Washington | 000-13468 | 91-1069248 | ||
(State or other jurisdiction of | (Commission File No.) | (IRS Employer Identification Number) | ||
incorporation or organization) | ||||
1015 Third Avenue, 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 7, 2018 | /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 32% to $0.79 |
• | Net Earnings Attributable to Shareholders increased 29% to $141 million |
• | Operating Income increased 9% to $184 million |
• | Revenues increased 17% to $2.0 billion |
• | Net Revenues2 increased 14% to $643 million |
• | Airfreight tonnage volume increased 4% and ocean container volume increased 1% |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||
2018 | 2017 | % Change | 2018 | 2017 | % Change | ||||||||||||||
Revenues1 | $ | 1,957,559 | $ | 1,672,279 | 17% | $ | 3,811,821 | $ | 3,217,411 | 18% | |||||||||
Net revenues2 | $ | 642,546 | $ | 563,633 | 14% | $ | 1,278,384 | $ | 1,091,238 | 17% | |||||||||
Operating income3 | $ | 183,584 | $ | 168,240 | 9% | $ | 376,402 | $ | 314,354 | 20% | |||||||||
Net earnings attributable to shareholders | $ | 140,605 | $ | 108,851 | 29% | $ | 276,297 | $ | 202,115 | 37% | |||||||||
Diluted earnings attributable to shareholders per share | $ | 0.79 | $ | 0.60 | 32% | $ | 1.54 | $ | 1.11 | 39% | |||||||||
Basic earnings attributable to shareholders per share | $ | 0.80 | $ | 0.60 | 33% | $ | 1.58 | $ | 1.12 | 41% | |||||||||
Diluted weighted average shares outstanding | 178,603 | 182,033 | 179,120 | 182,091 | |||||||||||||||
Basic weighted average shares outstanding | 174,754 | 180,012 | 175,324 | 180,037 |
Employee Full-time Equivalents as of June 30, | |||||
2018 | 2017 | ||||
North America | 6,414 | 6,009 | |||
Europe | 3,205 | 2,847 | |||
North Asia | 2,616 | 2,698 | |||
South Asia | 1,604 | 1,602 | |||
Middle East, Africa and India | 1,466 | 1,531 | |||
Latin America | 801 | 791 | |||
Information Systems | 892 | 881 | |||
Corporate | 351 | 390 | |||
Total | 17,349 | 16,749 |
Second quarter year-over-year percentage increase (decrease) in: | ||||
Airfreight kilos | Ocean freight FEU | |||
2018 | ||||
April | 1% | (2)% | ||
May | 6% | 5% | ||
June | 6% | —% | ||
Quarter | 4% | 1% |
June 30, 2018 | December 31, 2017 | ||||||
Assets | |||||||
Current Assets: | |||||||
Cash and cash equivalents | $ | 1,020,854 | $ | 1,051,099 | |||
Accounts receivable, net | 1,337,716 | 1,414,741 | |||||
Deferred contract costs | 136,133 | — | |||||
Other current assets | 69,438 | 75,612 | |||||
Total current assets | 2,564,141 | 2,541,452 | |||||
Property and equipment, net | 515,547 | 525,203 | |||||
Goodwill | 7,927 | 7,927 | |||||
Deferred Federal and state income taxes, net | 16,779 | 13,207 | |||||
Other assets, net | 28,438 | 29,219 | |||||
$ | 3,132,832 | $ | 3,117,008 | ||||
Liabilities and Equity | |||||||
Current Liabilities: | |||||||
Accounts payable | $ | 832,011 | $ | 866,305 | |||
Accrued expenses, primarily salaries and related costs | 227,148 | 206,320 | |||||
Contract liabilities | 161,870 | — | |||||
Federal, state and foreign income taxes | 19,244 | 20,494 | |||||
Total current liabilities | 1,240,273 | 1,093,119 | |||||
