Sign In  |  Register  |  About Sunnyvale  |  Contact Us

Sunnyvale, CA
September 01, 2020 10:10am
7-Day Forecast | Traffic
  • Search Hotels in Sunnyvale

  • CHECK-IN:
  • CHECK-OUT:
  • ROOMS:

Expeditors Reports Fourth Quarter 2022 EPS of $1.38

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

  • Diluted Net Earnings Attributable to Shareholders per share (EPS1) decreased 48% to $1.38
  • Net Earnings Attributable to Shareholders decreased 52% to $219 million
  • Operating Income decreased 47% to $330 million
  • Revenues decreased 36% to $3.4 billion
  • Airfreight tonnage volume decreased 20% and ocean container volume decreased 15%

“As pandemic-related bottlenecks eased and air and ocean supply/demand imbalances began to dissipate in the first half of the year, average buy and sell rates progressively declined to varying degrees, as they typically do – until they suddenly began to plummet simultaneously and faster than we would have expected in the fourth quarter,” said Jeffrey S. Musser, President and Chief Executive Officer. “The rapid turnaround in Q4 was stunning and unparalleled.”

“Fourth quarter demand also was softer than we would have expected, particularly in retail and high tech,” Musser continued. “Many shippers had stockpiled inventory and pulled orders forward early in 2022, in a concerted effort to avoid the worst of the supply chain bottlenecks that materialized during the pandemic, when abrupt shutdowns and stay-at-home orders transformed how we live and do business. Those conditions, which were already starting to ease throughout the first three quarters of 2022, quickly reversed course as we entered the fourth quarter and shippers swiftly adapted to increased consumer caution and slowing demand for their products, while also battling inflation and tighter financing. We were especially impacted in North Asia, our second largest geography, as the lingering effects of the lockdowns contributed to the largest declines in our air tonnage and ocean volumes in at least a decade.

“I am extremely grateful to our people, who continued to perform at their very best as they have throughout the many significant challenges we have faced over the past couple of years. We recognize that the pandemic tailwind is gone and we are now in a marketplace in which the supply chain appears to have largely normalized. Nevertheless, a level of uncertainty remains and shippers are prioritizing cost controls as they scramble to adapt to an increasingly fragile global economy.

“While we remain very optimistic about the future, our short-term outlook is somewhat uncertain due to a difficult economic environment and the resetting of supply and demand, which has a direct impact on available capacity and pricing. We plan to move forward with a sharp eye on aligning expenses with revenues, particularly over the next one or two quarters. Our focus will be on maintaining our existing accounts and gaining new business, while reducing overall expenses. Just as we quickly configured our operations to accommodate unprecedented chaos and complexity during the pandemic, we now need to address our operations for a post-pandemic environment of soft demand and pressured pricing.”

Bradley S. Powell, Senior Vice President and Chief Financial Officer, added, “This quarter was heavily impacted by a rapid reversal from the most robust operating environment we have ever seen. Economic uncertainty, government actions directed at trying to tame inflation, and severe challenges to the global supply chain gave way to sharply decelerating volumes along with a swift and simultaneous falloff in buy/sell rates. Such quickly evolving operating conditions impacted our results for the quarter, as did year-over-year comparisons to strong results in 2021. In addition, earnings before income taxes were impacted by an increase in discretionary field and branch bonuses that were awarded at year-end within our district incentive compensation program, as well as the recording of a non-income tax contingency, which on a combined basis totaled approximately $81 million. Our teams around the world worked well managing through significant challenges in 2022 always with careful attention to cash flow. Our cash flow from operations exceeded $2.1 billion in 2022 and we returned $1.8 billion to shareholders via repurchases of common stock and dividends.”

Mr. Powell noted that the Company’s annual effective tax rate for 2022 was 25.9%, compared to 26.3% in 2021. The fourth quarter of 2022 effective tax rate was 33.1%, compared to 27.5% in the year-ago quarter. The increase is primarily due to a change in the amount of foreign taxes incurred net of available foreign tax credits.

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 optimism regarding the future and our uncertain short-term outlook; a normalized supply chain; softening demand; pressure on buy and sell rates; the continued unsettled operating environment due to uncertain air and ocean capacity; an increasingly fragile global economy; trade disruptions; rising fuels costs; the conflict in Ukraine; inflation, high energy costs, government fiscal and monetary measures, and 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 may continue; 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 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.

