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 3, 2015 | /S/ Bradley S. Powell | |
Bradley S. Powell, Senior Vice President and Chief Financial Officer | ||
CONTACTS: | Jeffrey S. Musser Bradley S. Powell |
• | Revenues decreased 3% to $1.7 billion |
• | Airfreight tonnage volume increased 3% and ocean container volume remained flat. |
• | Net Revenues2 increased 11% to a record $570 million and yields expanded 442 basis points to 34.5% |
• | Operating Income increased 21% to a record $192 million |
• | Net Earnings Attributable to Shareholders increased 16% to a record $118 million |
• | Diluted Net Earnings Attributable to Shareholders per share increased 17% to a record $0.62 |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||
2015 | 2014 | % Change | 2015 | 2014 | % Change | ||||||||||||||
Revenues | $ | 1,651,332 | $ | 1,705,105 | (3)% | $ | 5,020,411 | $ | 4,795,891 | 5% | |||||||||
Net revenues1 | $ | 569,981 | $ | 513,256 | 11% | $ | 1,651,608 | $ | 1,462,556 | 13% | |||||||||
Operating income | $ | 191,893 | $ | 159,131 | 21% | $ | 543,492 | $ | 436,777 | 24% | |||||||||
Net earnings attributable to shareholders | $ | 118,310 | $ | 102,381 | 16% | $ | 342,774 | $ | 277,507 | 24% | |||||||||
Diluted earnings attributable to shareholders per share | $ | 0.62 | $ | 0.53 | 17% | $ | 1.79 | $ | 1.40 | 28% | |||||||||
Basic earnings attributable to shareholders per share | $ | 0.63 | $ | 0.53 | 19% | $ | 1.80 | $ | 1.41 | 28% | |||||||||
Diluted weighted average shares outstanding | 189,641,774 | 195,001,267 | 191,447,796 | 197,953,810 | |||||||||||||||
Basic weighted average shares outstanding | 188,424,400 | 194,419,071 | 190,231,986 | 197,305,251 |
Employee headcount as of September 30, | |||||
2015 | 2014 | ||||
North America | 5,573 | 5,152 | |||
Europe | 2,664 | 2,392 | |||
North Asia | 2,465 | 2,502 | |||
Middle East, Africa and India | 1,388 | 1,322 | |||
South Asia | 1,311 | 1,278 | |||
Latin America | 797 | 737 | |||
Information Systems | 722 | 687 | |||
Corporate | 318 | 302 | |||
Total | 15,238 | 14,372 |
Year-over-year percentage increase (decrease) in: | ||||||
Airfreight kilos | Ocean freight FEU | |||||
2015 | ||||||
July | 4 | % | 1 | % | ||
August | — | % | — | % | ||
September | 5 | % | (2 | )% | ||
Quarter | 3 | % | — | % |
September 30, 2015 | December 31, 2014 | ||||||
Assets | |||||||
Current Assets: | |||||||
Cash and cash equivalents | $ | 968,683 | $ | 927,107 | |||
Short-term investments | 8,260 | 40,336 | |||||
Accounts receivable, net | 1,166,300 | 1,236,042 | |||||
Deferred Federal and state income taxes | 20,862 | 20,279 | |||||
Other current assets | 71,355 | 65,486 | |||||
Total current assets | 2,235,460 | 2,289,250 | |||||
Property and equipment, net | 527,893 | 538,415 | |||||
Goodwill | 7,927 | 7,927 | |||||
Other assets, net | 55,738 | 55,313 | |||||
$ | 2,827,018 | $ | 2,890,905 | ||||
Liabilities and Equity | |||||||
Current Liabilities: | |||||||
Accounts payable | 718,555 | 770,238 | |||||