Noncurrent Federal income taxes payable | — | 29,516 | |||||
Commitments and contingencies | |||||||
Shareholders’ Equity: | |||||||
Preferred stock; none issued | — | — | |||||
Common stock, par value $0.01 per share. Issued and outstanding 173,577 shares at June 30, 2018 and 176,374 shares at December 31, 2017 | 1,736 | 1,764 | |||||
Additional paid-in capital | 1,607 | 546 | |||||
Retained earnings | 1,977,121 | 2,063,512 | |||||
Accumulated other comprehensive loss | (90,712 | ) | (73,964 | ) | |||
Total shareholders’ equity | 1,889,752 | 1,991,858 | |||||
Noncontrolling interest | 2,807 | 2,515 | |||||
Total equity | 1,892,559 | 1,994,373 | |||||
$ | 3,132,832 | $ | 3,117,008 |
07-August-2018 | Expeditors International of Washington, Inc. | Page 3 of 7 |
Three months ended | Six months ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Revenues: | |||||||||||||||
Airfreight services | $ | 801,761 | $ | 671,868 | $ | 1,532,988 | $ | 1,287,413 | |||||||
Ocean freight and ocean services | 530,008 | 528,585 | 1,050,891 | 1,022,344 | |||||||||||
Customs brokerage and other services | 625,790 | 471,826 | 1,227,942 | 907,654 | |||||||||||
Total revenues | 1,957,559 | 1,672,279 | 3,811,821 | 3,217,411 | |||||||||||
Operating Expenses: | |||||||||||||||
Airfreight services | 593,325 | 499,418 | 1,106,829 | 942,822 | |||||||||||
Ocean freight and ocean services | 385,156 | 385,927 | 764,574 | 751,990 | |||||||||||
Customs brokerage and other services | 336,532 | 223,301 | 662,034 | 431,361 | |||||||||||
Salaries and related costs | 350,948 | 318,529 | 690,843 | 611,109 | |||||||||||
Rent and occupancy costs | 38,071 | 29,163 | 74,984 | 57,293 | |||||||||||
Depreciation and amortization | 13,576 | 12,042 | 27,498 | 23,969 | |||||||||||
Selling and promotion | 10,788 | 10,953 | 21,753 | 21,868 | |||||||||||
Other | 45,579 | 24,706 | 86,904 | 62,645 | |||||||||||
Total operating expenses | 1,773,975 | 1,504,039 | 3,435,419 | 2,903,057 | |||||||||||
Operating income | 183,584 | 168,240 | 376,402 | 314,354 | |||||||||||
Other Income (Expense): | |||||||||||||||
Interest income | 5,153 | 3,380 | 9,467 | 6,121 | |||||||||||
Other, net | 1,167 | 2,190 | 1,791 | 2,488 | |||||||||||
Other income (expense), net | 6,320 | 5,570 | 11,258 | 8,609 | |||||||||||
Earnings before income taxes | 189,904 | 173,810 | 387,660 | 322,963 | |||||||||||
Income tax expense | 48,958 | 65,055 | 110,514 | 120,641 | |||||||||||
Net earnings | 140,946 | 108,755 | 277,146 | 202,322 | |||||||||||
Less net earnings (loss) attributable to the noncontrolling interest | 341 | (96 | ) | 849 | 207 | ||||||||||
Net earnings attributable to shareholders | $ | 140,605 | $ | 108,851 | $ | 276,297 | $ | 202,115 | |||||||
Diluted earnings attributable to shareholders per share | $ | 0.79 | $ | 0.60 | $ | 1.54 | $ | 1.11 | |||||||
Basic earnings attributable to shareholders per share | $ | 0.80 | $ | 0.60 | $ | 1.58 | $ | 1.12 | |||||||
Dividends declared and paid per common share | $ | 0.45 | $ | 0.42 | $ | 0.45 | $ | 0.42 | |||||||
Weighted average diluted shares outstanding | 178,603 | 182,033 | 179,120 | 182,091 | |||||||||||
Weighted average basic shares outstanding | 174,754 | 180,012 | 175,324 | 180,037 |
