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 11% to $1.02 |
• | Net Earnings Attributable to Shareholders increased 7% to $179 million |
• | Operating Income increased 9% to $217 million |
• | Revenues increased 18% to $2.24 billion |
• | Net Revenues2 increased 8% to $681 million |
• | Airfreight tonnage volumes increased 2% and ocean container volumes increased 10% |
Three months ended December 31, | Years ended December 31, | ||||||||||||||||||
2018 | 2017 | % Change | 2018 | 2017 | % Change | ||||||||||||||
Revenues | $ | 2,235,597 | $ | 1,901,371 | 18% | $ | 8,138,365 | $ | 6,920,948 | 18% | |||||||||
Net revenues3 | $ | 680,675 | $ | 628,809 | 8% | $ | 2,620,373 | $ | 2,319,189 | 13% | |||||||||
Operating income | $ | 217,007 | $ | 199,011 | 9% | $ | 796,563 | $ | 700,260 | 14% | |||||||||
Net earnings attributable to shareholders4 | $ | 179,210 | $ | 166,967 | 7% | $ | 618,199 | $ | 489,345 | 26% | |||||||||
Diluted earnings attributable to shareholders | $ | 1.02 | $ | 0.92 | 11% | $ | 3.48 | $ | 2.69 | 29% | |||||||||
Basic earnings attributable to shareholders | $ | 1.04 | $ | 0.94 | 11% | $ | 3.55 | $ | 2.73 | 30% | |||||||||
Diluted weighted average shares outstanding | 175,935 | 180,635 | 177,833 | 181,666 | |||||||||||||||
Basic weighted average shares outstanding | 172,493 | 177,523 | 174,133 | 179,247 |
Employee Full-time Equivalents as of December 31, | |||||
2018 | 2017 | ||||
North America | 6,833 | 6,091 | |||
Europe | 3,375 | 3,050 | |||
North Asia | 2,607 | 2,593 | |||
South Asia | 1,643 | 1,623 | |||
Middle East, Africa and India | 1,520 | 1,503 | |||
Latin America | 839 | 814 | |||
Information Systems | 912 | 884 | |||
Corporate | 352 | 386 | |||
Total | 18,081 | 16,944 |
Year-over-year percentage increase/(decrease) in: | ||||||
Airfreight kilos | Ocean freight FEU | |||||
2018 | ||||||
October | 7 | % | 21 | % | ||
November | (2 | )% | 6 | % | ||
December | 1 | % | 4 | % | ||
Quarter | 2 | % | 10 | % |
December 31, 2018 | December 31, 2017 | ||||||
Assets | |||||||
Current Assets: | |||||||
Cash and cash equivalents | $ | 923,735 | $ | 1,051,099 | |||
Accounts receivable, net | 1,581,530 | 1,414,741 | |||||
Deferred contract costs | 159,510 | — | |||||
Other current assets | 70,041 | 75,612 | |||||
Total current assets | 2,734,816 | 2,541,452 | |||||
Property and equipment, net | 504,105 | 525,203 | |||||
Goodwill | 7,927 | 7,927 | |||||
Deferred Federal and state taxes, net | 40,465 | 13,207 | |||||
Other assets, net | 27,246 | 29,219 | |||||
$ | 3,314,559 | $ | 3,117,008 | ||||
Liabilities and Equity | |||||||
Current Liabilities: | |||||||
Accounts payable | $ | 902,259 | $ | 866,305 | |||
Accrued expenses, primarily salaries and related costs | 215,813 | 206,320 | |||||
Contract liabilities | 190,343 | — | |||||
Federal, state and foreign income taxes | 18,424 | 20,494 | |||||
Total current liabilities | 1,326,839 | 1,093,119 | |||||
Noncurrent Federal income tax payable | — | 29,516 | |||||
Commitments and contingencies | |||||||
Shareholders’ Equity: | |||||||
Preferred stock; none issued | — | — | |||||
Common stock, par value $0.01 per share; issued and outstanding 171,582 shares at December 31, 2018 and 176,374 shares at December 31, 2017 | 1,716 | 1,764 | |||||
