Expeditors Reports Second Quarter 2022 EPS Of $2.27

Expeditors International of Washington, Inc. EXPD today announced second quarter 2022 financial results including the following highlights compared to the same quarter of 2021:

  • Diluted Net Earnings Attributable to Shareholders per share (EPS1) increased 23% to $2.27
  • Net Earnings Attributable to Shareholders increased 19% to $378 million
  • Operating Income increased 23% to $506 million
  • Revenues increased 28% to $4.6 billion
  • Airfreight tonnage volume and ocean container volume decreased 17% and 11%, respectively

"This was the strongest second quarter in our company's history, even while our air and ocean volumes were soft compared to a year ago," said Jeffrey S. Musser, President and Chief Executive Officer. "During the second quarter we continued the recovery from the February cyber-attack and re-established digital connections with many of our customers, which limited our ability to move cargo through our systems. We also experienced a significant drop in volumes in China due to the various lockdowns that resulted in factories not operating and cargo being unavailable to ship. We believe the volume changes are primarily related to timing of our recovery from the cyber-attack, our significant market presence in China, as well as a slowing economy and an overall drop in demand. We simply cannot say enough about the quality of our employees and their commitment to our customers over the last couple of years. Our experiences during the pandemic and recovery from the cyber-attack have tested the will of our staff, as well as the strength and commitment of our service providers and customers.

"Looking at the current environment, our perspective is that there is a great deal of uncertainty in the marketplace. Buy and sell rates have come down from their peaks but remain elevated and out of balance by historical standards. We see signs that the global economy has started to slow and that capacity is no longer severely constrained relative to demand that has also come down from earlier peaks. Nevertheless, airline belly capacity in many markets has not bounced back and we continued to access additional capacity by using air charters to meet shipper demand. Ocean transit times continued to be stretched by port congestion and many ongoing shortages of equipment, labor, and warehousing space. Various onshore bottlenecks further impacted many of our ocean and air lanes, in addition to affecting our customs business due to record high drayage, storage, delivery, demurrage, and detention costs at destination. We do not see signs that these conditions are likely to improve significantly any time soon. The unpredictability of COVID restrictions and lockdowns in China, as well as route restrictions and sanctions from the Ukraine conflict, continue to make global shipping a highly challenging business right now. But the strength of our organization and culture is in bringing order to chaos to service the needs of our customers by accessing capacity and delivering solutions despite the many disruptions."

Bradley S. Powell, Senior Vice President and Chief Financial Officer, added, "All of our products performed well during the quarter and we returned $659 million to shareholders in repurchased stock and dividends. Given the current economic uncertainty and government actions aimed at taming inflation, along with the ongoing challenges throughout the global supply chain, we believe that rates will continue to be highly volatile at least through the end of the year, while generally continuing to trend downwards from their highs over the longer-term. We are no strangers to uncertainty and remain highly disciplined and focused on our customers' need for capacity and solutions. We will continue to explore ways to further enhance our already strong efficiencies as we continue to adapt to the current operating environment."

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.

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 the financial and operational impact of the cyber-attack; the future stabilization of supply/demand imbalance and rate volatility; the continued unsettled operating environment due to uncertain air and ocean capacity; volatile air and ocean pricing and uneven demand for such services; port congestion; equipment imbalances; labor shortages; insufficient warehouse and pier space; trade disruptions; rising fuels costs; the conflict in Ukraine; signs of a slowing economy and drop in demand; and the uneven lifting of the COVID-19 pandemic restrictions around the world. Future financial performance could differ materially because of factors such as: our ability to leverage the strength of our carrier relationships to secure space; the strength of our non-asset-based operating model; our expectation that the supply/demand imbalance, rate volatility, and various on-shore bottlenecks are unlikely to improve any time soon; our ability to fully re-open our offices for return-to-work; our ability to continue to enhance our productivity; our ability to invest in our strategic efforts to explore new areas for profitable growth; our ability to avoid another material cyber-attack; and our ability to remain a strong, healthy, unified and resilient organization. The ongoing impact of the COVID-19 pandemic 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, 2021 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 2022 Earnings Release, August 2, 2022

Financial Highlights for the three and six months ended June 30, 2022 and 2021 (Unaudited)

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

 

 

Three months ended June 30,

 

 

Six months ended June 30,

 

 

 

2022

 

 

2021

 

 

% Change

 

 

2022

 

 

2021

 

 

% Change

 

Revenues

 

$

4,603,312

 

 

$

3,609,093

 

 

28%

 

