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Expeditors Reports Second Quarter 2023 EPS of $1.30

Expeditors International of Washington, Inc. (NASDAQ:EXPD) today announced second quarter 2023 financial results including the following comparisons to the same quarter of 2022:

  • Diluted Net Earnings Attributable to Shareholders per share (EPS1) decreased 43% to $1.30
  • Net Earnings Attributable to Shareholders decreased 48% to $197 million
  • Operating Income decreased 51% to $248 million
  • Revenues decreased 51% to $2.2 billion
  • Airfreight tonnage volume decreased 15% and ocean container volume decreased 13%

“The freight marketplace has continued to reset and has reverted closer to pre-pandemic levels of activity,” said Jeffrey S. Musser, President and Chief Executive Officer. “Average buy and sell rates in the second quarter are still above their pre-COVID levels but are falling, and volumes have continued to decline at the same time that air capacity has scaled up and ocean capacity is readily available. Pricing is becoming a more critical determining factor to shippers the further away we get from the severe supply chain disruptions brought on by the pandemic, which impacted revenues this quarter, primarily in our air and ocean businesses. There is now ample and, in some cases, excess capacity in both air and ocean freight, as global supply chain congestion of recent years has effectively disappeared.

"With the return of passenger belly space, total air cargo capacity now exceeds pre-pandemic levels. Driven by robust passenger demand, carriers continue to bring new and idled aircraft back into service, which is coupled with persistent higher utilization of freighter capacity compared to pre-pandemic levels. Despite increased air capacity, shippers face uncertain demand for their products, as consumers remain cautious amidst declines in their purchasing power. In that regard, second-quarter operating conditions were very much a continuation of what we experienced in the immediately prior two quarters.

“Ocean buy and sell rates also have continued to fall significantly for the third consecutive quarter as capacity exceeded demand despite carrier efforts to rationalize the availability of space. Our customs brokerage fees and Transcon revenue also were lower due to declines in volumes.

“Looking forward, we will continue to thoughtfully manage down our headcount and exert other efforts to align our costs with these lower levels of demand. In many ways, current conditions are very much the reverse of what we experienced in the early days of the pandemic, as the current marketplace shifts to a lower gear on increased capacity and falling rates and demand. We do not see those conditions changing meaningfully before the end of the current year. Shippers are cautious, the economy remains uncertain, and carrier capacity does not adequately reflect the current levels of marketplace demand.”

Bradley S. Powell, Senior Vice President and Chief Financial Officer, added, “It is critical that while we keep costs in check, we also prepare ourselves for the future when operating conditions eventually stabilize and demand and volumes begin to recover and grow. While focused on controlling and carefully managing our cash, we still were able to return $1 billion to shareholders in repurchased stock and dividends paid out during the first six months of the year, and more than $2.1 billion over the past 12 months. While our first priority always is to invest in the growth of our business, we will continue to focus on controlling costs, improving operational efficiencies, and returning capital to investors as we have done for more than 40 years.”

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.

_______________________

1Diluted 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 our uncertain short-term outlook; a normalized supply chain; increased air capacity due to robust passenger demand; falling rates; declining volumes; sufficient and in some cases excess air and ocean capacity; shipper uncertainty given the current economic outlook; rising inflation and financing costs; and signs of a slowing economy and drop in demand. Future financial performance could differ materially because of factors such as: our ability to thoughtfully manage down our headcount and exert other efforts to align our costs; our ability to predict when operating conditions may eventually stabilize and demand and volumes begin to recover and grow; our ability to leverage the strength of our carrier relationships; the strength of our non-asset-based operating model; our ability to align expenses with revenues and to enhance our productivity; our ability to maintain our existing accounts and gain new business; 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 normalizing of the supply chain at the end of the pandemic, along with the current uncertainty in the global economy, 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, 2022 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.