Accrued expenses, primarily salaries and related costs | 208,771 | 192,468 | |||||
Federal, state and foreign income taxes | 27,876 | 21,077 | |||||
Total current liabilities | 955,202 | 983,783 | |||||
Deferred Federal and state income taxes | 29,624 | 35,514 | |||||
Commitments and contingencies | |||||||
Shareholders’ Equity: | |||||||
Preferred stock; none issued | — | — | |||||
Common stock, par value $0.01 per share. Issued and outstanding 186,183,201 shares at September 30, 2015 and 191,655,690 shares at December 31, 2014 | 1,862 | 1,916 | |||||
Additional paid-in capital | 874 | 1,113 | |||||
Retained earnings | 1,910,388 | 1,903,196 | |||||
Accumulated other comprehensive loss | (74,079 | ) | (37,817 | ) | |||
Total shareholders’ equity | 1,839,045 | 1,868,408 | |||||
Noncontrolling interest | 3,147 | 3,200 | |||||
Total equity | 1,842,192 | 1,871,608 | |||||
$ | 2,827,018 | $ | 2,890,905 |
03-November-2015 | Expeditors International of Washington, Inc. | Page 3 of 8 |
Three months ended | Nine months ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Revenues: | |||||||||||||||
Airfreight services | $ | 659,607 | $ | 686,434 | $ | 2,060,863 | $ | 2,000,829 | |||||||
Ocean freight and ocean services | 559,976 | 600,483 | 1,702,465 | 1,606,145 | |||||||||||
Customs brokerage and other services | 431,749 | 418,188 | 1,257,083 | 1,188,917 | |||||||||||
Total revenues | 1,651,332 | 1,705,105 | 5,020,411 | 4,795,891 | |||||||||||
Operating Expenses: | |||||||||||||||
Airfreight services | 464,161 | 516,969 | 1,484,150 | 1,503,064 | |||||||||||
Ocean freight and ocean services | 416,075 | 475,460 | 1,294,887 | 1,266,551 | |||||||||||
Customs brokerage and other services | 201,115 | 199,420 | 589,766 | 563,720 | |||||||||||
Salaries and related costs | 295,566 | 272,548 | 861,509 | 789,257 | |||||||||||
Rent and occupancy costs | 25,747 | 26,396 | 76,106 | 76,959 | |||||||||||
Depreciation and amortization | 11,475 | 12,741 | 34,424 | 37,540 | |||||||||||
Selling and promotion | 10,370 | 9,240 | 30,146 | 26,704 | |||||||||||
Other | 34,930 | 33,200 | 105,931 | 95,319 | |||||||||||
Total operating expenses | 1,459,439 | 1,545,974 | 4,476,919 | 4,359,114 | |||||||||||
Operating income | 191,893 | 159,131 | 543,492 | 436,777 | |||||||||||
Other Income (Expense): | |||||||||||||||
Interest income | 2,666 | 2,793 | 8,034 | 8,254 | |||||||||||
Other, net | (3,085 | ) | 2,336 | 753 | 5,245 | ||||||||||
Other (expense) income, net | (419 | ) | 5,129 | 8,787 | 13,499 | ||||||||||
Earnings before income taxes | 191,474 | 164,260 | 552,279 | 450,276 | |||||||||||
Income tax expense | 72,738 | 61,463 | 207,882 | 171,556 | |||||||||||
Net earnings | 118,736 | 102,797 | 344,397 | 278,720 | |||||||||||
Less net earnings attributable to the noncontrolling interest | 426 | 416 | 1,623 | 1,213 | |||||||||||
Net earnings attributable to shareholders | $ | 118,310 | $ | 102,381 | $ | 342,774 | $ | 277,507 | |||||||
Diluted earnings attributable to shareholders per share | $ | 0.62 | $ | 0.53 | $ | 1.79 | $ | 1.40 | |||||||
