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 |
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 |
• | Diluted Net Earnings Attributable to Shareholders per share (EPS1) increased 51% to $0.92 (includes a net income tax benefit from U.S. tax reform of $0.21) |
• | Net Earnings Attributable to Shareholders increased 51% to $167 million (includes a net income tax benefit from U.S. tax reform of $39 million) |
• | Operating Income increased 16% to $199 million |
• | Revenues increased 16% to $1.90 billion |
• | Net Revenues2 increased 15% to $629 million |
• | Airfreight tonnage volumes increased 6% and ocean container volumes increased 1% |
Three months ended December 31, | Years ended December 31, | ||||||||||||||||||
2017 | 2016 | % Change | 2017 | 2016 | % Change | ||||||||||||||
Revenues | $ | 1,901,371 | $ | 1,642,007 | 16% | $ | 6,920,948 | $ | 6,098,037 | 13% | |||||||||
Net revenues3 | $ | 628,809 | $ | 548,591 | 15% | $ | 2,319,189 | $ | 2,164,036 | 7% | |||||||||
Operating income4 | $ | 199,011 | $ | 172,210 | 16% | $ | 700,260 | $ | 670,163 | 4% | |||||||||
Net earnings attributable to shareholders5 | $ | 166,967 | $ | 110,590 | 51% | $ | 489,345 | $ | 430,807 | 14% | |||||||||
Diluted earnings attributable to shareholders | $ | 0.92 | $ | 0.61 | 51% | $ | 2.69 | $ | 2.36 | 14% | |||||||||
Basic earnings attributable to shareholders | $ | 0.94 | $ | 0.61 | 54% | $ | 2.73 | $ | 2.38 | 15% | |||||||||
Diluted weighted average shares outstanding | 180,635 | 181,887 | 181,666 | 182,704 | |||||||||||||||
Basic weighted average shares outstanding | 177,523 | 180,201 | 179,247 | 181,282 |
Employee Full-time Equivalents as of December 31, | |||||
2017 | 2016 | ||||
North America | 6,091 | 5,835 | |||
Europe | 3,050 | 2,887 | |||
North Asia | 2,593 | 2,597 | |||
South Asia | 1,623 | 1,506 | |||
Middle East, Africa and India | 1,503 | 1,562 | |||
Latin America | 814 | 778 | |||
Information Systems | 884 | 877 | |||
Corporate | 386 | 376 | |||
Total | 16,944 | 16,418 |
Year-over-year percentage increase/(decrease) in: | ||||||
Airfreight kilos | Ocean freight FEU | |||||
2017 | ||||||
October | 8 | % | (1 | )% | ||
November | 7 | % | 1 | % | ||
December | 2 | % | 2 | % | ||
Quarter | 6 | % | 1 | % |
December 31, 2017 | December 31, 2016 | ||||||
Assets | |||||||
Current Assets: | |||||||
Cash and cash equivalents | $ | 1,051,099 | $ | 974,435 | |||
Accounts receivable, net | 1,414,741 | 1,190,130 | |||||
Other current assets | 75,612 | 54,014 | |||||
Total current assets | 2,541,452 | 2,218,579 | |||||
Property and equipment, net | 525,203 | 536,572 | |||||
Goodwill | 7,927 | 7,927 | |||||
Deferred Federal and state taxes, net | 13,207 | — | |||||
Other assets, net | 29,219 | 27,793 | |||||
$ | 3,117,008 | $ | 2,790,871 | ||||
Liabilities and Equity | |||||||
Current Liabilities: | |||||||
Accounts payable | $ | 866,305 | $ | 726,571 | |||
Accrued expenses, primarily salaries and related costs | 206,320 | 185,502 | |||||
