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 |
November 7, 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) increased 12% to $0.66 |
• | Net Earnings Attributable to Shareholders increased 12% to $120 million |
• | Operating Income increased 12% to $187 million |
• | Revenues increased 15% to $1.8 billion |
• | Net Revenues2 increased 10% to $599 million |
• | Airfreight tonnage volume increased 12% and ocean container volume increased 4% |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||
2017 | 2016 | % Change | 2017 | 2016 | % Change | ||||||||||||||
Revenues | $ | 1,802,166 | $ | 1,562,394 | 15% | $ | 5,019,577 | $ | 4,456,030 | 13% | |||||||||
Net revenues1 | $ | 599,142 | $ | 545,259 | 10% | $ | 1,690,380 | $ | 1,615,445 | 5% | |||||||||
Operating income | $ | 186,895 | $ | 167,263 | 12% | $ | 501,249 | $ | 497,953 | 1% | |||||||||
Net earnings attributable to shareholders | $ | 120,263 | $ | 107,581 | 12% | $ | 322,378 | $ | 320,217 | 1% | |||||||||
Diluted earnings attributable to shareholders per share | $ | 0.66 | $ | 0.59 | 12% | $ | 1.77 | $ | 1.75 | 1% | |||||||||
Basic earnings attributable to shareholders per share | $ | 0.67 | $ | 0.59 | 14% | $ | 1.79 | $ | 1.76 | 2% | |||||||||
Diluted weighted average shares outstanding | 181,788 | 182,692 | 181,951 | 182,958 | |||||||||||||||
Basic weighted average shares outstanding | 179,416 | 181,177 | 179,827 | 181,645 |
Employee headcount as of September 30, | |||||
2017 | 2016 | ||||
North America | 6,043 | 5,769 | |||
Europe | 3,013 | 2,846 | |||
North Asia | 2,548 | 2,498 | |||
Middle East, Africa and India | 1,503 | 1,494 | |||
South Asia | 1,495 | 1,364 | |||
Latin America | 800 | 758 | |||
Information Systems | 889 | 810 | |||
Corporate | 357 | 338 | |||
Total | 16,648 | 15,877 |
Year-over-year percentage increase in: | ||||||
Airfreight kilos | Ocean freight FEU | |||||
2017 | ||||||
July | 7 | % | 6 | % | ||
August | 10 | % | 2 | % | ||
September | 17 | % | 3 | % | ||
Quarter | 12 | % | 4 | % |
September 30, 2017 | December 31, 2016 | ||||||
Assets | |||||||
Current Assets: | |||||||
Cash and cash equivalents | $ | 1,033,444 | $ | 974,435 | |||
Accounts receivable, net | 1,349,854 | 1,190,130 | |||||
Other current assets | 135,623 | 54,014 | |||||
Total current assets | 2,518,921 | 2,218,579 | |||||
Property and equipment, net | 513,070 | 536,572 | |||||
Goodwill | 7,927 | 7,927 | |||||
Other assets, net | 28,963 | 27,793 | |||||
$ | 3,068,881 | $ | 2,790,871 | ||||
Liabilities and Equity | |||||||
Current Liabilities: | |||||||
Accounts payable | $ | 836,055 | $ | 726,571 | |||
Accrued expenses, primarily salaries and related costs | 216,146 | 185,502 | |||||
Federal, state and foreign income taxes | 23,853 | 17,858 | |||||
Total current liabilities | 1,076,054 | 929,931 | |||||
Deferred Federal and state income taxes | 11,746 | 13,727 | |||||
Commitments and contingencies | |||||||
Shareholders’ Equity: | |||||||
Preferred stock; none issued | — | — | |||||
Common stock, par value $0.01 per share. Issued and outstanding 177,559 shares at September 30, 2017 and 179,857 shares at December 31, 2016 | 1,776 | 1,799 | |||||
