Expeditors Reports Third Quarter 2022 EPS of $2.54
SEATTLE--(BUSINESS WIRE)--Nov 8, 2022--
Expeditors International of Washington, Inc. (NASDAQ:EXPD) today announced third quarter 2022 financial results including the following highlights compared to the same quarter of 2021:
- Diluted Net Earnings Attributable to Shareholders per share (EPS 1 ) increased 22% to $2.54
- Net Earnings Attributable to Shareholders increased 15% to $414 million
- Operating Income increased 8% to $527 million
- Revenues increased 1% to $4.4 billion
- Airfreight tonnage volume and ocean container volume decreased 13% and 10%, respectively
“We continued to perform at a very high level, generating another strong quarter of financial performance and cash flow,” said Jeffrey S. Musser, President and Chief Executive Officer. “We accomplished this despite uncertain economic conditions that resulted in declines in tonnage and volumes, reductions in both buy and sell rates, and an overall rebalancing of capacity in the logistics freight markets. These conditions have continued in recent weeks and we believe that inflation, high energy costs, and government fiscal and monetary measures will continue to exert pressure on global supply chains. Additionally, many shippers are now looking to shrink retail inventories that were overstocked earlier in the year in reaction to COVID-related supply chain disruptions.
“All of our people and products performed well during the quarter, as buy and sell rates remained volatile while declining from their pandemic peaks. Once again, we were able to adjust quickly to rapidly evolving operating conditions in which pandemic-induced demand and supply chain constraints gave way to falling demand, and while not completely eliminated, an easing of many of the labor and equipment shortages and the bottlenecks that had so severely constrained capacity and impeded throughput at the ports over the past two years. We are also seeing air capacity return to higher levels, with Hong Kong and other origins in Asia reopening. In addition, the largely land- and port-based constraints that had so severely impacted the ocean market have significantly improved to where carriers are once again starting to manage capacity in certain trade lanes in an effort to address declining demand while sustaining falling rates.
“Based on what we currently see, these changing conditions that involve decelerating demand and an overall decline in rates are likely to continue for the remainder of 2022 and into 2023. Just as we quickly adapted to unprecedented operating conditions spurred by the pandemic, we are adjusting for this new operating environment and continue to make focused efforts to control costs. Most critically, we remain fully engaged with our customers to accommodate their needs for capacity and services, while looking forward to when the economy eventually reverses course and demand starts to increase again.”
Bradley S. Powell, Senior Vice President and Chief Financial Officer, added, “As we have commented previously, we did not expect the unprecedented COVID-related operating conditions to persist long-term. We believe we are now seeing a changing environment. While many concurrent disruptions continue to plague our industry, including the quarantines in China, the conflict in Ukraine, and the shortage of labor and certain equipment, conditions are starting to ease. We now believe we are seeing a shift towards slowing volumes and falling rates. We have been here before and know which levers to pull to enhance our efficiencies and control costs. We are ready to further align ourselves with a post-COVID environment of higher inflation and tapered demand. We do not know how long these new conditions will last. We will continue to invest appropriately for the long-term in our people, processes, and technology, and we believe we will be fully capable of meeting the eventual upturn in demand.” Mr. Powell noted that the Company benefitted from a favorable tax rate during the quarter and returned over $1 billion to shareholders via repurchased stock so far this year.
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.