07-August-2018 | Expeditors International of Washington, Inc. | Page 4 of 7 |
Three months ended | Six months ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Operating Activities: | |||||||||||||||
Net earnings | $ | 140,946 | $ | 108,755 | $ | 277,146 | $ | 202,322 | |||||||
Adjustments to reconcile net earnings to net cash from operating activities: | |||||||||||||||
Provision for losses on accounts receivable | 528 | 515 | 263 | 1,446 | |||||||||||
Deferred income tax expense | 3,235 | 7,261 | 6,088 | 12,854 | |||||||||||
Stock compensation expense | 18,002 | 17,203 | 29,269 | 27,826 | |||||||||||
Depreciation and amortization | 13,576 | 12,042 | 27,498 | 23,969 | |||||||||||
Other, net | 56 | (174 | ) | 104 | (525 | ) | |||||||||
Changes in operating assets and liabilities: | |||||||||||||||
(Increase) decrease in accounts receivable | (46,876 | ) | (73,142 | ) | 53,771 | 2,312 | |||||||||
Decrease in accounts payable and accrued expenses | 58,075 | 52,623 | 12,231 | 34,299 | |||||||||||
Increase in deferred contract costs | (20,019 | ) | — | (16,612 | ) | — | |||||||||
Decrease in contract liabilities | 20,294 | — | 12,893 | — | |||||||||||
Decrease in income taxes payable, net | (38,059 | ) | (47,159 | ) | (18,550 | ) | (27,335 | ) | |||||||
(Increase) decrease in other current assets | (1,202 | ) | 3,290 | (68 | ) | (275 | ) | ||||||||
Net cash from operating activities | 148,556 | 81,214 | 384,033 | 276,893 | |||||||||||
Investing Activities: | |||||||||||||||
Purchase of property and equipment | (12,113 | ) | (20,380 | ) | (25,909 | ) | (33,141 | ) | |||||||
Other, net | (1,564 | ) | 40 | (1,995 | ) | (631 | ) | ||||||||
Net cash from investing activities | (13,677 | ) | (20,340 | ) | (27,904 | ) | (33,772 | ) | |||||||
Financing Activities: | |||||||||||||||
Proceeds from issuance of common stock | 95,363 | 51,501 | 121,760 | 96,866 | |||||||||||
Repurchases of common stock | (235,572 | ) | (84,052 | ) | (407,932 | ) | (137,960 | ) | |||||||
Dividends paid | (79,180 | ) | (75,726 | ) | (79,180 | ) | (75,726 | ) | |||||||
Payments for taxes related to net share settlements | (3,215 | ) | — | (3,215 | ) | — | |||||||||
Net cash from financing activities | (222,604 | ) | (108,277 | ) | (368,567 | ) | (116,820 | ) | |||||||
Effect of exchange rate changes on cash and cash equivalents | (24,322 | ) | 6,270 | (17,807 | ) | 14,174 | |||||||||
(Decrease) increase in cash and cash equivalents | (112,047 | ) | (41,133 | ) | (30,245 | ) | 140,475 | ||||||||
Cash and cash equivalents at beginning of period | 1,132,901 | 1,156,043 | 1,051,099 | 974,435 | |||||||||||
Cash and cash equivalents at end of period | $ | 1,020,854 | $ | 1,114,910 | $ | 1,020,854 | $ | 1,114,910 | |||||||
Taxes paid: | |||||||||||||||
Income taxes | $ | 85,612 | $ | 103,508 | $ | 124,131 | $ | 132,654 |
07-August-2018 | Expeditors International of Washington, Inc. | Page 5 of 7 |
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, 2018: | |||||||||||||||||||||||||||
Revenues from unaffiliated customers | $ | 567,271 | 80,268 | 38,697 | 674,101 | 172,696 | 315,950 | 108,576 | — | 1,957,559 | |||||||||||||||||
