0000746515-16-000073.txt : 20160802 0000746515-16-000073.hdr.sgml : 20160802 20160802124827 ACCESSION NUMBER: 0000746515-16-000073 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20160802 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20160802 DATE AS OF CHANGE: 20160802 FILER: COMPANY DATA: COMPANY CONFORMED NAME: EXPEDITORS INTERNATIONAL OF WASHINGTON INC CENTRAL INDEX KEY: 0000746515 STANDARD INDUSTRIAL CLASSIFICATION: ARRANGEMENT OF TRANSPORTATION OF FREIGHT & CARGO [4731] IRS NUMBER: 911069248 STATE OF INCORPORATION: WA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-13468 FILM NUMBER: 161799704 BUSINESS ADDRESS: STREET 1: 1015 THIRD AVENUE 12TH FLOOR CITY: SEATTLE STATE: WA ZIP: 98104 BUSINESS PHONE: 2066743400 MAIL ADDRESS: STREET 1: 1015 THIRD AVENUE 12TH FLOOR CITY: SEATTLE STATE: WA ZIP: 98104 8-K 1 a20162qer8-k.htm 8-K Document


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
                                            
                                    
FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report: August 2, 2016
(Date of earliest event reported)


EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.
(Exact name of registrant as specified in its charter)
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)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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))
 
 
 
 
 
 





Item 2.02 Results of Operations and Financial Condition.

The following information is furnished pursuant to Item 2.02, “Results of Operations and Financial Condition.”

On August 2, 2016, Expeditors International of Washington, Inc., a Washington corporation, issued a press release announcing second quarter 2016 financial results. A copy of the press release is furnished as Exhibit 99.1 to this report.

Item 9.01 Financial Statements and Exhibits.

(d)     The following items are filed as exhibits to this report:
         
99.1     Press release, dated August 2, 2016 issued by Expeditors International of Washington, Inc.




SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.

 
 
 
 
 
 
August 2, 2016
 
/S/ Bradley S. Powell
 
 
Bradley S. Powell, Senior Vice President and Chief Financial Officer
 
 
 



 EX-99.1 2 a20162qerexhibit991.htm EXHIBIT 99.1 Exhibit
Exhibit 99.1
EARNINGS RELEASE
By:    Expeditors International of Washington, Inc.
1015 Third Avenue, Suite 1200
Seattle, Washington 98104
CONTACTS:    

Jeffrey S. Musser
Bradley S. Powell
Geoffrey Buscher
President and Chief Executive Officer
Senior Vice President and Chief Financial Officer
Director - Investor Relations
(206) 674-3433
(206) 674-3412
(206) 892-4510

FOR IMMEDIATE RELEASE
__________________________________________________________________________________________________________________________________________________________________________
EXPEDITORS REPORTS SECOND QUARTER 2016 EPS OF $0.63 PER SHARE 1 
SEATTLE, WASHINGTON - August 2, 2016, Expeditors International of Washington, Inc. (NASDAQ:EXPD) today announced second quarter 2016 financial results including the following highlights compared to the same quarter of 2015:
•
Diluted Net Earnings Attributable to Shareholders per share increased 3% to $0.63
•
Net Earnings Attributable to Shareholders decreased 1% to $116 million
•
Operating Income decreased 2% to $179 million
•
Revenues decreased 13% to $1.5 billion
•
Net Revenues2 increased slightly to $553 million while yields increased 490 basis points to 37.5%
•
Airfreight tonnage volume increased 2% and ocean container volume decreased 1%


“We made significant progress in the second quarter, especially in Asia and the U.S., and continued to make the right investments with the right people to advance our strategic initiatives,” said Jeffrey S. Musser, President and Chief Executive Officer. “When faced with the same challenges that we experienced in the first quarter, our people did again what they do best, which is drive efficiency and provide highly optimized solutions for our customers. The global economic environment remains uncertain, particularly in Europe, and trade continues to slow. Despite these conditions, we continue to gain new customers and expand our market share, and we generated the best quarter of EPS in our history. We remain focused on implementing our strategic plan, with emphasis on markets to and within China and by further leveraging our strength in North America. Given our position in the global marketplace, our people and our resources, we remain optimistic about our ability to generate profitable growth.”

