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)) | |
Jeffrey S. Musser | Bradley S. Powell Geoffrey Buscher |
FOR IMMEDIATE RELEASE |
• | Diluted Net Earnings Attributable to Shareholders per share increased 20% to $0.61 |
• | Net Earnings Attributable to Shareholders increased 15% to $114 million |
• | Operating Income increased 13% to $178 million |
• | Net Revenues2 increased 3% to $536 million and yields expanded 426 basis points to 33.6% |
• | Airfreight tonnage volume decreased (1)% and ocean container volume decreased (2)%. |
• | Revenues decreased (10)% to $1.6 billion |
Three months ended December 31, | Years ended December 31, | ||||||||||||||||||
2015 | 2014 | % Change | 2015 | 2014 | % Change | ||||||||||||||
Revenues | $ | 1,596,221 | $ | 1,768,830 | (10)% | $ | 6,616,632 | $ | 6,564,721 | 1% | |||||||||
Net revenues3 | $ | 536,169 | $ | 518,871 | 3% | $ | 2,187,777 | $ | 1,981,427 | 10% | |||||||||
Operating income4 | $ | 177,992 | $ | 157,871 | 13% | $ | 721,484 | $ | 594,648 | 21% | |||||||||
Net earnings attributable to shareholders | $ | 114,449 | $ | 99,381 | 15% | $ | 457,223 | $ | 376,888 | 21% | |||||||||
Diluted earnings attributable to shareholders | $ | 0.61 | $ | 0.51 | 20% | $ | 2.40 | $ | 1.92 | 25% | |||||||||
Basic earnings attributable to shareholders | $ | 0.62 | $ | 0.52 | 19% | $ | 2.42 | $ | 1.92 | 26% | |||||||||
Diluted weighted average shares outstanding | 186,519 | 193,307 | 190,223 | 196,768 | |||||||||||||||
Basic weighted average shares outstanding | 185,111 | 192,709 | 188,941 | 196,147 |
Employee headcount as of December 31, | |||||
2015 | 2014 | ||||
North America | 5,655 | 5,279 | |||
Europe | 2,685 | 2,472 | |||
North Asia | 2,464 | 2,539 | |||
South Asia | 1,323 | 1,285 | |||
Middle East, Africa and India | 1,417 | 1,344 | |||
Latin America | 796 | 748 | |||
Information Systems | 741 | 702 | |||
Corporate | 316 | 290 | |||
Total | 15,397 | 14,659 |
Year-over-year percentage increase (decrease) in: | ||||||
Airfreight kilos | Ocean freight FEU | |||||
2015 | ||||||
October | 6 | % | (5 | )% | ||
November | (6 | )% | (3 | )% | ||
December | (2 | )% | 1 | % | ||
Quarter | (1 | )% | (2 | )% |
December 31, 2015 | December 31, 2014 | ||||||
Assets | |||||||
Current Assets: | |||||||
Cash and cash equivalents | $ | 807,796 | $ | 927,107 | |||
Short-term investments | 40 | 40,336 | |||||
Accounts receivable, net | 1,112,260 | 1,236,042 | |||||
Deferred Federal and state income taxes | 16,861 | 20,279 | |||||
Other current assets | 56,413 | 65,486 | |||||
Total current assets | 1,993,370 | 2,289,250 | |||||
Property and equipment, net | 524,724 | 538,415 | |||||
Goodwill | 7,927 | 7,927 | |||||
Other assets, net | 56,417 | 55,313 | |||||
$ | 2,582,438 | $ | 2,890,905 | ||||
Liabilities and Equity | |||||||
Current Liabilities: | |||||||
Accounts payable | $ | 645,304 | $ | 770,238 | |||
Accrued expenses, primarily salaries and related costs | 186,571 | 192,468 | |||||
Federal, state and foreign income taxes | 29,498 | 21,077 | |||||
Total current liabilities | 861,373 | 983,783 | |||||
Deferred Federal and state income taxes | 26,389 | 35,514 | |||||
Commitments and contingencies | |||||||