Additional paid-in capital | 1,464 | 2,642 | |||||
Retained earnings | 2,053,723 | 1,944,789 | |||||
Accumulated other comprehensive loss | (78,960 | ) | (104,592 | ) | |||
Total shareholders’ equity | 1,978,003 | 1,844,638 | |||||
Noncontrolling interest | 3,078 | 2,575 | |||||
Total equity | 1,981,081 | 1,847,213 | |||||
$ | 3,068,881 | $ | 2,790,871 |
07-November-2017 | Expeditors International of Washington, Inc. | Page 3 of 8 |
Three months ended | Nine months ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Revenues: | |||||||||||||||
Airfreight services | $ | 735,164 | $ | 621,566 | $ | 2,022,577 | $ | 1,764,512 | |||||||
Ocean freight and ocean services | 563,386 | 495,460 | 1,585,730 | 1,414,344 | |||||||||||
Customs brokerage and other services | 503,616 | 445,368 | 1,411,270 | 1,277,174 | |||||||||||
Total revenues | 1,802,166 | 1,562,394 | 5,019,577 | 4,456,030 | |||||||||||
Operating Expenses: | |||||||||||||||
Airfreight services | 547,595 | 444,359 | 1,490,417 | 1,236,555 | |||||||||||
Ocean freight and ocean services | 411,061 | 359,991 | 1,163,051 | 1,006,710 | |||||||||||
Customs brokerage and other services | 244,368 | 212,785 | 675,729 | 597,320 | |||||||||||
Salaries and related costs | 319,050 | 291,204 | 930,159 | 868,091 | |||||||||||
Rent and occupancy costs | 30,533 | 27,091 | 87,826 | 81,029 | |||||||||||
Depreciation and amortization | 12,272 | 11,882 | 36,241 | 34,853 | |||||||||||
Selling and promotion | 10,608 | 10,134 | 32,476 | 29,817 | |||||||||||
Other | 39,784 | 37,685 | 102,429 | 103,702 | |||||||||||
Total operating expenses | 1,615,271 | 1,395,131 | 4,518,328 | 3,958,077 | |||||||||||
Operating income | 186,895 | 167,263 | 501,249 | 497,953 | |||||||||||
Other Income (Expense): | |||||||||||||||
Interest income | 3,444 | 2,924 | 9,565 | 8,593 | |||||||||||
Other, net | 96 | 925 | 2,584 | 3,407 | |||||||||||
Other income (expense), net | 3,540 | 3,849 | 12,149 | 12,000 | |||||||||||
Earnings before income taxes | 190,435 | 171,112 | 513,398 | 509,953 | |||||||||||
Income tax expense | 69,829 | 63,163 | 190,470 | 188,518 | |||||||||||
Net earnings | 120,606 | 107,949 | 322,928 | 321,435 | |||||||||||
Less net earnings attributable to the noncontrolling interest | 343 | 368 | 550 | 1,218 | |||||||||||
Net earnings attributable to shareholders | $ | 120,263 | $ | 107,581 | $ | 322,378 | $ | 320,217 | |||||||
Diluted earnings attributable to shareholders per share | $ | 0.66 | $ | 0.59 | $ | 1.77 | $ | 1.75 | |||||||
Basic earnings attributable to shareholders per share | $ | 0.67 | $ | 0.59 | $ | 1.79 | $ | 1.76 | |||||||
Dividends declared and paid per common share | $ | — | $ | — | $ | 0.42 | $ | 0.40 | |||||||
Weighted average diluted shares outstanding | 181,788 | 182,692 | 181,951 | 182,958 | |||||||||||
Weighted average basic shares outstanding | 179,416 | 181,177 | 179,827 | 181,645 |
07-November-2017 | Expeditors International of Washington, Inc. | Page 4 of 8 |
Three months ended | Nine months ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Operating Activities: | |||||||||||||||
