0001564590-22-005875.txt : 20220222 0001564590-22-005875.hdr.sgml : 20220222 20220222141940 ACCESSION NUMBER: 0001564590-22-005875 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20220222 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20220222 DATE AS OF CHANGE: 20220222 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: 22657519 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_20220222.htm 8-K expd-8k_20220222.htm
false 0000746515 0000746515 2022-02-22 2022-02-22

 

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:  February 22, 2022 (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 February 22, 2022, Expeditors International of Washington, Inc., a Washington corporation, issued a press release announcing December 31, 2021 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 February 22, 2022 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.

 

 

 

February 22, 2022

 

/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 FOURTH QUARTER 2021 EPS OF $2.66

COMPANY CONTINUES TO ASSESS IMPACT OF CYBERATTACK

SEATTLE, WASHINGTON - February 22, 2022, Expeditors International of Washington, Inc. (NASDAQ:EXPD) today announced fourth quarter 2021 financial results including the following highlights compared to the same quarter of 2020:

 

•

Diluted Net Earnings Attributable to Shareholders per share (EPS1) increased 129% to $2.66

 

•

Net Earnings Attributable to Shareholders increased 128% to $453 million

 

•

Operating Income increased 121% to $624 million

 

•

Revenues increased 81% to $5.4 billion

 

•

Airfreight tonnage volume increased 13% and ocean container volume decreased 4%

 

“While the global supply chain remains stretched beyond recognizable limits, we continue to do all we can to secure carrier space for our customers and move their freight through and around the many bottlenecks in the air, over the ocean, and on land,” said Jeffrey S. Musser, President and Chief Executive Officer. “Roughly two years of pandemic-induced disruption have led to unprecedented conditions throughout our industry, with little relief in sight. There is still too little international air capacity, as travellers have been kept from flying abroad; the ocean ports are too congested to accommodate many of the ships that need to load and unload their containers; and worker shortages are severely limiting overland capacity to support the freight that is able to arrive in port.

 

“We have worked our strong carrier relationships to secure as much capacity as we could get on behalf of all of the shippers looking for space during the quarter, but the severe imbalance between capacity and demand continues to heavily impact our industry. There is simply not enough carrier capacity in the air or on the oceans to accommodate the heavy demand for cargo space, particularly from China to the U.S., where historically high average buy and sell rates have been the most elevated.

 

“Despite the lack of space, we experienced record-high air tonnage in the fourth quarter, as we used more air charters than at any other time in our company’s history, even with extremely elevated rates. Ocean container volumes, by contrast, declined during the quarter, as we were somewhat limited in our ability to secure necessary capacity from ocean carriers and hampered by the time and resources required to process shipments and meet sharply growing customer demand.

 

“Once again, I offer my sincere gratitude to our highly motivated and dedicated employees and thank them for their significant extra efforts all throughout 2021. While many companies are experiencing a decline in headcount during the so-called Great Resignation, we were able to grow our valuable employee base. That serves as testament to the culture at Expeditors: that we are a company where people are proud to work and one where unusually stressful times have inspired our very best execution aimed at outstanding customer service.”

 

Bradley S. Powell, Senior Vice President and Chief Financial Officer, added, “In addition to our air and ocean products, we also experienced strong financial results in Customs Brokerage, Order Management, Transcon and Distribution. All of these areas saw growing business from both current customers and new ones as well. Our strong operating efficiency is a credit to the strength and resilience of our workforce, as our employees have been successfully able to secure the capacity needed to service our customers in these difficult conditions. While this has helped us produce strong financial results, we caution that should demand and rates return to pre-pandemic levels – whenever that may be – our revenues, expenses, and operating income are likely to decline from the all-time highs that we experienced in 2021.”