Shareholders’ Equity: | |||||||
Preferred stock; none issued | — | — | |||||
Common stock, par value $0.01 per share; issued and outstanding 182,067 shares at December 31, 2015 and 191,656 shares at December 31, 2014 | 1,821 | 1,916 | |||||
Additional paid-in capital | 31 | 1,113 | |||||
Retained earnings | 1,771,379 | 1,903,196 | |||||
Accumulated other comprehensive loss | (81,238 | ) | (37,817 | ) | |||
Total shareholders’ equity | 1,691,993 | 1,868,408 | |||||
Noncontrolling interest | 2,683 | 3,200 | |||||
Total equity | 1,694,676 | 1,871,608 | |||||
$ | 2,582,438 | $ | 2,890,905 |
February 23, 2016 | Expeditors International of Washington, Inc. | Page 3 of 8 |
Three months ended | Twelve months ended | ||||||||||||||
December 31, | December 31, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Revenues: | |||||||||||||||
Airfreight services | $ | 679,720 | $ | 780,011 | $ | 2,740,583 | $ | 2,780,840 | |||||||
Ocean freight and ocean services | 491,539 | 568,249 | 2,194,004 | 2,174,394 | |||||||||||
Customs brokerage and other services | 424,962 | 420,570 | 1,682,045 | 1,609,487 | |||||||||||
Total revenues | 1,596,221 | 1,768,830 | 6,616,632 | 6,564,721 | |||||||||||
Operating Expenses: | |||||||||||||||
Airfreight services | 503,540 | 600,713 | 1,987,690 | 2,103,777 | |||||||||||
Ocean freight and ocean services | 354,106 | 446,244 | 1,648,993 | 1,712,795 | |||||||||||
Customs brokerage and other services | 202,406 | 203,002 | 792,172 | 766,722 | |||||||||||
Salaries and related costs | 282,002 | 276,072 | 1,143,511 | 1,065,329 | |||||||||||
Rent and occupancy costs | 26,364 | 25,851 | 102,470 | 102,810 | |||||||||||
Depreciation and amortization | 11,588 | 11,752 | 46,012 | 49,292 | |||||||||||
Selling and promotion | 11,844 | 11,421 | 41,990 | 38,125 | |||||||||||
Other | 26,379 | 35,904 | 132,310 | 131,223 | |||||||||||
Total operating expenses | 1,418,229 | 1,610,959 | 5,895,148 | 5,970,073 | |||||||||||
Operating income | 177,992 | 157,871 | 721,484 | 594,648 | |||||||||||
Interest income | 2,387 | 2,519 | 10,421 | 10,773 | |||||||||||
Other, net | 4,031 | 223 | 4,784 | 5,468 | |||||||||||
Other income, net | 6,418 | 2,742 | 15,205 | 16,241 | |||||||||||
Earnings before income taxes | 184,410 | 160,613 | 736,689 | 610,889 | |||||||||||
Income tax expense | 69,310 | 59,873 | 277,192 | 231,429 | |||||||||||
Net earnings | 115,100 | 100,740 | 459,497 | 379,460 | |||||||||||
Less net earnings attributable to the noncontrolling interest | 651 | 1,359 | 2,274 | 2,572 | |||||||||||
Net earnings attributable to shareholders | $ | 114,449 | $ | 99,381 | $ | 457,223 | $ | 376,888 | |||||||
Diluted earnings attributable to shareholders per share | $ | 0.61 | $ | 0.51 | $ | 2.40 | $ | 1.92 | |||||||
Basic earnings attributable to shareholders per share | $ | 0.62 | $ | 0.52 | $ | 2.42 | $ | 1.92 | |||||||
Dividends declared and paid per common share | $ | 0.36 | $ | 0.32 | $ | 0.72 | $ | 0.64 | |||||||
Weighted average diluted shares outstanding | 186,519 | 193,307 | 190,223 | 196,768 | |||||||||||
Weighted average basic shares outstanding | 185,111 | 192,709 | 188,941 | 196,147 |