_______________________ |
1 Diluted earnings attributable to shareholders per share. |
NOTE: See Disclaimer on Forward-Looking Statements in this release. |
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 uncertain air and ocean capacity; volatile air and ocean pricing and uneven demand for such services; port congestion; equipment imbalances; labor shortages; uncertain availability of warehouse and pier space; trade disruptions; rising fuels costs; the conflict in Ukraine; inflation, high energy costs, government fiscal and monetary measures, and signs of a slowing economy and drop in demand; and the uneven lifting of the COVID-19 pandemic restrictions around the world. 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 expectation that the supply/demand imbalance, rate volatility, and various on-shore bottlenecks may continue; our ability to control costs and continue to enhance our productivity; 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. The ongoing impact of 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, 2021 and the Company’s most recent 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. Third Quarter 2022 Earnings Release, November 8, 2022 Financial Highlights for the three and nine months ended September 30, 2022 and 2021 (Unaudited) (in 000's of US dollars except per share data) | ||||||||||||||||||||
|
| Three months ended September 30, |
| Nine months ended September 30, | ||||||||||||||||
|
| 2022 |
| 2021 |
| % Change |
| 2022 |
| 2021 |
| % Change | ||||||||
Revenues |
| $ | 4,362,146 |
|
| $ | 4,319,261 |
|
| 1% |
| $ | 13,629,756 |
|
| $ | 11,127,174 |
|
| 22% |
Directly related cost of transportation andother expenses 1 |
| $ | 3,194,273 |
|
| $ | 3,185,490 |
|
| - |
| $ | 10,151,332 |
|
| $ | 8,031,407 |
|
| 26% |
Salaries and other operating expenses 2 |
| $ | 640,950 |
|
| $ | 644,134 |
|
| - |
| $ | 1,983,759 |
|
| $ | 1,809,970 |
|
| 10% |
Operating income |
| $ | 526,923 |
|
| $ | 489,637 |
|
| 8% |
| $ | 1,494,665 |
|
| $ | 1,285,797 |
|
| 16% |
Net earnings attributable to shareholders |
| $ | 414,209 |
|
| $ | 359,068 |
|
| 15% |
| $ | 1,138,123 |
|
| $ | 962,660 |
|
| 18% |
Diluted earnings attributable toshareholders per share |
| $ | 2.54 |
|
| $ | 2.09 |
|
| 22% |
| $ | 6.84 |
|
| $ | 5.61 |
|
| 22% |
Basic earnings attributable to shareholdersper share |
| $ | 2.56 |
|
| $ | 2.12 |
|
| 21% |
| $ | 6.90 |
|
| $ | 5.68 |
|
| 21% |
Diluted weighted average sharesoutstanding |
|
| 163,250 |
|
|
| 171,565 |
|
| (5)% |
|
| 166,398 |
|
|
| 171,549 |
|
| (3)% |
Basic weighted average shares outstanding |
|
| 162,029 |
|
|
| 169,633 |
|
| (4)% |
|
| 164,944 |
|
|
| 169,398 |
|
| (3)% |
_______________________ | ||
1 | Directly 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. | |
2 | Salaries 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. |
|
| Employee Full-time Equivalents as of September 30, | ||||||
|
| 2022 |
| 2021 | ||||
North America |
|
| 7,799 |
|
|
| 7,315 |
|
Europe |
|
| 4,194 |
|
|
| 3,860 |
|
North Asia |
|
| 2,488 |
|
|
| 2,440 |
|
South Asia |
|
| 1,845 |
|
|
| 1,740 |
|
Middle East, Africa and India |
|
| 1,549 |
|
|
| 1,507 |
|
Latin America |
|
| 851 |
|
|
| 801 |
|
Information Systems |
|
| 1,144 |
|
|
| 976 |
|
Corporate |
|
| 399 |
|
|
| 395 |
|
Total |
|
| 20,269 |
|
|
| 19,034 |
|
|
| Third quarter year-over-year percentage decrease in: | ||
2022 |
| Airfreight kilos |
| Ocean freight FEU |
July |
| (11)% |
| (9)% |
August |
| (14)% |
| (11)% |
September |
| (15)% |
| (10)% |
Quarter |
| (13)% |
| (10)% |
During the three and nine months ended September 30, 2022, we repurchased 4.5 million and 9.5 million shares of common stock at $103.56 and $106.84 per share, respectively. During the three and nine months ended September 30, 2021, we repurchased 0.6 million and 2.0 million shares of common stock at an average price of $124.95 and $110.45 per share, respectively.
Investors may submit written questions via e-mail to: investor@expeditors.com. Questions received by the end of business on November 11, 2022 will be considered in management's 8-K “Responses to Selected Questions.”