Federal, state and foreign income taxes | 20,494 | 17,858 | |||||
Total current liabilities | 1,093,119 | 929,931 | |||||
Noncurrent Federal income tax payable | 29,516 | — | |||||
Deferred Federal and state income taxes | — | 13,727 | |||||
Commitments and contingencies | |||||||
Shareholders’ Equity: | |||||||
Preferred stock; none issued | — | — | |||||
Common stock, par value $0.01 per share; issued and outstanding 176,374 shares at December 31, 2017 and 179,857 shares at December 31, 2016 | 1,764 | 1,799 | |||||
Additional paid-in capital | 546 | 2,642 | |||||
Retained earnings | 2,063,512 | 1,944,789 | |||||
Accumulated other comprehensive loss | (73,964 | ) | (104,592 | ) | |||
Total shareholders’ equity | 1,991,858 | 1,844,638 | |||||
Noncontrolling interest | 2,515 | 2,575 | |||||
Total equity | 1,994,373 | 1,847,213 | |||||
$ | 3,117,008 | $ | 2,790,871 |
February 20, 2018 | Expeditors International of Washington, Inc. | Page 3 of 8 |
Three months ended | Twelve months ended | ||||||||||||||
December 31, | December 31, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Revenues: | |||||||||||||||
Airfreight services | $ | 854,455 | $ | 688,835 | $ | 2,877,032 | $ | 2,453,347 | |||||||
Ocean freight and ocean services | 521,315 | 503,150 | 2,107,045 | 1,917,494 | |||||||||||
Customs brokerage and other services | 525,601 | 450,022 | 1,936,871 | 1,727,196 | |||||||||||
Total revenues | 1,901,371 | 1,642,007 | 6,920,948 | 6,098,037 | |||||||||||
Operating Expenses: | |||||||||||||||
Airfreight services | 636,344 | 515,612 | 2,126,761 | 1,752,167 | |||||||||||
Ocean freight and ocean services | 380,689 | 371,989 | 1,543,740 | 1,378,699 | |||||||||||
Customs brokerage and other services | 255,529 | 205,815 | 931,258 | 803,135 | |||||||||||
Salaries and related costs | 336,961 | 289,544 | 1,267,120 | 1,157,635 | |||||||||||
Rent and occupancy costs | 31,906 | 27,783 | 119,732 | 108,812 | |||||||||||
Depreciation and amortization | 13,069 | 11,943 | 49,310 | 46,796 | |||||||||||
Selling and promotion | 11,814 | 11,946 | 44,290 | 41,763 | |||||||||||
Other | 36,048 | 35,165 | 138,477 | 138,867 | |||||||||||
Total operating expenses | 1,702,360 | 1,469,797 | 6,220,688 | 5,427,874 | |||||||||||
Operating income | 199,011 | 172,210 | 700,260 | 670,163 | |||||||||||
Interest income | 3,639 | 2,987 | 13,204 | 11,580 | |||||||||||
Other, net | 2,547 | 1,706 | 5,131 | 5,113 | |||||||||||
Other income, net | 6,186 | 4,693 | 18,335 | 16,693 | |||||||||||
Earnings before income taxes | 205,197 | 176,903 | 718,595 | 686,856 | |||||||||||
Income tax expense | 37,742 | 65,805 | 228,212 | 254,323 | |||||||||||
Net earnings | 167,455 | 111,098 | 490,383 | 432,533 | |||||||||||
Less net earnings attributable to the noncontrolling interest | 488 | 508 | 1,038 | 1,726 | |||||||||||
Net earnings attributable to shareholders | $ | 166,967 | $ | 110,590 | $ | 489,345 | $ | 430,807 | |||||||
Diluted earnings attributable to shareholders per share | $ | 0.92 | $ | 0.61 | $ | 2.69 | $ | 2.36 | |||||||
