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)) | |
Emerging growth company | o |
August 8, 2017 | /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 $0.60 |
• | Net Earnings Attributable to Shareholders decreased 6% to $109 million |
• | Operating Income decreased 6% to $168 million |
• | Revenues increased 13% to $1.7 billion |
• | Net Revenues2 increased 2% to $564 million |
• | Airfreight tonnage volume increased 9% and ocean container volume increased 4% |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||
2017 | 2016 | % Change | 2017 | 2016 | % Change | ||||||||||||||
Revenues | $ | 1,672,279 | $ | 1,475,164 | 13% | $ | 3,217,411 | $ | 2,893,636 | 11% | |||||||||
Net revenues1 | $ | 563,633 | $ | 553,117 | 2% | $ | 1,091,238 | $ | 1,070,186 | 2% | |||||||||
Operating income2 | $ | 168,240 | $ | 178,864 | (6)% | $ | 314,354 | $ | 330,690 | (5)% | |||||||||
Net earnings attributable to shareholders | $ | 108,851 | $ | 116,052 | (6)% | $ | 202,115 | $ | 212,636 | (5)% | |||||||||
Diluted earnings attributable to shareholders per share | $ | 0.60 | $ | 0.63 | (5)% | $ | 1.11 | $ | 1.16 | (4)% | |||||||||
Basic earnings attributable to shareholders per share | $ | 0.60 | $ | 0.64 | (6)% | $ | 1.12 | $ | 1.17 | (4)% | |||||||||
Diluted weighted average shares outstanding | 182,033 | 183,132 | 182,091 | 183,110 | |||||||||||||||
Basic weighted average shares outstanding | 180,012 | 181,753 | 180,037 | 181,882 |
Employee headcount as of June 30, | |||||
2017 | 2016 | ||||
North America | 6,002 | 5,732 | |||
Europe | 2,915 | 2,764 | |||
North Asia | 2,524 | 2,461 | |||
Middle East, Africa and India | 1,521 | 1,480 | |||
South Asia | 1,447 | 1,338 | |||
Latin America | 782 | 754 | |||
Information Systems | 892 | 795 | |||
Corporate | 366 | 341 | |||
Total | 16,449 | 15,665 |
Year-over-year percentage increase in: | ||||||
Airfreight kilos | Ocean freight FEU | |||||
2017 | ||||||
April | 9 | % | 2 | % | ||
May | 11 | % | 2 | % | ||
June | 7 | % | 7 | % | ||
Quarter | 9 | % | 4 | % |
June 30, 2017 | December 31, 2016 | ||||||
Assets | |||||||
Current Assets: | |||||||
Cash and cash equivalents | $ | 1,114,910 | $ | 974,435 | |||
Accounts receivable, net | 1,215,278 | 1,190,130 | |||||
Other current assets | 164,128 | 54,014 | |||||
Total current assets | 2,494,316 | 2,218,579 | |||||
Property and equipment, net | 490,776 | 536,572 | |||||
Goodwill | 7,927 | 7,927 | |||||
Other assets, net | 29,737 | 27,793 | |||||
$ | 3,022,756 | $ | 2,790,871 | ||||
Liabilities and Equity | |||||||
Current Liabilities: | |||||||
Accounts payable | $ | 774,941 | $ | 726,571 | |||
Accrued expenses, primarily salaries and related costs | 211,376 | 185,502 | |||||
Federal, state and foreign income taxes | 21,329 | 17,858 | |||||
Total current liabilities | 1,007,646 | 929,931 | |||||
Deferred Federal and state income taxes | 36,473 | 13,727 | |||||
Commitments and contingencies | |||||||
Shareholders’ Equity: | |||||||
Preferred stock; none issued | — | — | |||||
Common stock, par value $0.01 per share. Issued and outstanding 179,637 shares at June 30, 2017 and 179,857 shares at December 31, 2016 | 1,796 | 1,799 | |||||
