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 8, 2016 | /S/ Bradley S. Powell | |
Bradley S. Powell, Senior Vice President and Chief Financial Officer | ||
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 |
• | Diluted Net Earnings Attributable to Shareholders per share (EPS1) decreased 5% to $0.59 |
• | Net Earnings Attributable to Shareholders decreased 9% to $108 million |
• | Operating Income decreased 13% to $167 million |
• | Revenues decreased 5% to $1.6 billion |
• | Net Revenues2 decreased 4% to $545 million |
• | Airfreight tonnage volume increased 7% and ocean container volume increased 3% |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||
2016 | 2015 | % Change | 2016 | 2015 | % Change | ||||||||||||||
Revenues | $ | 1,562,394 | $ | 1,651,332 | (5)% | $ | 4,456,030 | $ | 5,020,411 | (11)% | |||||||||
Net revenues1 | $ | 545,259 | $ | 569,981 | (4)% | $ | 1,615,445 | $ | 1,651,608 | (2)% | |||||||||
Operating income | $ | 167,263 | $ | 191,893 | (13)% | $ | 497,953 | $ | 543,492 | (8)% | |||||||||
Net earnings attributable to shareholders | $ | 107,581 | $ | 118,310 | (9)% | $ | 320,217 | $ | 342,774 | (7)% | |||||||||
Diluted earnings attributable to shareholders per share | $ | 0.59 | $ | 0.62 | (5)% | $ | 1.75 | $ | 1.79 | (2)% | |||||||||
Basic earnings attributable to shareholders per share | $ | 0.59 | $ | 0.63 | (6)% | $ | 1.76 | $ | 1.80 | (2)% | |||||||||
Diluted weighted average shares outstanding | 182,692 | 189,642 | 182,958 | 191,448 | |||||||||||||||
Basic weighted average shares outstanding | 181,177 | 188,424 | 181,645 | 190,232 |
Employee headcount as of September 30, | |||||
2016 | 2015 | ||||
North America | 5,769 | 5,573 | |||
Europe | 2,846 | 2,664 | |||
North Asia | 2,498 | 2,465 | |||
Middle East, Africa and India | 1,494 | 1,388 | |||
South Asia | 1,364 | 1,311 | |||
Latin America | 758 | 797 | |||
Information Systems | 810 | 722 | |||
Corporate | 338 | 318 | |||
Total | 15,877 | 15,238 |
Year-over-year percentage increase (decrease) in: | ||||||
Airfreight kilos | Ocean freight FEU | |||||
2016 | ||||||
July | 7 | % | (1 | )% | ||
August | 11 | % | 4 | % | ||
September | 5 | % | 6 | % | ||
Quarter | 7 | % | 3 | % |
September 30, 2016 | December 31, 2015 | ||||||
Assets | |||||||
Current Assets: | |||||||
Cash and cash equivalents | $ | 1,042,700 | $ | 807,796 | |||
Accounts receivable, net | 1,108,516 | 1,112,260 | |||||
Deferred Federal and state income taxes | 19,573 | 16,861 | |||||
Other current assets | 64,897 | 56,453 | |||||
Total current assets | 2,235,686 | 1,993,370 | |||||
Property and equipment, net | 539,984 | 524,724 | |||||
Goodwill | 7,927 | 7,927 | |||||
Other assets, net | 30,200 | 56,417 | |||||
$ | 2,813,797 | $ | 2,582,438 | ||||
Liabilities and Equity | |||||||
Current Liabilities: | |||||||
Accounts payable | $ | 698,620 | $ | 645,304 | |||
Accrued expenses, primarily salaries and related costs | 207,547 | 186,571 | |||||
Federal, state and foreign income taxes | 21,437 | 29,498 | |||||
Total current liabilities | 927,604 | 861,373 | |||||
Deferred Federal and state income taxes | 32,260 | 26,389 | |||||
Commitments and contingencies | |||||||
Shareholders’ Equity: | |||||||