 

COMPANY CONTINUES TO ASSESS IMPACT OF CYBERATTACK

In a separate announcement on February 20, 2022, Expeditors determined that our company was the subject of a targeted cyberattack. Upon discovering the incident, we shut down most of our operating systems globally to manage the safety of our overall global systems environment. The situation is evolving, and we are working with global cybersecurity experts to manage the situation. Further communications will be shared as we manage through this significant event. Depending on the length of the shutdown of our operations, the impact of this cyberattack could have a material adverse impact on our business, revenues, results of operations and reputation.

 

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

_______________________

1Diluted earnings attributable to shareholders per share.

NOTE:  See Disclaimer on Forward-Looking Statements in this release.

 

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 in this release.

 

Expeditors International of Washington, Inc.

Fourth quarter 2021 Earnings Release, February 22, 2022

Financial Highlights for the three and twelve months ended December 31, 2021 and 2020 (Unaudited)

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

 

 

 

Three months ended December 31,

 

 

Twelve months ended December 31,

 

 

 

2021

 

 

2020

 

 

% Change

 

 

2021

 

 

2020

 

 

% Change

 

Revenues3

 

$

5,396,343

 

 

$

2,980,835

 

 

81%

 

 

$

16,523,517

 

 

$

9,584,393

 

 

72%

 

Directly related cost of transportation and other expenses 1, 3

 

$

4,026,748

 

 

$

2,152,249

 

 

87%

 

 

$

12,058,155

 

 

$

6,656,702

 

 

81%

 

Salaries and other operating expenses 2

 

$

746,066

 

 

$

546,775

 

 

36%

 

 

$

2,556,036

 

 

$

1,987,254

 

 

29%

 

Operating income

 

$

623,529

 

 

$

281,811

 

 

121%

 

 

$

1,909,326

 

 

$

940,437

 

 

103%

 

Net earnings attributable to shareholders

 

$

452,832

 

 

$

198,620

 

 

128%

 

 

$

1,415,492

 

 

$

696,140

 

 

103%

 

Diluted earnings attributable to shareholders per share

 

$

2.66

 

 

$

1.16

 

 

129%

 

 

$

8.27

 

 

$

4.07

 

 

103%

 

Basic earnings attributable to shareholders per share

 

$

2.69

 

 

$

1.17

 

 

130%

 

 

$

8.37

 

 

$

4.14

 

 

102%

 

Diluted weighted average shares outstanding

 

 

170,293

 

 

 

171,692

 

 

 

 

 

 

 

171,250

 

 

 

170,896

 

 

 

 

 

Basic weighted average shares outstanding

 

 

168,393

 

 

 

169,473

 

 

 

 

 

 

 

169,145

 

 

 

168,333

 

 

 

 

 

 

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.

3Beginning in the first quarter of 2019, the Company made changes to its process and presentation of freight services revenue and directly related transportation operating expenses with the objective that at each reporting level (reporting entity, segment and consolidated level) the gross revenue and associated directly related operating expenses be representative of the location where the services were performed, the operating expenses were incurred and where the revenues were earned. During the second quarter of 2021, management identified and corrected certain immaterial errors in the Company’s historical financial statements primarily related to this process that was utilized through the first quarter of 2021. The process missed an intercompany elimination of revenues and an equal and offsetting amount of directly related transportation expenses, principally impacting airfreight services in North Asia. The errors overstated revenues and directly related transportation operating expenses by equal amounts in the consolidated statements of earnings. The errors had no impact on operating income, net earnings, and earnings per share nor any other financial statement amount. Further, the errors had no impact on the balance sheets, statements of shareholders’ equity, other comprehensive income and cash flows. These errors do not affect any of the metrics used to calculate or evaluate management’s compensation and had no impact on bonuses, commissions, share-based compensation or any other employee remuneration. Historical amounts have been revised and are presented on a comparable basis.

 

During the years ended December 31, 2021 and 2020, we repurchased 4.4 million and 4.6 million shares of common stock at an average price of $117.54 and $72.26 per share, respectively. In addition, during 2021 and 2020, we paid cash dividends of $1.16 and $1.04 per share, respectively.

