UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K/A
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report: February 24, 2015
(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 | | (Commission File No.) | (IRS Employer Identification Number) |
incorporation or organization) | | | | |
| | | | |
| | | | |
1015 Third Avenue, 12th Floor, Seattle, Washington | 98104 | |
(Address of principal executive offices) | | (Zip Code) | |
| | | | |
| | (206) 674-3400 | | |
| (Registrant's telephone number, including area code) | |
| | | | |
| | N/A | | |
| (Former name or former address, if changed since last report) |
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:
|
| | |
o | | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| | |
o | | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| | |
o | | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| | |
o | | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
| | |
| | |
Explanatory Note
This Form 8-K/A is being filed as an amendment (“Amendment No. 1”) to the current report on Form 8-K filed with the Securities and Exchange Commission on February 24, 2015 ("Original Filing"). The sole purpose of this Amendment No. 1 is to file a corrected Exhibit 99.1 due to the inadvertent omission and misplacement of certain footnotes in the Original Filing. Other than as described above, Amendment No. 1 does not modify or update any disclosures in or exhibits to the Original Filing nor does it reflect any events that may have occurred subsequent to the Original Filing.
Item 2.02 Results of Operations and Financial Condition.
The following information is furnished pursuant to Item 2.02, “Results of Operations and Financial Condition.”
On February 24, 2015, Expeditors International of Washington, Inc., a Washington corporation, issued a press release announcing fourth quarter 2014 financial results. A copy of the press release is furnished as Exhibit 99.1 to this report.
Item 9.01 Financial Statements and Exhibits.
(d) The following items are filed as exhibits to this report:
99.1 Press release, dated February 24, 2015 issued by Expeditors International of Washington, Inc.
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.
March 6, 2015 /s/ BRADLEY S. POWELL
Bradley S. Powell, Senior Vice President and Chief Financial Officer
Exhibit 99.1
EARNINGS RELEASE
By: Expeditors International of Washington, Inc.
1015 Third Avenue, Suite 1200
Seattle, Washington 98104
| |
CONTACTS: | R. Jordan Gates Bradley S. Powell |
President and Chief Operating Officer Senior Vice President and Chief Financial Officer
(206) 674-3427 (206) 674-3412
EXPEDITORS REPORTS FOURTH QUARTER 2014 EPS OF $0.51 PER SHARE 1
SEATTLE, WASHINGTON - February 24, 2015, Expeditors International of Washington, Inc. (NASDAQ:EXPD) today announced net earnings attributable to shareholders of $99,381,000 for the fourth quarter of 2014, as compared with $83,496,000 for the same quarter of 2013, an increase of 19%. Net revenues2 for the fourth quarter of 2014 increased 9% to $518,871,000 as compared with $478,072,000 reported for the fourth quarter of 2013. Total revenues and operating income were $1,768,830,000 and $157,871,000 in 2014, as compared with $1,625,859,000 and $133,663,000 for the same quarter of 2013, increases of 9% and 18%, respectively. Diluted net earnings attributable to shareholders per share for the fourth quarter were $0.51, as compared with $0.41 for the same quarter in 2013, an increase of 24%.
For the year ended December 31, 2014, net earnings attributable to shareholders was $376,888,000, as compared with $348,526,000 in 2013, an increase of 8%. Net revenues for the year increased to $1,981,427,000 from $1,882,853,000 for 2013, up 5%. Total revenues and operating income for the year were $6,564,721,000 and $594,648,000 in 2014, as compared with $6,080,257,000 and $552,073,000 for the same period in 2013, both increases of 8%. Diluted net earnings attributable to shareholders per share for the year ended December 31, 2014 were $1.92, as compared with $1.68 for the same period of 2013, an increase of 14%.
“During the 2014 fourth quarter we saw strong year-over-year increases in both air and ocean freight volumes. Despite the 10 basis point reduction in overall net revenue margin, airfreight and ocean freight net revenues both managed double digit increases, up 10% and 11%, respectively, as overall net revenue increased 9%. We think this is significant,” said Bradley S. Powell, Senior Vice President and Chief Financial Officer. “The percentage growth in fourth quarter operating income was substantially in double digits, even when one-time charges in the 2013 fourth quarter are normalized. Operating income as a percentage of net revenue during the 2014 fourth quarter was just above our target of 30%, something we also view as significant. Net earnings per share for the fourth quarter saw a 24% increase, to $.51 per share and was significantly influenced by the $551 million in capital we returned to shareholders in the form of stock buybacks during 2014.” Powell continued.
