0001564590-20-049926.txt : 20201103 0001564590-20-049926.hdr.sgml : 20201103 20201103124630 ACCESSION NUMBER: 0001564590-20-049926 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20201103 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20201103 DATE AS OF CHANGE: 20201103 FILER: COMPANY DATA: COMPANY CONFORMED NAME: EXPEDITORS INTERNATIONAL OF WASHINGTON INC CENTRAL INDEX KEY: 0000746515 STANDARD INDUSTRIAL CLASSIFICATION: ARRANGEMENT OF TRANSPORTATION OF FREIGHT & CARGO [4731] IRS NUMBER: 911069248 STATE OF INCORPORATION: WA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-13468 FILM NUMBER: 201282704 BUSINESS ADDRESS: STREET 1: 1015 THIRD AVENUE CITY: SEATTLE STATE: WA ZIP: 98104 BUSINESS PHONE: 2066743400 MAIL ADDRESS: STREET 1: 1015 THIRD AVENUE CITY: SEATTLE STATE: WA ZIP: 98104 8-K 1 expd-8k_20201103.htm 8-K expd-8k_20201103.htm
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report:  November 3, 2020 (Date of earliest event reported)

 

EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.

(Exact name of registrant as specified in its charter)

 

 

Washington

000-13468

91-1069248

(State or other jurisdiction

of incorporation or organization)

(Commission

File No.)

(IRS Employer

Identification Number)

 

 

 

1015 Third Avenue,

Seattle, Washington

(206) 674-3400

98104

(Address of principal executive offices)

(Registrant's telephone number, including area code)

(Zip Code)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Common Stock, par value $0.01 per share

 

EXPD

 

NASDAQ Global Select Market

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

 

 

Emerging growth company

☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

Item 2.02 Results of Operations and Financial Condition.

On November 3, 2020, Expeditors International of Washington, Inc., a Washington corporation, issued a press release announcing third quarter 2020 financial results.  A copy of the press release is furnished as Exhibit 99.1 to this report.

In accordance with General Instruction B.2 of Form 8-K, the information in this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing

Item 9.01 Financial Statements and Exhibits.

(d)

The following items are filed as exhibits to this report:

 

99.1

 

Press release, dated November 3, 2020 issued by Expeditors International of Washington, Inc.

104

 

Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

 

 

EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.

 

 

 

November 3, 2020

 

/S/ Bradley S. Powell

 

 

Bradley S. Powell, Senior Vice President and Chief Financial Officer

 

 

 

 

 EX-99.1 2 expd-ex991_6.htm EX-99.1 expd-ex991_6.htm

 

Exhibit 99.1

EARNINGS RELEASE

 

By:

 

Expeditors International of Washington, Inc.

 

 

 

 

1015 Third Avenue

 

 

 

 

Seattle, Washington 98104

 

 

 

 

 

 

 

 

 

 

 

CONTACTS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

EXPEDITORS REPORTS THIRD QUARTER 2020 EPS OF $1.12

SEATTLE, WASHINGTON - November 3, 2020, Expeditors International of Washington, Inc. (NASDAQ:EXPD) today announced third quarter 2020 financial results including the following highlights compared to the same quarter of 2019:

 

•

Diluted Net Earnings Attributable to Shareholders per share (EPS1) increased 22% to $1.12

 

•

Net Earnings Attributable to Shareholders increased 19% to $191 million

 

•

Operating Income increased 22% to $252 million

 

•

Revenues increased 19% to $2.5 billion

 

•

Airfreight tonnage volume and ocean container volume both decreased 5%

 

“Volumes started to recover across most of our products during the quarter, even as the global effects of COVID-19 continued to impact our business worldwide,” said Jeffrey S. Musser, President and Chief Executive Officer. “Similar to Q2, the pandemic caused an increase in demand for certain goods at the same time that air capacity remained tight due to travel restrictions and the limited schedule of domestic and international passenger flights. This caused continued imbalances between carrier capacity and demand, principally on exports out of North Asia, which was the only market in which air volumes increased during the third quarter. To meet the urgent transportation needs that could not be fulfilled with scheduled capacity, we utilized charter capacity for certain customers, resulting in higher average buy and sell rates. While airfreight buy and sell rates were generally lower in our third quarter than the extremes we experienced in the second quarter, they remained historically elevated and highly unpredictable due to ongoing supply/demand imbalances. We would expect air pricing to remain volatile until passenger traffic starts to return in a meaningful way.

