Latest news with #Expeditors
Time of India
4 days ago
- Business
- Time of India
TN to set up single window clearance system for GCCs
Chennai: Tamil Nadu govt plans to set up a dedicated single window clearance system for quicker business approvals and clearances for global capability centres (GCCs), aiming to attract them from other states, according to industries minister T R B Rajaa said. "A lot of multinationals and GCCs with operations in India are approaching the govt to set up centres in TN, and a 'GCC One' desk will speed up and smoothen the process," he said to reporters on the sidelines of GCC Next Summit 2025, on Thursday. Rajaa said the govt is planning to open a 'guidance office desk' at Silicon Valley to improve investment facilitation. The govt is also exploring partnership with UK-based companies to tap opportunities from the recent free trade agreement, especially in offshore wind sector, R&D, and educational institutions. You Can Also Check: Chennai AQI | Weather in Chennai | Bank Holidays in Chennai | Public Holidays in Chennai Speakers at the summit underscored the impact of AI on the hiring numbers going forward. During the session on 'Evolution of GCCs – The Maturity Ladder', Kewyn George, GCC head at Expeditors, said AI is going to take away a lot of entry level roles. " But very focused, precise hiring is going to happen and GCCs will play a very important role," he said. "The 370-400 GCCs in the state will hire from across the talent ecosystem and the numbers are not going to be in thousands but in hundreds." by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Enjoy 100% Pure New Zealand and fly Air New Zealand airnewzealand Undo As a result, the probability of a graduate getting selected into the industry ecosystem is going to be low," he said. Shanmugam Nagappan, managing director of Reveleer, said domain skills are absolutely critical for employability with GCCs. Sanjeev Rastogi, CEO-GCC of Adani Enterprises, said several jobs would be impacted in the next couple of years with AI coming in. Stay updated with the latest local news from your city on Times of India (TOI). Check upcoming bank holidays , public holidays , and current gold rates and s ilver prices in your area.
Business Wire
5 days ago
- Business
- Business Wire
Expeditors Appoints David A. Hackett as CFO
'Dave has fully integrated himself into our finance and accounting operations and fits seamlessly with our culture, having worked closely with Brad to learn our services, business model and strategies since joining Expeditors as Vice President of Finance in May 2024,' said Daniel R. Wall, President and Chief Executive Officer. 'Dave also worked directly with our other executives and the Board and traveled to many Districts throughout our global network to learn our operations at the field level and meet with a great many employees. With his wealth of financial capabilities and demonstrated leadership, we are fully confident in Dave's ability to step in as CFO.' Wall added, 'I can't thank Brad enough for his strong hand in overseeing our financial health and growth. Brad built a strong team around him and managed through some of the most difficult events in our company's history, including the 2008 financial crisis and the COVID-19 pandemic. Through it all, Brad has brought unflappable leadership and strategic thinking to the role of Chief Financial Officer. At least as significantly, Brad brought us his unrelenting focus on investing in our people, profitability, and cash flow. Over the past 17 years under Brad, Expeditors has increased its dividend from $0.32 to $1.54 and has returned a total of $12 billion to shareholders through share repurchases and dividends. We all wish Brad the best in a well-deserved retirement.' Upon his appointment, Hackett commented, 'The Expeditors culture is unique, and I appreciate getting to know so many people throughout the organization. I'm humbled and honored to build on Brad's legacy in leading the finance and accounting function as part of the executive team of this great company. I'm also excited to help shape strategy that drives sustainable, profitable, and capital-efficient growth for our employees and shareholders.' Dave Hackett, 52, joined Expeditors in May 2024 as Vice President, Finance. Prior to Expeditors, Hackett served in many roles across finance at NIKE, Inc. for nearly 16 years, with 7 of these years as a vice president in the finance and strategy function as part of the NIKE Corporate Leadership Team. During his time at NIKE, he led external reporting, was Controller of North America and Vice President of Global Treasury and Financial Risk Management. Prior to NIKE, Hackett spent nearly 9 years in the audit function of KPMG where he was a senior manager and led the audit teams for some of the firm's largest public clients in the Pacific Northwest. He also obtained his CPA certification in the state of Oregon in 1998. Expeditors is a global logistics company headquartered in Bellevue, Washington. The Company employs trained professionals in 172 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.