“These fourth quarter results are a great affirmation of our efforts to date. We’ve worked steadily to improve our performance throughout 2014, being able to see the effects of our focus and concentration reflected this quarter in double digit operating income growth, as well as double digit growth in both air and ocean freight net revenue has provided us with some important positive reinforcement at a very opportune time. This is particularly true in light of a global economy that still struggles to gain traction,” said Jeffrey S. Musser, President and Chief Executive Officer. “We continue to be grateful for the dedication of our people, whose efforts, day in and day out, are what made these results happen. We would be particularly remiss not to acknowledge the long hours and extraordinary efforts by our ocean team to assist our customers in working through a most difficult and challenging ocean freight environment caused by the US West Coast labor situation,” Musser went on to say. “While this year has been one of change at Expeditors, the impact of greater synergies among the various parts of our internal and external network is becoming increasingly more visible. As we work to embrace new strategies and adapt to new organizational structures, we are already seeing the benefits of more global consistency and greater accountability, all which are necessary for us to achieve our strategic goals. While we still have much to do in fully implementing our strategic assessment, we feel good about moving into 2015 with the momentum created in the last several quarters," Musser concluded.
Expeditors is a global logistics company headquartered in Seattle, Washington. The company employs trained professionals in 186 full-service offices and numerous satellite 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, domestic time-definite transportation services, purchase order management, warehousing and distribution and customized logistics solutions.
________________________
1 Diluted earnings attributable to shareholders per share.
2 Non-GAAP measure calculated as revenues less directly related operating expenses attributable to the Company's principal services. See reconciliation on the last page of this release.
NOTE: See Disclaimer on Forward-Looking Statements on the following page of this release.
Expeditors International of Washington, Inc.
4th Quarter 2014 Earnings Release, February 24, 2015
Financial Highlights for the Three months and Years ended December 31, 2014 and 2013 (Unaudited)
(in 000's of US dollars except share data)
|
| | | | | | | | | | | | | | | | | | | |
| Three months ended December 31, | | | | Years ended December 31, | | |
| 2014 | | 2013 | | % Increase | | 2014 | | 2013 | | % Increase |
Revenues | $ | 1,768,830 |
| | $ | 1,625,859 |
| | 9% | | $ | 6,564,721 |
| | $ | 6,080,257 |
| | 8% |
Net revenues | $ | 518,871 |
| | $ | 478,072 |
| | 9% | | $ | 1,981,427 |
| | $ | 1,882,853 |
| | 5% |
Operating income3 | $ | 157,871 |
| | $ | 133,663 |
| | 18% | | $ | 594,648 |
| | $ | 552,073 |
| | 8% |
Net earnings attributable to shareholders | $ | 99,381 |
| | $ | 83,496 |
| | 19% | | $ | 376,888 |
| | $ | 348,526 |
| | 8% |
Diluted earnings attributable to shareholders | $ | 0.51 |
| | $ | 0.41 |
| | 24% | | $ | 1.92 |
| | $ | 1.68 |
| | 14% |
Basic earnings attributable to shareholders | $ | 0.52 |
| | $ | 0.41 |
| | 27% | | $ | 1.92 |
| | $ | 1.69 |
| | 14% |
Diluted weighted average shares outstanding | 193,307,389 |
| | 205,526,229 |
| | | | 196,768,067 |
| | 206,895,473 |
| | |
Basic weighted average shares outstanding | 192,708,729 |
| | 204,558,152 |
| | | | 196,146,676 |
| | 205,994,656 |
| | |
_______________________
3In the fourth quarter of 2013 the Company recorded $8 million of additional Salary and related costs related to the retirement bonus of Peter J. Rose, the Company’s Chairman and Chief Executive Officer, whose retirement was announced on October 7, 2013.
|
| | | | | |
| Employee headcount as of December 31, |
| 2014 | | 2013 |
North America | 5,279 |
| | 4,860 |
|
Asia Pacific | 3,824 |
| | 3,891 |
|
Europe | 2,472 |
| | 2,291 |
|
Middle East, Africa and India | 1,344 |
| | 1,316 |
|
Latin America | 748 |
| | 685 |
|
Information Systems | 702 |
| | 648 |
|
Corporate | 290 |
| | 277 |
|
Total | 14,659 |
| | 13,968 |
|
|
| | | | | | |
| | Year-over-year percentage increase in: |
| | Airfreight kilos | | Ocean freight FEU |
2014 | | | | |
October | | 9 | % | | 11 | % |
November | | 7 | % | | 10 | % |
December | | 19 | % | | 6 | % |
Quarter | | 11 | % | | 9 | % |
_______________________
Investors may submit written questions via e-mail to: investor@expeditors.com. Questions received by the end of business on February 27, 2015 will be considered in management's 8-K “Responses to Selected Questions” expected to be filed on or about March 13, 2015.