EXPEDITORS INTERNATIONAL OF WASHINGTON, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets (In thousands, except per share data) (Unaudited) | ||||||||
|
| September 30, 2022 |
| December 31, 2021 | ||||
Assets: |
|
|
|
|
|
|
|
|
Current Assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
| $ | 2,154,534 |
|
| $ | 1,728,692 |
|
Accounts receivable, less allowance for credit loss of $9,760 at September 30, 2022 and $6,686 at December 31, 2021 |
|
| 2,748,322 |
|
|
| 3,810,286 |
|
Deferred contract costs |
|
| 499,935 |
|
|
| 987,266 |
|
Other |
|
| 184,765 |
|
|
| 108,801 |
|
Total current assets |
|
| 5,587,556 |
|
|
| 6,635,045 |
|
Property and equipment, less accumulated depreciation and amortization of $548,585 at September 30, 2022 and $541,677 at December 31, 2021 |
|
| 480,941 |
|
|
| 487,870 |
|
Operating lease right-of-use assets |
|
| 486,980 |
|
|
| 459,158 |
|
Goodwill |
|
| 7,927 |
|
|
| 7,927 |
|
Deferred federal and state income taxes, net |
|
| 27,295 |
|
|
| 729 |
|
Other assets, net |
|
| 16,827 |
|
|
| 19,200 |
|
Total assets |
| $ | 6,607,526 |
|
| $ | 7,609,929 |
|
Liabilities: |
|
|
|
|
|
|
|
|
Current Liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
|
| 1,544,757 |
|
|
| 2,012,461 |
|
Accrued liabilities, primarily salaries and related costs |
|
| 404,207 |
|
|
| 403,625 |
|
Contract liabilities |
|
| 594,244 |
|
|
| 1,142,026 |
|
Current portion of operating lease liabilities |
|
| 88,535 |
|
|
| 82,019 |
|
Federal, state and foreign income taxes |
|
| 74,507 |
|
|
| 86,166 |
|
Total current liabilities |
|
| 2,706,250 |
|
|
| 3,726,297 |
|
Noncurrent portion of operating lease liabilities |
|
| 409,883 |
|
|
| 385,641 |
|
Commitments and contingencies |
|
|
|
|
|
| ||
Shareholders’ Equity: |
|
|
|
|
|
|
|
|
Preferred stock, none issued |
|
| — |
|
|
| — |
|
Common stock, par value $0.01 per share. Issued and outstanding: 159,128 shares at September 30, 2022 and 167,210 shares at December 31, 2021 |
|
| 1,591 |
|
|
| 1,672 |
|
Additional paid-in capital |
|
| 118 |
|
|
| 3,160 |
|
Retained earnings |
|
| 3,738,600 |
|
|
| 3,620,008 |
|
Accumulated other comprehensive loss |
|
| (258,129 | ) |
|
| (130,414 | ) |
Total shareholders’ equity |
|
| 3,482,180 |
|
|
| 3,494,426 |
|
Noncontrolling interest |
|
| 9,213 |
|
|
| 3,565 |
|
Total equity |
|
| 3,491,393 |
|
|
| 3,497,991 |
|
Total liabilities and equity |
| $ | 6,607,526 |
|
| $ | 7,609,929 |
|
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, | ||||||||||||
|
| 2022 |
| 2021 |
| 2022 |
| 2021 | ||||||||
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Airfreight services |
| $ | 1,480,955 |
|
| $ | 1,628,115 |
|
| $ | 4,682,076 |
|
| $ | 4,477,599 |
|
Ocean freight and ocean services |
|
| 1,684,579 |
|
|
| 1,598,597 |
|
|
| 5,420,471 |
|
|
| 3,651,059 |
|
Customs brokerage and other services |
|
| 1,196,612 |
|
|
| 1,092,549 |
|
|
| 3,527,209 |
|
|
| 2,998,516 |
|
Total revenues |
|
| 4,362,146 |
|