Bradley S. Powell, Senior Vice President and Chief Financial Officer, added, “Even though rates remained volatile again this quarter, we achieved an operating income margin as a percent of net revenues above 30%, as our people remain highly disciplined on costs and continue to take advantage of available capacity and rates in all parts of our business. We are investing in the growth of the company, but not without keeping an eye on our margins or allowing costs to impact our profitability, cash flow and returns to shareholders.”

Expeditors is a global logistics company headquartered in Seattle, Washington. The company employs trained professionals in 185 full-service offices and numerous satellite locations located on six continents linked into a seamless worldwide network through an integrated information management system. Services include the consolidation or forwarding of air and ocean freight, customs brokerage, vendor consolidation, cargo insurance, time-definite transportation, order management, warehousing distribution and customized logistics solutions.

_______________________
1Diluted earnings attributable to shareholders per share.
2Non-GAAP measure calculated as revenues less directly related operating expenses attributable to the Company's principal services. See reconciliation on the last page of this release.
NOTE: See Disclaimer on Forward-Looking Statements on the following page of this release.

Expeditors International of Washington, Inc.
Second Quarter 2016 Earnings Release, August 2, 2016
Financial Highlights for the Three and Six months ended June 30, 2016 and 2015 (Unaudited)
(in 000's of US dollars except per share data)
 
Three months ended June 30,
 
 
 
Six months ended June 30,
 
 
 
2016
 
2015
 
% Change
 
2016
 
2015
 
% Change
Revenues
$
1,475,164

 
$
1,691,553

 
(13)%
 
$
2,893,636

 
$
3,369,079

 
(14)%
Net revenues1
$
553,117

 
$
552,141

 
—%
 
$
1,070,186

 
$
1,081,627

 
(1)%
Operating income
$
178,864

 
$
182,716

 
(2)%
 
$
330,690

 
$
351,599

 
(6)%
Net earnings attributable to shareholders
$
116,052

 
$
117,760

 
(1)%
 
$
212,636

 
$
224,464

 
(5)%
Diluted earnings attributable to shareholders per share
$
0.63

 
$
0.61

 
3%
 
$
1.16

 
$
1.17

 
(1)%
Basic earnings attributable to shareholders per share
$
0.64

 
$
0.62

 
3%
 
$
1.17

 
$
1.17

 
—%
Diluted weighted average shares outstanding
183,132

 
191,918

 
 
 
183,110

 
192,426

 
 
Basic weighted average shares outstanding
181,753

 
190,679

 
 
 
181,882

 
191,151

 
 
_______________________
1Non-GAAP measure calculated as revenues less directly related operating expenses attributable to the Company's principal services. See reconciliation on the last page of this release.

During the three and six-month periods ended June 30, 2016 the Company repurchased 1.9 million and 3.4 million shares of common stock at an average price of $49.47 and $48.75 per share, respectively. During the three and six-month periods ended June 30, 2015, the Company repurchased 2.7 million and 4.3 million shares of common stock at an average price of $47.46 and $47.61 per share, respectively.
 
Employee headcount as of June 30,
 
2016
 
2015
North America
5,732

 
5,493

Europe
2,764

 
2,609

North Asia
2,461

 
2,425

Middle East, Africa and India
1,480

 
1,387

South Asia
1,338

 
1,312

Latin America
754

 
809

Information Systems
795

 
711

Corporate
341

 
313

Total
15,665

 
15,059

 
 
Year-over-year percentage increase (decrease) in:
 
 
Airfreight kilos
 
Ocean freight FEU
2016
 
 
 
 
April
 
(1
)%
 
—
 %
May
 
—
 %
 
(1
)%
June
 
9
 %
 
(2
)%
Quarter
 
2
 %
 
(1
)%
_______________________
Investors may submit written questions via e-mail to: investor@expeditors.com. Questions received by the end of business on August 5, 2016 will be considered in management's 8-K “Responses to Selected Questions” expected to be filed on or about August 12, 2016.

Disclaimer on Forward-Looking Statements:
Certain portions of this release contain forward-looking statements which are based on certain assumptions and expectations of future events that are subject to risks and uncertainties, including comments on future pricing volatility and impacts on margins; the uncertainty of the global economic environment and slowing global trade; and our ability to maintain current margin levels, advance our strategic initiatives, implement our strategic plan, continue to gain new customers, expand our market share, grow markets to and within China, leverage our position in North America, generate profitable growth and manage costs. Actual future results and trends may differ materially from historical results or those projected in any forward-looking statements depending on a variety of factors including, but not limited to, the future success of our business model, our ability to maintain consistent and stable operating results, our ability to perpetuate profits, changes in customer demand for Expeditors’ services caused by a general economic slow-down, customers’ inventory build-up, decreased consumer confidence, volatility in equity markets, energy and fuel prices, geopolitical changes, foreign exchange rates, regulatory actions or changes or the unpredictable acts of competitors and other risks, risk factors and uncertainties detailed in our Annual Report as updated by our reports on Form 10-Q, filed with the Securities and Exchange Commission.


EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.
AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(In thousands, except per share data)
(Unaudited)
 
 
June 30,
2016
 
December 31, 2015
Assets
 
 
 
Current Assets:
 
 
 
Cash and cash equivalents
$
980,264

 
$
807,796

Accounts receivable, net
1,051,373

 
1,112,260

Deferred Federal and state income taxes
19,683

 
16,861

Other current assets
75,525

 
56,453

Total current assets
2,126,845

 
1,993,370

Property and equipment, net
540,737

 
524,724

Goodwill
7,927

 
7,927

Other assets, net
31,629

 
56,417

 
$
2,707,138

 
$
2,582,438

Liabilities and Equity
 
 
 
Current Liabilities:
 
 
 
Accounts payable
$
642,056

 
$
645,304

Accrued expenses, primarily salaries and related costs
225,821

 
186,571

Federal, state and foreign income taxes
26,149

 
29,498

Total current liabilities
894,026

 
861,373

Deferred Federal and state income taxes
33,607

 
26,389

 
 
 
 
Commitments and contingencies

 

 
 
 
 
Shareholders’ Equity:
 
 
 
Preferred stock; none issued
—

 
—

Common stock, par value $0.01 per share. Issued and outstanding 180,841 shares at June 30, 2016 and 182,067 shares at December 31, 2015
1,808

 
1,821

Additional paid-in capital
184

 
31

Retained earnings
1,855,935

 
1,771,379

Accumulated other comprehensive loss
(82,012
)
 
(81,238
)
Total shareholders’ equity
1,775,915

 
1,691,993

Noncontrolling interest
3,590

 
2,683

Total equity
1,779,505

 
1,694,676

 
$
2,707,138

 
$
2,582,438



02-August-2016
Expeditors International of Washington, Inc.
Page 3 of 8


EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.
AND SUBSIDIARIES
Condensed Consolidated Statements of Earnings
(In thousands, except per share data)
(Unaudited)
 
 
Three months ended
 
Six months ended
 
June 30,
 
June 30,
 
2016
 
2015
 
2016
 
2015
Revenues:
 
 
 
 
 
 
 
Airfreight services
$
582,093

 
$
693,812

 
$
1,142,946

 
$
1,401,256

Ocean freight and ocean services
464,692

 
576,772

 
918,884

 
1,142,489

Customs brokerage and other services
428,379

 
420,969

 
831,806

 
825,334

Total revenues
1,475,164

 
1,691,553

 
2,893,636

 
3,369,079

Operating Expenses:
 
 
 
 
 
 
 
Airfreight services
403,419

 
506,988

 
792,196

 
1,019,989

Ocean freight and ocean services
323,699

 
433,356

 
646,719

 
878,812

Customs brokerage and other services
194,929

 
199,068

 
384,535

 
388,651

Salaries and related costs
293,532

 
287,065

 
576,887

 
565,943

Rent and occupancy costs
27,079

 
24,971

 
53,938

 
50,359

Depreciation and amortization
11,642

 
11,420

 
22,971

 
22,949

Selling and promotion
10,251

 
10,529

 
19,683

 
19,776

Other
31,749

 
35,440

 
66,017

 
71,001

Total operating expenses
1,296,300

 
1,508,837

 
2,562,946

 
3,017,480

Operating income
178,864

 
182,716

 
330,690

 
351,599

Other Income (Expense):
 
 
 
 
 
 
 