Net earnings | $ | 120,606 | $ | 107,949 | $ | 322,928 | $ | 321,435 | |||||||
Adjustments to reconcile net earnings to net cash from operating activities: | |||||||||||||||
Provision for losses on accounts receivable | 1,741 | 1,321 | 3,187 | 2,461 | |||||||||||
Deferred income tax (benefit) expense | (28,854 | ) | (1,439 | ) | (16,000 | ) | 2,342 | ||||||||
Stock compensation expense | 11,210 | 10,476 | 39,036 | 34,264 | |||||||||||
Depreciation and amortization | 12,272 | 11,882 | 36,241 | 34,853 | |||||||||||
Other, net | 377 | 11 | (148 | ) | 41 | ||||||||||
Changes in operating assets and liabilities: | |||||||||||||||
(Increase) decrease in accounts receivable | (126,102 | ) | (58,279 | ) | (123,790 | ) | 6,087 | ||||||||
Increase in accounts payable and accrued expenses | 61,833 | 38,070 | 96,132 | 74,148 | |||||||||||
Increase (decrease) in income taxes payable, net | 38,149 | 7,197 | 10,814 | (16,612 | ) | ||||||||||
Increase in other current assets | (5,872 | ) | (1,395 | ) | (6,147 | ) | (2,089 | ) | |||||||
Net cash from operating activities | 85,360 | 115,793 | 362,253 | 456,930 | |||||||||||
Investing Activities: | |||||||||||||||
Purchase of property and equipment | (34,462 | ) | (12,659 | ) | (67,603 | ) | (39,973 | ) | |||||||
Other, net | (261 | ) | 1,617 | (892 | ) | 5,472 | |||||||||
Net cash from investing activities | (34,723 | ) | (11,042 | ) | (68,495 | ) | (34,501 | ) | |||||||
Financing Activities: | |||||||||||||||
Proceeds from issuance of common stock | 65,915 | 57,522 | 162,781 | 147,645 | |||||||||||
Repurchases of common stock | (202,776 | ) | (101,690 | ) | (340,736 | ) | (268,097 | ) | |||||||
Dividends paid | — | — | (75,726 | ) | (73,000 | ) | |||||||||
Net cash from financing activities | (136,861 | ) | (44,168 | ) | (253,681 | ) | (193,452 | ) | |||||||
Effect of exchange rate changes on cash and cash equivalents | 4,758 | 1,853 | 18,932 | 5,927 | |||||||||||
(Decrease) increase in cash and cash equivalents | (81,466 | ) | 62,436 | 59,009 | 234,904 | ||||||||||
Cash and cash equivalents at beginning of period | 1,114,910 | 980,264 | 974,435 | 807,796 | |||||||||||
Cash and cash equivalents at end of period | $ | 1,033,444 | $ | 1,042,700 | $ | 1,033,444 | $ | 1,042,700 | |||||||
Taxes paid: | |||||||||||||||
Income taxes | $ | 58,257 | $ | 58,696 | $ | 190,911 | $ | 205,049 |
07-November-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 September 30, 2017: | |||||||||||||||||||||||||||
Revenues from unaffiliated customers | $ | 476,575 | 65,544 | 24,181 | 686,915 | 170,225 | 273,606 | 105,120 | — | 1,802,166 | |||||||||||||||||
Transfers between geographic areas | 26,888 | 2,782 | 3,679 | 5,253 | 5,681 | 10,302 | 5,318 | (59,903 | ) | — | |||||||||||||||||
Total revenues | $ | 503,463 | 68,326 | 27,860 | 692,168 | 175,906 | 283,908 | 110,438 | (59,903 | ) | 1,802,166 | ||||||||||||||||
Net revenues | $ | 257,030 | 30,664 | 14,710 | 138,667 | 41,411 | 85,390 | 29,956 | 1,314 | 599,142 | |||||||||||||||||
Operating income | $ | 74,645 | 9,215 | 2,652 | 72,070 | 11,697 | 11,124 | 5,495 | (3 | ) | 186,895 | ||||||||||||||||