 

 

 

Employee Full-time Equivalents as of December 31,

 

 

 

2021

 

 

2020

 

North America

 

 

7,587

 

 

 

6,724

 

Europe

 

 

3,984

 

 

 

3,492

 

North Asia

 

 

2,487

 

 

 

2,398

 

South Asia

 

 

1,785

 

 

 

1,631

 

Middle East, Africa and India

 

 

1,511

 

 

 

1,497

 

Latin America

 

 

832

 

 

 

784

 

Information Systems

 

 

994

 

 

 

983

 

Corporate

 

 

408

 

 

 

399

 

Total

 

 

19,588

 

 

 

17,908

 

 

Disclaimer on Forward-Looking Statements:

NOTE:  See Disclaimer on Forward-Looking Statements in this release.

 

 

 

 

 

Fourth quarter year-over-year

percentage increase (decrease) in:

 

 

 

Airfreight

kilos

 

 

Ocean freight

FEU

 

2021

 

 

 

 

 

 

 

 

October

 

13%

 

 

2%

 

November

 

13%

 

 

(7)%

 

December

 

12%

 

 

(7)%

 

Quarter

 

13%

 

 

(4)%

 

 

Investors may submit written questions via e-mail to: investor@expeditors.com. Questions received by the end of business on February 25,2022 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,” based on management’s views with respect to future events and underlying assumptions that involve risks and uncertainties. These forward-looking statements include statements regarding the future stabilization of supply/demand imbalance and rate volatility; the continued unsettled operating environment due to continued scarce air and ocean capacity; elevated air and ocean pricing and an increase in demand for such services; port congestion; equipment imbalances; labor shortages; insufficient warehouse and pier space; trade disruptions; rising fuels costs; and the uneven lifting of the COVID-19 pandemic restrictions. Future financial performance could differ materially because of factors such as: our ability to leverage the strength of our carrier relationships to secure space; the strength of our non-asset-based operating model; our belief that a decline in demand to pre-pandemic levels could lead to a decline in operating results; our ability to re-open our offices for return-to-work; our ability to continue to enhance our productivity; our expectation that the current unprecedented operating conditions will not persist long-term; our ability to invest in our strategic efforts to explore new areas for profitable growth; and our ability to remain a strong, healthy, unified and resilient organization where people want to work. These risks and uncertainties also include but are not limited to our ongoing investigation of the cyberattack, the length of time that our global operations are not fully functional, and the adverse material impact that this cyberattack may have on our business, revenues, results of operations and reputation. 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, and the ability of third-party providers to perform and potential litigation. 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, 2020 and in “Item 1A. Risk Factors” of the Company’s most recent Quarterly Report on Form 10-Q. Additional information will also be set forth in our Annual Report on Form 10-K for the year ended December 31, 2021. 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)

 

 

 

December 31, 2021

 

 

December 31, 2020

 

Assets:

 

 

 

 

 

 

 

 

Current Assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

1,728,692

 

 

$

1,527,791

 

Accounts receivable, less allowance for credit loss of $6,686 and $5,579 at December 31, 2021 and 2020, respectively

 

 

3,810,286

 

 

 

1,998,055

 

Deferred contract costs

 

 

987,266

 

 

 

327,448

 

Other

 

 

108,801

 

 

 

110,250

 

Total current assets

 

 

6,635,045

 

 

 

3,963,544

 

Property and equipment, net

 

 

487,870

 

 

 

506,425

 

Operating lease right-of-use assets

 

 

459,158

 

 

 

432,723

 

Goodwill

 

 

7,927

 

 

 

7,927

 

Deferred federal and state income taxes, net

 

 

729

 

 

 

—

 

Other assets, net

 

 

19,200

 

 

 

16,884

 

Total assets

 

$

7,609,929

 

 

$

4,927,503

 

Liabilities:

 

 

 

 

 

 

 

 

Current Liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

2,012,461

 

 

$

1,136,859

 

Accrued expenses, primarily salaries and related costs

 

 

403,625

 

 

 

257,021

 

Contract liabilities

 

 

1,142,026

 

 

