Ownership / Expeditors International of Washington, Inc. | Tables in SEC filings

EXPD Expeditors International of Washington, Inc.

Quarterly report

	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, 2024:
Revenues	$	854,679		114,264		61,981		914,417		445,308		433,660		177,145		(1,323)		3,000,131
Directly related cost of transportation and other expenses1	$	443,930		67,626		38,973		763,781		369,905		279,235		131,098		(584)		2,093,964
Salaries and other operating expenses2	$	253,452		35,261		18,605		86,566		51,307		126,917		33,283		(748)		604,643
Operating income	$	157,297		11,377		4,403		64,070		24,096		27,508		12,764		9		301,524
Identifiable assets at period end	$	2,611,417		192,370		108,985		727,724		376,283		863,840		319,627		(29,329)		5,170,917
Capital expenditures	$	9,299		198		101		296		839		1,548		10		—		12,291
Equity	$	1,628,893		35,825		42,670		221,519		124,387		182,515		164,665		(41,304)		2,359,170
For the three months ended September 30, 2023:
Revenues	$	784,503		106,293		47,327		515,340		207,006		410,904		119,849		(1,221)		2,190,001
Directly related cost of transportation and other expenses1	$	421,432		63,671		28,409		398,681		145,292		263,524		81,643		(541)		1,402,111
Salaries and other operating expenses2	$	261,323		38,275		16,405		66,546		42,138		120,436		27,351		(653)		571,821
Operating income	$	101,748		4,347		2,513		50,113		19,576		26,944		10,855		(27)		216,069
Identifiable assets at period end	$	2,572,404		200,711		110,708		512,746		217,018		726,729		260,619		(22,814)		4,578,121
Capital expenditures	$	3,762		302		84		168		409		1,369		1,899		—		7,993
Equity	$	1,797,123		46,264		54,096		225,229		91,712		154,617		161,882		(39,449)		2,491,474

	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, 2024:
Revenues	$	2,385,392		331,837		151,787		2,096,709		960,970		1,241,432		481,600		(3,917)		7,645,810
Directly related cost of transportation and other expenses1	$	1,270,981		199,710		88,077		1,702,401		757,167		796,205		353,839		(1,728)		5,166,652
Salaries and other operating expenses2	$	772,835		102,684		49,920		224,588		135,303		363,718		92,099		(2,208)		1,738,939
Operating income	$	341,576		29,443		13,790		169,720		68,500		81,509		35,662		19		740,219
Identifiable assets at period end	$	2,611,417		192,370		108,985		727,724		376,283		863,840		319,627		(29,329)		5,170,917
Capital expenditures	$	17,775		2,172		383		933		2,938		4,860		1,354		—		30,415
Equity	$	1,628,893		35,825		42,670		221,519		124,387		182,515		164,665		(41,304)		2,359,170
For the nine months ended September 30, 2023:
Revenues	$	2,535,945		326,398		151,994		1,607,788		631,001		1,386,284		386,524		(3,592)		7,022,342
Directly related cost of transportation and other expenses1	$	1,387,511		201,984		90,139		1,238,996		437,392		924,592		261,482		(1,700)		4,540,396
Salaries and other operating expenses2	$	785,282		108,892		52,172		205,976		132,984		373,004		85,003		(1,902)		1,741,411
Operating income	$	363,152		15,522		9,683		162,816		60,625		88,688		40,039		10		740,535
Identifiable assets at period end	$	2,572,404		200,711		110,708		512,746		217,018		726,729		260,619		(22,814)		4,578,121
Capital expenditures	$	15,829		932		360		1,110		744		6,688		2,937		—		28,600
Equity	$	1,797,123		46,264		54,096		225,229		91,712		154,617		161,882		(39,449)		2,491,474

	September 30, 2024		December 31, 2023
Assets:
Current Assets:
Cash and cash equivalents	$	1,293,173	$	1,512,883
Accounts receivable, less allowance for credit loss of $5,903 at September 30, 2024 and $6,550 at December 31, 2023		2,176,959		1,532,599
Deferred contract costs		431,640		218,807
Other		181,273		170,907
Total current assets		4,083,045		3,435,196
Property and equipment, less accumulated depreciation and amortization of $624,562 at September 30, 2024 and $597,473 at December 31, 2023		468,594		479,225
Operating lease right-of-use assets		525,810		516,280
Goodwill		7,927		7,927
Deferred federal and state income taxes, net		69,789		63,690
Other assets, net		15,752		21,491
Total assets	$	5,170,917	$	4,523,809
Liabilities:
Current Liabilities:
Accounts payable		1,240,174		860,856
Accrued liabilities, primarily salaries and related costs		470,723		447,336
Contract liabilities		532,289		280,909
Current portion of operating lease liabilities		106,832		99,749
Federal, state and foreign income taxes		25,728		15,562
Total current liabilities		2,375,746		1,704,412
Noncurrent portion of operating lease liabilities		436,001		427,984
Commitments and contingencies
Shareholders’ Equity:
Preferred stock, none issued		—		—
Common stock, par value $0.01 per share. Issued and outstanding: 139,971 at September 30, 2024 and 143,866 at December 31, 2023		1,400		1,439
Additional paid-in capital		4,307		—
Retained earnings		2,540,978		2,580,968
Accumulated other comprehensive loss		(189,978)		(192,057)
Total shareholders’ equity		2,356,707		2,390,350
Noncontrolling interest		2,463		1,063
Total equity		2,359,170		2,391,413
Total liabilities and equity	$	5,170,917	$	4,523,809