Basic earnings attributable to shareholders per share | $ | 0.63 | $ | 0.53 | $ | 1.80 | $ | 1.41 | |||||||
Weighted average diluted shares outstanding | 189,641,774 | 195,001,267 | 191,447,796 | 197,953,810 | |||||||||||
Weighted average basic shares outstanding | 188,424,400 | 194,419,071 | 190,231,986 | 197,305,251 |
03-November-2015 | Expeditors International of Washington, Inc. | Page 4 of 8 |
Three months ended | Nine months ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Operating Activities: | |||||||||||||||
Net earnings | $ | 118,736 | $ | 102,797 | $ | 344,397 | $ | 278,720 | |||||||
Adjustments to reconcile net earnings to net cash from operating activities: | |||||||||||||||
Provision for losses (recoveries) on accounts receivable | 134 | 564 | 995 | (55 | ) | ||||||||||
Deferred income tax (benefit) expense | (7,611 | ) | (2,085 | ) | 13,312 | 8,000 | |||||||||
Excess tax benefits from stock plans | — | (47 | ) | (1,846 | ) | (1,031 | ) | ||||||||
Stock compensation expense | 10,919 | 10,049 | 32,489 | 32,220 | |||||||||||
Depreciation and amortization | 11,475 | 12,741 | 34,424 | 37,540 | |||||||||||
Other | 2 | 139 | 115 | 345 | |||||||||||
Changes in operating assets and liabilities: | |||||||||||||||
Decrease (increase) in accounts receivable | 2,466 | (58,984 | ) | 18,910 | (131,374 | ) | |||||||||
(Decrease) increase in accounts payable and accrued expenses | (19,622 | ) | 23,113 | 3,311 | 114,036 | ||||||||||
Increase (decrease) in income taxes payable, net | 19,978 | 2,050 | 4,110 | (27,115 | ) | ||||||||||
Increase in other current assets | (3,801 | ) | (3,646 | ) | (1,419 | ) | (5,852 | ) | |||||||
Net cash from operating activities | 132,676 | 86,691 | 448,798 | 305,434 | |||||||||||
Investing Activities: | |||||||||||||||
Decrease (increase) in short-term investments, net | 38,788 | 45,832 | 32,076 | (13,980 | ) | ||||||||||
Purchase of property and equipment | (9,546 | ) | (8,255 | ) | (31,903 | ) | (26,650 | ) | |||||||
Escrow deposit for land acquisition | — | — | — | (27,101 | ) | ||||||||||
Other, net | (2,666 | ) | 370 | (2,482 | ) | 504 | |||||||||
Net cash from investing activities | 26,576 | 37,947 | (2,309 | ) | (67,227 | ) | |||||||||
Financing Activities: | |||||||||||||||
Proceeds from issuance of common stock | 54,606 | 28,452 | 114,701 | 58,469 | |||||||||||
Repurchases of common stock | (209,970 | ) | (117,044 | ) | (415,475 | ) | (475,160 | ) | |||||||
Excess tax benefits from stock plans | — | 47 | 1,846 | 1,031 | |||||||||||
Dividends paid | — | — | (68,781 | ) | (62,807 | ) | |||||||||
Distribution to noncontrolling interest | — | — | (857 | ) | (85 | ) | |||||||||
Net cash from financing activities | (155,364 | ) | (88,545 | ) | (368,566 | ) | (478,552 | ) | |||||||
Effect of exchange rate changes on cash and cash equivalents | (20,932 | ) | (16,174 | ) | (36,347 | ) | (16,827 | ) | |||||||
(Decrease) increase in cash and cash equivalents | (17,044 | ) | 19,919 | 41,576 | (257,172 | ) | |||||||||