 

379,722

 

Current portion of operating lease liabilities

 

 

82,019

 

 

 

74,004

 

Federal, state and foreign income taxes

 

 

86,166

 

 

 

45,437

 

Total current liabilities

 

 

3,726,297

 

 

 

1,893,043

 

Noncurrent portion of operating lease liabilities

 

 

385,641

 

 

 

364,185

 

Deferred federal and state income taxes, net

 

 

—

 

 

 

7,048

 

Commitments and contingencies

 

 

 

 

 

 

 

 

Shareholders’ Equity:

 

 

 

 

 

 

 

 

Preferred stock, none issued

 

 

—

 

 

 

—

 

Common stock, par value $0.01 per share. Issued and outstanding: 167,210 shares and 169,294 shares at December 31, 2021 and 2020, respectively

 

 

1,672

 

 

 

1,693

 

Additional paid-in capital

 

 

3,160

 

 

 

157,496

 

Retained earnings

 

 

3,620,008

 

 

 

2,600,201

 

Accumulated other comprehensive loss

 

 

(130,414

)

 

 

(99,753

)

Total shareholders’ equity

 

 

3,494,426

 

 

 

2,659,637

 

Noncontrolling interest

 

 

3,565

 

 

 

3,590

 

Total equity

 

 

3,497,991

 

 

 

2,663,227

 

Total liabilities and equity

 

$

7,609,929

 

 

$

4,927,503

 

 

 

 

 

Expeditors International of Washington, Inc.

Page 4 of 8

 

 

EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.

AND SUBSIDIARIES

Condensed Consolidated Statements of Earnings

(In thousands, except per share data)

(Unaudited)

 

 

 

Three months ended December 31,

 

 

Twelve months ended December 31,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Airfreight services

 

$

2,293,803

 

 

$

1,365,575

 

 

$

6,771,402

 

 

$

4,274,026

 

Ocean freight and ocean services

 

 

1,894,759

 

 

 

751,803

 

 

 

5,545,818

 

 

 

2,342,344

 

Customs brokerage and other services

 

 

1,207,781

 

 

 

863,457

 

 

 

4,206,297

 

 

 

2,968,023

 

Total revenues

 

 

5,396,343

 

 

 

2,980,835

 

 

 

16,523,517

 

 

 

9,584,393

 

Operating Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Airfreight services

 

 

1,732,127

 

 

 

1,046,603

 

 

 

5,067,380

 

 

 

3,168,808

 

Ocean freight and ocean services

 

 

1,505,140

 

 

 

574,154

 

 

 

4,364,160

 

 

 

1,751,850

 

Customs brokerage and other services

 

 

789,481

 

 

 

531,492

 

 

 

2,626,615

 

 

 

1,736,044

 

Salaries and related

 

 

609,449

 

 

 

427,344

 

 

 

2,062,351

 

 

 

1,538,104

 

Rent and occupancy

 

 

48,911

 

 

 

43,480

 

 

 

186,287

 

 

 

169,863

 

Depreciation and amortization

 

 

12,897

 

 

 

14,339

 

 

 

51,312

 

 

 

56,959

 

Selling and promotion

 

 

5,547

 

 

 

4,135

 

 

 

16,026

 

 

 

18,436

 

Other

 

 

69,262

 

 

 

57,477

 

 

 

240,060

 

 

 

203,892

 

Total operating expenses

 

 

4,772,814

 

 

 

2,699,024

 

 

 

14,614,191

 

 

 

8,643,956

 

Operating income

 

 

623,529

 

 

 

281,811

 

 

 

1,909,326

 

 

 

940,437

 

Other Income (Expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

2,211

 

 

 

1,545

 

 

 

8,807

 

 

 

10,415

 

Other, net

 

 

101

 

 

 

551

 

 

 

6,483

 

 

 

5,712

 

Other income, net

 

 

2,312

 

 

 

2,096

 

 

 

15,290

 

 

 

16,127

 

Earnings before income taxes

 

 