Basic earnings attributable to shareholders per share | $ | 0.94 | $ | 0.61 | $ | 2.73 | $ | 2.38 | |||||||
Dividends declared and paid per common share | $ | 0.42 | $ | 0.40 | $ | 0.84 | $ | 0.80 | |||||||
Weighted average diluted shares outstanding | 180,635 | 181,887 | 181,666 | 182,704 | |||||||||||
Weighted average basic shares outstanding | 177,523 | 180,201 | 179,247 | 181,282 |
February 20, 2018 | Expeditors International of Washington, Inc. | Page 4 of 8 |
Three months ended | Twelve months ended | ||||||||||||||
December 31, | December 31, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Operating Activities: | |||||||||||||||
Net earnings | $ | 167,455 | $ | 111,098 | $ | 490,383 | $ | 432,533 | |||||||
Adjustments to reconcile net earnings to net cash from operating activities: | |||||||||||||||
Provision for losses on accounts receivable | 2,169 | 146 | 5,356 | 2,607 | |||||||||||
Deferred income tax (benefit) expense | (27,695 | ) | 13,493 | (43,695 | ) | 15,835 | |||||||||
Stock compensation expense | 11,872 | 10,953 | 50,908 | 45,217 | |||||||||||
Depreciation and amortization | 13,069 | 11,943 | 49,310 | 46,796 | |||||||||||
Other | (4,234 | ) | (3,581 | ) | (4,382 | ) | (3,540 | ) | |||||||
Changes in operating assets and liabilities: | |||||||||||||||
Increase in accounts receivable | (60,981 | ) | (108,384 | ) | (184,771 | ) | (102,297 | ) | |||||||
Increase in accounts payable and accrued expenses | 18,499 | 28,568 | 114,631 | 102,716 | |||||||||||
Increase (decrease) in income taxes payable, net | 5,450 | 4,242 | 16,264 | (12,370 | ) | ||||||||||
Decrease (increase) in other current assets | 782 | 4,077 | (5,365 | ) | 1,988 | ||||||||||
Net cash from operating activities | 126,386 | 72,555 | 488,639 | 529,485 | |||||||||||
Investing Activities: | |||||||||||||||
Purchase of property and equipment | (27,413 | ) | (19,343 | ) | (95,016 | ) | (59,316 | ) | |||||||
Proceeds from sale of property and equipment | 84,062 | 37 | 84,405 | 229 | |||||||||||
Other, net | 161 | 611 | (1,074 | ) | 5,891 | ||||||||||
Net cash from investing activities | 56,810 | (18,695 | ) | (11,685 | ) | (53,196 | ) | ||||||||
Financing Activities: | |||||||||||||||
Proceeds from issuance of common stock | 42,311 | 37,668 | 205,092 | 185,313 | |||||||||||
Repurchases of common stock | (137,522 | ) | (69,561 | ) | (478,258 | ) | (337,658 | ) | |||||||
Dividends paid | (74,769 | ) | (72,123 | ) | (150,495 | ) | (145,123 | ) | |||||||
Distribution to noncontrolling interest | (904 | ) | (1,335 | ) | (904 | ) | (1,335 | ) | |||||||
Net cash from financing activities | (170,884 | ) | (105,351 | ) | (424,565 | ) | (298,803 | ) | |||||||
Effect of exchange rate changes on cash and cash equivalents | 5,343 | (16,774 | ) | 24,275 | (10,847 | ) | |||||||||
Increase (decrease) in cash and cash equivalents | 17,655 | (68,265 | ) | 76,664 | 166,639 | ||||||||||
Cash and cash equivalents at beginning of period | 1,033,444 | 1,042,700 | 974,435 | 807,796 | |||||||||||