Preferred stock; none issued | — | — | |||||
Common stock, par value $0.01 per share. Issued and outstanding 180,278 shares at September 30, 2016 and 182,067 shares at December 31, 2015 | 1,803 | 1,821 | |||||
Additional paid-in capital | 475 | 31 | |||||
Retained earnings | 1,929,449 | 1,771,379 | |||||
Accumulated other comprehensive loss | (81,644 | ) | (81,238 | ) | |||
Total shareholders’ equity | 1,850,083 | 1,691,993 | |||||
Noncontrolling interest | 3,850 | 2,683 | |||||
Total equity | 1,853,933 | 1,694,676 | |||||
$ | 2,813,797 | $ | 2,582,438 |
08-November-2016 | Expeditors International of Washington, Inc. | Page 3 of 8 |
Three months ended | Nine months ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Revenues: | |||||||||||||||
Airfreight services | $ | 621,566 | $ | 659,607 | $ | 1,764,512 | $ | 2,060,863 | |||||||
Ocean freight and ocean services | 495,460 | 559,976 | 1,414,344 | 1,702,465 | |||||||||||
Customs brokerage and other services | 445,368 | 431,749 | 1,277,174 | 1,257,083 | |||||||||||
Total revenues | 1,562,394 | 1,651,332 | 4,456,030 | 5,020,411 | |||||||||||
Operating Expenses: | |||||||||||||||
Airfreight services | 444,359 | 464,161 | 1,236,555 | 1,484,150 | |||||||||||
Ocean freight and ocean services | 359,991 | 416,075 | 1,006,710 | 1,294,887 | |||||||||||
Customs brokerage and other services | 212,785 | 201,115 | 597,320 | 589,766 | |||||||||||
Salaries and related costs | 291,204 | 295,566 | 868,091 | 861,509 | |||||||||||
Rent and occupancy costs | 27,091 | 25,747 | 81,029 | 76,106 | |||||||||||
Depreciation and amortization | 11,882 | 11,475 | 34,853 | 34,424 | |||||||||||
Selling and promotion | 10,134 | 10,370 | 29,817 | 30,146 | |||||||||||
Other | 37,685 | 34,930 | 103,702 | 105,931 | |||||||||||
Total operating expenses | 1,395,131 | 1,459,439 | 3,958,077 | 4,476,919 | |||||||||||
Operating income | 167,263 | 191,893 | 497,953 | 543,492 | |||||||||||
Other Income (Expense): | |||||||||||||||
Interest income | 2,924 | 2,666 | 8,593 | 8,034 | |||||||||||
Other, net | 925 | (3,085 | ) | 3,407 | 753 | ||||||||||
Other income (expense), net | 3,849 | (419 | ) | 12,000 | 8,787 | ||||||||||
Earnings before income taxes | 171,112 | 191,474 | 509,953 | 552,279 | |||||||||||
Income tax expense | 63,163 | 72,738 | 188,518 | 207,882 | |||||||||||
Net earnings | 107,949 | 118,736 | 321,435 | 344,397 | |||||||||||
Less net earnings attributable to the noncontrolling interest | 368 | 426 | 1,218 | 1,623 | |||||||||||
Net earnings attributable to shareholders | $ | 107,581 | $ | 118,310 | $ | 320,217 | $ | 342,774 | |||||||
Diluted earnings attributable to shareholders per share | $ | 0.59 | $ | 0.62 | $ | 1.75 | $ | 1.79 | |||||||
Basic earnings attributable to shareholders per share | $ | 0.59 | $ | 0.63 | $ | 1.76 | $ | 1.80 | |||||||
Dividends declared and paid per common share | $ | — | $ | — | $ | 0.40 | $ | 0.36 | |||||||
Weighted average diluted shares outstanding | 182,692 | 189,642 | 182,958 | 191,448 | |||||||||||
Weighted average basic shares outstanding | 181,177 | 188,424 | 181,645 | 190,232 |
08-November-2016 | Expeditors International of Washington, Inc. | Page 4 of 8 |