625,841

 

 

 

283,907

 

 

 

1,924,616

 

 

 

956,564

 

Income tax expense

 

 

171,830

 

 

 

84,382

 

 

 

505,771

 

 

 

258,350

 

Net earnings

 

 

454,011

 

 

 

199,525

 

 

 

1,418,845

 

 

 

698,214

 

Less net earnings attributable to the noncontrolling

   interest

 

 

1,179

 

 

 

905

 

 

 

3,353

 

 

 

2,074

 

Net earnings attributable to shareholders

 

$

452,832

 

 

$

198,620

 

 

$

1,415,492

 

 

$

696,140

 

Diluted earnings attributable to shareholders per share

 

$

2.66

 

 

$

1.16

 

 

$

8.27

 

 

$

4.07

 

Basic earnings attributable to shareholders per share

 

$

2.69

 

 

$

1.17

 

 

$

8.37

 

 

$

4.14

 

Weighted average diluted shares outstanding

 

 

170,293

 

 

 

171,692

 

 

 

171,250

 

 

 

170,896

 

Weighted average basic shares outstanding

 

 

168,393

 

 

 

169,473

 

 

 

169,145

 

 

 

168,333

 

 

 

 

Expeditors International of Washington, Inc.

Page 6 of 8

 

 

EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.

AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

 

 

 

Three months ended December 31,

 

 

Twelve months ended December 31,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Operating Activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings

 

$

454,011

 

 

$

199,525

 

 

$

1,418,845

 

 

$

698,214

 

Adjustments to reconcile net earnings to net cash from operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Provisions for losses on accounts receivable

 

 

1,512

 

 

 

977

 

 

 

7,540

 

 

 

5,584

 

Deferred income tax (benefit) expense

 

 

(6,033

)

 

 

5,499

 

 

 

(3,690

)

 

 

8,371

 

Stock compensation expense

 

 

12,087

 

 

 

17,407

 

 

 

69,385

 

 

 

62,498

 

Depreciation and amortization

 

 

12,897

 

 

 

14,339

 

 

 

51,312

 

 

 

56,959

 

Other, net

 

 

2,267

 

 

 

490

 

 

 

3,790

 

 

 

3,960

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Increase in accounts receivable

 

 

(491,830

)

 

 

(372,753

)

 

 

(1,869,827

)

 

 

(647,193

)

Increase in accounts payable and accrued expenses

 

 

272,280

 

 

 

228,523

 

 

 

1,041,805

 

 

 

430,452

 

Increase in deferred contract costs

 

 

(149,701

)

 

 

(89,560

)

 

 

(700,273

)

 

 

(189,447

)

Increase in contract liabilities

 

 

168,551

 

 

 

105,455

 

 

 

803,837

 

 

 

217,699

 

Increase (decrease) in income taxes payable, net

 

 

25,845

 

 

 

19,146

 

 

 

57,867

 

 

 

8,502

 

Decrease (increase) in other, net

 

 

3,111

 

 

 

12,612

 

 

 

(12,097

)

 

 

(630

)

Net cash from operating activities

 

 

304,997

 

 

 

141,660

 

 

 

868,494

 

 

 

654,969

 

Investing Activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Purchase of property and equipment

 

 

(11,447

)

 

 

(10,124

)

 

 

(36,247

)

 

 

(47,543

)

Other, net

 

 

(345

)

 

 

553

 

 

 

(398

)

 

 

1,516

 

Net cash from investing activities

 

 

(11,792

)

 

 

(9,571

)

 

 

(36,645

)

 

 

(46,027

)

Financing Activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Proceeds from borrowing on lines of credit, net

 

 

(56

)

 

 

32

 

 

 

7,512

 

 

 

43

 

Proceeds from issuance of common stock

 

 

6,672

 

 

 

12,329

 

 

 

106,105

 

 

 

186,345

 

Repurchases of common stock

 

 

(289,530

)

 

 

(18,162

)

 

 

(514,594

)

 

 

(332,387

)