|
| 4,319,261 |
|
|
| 13,629,756 |
|
|
| 11,127,174 |
|
Operating Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Airfreight services |
|
| 1,104,812 |
|
|
| 1,244,381 |
|
|
| 3,459,861 |
|
|
| 3,335,253 |
|
Ocean freight and ocean services |
|
| 1,343,355 |
|
|
| 1,254,334 |
|
|
| 4,345,963 |
|
|
| 2,859,020 |
|
Customs brokerage and other services |
|
| 746,106 |
|
|
| 686,775 |
|
|
| 2,345,508 |
|
|
| 1,837,134 |
|
Salaries and related |
|
| 499,341 |
|
|
| 519,611 |
|
|
| 1,546,503 |
|
|
| 1,452,902 |
|
Rent and occupancy |
|
| 52,715 |
|
|
| 46,730 |
|
|
| 155,241 |
|
|
| 137,376 |
|
Depreciation and amortization |
|
| 15,187 |
|
|
| 12,753 |
|
|
| 42,416 |
|
|
| 38,415 |
|
Selling and promotion |
|
| 6,239 |
|
|
| 4,237 |
|
|
| 16,174 |
|
|
| 10,479 |
|
Other |
|
| 67,468 |
|
|
| 60,803 |
|
|
| 223,425 |
|
|
| 170,798 |
|
Total operating expenses |
|
| 3,835,223 |
|
|
| 3,829,624 |
|
|
| 12,135,091 |
|
|
| 9,841,377 |
|
Operating income |
|
| 526,923 |
|
|
| 489,637 |
|
|
| 1,494,665 |
|
|
| 1,285,797 |
|
Other Income (Expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
| 7,835 |
|
|
| 2,462 |
|
|
| 12,447 |
|
|
| 6,596 |
|
Other, net |
|
| 98 |
|
|
| 733 |
|
|
| 7,731 |
|
|
| 6,382 |
|
Other income, net |
|
| 7,933 |
|
|
| 3,195 |
|
|
| 20,178 |
|
|
| 12,978 |
|
Earnings before income taxes |
|
| 534,856 |
|
|
| 492,832 |
|
|
| 1,514,843 |
|
|
| 1,298,775 |
|
Income tax expense |
|
| 120,694 |
|
|
| 132,922 |
|
|
| 368,975 |
|
|
| 333,941 |
|
Net earnings |
|
| 414,162 |
|
|
| 359,910 |
|
|
| 1,145,868 |
|
|
| 964,834 |
|
Less net (losses) earnings attributable to the noncontrolling interest |
|
| (47 | ) |
|
| 842 |
|
|
| 7,745 |
|
|
| 2,174 |
|
Net earnings attributable to shareholders |
| $ | 414,209 |
|
| $ | 359,068 |
|
| $ | 1,138,123 |
|
| $ | 962,660 |
|
Diluted earnings attributable to shareholders per share |
| $ | 2.54 |
|
| $ | 2.09 |
|
| $ | 6.84 |
|
| $ | 5.61 |
|
Basic earnings attributable to shareholders per share |
| $ | 2.56 |
|
| $ | 2.12 |
|
| $ | 6.90 |
|
| $ | 5.68 |
|
Weighted average diluted shares outstanding |
|
| 163,250 |
|
|
| 171,565 |
|
|
| 166,398 |
|
|
| 171,549 |
|
Weighted average basic shares outstanding |
|
| 162,029 |
|
|
| 169,633 |
|
|
| 164,944 |
|
|
| 169,398 |
|
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, | ||||||||||||
|
| 2022 |
| 2021 |
| 2022 |
| 2021 | ||||||||
Operating Activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings |
| $ | 414,162 |
|
| $ | 359,910 |
|
| $ | 1,145,868 |
|
| $ | 964,834 |
|
Adjustments to reconcile net earnings to net cash from operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provisions for losses on accounts receivable |
|
| 5,570 |
|
|
| 3,739 |
|
|
| 9,917 |
|
|
| 6,028 |
|
Deferred income tax (benefit) expense |
|
| (3,070 | ) |
|
| (7,658 | ) |
|
| (14,928 | ) |
|
| 2,343 |
|
Stock compensation expense |
|
| 14,175 |
|
|
| 15,204 |
|
|
| 51,296 |
|
|
| 57,298 |
|
Depreciation and amortization |
