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Expeditors Reports Fourth Quarter 2023 EPS of $1.09 |
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8:30a ET February 20 '24 BusinessWire |
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Expeditors International of Washington, Inc. (NYSE:EXPD) today announced fourth quarter 2023 financial results including the following highlights compared to the same quarter of 2022:
Diluted Net Earnings Attributable to Shareholders per share (EPS(1)) decreased 21% to $1.09
Net Earnings Attributable to Shareholders decreased 28% to $159 million
Operating Income decreased 40% to $199 million
Revenues decreased 34% to $2.3 billion
Airfreight tonnage volume decreased 3% and ocean container volume decreased 10%
"While ocean and air markets have been recovering from the massive disruptions brought on by the global Covid-19 pandemic, we continue to face further market uncertainty due to the current conflicts in the Middle East and on the Red Sea," said Jeffrey S. Musser, President and Chief Executive Officer. "Further, volumes and capacity have remained uncertain due to additional capacity recently brought into the marketplace, while shippers have cautiously sought to avoid overextending their inventory levels. These factors created an environment where rates, which had fallen fairly significantly from the pandemic period, stabilized in ocean and, in the case of air, increased in the fourth quarter of 2023. If I had to use one key word to describe the fourth quarter and all of 2023, it would be 'uncertainty.'
"As a company we have continued to remain focused on bringing expenses in line with revenue, as shown by headcount reductions. Compensation remains our second largest expenditure behind freight costs and is the area where we know we can have the largest impact from the standpoint of controlling expenses. We also know that there is more work that we can and will do to control expenses moving forward.
"We should again caution that our business is service-based, and we rely on highly skilled individuals to support our customers. History tells us that global trade operates in cycles and that we have periods when global volumes decline, as well as periods when global volumes grow. We've seen a year of declines in 2023, but we need to work hard to ensure that we have the right level of staffing to handle market increases and our expected growth in market share as we move forward. Managing expenses is an important role of any leadership team, but cutting expenses is only one part of effective management. Equally important is the expectation that management will grow the business. We remain committed to both."
Bradley S. Powell, Senior Vice President and Chief Financial Officer, added, "Despite reducing headcount in each quarter of 2023 and bringing costs down both sequentially and year-over-year, expenses are still high when compared to our efficiency target and we are working to bring expenses down further. Even though compensation, our largest and most variable expense, is 20% lower than the same quarter a year ago, just about everything else is more expensive. We are not as efficient as we need to be for the current environment of excess capacity, weak demand, soft rates, and economic uncertainty. We continue to be focused on further aligning headcount and overhead expenses with lower levels of transactions and volumes. At the same time, we recognize the need to be prepared when tonnage and volumes eventually begin to trend upward in a rate environment that is less volatile."
Mr. Powell noted that the Company generated $1.1 billion in cash flow from operations in 2023 and returned $1.6 billion to shareholders in share repurchases and dividends.
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.
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(1)Diluted earnings attributable to shareholders per share.
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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 uncertainty in the ocean and air markets, including uncertainty due to conflicts in the Middle East and Red Sea; new capacity in the marketplace; cautious shipper demand and variable rate stability. Future financial performance could differ materially because of factors such as: our ability to reduce headcount and to control expenses and bring them in line with revenue; that volumes and tonnage will increase and that we will be able to grow in market share; that management is able to grow the business; that we are able to improve our efficiency; our ability to leverage the strength of our carrier relationships; the strength of our non-asset-based operating model; 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.
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Expeditors International of Washington, Inc.