Additional paid-in capital | 11,152 | 2,642 | |||||
Retained earnings | 2,049,403 | 1,944,789 | |||||
Accumulated other comprehensive loss | (86,507 | ) | (104,592 | ) | |||
Total shareholders’ equity | 1,975,844 | 1,844,638 | |||||
Noncontrolling interest | 2,793 | 2,575 | |||||
Total equity | 1,978,637 | 1,847,213 | |||||
$ | 3,022,756 | $ | 2,790,871 |
08-August-2017 | Expeditors International of Washington, Inc. | Page 3 of 8 |
Three months ended | Six months ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Revenues: | |||||||||||||||
Airfreight services | $ | 671,868 | $ | 582,093 | $ | 1,287,413 | $ | 1,142,946 | |||||||
Ocean freight and ocean services | 528,585 | 464,692 | 1,022,344 | 918,884 | |||||||||||
Customs brokerage and other services | 471,826 | 428,379 | 907,654 | 831,806 | |||||||||||
Total revenues | 1,672,279 | 1,475,164 | 3,217,411 | 2,893,636 | |||||||||||
Operating Expenses: | |||||||||||||||
Airfreight services | 499,418 | 403,419 | 942,822 | 792,196 | |||||||||||
Ocean freight and ocean services | 385,927 | 323,699 | 751,990 | 646,719 | |||||||||||
Customs brokerage and other services | 223,301 | 194,929 | 431,361 | 384,535 | |||||||||||
Salaries and related costs | 318,529 | 293,532 | 611,109 | 576,887 | |||||||||||
Rent and occupancy costs | 29,163 | 27,079 | 57,293 | 53,938 | |||||||||||
Depreciation and amortization | 12,042 | 11,642 | 23,969 | 22,971 | |||||||||||
Selling and promotion | 10,953 | 10,251 | 21,868 | 19,683 | |||||||||||
Other | 24,706 | 31,749 | 62,645 | 66,017 | |||||||||||
Total operating expenses | 1,504,039 | 1,296,300 | 2,903,057 | 2,562,946 | |||||||||||
Operating income | 168,240 | 178,864 | 314,354 | 330,690 | |||||||||||
Other Income (Expense): | |||||||||||||||
Interest income | 3,380 | 2,890 | 6,121 | 5,669 | |||||||||||
Other, net | 2,190 | 1,603 | 2,488 | 2,482 | |||||||||||
Other income (expense), net | 5,570 | 4,493 | 8,609 | 8,151 | |||||||||||
Earnings before income taxes | 173,810 | 183,357 | 322,963 | 338,841 | |||||||||||
Income tax expense | 65,055 | 66,918 | 120,641 | 125,355 | |||||||||||
Net earnings | 108,755 | 116,439 | 202,322 | 213,486 | |||||||||||
Less net (loss) earnings attributable to the noncontrolling interest | (96 | ) | 387 | 207 | 850 | ||||||||||
Net earnings attributable to shareholders | $ | 108,851 | $ | 116,052 | $ | 202,115 | $ | 212,636 | |||||||
Diluted earnings attributable to shareholders per share | $ | 0.60 | $ | 0.63 | $ | 1.11 | $ | 1.16 | |||||||
Basic earnings attributable to shareholders per share | $ | 0.60 | $ | 0.64 | $ | 1.12 | $ | 1.17 | |||||||
Dividends declared and paid per common share | $ | 0.42 | $ | 0.40 | $ | 0.42 | $ | 0.40 | |||||||
Weighted average diluted shares outstanding | 182,033 | 183,132 | 182,091 | 183,110 | |||||||||||
Weighted average basic shares outstanding | 180,012 | 181,753 | 180,037 | 181,882 |
08-August-2017 | Expeditors International of Washington, Inc. | Page 4 of 8 |
Three months ended | Six months ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Operating Activities: | |||||||||||||||