	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
Net earnings	$	229,926	$	170,843	$	575,477	$	592,634
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments, net of income tax expense (benefit) of $930 and $(928) for the three months ended September 30, 2024 and 2023 and $(610) and $(7,025) for the nine months ended September 30, 2024 and 2023		28,584		(15,027)		2,197		(10,797)
Other comprehensive income (loss)		28,584		(15,027)		2,197		(10,797)
Comprehensive income		258,510		155,816		577,674		581,837
Less comprehensive income (loss) attributable to the noncontrolling interest		457		(478)		1,400		(1,820)
Comprehensive income attributable to shareholders	$	258,053	$	156,294	$	576,274	$	583,657

	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
Revenues:
Airfreight services	$	986,950	$	724,331	$	2,606,647	$	2,380,405
Ocean freight and ocean services		1,017,618		560,281		2,240,079		1,851,389
Customs brokerage and other services		995,563		905,389		2,799,084		2,790,548
Total revenues		3,000,131		2,190,001		7,645,810		7,022,342
Operating Expenses:
Airfreight services		740,356		516,519		1,923,115		1,707,568
Ocean freight and ocean services		783,827		387,670		1,675,931		1,277,159
Customs brokerage and other services		569,781		497,922		1,567,606		1,555,669
Salaries and related		450,308		412,505		1,289,901		1,290,911
Rent and occupancy		61,024		58,387		181,873		174,224
Depreciation and amortization		15,774		15,607		45,914		46,374
Selling and promotion		7,589		6,149		22,366		18,847
Other		69,948		79,173		198,885		211,055
Total operating expenses		2,698,607		1,973,932		6,905,591		6,281,807
Operating income		301,524		216,069		740,219		740,535
Other Income (Expense):
Interest income		9,917		17,156		36,699		53,723
Other, net		973		(1,334)		4,599		4,394
Other income, net		10,890		15,822		41,298		58,117
Earnings before income taxes		312,414		231,891		781,517		798,652
Income tax expense		82,488		61,048		206,040		206,018
Net earnings		229,926		170,843		575,477		592,634
Less net earnings (losses) attributable to the noncontrolling interest		352		(510)		1,282		(1,530)
Net earnings attributable to shareholders	$	229,574	$	171,353	$	574,195	$	594,164
Diluted earnings attributable to shareholders per share	$	1.63	$	1.16	$	4.04	$	3.92
Basic earnings attributable to shareholders per share	$	1.63	$	1.16	$	4.06	$	3.95
Weighted average diluted shares outstanding		141,027		148,001		142,288		151,619
Weighted average basic shares outstanding		140,417		147,099		141,540		150,543

	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
Operating Activities:
Net earnings	$	229,926	$	170,843		575,477	$	592,634
Adjustments to reconcile net earnings to net cash from operating activities:
Provisions for (recoveries) losses on accounts receivable		(582)		1,411		1,456		2,316
Deferred income tax benefit		(1,057)		(6,418)		(5,680)		(7,942)
Stock compensation expense		9,760		15,879		47,836		46,962
Depreciation and amortization		15,774		15,607		45,914		46,374
Other, net		162		2,673		4,032		6,396
Changes in operating assets and liabilities:
(Increase) decrease in accounts receivable		(301,167)		(53,722)		(647,794)		629,205
Increase (decrease) in accounts payable and accrued liabilities		107,535		40,919		402,818		(311,990)
(Increase) decrease in deferred contract costs		(30,657)		(56,917)		(216,977)		28,870
Increase (decrease) in contract liabilities		50,527		74,701		254,902		(33,549)
Increase (decrease) in income taxes payable, net		20,331		(4,017)		13,163		(97,743)
Increase in other, net		(10,580)		(10,979)		(1,502)		(6,695)
Net cash from operating activities		89,972		189,980		473,645		894,838
Investing Activities:
Purchase of property and equipment		(12,291)		(7,993)		(30,415)		(28,600)
Other, net		(225)		10		(62)		(209)
Net cash from investing activities		(12,516)		(7,983)		(30,477)		(28,809)
Financing Activities:
Proceeds from borrowings on lines of credit		10,636		8,404		14,762		26,953
Payments on borrowings on lines of credit		(191)		(1,491)		(20,300)		(33,636)
Proceeds from issuance of common stock		53,256		61,841		67,734		80,305
Repurchases of common stock		(140,031)		(298,103)		(602,855)		(1,199,294)
Dividends paid		—		—		(102,638)		(102,263)
Payments for taxes related to net share settlement of equity awards		—		—		(15,348)		(19,501)
Net cash from financing activities		(76,330)		(229,349)		(658,645)		(1,247,436)
Effect of exchange rate changes on cash and cash equivalents		20,194		(11,807)		(4,233)		(13,296)
Change in cash and cash equivalents		21,320		(59,159)		(219,710)		(394,703)
Cash and cash equivalents at beginning of period		1,271,853		1,698,587		1,512,883		2,034,131
Cash and cash equivalents at end of period	$	1,293,173	$	1,639,428	$	1,293,173	$	1,639,428
Taxes Paid:
Income taxes	$	63,046	$	61,603	$	196,649	$	306,059

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