Fourth quarter 2023 Earnings Release, February 20, 2024
Financial Highlights for the three and twelve months ended December 31, 2023 and 2022 (Unaudited)
(in 000's of US dollars except share data)
Three months ended December 31, Twelve months ended December 31,
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2023 2022 % Change 2023 2022 % Change
------------------------------- -------------------- ------------------------------- -------------------- -------------------- ------------------------------- -------------------- ------------------------------- -------------------- --------------------
Revenues $ 2,277,768 $ 3,441,528 (34)% $ 9,300,110 $ 17,071,284 (46)%
Directly related cost of transportation and other expenses (1) $ 1,513,604 $ 2,425,565 (38)% $ 6,054,000 $ 12,576,897 (52)%
Salaries and other operating expenses (2) $ 564,766 $ 686,257 (18)% $ 2,306,177 $ 2,670,016 (14)%
Operating income $ 199,398 $ 329,706 (40)% $ 939,933 $ 1,824,371 (48)%
Net earnings attributable to shareholders $ 158,719 $ 219,276 (28)% $ 752,883 $ 1,357,399 (45)%
Diluted earnings attributable to shareholders per share $ 1.09 $ 1.38 (21)% $ 5.01 $ 8.26 (39)%
Basic earnings attributable to shareholders per share $ 1.09 $ 1.39 (22)% $ 5.05 $ 8.33 (39)%
Diluted weighted average shares outstanding 145,891 158,535 150,186 164,427
Basic weighted average shares outstanding 144,979 157,269 149,141 163,010
________________
(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.
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During the three and twelve months ended December 31, 2023, we repurchased 1.6 million and 12.1 million shares of common stock at an average price of $119.22 and $114.68 per share, respectively. During the three and twelve months ended December 31, 2022, we repurchased 5.0 million and 14.5 million shares of common stock at an average price of $112.76 and $108.88 per share, respectively. On February 19, 2024 the Board of Directors amended the Discretionary Stock Repurchase Plan to further authorize share repurchases down to 130 million shares of common stock. This authorization has no expiration date. In addition, during 2023 and 2022, we paid cash dividends of $1.38 and $1.34 per share, respectively.
| Employee Full-time Equivalents as of
December 31,
-------------------------------------------------------------------------------------------- --------------------
2023 2022
-------------------------- -------------------- -------------------------- --------------------
North America 6,864 7,778
Europe 3,791 4,228
North Asia 2,260 2,448
South Asia 1,693 1,851
Middle East, Africa and India 1,428 1,540
Latin America 750 859
Information Systems 1,259 1,173
Corporate 407 425
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| Fourth quarter year-over-year
percentage (decrease) increase in:
------------------------------------------------------------
Airfreight Ocean freight
kilos FEU
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2023
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October (6)% (12)%
November (6)% (10)%
December 3% (7)%
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Investors may submit written questions via e-mail to: investor@expeditors.com. Questions received by the end of business on February 23, 2024 will be considered in management's 8-K "Responses to Selected Questions."
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EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.
AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(In thousands, except per share data)
(Unaudited)
December 31, December 31,
2023 2022
---------------------------------- -------------------- ---------------------------------- --------------------
Assets:
Current Assets:
Cash and cash equivalents $ 1,512,883 $ 2,034,131
Accounts receivable, less allowance for credit loss of $6,550 and $9,466 at December 31, 2023 and 2022, respectively 1,532,599 2,107,645
Deferred contract costs 218,807 257,545
Other 170,907 118,696
-------------------- -------------- -------------------- -------------------- -------------- --------------------
3,435,196 4,518,017
Total current assets
Property and equipment, net 479,225 501,916
Operating lease right-of-use assets 516,280 507,503
Goodwill 7,927 7,927
Deferred federal and state income taxes, net 63,690 37,449
Other assets, net 21,491 17,622
-------------------- -------------- -------------------- -------------------- -------------- --------------------
$ 4,523,809 $ 5,590,434
Total assets
==================== ============== ==================== ==================== ============== ====================
Liabilities:
Current Liabilities:
Accounts payable $ 860,856 $ 1,108,996
Accrued expenses, primarily salaries and related costs 447,336 479,262
Contract liabilities 280,909 323,101
Current portion of operating lease liabilities 99,749 95,621
Federal, state and foreign income taxes 15,562 47,075
-------------------- -------------- -------------------- -------------------- -------------- --------------------
1,704,412 2,054,055
Total current liabilities
Noncurrent portion of operating lease liabilities 427,984 422,844
Commitments and contingencies
Shareholders' Equity:
Preferred stock, none issued -- --
Common stock, par value $0.01 per share. Issued and outstanding: 143,866 shares and 154,313 shares at December 31, 2023 and 2022, respectively 1,439 1,543
Additional paid-in capital -- 139
Retained earnings 2,580,968 3,310,892
Accumulated other comprehensive loss (192,057 ) (202,553 )
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2,390,350 3,110,021
Total shareholders' equity
Noncontrolling interest 1,063 3,514
-------------------- -------------- -------------------- -------------------- -------------- --------------------
2,391,413 3,113,535
Total equity
-------------------- -------------- -------------------- -------------------- -------------- --------------------
$ 4,523,809 $ 5,590,434
Total liabilities and equity
==================== ============== ==================== ==================== ============== ====================
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| EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.