Fourth quarter 2022 Earnings Release, February 21, 2023

Financial Highlights for the three and twelve months ended December 31, 2022 and 2021 (Unaudited)

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

 

 

 

Three months ended December 31,

 

Twelve months ended December 31,

 

 

2022

 

 

2021

 

 

% Change

 

2022

 

 

2021

 

 

% Change

Revenues

 

$

3,441,528

 

 

$

5,396,343

 

 

(36)%

 

$

17,071,284

 

 

$

16,523,517

 

 

3%

Directly related cost of transportation and other expenses 1

 

$

2,425,565

 

 

$

4,026,748

 

 

(40)%

 

$

12,576,897

 

 

$

12,058,155

 

 

4%

Salaries and other operating expenses 2

 

$

686,257

 

 

$

746,066

 

 

(8)%

 

$

2,670,016

 

 

$

2,556,036

 

 

4%

Operating income

 

$

329,706

 

 

$

623,529

 

 

(47)%

 

$

1,824,371

 

 

$

1,909,326

 

 

(4)%

Net earnings attributable to shareholders

 

$

219,276

 

 

$

452,832

 

 

(52)%

 

$

1,357,399

 

 

$

1,415,492

 

 

(4)%

Diluted earnings attributable to shareholders per share

 

$

1.38

 

 

$

2.66

 

 

(48)%

 

$

8.26

 

 

$

8.27

 

 

Basic earnings attributable to shareholders per share

 

$

1.39

 

 

$

2.69

 

 

(48)%

 

$

8.33

 

 

$

8.37

 

 

Diluted weighted average shares outstanding

 

 

158,535

 

 

 

170,293

 

 

 

 

 

164,427

 

 

 

171,250

 

 

 

Basic weighted average shares outstanding

 

 

157,269

 

 

 

168,393

 

 

 

 

 

163,010

 

 

 

169,145

 

 

 

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, 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. During the three and twelve months ended December 31, 2021, we repurchased 2.3 million and 4.4 million shares of common stock at an average price of $123.71 and $117.54 per share, respectively. In addition, during 2022 and 2021, we paid cash dividends of $1.34 and $1.16 per share, respectively.

 

 

Employee Full-time Equivalents as of December 31,

 

 

 

2022

 

 

2021

 

North America

 

 

7,778

 

 

 

7,613

 

Europe

 

 

4,228

 

 

 

3,961

 

North Asia

 

 

2,448

 

 

 

2,485

 

South Asia

 

 

1,851

 

 

 

1,783

 

Middle East, Africa and India

 

 

1,540

 

 

 

1,504

 

Latin America

 

 

859

 

 

 

833

 

Information Systems

 

 

1,173

 

 

 

994

 

Corporate

 

 

425

 

 

 

415

 

Total

 

 

20,302

 

 

 

19,588

 

 

 

Fourth quarter year-over-year

percentage decrease in:

 

 

Airfreight

kilos

 

Ocean freight

FEU

2022

 

 

 

 

October

 

(16)%

 

(11)%

November

 

(20)%

 

(15)%

December

 

(24)%

 

(19)%

Quarter

 

(20)%

 

(15)%

Investors may submit written questions via e-mail to: investor@expeditors.com. Questions received by the end of business on February 24, 2023 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, 2022

 

 

December 31, 2021

 

Assets:

 

 

 

 

 

 

Current Assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

2,034,131

 

 

$

1,728,692

 

Accounts receivable, less allowance for credit loss of $9,466 and $6,686 at December 31, 2022 and 2021, respectively

 

 

2,107,645

 

 

 

3,810,286

 

Deferred contract costs

 

 

257,545

 

 

 

987,266

 

Other

 

 

118,696

 

 

 

108,801

 

Total current assets

 

 

4,518,017

 

 

 

6,635,045

 

Property and equipment, net

 

 

501,916

 

 

 

487,870

 

Operating lease right-of-use assets

 

 

507,503

 

 

 

459,158

 

Goodwill

 

 

7,927

 

 

 

7,927

 

Deferred federal and state income taxes, net

 

 

37,449

 

 

 

729

 

Other assets, net

 

 

17,622

 

 

 

19,200

 

Total assets

 

$

5,590,434

 

 

$

7,609,929

 

Liabilities:

 

 

 

 

 

 

Current Liabilities:

 

 

 

 

 

 

Accounts payable

 

$

1,108,996

 

 

$

2,012,461

 

Accrued expenses, primarily salaries and related costs

 

 

479,262

 

 

 

403,625

 

Contract liabilities

 

 

323,101

 

 

 

1,142,026

 

Current portion of operating lease liabilities

 

 

95,621

 

 