Dividends Paid

 

 

(97,379

)

 

 

(88,114

)

 

 

(195,766

)

 

 

(174,929

)

Payments for taxes related to net share settlement of equity awards

 

 

—

 

 

 

—

 

 

 

(15,172

)

 

 

(10,566

)

Distributions to noncontrolling interest

 

 

—

 

 

 

—

 

 

 

(1,631

)

 

 

—

 

Net cash from financing activities

 

 

(380,293

)

 

 

(93,915

)

 

 

(613,546

)

 

 

(331,494

)

Effect of exchange rate changes on cash and cash equivalents

 

 

(4,326

)

 

 

24,107

 

 

 

(17,402

)

 

 

19,852

 

Change in cash and cash equivalents

 

 

(91,414

)

 

 

62,281

 

 

 

200,901

 

 

 

297,300

 

Cash and cash equivalents at beginning of period

 

 

1,820,106

 

 

 

1,465,510

 

 

 

1,527,791

 

 

 

1,230,491

 

Cash and cash equivalents at end of period

 

$

1,728,692

 

 

$

1,527,791

 

 

$

1,728,692

 

 

$

1,527,791

 

Taxes Paid:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income taxes

 

$

147,396

 

 

$

59,607

 

 

$

442,549

 

 

$

239,849

 

 

 

 

 

Expeditors International of Washington, Inc.

Page 6 of 8

 

 

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 December 31, 2021:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

$

1,337,772

 

 

 

128,240

 

 

 

63,013

 

 

 

2,154,243

 

 

 

740,305

 

 

 

682,819

 

 

 

291,040

 

 

 

(1,089

)

 

 

5,396,343

 

Directly related cost of transportation and other expenses1

 

$

760,915

 

 

 

70,450

 

 

 

39,072

 

 

 

1,824,159

 

 

 

615,659

 

 

 

485,732

 

 

 

231,171

 

 

 

(410

)

 

 

4,026,748

 

Salaries and other operating expenses2

 

$

300,474

 

 

 

33,033

 

 

 

15,908

 

 

 

160,862

 

 

 

58,360

 

 

 

135,422

 

 

 

42,682

 

 

 

(675

)

 

 

746,066

 

Operating income

 

$

276,383

 

 

 

24,757

 

 

 

8,033

 

 

 

169,222

 

 

 

66,286

 

 

 

61,665

 

 

 

17,187

 

 

 

(4

)

 

 

623,529

 

Identifiable assets at period end

 

$

3,699,748

 

 

 

265,872

 

 

 

122,327

 

 

 

1,587,659

 

 

 

572,980

 

 

 

1,089,963

 

 

 

350,843

 

 

 

(79,463

)

 

 

7,609,929

 

Capital expenditures

 

$

7,596

 

 

 

549

 

 

 

171

 

 

 

594

 

 

 

595

 

 

 

1,599

 

 

 

343

 

 

 

—

 

 

 

11,447

 

Depreciation and amortization

 

$

7,476

 

 

 

439

 

 

 

270

 

 

 

1,269

 

 

 

508

 

 

 

2,333

 

 

 

602

 

 

 

—

 

 

 

12,897

 

Equity

 

$

2,599,804

 

 

 

111,952

 

 

 

41,743

 

 

 

224,765

 

 

 

140,129

 

 

 

294,348

 

 

 

123,598

 

 

 

(38,348

)

 

 

3,497,991

 

For the three months ended December 31, 2020:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues3

 

$

800,663

 

 

 

93,554

 

 

 

41,526

 

 

 

1,148,483

 

 

 

319,687

 

 

 

431,619

 

 

 

146,331

 

 

 

(1,028

)

 

 

2,980,835

 

Directly related cost of transportation and other expenses1,3

 

$

460,287

 

 

 

60,026

 

 

 

23,421

 

 

 

951,331

 

 

 

247,314

 

 

 

299,485

 

 

 

110,914

 

 

 

(529

)

 

 

2,152,249

 