Second Quarter 2023 Earnings Release, August 8, 2023

Financial Highlights for the three months ended June 30, 2023 and 2022 (Unaudited)

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

 

 

 

Three months ended June 30,

 

Six months ended June 30,

 

 

2023

 

2022

 

% Change

 

2023

 

2022

 

% Change

Revenues

 

$

2,239,752

 

 

$

4,603,312

 

 

(51)%

 

$

4,832,341

 

 

$

9,267,610

 

 

(48)%

Directly related cost of transportation and other expenses 1

 

$

1,419,183

 

 

$

3,440,948

 

 

(59)%

 

$

3,138,285

 

 

$

6,957,059

 

 

(55)%

Salaries and other operating expenses 2

 

$

572,072

 

 

$

656,382

 

 

(13)%

 

$

1,169,590

 

 

$

1,342,809

 

 

(13)%

Operating income 3

 

$

248,497

 

 

$

505,982

 

 

(51)%

 

$

524,466

 

 

$

967,742

 

 

(46)%

Net earnings attributable to shareholders

 

$

196,800

 

 

$

377,805

 

 

(48)%

 

$

422,811

 

 

$

723,914

 

 

(42)%

Diluted earnings attributable to shareholders per share

 

$

1.30

 

 

$

2.27

 

 

(43)%

 

$

2.75

 

 

$

4.31

 

 

(36)%

Basic earnings attributable to shareholders per share

 

$

1.31

 

 

$

2.29

 

 

(43)%

 

$

2.78

 

 

$

4.35

 

 

(36)%

Diluted weighted average shares outstanding

 

 

151,563

 

 

 

166,474

 

 

 

 

 

153,516

 

 

 

167,980

 

 

 

Basic weighted average shares outstanding

 

 

150,435

 

 

 

165,092

 

 

 

 

 

152,291

 

 

 

166,423

 

 

 

_______________________

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.

3Operating income in the three and six months ended June 30, 2022 includes $26 million and $88 million in expenses incurred as a result of the Company's global systems downtime and investigation, recovery and remediation efforts caused by a targeted cyber-attack that occurred in the first quarter of 2022. In the three and six months ended June 30, 2023, amounts related to the cyber-attack recorded in Operating Income were insignificant.

During the three and six months ended June 30, 2023, we repurchased 6.0 million and 8.0 million shares of common stock at an average price of $114.61 and $113.23 per share. During the three and six months ended June 30, 2022 we repurchased 5.0 million shares of common stock at an average price of $109.81.

 

 

Employee Full-time Equivalents as of

 

 

June 30, 2023

 

December 31, 2022

 

June 30, 2022

North America

 

 

7,154

 

 

 

7,778

 

 

 

7,770

 

Europe

 

 

3,946

 

 

 

4,228

 

 

 

4,099

 

North Asia

 

 

2,340

 

 

 

2,448

 

 

 

2,488

 

South Asia

 

 

1,731

 

 

 

1,851

 

 

 

1,821

 

Middle East, Africa and India

 

 

1,459

 

 

 

1,540

 

 

 

1,533

 

Latin America

 

 

765

 

 

 

859

 

 

 

854

 

Information Systems

 

 

1,242

 

 

 

1,173

 

 

 

1,093

 

Corporate

 

 

416

 

 

 

425

 

 

 

438

 

Total

 

 

19,053

 

 

 

20,302

 

 

 

20,096

 

 

 

Second quarter year-over-year percentage

increase (decrease) in:

2023

 

Airfreight

kilos

 

Ocean freight

FEU

April

 

(6)%

 

(15)%

May

 

(16)%

 

(13)%

June

 

(22)%

 

(12)%

Quarter

 

(15)%

 

(13)%

Investors may submit written questions via e-mail to: investor@expeditors.com. Questions received by the end of business on August 11, 2023 will be considered in management's 8-K “Responses to Selected Questions.”

_______________________

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

EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.

AND SUBSIDIARIES

 

Condensed Consolidated Balance Sheets

(In thousands, except per share data)

(Unaudited)

 

 

 

June 30, 2023

 

December 31, 2022

Assets:

 

 

 

 

 

 

Current Assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

1,698,587

 

 

$

2,034,131

 

Accounts receivable, less allowance for credit loss of $5,802 at June 30, 2023 and $9,466 at December 31, 2022

 

 

1,423,622

 

 

 

2,107,645

 

Deferred contract costs

 

 

175,723

 

 

 

257,545

 

Other

 

 

184,614

 

 

 

118,696

 

Total current assets

 

 

3,482,546

 

 

 

4,518,017

 

Property and equipment, less accumulated depreciation and amortization $590,490 at June 30, 2023 and $567,758 at December 31, 2022

 

 

494,539

 

 

 

501,916

 

Operating lease right-of-use assets

 

 

514,958

 

 

 

507,503

 

Goodwill

 

 

7,927

 

 

 

7,927

 

Deferred federal and state income taxes, net

 

 

43,550

 

 

 

37,449

 

Other assets, net

 

 

20,520

 