Cash and cash equivalents at beginning of period | 985,727 | 970,561 | 927,107 | 1,247,652 | |||||||||||
Cash and cash equivalents at end of period | $ | 968,683 | $ | 990,480 | $ | 968,683 | $ | 990,480 | |||||||
Taxes paid: | |||||||||||||||
Income taxes | $ | 60,374 | $ | 61,899 | $ | 190,024 | $ | 195,358 |
03-November-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 September 30, 2015: | |||||||||||||||||||||||||||
Revenues from unaffiliated customers | $ | 441,097 | 56,818 | 24,681 | 648,096 | 158,011 | 234,334 | 88,295 | — | 1,651,332 | |||||||||||||||||
Transfers between geographic areas | 29,168 | 3,492 | 4,991 | 5,206 | 6,289 | 11,125 | 5,459 | (65,730 | ) | — | |||||||||||||||||
Total revenues | $ | 470,265 | 60,310 | 29,672 | 653,302 | 164,300 | 245,459 | 93,754 | (65,730 | ) | 1,651,332 | ||||||||||||||||
Net revenues1 | $ | 232,912 | 32,713 | 17,115 | 135,488 | 45,970 | 77,250 | 28,533 | — | 569,981 | |||||||||||||||||
Operating income | $ | 65,389 | 11,905 | 5,007 | 69,690 | 18,574 | 14,188 | 7,140 | — | 191,893 | |||||||||||||||||
Identifiable assets | $ | 1,385,157 | 108,644 | 56,987 | 472,189 | 140,206 | 427,053 | 229,670 | 7,112 | 2,827,018 | |||||||||||||||||
Capital expenditures | $ | 6,196 | 658 | 222 | 711 | 291 | 1,223 | 245 | — | 9,546 | |||||||||||||||||
Depreciation and amortization | $ | 7,439 | 363 | 268 | 1,336 | 531 | 1,120 | 418 | — | 11,475 | |||||||||||||||||
Equity | $ | 1,144,466 | 64,384 | 35,890 | 250,362 | 103,457 | 148,287 | 126,321 | (30,975 | ) | 1,842,192 | ||||||||||||||||
Three months ended September 30, 2014: | |||||||||||||||||||||||||||
Revenues from unaffiliated customers | $ | 438,882 | 55,209 | 22,962 | 670,763 | 174,839 | 259,960 | 82,490 | — | 1,705,105 | |||||||||||||||||
Transfers between geographic areas | 24,847 | 2,867 | 5,194 | 6,116 | 6,814 | 9,783 | 5,171 | (60,792 | ) | — | |||||||||||||||||
Total revenues | $ | 463,729 | 58,076 | 28,156 | 676,879 | 181,653 | 269,743 | 87,661 | (60,792 | ) | 1,705,105 | ||||||||||||||||
Net revenues1 | $ | 215,320 | 27,323 | 16,792 | 106,225 | 42,023 | 80,024 | 25,549 | — | 513,256 | |||||||||||||||||
Operating income | $ | 68,972 | 7,779 | 4,890 | 45,153 | 12,073 | 14,921 | 5,343 | — | 159,131 | |||||||||||||||||
Identifiable assets | $ | 1,333,124 | 113,621 | 53,939 | 580,260 | 152,236 | 476,799 | 204,378 | 11,696 | 2,926,053 | |||||||||||||||||
Capital expenditures | $ | 3,171 | 361 | 369 | 1,648 | 1,247 | 1,016 | 443 | — | 8,255 | |||||||||||||||||
Depreciation and amortization | $ | 8,369 | 303 | 226 | 1,493 | 523 | 1,391 | 436 | — | 12,741 | |||||||||||||||||
Equity | $ | 1,074,837 | 75,848 | 34,218 | 341,092 | 111,556 | 185,332 | 114,229 | (33,182 | ) | 1,903,930 |
03-November-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 | |||||||||||||||||||
Nine months ended September 30, 2015: | |||||||||||||||||||||||||||
Revenues from unaffiliated customers | $ | 1,334,900 | 170,351 | 73,076 | 1,943,441 | 524,254 | 716,373 | 258,016 | — | 5,020,411 | |||||||||||||||||