Interest income
2,890

 
2,636

 
5,669

 
5,368

Other, net
1,603

 
3,804

 
2,482

 
3,838

Other income, net
4,493

 
6,440

 
8,151

 
9,206

Earnings before income taxes
183,357

 
189,156

 
338,841

 
360,805

Income tax expense
66,918

 
70,827

 
125,355

 
135,144

Net earnings
116,439

 
118,329

 
213,486

 
225,661

Less net earnings attributable to the noncontrolling interest
387

 
569

 
850

 
1,197

Net earnings attributable to shareholders
$
116,052

 
$
117,760

 
$
212,636

 
$
224,464

Diluted earnings attributable to shareholders per share
$
0.63

 
$
0.61

 
$
1.16

 
$
1.17

Basic earnings attributable to shareholders per share
$
0.64

 
$
0.62

 
$
1.17

 
$
1.17

Dividends declared and paid per common share
$
0.40

 
$
0.36

 
$
0.40

 
$
0.36

Weighted average diluted shares outstanding
183,132

 
191,918

 
183,110

 
192,426

Weighted average basic shares outstanding
181,753

 
190,679

 
181,882

 
191,151



02-August-2016
Expeditors International of Washington, Inc.
Page 4 of 8

EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.
AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
 
Three months ended
 
Six months ended
 
June 30,
 
June 30,
 
2016
 
2015
 
2016
 
2015
Operating Activities:
 
 
 
 
 
 
 
Net earnings
$
116,439

 
$
118,329

 
$
213,486

 
$
225,661

Adjustments to reconcile net earnings to net cash from operating activities:
 
 
 
 
 
 
 
Provision for losses on accounts receivable
562

 
584

 
1,140

 
861

Deferred income tax (benefit) expense
(6,115
)
 
8,986

 
3,781

 
20,923

Excess tax benefits from stock plans
(132
)
 
(366
)
 
(132
)
 
(1,846
)
Stock compensation expense
12,957

 
11,663

 
23,788

 
21,570

Depreciation and amortization
11,642

 
11,420

 
22,971

 
22,949

Other
(6
)
 
27

 
30

 
113

Changes in operating assets and liabilities:
 
 
 
 
 
 
 
(Increase) decrease in accounts receivable
(48,344
)
 
63,234

 
64,366

 
16,444

Increase in accounts payable and accrued expenses
51,422

 
8,038

 
36,078

 
22,933

Decrease in income taxes payable, net
(34,734
)
 
(39,000
)
 
(23,809
)
 
(15,868
)
Decrease (increase) in other current assets
1,361

 
(1,187
)
 
(694
)
 
2,382

Net cash from operating activities
105,052

 
181,728

 
341,005

 
316,122

Investing Activities:
 
 
 
 
 
 
 
Increase in short-term investments, net
(2
)
 
(46,986
)
 
(37
)
 
(6,712
)
Purchase of property and equipment
(13,279
)
 
(12,912
)
 
(27,314
)
 
(22,357
)
Other, net
4,416

 
(14
)
 
3,892

 
184

Net cash from investing activities
(8,865
)
 
(59,912
)
 
(23,459
)
 
(28,885
)
Financing Activities:
 
 
 
 
 
 
 
Proceeds from issuance of common stock
48,488

 
25,047

 
90,123

 
60,095

Repurchases of common stock
(96,115
)
 
(128,137
)
 
(166,407
)
 
(205,505
)
Excess tax benefits from stock plans
132

 
366

 
132

 
1,846

Dividends paid
(73,000
)
 
(68,781
)
 
(73,000
)
 
(68,781
)
Distribution to noncontrolling interest
—

 
—

 
—

 
(857
)
Net cash from financing activities
(120,495
)
 
(171,505
)
 
(149,152
)
 
(213,202
)
Effect of exchange rate changes on cash and cash equivalents
(9,345
)
 
2,272

 
4,074

 
(15,415
)
(Decrease) increase in cash and cash equivalents
(33,653
)
 
(47,417
)
 
172,468

 
58,620

Cash and cash equivalents at beginning of period
1,013,917

 
1,033,144

 
807,796

 
927,107

Cash and cash equivalents at end of period
$
980,264

 
$
985,727

 
$
980,264

 
$
985,727

Taxes paid:
 
 
 
 
 
 
 
Income taxes
$
108,369

 
$
101,389

 
$
146,353

 
$
129,650


02-August-2016
Expeditors International of Washington, Inc.
Page 5 of 8

EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.
AND SUBSIDIARIES
Business Segment Information
(In thousands)
(Unaudited)
 
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, 2016:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenues from unaffiliated customers
$
417,735

 
56,674

 
21,169

 
517,489

 
151,890

 
229,882

 
80,325

 
—

 
1,475,164

Transfers between geographic areas
28,973

 
2,671

 
4,187

 
5,385

 
6,326

 
10,097

 
5,507

 
(63,146
)
 