Cash and cash equivalents at end of period | $ | 1,051,099 | $ | 974,435 | $ | 1,051,099 | $ | 974,435 | |||||||
Supplemental Cash Flow Information: | |||||||||||||||
Cash paid for income taxes | $ | 58,793 | $ | 49,263 | $ | 249,704 | $ | 254,312 |
February 20, 2018 | 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, 2017: | |||||||||||||||||||||||||||
Revenues from unaffiliated customers | $ | 496,584 | 68,362 | 27,349 | 703,578 | 186,715 | 307,432 | 111,351 | — | 1,901,371 | |||||||||||||||||
Transfers between geographic areas | 31,807 | 3,581 | 3,693 | 6,266 | 6,479 | 14,008 | 5,532 | (71,366 | ) | — | |||||||||||||||||
Total revenues | $ | 528,391 | 71,943 | 31,042 | 709,844 | 193,194 | 321,440 | 116,883 | (71,366 | ) | 1,901,371 | ||||||||||||||||
Net revenues | $ | 270,999 | 34,441 | 14,565 | 137,776 | 45,816 | 93,458 | 31,294 | 460 | 628,809 | |||||||||||||||||
Operating income | $ | 86,565 | 11,548 | 1,615 | 64,907 | 15,623 | 12,302 | 6,437 | 14 | 199,011 | |||||||||||||||||
Identifiable assets | $ | 1,595,140 | 151,181 | 55,431 | 458,152 | 137,279 | 501,711 | 215,495 | 2,619 | 3,117,008 | |||||||||||||||||
Capital expenditures | $ | 8,720 | 497 | 964 | 1,264 | 516 | 15,237 | 215 | — | 27,413 | |||||||||||||||||
Depreciation and amortization | $ | 8,628 | 383 | 347 | 1,331 | 559 | 1,361 | 460 | — | 13,069 | |||||||||||||||||
Equity | $ | 1,337,568 | 60,705 | 26,546 | 240,721 | 94,516 | 142,971 | 123,600 | (32,254 | ) | 1,994,373 | ||||||||||||||||
Three months ended December 31, 2016: | |||||||||||||||||||||||||||
Revenues from unaffiliated customers | $ | 434,083 | 61,034 | 21,840 | 637,327 | 161,516 | 238,526 | 87,681 | — | 1,642,007 | |||||||||||||||||
Transfers between geographic areas | 26,459 | 2,637 | 3,525 | 5,363 | 5,913 | 10,706 | 5,424 | (60,027 | ) | — | |||||||||||||||||
Total revenues | $ | 460,542 | 63,671 | 25,365 | 642,690 | 167,429 | 249,232 | 93,105 | (60,027 | ) | 1,642,007 | ||||||||||||||||
Net revenues | $ | 234,779 | 31,088 | 13,802 | 114,116 | 42,547 | 77,361 | 34,590 | 308 | 548,591 | |||||||||||||||||
Operating income | $ | 65,839 | 9,439 | 2,305 | 54,156 | 16,877 | 11,086 | 12,510 | (2 | ) | 172,210 | ||||||||||||||||
Identifiable assets | $ | 1,455,722 | 104,804 | 49,231 | 511,851 | 120,300 | 351,960 | 190,902 | 6,101 | 2,790,871 | |||||||||||||||||
Capital expenditures | $ | 14,297 | 251 | 97 | 1,387 | 1,713 | 1,168 | 430 | — | 19,343 | |||||||||||||||||
Depreciation and amortization | $ | 7,675 | 366 | 318 | 1,344 | 528 | 1,174 | 538 | — | 11,943 | |||||||||||||||||
Equity | $ | 1,166,582 | 46,448 | 27,164 | 327,672 | 91,983 | 108,430 | 112,633 | (33,699 | ) | 1,847,213 |
February 20, 2018 | 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, 2017: | |||||||||||||||||||||||||||
Revenues from unaffiliated customers | $ | 1,851,395 | 256,359 | 97,096 | 2,576,971 | 661,878 | 1,072,028 | 405,221 | — | 6,920,948 | |||||||||||||||||
Transfers between geographic areas | 111,163 | 11,827 | 14,766 | 21,405 | 22,999 | 43,296 | 20,848 | (246,304 | ) | — | |||||||||||||||||