 

82,019

 

Federal, state and foreign income taxes

 

 

47,075

 

 

 

86,166

 

Total current liabilities

 

 

2,054,055

 

 

 

3,726,297

 

Noncurrent portion of operating lease liabilities

 

 

422,844

 

 

 

385,641

 

Commitments and contingencies

 

 

 

 

 

 

Shareholders’ Equity:

 

 

 

 

 

 

Preferred stock, none issued

 

 

 

 

 

 

Common stock, par value $0.01 per share. Issued and outstanding: 154,313 shares and 167,210 shares at December 31, 2022 and 2021, respectively

 

 

1,543

 

 

 

1,672

 

Additional paid-in capital

 

 

139

 

 

 

3,160

 

Retained earnings

 

 

3,310,892

 

 

 

3,620,008

 

Accumulated other comprehensive loss

 

 

(202,553

)

 

 

(130,414

)

Total shareholders’ equity

 

 

3,110,021

 

 

 

3,494,426

 

Noncontrolling interest

 

 

3,514

 

 

 

3,565

 

Total equity

 

 

3,113,535

 

 

 

3,497,991

 

Total liabilities and equity

 

$

5,590,434

 

 

$

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 December 31,

 

 

Twelve months ended December 31,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

Airfreight services

 

$

1,204,810

 

 

$

2,293,803

 

 

$

5,886,886

 

 

$

6,771,402

 

Ocean freight and ocean services

 

 

1,124,088

 

 

 

1,894,759

 

 

 

6,544,559

 

 

 

5,545,818

 

Customs brokerage and other services

 

 

1,112,630

 

 

 

1,207,781

 

 

 

4,639,839

 

 

 

4,206,297

 

Total revenues

 

 

3,441,528

 

 

 

5,396,343

 

 

 

17,071,284

 

 

 

16,523,517

 

Operating Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Airfreight services

 

 

899,865

 

 

 

1,732,127

 

 

 

4,359,726

 

 

 

5,067,380

 

Ocean freight and ocean services

 

 

842,103

 

 

 

1,505,140

 

 

 

5,188,066

 

 

 

4,364,160

 

Customs brokerage and other services

 

 

683,597

 

 

 

789,481

 

 

 

3,029,105

 

 

 

2,626,615

 

Salaries and related

 

 

509,884

 

 

 

609,449

 

 

 

2,056,387

 

 

 

2,062,351

 

Rent and occupancy

 

 

54,291

 

 

 

48,911

 

 

 

209,532

 

 

 

186,287

 

Depreciation and amortization

 

 

14,922

 

 

 

12,897

 

 

 

57,338

 

 

 

51,312

 

Selling and promotion

 

 

8,119

 

 

 

5,547

 

 

 

24,293

 

 

 

16,026

 

Other

 

 

99,041

 

 

 

69,262

 

 

 

322,466

 

 

 

240,060

 

Total operating expenses

 

 

3,111,822

 

 

 

4,772,814

 

 

 

15,246,913

 

 

 

14,614,191

 

Operating income

 

 

329,706

 

 

 

623,529

 

 

 

1,824,371

 

 

 

1,909,326

 

Other Income (Expense):

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

13,107

 

 

 

2,211

 

 

 

25,554

 

 

 

8,807

 

Interest expense

 

 

(22,245

)

 

 

(312

)

 

 

(23,277

)

 

 

(411

)

Other, net

 

 

480

 

 

 

413

 

 

 

9,243

 

 

 

6,894

 

Other income (expense), net

 

 

(8,658

)

 

 

2,312

 

 

 

11,520

 

 

 

15,290

 

Earnings before income taxes

 

 

321,048

 

 

 

625,841

 

 

 

1,835,891

 

 

 

1,924,616

 

Income tax expense

 

 

106,311

 

 

 

171,830

 

 

 

475,286

 

 

 

505,771

 

Net earnings

 

 

214,737

 

 

 

454,011

 

 

 

1,360,605

 

 

 

1,418,845

 

Less net (losses) earnings attributable to the noncontrolling

interest

 

 

(4,539

)

 

 

1,179

 

 

 

3,206

 

 

 

3,353

 

Net earnings attributable to shareholders

 

$

219,276

 

 

$

452,832

 

 

$

1,357,399

 

 

$

1,415,492

 

Diluted earnings attributable to shareholders per share

 

$

1.38

 

 

$

2.66

 

 

$

8.26

 

 

$

8.27

 

Basic earnings attributable to shareholders per share

 

$

1.39

 

 