—

Total revenues
$
446,708

 
59,345

 
25,356

 
522,874

 
158,216

 
239,979

 
85,832

 
(63,146
)
 
1,475,164

Net revenues
$
232,860

 
30,815

 
14,468

 
122,117

 
46,257

 
77,639

 
28,975

 
(14
)
 
553,117

Operating income
$
67,214

 
9,600

 
3,836

 
61,721

 
18,354

 
11,838

 
6,315

 
(14
)
 
178,864

Identifiable assets
$
1,363,352

 
84,358

 
58,570

 
471,832

 
118,352

 
378,859

 
225,877

 
5,938

 
2,707,138

Capital expenditures
$
8,778

 
445

 
317

 
678

 
351

 
2,140

 
570

 
—

 
13,279

Depreciation and amortization
$
7,366

 
380

 
288

 
1,388

 
543

 
1,188

 
489

 
—

 
11,642

Equity
$
1,069,876

 
38,638

 
39,482

 
309,557

 
78,668

 
133,387

 
141,315

 
(31,418
)
 
1,779,505

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 revenues
$
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





02-August-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
Six months ended June 30, 2016:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenues from unaffiliated customers
$
825,561

 
108,780

 
41,233

 
1,014,721

 
288,308

 
451,779

 
163,254

 
—

 
2,893,636

Transfers between geographic areas
55,007

 
5,371

 
7,788

 
10,481

 
12,132

 
20,458

 
10,901

 
(122,138
)
 
—

Total revenues
$
880,568

 
114,151

 
49,021

 
1,025,202

 
300,440

 
472,237

 
174,155

 
(122,138
)
 
2,893,636

Net revenues
$
453,558

 
58,193

 
28,201

 
232,908

 
85,775

 
152,180

 
59,382

 
(11
)
 
1,070,186

Operating income
$
115,419

 
16,891

 
7,688

 
116,939

 
34,045

 
24,091

 
15,628

 
(11
)
 
330,690

Identifiable assets
$
1,363,352

 
84,358

 
58,570

 
471,832

 
118,352

 
378,859

 
225,877

 
5,938

 
2,707,138

Capital expenditures
$
16,915

 
756

 
802

 
1,763

 
1,006

 
4,259

 
1,813

 
—

 
27,314

Depreciation and amortization
$
14,698

 
744

 
541

 
2,707

 
1,055

 
2,286

 
940

 
—

 
22,971

Equity
$
1,069,876

 
38,638

 
39,482

 
309,557

 
78,668

 
133,387

 
141,315

 
(31,418
)
 
1,779,505

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 revenues
$
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





02-August-2016
Expeditors International of Washington, Inc.
Page 7 of 8

Net Revenues (Non-GAAP measure)

We commonly refer to the term “net revenues” when commenting about our Company and the results of its operations. Net revenues are a Non-GAAP measure calculated as revenues less directly related operations expenses attributable to the Company's principal services. We believe that net revenues are a better measure than are total revenues when analyzing and discussing our effectiveness in managing our principal services since total revenues earned as a freight consolidator must consider the carriers' charges to us for carrying the shipment, whereas revenues earned in other capacities include primarily the commissions and fees earned by us. Net revenue is one of our primary operational and financial measures and demonstrates our ability to concentrate and leverage purchasing power through effective consolidation of shipments from customers utilizing a variety of transportation carriers and optimal routings. Using net revenues also provides a commonality for comparison among various services. The following table presents the calculation of net revenues.
 
Three months ended
 
Six months ended
 
June 30,
 
June 30,
(in thousands)
2016
 
2015
 
2016
 
2015
Total revenues
$
1,475,164

 
$
1,691,553

 
$
2,893,636

 
$
3,369,079

Expenses:
 
 
 
 
 
 
 
Airfreight services
403,419

 
506,988

 
792,196

 
1,019,989

Ocean freight and ocean services
323,699

 
433,356

 
646,719

 
878,812

Customs brokerage and other services
194,929

 
199,068

 
384,535

 
388,651

Net revenues
$
553,117

 
$
552,141

 
$
1,070,186

 
$
1,081,627




02-August-2016
Expeditors International of Washington, Inc.
Page 8 of 8
 GRAPHIC 3 expeditorswtaga01.jpg begin 644 expeditorswtaga01.jpg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