AND SUBSIDIARIES
Condensed Consolidated Statements of Earnings
(In thousands, except per share data)
(Unaudited)
Three months ended Twelve months ended
December 31, December 31,
------------------------------------------------------------------------------------------------------------------------ -------------------- ------------------------------------------------------------------------------------------------------------------------ --------------------
2023 2022 2023 2022
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Revenues:
Airfreight services $ 866,122 $ 1,204,810 $ 3,246,527 $ 5,886,886
Ocean freight and ocean services 511,854 1,124,088 2,363,243 6,544,559
Customs brokerage and other services 899,792 1,112,630 3,690,340 4,639,839
-------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
2,277,768 3,441,528 9,300,110 17,071,284
Total revenues
Operating Expenses:
Airfreight services 639,725 899,865 2,347,293 4,359,726
Ocean freight and ocean services 357,788 842,103 1,634,947 5,188,066
Customs brokerage and other services 516,091 683,597 2,071,760 3,029,105
Salaries and related 409,605 509,884 1,700,516 2,056,387
Rent and occupancy 58,134 54,291 232,358 209,532
Depreciation and amortization 21,386 14,922 67,760 57,338
Selling and promotion 9,066 8,119 27,913 24,293
Other 66,575 99,041 277,630 322,466
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2,078,370 3,111,822 8,360,177 15,246,913
Total operating expenses
-------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
199,398 329,706 939,933 1,824,371
Operating income
Other Income (Expense):
Interest income 16,728 13,107 70,451 25,554
Interest expense (159 ) (22,245 ) (4,800 ) (23,277 )
Other, net 409 480 9,444 9,243
-------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
16,978 (8,658 ) 75,095 11,520
Other income (expense), net
-------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Earnings before income taxes 216,376 321,048 1,015,028 1,835,891
Income tax expense 57,231 106,311 263,249 475,286
-------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
159,145 214,737 751,779 1,360,605
Net earnings
Less net earnings (losses) attributable to the noncontrolling interest 426 (4,539 ) (1,104 ) 3,206
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$ 158,719 $ 219,276 $ 752,883 $ 1,357,399
Net earnings attributable to shareholders
==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ====================
Diluted earnings attributable to shareholders per share $ 1.09 $ 1.38 $ 5.01 $ 8.26
==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ====================
Basic earnings attributable to shareholders per share $ 1.09 $ 1.39 $ 5.05 $ 8.33
==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ====================
Weighted average diluted shares outstanding 145,891 158,535 150,186 164,427
==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ====================
Weighted average basic shares outstanding 144,979 157,269 149,141 163,010
==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ====================
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| 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,
------------------------------------------------------------------------------------------------------------------------ -------------------- ------------------------------------------------------------------------------------------------------------------------ --------------------
2023 2022 2023 2022
---------------------------------------- -------------------- ---------------------------------------- -------------------- ---------------------------------------- -------------------- ---------------------------------------- --------------------
Operating Activities:
Net earnings $ 159,145 $ 214,737 $ 751,779 $ 1,360,605