Additional paid-in capital | 1,896 | 546 | |||||
Retained earnings | 2,088,707 | 2,063,512 | |||||
Accumulated other comprehensive loss | (105,481 | ) | (73,964 | ) | |||
Total shareholders’ equity | 1,986,838 | 1,991,858 | |||||
Noncontrolling interest | 882 | 2,515 | |||||
Total equity | 1,987,720 | 1,994,373 | |||||
$ | 3,314,559 | $ | 3,117,008 |
February 19, 2019 | Expeditors International of Washington, Inc. | Page 3 of 8 |
Three months ended | Twelve months ended | ||||||||||||||
December 31, | December 31, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Revenues: | |||||||||||||||
Airfreight services | $ | 905,606 | $ | 854,455 | $ | 3,271,932 | $ | 2,877,032 | |||||||
Ocean freight and ocean services | 615,053 | 521,315 | 2,251,754 | 2,107,045 | |||||||||||
Customs brokerage and other services | 714,938 | 525,601 | 2,614,679 | 1,936,871 | |||||||||||
Total revenues | 2,235,597 | 1,901,371 | 8,138,365 | 6,920,948 | |||||||||||
Operating Expenses: | |||||||||||||||
Airfreight services | 683,410 | 636,344 | 2,410,793 | 2,126,761 | |||||||||||
Ocean freight and ocean services | 464,281 | 380,689 | 1,664,168 | 1,543,740 | |||||||||||
Customs brokerage and other services | 407,231 | 255,529 | 1,443,031 | 931,258 | |||||||||||
Salaries and related costs | 350,839 | 336,961 | 1,393,259 | 1,267,120 | |||||||||||
Rent and occupancy costs | 39,627 | 31,906 | 152,813 | 119,732 | |||||||||||
Depreciation and amortization | 13,186 | 13,069 | 54,019 | 49,310 | |||||||||||
Selling and promotion | 12,961 | 11,814 | 45,346 | 44,290 | |||||||||||
Other | 47,055 | 36,048 | 178,373 | 138,477 | |||||||||||
Total operating expenses | 2,018,590 | 1,702,360 | 7,341,802 | 6,220,688 | |||||||||||
Operating income | 217,007 | 199,011 | 796,563 | 700,260 | |||||||||||
Interest income | 4,982 | 3,639 | 19,153 | 13,204 | |||||||||||
Other, net | 256 | 2,547 | 2,613 | 5,131 | |||||||||||
Other income, net | 5,238 | 6,186 | 21,766 | 18,335 | |||||||||||
Earnings before income taxes | 222,245 | 205,197 | 818,329 | 718,595 | |||||||||||
Income tax expense | 42,668 | 37,742 | 198,539 | 228,212 | |||||||||||
Net earnings | 179,577 | 167,455 | 619,790 | 490,383 | |||||||||||
Less net earnings attributable to the noncontrolling interest | 367 | 488 | 1,591 | 1,038 | |||||||||||
Net earnings attributable to shareholders | $ | 179,210 | $ | 166,967 | $ | 618,199 | $ | 489,345 | |||||||
Diluted earnings attributable to shareholders per share | $ | 1.02 | $ | 0.92 | $ | 3.48 | $ | 2.69 | |||||||
Basic earnings attributable to shareholders per share | $ | 1.04 | $ | 0.94 | $ | 3.55 | $ | 2.73 | |||||||
Dividends declared and paid per common share | $ | 0.45 | $ | 0.42 | $ | 0.90 | $ | 0.84 | |||||||
Weighted average diluted shares outstanding | 175,935 | 180,635 | 177,833 | 181,666 | |||||||||||
Weighted average basic shares outstanding | 172,493 | 177,523 | 174,133 | 179,247 |
February 19, 2019 | Expeditors International of Washington, Inc. | Page 4 of 8 |
Three months ended | Twelve months ended | ||||||||||||||
December 31, | December 31, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Operating Activities: | |||||||||||||||