Globe and Mail
5 days ago
- Business
- Globe and Mail
Expeditors Appoints David A. Hackett as CFO
Expeditors International of Washington, Inc. (NYSE: EXPD) announced the appointment of David A. Hackett on August 4, 2025, as Senior Vice President and Chief Financial Officer, effective October 1, 2025. Hackett has served as Vice President, Finance, since May 2024. On August 4, 2025, Expeditors' current Senior Vice President and Chief Financial Officer, Bradley S. Powell, notified the Board of Directors of his intention to retire, effective September 30, 2025. These announcements demonstrate the company's commitment to succession planning. 'Dave has fully integrated himself into our finance and accounting operations and fits seamlessly with our culture, having worked closely with Brad to learn our services, business model and strategies since joining Expeditors as Vice President of Finance in May 2024,' said Daniel R. Wall, President and Chief Executive Officer. 'Dave also worked directly with our other executives and the Board and traveled to many Districts throughout our global network to learn our operations at the field level and meet with a great many employees. With his wealth of financial capabilities and demonstrated leadership, we are fully confident in Dave's ability to step in as CFO.' Wall added, 'I can't thank Brad enough for his strong hand in overseeing our financial health and growth. Brad built a strong team around him and managed through some of the most difficult events in our company's history, including the 2008 financial crisis and the COVID-19 pandemic. Through it all, Brad has brought unflappable leadership and strategic thinking to the role of Chief Financial Officer. At least as significantly, Brad brought us his unrelenting focus on investing in our people, profitability, and cash flow. Over the past 17 years under Brad, Expeditors has increased its dividend from $0.32 to $1.54 and has returned a total of $12 billion to shareholders through share repurchases and dividends. We all wish Brad the best in a well-deserved retirement.' Upon his appointment, Hackett commented, 'The Expeditors culture is unique, and I appreciate getting to know so many people throughout the organization. I'm humbled and honored to build on Brad's legacy in leading the finance and accounting function as part of the executive team of this great company. I'm also excited to help shape strategy that drives sustainable, profitable, and capital-efficient growth for our employees and shareholders.' Dave Hackett, 52, joined Expeditors in May 2024 as Vice President, Finance. Prior to Expeditors, Hackett served in many roles across finance at NIKE, Inc. for nearly 16 years, with 7 of these years as a vice president in the finance and strategy function as part of the NIKE Corporate Leadership Team. During his time at NIKE, he led external reporting, was Controller of North America and Vice President of Global Treasury and Financial Risk Management. Prior to NIKE, Hackett spent nearly 9 years in the audit function of KPMG where he was a senior manager and led the audit teams for some of the firm's largest public clients in the Pacific Northwest. He also obtained his CPA certification in the state of Oregon in 1998. Expeditors is a global logistics company headquartered in Bellevue, Washington. The Company employs trained professionals in 172 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.