Disclaimer on Forward-Looking Statements:
Certain portions of this release contain forward-looking statements which are based on certain assumptions and expectations of future events that are subject to risks and uncertainties, including comments on, including positive trends in air tonnage and ocean volumes and related net revenues, strength of the global economy, ability to continue to improve our performance, ability to achieve benefits from new strategies and organization structure and ability to achieve strategic goals. Actual future results and trends may differ materially from historical results or those projected in any forward-looking statements depending on a variety of factors including, but not limited to, our ability to maintain consistent and stable operating results, future success of our business model, ability to perpetuate profits, changes in customer demand for Expeditors’ services caused by a general economic slow-down, customers’ inventory build-up, decreased consumer confidence, volatility in equity markets, energy and fuel prices, political changes, foreign exchange rates, regulatory actions or changes or the unpredictable acts of competitors and other risks, risk factors and uncertainties detailed in our Annual Report as updated by our reports on Form 10-Q, filed with the Securities and Exchange Commission.
EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.
AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(In thousands, except share data)
(Unaudited)
|
| | | | | | | |
| December 31, 2014 | | December 31, 2013 |
Assets | | | |
Current Assets: | | | |
Cash and cash equivalents | $ | 927,107 |
| | $ | 1,247,652 |
|
Short-term investments | 40,336 |
| | 26,337 |
|
Accounts receivable, net | 1,236,042 |
| | 1,073,500 |
|
Deferred Federal and state income taxes | 20,279 |
| | 18,396 |
|
Other current assets | 65,486 |
| | 49,384 |
|
Total current assets | 2,289,250 |
| | 2,415,269 |
|
Property and equipment, net | 538,415 |
| | 563,064 |
|
Goodwill | 7,927 |
| | 7,927 |
|
Other assets, net | 55,313 |
| | 28,552 |
|
| $ | 2,890,905 |
| | $ | 3,014,812 |
|
Liabilities and Equity | | | |
Current Liabilities: | | | |
Accounts payable | $ | 770,238 |
| | $ | 648,156 |
|
Accrued expenses, primarily salaries and related costs | 192,468 |
| | 200,301 |
|
Federal, state and foreign income taxes | 21,077 |
| | 21,743 |
|
Total current liabilities | 983,783 |
| | 870,200 |
|
Deferred Federal and state income taxes | 35,514 |
| | 58,281 |
|
Commitments and contingencies | | | |
Shareholders’ Equity: | | | |
Preferred stock; none issued | — |
| | — |
|
Common stock, par value $0.01 per share; issued and outstanding 191,655,690 shares at December 31, 2014 and 202,553,220 shares at December 31, 2013 | 1,916 |
| | 2,025 |
|
Additional paid-in capital | 1,113 |
| | 1,647 |
|
Retained earnings | 1,903,196 |
| | 2,087,376 |
|
Accumulated other comprehensive loss | (37,817 | ) | | (6,265 | ) |
Total shareholders’ equity | 1,868,408 |
| | 2,084,783 |
|
Noncontrolling interest | 3,200 |
| | 1,548 |
|
Total equity | 1,871,608 |
| | 2,086,331 |
|
| $ | 2,890,905 |
| | $ | 3,014,812 |
|
|
| | |
February 24, 2015 | Expeditors International of Washington, Inc. | Page 3 of 7 |
EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.