 

 

17,622

 

Total assets

 

$

4,564,040

 

 

$

5,590,434

 

Liabilities:

 

 

 

 

 

 

Current Liabilities:

 

 

 

 

 

 

Accounts payable

 

$

815,514

 

 

$

1,108,996

 

Accrued expenses, primarily salaries and related costs

 

 

422,134

 

 

 

479,262

 

Contract liabilities

 

 

218,561

 

 

 

323,101

 

Current portion of operating lease liabilities

 

 

99,962

 

 

 

95,621

 

Federal, state and foreign income taxes

 

 

22,936

 

 

 

47,075

 

Total current liabilities

 

 

1,579,107

 

 

 

2,054,055

 

Noncurrent portion of operating lease liabilities

 

 

426,829

 

 

 

422,844

 

Commitments and contingencies

 

 

 

 

 

 

Shareholders’ Equity:

 

 

 

 

 

 

Preferred stock, none issued

 

 

 

 

 

 

Common stock, par value $0.01 per share. Issued and outstanding: 147,222 shares at June 30, 2023 and 154,313 shares at December 31, 2022

 

 

1,472

 

 

 

1,543

 

Additional paid-in capital

 

 

 

 

 

139

 

Retained earnings

 

 

2,752,461

 

 

 

3,310,892

 

Accumulated other comprehensive loss

 

 

(198,001

)

 

 

(202,553

)

Total shareholders’ equity

 

 

2,555,932

 

 

 

3,110,021

 

Noncontrolling interest

 

 

2,172

 

 

 

3,514

 

Total equity

 

 

2,558,104

 

 

 

3,113,535

 

Total liabilities and equity

 

$

4,564,040

 

 

$

5,590,434

 

EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.

AND SUBSIDIARIES

 

Condensed Consolidated Statements of Earnings

(In thousands, except per share data)

(Unaudited)

 

 

 

Three months ended June 30,

 

Six months ended June 30,

 

 

2023

 

2022

 

2023

 

2022

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

Airfreight services

 

$

751,171

 

 

$

1,602,566

 

 

$

1,656,074

 

 

$

3,201,121

 

Ocean freight and ocean services

 

 

593,801

 

 

 

1,759,646

 

 

 

1,291,108

 

 

 

3,735,892

 

Customs brokerage and other services

 

 

894,780

 

 

 

1,241,100

 

 

 

1,885,159

 

 

 

2,330,597

 

Total revenues

 

 

2,239,752

 

 

 

4,603,312

 

 

 

4,832,341

 

 

 

9,267,610

 

Operating Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Airfreight services

 

 

525,027

 

 

 

1,212,503

 

 

 

1,191,049

 

 

 

2,355,049

 

Ocean freight and ocean services

 

 

405,807

 

 

 

1,402,365

 

 

 

889,489

 

 

 

3,002,608

 

Customs brokerage and other services

 

 

488,349

 

 

 

826,080

 

 

 

1,057,747

 

 

 

1,599,402

 

Salaries and related

 

 

428,558

 

 

 

508,222

 

 

 

878,406

 

 

 

1,047,162

 

Rent and occupancy

 

 

58,205

 

 

 

51,598

 

 

 

115,837

 

 

 

102,526

 

Depreciation and amortization

 

 

15,506

 

 

 

14,254

 

 

 

30,767

 

 

 

27,229

 

Selling and promotion

 

 

6,314

 

 

 

5,887

 

 

 

12,698

 

 

 

9,935

 

Other

 

 

63,489

 

 

 

76,421

 

 

 

131,882

 

 

 

155,957

 

Total operating expenses

 

 

1,991,255

 

 

 

4,097,330

 

 

 

4,307,875

 

 

 

8,299,868

 

Operating income

 

 

248,497

 

 

 

505,982

 

 

 

524,466

 

 

 

967,742

 

Other Income (Expense):

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

17,792

 

 

 

2,720

 

 

 

36,567

 

 

 

4,612

 

Interest expense

 

 

(395

)

 

 

(58

)

 

 

(3,040

)

 

 

(561

)

Other, net

 

 

289

 

 

 

164

 

 

 

8,768

 

 

 

8,194

 

Other income, net

 

 

17,686

 

 

 

2,826

 

 

 

42,295

 

 

 

12,245

 

Earnings before income taxes

 

 

266,183

 

 

 

508,808

 

 

 

566,761

 

 

 

979,987

 

Income tax expense

 