Salaries and other operating expenses2

 

$

245,722

 

 

 

26,367

 

 

 

11,894

 

 

 

96,498

 

 

 

40,251

 

 

 

101,631

 

 

 

24,905

 

 

 

(493

)

 

 

546,775

 

Operating income

 

$

94,654

 

 

 

7,161

 

 

 

6,211

 

 

 

100,654

 

 

 

32,122

 

 

 

30,503

 

 

 

10,512

 

 

 

(6

)

 

 

281,811

 

Identifiable assets at period end

 

$

2,532,324

 

 

 

186,204

 

 

 

85,085

 

 

 

876,856

 

 

 

272,106

 

 

 

752,589

 

 

 

240,984

 

 

 

(18,645

)

 

 

4,927,503

 

Capital expenditures

 

$

3,328

 

 

 

194

 

 

 

66

 

 

 

417

 

 

 

1,229

 

 

 

2,976

 

 

 

1,914

 

 

 

—

 

 

 

10,124

 

Depreciation and amortization

 

$

9,235

 

 

 

498

 

 

 

284

 

 

 

1,283

 

 

 

493

 

 

 

2,091

 

 

 

455

 

 

 

—

 

 

 

14,339

 

Equity

 

$

1,928,945

 

 

 

67,243

 

 

 

32,273

 

 

 

241,155

 

 

 

121,411

 

 

 

196,637

 

 

 

114,369

 

 

 

(38,806

)

 

 

2,663,227

 

 

 

 

UNITED

STATES

 

 

OTHER

NORTH

AMERICA

 

 

LATIN

AMERICA

 

 

NORTH

ASIA

 

 

SOUTH

ASIA

 

 

EUROPE

 

 

MIDDLE

EAST,

AFRICA

AND

INDIA

 

 

ELIMI-

NATIONS

 

 

CONSOLI-

DATED

 

For the twelve months ended December 31, 2021:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues3

 

$

4,344,825

 

 

 

440,226

 

 

 

209,161

 

 

 

6,363,054

 

 

 

2,046,569

 

 

 

2,258,911

 

 

 

865,509

 

 

 

(4,738

)

 

 

16,523,517

 

Directly related cost of transportation and other expenses1,3

 

$

2,491,947

 

 

 

245,842

 

 

 

125,940

 

 

 

5,295,612

 

 

 

1,666,792

 

 

 

1,558,705

 

 

 

675,303

 

 

 

(1,986

)

 

 

12,058,155

 

Salaries and other operating expenses2

 

$

1,019,236

 

 

 

123,147

 

 

 

57,779

 

 

 

515,703

 

 

 

204,574

 

 

 

494,760

 

 

 

143,581

 

 

 

(2,744

)

 

 

2,556,036

 

Operating income

 

$

833,642

 

 

 

71,237

 

 

 

25,442

 

 

 

551,739

 

 

 

175,203

 

 

 

205,446

 

 

 

46,625

 

 

 

(8

)

 

 

1,909,326

 

Identifiable assets at period end

 

$

3,699,748

 

 

 

265,872

 

 

 

122,327

 

 

 

1,587,659

 

 

 

572,980

 

 

 

1,089,963

 

 

 

350,843

 

 

 

(79,463

)

 

 

7,609,929

 

Capital expenditures

 

$

19,527

 

 

 

983

 

 

 

471

 

 

 

1,786

 

 

 

2,057

 

 

 

9,507

 

 

 

1,916

 

 

 

—

 

 

 

36,247

 

Depreciation and amortization

 

$

29,826

 

 

 

1,780

 

 

 

1,079

 

 

 

5,047

 

 

 

1,965

 

 

 

9,228

 

 

 

2,387

 

 

 

—

 

 

 

51,312

 

Equity

 

$

2,599,804

 

 

 

111,952

 

 

 

41,743

 

 

 

224,765

 

 

 

140,129

 

 

 

294,348

 

 

 

123,598

 

 

 

(38,348

)

 

 

3,497,991

 