 

“While our ocean freight business has not been nearly as impacted by supply constraints, carriers remain disciplined and are carefully managing capacity even as volumes have increased from the lows we saw earlier in this pandemic. Across most of our products in the third quarter, we experienced a steady recovery in demand as shippers adjusted to an altered marketplace and disrupted supply chains.

 

“Despite the challenges, we continue to serve our customers at the highest level throughout our organization, whether working from remote locations or on-site at one of our many warehouses, where we are following very strict safety protocols. Thanks to the ongoing implementation of our business continuity plans and the adaptability of our people, all of our offices remain open, connected, and are functioning extremely well. Our network is strong, and our people remain steadfast and highly flexible.”

 

Bradley S. Powell, Senior Vice President and Chief Financial Officer, added, “The effects of COVID-19 continued to impact volumes for all products, although not as significantly as in the prior sequential quarter. While we have experienced increased demand in many of our markets for a mix of products, capacity constraints in air, and to a lesser extent in ocean, have led to a continued buy/sell rate imbalance. While we remain uncertain about the pace, strength, or evenness of an economic recovery, we will continue to use our strong financial position to make important strategic investments that are necessary for our future growth, while continuing our focus on controlling costs and improving operational efficiencies. We appreciate the hard work of our District Managers and their leadership teams as they continue to execute at a high level, control operational expenses and limit the addition of headcount.”

 

Expeditors is a global logistics company headquartered in Seattle, Washington. The Company employs trained professionals in 176 district offices and numerous branch locations located on six continents linked into a seamless worldwide network through an integrated information management system. Services include the consolidation or forwarding of air and ocean freight, customs brokerage, vendor consolidation, cargo insurance, time-definite transportation, order management, warehousing and distribution and customized logistics solutions.

 

 

_______________________

1Diluted earnings attributable to shareholders per share.

NOTE:  See Disclaimer on Forward-Looking Statements on the following page of this release.

Expeditors International of Washington, Inc.

Third Quarter 2020 Earnings Release, November 3, 2020

Financial Highlights for the three and nine months ended September 30, 2020 and 2019 (Unaudited)

(in 000's of US dollars except per share data)

 

Three months ended September 30,

 

 

Nine months ended September 30,

 

 

 

2020

 

 

2019

 

 

% Change

 

 

2020

 

 

2019

 

 

% Change

 

Revenues

 

$

2,464,797

 

 

$

2,074,855

 

 

19%

 

 

$

6,947,293

 

 

$

6,130,485

 

 

13%

 

Directly related cost of transportation and

  other expenses1

 

$

1,730,418

 

 

$

1,400,499

 

 

24%

 

 

$

4,848,187

 

 

$

4,140,320

 

 

17%

 

Salaries and other operating expenses2

 

$

482,434

 

 

$

467,806

 

 

3%

 

 

$

1,440,480

 

 

$

1,403,813

 

 

3%

 

Operating income

 

$

251,945

 

 

$

206,550

 

 

22%

 

 

$

658,626

 

 

$

586,352

 

 

12%

 

Net earnings attributable to shareholders

 

$

191,307

 

 

$

160,221

 

 

19%

 

 

$

497,520

 

 

$

453,069

 

 

10%

 

Diluted earnings attributable to

   shareholders per share

 

$

1.12

 

 

$

0.92

 

 

22%

 

 

$

2.92

 

 

$

2.60

 

 

12%

 

Basic earnings attributable to shareholders

   per share

 

$

1.14

 

 

$

0.94

 

 

21%

 

 

$

2.96

 

 

$

2.65

 

 

12%

 

Diluted weighted average shares

   outstanding

 

 

170,735

 

 

 

173,483

 

 

 

 

 

 

 

170,539

 

 

174,463

 

 

 

 

 

Basic weighted average shares outstanding

 

 

168,310

 

 

 

170,415

 

 

 

 

 

 

 

167,942

 

 

171,084

 

 

 

 

 

 

1Directly related cost of transportation and other expenses totals Operating Expenses from Airfreight services, Ocean freight and ocean services and Customs brokerage and other services as shown in the Condensed Consolidated Statements of Earnings.