 

$

9,267,610

 

 

$

6,807,913

 

 

36%

 

Directly related cost of transportation and

other expenses1

 

$

3,440,948

 

 

$

2,598,633

 

 

32%

 

 

$

6,957,059

 

 

$

4,845,917

 

 

44%

 

Salaries and other operating expenses2

 

$

656,382

 

 

$

599,815

 

 

9%

 

 

$

1,342,809

 

 

$

1,165,836

 

 

15%

 

Operating income

 

$

505,982

 

 

$

410,645

 

 

23%

 

 

$

967,742

 

 

$

796,160

 

 

22%

 

Net earnings attributable to shareholders

 

$

377,805

 

 

$

316,372

 

 

19%

 

 

$

723,914

 

 

$

603,592

 

 

20%

 

Diluted earnings attributable to

shareholders per share

 

$

2.27

 

 

$

1.84

 

 

23%

 

 

$

4.31

 

 

$

3.52

 

 

22%

 

Basic earnings attributable to shareholders

per share

 

$

2.29

 

 

$

1.87

 

 

22%

 

 

$

4.35

 

 

$

3.57

 

 

22%

 

Diluted weighted average shares

outstanding

 

 

166,474

 

 

 

171,677

 

 

(3)%

 

 

 

167,980

 

 

 

171,660

 

 

(2)%

 

Basic weighted average shares outstanding

 

 

165,092

 

 

 

169,210

 

 

(2)%

 

 

 

166,423

 

 

 

169,140

 

 

(2)%

 

__________________________________
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.

Financial Impact of the Cyber-Attack

In the three and six months ended June 30, 2022, the Company incurred, as a result of our inability to timely process and move shipments through ports, approximately $22 million and $62 million, respectively, in incremental demurrage charges, where the Company has direct liability for this obligation. These costs are recorded in customs brokerage and other services expenses.

Additionally, principally in the first quarter, the Company incurred investigation, recovery, and remediation expenses, including costs to recover its operational and accounting systems and to enhance cybersecurity protections. These costs are primarily comprised of various consulting services including cybersecurity experts, outside legal advisors, and other IT professional expenses. The Company also recorded estimated liabilities for potential shipment-related claims. Total amounts recorded for the items above for the three and six months ended June 30, 2022 were approximately $6 million and $28 million, respectively, and are reported in other operating expenses. The Company does not expect to incur significant capital expenditures as a result of the cyber-attack.

The Company may incur additional expenses which could include third-party expenses, incremental information services costs, legal fees, or indemnities to customers or business partners. When the Company's operating systems were down, many customers worked with other providers to meet their logistics needs, resulting in lower shipment volumes in the first quarter and to a lesser extent in the second quarter for which the financial impact on revenues and operating income cannot be quantified. Such costs and the ongoing impacts from the down time caused by the cyber-attack could have a further material adverse impact on the Company's business, revenues, expenses, results of operations, cash flows and reputation. The Company is unable to estimate the ultimate direct and indirect financial impacts of this cyber-attack.

 

 

Employee Full-time Equivalents as of June 30,

 

 

 

2022

 

 

2021

 

North America

 

 

7,752

 

 

 

6,949

 

Europe

 

 

4,127

 

 

 

3,700

 

North Asia

 

 

2,490

 

 

 

2,416

 

South Asia

 

 

1,824

 

 

 

1,671

 

Middle East, Africa and India

 

 

1,543

 

 

 

1,496

 

Latin America

 

 

853

 

 

 

781

 

Information Systems

 

 

1,093

 

 

 

968

 

Corporate

 

 

414

 

 

 

399

 

Total

 

 

20,096

 

 

 

18,380

 

 

 

Second quarter year-over-year

percentage decrease:

 

2022

 

Airfreight

kilos

 

 

Ocean freight

FEU

 

April

 

(24)%

 

 

(13)%

 

May

 

(13)%

 

 

(11)%

 

June

 

(13)%

 

 

(10)%

 

Quarter

 

(17)%

 

 

(11)%

 

During the three and six months ended June 30, 2022, we repurchased 5 million shares of common stock at $109.81 per share. During the three and six months ended June 30, 2021, we repurchased 0.5 million and 1.4 million shares of common stock at an average price of $124.94 and $104.20 per share, respectively.