Net earnings | $ | 108,755 | $ | 116,439 | $ | 202,322 | $ | 213,486 | |||||||
Adjustments to reconcile net earnings to net cash from operating activities: | |||||||||||||||
Provision for losses on accounts receivable | 515 | 562 | 1,446 | 1,140 | |||||||||||
Deferred income tax expense (benefit) | 7,261 | (6,115 | ) | 12,854 | 3,781 | ||||||||||
Stock compensation expense | 17,203 | 12,957 | 27,826 | 23,788 | |||||||||||
Depreciation and amortization | 12,042 | 11,642 | 23,969 | 22,971 | |||||||||||
Other, net | (174 | ) | (6 | ) | (525 | ) | 30 | ||||||||
Changes in operating assets and liabilities: | |||||||||||||||
(Increase) decrease in accounts receivable | (73,142 | ) | (48,344 | ) | 2,312 | 64,366 | |||||||||
Increase in accounts payable and accrued expenses | 52,623 | 51,422 | 34,299 | 36,078 | |||||||||||
Decrease in income taxes payable, net | (47,159 | ) | (34,734 | ) | (27,335 | ) | (23,809 | ) | |||||||
Decrease (increase) in other current assets | 3,290 | 1,361 | (275 | ) | (694 | ) | |||||||||
Net cash from operating activities | 81,214 | 105,184 | 276,893 | 341,137 | |||||||||||
Investing Activities: | |||||||||||||||
Purchase of property and equipment | (20,380 | ) | (13,279 | ) | (33,141 | ) | (27,314 | ) | |||||||
Other, net | 40 | 4,414 | (631 | ) | 3,855 | ||||||||||
Net cash from investing activities | (20,340 | ) | (8,865 | ) | (33,772 | ) | (23,459 | ) | |||||||
Financing Activities: | |||||||||||||||
Proceeds from issuance of common stock | 51,501 | 48,488 | 96,866 | 90,123 | |||||||||||
Repurchases of common stock | (84,052 | ) | (96,115 | ) | (137,960 | ) | (166,407 | ) | |||||||
Dividends paid | (75,726 | ) | (73,000 | ) | (75,726 | ) | (73,000 | ) | |||||||
Net cash from financing activities | (108,277 | ) | (120,627 | ) | (116,820 | ) | (149,284 | ) | |||||||
Effect of exchange rate changes on cash and cash equivalents | 6,270 | (9,345 | ) | 14,174 | 4,074 | ||||||||||
(Decrease) increase in cash and cash equivalents | (41,133 | ) | (33,653 | ) | 140,475 | 172,468 | |||||||||
Cash and cash equivalents at beginning of period | 1,156,043 | 1,013,917 | 974,435 | 807,796 | |||||||||||
Cash and cash equivalents at end of period | $ | 1,114,910 | $ | 980,264 | $ | 1,114,910 | $ | 980,264 | |||||||
Taxes paid: | |||||||||||||||
Income taxes | $ | 103,508 | $ | 108,369 | $ | 132,654 | $ | 146,353 |
08-August-2017 | 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, 2017: | |||||||||||||||||||||||||||
Revenues from unaffiliated customers | $ | 452,217 | 62,554 | 23,463 | 620,050 | 157,698 | 259,533 | 96,764 | — | 1,672,279 | |||||||||||||||||
Transfers between geographic areas | 28,155 | 2,825 | 3,759 | 4,835 | 5,408 | 9,664 | 5,034 | (59,680 | ) | — | |||||||||||||||||
Total revenues | $ | 480,372 | 65,379 | 27,222 | 624,885 | 163,106 | 269,197 | 101,798 | (59,680 | ) | 1,672,279 | ||||||||||||||||
Net revenues | $ | 250,027 | 28,173 | 14,008 | 120,959 | 38,228 | 80,896 | 30,286 | 1,056 | 563,633 | |||||||||||||||||
Operating income | $ | 64,265 | 12,317 | 2,246 | 58,093 | 12,513 | 13,419 | 5,390 | (3 | ) | 168,240 | ||||||||||||||||