For the twelve months ended December 31, 2020:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues3

 

$

2,776,537

 

 

 

325,878

 

 

 

156,163

 

 

 

3,425,510

 

 

 

961,989

 

 

 

1,455,746

 

 

 

486,331

 

 

 

(3,761

)

 

 

9,584,393

 

Directly related cost of transportation and other expenses1,3

 

$

1,568,452

 

 

 

190,326

 

 

 

93,249

 

 

 

2,744,264

 

 

 

711,004

 

 

 

992,357

 

 

 

359,002

 

 

 

(1,952

)

 

 

6,656,702

 

Salaries and other operating expenses2

 

$

877,117

 

 

 

100,687

 

 

 

48,114

 

 

 

332,978

 

 

 

149,269

 

 

 

375,900

 

 

 

104,968

 

 

 

(1,779

)

 

 

1,987,254

 

Operating income

 

$

330,968

 

 

 

34,865

 

 

 

14,800

 

 

 

348,268

 

 

 

101,716

 

 

 

87,489

 

 

 

22,361

 

 

 

(30

)

 

 

940,437

 

Identifiable assets at period end

 

$

2,532,324

 

 

 

186,204

 

 

 

85,085

 

 

 

876,856

 

 

 

272,106

 

 

 

752,589

 

 

 

240,984

 

 

 

(18,645

)

 

 

4,927,503

 

Capital expenditures

 

$

31,604

 

 

 

1,886

 

 

 

564

 

 

 

2,202

 

 

 

2,264

 

 

 

6,394

 

 

 

2,629

 

 

 

—

 

 

 

47,543

 

Depreciation and amortization

 

$

37,081

 

 

 

1,946

 

 

 

1,194

 

 

 

4,961

 

 

 

1,876

 

 

 

8,029

 

 

 

1,872

 

 

 

—

 

 

 

56,959

 

Equity

 

$

1,928,945

 

 

 

67,243

 

 

 

32,273

 

 

 

241,155

 

 

 

121,411

 

 

 

196,637

 

 

 

114,369

 

 

 

(38,806

)

 

 

2,663,227

 

 

 

Expeditors International of Washington, Inc.

Page 7 of 8

 

 

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.

3Beginning in the first quarter of 2019, the Company made changes to its process and presentation of freight services revenue and directly related transportation operating expenses with the objective that at each reporting level (reporting entity, segment and consolidated level) the gross revenue and associated directly related operating expenses be representative of the location where the services were performed, the operating expenses were incurred and where the revenues were earned. During the second quarter of 2021, management identified and corrected certain immaterial errors in the Company’s historical financial statements primarily related to this process that was utilized through the first quarter of 2021. The process missed an intercompany elimination of revenues and an equal and offsetting amount of directly related transportation expenses, principally impacting airfreight services in North Asia. The errors overstated revenues and directly related transportation operating expenses by equal amounts in the consolidated statements of earnings. The errors had no impact on operating income, net earnings, and earnings per share nor any other financial statement amount. Further, the errors had no impact on the balance sheets, statements of shareholders’ equity, other comprehensive income and cash flows. Historical amounts for business segment information have been revised and are presented on a comparable basis.

 

 

 

Expeditors International of Washington, Inc.

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Document and Entity Information
Feb. 22, 2022
Cover [Abstract]  
Document Type 8-K
Amendment Flag false
Document Period End Date Feb. 22, 2022
Entity Registrant Name EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.
Entity Central Index Key 0000746515
Entity Emerging Growth Company false
Entity File Number 000-13468
Entity Incorporation, State or Country Code WA
Entity Tax Identification Number 91-1069248
Entity Address, Address Line One 1015 Third Avenue
Entity Address, City or Town Seattle
Entity Address, State or Province WA
Entity Address, Postal Zip Code 98104
City Area Code 206
Local Phone Number 674-3400
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of each class Common Stock, par value $0.01 per share
Trading Symbol EXPD
Name of each exchange on which registered NASDAQ
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