|
| 15,187 |
|
|
| 12,753 |
|
|
| 42,416 |
|
|
| 38,415 |
|
Other, net |
|
| 1,435 |
|
|
| 626 |
|
|
| 144 |
|
|
| 1,523 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Decrease (increase) in accounts receivable |
|
| 634,421 |
|
|
| (714,300 | ) |
|
| 880,364 |
|
|
| (1,377,997 | ) |
(Decrease) increase in accounts payable and accrued expenses |
|
| (350,922 | ) |
|
| 436,343 |
|
|
| (343,902 | ) |
|
| 769,525 |
|
Decrease (increase) in deferred contract costs |
|
| 226,087 |
|
|
| (328,932 | ) |
|
| 437,155 |
|
|
| (550,572 | ) |
(Decrease) increase in contract liabilities |
|
| (249,895 | ) |
|
| 381,192 |
|
|
| (488,826 | ) |
|
| 635,286 |
|
(Decrease) increase in income taxes payable, net |
|
| (31,397 | ) |
|
| 33,378 |
|
|
| (78,568 | ) |
|
| 32,022 |
|
(Increase) decrease in other, net |
|
| (5,369 | ) |
|
| (14,884 | ) |
|
| 2,040 |
|
|
| (15,208 | ) |
Net cash from operating activities |
|
| 670,384 |
|
|
| 177,371 |
|
|
| 1,642,976 |
|
|
| 563,497 |
|
Investing Activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase of property and equipment |
|
| (15,928 | ) |
|
| (9,870 | ) |
|
| (68,498 | ) |
|
| (24,800 | ) |
Other, net |
|
| (590 | ) |
|
| (157 | ) |
|
| (645 | ) |
|
| (53 | ) |
Net cash from investing activities |
|
| (16,518 | ) |
|
| (10,027 | ) |
|
| (69,143 | ) |
|
| (24,853 | ) |
Financing Activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments from borrowing on lines of credit |
|
| (21,117 | ) |
|
| (1,045 | ) |
|
| (29,601 | ) |
|
| (2,570 | ) |
Proceeds from borrowing on lines of credit |
|
| — |
|
|
| 8,524 |
|
|
| 56,545 |
|
|
| 10,138 |
|
Proceeds from issuance of common stock |
|
| 61,885 |
|
|
| 56,965 |
|
|
| 73,318 |
|
|
| 99,433 |
|
Repurchases of common stock |
|
| (469,041 | ) |
|
| (76,595 | ) |
|
| (1,018,106 | ) |
|
| (225,064 | ) |
Dividends paid |
|
| — |
|
|
| — |
|
|
| (109,828 | ) |
|
| (98,387 | ) |
Payments for taxes related to net share settlement of equity awards |
|
| — |
|
|
| (4 | ) |
|
| (19,333 | ) |
|
| (15,172 | ) |
Distribution to noncontrolling interest |
|
| (543 | ) |
|
| (1,631 | ) |
|
| (543 | ) |
|
| (1,631 | ) |
Net cash from financing activities |
|
| (428,816 | ) |
|
| (13,786 | ) |
|
| (1,047,548 | ) |
|
| (233,253 | ) |
Effect of exchange rate changes on cash and cash equivalents |
|
| (47,487 | ) |
|
| (7,573 | ) |
|
| (100,443 | ) |
|
| (13,076 | ) |
Change in cash and cash equivalents |
|
| 177,563 |
|
|
| 145,985 |
|
|
| 425,842 |
|
|
| 292,315 |
|
Cash and cash equivalents at beginning of period |
|
| 1,976,971 |
|
|
| 1,674,121 |
|
|
| 1,728,692 |
|
|
| 1,527,791 |
|
Cash and cash equivalents at end of period |
| $ | 2,154,534 |
|
| $ | 1,820,106 |
|
| $ | 2,154,534 |
|
| $ | 1,820,106 |
|
Taxes Paid: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income taxes |
| $ | 150,960 |
|
| $ | 104,617 |
|
| $ | 465,711 |
|
| $ | 295,153 |
|
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, 2022: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