Yahoo
6 days ago
- Business
- Yahoo
Nothing but higher numbers in Expeditors' quarterly earnings report
Expeditors International turned in a second quarter earnings performance that saw almost all key metrics higher than a year ago. The company's revenues at $2.65 billion were up 9% from a year earlier, while its cost of transportation and other expenses rose 7%. That difference helped contribute to an 11% rise in operating income to $650.8 million, up from $575.7 million. Its year-on-year comparison for the amount of freight moved was higher across the board. Expeditors (NYSE: EXPD) does not disclose actual tonnage, but it does report rates of growth or decline. Both air freight and ocean freight kilos moved for the quarter were up 7% from the second quarter a year earlier. For air freight, the month-by-month increases were 9% in April, 4% in May and 7% in June. For ocean freight measured in 40-foot equivalent units, the gains were 12%, 7% and 4%, respectively. Expeditors does not hold a conference call with analysts. But in his comments in the company's earnings statement, CEO and President Daniel Wall sounded similar to the types of statements made by C.H. Robinson on their earnings call, citing changes in operations as the basis for the strong performance in the quarter. ''Throughout the Expeditors global network, we are seeing the positive impact of our strategic initiatives to maximize operational excellence,' Wall said in the statement.'Our focus on growth and execution puts us in a strong position to quickly adapt to this highly unpredictable environment. We are working with each of our regions and districts to increase efficiency and further optimize customer service to drive organic growth and boost profitability.' Net earnings per share were up 8% to $1.34 per share. According to SeekingAlpha, that number beat Wall Street consensus by 10 cents per share. The total revenue figure of $2.65 billion was $200 million above consensus. Stock market reaction is quiet There was little reaction to the earnings in trading Tuesday. At approximately 3:20 p.m. EDT, the decline in Expeditors stock was about 0.75% to $116.02 on a day when the S&P 500 at that time was down about 0.4%. Despite Expeditors being at the forefront of international trade and the impacts from tariffs, its stock price now isn't that much different that it was a month ago (-1.9%), three months ago (+3.9%) and a year ago (-4.2%). The 52-week low was $100.47 back in April; the 52-week high was $131.59 in September. Even in an earnings report where the numbers looked solidly higher, Wall's statement said average buy and sell rates, in the air and on the water, 'remained highly volatile.' Expeditors processed a 'substantial increase' in customs clearances, and they '(required) greater skills as they have become more complex' coming alongside the increase in volumes. Tariff-driven activity a factor Expeditors did see 'pull-forward' business, particularly in its air freight activities. 'Capacity remained tight despite new government limits on de minimis shipments, and particularly as customers sought to ship technology and other high-value inventory ahead of trade deadlines,' Wall said. Getting freight on the water ahead of tariffs also affected Expeditors' business, Wall said. And ocean freight was impacted as volumes grew, 'particularly exports out of South Asia, as customers relocated sourcing to that region and moved freight in advance of extended tariff deadlines.' But while air capacity may have been tight, that was not the case with ocean freight, according to Wall. 'Ocean rates softened throughout the quarter, with demand unable to match increased ocean capacity,' he said. Although C.H. Robinson (NASDAQ: CHRW) is only tangentially a direct competitor, both it and Expeditors share two key aspects: they are both considered 3PLs, and they are both dividend aristocrats, having increased their dividend annually for at least 25 consecutive years. But one difference in the companies is that while C.H. Robinson is shedding a significant number of employees–down 17.4% from the second quarter of 2024 to the corresponding quarter of 2025–the headcount at Expeditors is rising. It was up to 19,666 employees from 18,463 a year ago, for a gain of 6.5%. More articles by John Kingston Each driver's payout in Lytx Illinois biometrics case will be between about $650 and $850 Averitt pay increase could be a sign of some acceleration in driver wages Sequential numbers at diversified trucking operator TFI International may mark a turnaround The post Nothing but higher numbers in Expeditors' quarterly earnings report appeared first on FreightWaves. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Wire
7 days ago
- Business
- Business Wire
Expeditors Reports Second Quarter 2025 EPS of $1.34