Investors may submit written questions via e-mail to: investor@expeditors.com. Questions received by the end of business on August 5, 2022 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)

 

 

 

June 30,

2022

 

 

December 31,

2021

 

Assets:

 

 

 

 

 

 

 

 

Current Assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

1,976,971

 

 

$

1,728,692

 

Accounts receivable, less allowance for credit loss of

$7,636 at June 30, 2022 and $6,686 at December 31, 2021

 

 

3,469,833

 

 

 

3,810,286

 

Deferred contract costs

 

 

745,577

 

 

 

987,266

 

Other

 

 

137,768

 

 

 

108,801

 

Total current assets

 

 

6,330,149

 

 

 

6,635,045

 

Property and equipment, less accumulated depreciation and

amortization of $554,252 at June 30, 2022 and $541,677 at

December 31, 2021

 

 

495,328

 

 

 

487,870

 

Operating lease right-of-use assets

 

 

491,630

 

 

 

459,158

 

Goodwill

 

 

7,927

 

 

 

7,927

 

Deferred federal and state income taxes, net

 

 

19,413

 

 

 

729

 

Other assets, net

 

 

16,695

 

 

 

19,200

 

Total assets

 

$

7,361,142

 

 

$

7,609,929

 

Liabilities:

 

 

 

 

 

 

 

 

Current Liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

 

1,914,979

 

 

 

2,012,461

 

Accrued liabilities, primarily salaries and related costs

 

 

473,644

 

 

 

403,625

 

Contract liabilities

 

 

867,467

 

 

 

1,142,026

 

Current portion of operating lease liabilities

 

 

88,112

 

 

 

82,019

 

Federal, state and foreign income taxes

 

 

66,864

 

 

 

86,166

 

Total current liabilities

 

 

3,411,066

 

 

 

3,726,297

 

Noncurrent portion of operating lease liabilities

 

 

414,813

 

 

 

385,641

 

Commitments and contingencies

 

 

 

 

 

 

Shareholders' Equity:

 

 

 

 

 

 

 

 

Preferred stock, none issued

 

 

 

 

 

 

Common stock, par value $0.01 per share. Issued and

outstanding: 162,931 shares at June 30, 2022 and 167,210

shares at December 31, 2021

 

 

1,629

 

 

 

1,672

 

Additional paid-in capital

 

 

137

 

 

 

3,160

 

Retained earnings

 

 

3,717,316

 

 

 

3,620,008

 

Accumulated other comprehensive loss

 

 

(193,834

)

 

 

(130,414

)

Total shareholders' equity

 

 

3,525,248

 

 

 

3,494,426

 

Noncontrolling interest

 

 

10,015

 

 

 

3,565

 

Total equity

 

 

3,535,263

 

 

 

3,497,991

 

Total liabilities and equity

 

$

7,361,142

 

 

$

7,609,929

 

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,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Airfreight services

 

$

1,602,566

 

 

$

1,523,569

 

 

$

3,201,121

 

 

$

2,849,484

 

Ocean freight and ocean services

 

 

1,759,646

 

 

 

1,098,550

 

 

 

3,735,892

 

 

 

2,052,462

 

Customs brokerage and other services

 

 

1,241,100

 

 

 

986,974

 

 

 

2,330,597

 

 

 

1,905,967

 

Total revenues

 

 

4,603,312

 

 

 

3,609,093

 

 

 

9,267,610

 

 

 

6,807,913

 

Operating Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Airfreight services

 

 

1,212,503

 

 

 

1,136,328

 

 

 

2,355,049

 

 

 

2,090,872

 

Ocean freight and ocean services

 

 

1,402,365

 

 

 

862,251

 

 

 

3,002,608

 

 

 

1,604,686

 

Customs brokerage and other services

 

 

826,080

 

 

 

600,054

 

 

 

1,599,402

 

 

 

1,150,359

 

Salaries and related

 

 

508,222

 

 

 

481,186

 

 

 

1,047,162

 

 

 

933,291

 

Rent and occupancy

 

 

51,598

 

 

 

45,366

 

 

 

102,526

 

 

 

90,646

 

Depreciation and amortization

 

 

14,254

 

 

 

12,675

 

 

 

27,229

 

 

 

25,662

 

Selling and promotion

 

 

5,887

 

 

 

3,172

 

 

 

9,935

 

 

 

6,242

 

Other

 

 

76,421

 

 

 

57,416

 

 

 

155,957

 

 

 

109,995

 

Total operating expenses

 

 

4,097,330

 

 

 

3,198,448

 

 

 

8,299,868

 

 

 

6,011,753

 

Operating income

 

 

505,982

 

 

 

410,645

 

 

 

967,742

 

 

 

796,160

 

Other Income (Expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

2,720

 