| $ | 1,244,515 |
|
|
| 140,622 |
|
|
| 68,057 |
|
|
| 1,489,331 |
|
|
| 518,780 |
|
|
| 637,411 |
|
|
| 264,518 |
|
|
| (1,088 | ) |
|
| 4,362,146 |
|
Directly related cost of transportation and other expenses 1 |
| $ | 742,826 |
|
|
| 80,116 |
|
|
| 41,638 |
|
|
| 1,250,872 |
|
|
| 416,817 |
|
|
| 453,248 |
|
|
| 209,248 |
|
|
| (492 | ) |
|
| 3,194,273 |
|
Salaries and other operating expenses 2 |
| $ | 314,442 |
|
|
| 30,151 |
|
|
| 15,057 |
|
|
| 98,758 |
|
|
| 37,577 |
|
|
| 109,308 |
|
|
| 36,181 |
|
|
| (524 | ) |
|
| 640,950 |
|
Operating income |
| $ | 187,247 |
|
|
| 30,355 |
|
|
| 11,362 |
|
|
| 139,701 |
|
|
| 64,386 |
|
|
| 74,855 |
|
|
| 19,089 |
|
|
| (72 | ) |
|
| 526,923 |
|
Identifiable assets at period end |
| $ | 3,553,279 |
|
|
| 272,527 |
|
|
| 137,472 |
|
|
| 915,895 |
|
|
| 421,148 |
|
|
| 1,020,756 |
|
|
| 322,160 |
|
|
| (35,711 | ) |
|
| 6,607,526 |
|
Capital expenditures |
| $ | 9,278 |
|
|
| 556 |
|
|
| 419 |
|
|
| 581 |
|
|
| 426 |
|
|
| 3,619 |
|
|
| 1,049 |
|
|
| — |
|
|
| 15,928 |
|
Equity |
| $ | 2,430,632 |
|
|
| 129,346 |
|
|
| 59,494 |
|
|
| 304,496 |
|
|
| 180,855 |
|
|
| 289,595 |
|
|
| 140,147 |
|
|
| (43,172 | ) |
|
| 3,491,393 |
|
For the three months ended September 30, 2021: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
| $ | 1,134,096 |
|
|
| 116,404 |
|
|
| 54,303 |
|
|
| 1,690,381 |
|
|
| 538,780 |
|
|
| 564,810 |
|
|
| 221,777 |
|
|
| (1,290 | ) |
|
| 4,319,261 |
|
Directly related cost of transportation and other expenses 1 |
| $ | 661,515 |
|
|
| 63,031 |
|
|
| 34,216 |
|
|
| 1,417,283 |
|
|
| 445,970 |
|
|
| 389,208 |
|
|
| 174,733 |
|
|
| (466 | ) |
|
| 3,185,490 |
|
Salaries and other operating expenses 2 |
| $ | 238,943 |
|
|
| 33,077 |
|
|
| 14,759 |
|
|
| 141,109 |
|
|
| 54,003 |
|
|
| 126,475 |
|
|
| 36,598 |
|
|
| (830 | ) |
|
| 644,134 |
|
Operating income |
| $ | 233,638 |
|
|
| 20,296 |
|
|
| 5,328 |
|
|
| 131,989 |
|
|
| 38,807 |
|
|
| 49,127 |
|
|
| 10,446 |
|
|
| 6 |
|
|
| 489,637 |
|
Identifiable assets at period end |
| $ | 3,417,496 |
|
|
| 256,638 |
|
|
| 110,406 |
|
|
| 1,558,109 |
|
|
| 457,615 |
|
|
| 990,123 |
|
|
| 328,671 |
|
|
| (42,675 | ) |
|
| 7,076,383 |
|
Capital expenditures |
| $ | 6,001 |
|
|
| 248 |
|
|
| 175 |
|
|
| 435 |
|
|
| 351 |
|
|
| 2,254 |
|
|
| 406 |
|
|
| — |
|
|
| 9,870 |
|
Equity |
| $ | 2,451,584 |
|
|
| 93,084 |
|
|
| 37,087 |
|
|
| 368,535 |
|
|
| 129,941 |
|
|
| 258,805 |
|
|
| 123,304 |
|
|
| (41,748 | ) |
|
| 3,420,592 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 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, 2022: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
| $ | 3,751,102 |
|
|
| 390,220 |
|
|
| 191,900 |
|
|
| 4,840,822 |
|
|
| 1,776,355 |
|
|
| 1,871,509 |
|
|
| 811,147 |
|
|
| (3,299 | ) |
|
| 13,629,756 |
|
Directly related cost of transportation and other expenses 1 |
| $ | 2,303,428 |
|
|
| 230,154 |
|
|
| 118,793 |