2Salaries and other operating expenses totals Salaries and related, Rent and occupancy, Depreciation and amortization, Selling and promotion and Other as shown in the Condensed Consolidated Statements of Earnings

During the three months ended September 30, 2020, we did not repurchase any shares of common stock and during the nine months ended September 30, 2020, we repurchased 4.4 million shares of common stock at an average price of $71.41 per share. During the three and nine months ended September 30, 2019, we repurchased 0.9 million and 4.1 million shares of common stock at an average price of $69.51 and $72.60 per share, respectively.

 

 

Employee Full-time Equivalents as of September 30,

 

 

 

2020

 

 

2019

 

North America

 

 

6,666

 

 

 

6,861

 

Europe

 

 

3,361

 

 

 

3,427

 

North Asia

 

 

2,406

 

 

 

2,483

 

South Asia

 

 

1,643

 

 

 

1,674

 

Middle East, Africa and India

 

 

1,509

 

 

 

1,565

 

Latin America

 

 

800

 

 

 

860

 

Information Systems

 

 

975

 

 

 

939

 

Corporate

 

 

383

 

 

 

383

 

Total

 

 

17,743

 

 

 

18,192

 

 

 

Third quarter year-over-year

percentage (decrease) increase in:

 

2020

 

Airfreight

kilos

 

 

Ocean freight

FEU

 

July

 

(12)%

 

 

(13)%

 

August

 

(5)%

 

 

(5)%

 

September

 

2%

 

 

5%

 

Quarter

 

(5)%

 

 

(5)%

 

Investors may submit written questions via e-mail to: investor@expeditors.com. Questions received by the end of business on November 6, 2020 will be considered in management's 8-K “Responses to Selected Questions.”

 

Disclaimer on Forward-Looking Statements:

Certain statements contained in this news release are “forward-looking statements” that involve risks and uncertainties, including statements such as our expectations of continued volatility in air pricing. Actual results could differ materially because of factors such as: the timing until passenger traffic starts to return in a meaningful way; the impact on our ocean volumes; the pace, strength, or evenness of the of an economic recovery; our employees’ ability to continue to perform at a high level; airfreight buy and sell rates; our access to carrier capacity; our ability to keep our global offices open and operating; employee retention; employee health and safety; our ability to execute our business continuity plans; the strength of our financial position and our ability to continue to make investments in our strategic initiatives; our ability to remain a strong, healthy, unified and resilient organization; our ability to control costs and improve operational efficiencies; our ability to control operational expenses and limit the addition of headcount. The COVID-19 pandemic could have the effect of heightening many of the other risks described in Item 1A of our Annual Report on Form 10-K, including, without limitation, those related to the success of our strategy and desire to maintain historical unitary profitability, our ability to attract and retain customers, our ability to manage costs, interruptions to our information technology systems, the ability of third-party providers to perform and potential litigation as updated by our reports on Form 10-Q, filed with the Securities and Exchange Commission. These and other factors are discussed in the Company’s regulatory filings with the Securities and Exchange Commission, including those in “Item 1A. Risk Factors” of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019 and in “Item 1A. Risk Factors” of the Company’s most recent Quarterly Report on Form 10-Q. The forward-looking statements contained in this news release speak only as of this date, and the Company does not assume any obligation to update them except as required by law.

 

 

EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.

AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(In thousands, except per share data)

(Unaudited)

 

 

September 30,

2020

 

 

December 31,

2019

 

Assets:

 

 

 

 

 

 

 

 

Current Assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

1,465,510

 

 

$

1,230,491

 

Accounts receivable, less allowance for credit loss of

   $5,171 at September 30, 2020 and $11,143 at December 31, 2019

 

 

1,582,424

 

 

 

1,315,091

 

Deferred contract costs

 

 

232,351

 

 

 

131,783

 

Other

 

 

129,617

 

 

 

92,558

 

Total current assets

 

 

3,409,902

 

 

 

2,769,923

 

Property and equipment, less accumulated depreciation and

   amortization of $510,103 at September 30, 2020 and $478,906 at

   December 31, 2019

 

 

499,189

 

 

 

499,344

 

Operating lease right-of-use assets

 

 

422,002

 

 

 

390,035

 

Goodwill

 

 

7,927

 

 

 

7,927

 

Deferred federal and state income taxes, net

 

 

3,130

 

 

 

8,034

 

Other assets, net

 

 

16,404

 

 

 

16,621

 

Total assets

 

$

4,358,554

 

 

$

3,691,884

 

Liabilities:

 

 

 

 

 

 

 

 

Current Liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

888,761

 

 

$

735,695

 

Accrued expenses, primarily salaries and related costs

 

 

236,826

 

 

 

189,446

 

Contract liabilities

 

 

267,266

 

 

 

154,183

 

Current portion of operating lease liabilities

 

 

70,755

 

 

 

65,367

 

Federal, state and foreign income taxes

 

 

33,100

 

 

 

23,627

 

Total current liabilities

 

 

1,496,708

 

 

 

1,168,318

 

Noncurrent portion of operating lease liabilities

 

 

357,373

 

 

 

326,347

 

Commitments and contingencies

 

 

 

 

 

 

 

 

Shareholders’ Equity:

 

 

 

 

 

 

 

 

Preferred stock, none issued

 

 

—

 

 

—

 

Common stock, par value $0.01 per share. Issued and

   outstanding: 169,231 shares at September 30, 2020 and 169,622

   shares at December 31, 2019

 

 

1,692

 

 

 

1,696

 

Additional paid-in capital

 

 

145,924

 

 

 

3,203

 

Retained earnings

 

 

2,489,694

 

 

 

2,321,316

 

Accumulated other comprehensive loss

 

 

(135,281

)

 

 

(131,187

)

Total shareholders’ equity

 

 

2,502,029

 

 

 

2,195,028

 

Noncontrolling interest

 

 

2,444

 

 

 

2,191

 

Total equity

 

 

2,504,473

 

 

 

2,197,219

 

Total liabilities and equity

 

$

4,358,554

 

 

$

3,691,884

 

 

 

 

 

03-November-2020

Expeditors International of Washington, Inc.

Page 3 of 7

 

EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.

AND SUBSIDIARIES

Condensed Consolidated Statements of Earnings

(In thousands, except per share data)

(Unaudited)

 

  

 

Three months ended September 30,

 

 

Nine months ended September 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Airfreight services

 

$

1,093,550

 

 

$

715,450

 

 

$

3,237,179

 

 

$

2,171,928

 

Ocean freight and ocean services

 

 

612,858

 

 

 

585,374

 

 

 

1,597,997

 

 

 

1,697,824

 

Customs brokerage and other services

 

 

758,389

 

 

 

774,031

 

 

 

2,112,117

 

 

 

2,260,733

 

Total revenues

 

 

2,464,797

 

 

 

2,074,855

 

 

 

6,947,293

 

 

 

6,130,485

 

Operating Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Airfreight services

 

 

833,689

 

 

 

522,868

 

 

 

2,450,931

 

 

 

1,574,717

 

Ocean freight and ocean services

 

 

455,072

 

 

 

424,215

 

 

 

1,185,154

 

 

 

1,234,845

 

Customs brokerage and other services

 

 

441,657

 

 

 

453,416

 

 

 

1,212,102

 

 

 

1,330,758

 

Salaries and related

 

 

373,613

 

 

 

356,331

 

 

 

1,110,760

 

 

 

1,069,592

 

Rent and occupancy

 

 

42,484

 

 

 

41,987

 

 

 

126,383

 

 

 

124,407

 

Depreciation and amortization

 

 

15,851

 