Identifiable assets | $ | 1,487,582 | 129,830 | 48,064 | 576,655 | 129,002 | 437,628 | 207,191 | 6,804 | 3,022,756 | |||||||||||||||||
Capital expenditures | $ | 6,852 | 569 | 957 | 663 | 409 | 10,501 | 429 | — | 20,380 | |||||||||||||||||
Depreciation and amortization | $ | 7,731 | 386 | 300 | 1,362 | 556 | 1,227 | 480 | — | 12,042 | |||||||||||||||||
Equity | $ | 1,147,962 | 61,957 | 24,320 | 402,211 | 117,077 | 135,726 | 124,628 | (35,244 | ) | 1,978,637 | ||||||||||||||||
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 | $ | 1,343,669 | 84,358 | 58,570 | 471,832 | 118,352 | 378,859 | 225,877 | 5,938 | 2,687,455 | |||||||||||||||||
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 |
08-August-2017 | Expeditors International of Washington, Inc. | Page 6 of 8 |
(in thousands) | 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, 2017: | |||||||||||||||||||||||||||
Revenues from unaffiliated customers | $ | 878,236 | 122,453 | 45,566 | 1,186,478 | 304,938 | 490,990 | 188,750 | — | 3,217,411 | |||||||||||||||||
Transfers between geographic areas | 52,468 | 5,464 | 7,394 | 9,886 | 10,839 | 18,986 | 9,998 | (115,035 | ) | — | |||||||||||||||||
Total revenues | $ | 930,704 | 127,917 | 52,960 | 1,196,364 | 315,777 | 509,976 | 198,748 | (115,035 | ) | 3,217,411 | ||||||||||||||||
Net revenues | $ | 480,812 | 53,966 | 28,924 | 232,792 | 76,223 | 156,854 | 60,017 | 1,650 | 1,091,238 | |||||||||||||||||
Operating income | $ | 116,611 | 17,368 | 5,697 | 111,445 | 25,737 | 25,065 | 12,433 | (2 | ) | 314,354 | ||||||||||||||||
Identifiable assets at period end | $ | 1,487,582 | 129,830 | 48,064 | 576,655 | 129,002 | 437,628 | 207,191 | 6,804 | 3,022,756 | |||||||||||||||||
Capital expenditures | $ | 12,094 | 803 | 1,212 | 1,903 | 782 | 15,579 | 768 | — | 33,141 | |||||||||||||||||
Depreciation and amortization | $ | 15,484 | 758 | 620 | 2,682 | 1,087 | 2,398 | 940 | — | 23,969 | |||||||||||||||||
Equity | $ | 1,147,962 | 61,957 | 24,320 | 402,211 | 117,077 | 135,726 | 124,628 | (35,244 | ) | 1,978,637 | ||||||||||||||||
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 at period end | $ | 1,343,669 | 84,358 | 58,570 | 471,832 | 118,352 | 378,859 | 225,877 | 5,938 | 2,687,455 | |||||||||||||||||
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 |
08-August-2017 | Expeditors International of Washington, Inc. | Page 7 of 8 |
Three months ended | Six months ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
(in thousands) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Total revenues | $ | 1,672,279 | $ | 1,475,164 | $ | 3,217,411 | $ | 2,893,636 | |||||||
Expenses: | |||||||||||||||
Airfreight services | 499,418 | 403,419 | 942,822 | 792,196 | |||||||||||
Ocean freight and ocean services | 385,927 | 323,699 | 751,990 | 646,719 | |||||||||||
Customs brokerage and other services | 223,301 | 194,929 | 431,361 | 384,535 | |||||||||||
Net revenues | $ | 563,633 | $ | 553,117 | $ | 1,091,238 | $ | 1,070,186 |
08-August-2017 | Expeditors International of Washington, Inc. | Page 8 of 8 |
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