Transfers between geographic areas | 30,805 | 3,976 | 3,921 | 6,126 | 6,832 | 14,825 | 5,429 | (71,914 | ) | — | |||||||||||||||||
Total revenues | $ | 598,076 | 84,244 | 42,618 | 680,227 | 179,528 | 330,775 | 114,005 | (71,914 | ) | 1,957,559 | ||||||||||||||||
Net revenues | $ | 271,880 | 34,749 | 15,923 | 140,583 | 44,886 | 102,371 | 33,125 | (971 | ) | 642,546 | ||||||||||||||||
Operating income | $ | 63,628 | 10,077 | 2,701 | 70,359 | 13,374 | 16,958 | 6,490 | (3 | ) | 183,584 | ||||||||||||||||
Identifiable assets | $ | 1,488,060 | 153,827 | 54,186 | 540,954 | 157,479 | 526,607 | 217,716 | (5,997 | ) | 3,132,832 | ||||||||||||||||
Capital expenditures | $ | 6,032 | 2,191 | 167 | 559 | 695 | 1,225 | 1,244 | — | 12,113 | |||||||||||||||||
Depreciation and amortization | $ | 8,447 | 473 | 395 | 1,303 | 542 | 1,955 | 461 | — | 13,576 | |||||||||||||||||
Equity | $ | 1,196,226 | 56,702 | 26,625 | 250,513 | 112,259 | 157,493 | 127,032 | (34,291 | ) | 1,892,559 | ||||||||||||||||
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 |
07-August-2018 | Expeditors International of Washington, Inc. | Page 6 of 7 |
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, 2018: | |||||||||||||||||||||||||||
Revenues from unaffiliated customers | $ | 1,102,140 | 156,793 | 71,419 | 1,304,673 | 341,296 | 621,742 | 213,758 | — | 3,811,821 | |||||||||||||||||
Transfers between geographic areas | 59,686 | 7,538 | 7,308 | 12,143 | 13,382 | 29,013 | 10,784 | (139,854 | ) | — | |||||||||||||||||
Total revenues | $ | 1,161,826 | 164,331 | 78,727 | 1,316,816 | 354,678 | 650,755 | 224,542 | (139,854 | ) | 3,811,821 | ||||||||||||||||
Net revenues | $ | 549,065 | 65,196 | 30,668 | 277,791 | 89,292 | 201,006 | 66,326 | (960 | ) | 1,278,384 | ||||||||||||||||
Operating income | $ | 133,276 | 19,095 | 5,071 | 140,282 | 28,506 | 36,236 | 13,928 | 8 | 376,402 | |||||||||||||||||
Identifiable assets at period end | $ | 1,488,060 | 153,827 | 54,186 | 540,954 | 157,479 | 526,607 | 217,716 | (5,997 | ) | 3,132,832 | ||||||||||||||||
Capital expenditures | $ | 9,203 | 3,719 | 672 | 1,343 | 1,024 | 8,416 | 1,532 | — | 25,909 | |||||||||||||||||
Depreciation and amortization | $ | 17,212 | 871 | 763 | 2,679 | 1,125 | 3,931 | 917 | — | 27,498 | |||||||||||||||||
Equity | $ | 1,196,226 | 56,702 | 26,625 | 250,513 | 112,259 | 157,493 | 127,032 | (34,291 | ) | 1,892,559 | ||||||||||||||||
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 |
Three months ended | Six months ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
(in thousands) | 2018 | 2017 | 2018 | 2017 | |||||||||||
Total revenues | $ | 1,957,559 | $ | 1,672,279 | $ | 3,811,821 | $ | 3,217,411 | |||||||
Expenses: | |||||||||||||||
Airfreight services | 593,325 | 499,418 | 1,106,829 | 942,822 | |||||||||||
Ocean freight and ocean services | 385,156 | 385,927 | 764,574 | 751,990 | |||||||||||
Customs brokerage and other services | 336,532 | 223,301 | 662,034 | 431,361 | |||||||||||
Net revenues | $ | 642,546 | $ | 563,633 | $ | 1,278,384 | $ | 1,091,238 |
07-August-2018 | Expeditors International of Washington, Inc. | Page 7 of 7 |
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