 

 

12,386

 

 

 

42,620

 

 

 

38,456

 

Selling and promotion

 

 

2,945

 

 

 

10,133

 

 

 

14,301

 

 

 

32,852

 

Other

 

 

47,541

 

 

 

46,969

 

 

 

146,416

 

 

 

138,506

 

Total operating expenses

 

 

2,212,852

 

 

 

1,868,305

 

 

 

6,288,667

 

 

 

5,544,133

 

Operating income

 

 

251,945

 

 

 

206,550

 

 

 

658,626

 

 

 

586,352

 

Other Income (Expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

1,504

 

 

 

5,501

 

 

 

8,870

 

 

 

18,123

 

Other, net

 

 

980

 

 

 

1,895

 

 

 

5,161

 

 

 

5,822

 

Other income, net

 

 

2,484

 

 

 

7,396

 

 

 

14,031

 

 

 

23,945

 

Earnings before income taxes

 

 

254,429

 

 

 

213,946

 

 

 

672,657

 

 

 

610,297

 

Income tax expense

 

 

62,710

 

 

 

53,319

 

 

 

173,968

 

 

 

156,029

 

Net earnings

 

 

191,719

 

 

 

160,627

 

 

 

498,689

 

 

 

454,268

 

Less net earnings attributable to the noncontrolling

   interest

 

 

412

 

 

 

406

 

 

 

1,169

 

 

 

1,199

 

Net earnings attributable to shareholders

 

$

191,307

 

 

$

160,221

 

 

$

497,520

 

 

$

453,069

 

Diluted earnings attributable to shareholders per share

 

$

1.12

 

 

$

0.92

 

 

$

2.92

 

 

$

2.60

 

Basic earnings attributable to shareholders per share

 

$

1.14

 

 

$

0.94

 

 

$

2.96

 

 

$

2.65

 

Weighted average diluted shares outstanding

 

 

170,735

 

 

 

173,483

 

 

 

170,539

 

 

 

174,463

 

Weighted average basic shares outstanding

 

 

168,310

 

 

 

170,415

 

 

 

167,942

 

 

 

171,084

 

 

 

03-November-2020

Expeditors International of Washington, Inc.

Page 4 of 7

 

EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.

AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

 

 

Three months ended September 30,

 

 

Nine months ended September 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Operating Activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings

 

$

191,719

 

 

$

160,627

 

 

$

498,689

 

 

$

454,268

 

Adjustments to reconcile net earnings to net cash from

   operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Provisions for losses on accounts receivable

 

 

398

 

 

 

757

 

 

 

4,607

 

 

 

453

 

Deferred income tax (benefit) expense

 

 

(1,276

)

 

 

(5,822

)

 

 

2,872

 

 

 

(17

)

Stock compensation expense

 

 

12,297

 

 

 

12,155

 

 

 

45,091

 

 

 

49,361

 

Depreciation and amortization

 

 

15,851

 

 

 

12,386

 

 

 

42,620

 

 

 

38,456

 

Other, net

 

 

2,919

 

 

 

652

 

 

 

3,470

 

 

 

812

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Increase) decrease in accounts receivable

 

 

(106,065

)

 

 

43,885

 

 

 

(274,440

)

 

 

246,175

 

Increase (decrease) in accounts payable and accrued

   expenses

 

 

94,263

 

 

 

(58,816

)

 

 

201,940

 

 

 

(141,199

)

(Increase) decrease in deferred contract costs

 

 

(81,486

)

 

 

10,301

 

 

 

(99,887

)

 

 

28,550

 

Increase (decrease) in contract liabilities

 

 

91,638

 

 

 

(13,211

)

 

 

112,244

 

 

 

(36,933

)

(Decrease) in income taxes payable, net

 

 

(41,286

)

 

 

(671

)

 

 

(10,644

)

 

 

(33,284

)

(Increase) decrease in other, net

 

 

(17,373

)

 

 

(744

)

 

 

(13,242

)

 

 

47

 

Net cash from operating activities

 

 

161,599

 

 

 

161,499

 

 

 