 

 

2,188

 

 

 

4,612

 

 

 

4,134

 

Other, net

 

 

106

 

 

 

2,649

 

 

 

7,633

 

 

 

5,649

 

Other income, net

 

 

2,826

 

 

 

4,837

 

 

 

12,245

 

 

 

9,783

 

Earnings before income taxes

 

 

508,808

 

 

 

415,482

 

 

 

979,987

 

 

 

805,943

 

Income tax expense

 

 

126,582

 

 

 

98,508

 

 

 

248,281

 

 

 

201,019

 

Net earnings

 

 

382,226

 

 

 

316,974

 

 

 

731,706

 

 

 

604,924

 

Less net earnings attributable to the noncontrolling

interest

 

 

4,421

 

 

 

602

 

 

 

7,792

 

 

 

1,332

 

Net earnings attributable to shareholders

 

$

377,805

 

 

$

316,372

 

 

$

723,914

 

 

$

603,592

 

Diluted earnings attributable to shareholders per share

 

$

2.27

 

 

$

1.84

 

 

$

4.31

 

 

$

3.52

 

Basic earnings attributable to shareholders per share

 

$

2.29

 

 

$

1.87

 

 

$

4.35

 

 

$

3.57

 

Weighted average diluted shares outstanding

 

 

166,474

 

 

 

171,677

 

 

 

167,980

 

 

 

171,660

 

Weighted average basic shares outstanding

 

 

165,092

 

 

 

169,210

 

 

 

166,423

 

 

 

169,140

 

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,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Operating Activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings

 

$

382,226

 

 

$

316,974

 

 

$

731,706

 

 

$

604,924

 

Adjustments to reconcile net earnings to net cash from

operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Provisions for losses on accounts receivable

 

 

4,763

 

 

 

1,090

 

 

 

4,347

 

 

 

2,289

 

Deferred income tax (benefit) expense

 

 

(8,622

)

 

 

1,850

 

 

 

(11,858

)

 

 

10,001

 

Stock compensation expense

 

 

25,518

 

 

 

30,909

 

 

 

37,121

 

 

 

42,094

 

Depreciation and amortization

 

 

14,254

 

 

 

12,675

 

 

 

27,229

 

 

 

25,662

 

Other, net

 

 

(1,746

)

 

 

346

 

 

 

(1,291

)

 

 

897

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Decrease (increase) in accounts receivable

 

 

378,291

 

 

 

(410,783

)

 

 

245,943

 

 

 

(663,697

)

(Decrease) increase in accounts payable and accrued expenses

 

 

(133,171

)

 

 

99,944

 

 

 

7,020

 

 

 

333,182

 

Decrease (increase) in deferred contract costs

 

 

37,138

 

 

 

(150,382

)

 

 

211,068

 

 

 

(221,640

)

(Decrease) increase in contract liabilities

 

 

(45,574

)

 

 

174,504

 

 

 

(238,931

)

 

 

254,094

 

Decrease in income taxes payable, net

 

 

(93,430

)

 

 

(47,994

)

 

 

(47,171

)

 

 

(1,356

)

(Increase) decrease in other, net

 

 

(1,001

)

 

 

1,164

 

 

 

7,409

 

 

 

(324

)

Net cash from operating activities

 

 

558,646

 

 

 

30,297

 

 

 

972,592

 

 

 

386,126

 

Investing Activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Purchase of property and equipment

 

 

(38,158

)

 

 

(6,539

)

 

 

(52,570

)

 

 

(14,930

)

Other, net

 

 

(134

)

 

 

138

 

 

 

(55

)

 

 

104

 

Net cash from investing activities

 

 

(38,292

)

 

 

(6,401

)

 

 

(52,625

)

 

 

(14,826

)

Financing Activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Proceeds from borrowing on lines of credit, net

 

 

28,571

 

 

 

174

 

 

 

48,061

 

 

 

89

 

Proceeds from issuance of common stock

 

 

5,682

 

 

 

22,711

 

 

 

11,433

 

 

 

42,468

 

Repurchases of common stock

 

 

(549,065

)

 

 

(62,472

)

 

 

(549,065

)

 

 

(148,469

)

Dividends paid

 

 

(109,828

)

 

 

(98,387

)

 

 

(109,828

)

 

 

(98,387

)

Payments for taxes related to net share settlement of equity

awards

 

 

(11,851

)

 

 

(13,893

)

 

 

(19,333

)

 

 

(15,168

)

Net cash from financing activities

 

 