AND SUBSIDIARIES
Condensed Consolidated Statements of Earnings
(In thousands, except share data)
(Unaudited)
|
| | | | | | | | | | | | | | | |
| Three months ended | | Twelve months ended |
| December 31, | | December 31, |
| 2014 | | 2013 | | 2014 | | 2013 |
Revenues: | | | | | | | |
Airfreight services | $ | 780,011 |
| | $ | 742,371 |
| | $ | 2,780,840 |
| | $ | 2,633,830 |
|
Ocean freight and ocean services | 568,249 |
| | 495,552 |
| | 2,174,394 |
| | 1,958,231 |
|
Customs brokerage and other services | 420,570 |
| | 387,936 |
| | 1,609,487 |
| | 1,488,196 |
|
Total revenues | 1,768,830 |
| | 1,625,859 |
| | 6,564,721 |
| | 6,080,257 |
|
Operating Expenses: | | | | | | | |
Airfreight services | 600,713 |
| | 579,740 |
| | 2,103,777 |
| | 1,994,374 |
|
Ocean freight and ocean services | 446,244 |
| | 386,041 |
| | 1,712,795 |
| | 1,521,340 |
|
Customs brokerage and other services | 203,002 |
| | 182,006 |
| | 766,722 |
| | 681,690 |
|
Salaries and related costs | 276,072 |
| | 267,002 |
| | 1,065,329 |
| | 1,032,601 |
|
Rent and occupancy costs | 25,851 |
| | 24,990 |
| | 102,810 |
| | 98,437 |
|
Depreciation and amortization | 11,752 |
| | 12,490 |
| | 49,292 |
| | 48,071 |
|
Selling and promotion | 11,421 |
| | 9,352 |
| | 38,125 |
| | 33,243 |
|
Other | 35,904 |
| | 30,575 |
| | 131,223 |
| | 118,428 |
|
Total operating expenses | 1,610,959 |
| | 1,492,196 |
| | 5,970,073 |
| | 5,528,184 |
|
Operating income | 157,871 |
| | 133,663 |
| | 594,648 |
| | 552,073 |
|
| | | | | | | |
Interest income | 2,519 |
| | 2,530 |
| | 10,773 |
| | 11,810 |
|
Other, net | 223 |
| | 1,645 |
| | 5,468 |
| | 8,713 |
|
Other income, net | 2,742 |
| | 4,175 |
| | 16,241 |
| | 20,523 |
|
Earnings before income taxes | 160,613 |
| | 137,838 |
| | 610,889 |
| | 572,596 |
|
Income tax expense | 59,873 |
| | 53,829 |
| | 231,429 |
| | 222,585 |
|
Net earnings | 100,740 |
| | 84,009 |
| | 379,460 |
| | 350,011 |
|
Less net earnings attributable to the noncontrolling interest | 1,359 |
| | 513 |
| | 2,572 |
| | 1,485 |
|
Net earnings attributable to shareholders | $ | 99,381 |
| | $ | 83,496 |
| | $ | 376,888 |
| | $ | 348,526 |
|
Diluted earnings attributable to shareholders per share | $ | 0.51 |
| | $ | 0.41 |
| | $ | 1.92 |
| | $ | 1.68 |
|
Basic earnings attributable to shareholders per share | $ | 0.52 |
| | $ | 0.41 |
| | $ | 1.92 |
| | $ | 1.69 |
|
Dividends declared and paid per common share | $ | 0.32 |
| | $ | 0.30 |
| | $ | 0.64 |
| | $ | 0.60 |
|
Weighted average diluted shares outstanding | 193,307,389 |
| | 205,526,229 |
| | 196,768,067 |
| | 206,895,473 |
|
Weighted average basic shares outstanding | 192,708,729 |
| | 204,558,152 |
| | 196,146,676 |
| | 205,994,656 |
|
|
| | |
February 24, 2015 | 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 | | Twelve months ended |
| December 31, | | December 31, |
| 2014 | | 2013 | | 2014 | | 2013 |
Operating Activities: | | | | | | | |
Net earnings | $ | 100,740 |
| | $ | 84,009 |
| | $ | 379,460 |
| | $ | 350,011 |
|
Adjustments to reconcile net earnings to net cash from operating activities: | | | | | | | |
Provision for losses (recoveries) on accounts receivable | 818 |
| | (421 | ) | | 763 |
| | 2,116 |
|
Deferred income tax benefit | (14,576 | ) | | (730 | ) | | (6,576 | ) | | (20,975 | ) |
Excess tax benefits from stock plans | (84 | ) | | (656 | ) | | (1,115 | ) | | (2,339 | ) |