Adjustments to reconcile net earnings to net cash from operating activities:
1,627 1,133 3,943 11,050
Provisions for losses on accounts receivable
(14,974 ) (18,312 ) (22,916 ) (33,240 )
Deferred income tax benefit
11,437 13,101 58,399 64,397
Stock compensation expense
21,386 14,922 67,760 57,338
Depreciation and amortization
2,065 1,108 8,461 1,252
Other, net
Changes in operating assets and liabilities:
(55,481 ) 711,977 573,724 1,592,341
(Increase) decrease in accounts receivable
11,645 (454,221 ) (300,345 ) (798,123 )
Increase (decrease) in accounts payable and accrued expenses
8,082 277,805 36,952 714,960
Decrease in deferred contract costs
(6,527 ) (309,530 ) (40,076 ) (798,356 )
Decrease in contract liabilities
20,445 23,439 (77,298 ) (55,129 )
Increase (decrease) in income taxes payable, net
(497 ) 10,540 (7,192 ) 12,580
(Increase) decrease in other, net
-------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Net cash from operating activities 158,353 486,699 1,053,191 2,129,675
Investing Activities:
Purchase of property and equipment (10,714 ) (18,326 ) (39,314 ) (86,824 )
Other, net 90 (245 ) (119 ) (890 )
-------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Net cash from investing activities (10,624 ) (18,571 ) (39,433 ) (87,714 )
Financing Activities:
Payments on borrowing on lines of credit (4,507 ) (688 ) (38,143 ) (30,289 )
Proceeds from borrowing on lines of credit 5,246 25,211 32,199 81,756
Proceeds from issuance of common stock 4,584 7,662 84,889 80,980
Repurchases of common stock (193,592 ) (563,802 ) (1,392,886 ) (1,581,908 )
Dividends Paid (99,766 ) (103,971 ) (202,029 ) (213,799 )
Payments for taxes related to net share settlement of equity awards (5 ) (2 ) (19,506 ) (19,335 )
Distributions to noncontrolling interest (1,089 ) (1,402 ) (1,089 ) (1,945 )
-------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Net cash from financing activities (289,129 ) (636,992 ) (1,536,565 ) (1,684,540 )
Effect of exchange rate changes on cash and cash equivalents 14,855 48,461 1,559 (51,982 )
-------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Change in cash and cash equivalents (126,545 ) (120,403 ) (521,248 ) 305,439
Cash and cash equivalents at beginning of period 1,639,428 2,154,534 2,034,131 1,728,692
-------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Cash and cash equivalents at end of period $ 1,512,883 $ 2,034,131 $ 1,512,883 $ 2,034,131
==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ====================
Taxes Paid:
Income taxes $ 50,321 $ 100,822 $ 356,380 $ 566,533
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| EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.
AND SUBSIDIARIES
Business Segment Information
(In thousands)
(Unaudited)
UNITED OTHER LATIN NORTH SOUTH EUROPE MIDDLE ELIMI- CONSOLI-
STATES NORTH AMERICA ASIA ASIA EAST, NATIONS DATED
AMERICA AFRICA
AND
INDIA
-------------------- -------------------- ------------------------------ -------------------- ------------------------------ -------------------- ------------------------------ -------------------- ------------------------------ -------------------- ------------------------------ -------------------- ------------------------------ -------------------- ---------------------------------- -------------------- ------------------------------ --------------------
For the three months ended December 31, 2023:
Revenues $ 775,382 109,933 45,350 573,020 234,260 422,340 118,670 (1,187 ) 2,277,768
Directly related cost of transportation and other expenses(1) $ 422,015 68,096 27,237 461,029 175,214 276,161 84,391 (539 ) 1,513,604
Salaries and other operating expenses(2) $ 252,715 34,345 17,423 67,098 42,786 120,331 30,707 (639 ) 564,766
Operating income (loss) $ 100,652 7,492 690 44,893 16,260 25,848 3,572 (9 ) 199,398
