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 Chief Financial Officer
(206) 674-3427 (206) 674-3412
FOR IMMEDIATE RELEASE
_____________________________________________________________________________________________
EXPEDITORS REPORTS THIRD QUARTER 2011 EPS OF $.50 PER SHARE 1
SEATTLE, WASHINGTON - November 1, 2011, Expeditors International of Washington, Inc. (NASDAQ:EXPD) today announced net earnings attributable to shareholders of $106,604,000 for the third quarter of 2011, as compared with $96,105,000 for the same quarter of 2010, an increase of 11%. Net revenues for the third quarter of 2011 increased 8% to $493,846,000 as compared with $458,743,000 reported for the third quarter of 2010. Total revenues and operating income were $1,606,368,000 and $163,758,000 in 2011, as compared with $1,667,559,000 and $159,621,000 for the same quarter of 2010, a decrease of (4)% and an increase of 3%, respectively. Diluted net earnings attributable to shareholders per share for the third quarter were $.50, as compared with $.44 for the same quarter in 2010, an increase of 14%.
For the nine months ended September 30, 2011, net earnings attributable to shareholders was $292,836,000, as compared with $247,670,000 in 2010, an increase of 18%. Net revenues for the nine months increased to $1,420,322,000 from $1,239,424,000 for 2010, up 15%. Total revenues and operating income for the nine months were $4,648,584,000 and $463,263,000 in 2011, as compared with $4,385,438,000 and $398,658,000 for the same period in 2010, increases of 6% and 16%, respectively. Diluted net earnings attributable to shareholders per share for the first three quarters of 2011 were $1.36, as compared with $1.14 for the same period of 2010, an increase of 19%.
“It is reassuring to again report record net revenue, operating income and net earnings results, particularly amid the economic challenges some would have us believe define our potential,” said Peter J. Rose, Chairman and Chief Executive Officer. “Providing exceptional customer service and market competitive rates to our customers and buying strategically from our quality service providers allows our people to utilize their intellectual capital to optimize efficiency and financial results. This is the reason why we have consistently been able to grow net revenue even when gross revenue doesn’t show the same commensurate levels of growth. Maximizing gross revenues to the potential detriment of operating income has never been what’s motivated us. With all the dynamic factors such as fuel prices and capacity that impact rates, net revenue growth is a much more indicative measurement of operational effectiveness than mindlessly chasing growth in gross revenues. Rates and foreign currencies go up and down, but it is attention to growing net revenue and operating income that are responsible for our long-term success. These are important nuances in this business…and many fail to absorb them,” Rose continued.
“The current economic conjecture regarding last quarter 2011 and 2012 conditions seem to validate the concerns we wrote about in our first quarter 2011 earnings release,” Rose went on to say. “As we look forward, we do so with the complete confidence we gained through our experiences in 2009. We emerged stronger and in a better position strategically. We did so by making decisions that maximized the return on our knowledge-based assets…our employees. The value of our company is a direct function of the value we add to our customers’ supply chains. We can not meet our customers’ needs before we create value in the people we recruit, train and retain to meet those needs. Regardless of what the rest of 2011 and 2012 looks like, we know the key to success with our customers will be to continue to invest in our most critical assets, our people. They’ve never let us down and we’re looking forward to the challenge,” Rose concluded.
Expeditors is a global logistics company headquartered in Seattle, Washington. The company employs trained professionals in 186 full-service offices, 62 satellite locations and 2 international service centers located on six continents linked into a seamless worldwide network through an integrated information management system. Services include air and ocean freight forwarding, vendor consolidation, customs clearance, marine insurance, distribution and other value added international logistics services.
________________________
1 Diluted earnings attributable to shareholders per share.
NOTE: See Disclaimer on Forward-Looking Statements on the following page of this release.
Expeditors International of Washington, Inc.