513,320

 

 

 

606,689

 

Investing Activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Purchase of property and equipment

 

 

(9,178

)

 

 

(15,521

)

 

 

(37,419

)

 

 

(37,943

)

Other, net

 

 

1,174

 

 

 

232

 

 

 

963

 

 

 

1,525

 

Net cash from investing activities

 

 

(8,004

)

 

 

(15,289

)

 

 

(36,456

)

 

 

(36,418

)

Financing Activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Proceeds from issuance of common stock

 

 

121,430

 

 

 

60,713

 

 

 

174,016

 

 

 

120,190

 

Repurchases of common stock

 

 

—

 

 

 

(61,999

)

 

 

(314,225

)

 

 

(296,922

)

Dividends paid

 

 

—

 

 

 

—

 

 

 

(86,815

)

 

 

(85,184

)

Payments for taxes related to net share settlement of equity

   awards

 

 

—

 

 

 

—

 

 

 

(10,566

)

 

 

(6,674

)

Net cash from financing activities

 

 

121,430

 

 

 

(1,286

)

 

 

(237,590

)

 

 

(268,590

)

Effect of exchange rate changes on cash and cash equivalents

 

 

10,030

 

 

 

(11,604

)

 

 

(4,255

)

 

 

(9,446

)

Change in cash and cash equivalents

 

 

285,055

 

 

 

133,320

 

 

 

235,019

 

 

 

292,235

 

Cash and cash equivalents at beginning of period

 

 

1,180,455

 

 

 

1,082,650

 

 

 

1,230,491

 

 

 

923,735

 

Cash and cash equivalents at end of period

 

$

1,465,510

 

 

$

1,215,970

 

 

$

1,465,510

 

 

$

1,215,970

 

Taxes Paid:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income taxes

 

$

106,434

 

 

$

61,201

 

 

$

180,242

 

 

$

196,169

 

 

 

 

 

03-November-2020

Expeditors International of Washington, Inc.

Page 5 of 7

 

EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.

AND SUBSIDIARIES

Business Segment Information

(In thousands)

(Unaudited)

 

 

UNITED

STATES

 

 

OTHER

NORTH

AMERICA

 

 

LATIN

AMERICA

 

 

NORTH

ASIA

 

 

SOUTH

ASIA

 

 

EUROPE

 

 

MIDDLE

EAST,

AFRICA

AND

INDIA

 

 

ELIMI-

NATIONS

 

 

CONSOLI-

DATED

 

For the three months ended September 30, 2020:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues1

 

$

686,245

 

 

 

78,129

 

 

 

39,193

 

 

 

883,104

 

 

 

267,228

 

 

 

378,048

 

 

 

133,765

 

 

 

(915

)

 

 

2,464,797

 

Directly related cost of transportation and

   other expenses2

 

$

379,588

 

 

 

44,911

 

 

 

23,361

 

 

 

720,807

 

 

 

200,334

 

 

 

261,325

 

 

 

100,619

 

 

 

(527

)

 

 

1,730,418

 

Salaries and other operating expenses3

 

$

197,749

 

 

 

25,325

 

 

 

12,359

 

 

 

81,876

 

 

 

39,926

 

 

 

96,658

 

 

 

28,925

 

 

 

(384

)

 

 

482,434

 

Operating income

 

$

108,908

 

 

 

7,893

 

 

 

3,473

 

 

 

80,421

 

 

 

26,968

 

 

 

20,065

 

 

 

4,221

 

 

 

(4

)

 

 

251,945

 

Identifiable assets at period end

 

$

2,336,071

 

 

 

163,943

 

 

 

76,173

 

 

 

689,525

 

 

 

231,771

 

 

 

642,124

 

 

 

228,423

 

 

 

(9,476

)

 

 

4,358,554

 

Capital expenditures

 

$

4,703

 

 

 

483

 

 

 

180

 

 

 

1,075

 

 

 

665

 

 

 

1,780

 

 

 

292

 

 

 

—

 

 

 

9,178

 

Equity

 

$

1,791,658

 

 

 

77,915

 

 

 