BELLEVUE, Wash.--(BUSINESS WIRE)--Expeditors International of Washington, Inc. (NYSE:EXPD) today announced second quarter 2025 financial results including the following comparisons to the same quarter of 2024: Diluted Net Earnings Attributable to Shareholders per share (EPS 1) increased 8% to $1.34 Net Earnings Attributable to Shareholders increased 5% to $184 million Operating Income increased 11% to $248 million Revenues increased 9% to $2.7 billion Airfreight tonnage increased 7% and ocean container volume increased 7% Cash returned to shareholders in the form of dividends and share repurchases was $335 million 'Throughout the Expeditors global network, we are seeing the positive impact of our strategic initiatives to maximize operational excellence,' said Daniel R. Wall, President and Chief Executive Officer. 'Our focus on growth and execution puts us in a strong position to quickly adapt to this highly unpredictable environment. We are working with each of our regions and districts to increase efficiency and further optimize customer service to drive organic growth and boost profitability. 'We continued to grow all of our businesses during another quarter in which on-and-off tariffs and geopolitical uncertainty prompted many of our customers to re-evaluate their supply chains in anticipation of higher tariffs. Average buy and sell rates, for both air and ocean, remained highly volatile. We once again processed a substantial increase in customs clearances requiring greater skill as they have become more complex, while also growing air tonnage and ocean volumes. 'Our airfreight business increased on growth in tonnage and higher rates in most regions, as capacity remained tight despite new government limits on de minimis shipments, and particularly as customers sought to ship technology and other high-value inventory ahead of trade deadlines. Our ocean business also grew largely on increased volumes, particularly exports out of South Asia, as customers relocated sourcing to that region and moved freight in advance of extended tariff deadlines. Ocean rates softened throughout the quarter, with demand unable to match increased ocean capacity. Our other businesses within the customs brokerage segment, including road freight and warehousing and distribution, also grew on strong volumes and new business, as we worked with a mix of current and new customers to navigate the unpredictable and changing state of global supply chains. 'Looking ahead, we continue to expect the freight environment to remain unpredictable. Our resilience comes from the experience and expertise of our global network. Our customers have become accustomed to this unsettled environment and have come to trust that we can help them navigate uncertainty. This has not come without enormous extra effort and diligence from all our employees over the past months, and we are deeply appreciative.' Bradley S. Powell, Senior Vice President and Chief Financial Officer, added, 'We continued to watch expenses closely during the quarter, increasing operating income by 11%. As many costs have increased, we have been careful to limit headcount growth only in support of additional business activity, and to make essential investments to further strengthen our critical information systems.' Mr. Powell noted that the Company's second quarter net earnings grew at a lower rate than operating income as our effective tax rate increased from 25.8% a year ago to 28.7% during the most recent quarter, driven by changes in foreign exchange rates and certain non-deductible expenses. Mr. Powell further commented that the Company returned $335 million to shareholders in common stock repurchases and dividends during the second quarter of 2025. Expeditors is a global logistics company headquartered in Bellevue, Washington. The Company employs trained professionals in 172 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 inflation; continued changes in air and ocean carrier capacity and the impact on rates; unpredictability in the ocean and air markets; geopolitical uncertainty; national policy changes on tariffs and other similar measures; port actions and other labor disruptions; new capacity in the marketplace; longer ocean transit times; e-commerce demand in the air market; changing de minimis laws; and volatile rates. Future financial performance could differ materially because of factors such as: our ability to produce organic growth and boost profitability as a result of strategic initiatives to maximize operational performance; our ability to continue to process an increasing number of more complex customs clearances; our ability to secure higher air tonnage and ocean volumes; our ability to carefully add headcount and keep other costs in check while continuing to generate efficiency that meets our historical expectations; the alignment of our variable compensation structure with performance; our ability to enhance and bolster our network security; our ability to take market share; our ability to offer cross-border customs expertise; our ability to offer solutions to address the ever shifting tariff changes and customer sourcing decisions; our ability to find solutions to keep cargo moving for our customers during highly uncertain market