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    Expeditors International of Washington Inc (EXPD)

    Business Description

    Expeditors International of Washington, Inc. is a non-asset-based provider of global logistics services, offering a comprehensive range of services including air and ocean freight consolidation and forwarding, customs brokerage, warehousing and distribution, purchase order management, vendor consolidation, time-definite transportation services, temperature-controlled transit, cargo insurance, and specialized cargo monitoring and tracking . The company operates primarily through three principal service categories: airfreight services, ocean freight and ocean services, and customs brokerage and other services . Revenue is generated by purchasing transportation services on a volume basis from direct carriers and reselling that space to customers, with the sell rate recognized as revenue and the buy rate as operating expenses .

    1. Airfreight Services - Provides air freight consolidation and forwarding services, ensuring timely and efficient transportation of goods by air.
    2. Ocean Freight and Ocean Services - Offers ocean freight consolidation and forwarding, facilitating the movement of goods across international waters.
    3. Customs Brokerage and Other Services - Includes customs brokerage, warehousing and distribution, purchase order management, vendor consolidation, time-definite transportation services, temperature-controlled transit, cargo insurance, and specialized cargo monitoring and tracking.

    Key Metrics

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    Revenue by Segment - in Millions of USDFY 2013Q1 2014Q2 2014Q3 2014Q4 2014FY 2014Q1 2015Q2 2015Q3 2015Q4 2015FY 2015Q1 2016Q2 2016Q3 2016Q4 2016FY 2016Q1 2017Q2 2017Q3 2017Q4 2017FY 2017Q1 2018Q2 2018Q3 2018Q4 2018FY 2018Q1 2019Q2 2019Q3 2019Q4 2019FY 2019Q1 2020Q2 2020Q3 2020Q4 2020FY 2020Q1 2021Q2 2021Q3 2021Q4 2021FY 2021Q1 2022Q2 2022Q3 2022Q4 2022FY 2022Q1 2023Q2 2023Q3 2023Q4 2023FY 2023Q1 2024Q2 2024Q3 2024
    Airfreight Services904.9751.171724.33866.13,246.5759.374860.3986.95
    Ocean Freight----2,363.2570.786651.71,017.62
    Customs Brokerage----3,690.3876.518927.0995.56
    Ocean Freight and Ocean Services697.3593.801560.28511.822,363.2---
    Customs Brokerage and Other Services990.4894.780905.39899.733,690.3---
    Total Revenue2,592.62,239.7522,190.002,277.759,300.12,206.6782,439.03,000.13
    Revenue by Geography - in Millions of USDFY 2013Q1 2014Q2 2014Q3 2014Q4 2014FY 2014Q1 2015Q2 2015Q3 2015Q4 2015FY 2015Q1 2016Q2 2016Q3 2016Q4 2016FY 2016Q1 2017Q2 2017Q3 2017Q4 2017FY 2017Q1 2018Q2 2018Q3 2018Q4 2018FY 2018Q1 2019Q2 2019Q3 2019Q4 2019FY 2019Q1 2020Q2 2020Q3 2020Q4 2020FY 2020Q1 2021Q2 2021Q3 2021Q4 2021FY 2021Q1 2022Q2 2022Q3 2022Q4 2022FY 2022Q1 2023Q2 2023Q3 2023Q4 2023FY 2023Q1 2024Q2 2024Q3 2024
    United States945.494805.948784.503775.363,311.3751.543779.17854.679
    Other North America109.850110.255106.293109.9436.3106.850110.72114.264
    Latin America54.69549.97247.32745.31197.344.49245.3161.981
    North Asia582.421510.027515.340573.012,180.8544.941637.35914.417
    South Asia224.127199.868207.006234.3865.3227.719287.94445.308
    Europe534.464440.916410.904422.321,808.6398.317409.46433.660
    Middle East, Africa, and India142.703123.972119.849118.68505.2134.106170.35177.145
    Eliminations(1.165)(1.206)(1.221)--(1.290)(1.30)(1.323)
    Total Revenue2,592.5892,239.7522,190.0012,277.769,300.12,206.6782,439.003,000.131

    Executive Team

    NamePositionStart DateShort Bio
    Jeffrey S. MusserPresident, Chief Executive Officer and DirectorMarch 1, 2014Jeffrey S. Musser joined Expeditors in February 1983. He held various positions, including District Manager and Regional Vice President, before becoming President and CEO on March 1, 2014 .
    Daniel R. WallPresident, Global Geographies and OperationsJanuary 1, 2024Daniel R. Wall joined Expeditors in March 1987. He has served in roles such as District Manager and Senior Vice President - Ocean Services. He will become President, Global Geographies and Operations on January 1, 2024 .
    Blake R. BellPresident, Global ServicesJanuary 1, 2024Blake R. Bell joined Expeditors in September 1995. He has been promoted through various roles, including Senior Vice President of Global Transcon, and will become President, Global Services on January 1, 2024 .
    Kelly K. BlackerPresident, Global ProductsJanuary 1, 2024Kelly K. Blacker joined Expeditors in 1994. She has held positions such as Regional Vice President of the U.S. Mid-Atlantic region and will become President, Global Products on January 1, 2024 .
    Bradley S. PowellSenior Vice President and Chief Financial OfficerFebruary 2012Bradley S. Powell joined Expeditors as CFO in October 2008 and was elected Senior Vice President and CFO in February 2012. He previously served as President and CFO of Eden Bioscience Corporation .
    Christopher J. McClincySenior Vice President and Chief Information OfficerFebruary 2014Christopher J. McClincy joined Expeditors in July 1998. He was promoted to Vice President - Information Services in April 2009 and later to Senior Vice President and CIO in February 2014 .
    Benjamin G. ClarkSenior Vice President, Chief Strategy OfficerJanuary 2020Benjamin G. Clark joined Expeditors in February 2015 as Senior Vice President and General Counsel. He became Chief Strategy Officer in January 2020 .
    Jeffrey F. DickermanSenior Vice President, General Counsel and Corporate SecretaryJanuary 2020Jeffrey F. Dickerman joined Expeditors in October 2004. He has held various legal positions and was appointed Senior Vice President, General Counsel in January 2020 and Corporate Secretary in May 2020 .

    Share Repurchase Program

    Program DetailsProgram 1
    Approval DateNovember 2001
    End Date/DurationNo expiration date
    Total additional amountN/A
    Remaining authorization amount9,971 shares as of September 2024
    DetailsReduce outstanding shares from 140 million to 130 million