31,324

 

 

 

246,557

 

 

 

97,564

 

 

 

185,352

 

 

 

110,714

 

 

 

(36,611

)

 

 

2,504,473

 

For the three months ended September 30, 2019:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues1

 

$

692,229

 

 

 

88,088

 

 

 

38,341

 

 

 

624,351

 

 

 

196,569

 

 

 

320,769

 

 

 

115,397

 

 

 

(889

)

 

 

2,074,855

 

Directly related cost of transportation and

   other expenses2

 

$

389,254

 

 

 

51,420

 

 

 

22,990

 

 

 

489,195

 

 

 

145,345

 

 

 

221,149

 

 

 

81,592

 

 

 

(446

)

 

 

1,400,499

 

Salaries and other operating expenses3

 

$

210,767

 

 

 

25,731

 

 

 

14,547

 

 

 

70,410

 

 

 

32,482

 

 

 

86,156

 

 

 

28,151

 

 

 

(438

)

 

 

467,806

 

Operating income

 

$

92,208

 

 

 

10,937

 

 

 

804

 

 

 

64,746

 

 

 

18,742

 

 

 

13,464

 

 

 

5,654

 

 

 

(5

)

 

 

206,550

 

Identifiable assets at period end

 

$

2,059,345

 

 

 

128,336

 

 

 

72,029

 

 

 

489,322

 

 

 

164,976

 

 

 

563,289

 

 

 

226,657

 

 

 

2,499

 

 

 

3,706,453

 

Capital expenditures

 

$

7,644

 

 

 

513

 

 

 

833

 

 

 

523

 

 

 

631

 

 

 

5,119

 

 

 

258

 

 

 

—

 

 

 

15,521

 

Equity

 

$

1,578,682

 

 

 

60,526

 

 

 

27,217

 

 

 

216,061

 

 

 

77,733

 

 

 

169,450

 

 

 

111,355

 

 

 

(31,737

)

 

 

2,209,287

 

 

 

UNITED

STATES

 

 

OTHER

NORTH

AMERICA

 

 

LATIN

AMERICA

 

 

NORTH

ASIA

 

 

SOUTH

ASIA

 

 

EUROPE

 

 

MIDDLE

EAST,

AFRICA

AND

INDIA

 

 

ELIMI-

NATIONS

 

 

CONSOLI-

DATED

 

For the nine months ended September 30, 2020:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues1

 

$

1,975,883

 

 

 

234,274

 

 

 

114,636

 

 

 

2,538,117

 

 

 

660,583

 

 

 

1,086,118

 

 

 

340,415

 

 

 

(2,733

)

 

 

6,947,293

 

Directly related cost of transportation and

   other expenses2

 

$

1,108,173

 

 

 

132,250

 

 

 

69,827

 

 

 

2,054,023

 

 

 

481,971

 

 

 

754,863

 

 

 

248,503

 

 

 

(1,423

)

 

 

4,848,187

 

Salaries and other operating expenses3

 

$

631,396

 

 

 

74,320

 

 

 

36,220

 

 

 

236,480

 

 

 

109,018

 

 

 

274,269

 

 

 

80,063

 

 

 

(1,286

)

 

 

1,440,480

 

Operating income

 

$

236,314

 

 

 

27,704

 

 

 

8,589

 

 

 

247,614

 

 

 

69,594

 

 

 

56,986

 

 

 

11,849

 

 

 

(24

)

 

 

658,626

 

Identifiable assets at period end

 

$

2,336,071

 

 

 

163,943

 

 

 

76,173

 

 

 

689,525

 

 

 

231,771

 

 

 

642,124

 

 

 

228,423

 

 

 

(9,476

)

 

 

4,358,554

 

Capital expenditures

 

$

28,276

 

 

 

1,692

 

 

 

498

 

 

 

1,785

 

 

 

1,035

 

 

 

3,418

 

 

 

715

 

 

 

—

 

 

 

37,419

 

Equity

 

$

1,791,658

 

 

 

77,915

 

 

 

31,324

 

 

 

246,557

 

 

 

97,564

 