(636,491

)

 

 

(151,867

)

 

 

(618,732

)

 

 

(219,467

)

Effect of exchange rate changes on cash and cash equivalents

 

 

(46,518

)

 

 

8,699

 

 

 

(52,956

)

 

 

(5,503

)

Change in cash and cash equivalents

 

 

(162,655

)

 

 

(119,272

)

 

 

248,279

 

 

 

146,330

 

Cash and cash equivalents at beginning of period

 

 

2,139,626

 

 

 

1,793,393

 

 

 

1,728,692

 

 

 

1,527,791

 

Cash and cash equivalents at end of period

 

$

1,976,971

 

 

$

1,674,121

 

 

$

1,976,971

 

 

$

1,674,121

 

Taxes Paid:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income taxes

 

$

236,791

 

 

$

143,959

 

 

$

314,751

 

 

$

190,536

 

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, 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

 

For the three months ended June 30, 2021:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

$

997,567

 

 

 

101,465

 

 

 

46,981

 

 

 

1,309,382

 

 

 

417,718

 

 

 

544,949

 

 

 

192,186

 

 

 

(1,155

)

 

 

3,609,093

 

Directly related cost of transportation

and other expenses1

 

$

566,882

 

 

 

59,311

 

 

 

25,952

 

 

 

1,086,641

 

 

 

335,219

 

 

 

376,856

 

 

 

148,290

 

 

 

(518

)

 

 

2,598,633

 

Salaries and other operating expenses2

 

$

241,121

 

 

 

31,300

 

 

 

14,735

 

 

 

106,812

 

 

 

49,046

 

 

 

123,408

 

 

 

34,026

 

 

 

(633

)

 

 

599,815

 

Operating income

 

$

189,564

 

 

 

10,854

 

 

 

6,294

 

 

 

115,929

 

 

 

33,453

 

 

 

44,685

 

 

 

9,870

 

 

 

(4

)

 

 

410,645

 

Identifiable assets at period end

 

$

2,972,363

 

 

 

196,558

 

 

 

102,296

 

 

 

1,114,475

 

 

 

377,370

 

 

 

929,706

 

 

 

291,406

 

 

 

(31,003

)

 

 

5,953,171

 

Capital expenditures

 

$

2,905

 

 

 

64

 

 

 

72

 

 

 

400

 

 

 

532

 

 

 

2,100

 

 

 

466

 

 

 

 

 

 

6,539

 

Equity

 

$

2,163,114

 

 

 

80,802

 

 

 

36,316

 

 

 

318,111

 

 

 

146,583

 

 

 

255,006

 

 

 

128,148

 

 

 

(44,429

)

 

 

3,083,651

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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, 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

 

For the six months ended June 30, 2021:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

$

1,872,957

 

 

 

195,582

 

 

 

91,845

 

 

 

2,518,430

 

 

 

767,484

 

 

 

1,011,282

 

 

 

352,692

 

 

 

(2,359

)

 

 

6,807,913

 

Directly related cost of transportation

and other expenses1

 

$

1,069,517

 

 

 

112,361

 

 

 

52,652

 

 

 

2,054,170

 

 

 

605,163

 

 

 

683,765

 

 

 

269,399

 

 

 

(1,110

)

 

 

4,845,917

 

Salaries and other operating expenses2

 

$

479,819

 

 

 

57,037

 

 

 

27,112

 

 

 

213,732

 

 

 

92,211

 

 

 

232,863

 

 

 

64,301

 

 

 

(1,239

)

 

 

1,165,836

 

Operating income

 

$

323,621

 

 

 

26,184

 

 

 

12,081

 

 

 

250,528

 

 

 

70,110

 

 

 

94,654

 

 

 

18,992

 

 

 

(10

)

 

 

796,160

 

Identifiable assets at period end

 

$

2,972,363

 

 

 

196,558

 

 

 

102,296

 

 

 

1,114,475

 

 

 

377,370

 

 

 

929,706

 

 

 

291,406

 

 

 

(31,003

)

 

 

5,953,171

 

Capital expenditures

 

$

5,930

 

 

 

186

 

 

 

125

 

 

 

757

 

 

 

1,111

 

 

 

5,654

 

 

 

1,167

 

 

 

 

 

 

14,930

 

Equity

$

2,163,114

 

 

80,802

 

 

36,316

 

 

318,111

 

 

 

146,583

 

 

 

255,006

 

 

 

128,148

 

 

(44,429

)

 

 

3,083,651

 

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.

Posted In: Press Releases