 

70,390

 

 

 

126,582

 

 

 

144,970

 

 

 

248,281

 

Net earnings

 

 

195,793

 

 

 

382,226

 

 

 

421,791

 

 

 

731,706

 

Less net (losses) earnings attributable to the noncontrolling interest

 

 

(1,007

)

 

 

4,421

 

 

 

(1,020

)

 

 

7,792

 

Net earnings attributable to shareholders

 

$

196,800

 

 

$

377,805

 

 

$

422,811

 

 

$

723,914

 

Diluted earnings attributable to shareholders per share

 

$

1.30

 

 

$

2.27

 

 

$

2.75

 

 

$

4.31

 

Basic earnings attributable to shareholders per share

 

$

1.31

 

 

$

2.29

 

 

$

2.78

 

 

$

4.35

 

Weighted average diluted shares outstanding

 

 

151,563

 

 

 

166,474

 

 

 

153,516

 

 

 

167,980

 

Weighted average basic shares outstanding

 

 

150,435

 

 

 

165,092

 

 

 

152,291

 

 

 

166,423

 

EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.

AND SUBSIDIARIES

 

Condensed Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

 

 

 

Three months ended June 30,

 

Six months ended June 30,

 

 

2023

 

2022

 

2023

 

2022

Operating Activities:

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings

 

$

195,793

 

 

$

382,226

 

 

$

421,791

 

 

$

731,706

 

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

 

 

 

 

 

 

 

 

 

 

 

 

Provisions for (recoveries) losses on accounts receivable

 

 

(167

)

 

 

4,763

 

 

 

905

 

 

 

4,347

 

Deferred income tax benefit

 

 

(3,560

)

 

 

(8,622

)

 

 

(1,524

)

 

 

(11,858

)

Stock compensation expense

 

 

18,595

 

 

 

25,518

 

 

 

31,083

 

 

 

37,121

 

Depreciation and amortization

 

 

15,506

 

 

 

14,254

 

 

 

30,767

 

 

 

27,229

 

Other, net

 

 

2,564

 

 

 

(1,746

)

 

 

3,723

 

 

 

(1,291

)

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Decrease in accounts receivable

 

 

174,321

 

 

 

378,291

 

 

 

682,927

 

 

 

245,943

 

(Decrease) increase in accounts payable and accrued liabilities

 

 

(149,986

)

 

 

(133,171

)

 

 

(352,909

)

 

 

7,020

 

Decrease in deferred contract costs

 

 

18,166

 

 

 

37,138

 

 

 

85,787

 

 

 

211,068

 

Decrease in contract liabilities

 

 

(23,803

)

 

 

(45,574

)

 

 

(108,250

)

 

 

(238,931

)

Increase in income taxes payable, net

 

 

(93,817

)

 

 

(93,430

)

 

 

(93,726

)

 

 

(47,171

)

Decrease (increase) in other, net

 

 

4,834

 

 

 

(1,001

)

 

 

4,284

 

 

 

7,409

 

Net cash from operating activities

 

 

158,446

 

 

 

558,646

 

 

 

704,858

 

 

 

972,592

 

Investing Activities:

 

 

 

 

 

 

 

 

 

 

 

 

Purchase of property and equipment

 

 

(10,481

)

 

 

(38,158

)

 

 

(20,607

)

 

 

(52,570

)

Other, net

 

 

(794

)

 

 

(134

)

 

 

(219

)

 

 

(55

)

Net cash from investing activities

 

 

(11,275

)

 

 

(38,292

)

 

 

(20,826

)

 

 

(52,625

)

Financing Activities:

 

 

 

 

 

 

 

 

 

 

 

 

Payments on borrowings on lines of credit

 

 

(5,743

)

 

 

(5,382

)

 

 

(32,145

)

 

 

(8,484

)

Proceeds from borrowings on lines of credit

 

 

7,054

 

 

 

33,953

 

 

 

18,549

 

 

 

56,545

 

Proceeds from issuance of common stock

 

 

9,176

 

 

 

5,682

 

 

 

18,464

 

 

 

11,433

 

Repurchases of common stock

 

 

(687,689

)

 

 

(549,065

)

 

 

(901,191

)

 

 

(549,065

)

Dividends Paid

 

 

(102,263

)

 

 

(109,828

)

 

 

(102,263

)

 

 

(109,828

)

Payments for taxes related to net share settlement of equity awards

 

 

(12,056

)

 

 