Net earnings | $ | 179,577 | $ | 167,455 | $ | 619,790 | $ | 490,383 | |||||||
Adjustments to reconcile net earnings to net cash from operating activities: | |||||||||||||||
Provision for losses on accounts receivable | 1,576 | 2,169 | 3,808 | 5,356 | |||||||||||
Deferred income tax expense (benefit) | 5,491 | (27,695 | ) | (12,031 | ) | (43,695 | ) | ||||||||
Stock compensation expense | 12,976 | 11,872 | 56,147 | 50,908 | |||||||||||
Depreciation and amortization | 13,186 | 13,069 | 54,019 | 49,310 | |||||||||||
Other | (123 | ) | (4,234 | ) | 647 | (4,382 | ) | ||||||||
Changes in operating assets and liabilities: | |||||||||||||||
Increase in accounts receivable | (58,650 | ) | (60,981 | ) | (214,971 | ) | (184,771 | ) | |||||||
(Decrease) increase in accounts payable and accrued expenses | (41,824 | ) | 18,499 | 86,036 | 114,631 | ||||||||||
Decrease (increase) in deferred contract costs | 9,138 | — | (42,097 | ) | — | ||||||||||
(Decrease) increase in contract liabilities | (5,221 | ) | — | 43,928 | — | ||||||||||
(Decrease) increase in income taxes payable, net | (10,433 | ) | 5,450 | (19,691 | ) | 16,264 | |||||||||
(Increase) decrease in other current assets | (3,643 | ) | 782 | (2,781 | ) | (5,365 | ) | ||||||||
Net cash from operating activities | 102,050 | 126,386 | 572,804 | 488,639 | |||||||||||
Investing Activities: | |||||||||||||||
Purchase of property and equipment | (9,832 | ) | (27,413 | ) | (47,474 | ) | (95,016 | ) | |||||||
Proceeds from sale of property and equipment | 143 | 84,062 | 215 | 84,405 | |||||||||||
Other, net | (182 | ) | 161 | (1,140 | ) | (1,074 | ) | ||||||||
Net cash from investing activities | (9,871 | ) | 56,810 | (48,399 | ) | (11,685 | ) | ||||||||
Financing Activities: | |||||||||||||||
Proceeds from issuance of common stock | 13,166 | 42,311 | 182,732 | 205,092 | |||||||||||
Repurchases of common stock | (92,138 | ) | (137,522 | ) | (647,898 | ) | (478,258 | ) | |||||||
Dividends paid | (77,660 | ) | (74,769 | ) | (156,840 | ) | (150,495 | ) | |||||||
Payments for taxes related to net share settlement of equity awards | (33 | ) | — | (3,248 | ) | — | |||||||||
Purchase of noncontrolling interest | (75 | ) | (904 | ) | (688 | ) | (904 | ) | |||||||
Distribution to noncontrolling interest | (1,163 | ) | — | (1,796 | ) | — | |||||||||
Net cash from financing activities | (157,903 | ) | (170,884 | ) | (627,738 | ) | (424,565 | ) | |||||||
Effect of exchange rate changes on cash and cash equivalents | (1,153 | ) | 5,343 | (24,031 | ) | 24,275 | |||||||||
Increase (decrease) in cash and cash equivalents | (66,877 | ) | 17,655 | (127,364 | ) | 76,664 | |||||||||
Cash and cash equivalents at beginning of period | 990,612 | 1,033,444 | 1,051,099 | 974,435 | |||||||||||
Cash and cash equivalents at end of period | $ | 923,735 | $ | 1,051,099 | $ | 923,735 | $ | 1,051,099 | |||||||
Supplemental Cash Flow Information: | |||||||||||||||
Cash paid for income taxes | $ | 55,811 | $ | 58,793 | $ | 239,255 | $ | 249,704 |
February 19, 2019 | 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, 2018: | |||||||||||||||||||||||||||
Revenues from unaffiliated customers | $ | 637,358 | 94,452 | 30,388 | 814,206 | 209,025 | 334,291 | 115,877 | — | 2,235,597 | |||||||||||||||||