3rd Quarter 2011 Earnings Release, November 1, 2011
Financial Highlights for the Three and Nine months ended September 30, 2011 and 2010 (Unaudited)
(in 000's of US dollars except share data)
|
| | | | | | | | | | | | | | | | | | | |
| | Three months ended September 30, | | | | Nine months ended September 30, | | |
| | 2011 | | 2010 | | % Increase (Decrease) | | 2011 | | 2010 | | % Increase |
| Revenues | $ | 1,606,368 |
| | $ | 1,667,559 |
| | (4)% | | $ | 4,648,584 |
| | $ | 4,385,438 |
| | 6% |
| Net revenues | $ | 493,846 |
| | $ | 458,743 |
| | 8% | | $ | 1,420,322 |
| | $ | 1,239,424 |
| | 15% |
| Operating income | $ | 163,758 |
| | $ | 159,621 |
| | 3% | | $ | 463,263 |
| | $ | 398,658 |
| | 16% |
Net earnings attributable to shareholders1 | $ | 106,604 |
| | $ | 96,105 |
| | 11% | | $ | 292,836 |
| | $ | 247,670 |
| | 18% |
| Diluted earnings attributable to shareholders | $ | .50 |
| | $ | .44 |
| | 14% | | $ | 1.36 |
| | $ | 1.14 |
| | 19% |
| Basic earnings attributable to shareholders | $ | .50 |
| | $ | .45 |
| | 11% | | $ | 1.38 |
| | $ | 1.17 |
| | 18% |
| Diluted weighted average shares outstanding | 214,717,451 |
| | 216,342,380 |
| | | | 215,376,675 |
| | 216,497,838 |
| | |
| Basic weighted average shares outstanding | 212,256,119 |
| | 212,392,286 |
| | | | 212,160,994 |
| | 212,306,521 |
| | |
________________
1 Other, net for the three and nine months ended September 30, 2011 increased over the same periods in 2010 primarily due to foreign exchange gains.
|
| | | | | |
| | Employee headcount as of September 30, |
| | 2011 | | 2010 |
| North America | 4,631 |
| | 4,325 |
|
| Asia Pacific | 4,094 |
| | 3,851 |
|
| Europe and Africa | 2,227 | | 2,057 |
| Middle East | 1,233 |
| | 1,133 |
|
| South America | 631 |
| | 596 |
|
| Information Systems | 552 |
| | 573 |
|
| Corporate | 215 |
| | 189 |
|
| Total | 13,583 |
| | 12,724 |
|
|
| | | | | | |
| | | Year-over-year percentage increase (decrease) in: |
| | | Airfreight kilos | | Ocean freight FEU |
| 2011 | | | | |
| July | | (8 | )% | | (4 | )% |
| August | | (2 | )% | | (2 | )% |
| September | | (5 | )% | | — | % |
| Quarter | | (4 | )% | | (2 | )% |
During the third quarter of 2011, the Company opened one full-service office in Pusan, Korea (formerly a satellite office) and closed one satellite office in Tiruppur, India.
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 future ability to optimize efficiency and financial results, ability to grow net revenue and operating income, ability to recruit, train and retain the best personnel, and ability to succeed in the rest of 2011 and 2012. 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 prices, political changes, 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)
|
| | | | | | | |
| | September 30,
2011 | | December 31, 2010 |
| Assets | | | |
| Current Assets: | | | |
| Cash and cash equivalents | $ | 1,260,814 |
| | $ | 1,084,465 |
|
| Short-term investments | 483 |
| | 524 |
|
| Accounts receivable, net | 997,705 |
| | 1,003,884 |
|
| Deferred Federal and state income taxes | 10,161 |
| | 8,706 |
|
| Other current assets | 43,450 |
| | 42,776 |
|
| Total current assets | 2,312,613 |
| | 2,140,355 |
|
| Property and equipment, net | 528,852 |
| | 498,648 |
|
| Goodwill, net | 7,927 |
| | 7,927 |
|
| Other intangibles, net | 2,916 |
| | 3,716 |
|
| Other assets, net | 30,861 |
| | 28,533 |
|
| | $ | 2,883,169 |
| | $ | 2,679,179 |
|
| Liabilities and Equity | | | |
| Current Liabilities: | | | |
| Accounts payable | 655,092 |
| | 652,161 |
|
| Accrued expenses, primarily salaries and related costs | 178,175 |
| | 177,869 |
|
| Federal, state and foreign income taxes | 32,234 |
| | 31,948 |
|
| Total current liabilities | 865,501 |
| | 861,978 |
|
| Deferred Federal and state income taxes | 55,610 |
| | 69,047 |
|
| Commitments and contingencies | | | |
| Shareholders’ Equity: | | | |
| Preferred stock; none issued | — |
| | — |
|
| Common stock, par value $.01 per share. Issued and outstanding 211,979,262 shares at September 30, 2011 and 212,047,774 shares at December 31, 2010 | 2,120 |
| | 2,120 |
|
| Additional paid-in capital | 3,641 |
| | 13,412 |
|
| Retained earnings | 1,951,375 |
| | 1,717,249 |
|
| Accumulated other comprehensive (loss) income | (1,417 | ) | | 8,125 |
|
| Total shareholders’ equity | 1,955,719 |
| | 1,740,906 |
|
| Noncontrolling interest | 6,339 |
| | 7,248 |
|
| Total equity | 1,962,058 |
| | 1,748,154 |
|
| | $ | 2,883,169 |
| | $ | 2,679,179 |
|
1-November-2011 Expeditors International of Washington, Inc. Page 3 of 6
EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.