February 23, 2016 | Expeditors International of Washington, Inc. | Page 4 of 8 |
Three months ended | Twelve months ended | ||||||||||||||
December 31, | December 31, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Operating Activities: | |||||||||||||||
Net earnings | $ | 115,100 | $ | 100,740 | $ | 459,497 | $ | 379,460 | |||||||
Adjustments to reconcile net earnings to net cash from operating activities: | |||||||||||||||
Provision for losses on accounts receivable | 1,178 | 818 | 2,173 | 763 | |||||||||||
Deferred income tax expense (benefit) | 4,687 | (14,576 | ) | 17,999 | (6,576 | ) | |||||||||
Excess tax benefits from stock plans | (4 | ) | (84 | ) | (1,850 | ) | (1,115 | ) | |||||||
Stock compensation expense | 10,926 | 10,313 | 43,415 | 42,533 | |||||||||||
Depreciation and amortization | 11,588 | 11,752 | 46,012 | 49,292 | |||||||||||
Other | (139 | ) | (5 | ) | (24 | ) | 340 | ||||||||
Changes in operating assets and liabilities: | |||||||||||||||
Decrease (increase) in accounts receivable | 43,709 | (75,513 | ) | 62,619 | (206,887 | ) | |||||||||
(Decrease) increase in accounts payable and accrued expenses | (87,475 | ) | 39,388 | (84,164 | ) | 153,424 | |||||||||
Increase (decrease) in income taxes payable, net | 14,272 | 14,117 | 18,382 | (12,998 | ) | ||||||||||
Decrease (increase) in other current assets | 2,072 | 2,582 | 653 | (3,270 | ) | ||||||||||
Net cash from operating activities | 115,914 | 89,532 | 564,712 | 394,966 | |||||||||||
Investing Activities: | |||||||||||||||
Decrease (increase) in short-term investments, net | 8,218 | (20 | ) | 40,294 | (14,000 | ) | |||||||||
Purchase of property and equipment | (12,480 | ) | (10,822 | ) | (44,383 | ) | (37,472 | ) | |||||||
Escrow deposit on land acquisition | — | — | — | (27,101 | ) | ||||||||||
Other, net | (855 | ) | (842 | ) | (3,337 | ) | (338 | ) | |||||||
Net cash from investing activities | (5,117 | ) | (11,684 | ) | (7,426 | ) | (78,911 | ) | |||||||
Financing Activities: | |||||||||||||||
Proceeds from issuance of common stock | 16,263 | 10,800 | 130,964 | 69,269 | |||||||||||
Repurchases of common stock | (214,516 | ) | (75,621 | ) | (629,991 | ) | (550,781 | ) | |||||||
Excess tax benefits from stock plans | 4 | 84 | 1,850 | 1,115 | |||||||||||
Dividends paid | (66,892 | ) | (61,827 | ) | (135,673 | ) | (124,634 | ) | |||||||
Distribution to noncontrolling interest | (1,265 | ) | (418 | ) | (2,122 | ) | (503 | ) | |||||||
Net cash from financing activities | (266,406 | ) | (126,982 | ) | (634,972 | ) | (605,534 | ) | |||||||
Effect of exchange rate changes on cash and cash equivalents | (5,278 | ) | (14,239 | ) | (41,625 | ) | (31,066 | ) | |||||||
Decrease in cash and cash equivalents | (160,887 | ) | (63,373 | ) | (119,311 | ) | (320,545 | ) | |||||||
Cash and cash equivalents at beginning of period | 968,683 | 990,480 | 927,107 | 1,247,652 | |||||||||||
Cash and cash equivalents at end of period | $ | 807,796 | $ | 927,107 | $ | 807,796 | $ | 927,107 | |||||||
Taxes paid: | |||||||||||||||
Income taxes | $ | 49,343 | $ | 59,081 | $ | 239,367 | $ | 254,439 |
February 23, 2016 | 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 December 31, 2015: | |||||||||||||||||||||||||||
