Expeditors Reports Fourth Quarter 2023 EPS of $1.09

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 (EPS1) 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.

_______________________

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 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.

 

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,

 

 

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

 

 

 

________________

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.

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

 

Total

 

 

18,452

 

 

 

20,302

 

 

 

Fourth quarter year-over-year

percentage (decrease) increase in:

 

 

Airfreight

kilos

 

Ocean freight

FEU

2023

 

 

 

 

October

 

(6)%

 

(12)%

November

 

(6)%

 

(10)%

December

 

3%

 

(7)%

Quarter

 

(3)%

 

(10)%

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.”

 

EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.

AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(In thousands, except per share data)

(Unaudited)

 

 

 

December 31,

2023

 

 

December 31,

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

 

Total current assets

 

 

3,435,196

 

 

 

4,518,017

 

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

 

Total assets

 

$

4,523,809

 

 

$

5,590,434

 

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

 

Total current liabilities

 

 

1,704,412

 

 

 

2,054,055

 

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

)

Total shareholders’ equity

 

 

2,390,350

 

 

 

3,110,021

 

Noncontrolling interest

 

 

1,063

 

 

 

3,514

 

Total equity

 

 

2,391,413

 

 

 

3,113,535

 

Total liabilities and equity

 

$

4,523,809

 

 

$

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

December 31,

 

 

Twelve months ended

December 31,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

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

 

Total revenues

 

 

2,277,768

 

 

 

3,441,528

 

 

 

9,300,110

 

 

 

17,071,284

 

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

 

Total operating expenses

 

 

2,078,370

 

 

 

3,111,822

 

 

 

8,360,177

 

 

 

15,246,913

 

Operating income

 

 

199,398

 

 

 

329,706

 

 

 

939,933

 

 

 

1,824,371

 

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

 

Other income (expense), net

 

 

16,978

 

 

 

(8,658

)

 

 

75,095

 

 

 

11,520

 

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

 

Net earnings

 

 

159,145

 

 

 

214,737

 

 

 

751,779

 

 

 

1,360,605

 

Less net earnings (losses) attributable to the noncontrolling interest

 

 

426

 

 

 

(4,539

)

 

 

(1,104

)

 

 

3,206

 

Net earnings attributable to shareholders

 

$

158,719

 

 

$

219,276

 

 

$

752,883

 

 

$

1,357,399

 

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

 

 
 

EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.

AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

 

 

 

Three months ended

December 31,

 

 

Twelve months ended

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:

 

 

 

 

 

 

 

 

 

 

 

 

Provisions for losses on accounts receivable

 

 

1,627

 

 

 

1,133

 

 

 

3,943

 

 

 

11,050

 

Deferred income tax benefit

 

 

(14,974

)

 

 

(18,312

)

 

 

(22,916

)

 

 

(33,240

)

Stock compensation expense

 

 

11,437

 

 

 

13,101

 

 

 

58,399

 

 

 

64,397

 

Depreciation and amortization

 

 

21,386

 

 

 

14,922

 

 

 

67,760

 

 

 

57,338

 

Other, net

 

 

2,065

 

 

 

1,108

 

 

 

8,461

 

 

 

1,252

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

(Increase) decrease in accounts receivable

 

 

(55,481

)

 

 

711,977

 

 

 

573,724

 

 

 

1,592,341

 

Increase (decrease) in accounts payable and accrued expenses

 

 

11,645

 

 

 

(454,221

)

 

 

(300,345

)

 

 

(798,123

)

Decrease in deferred contract costs

 

 

8,082

 

 

 

277,805

 

 

 

36,952

 

 

 

714,960

 

Decrease in contract liabilities

 

 

(6,527

)

 

 

(309,530

)

 

 

(40,076

)

 

 

(798,356

)

Increase (decrease) in income taxes payable, net

 

 

20,445

 

 

 

23,439

 

 

 

(77,298

)

 

 

(55,129

)

(Increase) decrease in other, net

 

 

(497

)

 

 

10,540

 

 

 

(7,192

)

 

 

12,580

 

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

 

 

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 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 expenses1

 

$

422,015

 

 

 

68,096

 

 

 

27,237

 

 

 

461,029

 

 

 

175,214

 

 

 

276,161

 

 

 

84,391

 

 

 

(539

)

 

 

1,513,604

 

Salaries and other operating expenses2

 

$

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 expenses1

 

$

639,804

 

 

 

80,052

 

 

 

41,480

 

 

 

799,583

 

 

 

288,014

 

 

 

432,835

 

 

 

144,377

 

 

 

(580

)

 

 

2,425,565

 

Salaries and other operating expenses2

 

$

(18,767

)

 

 

101,864

 

 

 

29,523

 

 

 

178,038

 

 

 

117,024

 

 

 

239,627

 

 

 

39,588

 

 

 

(640

)

 

 

686,257

 

Operating income3

 

$

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

 

Equity

 

$

2,246,417

 

 

 

31,132

 

 

 

56,416

 

 

 

274,703

 

 

 

136,944

 

 

 

263,278

 

 

 

145,269

 

 

 

(40,624

)

 

 

3,113,535

 

 

 

UNITED

STATES

 

 

OTHER

NORTH

AMERICA

 

 

LATIN

AMERICA

 

 

NORTH

ASIA

 

 

SOUTH

ASIA

 

 

EUROPE

 

 

MIDDLE

EAST,

AFRICA

AND

INDIA

 

 

ELIMI-

NATIONS

 

 

CONSOLI-

DATED

 

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 expenses1

 

$

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 expenses2

 

$

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 expenses1

 

$

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 expenses2

 

$

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.

3 In 2022, certain intercompany fees were billed to our subsidiaries in the 4th quarter covering the entirety of 2022. This resulted in fourth quarter operating losses or reduced operating income for some of our business segments when compared to the current year where these amounts were billed monthly.

 

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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