AND SUBSIDIARIES
Condensed Consolidated Statements of Earnings
(In thousands, except share data)
(Unaudited)
|
| | | | | | | | | | | | | | | |
| | Three months ended | | Nine months ended |
| | September 30, | | September 30, |
| | 2011 | | 2010 | | 2011 | | 2010 |
| Revenues: | | | | | | | |
| Airfreight services | $ | 736,946 |
| | $ | 751,555 |
| | $ | 2,187,730 |
| | $ | 2,043,819 |
|
| Ocean freight and ocean services | 510,521 |
| | 599,280 |
| | 1,437,493 |
| | 1,474,137 |
|
| Customs brokerage and other services | 358,901 |
| | 316,724 |
| | 1,023,361 |
| | 867,482 |
|
| Total revenues | 1,606,368 |
| | 1,667,559 |
| | 4,648,584 |
| | 4,385,438 |
|
| Operating Expenses: | | | | | | | |
| Airfreight consolidation | 558,047 |
| | 578,924 |
| | 1,658,963 |
| | 1,577,289 |
|
| Ocean freight consolidation | 392,249 |
| | 488,808 |
| | 1,109,603 |
| | 1,190,627 |
|
| Customs brokerage and other services | 162,226 |
| | 141,084 |
| | 459,696 |
| | 378,098 |
|
| Salaries and related costs | 258,512 |
| | 235,357 |
| | 745,441 |
| | 656,310 |
|
| Rent and occupancy costs | 21,352 |
| | 19,295 |
| | 64,087 |
| | 57,221 |
|
| Depreciation and amortization | 9,199 |
| | 9,085 |
| | 27,630 |
| | 27,590 |
|
| Selling and promotion | 9,342 |
| | 7,877 |
| | 28,527 |
| | 22,462 |
|
| Other | 31,683 |
| | 27,508 |
| | 91,374 |
| | 77,183 |
|
| Total operating expenses | 1,442,610 |
| | 1,507,938 |
| | 4,185,321 |
| | 3,986,780 |
|
| Operating income | 163,758 |
| | 159,621 |
| | 463,263 |
| | 398,658 |
|
| | | | | | | | |
| Interest income | 2,888 |
| | 1,679 |
| | 7,520 |
| | 4,938 |
|
| Interest expense | (279 | ) | | (140 | ) | | (722 | ) | | (378 | ) |
| Other, net | 10,792 |
| | (1,666 | ) | | 12,766 |
| | 9,231 |
|
| Other income (expense), net | 13,401 |
| | (127 | ) | | 19,564 |
| | 13,791 |
|
| Earnings before income taxes | 177,159 |
| | 159,494 |
| | 482,827 |
| | 412,449 |
|
| Income tax expense | 70,283 |
| | 63,456 |
| | 189,724 |
| | 164,692 |
|
| Net earnings | 106,876 |
| | 96,038 |
| | 293,103 |
| | 247,757 |
|
| Less: net earnings (losses) attributable to the noncontrolling interest | 272 |
| | (67 | ) | | 267 |
| | 87 |
|
| Net earnings attributable to shareholders | $ | 106,604 |
| | $ | 96,105 |
| | $ | 292,836 |
| | $ | 247,670 |
|
| Diluted earnings attributable to shareholders per share | $ | .50 |
| | $ | .44 |
| | $ | 1.36 |
| | $ | 1.14 |
|
| Basic earnings attributable to shareholders per share | $ | .50 |
| | $ | .45 |
| | $ | 1.38 |
| | $ | 1.17 |
|
| Dividends declared and paid per common share | $ | — |
| | $ | — |
| | $ | .25 |
| | $ | .20 |
|
| Weighted average diluted shares outstanding | 214,717,451 |
| | 216,342,380 |
| | 215,376,675 |
| | 216,497,838 |
|
| Weighted average basic shares outstanding | 212,256,119 |
| | 212,392,286 |
| | 212,160,994 |
| | 212,306,521 |
|
1-November-2011 Expeditors International of Washington, Inc. Page 4 of 6
EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.
AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(In thousands) (Unaudited)
|
| | | | | | | | | | | | | | | |
| | Three months ended | | Nine months ended |
| | September 30, | | September 30, |
| | 2011 | | 2010 | | 2011 | | 2010 |
| Operating Activities: | | | | | | | |
| Net earnings | $ | 106,876 |
| | $ | 96,038 |
| | $ | 293,103 |
| | $ | 247,757 |
|
| Adjustments to reconcile net earnings to net cash provided by operating activities: | | | | | | | |
| Provision for losses on accounts receivable | (629 | ) | | 1,284 |
| | 1,161 |
| | 3,109 |
|
| Deferred income tax (benefit) expense | (9,328 | ) | | (565 | ) | | (9,663 | ) | | 2,521 |
|
| Excess tax benefits from stock plans | (537 | ) | | (3,470 | ) | | (5,068 | ) | | (11,589 | ) |
| Stock compensation expense | 12,738 |
| | 10,846 |
| | 33,446 |
| | 33,047 |
|
| Depreciation and amortization | 9,199 |
| | 9,085 |
| | 27,630 |
| | 27,590 |
|
| Gain on sale of assets | (3 | ) | | (57 | ) | | (54 | ) | | (461 | ) |
| Other | 1,210 |
| | 387 |
| | 1,828 |
| | 1,232 |
|
| Changes in operating assets and liabilities: | | | | | | | |
| Increase in accounts receivable | (4,312 | ) | | (34,203 | ) | | (11,802 | ) | | (266,770 | ) |
| Increase in other current assets | (8,344 | ) | | (4,095 | ) | | (5,863 | ) | | (2,959 | ) |
| (Decrease) increase in accounts payable and accrued expenses | (24,070 | ) | | 25,330 |
| | 14,060 |
| | 190,440 |
|
| Increase in income taxes payable, net | 10,505 |
| | 12,438 |
| | 10,417 |
| | 36,770 |
|
| Net cash provided by operating activities | 93,305 |
| | 113,018 |
| | 349,195 |
| | 260,687 |
|
| Investing Activities: | | | | | | | |
| Decrease in short-term investments | 561 |
| | 137 |
| | 23 |
| | 107 |
|
| Purchase of property and equipment | (20,619 | ) | | (10,953 | ) | | (58,854 | ) | | (26,653 | ) |
| Proceeds from sale of property and equipment | 24 |
| | 98 |
| | 109 |
| | 268 |
|
| Other | (1,193 | ) | | 1,208 |
| | (2,699 | ) | | 313 |
|
| Net cash used in investing activities | (21,227 | ) | | (9,510 | ) | | (61,421 | ) | | (25,965 | ) |
| Financing Activities: | | | | | | | |
| Proceeds from issuance of common stock | 30,966 |
| | 37,718 |
| | 54,591 |
| | 60,958 |
|
| Repurchases of common stock | (43,298 | ) | | (67,782 | ) | | (108,572 | ) | | (139,450 | ) |
| Excess tax benefits from stock plans | 537 |
| | 3,470 |
| | 5,068 |
| | 11,589 |
|
| Dividends paid | — |
| | — |
| | (53,014 | ) | | (42,397 | ) |
| Distribution to noncontrolling interest | (822 | ) | | (963 | ) | | (822 | ) | | (963 | ) |
| Net cash used in financing activities | (12,617 | ) | | (27,557 | ) | | (102,749 | ) | | (110,263 | ) |
| Effect of exchange rate changes on cash and cash equivalents | (24,477 | ) | | 20,975 |
| | (8,676 | ) | | 6,838 |
|
| Increase in cash and cash equivalents | 34,984 |
| | 96,926 |
| | 176,349 |
| | 131,297 |
|
| Cash and cash equivalents at beginning of period | 1,225,830 |
| | 960,300 |
| | 1,084,465 |
| | 925,929 |
|
| Cash and cash equivalents at end of period | $ | 1,260,814 |
| | $ | 1,057,226 |
| | $ | 1,260,814 |
| | $ | 1,057,226 |
|
| Interest and taxes paid: | | | | | | | |
| Interest | $ | 48 |
| | $ | 9 |
| | $ | 65 |
| | $ | 53 |
|
| Income taxes | 65,856 |
| | 52,407 |
| | 183,167 |
| | 129,249 |
|
1-November-2011 Expeditors International of Washington, Inc. Page 5 of 6
EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.