Transfers between geographic areas | 51,585 | 4,144 | 4,296 | 6,711 | 8,768 | 18,107 | 5,605 | (99,216 | ) | — | |||||||||||||||||
Total revenues | $ | 688,943 | 98,596 | 34,684 | 820,917 | 217,793 | 352,398 | 121,482 | (99,216 | ) | 2,235,597 | ||||||||||||||||
Net revenues | $ | 294,016 | 39,442 | 16,337 | 145,815 | 49,480 | 102,616 | 33,481 | (512 | ) | 680,675 | ||||||||||||||||
Operating income | $ | 97,228 | 14,528 | 1,363 | 68,376 | 16,833 | 13,552 | 5,132 | (5 | ) | 217,007 | ||||||||||||||||
Identifiable assets | $ | 1,689,950 | 161,604 | 53,542 | 533,071 | 152,646 | 513,744 | 206,367 | 3,635 | 3,314,559 | |||||||||||||||||
Capital expenditures | $ | 5,640 | 239 | 143 | 434 | 248 | 1,648 | 1,480 | — | 9,832 | |||||||||||||||||
Depreciation and amortization | $ | 8,114 | 479 | 370 | 1,311 | 578 | 1,838 | 496 | — | 13,186 | |||||||||||||||||
Equity | $ | 1,339,673 | 72,941 | 26,007 | 200,371 | 100,706 | 157,003 | 123,228 | (32,209 | ) | 1,987,720 | ||||||||||||||||
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 |
February 19, 2019 | 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, 2018: | |||||||||||||||||||||||||||
Revenues from unaffiliated customers | $ | 2,336,681 | 340,122 | 141,196 | 2,860,876 | 748,858 | 1,268,757 | 441,875 | — | 8,138,365 | |||||||||||||||||
Transfers between geographic areas | 143,131 | 15,680 | 15,658 | 25,446 | 29,005 | 61,608 | 22,196 | (312,724 | ) | — | |||||||||||||||||
Total revenues | $ | 2,479,812 | 355,802 | 156,854 | 2,886,322 | 777,863 | 1,330,365 | 464,071 | (312,724 | ) | 8,138,365 | ||||||||||||||||
Net revenues | $ | 1,126,888 | 139,049 | 62,813 | 570,496 | 185,938 | 403,416 | 133,862 | (2,089 | ) | 2,620,373 | ||||||||||||||||
Operating income | $ | 310,071 | 44,099 | 8,843 | 281,481 | 60,882 | 65,446 | 25,731 | 10 | 796,563 | |||||||||||||||||
Identifiable assets | $ | 1,689,950 | 161,604 | 53,542 | 533,071 | 152,646 | 513,744 | 206,367 | 3,635 | 3,314,559 | |||||||||||||||||
Capital expenditures | $ | 21,732 | 4,259 | 1,042 | 3,057 | 2,182 | 10,815 | 4,387 | — | 47,474 | |||||||||||||||||
Depreciation and amortization | $ | 33,511 | 1,847 | 1,508 | 5,309 | 2,257 | 7,727 | 1,860 | — | 54,019 | |||||||||||||||||
Equity | $ | 1,339,673 | 72,941 | 26,007 | 200,371 | 100,706 | 157,003 | 123,228 | (32,209 | ) | 1,987,720 | ||||||||||||||||
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 |
February 19, 2019 | Expeditors International of Washington, Inc. | Page 7 of 8 |
Three months ended | Twelve months ended | ||||||||||||||
December 31, | December 31, | ||||||||||||||
(in thousands) | 2018 | 2017 | 2018 | 2017 | |||||||||||
Total revenues | $ | 2,235,597 | $ | 1,901,371 | $ | 8,138,365 | $ | 6,920,948 | |||||||
Expenses: | |||||||||||||||
Airfreight services | 683,410 | 636,344 | 2,410,793 | 2,126,761 | |||||||||||
Ocean freight and ocean services | 464,281 | 380,689 | 1,664,168 | 1,543,740 | |||||||||||
Customs brokerage and other services | 407,231 | 255,529 | 1,443,031 | 931,258 | |||||||||||
Net revenues | $ | 680,675 | $ | 628,809 | $ | 2,620,373 | $ | 2,319,189 |
February 19, 2019 | Expeditors International of Washington, Inc. | Page 8 of 8 |
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