Stock compensation expense | 10,313 |
| | 10,753 |
| | 42,533 |
| | 43,813 |
|
Depreciation and amortization | 11,752 |
| | 12,490 |
| | 49,292 |
| | 48,071 |
|
Other | (5 | ) | | 208 |
| | 340 |
| | 844 |
|
Changes in operating assets and liabilities: | | | | | | | |
Increase in accounts receivable | (75,513 | ) | | (50,093 | ) | | (206,887 | ) | | (64,575 | ) |
Increase in accounts payable and accrued expenses | 39,388 |
| | 9,335 |
| | 153,424 |
| | 44,150 |
|
Increase (decrease) in income taxes payable, net | 14,117 |
| | (6,205 | ) | | (12,998 | ) | | 8,435 |
|
Decrease (increase) in other current assets | 2,582 |
| | 3,263 |
| | (3,270 | ) | | (2,015 | ) |
Net cash from operating activities | 89,532 |
| | 61,953 |
| | 394,966 |
| | 407,536 |
|
Investing Activities: | | | | | | | |
(Increase) decrease in short-term investments, net | (20 | ) | | 73,489 |
| | (14,000 | ) | | (26,201 | ) |
Purchase of property and equipment | (10,822 | ) | | (10,720 | ) | | (37,472 | ) | | (53,411 | ) |
Escrow deposit on land acquisition | — |
| | — |
| | (27,101 | ) | | — |
|
Other, net | (842 | ) | | 1,680 |
| | (338 | ) | | 2,806 |
|
Net cash from investing activities | (11,684 | ) | | 64,449 |
| | (78,911 | ) | | (76,806 | ) |
Financing Activities: | | | | | | | |
Proceeds from issuance of common stock | 10,800 |
| | 7,660 |
| | 69,269 |
| | 59,752 |
|
Repurchases of common stock | (75,621 | ) | | (136,730 | ) | | (550,781 | ) | | (261,936 | ) |
Excess tax benefits from stock plans | 84 |
| | 656 |
| | 1,115 |
| | 2,339 |
|
Dividends paid | (61,827 | ) | | (61,393 | ) | | (124,634 | ) | | (123,292 | ) |
Purchase of noncontrolling interest | — |
| | — |
| | — |
| | (7,730 | ) |
Distribution to noncontrolling interest | (418 | ) | | — |
| | (503 | ) | | (1,161 | ) |
Net cash from financing activities | (126,982 | ) | | (189,807 | ) | | (605,534 | ) | | (332,028 | ) |
Effect of exchange rate changes on cash and cash equivalents | (14,239 | ) | | 727 |
| | (31,066 | ) | | (11,892 | ) |
Decrease in cash and cash equivalents | (63,373 | ) | | (62,678 | ) | | (320,545 | ) | | (13,190 | ) |
Cash and cash equivalents at beginning of period | 990,480 |
| | 1,310,330 |
| | 1,247,652 |
| | 1,260,842 |
|
Cash and cash equivalents at end of period | $ | 927,107 |
| | $ | 1,247,652 |
| | $ | 927,107 |
| | $ | 1,247,652 |
|
Taxes paid: | | | | | | | |
Income taxes | $ | 59,081 |
| | $ | 61,169 |
| | $ | 254,439 |
| | $ | 235,368 |
|
|
| | |
February 24, 2015 | 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 | | ASIA PACIFIC4 | | EUROPE4 | | MIDDLE EAST, AFRICA and INDIA4 | | ELIMI- NATIONS | | CONSOLI- DATED |
Three months ended December 31, 2014: | | | | | | | | | | | | | | | |
Revenues from unaffiliated customers | $ | 438,744 |
| | 56,599 |
| | 23,464 |
| | 902,310 |
| | 267,923 |
| | 79,790 |
| | — |
| | 1,768,830 |
|
Transfers between geographic areas | 29,762 |
| | 3,062 |
| | 4,669 |
| | 12,357 |
| | 10,610 |
| | 5,016 |
| | (65,476 | ) | | — |
|
Total revenues | $ | 468,506 |
| | 59,661 |
| | 28,133 |
| | 914,667 |
| | 278,533 |
| | 84,806 |
| | (65,476 | ) | | 1,768,830 |
|
Net revenues | $ | 215,603 |
| | 29,614 |
| | 16,219 |
| | 152,415 |
| | 79,012 |
| | 26,008 |
| | — |
| | 518,871 |
|
Operating income | $ | 40,516 |
| | 13,320 |
| | 5,430 |
| | 69,193 |
| | 20,586 |