Revenues from unaffiliated customers | $ | 428,461 | 55,933 | 21,153 | 613,957 | 153,374 | 242,454 | 80,889 | — | 1,596,221 | |||||||||||||||||
Transfers between geographic areas | 29,555 | 3,392 | 3,987 | 5,392 | 6,341 | 11,309 | 5,684 | (65,660 | ) | — | |||||||||||||||||
Total revenues | $ | 458,016 | 59,325 | 25,140 | 619,349 | 159,715 | 253,763 | 86,573 | (65,660 | ) | 1,596,221 | ||||||||||||||||
Net revenues | $ | 224,912 | 30,414 | 13,858 | 115,851 | 43,996 | 78,556 | 28,582 | — | 536,169 | |||||||||||||||||
Operating income | $ | 52,140 | 13,413 | 3,852 | 58,511 | 21,049 | 20,178 | 8,849 | — | 177,992 | |||||||||||||||||
Identifiable assets | $ | 1,202,532 | 111,549 | 48,678 | 446,914 | 127,014 | 421,590 | 221,835 | 2,326 | 2,582,438 | |||||||||||||||||
Capital expenditures | $ | 6,575 | 1,313 | 348 | 727 | 784 | 1,930 | 803 | — | 12,480 | |||||||||||||||||
Depreciation and amortization | $ | 7,361 | 366 | 257 | 1,311 | 501 | 1,389 | 403 | — | 11,588 | |||||||||||||||||
Equity | $ | 986,330 | 70,932 | 33,161 | 253,097 | 99,220 | 154,174 | 130,105 | (32,343 | ) | 1,694,676 | ||||||||||||||||
Three months ended December 31, 2014: | |||||||||||||||||||||||||||
Revenues from unaffiliated customers | $ | 438,744 | 56,599 | 23,464 | 713,273 | 189,037 | 267,923 | 79,790 | — | 1,768,830 | |||||||||||||||||
Transfers between geographic areas | 29,762 | 3,062 | 4,669 | 5,850 | 6,507 | 10,610 | 5,016 | (65,476 | ) | — | |||||||||||||||||
Total revenues | $ | 468,506 | 59,661 | 28,133 | 719,123 | 195,544 | 278,533 | 84,806 | (65,476 | ) | 1,768,830 | ||||||||||||||||
Net revenues | $ | 215,603 | 29,614 | 16,219 | 110,293 | 42,122 | 79,012 | 26,008 | — | 518,871 | |||||||||||||||||
Operating income | $ | 40,516 | 13,320 | 5,430 | 52,968 | 16,225 | 20,586 | 8,826 | — | 157,871 | |||||||||||||||||
Identifiable assets | $ | 1,408,598 | 111,324 | 53,815 | 513,649 | 141,499 | 447,349 | 208,684 | 5,987 | 2,890,905 | |||||||||||||||||
Capital expenditures | $ | 6,964 | 392 | 733 | 264 | 897 | 1,130 | 442 | — | 10,822 | |||||||||||||||||
Depreciation and amortization | $ | 7,453 | 291 | 246 | 1,467 | 556 | 1,314 | 425 | — | 11,752 | |||||||||||||||||
Equity | $ | 1,165,488 | 54,338 | 34,386 | 262,295 | 99,234 | 169,117 | 121,520 | (34,770 | ) | 1,871,608 |
February 23, 2016 | 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 | |||||||||||||||||||
Twelve months ended December 31, 2015: | |||||||||||||||||||||||||||
Revenues from unaffiliated customers | $ | 1,763,361 | 226,284 | 94,229 | 2,557,398 | 677,628 | 958,827 | 338,905 | — | 6,616,632 | |||||||||||||||||
Transfers between geographic areas | 118,884 | 13,383 | 19,158 | 21,722 | 25,018 | 42,787 | 21,322 | (262,274 | ) | — | |||||||||||||||||
Total revenues | $ | 1,882,245 | 239,667 | 113,387 | 2,579,120 | 702,646 | 1,001,614 | 360,227 | (262,274 | ) | 6,616,632 | ||||||||||||||||
Net revenues | $ | 906,780 | 124,381 | 65,017 | 493,235 | 179,110 | 308,301 | 110,953 | — | 2,187,777 | |||||||||||||||||
Operating income | $ | 245,257 | 46,846 | 19,656 | 245,854 | 69,643 | 65,024 | 29,204 | — | 721,484 | |||||||||||||||||