Total revenues | $ | 1,962,558 | 268,186 | 111,862 | 2,598,376 | 684,877 | 1,115,324 | 426,069 | (246,304 | ) | 6,920,948 | ||||||||||||||||
Net revenues | $ | 1,008,841 | 119,071 | 58,199 | 509,235 | 163,450 | 335,702 | 121,267 | 3,424 | 2,319,189 | |||||||||||||||||
Operating income | $ | 277,821 | 38,131 | 9,964 | 248,422 | 53,057 | 48,491 | 24,365 | 9 | 700,260 | |||||||||||||||||
Identifiable assets | $ | 1,595,140 | 151,181 | 55,431 | 458,152 | 137,279 | 501,711 | 215,495 | 2,619 | 3,117,008 | |||||||||||||||||
Capital expenditures | $ | 28,212 | 1,563 | 4,612 | 3,756 | 1,688 | 53,954 | 1,231 | — | 95,016 | |||||||||||||||||
Depreciation and amortization | $ | 32,017 | 1,546 | 1,277 | 5,326 | 2,215 | 5,068 | 1,861 | — | 49,310 | |||||||||||||||||
Equity | $ | 1,337,568 | 60,705 | 26,546 | 240,721 | 94,516 | 142,971 | 123,600 | (32,254 | ) | 1,994,373 | ||||||||||||||||
Twelve months ended December 31, 2016: | |||||||||||||||||||||||||||
Revenues from unaffiliated customers | $ | 1,683,006 | 226,561 | 84,665 | 2,242,670 | 603,980 | 918,561 | 338,594 | — | 6,098,037 | |||||||||||||||||
Transfers between geographic areas | 106,076 | 10,778 | 15,037 | 21,212 | 24,251 | 41,102 | 21,876 | (240,332 | ) | — | |||||||||||||||||
Total revenues | $ | 1,789,082 | 237,339 | 99,702 | 2,263,882 | 628,231 | 959,663 | 360,470 | (240,332 | ) | 6,098,037 | ||||||||||||||||
Net revenues | $ | 918,110 | 119,492 | 56,066 | 471,275 | 171,033 | 304,429 | 123,335 | 296 | 2,164,036 | |||||||||||||||||
Operating income | $ | 250,715 | 32,530 | 13,321 | 230,777 | 64,967 | 42,195 | 35,672 | (14 | ) | 670,163 | ||||||||||||||||
Identifiable assets | $ | 1,455,722 | 104,804 | 49,231 | 511,851 | 120,300 | 351,960 | 190,902 | 6,101 | 2,790,871 | |||||||||||||||||
Capital expenditures | $ | 39,531 | 1,727 | 1,038 | 3,889 | 3,038 | 7,554 | 2,539 | — | 59,316 | |||||||||||||||||
Depreciation and amortization | $ | 29,939 | 1,479 | 1,187 | 5,455 | 2,177 | 4,576 | 1,983 | — | 46,796 | |||||||||||||||||
Equity | $ | 1,166,582 | 46,448 | 27,164 | 327,672 | 91,983 | 108,430 | 112,633 | (33,699 | ) | 1,847,213 |
February 20, 2018 | Expeditors International of Washington, Inc. | Page 7 of 8 |
Three months ended | Twelve months ended | ||||||||||||||
December 31, | December 31, | ||||||||||||||
(in thousands) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Total revenues | $ | 1,901,371 | $ | 1,642,007 | $ | 6,920,948 | $ | 6,098,037 | |||||||
Expenses: | |||||||||||||||
Airfreight services | 636,344 | 515,612 | 2,126,761 | 1,752,167 | |||||||||||
Ocean freight and ocean services | 380,689 | 371,989 | 1,543,740 | 1,378,699 | |||||||||||
Customs brokerage and other services | 255,529 | 205,815 | 931,258 | 803,135 | |||||||||||
Net revenues | $ | 628,809 | $ | 548,591 | $ | 2,319,189 | $ | 2,164,036 |
February 20, 2018 | Expeditors International of Washington, Inc. | Page 8 of 8 |
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