Transfers between geographic areas | 89,329 | 9,991 | 15,171 | 16,330 | 18,677 | 31,478 | 15,638 | (196,614 | ) | — | |||||||||||||||||
Total revenues | $ | 1,424,229 | 180,342 | 88,247 | 1,959,771 | 542,931 | 747,851 | 273,654 | (196,614 | ) | 5,020,411 | ||||||||||||||||
Net revenues1 | $ | 681,868 | 93,967 | 51,159 | 377,384 | 135,114 | 229,745 | 82,371 | — | 1,651,608 | |||||||||||||||||
Operating income | $ | 193,117 | 33,433 | 15,804 | 187,343 | 48,594 | 44,846 | 20,355 | — | 543,492 | |||||||||||||||||
Identifiable assets | $ | 1,385,157 | 108,644 | 56,987 | 472,189 | 140,206 | 427,053 | 229,670 | 7,112 | 2,827,018 | |||||||||||||||||
Capital expenditures | $ | 20,232 | 2,602 | 1,408 | 1,476 | 1,599 | 3,292 | 1,294 | — | 31,903 | |||||||||||||||||
Depreciation and amortization | $ | 22,171 | 965 | 784 | 4,114 | 1,609 | 3,542 | 1,239 | — | 34,424 | |||||||||||||||||
Equity | $ | 1,144,466 | 64,384 | 35,890 | 250,362 | 103,457 | 148,287 | 126,321 | (30,975 | ) | 1,842,192 | ||||||||||||||||
Nine months ended September 30, 2014: | |||||||||||||||||||||||||||
Revenues from unaffiliated customers | $ | 1,256,075 | 162,136 | 65,594 | 1,863,077 | 468,152 | 744,466 | 236,391 | — | 4,795,891 | |||||||||||||||||
Transfers between geographic areas | 67,266 | 7,829 | 15,965 | 17,170 | 20,072 | 28,931 | 14,638 | (171,871 | ) | — | |||||||||||||||||
Total revenues | $ | 1,323,341 | 169,965 | 81,559 | 1,880,247 | 488,224 | 773,397 | 251,029 | (171,871 | ) | 4,795,891 | ||||||||||||||||
Net revenues1 | $ | 607,508 | 79,017 | 48,797 | 297,117 | 121,261 | 234,313 | 74,543 | — | 1,462,556 | |||||||||||||||||
Operating income | $ | 180,650 | 23,155 | 14,425 | 124,528 | 36,371 | 41,515 | 16,133 | — | 436,777 | |||||||||||||||||
Identifiable assets | $ | 1,333,124 | 113,621 | 53,939 | 580,260 | 152,236 | 476,799 | 204,378 | 11,696 | 2,926,053 | |||||||||||||||||
Capital expenditures | $ | 12,646 | 1,047 | 841 | 5,691 | 2,221 | 3,116 | 1,088 | — | 26,650 | |||||||||||||||||
Depreciation and amortization | $ | 24,100 | 879 | 665 | 4,471 | 1,739 | 4,376 | 1,310 | — | 37,540 | |||||||||||||||||
Equity | $ | 1,074,837 | 75,848 | 34,218 | 341,092 | 111,556 | 185,332 | 114,229 | (33,182 | ) | 1,903,930 |
03-November-2015 | Expeditors International of Washington, Inc. | Page 7 of 8 |
Three months ended | Nine months ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
(in thousands) | 2015 | 2014 | 2015 | 2014 | |||||||||||
Total revenues | $ | 1,651,332 | $ | 1,705,105 | $ | 5,020,411 | $ | 4,795,891 | |||||||
Expenses: | |||||||||||||||
Airfreight services | 464,161 | 516,969 | 1,484,150 | 1,503,064 | |||||||||||
Ocean freight and ocean services | 416,075 | 475,460 | 1,294,887 | 1,266,551 | |||||||||||
Customs brokerage and other services | 201,115 | 199,420 | 589,766 | 563,720 | |||||||||||
Net revenues | $ | 569,981 | $ | 513,256 | $ | 1,651,608 | $ | 1,462,556 |
03-November-2015 | Expeditors International of Washington, Inc. | Page 8 of 8 |
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