Identifiable assets | $ | 1,636,293 | 100,651 | 52,238 | 446,826 | 143,893 | 473,509 | 212,210 | 3,261 | 3,068,881 | |||||||||||||||||
Capital expenditures | $ | 7,398 | 263 | 2,436 | 589 | 390 | 23,138 | 248 | — | 34,462 | |||||||||||||||||
Depreciation and amortization | $ | 7,905 | 405 | 310 | 1,313 | 569 | 1,309 | 461 | — | 12,272 | |||||||||||||||||
Equity | $ | 1,345,266 | 52,212 | 25,709 | 231,831 | 102,477 | 139,688 | 119,649 | (35,751 | ) | 1,981,081 | ||||||||||||||||
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 | $ | 1,410,287 | 95,390 | 56,192 | 480,587 | 117,333 | 388,543 | 237,104 | 8,788 | 2,794,224 | |||||||||||||||||
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 |
07-November-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 | ||||||||||||||||||
Nine months ended September 30, 2017: | |||||||||||||||||||||||||||
Revenues from unaffiliated customers | $ | 1,354,811 | 187,997 | 69,747 | 1,873,393 | 475,163 | 764,596 | 293,870 | — | 5,019,577 | |||||||||||||||||
Transfers between geographic areas | 79,356 | 8,246 | 11,073 | 15,139 | 16,520 | 29,288 | 15,316 | (174,938 | ) | — | |||||||||||||||||
Total revenues | $ | 1,434,167 | 196,243 | 80,820 | 1,888,532 | 491,683 | 793,884 | 309,186 | (174,938 | ) | 5,019,577 | ||||||||||||||||
Net revenues | $ | 737,842 | 84,630 | 43,634 | 371,459 | 117,634 | 242,244 | 89,973 | 2,964 | 1,690,380 | |||||||||||||||||
Operating income | $ | 191,256 | 26,583 | 8,349 | 183,515 | 37,434 | 36,189 | 17,928 | (5 | ) | 501,249 | ||||||||||||||||
Identifiable assets at period end | $ | 1,636,293 | 100,651 | 52,238 | 446,826 | 143,893 | 473,509 | 212,210 | 3,261 | 3,068,881 | |||||||||||||||||
Capital expenditures | $ | 19,492 | 1,066 | 3,648 | 2,492 | 1,172 | 38,717 | 1,016 | — | 67,603 | |||||||||||||||||
Depreciation and amortization | $ | 23,389 | 1,163 | 930 | 3,995 | 1,656 | 3,707 | 1,401 | — | 36,241 | |||||||||||||||||
Equity | $ | 1,345,266 | 52,212 | 25,709 | 231,831 | 102,477 | 139,688 | 119,649 | (35,751 | ) | 1,981,081 | ||||||||||||||||
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 at period end | $ | 1,410,287 | 95,390 | 56,192 | 480,587 | 117,333 | 388,543 | 237,104 | 8,788 | 2,794,224 | |||||||||||||||||
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 |
07-November-2017 | Expeditors International of Washington, Inc. | Page 7 of 8 |
Three months ended | Nine months ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
(in thousands) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Total revenues | $ | 1,802,166 | $ | 1,562,394 | $ | 5,019,577 | $ | 4,456,030 | |||||||
Expenses: | |||||||||||||||
Airfreight services | 547,595 | 444,359 | 1,490,417 | 1,236,555 | |||||||||||
Ocean freight and ocean services | 411,061 | 359,991 | 1,163,051 | 1,006,710 | |||||||||||
Customs brokerage and other services | 244,368 | 212,785 | 675,729 | 597,320 | |||||||||||
Net revenues | $ | 599,142 | $ | 545,259 | $ | 1,690,380 | $ | 1,615,445 |
07-November-2017 | Expeditors International of Washington, Inc. | Page 8 of 8 |
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