,962 | 10,771 | 11,054 | 13,258 | 19,148 | 9,467 | (111,079 | ) | — | |||||||||||||||||
Total revenues | $ | 859,612 | 111,889 | 53,403 | 1,203,368 | 306,571 | 503,654 | 163,368 | (111,079 | ) | 3,090,786 | ||||||||||||||||
Net revenues1 | $ | 392,188 | 51,694 | 32,005 | 190,892 | 79,238 | 154,289 | 48,994 | — | 949,300 | |||||||||||||||||
Operating income | $ | 111,678 | 15,376 | 9,535 | 79,375 | 24,298 | 26,594 | 10,790 | — | 277,646 | |||||||||||||||||
Identifiable assets | $ | 1,328,312 | 110,498 | 57,588 | 587,891 | 153,660 | 481,190 | 205,023 | 5,778 | 2,929,940 | |||||||||||||||||
Capital expenditures | $ | 9,475 | 686 | 472 | 4,043 | 974 | 2,100 | 645 | — | 18,395 | |||||||||||||||||
Depreciation and amortization | $ | 15,731 | 576 | 439 | 2,978 | 1,216 | 2,985 | 874 | — | 24,799 | |||||||||||||||||
Equity | $ | 1,044,386 | 72,681 | 35,578 | 356,974 | 122,577 | 189,296 | 112,394 | (36,749 | ) | 1,897,137 |
04-August-2015 | Expeditors International of Washington, Inc. | Page 7 of 8 |
Three months ended | Six months ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
(in thousands) | 2015 | 2014 | 2015 | 2014 | |||||||||||
Total revenues | $ | 1,691,553 | $ | 1,599,141 | $ | 3,369,079 | $ | 3,090,786 | |||||||
Expenses: | |||||||||||||||
Airfreight services | 506,988 | 503,213 | 1,019,989 | 986,095 | |||||||||||
Ocean freight and ocean services | 433,356 | 423,716 | 878,812 | 791,091 | |||||||||||
Customs brokerage and other services | 199,068 | 187,498 | 388,651 | 364,300 | |||||||||||
Net revenues | $ | 552,141 | $ | 484,714 | $ | 1,081,627 | $ | 949,300 |
04-August-2015 | Expeditors International of Washington, Inc. | Page 8 of 8 |
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