(11,851

)

 

 

(19,501

)

 

 

(19,333

)

Net cash from financing activities

 

 

(791,521

)

 

 

(636,491

)

 

 

(1,018,087

)

 

 

(618,732

)

Effect of exchange rate changes on cash and cash equivalents

 

 

(7,857

)

 

 

(46,518

)

 

 

(1,489

)

 

 

(52,956

)

Change in cash and cash equivalents

 

 

(652,207

)

 

 

(162,655

)

 

 

(335,544

)

 

 

248,279

 

Cash and cash equivalents at beginning of period

 

 

2,350,794

 

 

 

2,139,626

 

 

 

2,034,131

 

 

 

1,728,692

 

Cash and cash equivalents at end of period

 

$

1,698,587

 

 

$

1,976,971

 

 

$

1,698,587

 

 

$

1,976,971

 

Taxes Paid:

 

 

 

 

 

 

 

 

 

 

 

 

Income taxes

 

$

173,670

 

 

$

236,791

 

 

$

244,456

 

 

$

314,751

 

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 June 30, 2023:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

$

805,948

 

 

 

110,255

 

 

 

49,972

 

 

 

510,027

 

 

 

199,868

 

 

 

440,916

 

 

 

123,972

 

 

 

(1,206

)

 

 

2,239,752

 

Directly related cost of transportation and other expenses1

 

$

426,121

 

 

 

69,108

 

 

 

29,428

 

 

 

387,973

 

 

 

134,477

 

 

 

288,808

 

 

 

83,890

 

 

 

(623

)

 

 

1,419,182

 

Salaries and other operating expenses2

 

$

256,277

 

 

 

34,793

 

 

 

16,265

 

 

 

68,290

 

 

 

44,048

 

 

 

125,196

 

 

 

27,820

 

 

 

(616

)

 

 

572,073

 

Operating income (loss)

 

$

123,550

 

 

 

6,354

 

 

 

4,279

 

 

 

53,764

 

 

 

21,343

 

 

 

26,912

 

 

 

12,262

 

 

 

33

 

 

 

248,497

 

Identifiable assets at period end

 

$

2,553,553

 

 

 

192,362

 

 

 

115,458

 

 

 

495,229

 

 

 

213,026

 

 

 

748,449

 

 

 

258,849

 

 

 

(12,886

)

 

 

4,564,040

 

Capital expenditures

 

$

6,623

 

 

 

161

 

 

 

46

 

 

 

352

 

 

 

168

 

 

 

2,336

 

 

 

795

 

 

 

 

 

 

10,481

 

Equity

 

$

1,873,220

 

 

 

45,252

 

 

 

59,289

 

 

 

220,638

 

 

 

93,476

 

 

 

146,174

 

 

 

158,133

 

 

 

(38,078

)

 

 

2,558,104

 

For the three months ended June 30, 2022:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

$

1,265,363

 

 

 

144,988

 

 

 

66,136

 

 

 

1,582,475

 

 

 

611,246

 

 

 

658,307

 

 

 

275,948

 

 

 

(1,151

)

 

 

4,603,312

 

Directly related cost of transportation and other expenses1

 

$

797,179

 

 

 

85,806

 

 

 

43,298

 

 

 

1,323,354

 

 

 

507,473

 

 

 

464,399

 

 

 

220,162

 

 

 

(723

)

 

 

3,440,948

 

Salaries and other operating expenses2

 

$

314,726

 

 

 

31,308

 

 

 

14,496

 

 

 

104,896

 

 

 

38,728

 

 

 

115,394

 

 

 

37,258

 

 

 

(424

)

 

 

656,382

 

Operating income

 

$

153,458

 

 

 

27,874

 

 

 

8,342

 

 

 

154,225

 

 

 

65,045

 

 

 

78,514

 

 

 

18,528

 

 

 

(4

)

 

 

505,982

 

Identifiable assets at period end

 

$

3,681,137

 

 

 

304,799

 

 

 

144,303

 

 

 

1,275,808

 

 

 

554,166

 

 

 

1,081,246

 

 

 

365,532

 

 

 

(45,849

)

 

 

7,361,142

 

Capital expenditures

 

$

26,394

 

 

 

1,038

 

 

 

177

 

 

 

766

 

 

 

436

 

 

 

7,666

 

 

 

1,681

 

 

 

 

 

 

38,158

 

Equity

 

$

2,435,088

 

 

 

127,428

 