AND SUBSIDIARIES
Business Segment Information
(In thousands) (Unaudited)
|
| | | | | | | | | | | | | | | | | | | | | | | | |
| | UNITED STATES | | OTHER NORTH AMERICA | | LATIN AMERICA | | ASIA PACIFIC | | EUROPE and AFRICA | | MIDDLE EAST and INDIA | | ELIMI- NATIONS | | CONSOLI- DATED |
| Three months ended September 30, 2011: | | | | | | | | | | | | | | | |
| Revenues from unaffiliated customers | $ | 388,736 |
| | 49,341 |
| | 21,353 |
| | 839,069 |
| | 229,776 |
| | 78,093 |
| | — |
| | 1,606,368 |
|
| Transfers between geographic areas | 27,161 |
| | 2,989 |
| | 5,025 |
| | 10,500 |
| | 10,727 |
| | 4,596 |
| | (60,998 | ) | | — |
|
| Total revenues | $ | 415,897 |
| | 52,330 |
| | 26,378 |
| | 849,569 |
| | 240,503 |
| | 82,689 |
| | (60,998 | ) | | 1,606,368 |
|
| Net revenues | $ | 189,381 |
| | 23,783 |
| | 15,035 |
| | 162,785 |
| | 77,768 |
| | 25,094 |
| | — |
| | 493,846 |
|
| Operating income | $ | 57,564 |
| | 7,345 |
| | 4,846 |
| | 69,001 |
| | 18,616 |
| | 6,386 |
| | — |
| | 163,758 |
|
| Identifiable assets | $ | 1,509,393 |
| | 87,554 |
| | 52,058 |
| | 667,421 |
| | 414,991 |
| | 149,253 |
| | 2,499 |
| | 2,883,169 |
|
| Capital expenditures | $ | 7,435 |
| | 315 |
| | 162 |
| | 7,201 |
| | 4,981 |
| | 525 |
| | — |
| | 20,619 |
|
| Depreciation and amortization | $ | 4,904 |
| | 250 |
| | 240 |
| | 1,822 |
| | 1,488 |
| | 495 |
| | — |
| | 9,199 |
|
| Equity | $ | 1,242,594 |
| | 49,134 |
| | 27,258 |
| | 426,164 |
| | 146,652 |
| | 92,668 |
| | (22,412 | ) | | 1,962,058 |
|
| Three months ended September 30, 2010: | | | | | | | | | | | | | | | |
| Revenues from unaffiliated customers | $ | 361,120 |
| | 43,380 |
| | 20,400 |
| | 968,858 |
| | 190,350 |
| | 83,451 |
| | — |
| | 1,667,559 |
|
| Transfers between geographic areas | 28,571 |
| | 3,567 |
| | 4,190 |
| | 8,593 |
| | 11,045 |
| | 4,448 |
| | (60,414 | ) | | — |
|
| Total revenues | $ | 389,691 |
| | 46,947 |
| | 24,590 |
| | 977,451 |
| | 201,395 |
| | 87,899 |
| | (60,414 | ) | | 1,667,559 |
|
| Net revenues | $ | 179,290 |
| | 20,911 |
| | 13,181 |
| | 153,241 |
| | 68,158 |
| | 23,962 |
| | — |
| | 458,743 |
|
| Operating income | $ | 61,735 |
| | 6,846 |
| | 3,837 |
| | 64,046 |
| | 17,128 |
| | 6,029 |
| | — |
| | 159,621 |
|
| Identifiable assets | $ | 1,437,318 |
| | 78,347 |
| | 48,887 |
| | 574,216 |
| | 433,020 |
| | 139,478 |
| | 4,917 |
| | 2,716,183 |
|
| Capital expenditures | $ | 5,297 |
| | 92 |
| | 354 |
| | 1,853 |
| | 2,963 |
| | 394 |
| | — |
| | 10,953 |
|
| Depreciation and amortization | $ | 4,882 |
| | 316 |
| | 223 |
| | 1,871 |
| | 1,184 |
| | 609 |
| | — |
| | 9,085 |
|
| Equity | $ | 1,121,817 |
| | 40,708 |
| | 23,974 |
| | 346,210 |
| | 155,428 |
| | 80,774 |
| | (32,793 | ) | | 1,736,118 |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | |
| | UNITED STATES | | OTHER NORTH AMERICA | | LATIN AMERICA | | ASIA PACIFIC | | EUROPE and AFRICA | | MIDDLE EAST and INDIA | | ELIMI- NATIONS | | CONSOLI- DATED |
| Nine months ended September 30, 2011: | | | | | | | | | | | | | | | |
| Revenues from unaffiliated customers | $ | 1,156,647 |
| | 141,004 |
| | 62,822 |
| | 2,383,549 |
| | 673,111 |
| | 231,451 |
| | — |
| | 4,648,584 |
|
| Transfers between geographic areas | 77,099 |
| | 8,454 |
| | 15,866 |
| | 29,853 |
| | 32,789 |
| | 13,305 |
| | (177,366 | ) | | — |
|
| Total revenues | $ | 1,233,746 |
| | 149,458 |
| | 78,688 |
| | 2,413,402 |
| | 705,900 |
| | 244,756 |
| | (177,366 | ) | | 4,648,584 |
|
| Net revenues | $ | 548,918 |
| | 66,065 |
| | 45,295 |
| | 454,889 |
| | 230,521 |
| | 74,634 |
| | — |
| | 1,420,322 |
|
| Operating income | $ | 169,050 |
| | 18,895 |
| | 14,095 |
| | 189,981 |
| | 53,200 |
| | 18,042 |
| | — |
| | 463,263 |
|
| Identifiable assets | $ | 1,509,393 |
| | 87,554 |
| | 52,058 |
| | 667,421 |
| | 414,991 |
| | 149,253 |
| | 2,499 |
| | 2,883,169 |
|
| Capital expenditures | $ | 14,815 |
| | 923 |
| | 462 |
| | 16,535 |
| | 24,568 |
| | 1,551 |
| | — |
| | 58,854 |
|
| Depreciation and amortization | $ | 14,815 |
| | 830 |
| | 773 |
| | 5,638 |
| | 4,014 |
| | 1,560 |
| | — |
| | 27,630 |
|
| Equity | $ | 1,242,594 |
| | 49,134 |
| | 27,258 |
| | 426,164 |
| | 146,652 |
| | 92,668 |
| | (22,412 | ) | | 1,962,058 |
|
| Nine months ended September 30, 2010: | | | | | | | | | | | | | | | |
| Revenues from unaffiliated customers | $ | 979,675 |
| | 120,667 |
| | 55,317 |
| | 2,482,116 |
| | 525,064 |
| | 222,599 |
| | — |
| | 4,385,438 |
|
| Transfers between geographic areas | 72,743 |
| | 7,722 |
| | 12,082 |
| | 23,861 |
| | 29,407 |
| | 11,918 |
| | (157,733 | ) | | — |
|
| Total revenues | $ | 1,052,418 |
| | 128,389 |
| | 67,399 |
| | 2,505,977 |
| | 554,471 |
| | 234,517 |
| | (157,733 | ) | | 4,385,438 |
|
| Net revenues | $ | 489,231 |
| | 56,757 |
| | 37,428 |
| | 397,678 |
| | 192,135 |
| | 66,195 |
| | — |
| | 1,239,424 |
|
| Operating income | $ | 152,425 |
| | 16,317 |
| | 11,155 |
| | 158,938 |
| | 43,870 |
| | 15,953 |
| | — |
| | 398,658 |
|
| Identifiable assets | $ | 1,437,318 |
| | 78,347 |
| | 48,887 |
| | 574,216 |
| | 433,020 |
| | 139,478 |
| | 4,917 |
| | 2,716,183 |
|
| Capital expenditures | $ | 13,137 |
| | 417 |
| | 988 |
| | 3,967 |
| | 6,415 |
| | 1,729 |
| | — |
| | 26,653 |
|
| Depreciation and amortization | $ | 14,753 |
| | 1,023 |
| | 639 |
| | 5,626 |
| | 3,721 |
| | 1,828 |
| | — |
| | 27,590 |
|
| Equity | $ | 1,121,817 |
| | 40,708 |
| | 23,974 |
| | 346,210 |
| | 155,428 |
| | 80,774 |
| | (32,793 | ) | | 1,736,118 |
|
1-November-2011 Expeditors International of Washington, Inc. Page 6 of 6