Identifiable assets at period end $ 2,595,576 174,509 109,380 449,529 237,470 721,259 256,199 (20,113 ) 4,523,809
Capital expenditures $ 8,016 315 82 424 227 1,142 508 -- 10,714
Depreciation and amortization $ 15,401 475 281 1,106 460 2,876 787 -- 21,386
Equity $ 1,774,874 19,222 54,581 158,329 103,573 167,141 154,038 (40,345 ) 2,391,413
For the three months ended December 31, 2022:
Revenues $ 1,118,262 127,442 65,821 969,266 367,679 599,947 194,342 (1,231 ) 3,441,528
Directly related cost of transportation and other expenses(1) $ 639,804 80,052 41,480 799,583 288,014 432,835 144,377 (580 ) 2,425,565
Salaries and other operating expenses(2) $ (18,767 ) 101,864 29,523 178,038 117,024 239,627 39,588 (640 ) 686,257
Operating income(3) $ 497,225 (54,474 ) (5,182 ) (8,355 ) (37,359 ) (72,515 ) 10,377 (11 ) 329,706
Identifiable assets at period end $ 3,070,697 209,516 123,003 675,022 316,777 938,660 283,872 (27,113 ) 5,590,434
Capital expenditures $ 11,262 282 232 1,098 391 4,525 536 -- 18,326
Depreciation and amortization $ 9,433 454 280 1,069 472 2,527 687 -- 14,922
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| UNITED OTHER LATIN NORTH SOUTH EUROPE MIDDLE ELIMI- CONSOLI-
STATES NORTH AMERICA ASIA ASIA EAST, NATIONS DATED
AMERICA AFRICA
AND
INDIA
-------------------- -------------------- ------------------------------ -------------------- ------------------------------ -------------------- ------------------------------ -------------------- ------------------------------ -------------------- ------------------------------ -------------------- ------------------------------ -------------------- ---------------------------------- -------------------- ------------------------------ --------------------
For the twelve months ended December 31, 2023:
Revenues $ 3,311,327 436,331 197,344 2,180,808 865,261 1,808,624 505,194 (4,779 ) 9,300,110
Directly related cost of transportation and other expenses(1) $ 1,809,526 270,080 117,376 1,700,025 612,606 1,200,753 345,873 (2,239 ) 6,054,000
Salaries and other operating expenses(2) $ 1,037,997 143,237 69,595 273,074 175,770 493,335 115,710 (2,541 ) 2,306,177
Operating income $ 463,804 23,014 10,373 207,709 76,885 114,536 43,611 1 939,933
Identifiable assets at period end $ 2,595,576 174,509 109,380 449,529 237,470 721,259 256,199 (20,113 ) 4,523,809
Capital expenditures $ 23,845 1,247 442 1,534 971 7,830 3,445 -- 39,314
Depreciation and amortization $ 44,039 1,879 1,123 4,597 1,940 11,313 2,869 -- 67,760
Equity $ 1,774,874 19,222 54,581 158,329 103,573 167,141 154,038 (40,345 ) 2,391,413
For the twelve months ended December 31, 2022:
Revenues $ 4,869,364 517,662 257,721 5,810,088 2,144,034 2,471,456 1,005,489 (4,530 ) 17,071,284
Directly related cost of transportation and other expenses(1) $ 2,943,232 310,206 160,273 4,853,902 1,751,187 1,768,102 791,887 (1,892 ) 12,576,897
Salaries and other operating expenses(2) $ 944,050 188,192 72,177 504,805 238,658 573,598 151,069 (2,533 ) 2,670,016
Operating income $ 982,082 19,264 25,271 451,381 154,189 129,756 62,533 (105 ) 1,824,371
Identifiable assets at period end $ 3,070,697 209,516 123,003 675,022 316,777 938,660 283,872 (27,113 ) 5,590,434
Capital expenditures $ 56,411 2,954 937 2,976 1,543 17,868 4,135 -- 86,824
Depreciation and amortization $ 35,461 1,892 1,123 4,682 1,966 9,640 2,574 -- 57,338
Equity $ 2,246,417 31,132 56,416 274,703 136,944 263,278 145,269 (40,624 ) 3,113,535
(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.
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SOURCE: Expeditors International of Washington, Inc.
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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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COMTEX_448075138/1006/2024-02-20T08:30:06 |
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