| | 8,826 |
| | — |
| | 157,871 |
|
Identifiable assets | $ | 1,408,598 |
| | 111,324 |
| | 53,815 |
| | 655,148 |
| | 447,349 |
| | 208,684 |
| | 5,987 |
| | 2,890,905 |
|
Capital expenditures | $ | 6,964 |
| | 392 |
| | 733 |
| | 1,161 |
| | 1,130 |
| | 442 |
| | — |
| | 10,822 |
|
Depreciation and amortization | $ | 7,453 |
| | 291 |
| | 246 |
| | 2,023 |
| | 1,314 |
| | 425 |
| | — |
| | 11,752 |
|
Equity | $ | 1,165,488 |
| | 54,338 |
| | 34,386 |
| | 361,529 |
| | 169,117 |
| | 121,520 |
| | (34,770 | ) | | 1,871,608 |
|
Three months ended December 31, 2013: | | | | | | | | | | | | | | | |
Revenues from unaffiliated customers | $ | 394,835 |
| | 54,651 |
| | 22,629 |
| | 838,881 |
| | 236,302 |
| | 78,561 |
| | — |
| | 1,625,859 |
|
Transfers between geographic areas | 24,262 |
| | 3,067 |
| | 5,578 |
| | 12,353 |
| | 10,430 |
| | 4,119 |
| | (59,809 | ) | | — |
|
Total revenues | $ | 419,097 |
| | 57,718 |
| | 28,207 |
| | 851,234 |
| | 246,732 |
| | 82,680 |
| | (59,809 | ) | | 1,625,859 |
|
Net revenues | $ | 197,560 |
| | 27,388 |
| | 15,918 |
| | 138,453 |
| | 74,203 |
| | 24,550 |
| | — |
| | 478,072 |
|
Operating income | $ | 34,509 |
| | 12,201 |
| | 1,727 |
| | 59,009 |
| | 17,791 |
| | 8,426 |
| | — |
| | 133,663 |
|
Identifiable assets | $ | 1,582,557 |
| | 104,735 |
| | 58,027 |
| | 668,032 |
| | 414,710 |
| | 180,646 |
| | 6,105 |
| | 3,014,812 |
|
Capital expenditures | $ | 6,503 |
| | 336 |
| | 459 |
| | 2,400 |
| | 775 |
| | 247 |
| | — |
| | 10,720 |
|
Depreciation and amortization | $ | 7,928 |
| | 267 |
| | 221 |
| | 2,096 |
| | 1,538 |
| | 440 |
| | — |
| | 12,490 |
|
Equity | $ | 1,330,262 |
| | 72,772 |
| | 29,590 |
| | 406,728 |
| | 178,729 |
| | 102,628 |
| | (34,378 | ) | | 2,086,331 |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Twelve months ended December 31, 2014: | | | | | | | | | | | | | | | |
Revenues from unaffiliated customers | $ | 1,694,819 |
| | 218,735 |
| | 89,058 |
| | 3,233,539 |
| | 1,012,389 |
| | 316,181 |
| | — |
| | 6,564,721 |
|
Transfers between geographic areas | 97,028 |
| | 10,891 |
| | 20,634 |
| | 49,599 |
| | 39,541 |
| | 19,654 |
| | (237,347 | ) | | — |
|
Total revenues | $ | 1,791,847 |
| | 229,626 |
| | 109,692 |
| | 3,283,138 |
| | 1,051,930 |
| | 335,835 |
| | (237,347 | ) | | 6,564,721 |
|
Net revenues | $ | 823,111 |
| | 108,631 |
| | 65,016 |
| | 570,793 |
| | 313,325 |
| | 100,551 |
| | — |
| | 1,981,427 |
|
Operating income | $ | 221,166 |
| | 36,475 |
| | 19,855 |
| | 230,092 |
| | 62,101 |
| | 24,959 |
| | — |
| | 594,648 |
|
Identifiable assets | $ | 1,408,598 |
| | 111,324 |
| | 53,815 |
| | 655,148 |
| | 447,349 |
| | 208,684 |
| | 5,987 |
| | 2,890,905 |
|
Capital expenditures | $ | 19,610 |
| | 1,439 |
| | 1,574 |
| | 9,073 |
| | 4,246 |
| | 1,530 |
| | — |
| | 37,472 |
|
Depreciation and amortization | $ | 31,553 |
| | 1,170 |
| | 911 |
| | 8,233 |
| | 5,690 |
| | 1,735 |
| | — |
| | 49,292 |
|
Equity | $ | 1,165,488 |
| | 54,338 |
| | 34,386 |
| | 361,529 |
| | 169,117 |
| | 121,520 |
| | (34,770 | ) | | 1,871,608 |
|
Twelve months ended December 31, 2013: | | | | | | | | | | | | | | | |
Revenues from unaffiliated customers | $ | 1,561,468 |
| | 215,968 |
| | 86,050 |
| | 3,046,039 |
| | 876,967 |
| | 293,765 |
| | — |
| | 6,080,257 |
|
Transfers between geographic areas | 89,570 |
| | 11,038 |
| | 21,711 |