Three months ended | Nine months ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Operating Activities: | |||||||||||||||
Net earnings | $ | 107,949 | $ | 118,736 | $ | 321,435 | $ | 344,397 | |||||||
Adjustments to reconcile net earnings to net cash from operating activities: | |||||||||||||||
Provision for losses on accounts receivable | 1,321 | 134 | 2,461 | 995 | |||||||||||
Deferred income tax (benefit) expense | (1,439 | ) | (7,611 | ) | 2,342 | 13,312 | |||||||||
Excess tax benefits from stock plans | (107 | ) | — | (239 | ) | (1,846 | ) | ||||||||
Stock compensation expense | 10,476 | 10,919 | 34,264 | 32,489 | |||||||||||
Depreciation and amortization | 11,882 | 11,475 | 34,853 | 34,424 | |||||||||||
Other | 11 | 2 | 41 | 115 | |||||||||||
Changes in operating assets and liabilities: | |||||||||||||||
(Increase) decrease in accounts receivable | (58,279 | ) | 2,466 | 6,087 | 18,910 | ||||||||||
Increase (decrease) in accounts payable and accrued expenses | 38,070 | (19,622 | ) | 74,148 | 3,311 | ||||||||||
Increase (decrease) in income taxes payable, net | 7,197 | 19,978 | (16,612 | ) | 4,110 | ||||||||||
Increase in other current assets | (1,395 | ) | (3,801 | ) | (2,089 | ) | (1,419 | ) | |||||||
Net cash from operating activities | 115,686 | 132,676 | 456,691 | 448,798 | |||||||||||
Investing Activities: | |||||||||||||||
Increase in short-term investments, net | — | 38,788 | (37 | ) | 32,076 | ||||||||||
Purchase of property and equipment | (12,659 | ) | (9,546 | ) | (39,973 | ) | (31,903 | ) | |||||||
Other, net | 1,617 | (2,666 | ) | 5,509 | (2,482 | ) | |||||||||
Net cash from investing activities | (11,042 | ) | 26,576 | (34,501 | ) | (2,309 | ) | ||||||||
Financing Activities: | |||||||||||||||
Proceeds from issuance of common stock | 57,522 | 54,606 | 147,645 | 114,701 | |||||||||||
Repurchases of common stock | (101,690 | ) | (209,970 | ) | (268,097 | ) | (415,475 | ) | |||||||
Excess tax benefits from stock plans | 107 | — | 239 | 1,846 | |||||||||||
Dividends paid | — | — | (73,000 | ) | (68,781 | ) | |||||||||
Distribution to noncontrolling interest | — | — | — | (857 | ) | ||||||||||
Net cash from financing activities | (44,061 | ) | (155,364 | ) | (193,213 | ) | (368,566 | ) | |||||||
Effect of exchange rate changes on cash and cash equivalents | 1,853 | (20,932 | ) | 5,927 | (36,347 | ) | |||||||||
Increase (decrease) in cash and cash equivalents | 62,436 | (17,044 | ) | 234,904 | 41,576 | ||||||||||
Cash and cash equivalents at beginning of period | 980,264 | 985,727 | 807,796 | 927,107 | |||||||||||
Cash and cash equivalents at end of period | $ | 1,042,700 | $ | 968,683 | $ | 1,042,700 | $ | 968,683 | |||||||
Taxes paid: | |||||||||||||||
Income taxes | $ | 58,696 | $ | 60,374 | $ | 205,049 | $ | 190,024 |
08-November-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 September 30, 2016: | |||||||||||||||||||||||||||
Revenues from unaffiliated customers | $ | 423,362 | 56,747 | 21,592 | 590,622 | 154,156 | 228,256 | 87,659 | — | 1,562,394 | |||||||||||||||||
Transfers between geographic areas | 24,610 | 2,770 | 3,724 | 5,368 | 6,206 | 9,938 | 5,551 | (58,167 | ) | — | |||||||||||||||||