Identifiable assets | $ | 1,202,532 | 111,549 | 48,678 | 446,914 | 127,014 | 421,590 | 221,835 | 2,326 | 2,582,438 | |||||||||||||||||
Capital expenditures | $ | 26,807 | 3,915 | 1,756 | 2,203 | 2,383 | 5,222 | 2,097 | — | 44,383 | |||||||||||||||||
Depreciation and amortization | $ | 29,532 | 1,331 | 1,041 | 5,425 | 2,110 | 4,931 | 1,642 | — | 46,012 | |||||||||||||||||
Equity | $ | 986,330 | 70,932 | 33,161 | 253,097 | 99,220 | 154,174 | 130,105 | (32,343 | ) | 1,694,676 | ||||||||||||||||
Twelve months ended December 31, 2014: | |||||||||||||||||||||||||||
Revenues from unaffiliated customers | $ | 1,694,819 | 218,735 | 89,058 | 2,576,350 | 657,189 | 1,012,389 | 316,181 | — | 6,564,721 | |||||||||||||||||
Transfers between geographic areas | 97,028 | 10,891 | 20,634 | 23,020 | 26,579 | 39,541 | 19,654 | (237,347 | ) | — | |||||||||||||||||
Total revenues | $ | 1,791,847 | 229,626 | 109,692 | 2,599,370 | 683,768 | 1,051,930 | 335,835 | (237,347 | ) | 6,564,721 | ||||||||||||||||
Net revenues | $ | 823,111 | 108,631 | 65,016 | 407,410 | 163,383 | 313,325 | 100,551 | — | 1,981,427 | |||||||||||||||||
Operating income | $ | 221,166 | 36,475 | 19,855 | 177,496 | 52,596 | 62,101 | 24,959 | — | 594,648 | |||||||||||||||||
Identifiable assets | $ | 1,408,598 | 111,324 | 53,815 | 513,649 | 141,499 | 447,349 | 208,684 | 5,987 | 2,890,905 | |||||||||||||||||
Capital expenditures | $ | 19,610 | 1,439 | 1,574 | 5,955 | 3,118 | 4,246 | 1,530 | — | 37,472 | |||||||||||||||||
Depreciation and amortization | $ | 31,553 | 1,170 | 911 | 5,938 | 2,295 | 5,690 | 1,735 | — | 49,292 | |||||||||||||||||
Equity | $ | 1,165,488 | 54,338 | 34,386 | 262,295 | 99,234 | 169,117 | 121,520 | (34,770 | ) | 1,871,608 |
February 23, 2016 | Expeditors International of Washington, Inc. | Page 7 of 8 |
Three months ended | Twelve months ended | ||||||||||||||
December 31, | December 31, | ||||||||||||||
(in thousands) | 2015 | 2014 | 2015 | 2014 | |||||||||||
Total revenues | $ | 1,596,221 | $ | 1,768,830 | $ | 6,616,632 | $ | 6,564,721 | |||||||
Expenses: | |||||||||||||||
Airfreight services | 503,540 | 600,713 | 1,987,690 | 2,103,777 | |||||||||||
Ocean freight and ocean services | 354,106 | 446,244 | 1,648,993 | 1,712,795 | |||||||||||
Customs brokerage and other services | 202,406 | 203,002 | 792,172 | 766,722 | |||||||||||
Net revenues | $ | 536,169 | $ | 518,871 | $ | 2,187,777 | $ | 1,981,427 |
February 23, 2016 | Expeditors International of Washington, Inc. | Page 8 of 8 |
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
?%AO=+N'6.35HHU@G@+&GJ2)'QB=!^T%52!OOTQ5]?@A@"#
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M$#Y#XJD^PQ5\D_\ .2?_ #D)8^=HH_*WE9W/EV&037M\ZF,W C
M8J[%78J[%78J[%7YD>?)DF\\^8IHS6.34[QT/39KAR,52+%7W;_SB-"\?Y,6
M3MTEO+MT^0EX?K4XJ]GQ5\E_\YQ_\=7RC_Q@O?\ B<.*OE_%7V!_SA#_ ,HM
MYE_YCH?^3.*OI3%78J[%78J[%78J[%7A_P":O_.*ODSS UO
M;6SCU,HOUGT/3F)C]6G+@6^+C6E=\5>C_GCY7\NZU^6GF.ZU73K>]NM*TG4+
MK3;B5 TEO,ELSAXG^TGQ1J30[T%<527\B]-?5?\ G'G0].6[GL7N[*YA6]M7
MX3PE[B50\;=F7J,5>0?D'^1WD_\ ,?\ +%K[S';_+?E+1I-9\Q7\>GZ=&
MP0S2UF2>!_L2Q,'0]MF4D'%57%78J[%78J[%78J[%78J[%78J[%78J[%78J[%7
M8J[%78J[%78J[%78J[%78J[%78J[%78J[%78J[%78J[%78J[%6*>?_S.\G>1
M-)EO]>OXXI50M;Z>C*UU.W98HJ\C4[