$

2.69

 

 

$

8.33

 

 

$

8.37

 

Weighted average diluted shares outstanding

 

 

158,535

 

 

 

170,293

 

 

 

164,427

 

 

 

171,250

 

Weighted average basic shares outstanding

 

 

157,269

 

 

 

168,393

 

 

 

163,010

 

 

 

169,145

 

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,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Operating Activities:

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings

 

$

214,737

 

 

$

454,011

 

 

$

1,360,605

 

 

$

1,418,845

 

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

 

 

 

 

 

 

 

 

 

 

 

 

Provisions for losses on accounts receivable

 

 

1,133

 

 

 

1,512

 

 

 

11,050

 

 

 

7,540

 

Deferred income tax benefit

 

 

(18,312

)

 

 

(6,033

)

 

 

(33,240

)

 

 

(3,690

)

Stock compensation expense

 

 

13,101

 

 

 

12,087

 

 

 

64,397

 

 

 

69,385

 

Depreciation and amortization

 

 

14,922

 

 

 

12,897

 

 

 

57,338

 

 

 

51,312

 

Other, net

 

 

1,108

 

 

 

2,267

 

 

 

1,252

 

 

 

3,790

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Decrease (increase) in accounts receivable

 

 

711,977

 

 

 

(491,830

)

 

 

1,592,341

 

 

 

(1,869,827

)

(Decrease) increase in accounts payable and accrued expenses

 

 

(454,221

)

 

 

272,280

 

 

 

(798,123

)

 

 

1,041,805

 

Decrease (increase) in deferred contract costs

 

 

277,805

 

 

 

(149,701

)

 

 

714,960

 

 

 

(700,273

)

(Decrease) increase in contract liabilities

 

 

(309,530

)

 

 

168,551

 

 

 

(798,356

)

 

 

803,837

 

Increase (decrease) in income taxes payable, net

 

 

23,439

 

 

 

25,845

 

 

 

(55,129

)

 

 

57,867

 

Decrease (increase) in other, net

 

 

10,540

 

 

 

3,111

 

 

 

12,580

 

 

 

(12,097

)

Net cash from operating activities

 

 

486,699

 

 

 

304,997

 

 

 

2,129,675

 

 

 

868,494

 

Investing Activities:

 

 

 

 

 

 

 

 

 

 

 

 

Purchase of property and equipment

 

 

(18,326

)

 

 

(11,447

)

 

 

(86,824

)

 

 

(36,247

)

Other, net

 

 

(245

)

 

 

(345

)

 

 

(890

)

 

 

(398

)

Net cash from investing activities

 

 

(18,571

)

 

 

(11,792

)

 

 

(87,714

)

 

 

(36,645

)

Financing Activities:

 

 

 

 

 

 

 

 

 

 

 

 

Payments from borrowing on lines of credit

 

 

(688

)

 

 

19

 

 

 

(30,289

)

 

 

(2,551

)

Proceeds from borrowing on lines of credit

 

 

25,211

 

 

 

(75

)

 

 

81,756

 

 

 

10,063

 

Proceeds from issuance of common stock

 

 

7,662

 

 

 

6,672

 

 

 

80,980

 

 

 

106,105

 

Repurchases of common stock

 

 

(563,802

)

 

 

(289,530

)

 

 

(1,581,908

)

 

 

(514,594

)

Dividends Paid

 

 

(103,971

)

 

 

(97,379

)

 

 

(213,799

)

 

 

(195,766

)

Payments for taxes related to net share settlement of equity awards

 

 

(2

)

 

 

 

 

 

(19,335

)

 

 

(15,172

)

Distributions to noncontrolling interest

 

 

(1,402

)

 

 

 

 

 

(1,945

)

 

 

(1,631

)

Net cash from financing activities

 

 

(636,992

)

 

 

(380,293

)

 

 

(1,684,540

)

 

 

(613,546

)

Effect of exchange rate changes on cash and cash equivalents

 

 

48,461

 

 

 

(4,326

)

 

 

(51,982

)

 

 

(17,402

)

Change in cash and cash equivalents

 

 

(120,403

)

 

 

(91,414

)

 

 

305,439

 

 

 

200,901

 

Cash and cash equivalents at beginning of period

 

 

2,154,534

 

 

 

1,820,106

 

 

 

1,728,692

 

 

 

1,527,791

 

Cash and cash equivalents at end of period

 

$

2,034,131

 

 

$

1,728,692

 

 

$

2,034,131

 

 

$

1,728,692

 

Taxes Paid:

 