|
|
| 4,054,319 |
|
|
| 1,463,173 |
|
|
| 1,335,267 |
|
|
| 647,510 |
|
|
| (1,312 | ) |
|
| 10,151,332 |
|
Salaries and other operating expenses 2 |
| $ | 962,817 |
|
|
| 86,328 |
|
|
| 42,654 |
|
|
| 326,767 |
|
|
| 121,634 |
|
|
| 333,971 |
|
|
| 111,481 |
|
|
| (1,893 | ) |
|
| 1,983,759 |
|
Operating income |
| $ | 484,857 |
|
|
| 73,738 |
|
|
| 30,453 |
|
|
| 459,736 |
|
|
| 191,548 |
|
|
| 202,271 |
|
|
| 52,156 |
|
|
| (94 | ) |
|
| 1,494,665 |
|
Identifiable assets at period end |
| $ | 3,553,279 |
|
|
| 272,527 |
|
|
| 137,472 |
|
|
| 915,895 |
|
|
| 421,148 |
|
|
| 1,020,756 |
|
|
| 322,160 |
|
|
| (35,711 | ) |
|
| 6,607,526 |
|
Capital expenditures |
| $ | 45,149 |
|
|
| 2,672 |
|
|
| 705 |
|
|
| 1,878 |
|
|
| 1,152 |
|
|
| 13,343 |
|
|
| 3,599 |
|
|
| — |
|
|
| 68,498 |
|
Equity |
| $ | 2,430,632 |
|
|
| 129,346 |
|
|
| 59,494 |
|
|
| 304,496 |
|
|
| 180,855 |
|
|
| 289,595 |
|
|
| 140,147 |
|
|
| (43,172 | ) |
|
| 3,491,393 |
|
For the nine months ended September 30, 2021: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
| $ | 3,007,053 |
|
|
| 311,986 |
|
|
| 146,148 |
|
|
| 4,208,811 |
|
|
| 1,306,264 |
|
|
| 1,576,092 |
|
|
| 574,469 |
|
|
| (3,649 | ) |
|
| 11,127,174 |
|
Directly related cost of transportation and other expenses 1 |
| $ | 1,731,032 |
|
|
| 175,392 |
|
|
| 86,868 |
|
|
| 3,471,453 |
|
|
| 1,051,133 |
|
|
| 1,072,973 |
|
|
| 444,132 |
|
|
| (1,576 | ) |
|
| 8,031,407 |
|
Salaries and other operating expenses 2 |
| $ | 718,762 |
|
|
| 90,114 |
|
|
| 41,871 |
|
|
| 354,841 |
|
|
| 146,214 |
|
|
| 359,338 |
|
|
| 100,899 |
|
|
| (2,069 | ) |
|
| 1,809,970 |
|
Operating income |
| $ | 557,259 |
|
|
| 46,480 |
|
|
| 17,409 |
|
|
| 382,517 |
|
|
| 108,917 |
|
|
| 143,781 |
|
|
| 29,438 |
|
|
| (4 | ) |
|
| 1,285,797 |
|
Identifiable assets at period end |
| $ | 3,417,496 |
|
|
| 256,638 |
|
|
| 110,406 |
|
|
| 1,558,109 |
|
|
| 457,615 |
|
|
| 990,123 |
|
|
| 328,671 |
|
|
| (42,675 | ) |
|
| 7,076,383 |
|
Capital expenditures |
| $ | 11,931 |
|
|
| 434 |
|
|
| 300 |
|
|
| 1,192 |
|
|
| 1,462 |
|
|
| 7,908 |
|
|
| 1,573 |
|
|
| — |
|
|
| 24,800 |
|
Equity |
| $ | 2,451,584 |
|
|
| 93,084 |
|
|
| 37,087 |
|
|
| 368,535 |
|
|
| 129,941 |
|
|
| 258,805 |
|
|
| 123,304 |
|
|
| (41,748 | ) |
|
| 3,420,592 |
|
1 Directly 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. |
2 Salaries 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. |
View source version on businesswire.com:https://www.businesswire.com/news/home/20221107006017/en/
CONTACT: Jeffrey S. Musser
President and Chief Executive Officer
(206) 674-3433Bradley S. Powell
Senior Vice President and Chief Financial Officer
(206) 674-3412Geoffrey Buscher
Director – Investor Relations
(206) 892-4510
KEYWORD: WASHINGTON UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: MARITIME AIR TRANSPORT LOGISTICS/SUPPLY CHAIN MANAGEMENT
SOURCE: Expeditors International of Washington, Inc.
Copyright Business Wire 2022.