| | 46,578 |
| | 38,728 |
| | 16,698 |
| | (224,323 | ) | | — |
|
Total revenues | $ | 1,651,038 |
| | 227,006 |
| | 107,761 |
| | 3,092,617 |
| | 915,695 |
| | 310,463 |
| | (224,323 | ) | | 6,080,257 |
|
Net revenues | $ | 770,519 |
| | 102,864 |
| | 61,478 |
| | 560,900 |
| | 288,407 |
| | 98,685 |
| | — |
| | 1,882,853 |
|
Operating income | $ | 195,799 |
| | 35,224 |
| | 15,734 |
| | 223,980 |
| | 53,294 |
| | 28,042 |
| | — |
| | 552,073 |
|
Identifiable assets | $ | 1,582,557 |
| | 104,735 |
| | 58,027 |
| | 668,032 |
| | 414,710 |
| | 180,646 |
| | 6,105 |
| | 3,014,812 |
|
Capital expenditures | $ | 28,699 |
| | 1,870 |
| | 1,010 |
| | 17,231 |
| | 3,313 |
| | 1,288 |
| | — |
| | 53,411 |
|
Depreciation and amortization | $ | 29,569 |
| | 882 |
| | 901 |
| | 8,381 |
| | 6,569 |
| | 1,769 |
| | — |
| | 48,071 |
|
Equity | $ | 1,330,262 |
| | 72,772 |
| | 29,590 |
| | 406,728 |
| | 178,729 |
| | 102,628 |
| | (34,378 | ) | | 2,086,331 |
|
4Effective in the fourth quarter of 2014, management made changes to the reporting structure of the geographic operating segments. Africa is now reported as Middle East, Africa and India ("MAIR") and certain countries have shifted between designated geographic areas. Amounts for 2013 have been recast to conform to the 2014 presentation. |
|
| | |
February 24, 2015 | Expeditors International of Washington, Inc. | Page 6 of 7 |
Net Revenues (Non-GAAP measure)
We commonly refer to the term “net revenues” when commenting about our Company and the results of its operations. Net revenues are a Non-GAAP measure calculated as revenues less directly related operations expenses attributable to the Company's principal services. We believe that net revenues are a better measure than are total revenues when analyzing and discussing our effectiveness in managing our principal services since total revenues earned as a freight consolidator include the carriers' charges to us for carrying the shipment, whereas revenues earned in other capacities include primarily the commissions and fees earned by us. Net revenue is one of our primary operational and financial measures and demonstrates our ability to concentrate and leverage purchasing power through effective consolidation of shipments from customers utilizing a variety of transportation carriers and optimal routings. Using net revenues also provides a commonality for comparison among various services. The following table presents the calculation of net revenues.
|
| | | | | | | | | | | | | | | |
| Three months ended | | Twelve months ended |
| December 31, | | December 31, |
(in thousands) | 2014 | | 2013 | | 2014 | | 2013 |
Total revenues | $ | 1,768,830 |
| | $ | 1,625,859 |
| | $ | 6,564,721 |
| | $ | 6,080,257 |
|
Expenses: | | | | | | | |
Airfreight services | 600,713 |
| | 579,740 |
| | 2,103,777 |
| | 1,994,374 |
|
Ocean freight and ocean services | 446,244 |
| | 386,041 |
| | 1,712,795 |
| | 1,521,340 |
|
Customs brokerage and other services | 203,002 |
| | 182,006 |
| | 766,722 |
| | 681,690 |
|
Net revenues | $ | 518,871 |
| | $ | 478,072 |
| | $ | 1,981,427 |
| | $ | 1,882,853 |
|
|
| | |
February 24, 2015 | Expeditors International of Washington, Inc. | Page 7 of 7 |
Expeditors International... (NASDAQ:EXPD)
過去 株価チャート
から 9 2024 まで 10 2024
Expeditors International... (NASDAQ:EXPD)
過去 株価チャート
から 10 2023 まで 10 2024