 

 

 

 

 

 

 

 

 

 

 

Income taxes

 

$

100,822

 

 

$

147,396

 

 

$

566,533

 

 

$

442,549

 

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, 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 income (loss)

 

$

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

 

For the three months ended December 31, 2021:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

$

1,337,772

 

 

 

128,240

 

 

 

63,013

 

 

 

2,154,243

 

 

 

740,305

 

 

 

682,819

 

 

 

291,040

 

 

 

(1,089

)

 

 

5,396,343

 

Directly related cost of transportation and other expenses1

 

$

760,915

 

 

 

70,450

 

 

 

39,072

 

 

 

1,824,159

 

 

 

615,659

 

 

 

485,732

 

 

 

231,171

 

 

 

(410

)

 

 

4,026,748

 

Salaries and other operating expenses2

 

$

300,474

 

 

 

33,033

 

 

 

15,908

 

 

 

160,862

 

 

 

58,360

 

 

 

135,422

 

 

 

42,682

 

 

 

(675

)

 

 

746,066

 

Operating income

 

$

276,383

 

 

 

24,757

 

 

 

8,033

 

 

 

169,222

 

 

 

66,286

 

 

 

61,665

 

 

 

17,187

 

 

 

(4

)

 

 

623,529

 

Identifiable assets at period end

 

$

3,699,748

 

 

 

265,872

 

 

 

122,327

 

 

 

1,587,659

 

 

 

572,980

 

 

 

1,089,963

 

 

 

350,843

 

 

 

(79,463

)

 

 

7,609,929

 

Capital expenditures

 

$

7,596

 

 

 

549

 

 

 

171

 

 

 

594

 

 

 

595

 

 

 

1,599

 

 

 

343

 

 

 

 

 

 

11,447

 

Depreciation and amortization

 

$

7,476

 

 

 

439

 

 

 

270

 

 

 

1,269

 

 

 

508

 

 

 

2,333

 

 

 

602

 

 

 

 

 

 

12,897

 

Equity

 

$

2,599,804

 

 

 

111,952

 

 

 

41,743

 

 

 

224,765

 

 

 

140,129

 

 

 

294,348

 

 

 

123,598

 

 

 

(38,348

)

 

 

3,497,991

 

 

 

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, 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

 

For the twelve months ended December 31, 2021:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

$

4,344,825

 

 

 

440,226

 

 

 

209,161

 

 

 

6,363,054

 

 

 

2,046,569

 

 

 

2,258,911

 

 

 

865,509

 

 

 

(4,738

)

 

 

16,523,517

 

Directly related cost of transportation and other expenses1

 

$

2,491,947

 

 

 

245,842

 

 

 

125,940

 

 

 

5,295,612

 

 

 

1,666,792

 

 

 

1,558,705

 

 

 

675,303

 

 

 

(1,986

)

 

 

12,058,155

 

Salaries and other operating expenses2

 

$

1,019,236

 

 

 

123,147

 

 

 

57,779

 

 

 

515,703

 

 

 

204,574

 

 

 

494,760

 

 

 

143,581

 

 

 

(2,744

)

 

 

2,556,036

 

Operating income

 

$

833,642

 

 

 

71,237

 

 

 

25,442

 

 

 

551,739

 

 

 

175,203

 

 

 

205,446

 

 

 

46,625

 

 

 

(8

)

 

 

1,909,326

 

Identifiable assets at period end

 

$

3,699,748

 

 

 

265,872

 

 

 

122,327

 

 

 

1,587,659

 

 

 

572,980

 

 

 

1,089,963

 

 

 

350,843

 

 

 

(79,463

)

 

 

7,609,929

 

Capital expenditures

 

$

19,527

 

 

 

983

 

 

 

471

 

 

 

1,786

 

 

 

2,057

 

 

 

9,507

 

 

 

1,916

 

 

 

 

 

 

36,247

 

Depreciation and amortization

 

$

29,826

 

 

 

1,780

 

 

 

1,079

 

 

 

5,047

 

 

 

1,965

 

 

 

9,228

 

 

 

2,387

 

 

 

 

 

 

51,312

 

Equity

 

$

2,599,804

 

 

 

111,952

 

 

 

41,743

 

 

 

224,765

 

 

 

140,129

 

 

 

294,348

 

 

 

123,598

 

 

 

(38,348

)

 

 

3,497,991

 

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.

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 prior year as in 2021 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

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
 
 
Copyright © 2010-2020 Sunnyvale.com & California Media Partners, LLC. All rights reserved.