Total revenues | $ | 447,972 | 59,517 | 25,316 | 595,990 | 160,362 | 238,194 | 93,210 | (58,167 | ) | 1,562,394 | ||||||||||||||||
Net revenues | $ | 229,773 | 30,211 | 14,063 | 124,251 | 42,711 | 74,888 | 29,363 | (1 | ) | 545,259 | ||||||||||||||||
Operating income | $ | 69,457 | 6,200 | 3,328 | 59,682 | 14,045 | 7,018 | 7,534 | (1 | ) | 167,263 | ||||||||||||||||
Identifiable assets | $ | 1,429,860 | 95,390 | 56,192 | 480,587 | 117,333 | 388,543 | 237,104 | 8,788 | 2,813,797 | |||||||||||||||||
Capital expenditures | $ | 8,319 | 720 | 139 | 739 | 319 | 2,127 | 296 | — | 12,659 | |||||||||||||||||
Depreciation and amortization | $ | 7,566 | 369 | 328 | 1,404 | 594 | 1,116 | 505 | — | 11,882 | |||||||||||||||||
Equity | $ | 1,145,293 | 41,542 | 37,765 | 293,383 | 87,926 | 129,989 | 150,395 | (32,360 | ) | 1,853,933 | ||||||||||||||||
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 revenues | $ | 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 |
08-November-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 | |||||||||||||||||||
Nine months ended September 30, 2016: | |||||||||||||||||||||||||||
Revenues from unaffiliated customers | $ | 1,248,923 | 165,527 | 62,825 | 1,605,343 | 442,464 | 680,035 | 250,913 | — | 4,456,030 | |||||||||||||||||
Transfers between geographic areas | 79,617 | 8,141 | 11,512 | 15,849 | 18,338 | 30,396 | 16,452 | (180,305 | ) | — | |||||||||||||||||
Total revenues | $ | 1,328,540 | 173,668 | 74,337 | 1,621,192 | 460,802 | 710,431 | 267,365 | (180,305 | ) | 4,456,030 | ||||||||||||||||
Net revenues | $ | 683,331 | 88,404 | 42,264 | 357,159 | 128,486 | 227,068 | 88,745 | (12 | ) | 1,615,445 | ||||||||||||||||
Operating income | $ | 184,876 | 23,091 | 11,016 | 176,621 | 48,090 | 31,109 | 23,162 | (12 | ) | 497,953 | ||||||||||||||||
Identifiable assets | $ | 1,429,860 | 95,390 | 56,192 | 480,587 | 117,333 | 388,543 | 237,104 | 8,788 | 2,813,797 | |||||||||||||||||
Capital expenditures | $ | 25,234 | 1,476 | 941 | 2,502 | 1,325 | 6,386 | 2,109 | — | 39,973 | |||||||||||||||||
Depreciation and amortization | $ | 22,264 | 1,113 | 869 | 4,111 | 1,649 | 3,402 | 1,445 | — | 34,853 | |||||||||||||||||
Equity | $ | 1,145,293 | 41,542 | 37,765 | 293,383 | 87,926 | 129,989 | 150,395 | (32,360 | ) | 1,853,933 | ||||||||||||||||
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 revenues | $ | 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 |
08-November-2016 | Expeditors International of Washington, Inc. | Page 7 of 8 |
Three months ended | Nine months ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
(in thousands) | 2016 | 2015 | 2016 | 2015 | |||||||||||
Total revenues | $ | 1,562,394 | $ | 1,651,332 | $ | 4,456,030 | $ | 5,020,411 | |||||||
Expenses: | |||||||||||||||
Airfreight services | 444,359 | 464,161 | 1,236,555 | 1,484,150 | |||||||||||
Ocean freight and ocean services | 359,991 | 416,075 | 1,006,710 | 1,294,887 | |||||||||||
Customs brokerage and other services | 212,785 | 201,115 | 597,320 | 589,766 | |||||||||||
Net revenues | $ | 545,259 | $ | 569,981 | $ | 1,615,445 | $ | 1,651,608 |
08-November-2016 | Expeditors International of Washington, Inc. | Page 8 of 8 |
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