 

 

54,762

 

 

 

307,453

 

 

 

217,437

 

 

 

297,572

 

 

 

134,388

 

 

 

(38,865

)

 

 

3,535,263

 

 

 

UNITED

STATES

 

OTHER

NORTH

AMERICA

 

LATIN

AMERICA

 

NORTH

ASIA

 

SOUTH

ASIA

 

EUROPE

 

MIDDLE

EAST,

AFRICA

AND

INDIA

 

ELIMI-

NATIONS

 

CONSOLI-

DATED

For the six months ended June 30, 2023:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

$

1,751,442

 

 

 

220,105

 

 

 

104,667

 

 

 

1,092,448

 

 

 

423,995

 

 

 

975,380

 

 

 

266,675

 

 

 

(2,371

)

 

 

4,832,341

 

Directly related cost of transportation and other expenses1

 

$

966,078

 

 

 

138,313

 

 

 

61,730

 

 

 

840,315

 

 

 

292,100

 

 

 

661,068

 

 

 

179,839

 

 

 

(1,159

)

 

 

3,138,284

 

Salaries and other operating expenses2

 

$

523,960

 

 

 

70,617

 

 

 

35,767

 

 

 

139,430

 

 

 

90,846

 

 

 

252,568

 

 

 

57,652

 

 

 

(1,249

)

 

 

1,169,591

 

Operating income

 

$

261,404

 

 

 

11,175

 

 

 

7,170

 

 

 

112,703

 

 

 

41,049

 

 

 

61,744

 

 

 

29,184

 

 

 

37

 

 

 

524,466

 

Identifiable assets at period end

 

$

2,553,553

 

 

 

192,362

 

 

 

115,458

 

 

 

495,229

 

 

 

213,026

 

 

 

748,449

 

 

 

258,849

 

 

 

(12,886

)

 

 

4,564,040

 

Capital expenditures

 

$

12,067

 

 

 

630

 

 

 

276

 

 

 

942

 

 

 

335

 

 

 

5,319

 

 

 

1,038

 

 

 

 

 

 

20,607

 

Equity

 

$

1,873,220

 

 

 

45,252

 

 

 

59,289

 

 

 

220,638

 

 

 

93,476

 

 

 

146,174

 

 

 

158,133

 

 

 

(38,078

)

 

 

2,558,104

 

For the six months ended June 30, 2022:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

$

2,506,587

 

 

 

249,598

 

 

 

123,843

 

 

 

3,351,491

 

 

 

1,257,575

 

 

 

1,234,098

 

 

 

546,629

 

 

 

(2,211

)

 

 

9,267,610

 

Directly related cost of transportation and other expenses1

 

$

1,560,602

 

 

 

150,038

 

 

 

77,155

 

 

 

2,803,447

 

 

 

1,046,356

 

 

 

882,019

 

 

 

438,262

 

 

 

(820

)

 

 

6,957,059

 

Salaries and other operating expenses2

 

$

648,375

 

 

 

56,177

 

 

 

27,597

 

 

 

228,009

 

 

 

84,057

 

 

 

224,663

 

 

 

75,300

 

 

 

(1,369

)

 

 

1,342,809

 

Operating income

 

$

297,610

 

 

 

43,383

 

 

 

19,091

 

 

 

320,035

 

 

 

127,162

 

 

 

127,416

 

 

 

33,067

 

 

 

(22

)

 

 

967,742

 

Identifiable assets at period end

 

$

3,681,137

 

 

 

304,799

 

 

 

144,303

 

 

 

1,275,808

 

 

 

554,166

 

 

 

1,081,246

 

 

 

365,532

 

 

 

(45,849

)

 

 

7,361,142

 

Capital expenditures

 

$

35,871

 

 

 

2,116

 

 

 

286

 

 

 

1,297

 

 

 

726

 

 

 

9,724

 

 

 

2,550

 

 

 

 

 

 

52,570

 

Equity

 

$

2,435,088

 

 

 

127,428

 

 

 

54,762

 

 

 

307,453

 

 

 

217,437

 

 

 

297,572

 

 

 

134,388

 

 

 

(38,865

)

 

 

3,535,263

 

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.

 

Contacts

Jeffrey S. Musser

President and Chief Executive Officer

(206) 674-3433

Bradley S. Powell

Senior Vice President and Chief Financial Officer

(206) 674-3412

Geoffrey Buscher

Director - Investor Relations

(206) 892-4510

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