 

 

185,352

 

 

 

110,714

 

 

 

(36,611

)

 

 

2,504,473

 

For the nine months ended September 30, 2019:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues1

 

$

2,033,088

 

 

 

265,035

 

 

 

111,277

 

 

 

1,879,155

 

 

 

555,128

 

 

 

952,790

 

 

 

336,383

 

 

 

(2,371

)

 

 

6,130,485

 

Directly related cost of transportation and

   other expenses2

 

$

1,142,701

 

 

 

157,997

 

 

 

64,149

 

 

 

1,475,395

 

 

 

407,642

 

 

 

657,720

 

 

 

236,184

 

 

 

(1,468

)

 

 

4,140,320

 

Salaries and other operating expenses3

 

$

636,243

 

 

 

76,283

 

 

 

41,342

 

 

 

208,781

 

 

 

97,324

 

 

 

258,339

 

 

 

86,385

 

 

 

(884

)

 

 

1,403,813

 

Operating income

 

$

254,144

 

 

 

30,755

 

 

 

5,786

 

 

 

194,979

 

 

 

50,162

 

 

 

36,731

 

 

 

13,814

 

 

 

(19

)

 

 

586,352

 

Identifiable assets at period end

 

$

2,059,345

 

 

 

128,336

 

 

 

72,029

 

 

 

489,322

 

 

 

164,976

 

 

 

563,289

 

 

 

226,657

 

 

 

2,499

 

 

 

3,706,453

 

Capital expenditures

 

$

23,544

 

 

 

1,509

 

 

 

1,071

 

 

 

1,167

 

 

 

1,235

 

 

 

8,015

 

 

 

1,402

 

 

 

—

 

 

 

37,943

 

Equity

 

$

1,578,682

 

 

 

60,526

 

 

 

27,217

 

 

 

216,061

 

 

 

77,733

 

 

 

169,450

 

 

 

111,355

 

 

 

(31,737

)

 

 

2,209,287

 

 

 

1Beginning in the second quarter of 2019, the Company revised its process to record the transfer, between its geographic operating segments, of revenues and the directly related cost of transportation and other expenses for freight service transactions between Company origin and destination locations. This change better aligns revenue reporting with the location where the services are performed, as well as the transactional reporting being developed as part of the Company’s new accounting systems and processes. The change in presentation had nine months ended September 30, 2019, segment revenues have not been revised.

2Directly related cost of transportation and other expenses totals Operating Expenses from Airfreight services, Ocean freight and ocean services and Customs brokerage and other services as shown in the Condensed Consolidated Statements of Earnings.

3Salaries and other operating expenses totals Salaries and related, Rent and occupancy, Depreciation and amortization, Selling and promotion and Other as shown in the Condensed Consolidated Statements of Earnings.

The Company’s consolidated financial results in the nine months ended September 30, 2020 was significantly impacted by the effects of the global pandemic and are expected to be further impacted in the remainder of 2020. The impact is affecting the Company’s geographical segments unevenly.

 

03-November-2020

Expeditors International of Washington, Inc.

Page 6 of 7

 

In the second and third quarter of 2020, North Asia experienced significant increases in airfreight services revenues and directly related expenses primarily as a result of demand for time-sensitive delivery of technology equipment and medical equipment and supplies from China, which combined with reductions in airfreight supply resulted in significantly higher rates. In the third quarter 2020 and 2019, the People's Republic of China, including Hong Kong, represented 30% and 26%, respectively, of the Company’s total revenues and 26% of the Company’s total operating income in both periods.

This is in contrast with slower activity in North Asia in the first quarter of 2020 as the global pandemic resulted in temporary closures and limited operations from the Company’s China offices and shipments that were rerouted or delayed by customers and service providers taking their own precautionary measures. In the nine months ended September 30, 2020 and 2019, the People's Republic of China, including Hong Kong, represented 31% and 26%, respectively, of the Company’s total revenues and 30% and 27%, respectively, of the Company’s total operating income.

 

 

 

03-November-2020

Expeditors International of Washington, Inc.

Page 7 of 7

 

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