conditions; 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. Geopolitical risks, port actions, other labor disruptions, tariffs, the removal of the de minimis exemption, and 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 and contingencies, including risks associated with tax audits, 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, 2024, 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. During the three and six months ended June 30, 2025 we repurchased 2.0 million and 3.5 million shares of common stock at an average price of $112.05 and $114.31 per share. During the three and six months ended June 30, 2024 we repurchased 0.9 million and 3.9 million shares of common stock at an average price of $116.88 and $119.43 per share. Employee Full-time Equivalents as of June 30, 2025 2024 North America 7,214 6,847 Europe 4,040 3,812 North Asia 2,306 2,238 South Asia 1,934 1,717 Middle East, Africa and India 1,463 1,391 Latin America 877 754 Information Systems 1,419 1,291 Corporate 413 413 Total 19,666 18,463 Expand Second quarter year-over-year percentage increase in: 2025 Airfreight kilos Ocean freight FEU April 9% 12% May 4% 7% June 7% 4% Quarter 7% 7% Expand Investors may submit written questions via e-mail to: investor@ Questions received by the end of business on August 8, 2025 will be considered in management's 8-K 'Responses to Selected Questions.' NOTE: See Disclaimer on Forward-Looking Statements in this release. EXPEDITORS INTERNATIONAL OF WASHINGTON, INC. AND SUBSIDIARIES Condensed Consolidated Balance Sheets (In thousands, except per share data) (Unaudited) June 30, 2025 December 31, 2024 Assets: Current Assets: Cash and cash equivalents $ 1,156,162 $ 1,148,320 Accounts receivable, less allowance for credit loss of $7,575 at June 30, 2025 and $6,878 at December 31, 2024 2,005,094 1,997,840 Deferred contract costs 309,371 349,343 Other 180,949 164,272 Total current assets 3,651,576 3,659,775 Property and equipment, less accumulated depreciation and amortization $651,685 at June 30, 2025 and $615,533 at December 31, 2024 469,714 449,404 Operating lease right-of-use assets 565,367 551,652 Goodwill 7,927 7,927 Deferred federal and state income taxes, net 75,943 70,671 Other assets, net 15,954 15,029 Total assets $ 4,786,481 $ 4,754,458 Liabilities: Current Liabilities: Accounts payable $ 1,118,283 $ 1,036,749 Accrued liabilities, primarily salaries and related costs 468,426 451,921 Contract liabilities 385,414 441,927 Current portion of operating lease liabilities 113,626 106,736 Federal, state and foreign income taxes 30,525 29,140 Total current liabilities 2,116,274 2,066,473 Noncurrent portion of operating lease liabilities 472,924 462,201 Shareholders' Equity: Common stock, par value $0.01 per share. Issued and outstanding: 135,134 shares at June 30, 2025 and 138,003 shares at December 31, 2024 1,351 1,380 Additional paid-in capital — — Retained earnings 2,380,278 2,455,132 Accumulated other comprehensive loss (186,275 ) (233,500 ) Total shareholders' equity 2,195,354 2,223,012 Noncontrolling interest 1,929 2,772 Total equity 2,197,283 2,225,784 Total liabilities and equity $ 4,786,481 $ 4,754,458 Expand 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, 2025 2024 2025 2024 Revenues: Airfreight services $ 951,787 $ 860,323 $ 1,853,547 $ 1,619,697 Ocean freight and ocean services 675,782 651,675 1,457,447 1,222,461 Customs brokerage and other services 1,024,316 927,003 2,007,310 1,803,521 Total revenues 2,651,885 2,439,001 5,318,304 4,645,679 Operating Expenses: Airfreight services 698,402 645,168 1,346,896 1,182,759 Ocean freight and ocean services 483,475 478,121 1,057,376 892,104 Customs brokerage and other services 571,480 516,119 1,125,760 997,825 Salaries and related 471,336 426,431 929,273 839,593 Rent and occupancy 65,741 59,597 130,084 120,849 Depreciation and amortization 13,847 14,979 28,451 30,140 Selling and promotion 9,928 7,998 18,502 14,777 Other 89,940 66,669 168,368 128,937 Total operating expenses 2,404,149 2,215,082 4,804,710 4,206,984 Operating income 247,736 223,919 513,594 438,695 Other Income (Expense): Interest income 9,183 11,904 18,367 26,782 Other, net 1,050 98 1,889 3,626 Other income, net 10,233 12,002 20,256 30,408 Earnings before income taxes 257,969 235,921 533,850 469,103 Income tax expense 74,050 60,770 145,832 123,552 Net earnings 183,919 175,151 388,018 345,551 Less net earnings (losses) attributable to the noncontrolling interest 345 (318 ) 649 930 Net earnings attributable to shareholders $ 183,574 $ 175,469 $ 387,369 $ 344,621 Diluted earnings attributable to shareholders per share $ 1.34 $ 1.24 $ 2.82 $ 2.41 Basic earnings attributable to shareholders per share $ 1.35 $ 1.24 $ 2.83 $ 2.43 Weighted average diluted shares outstanding 136,631 141,716 137,537 142,928 Weighted average basic shares outstanding 136,266 141,013 137,045 142,104 Expand 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, 2025 2024 2025 2024 Operating Activities: Net earnings $ 183,919 $ 175,151 $ 388,018 $ 345,551 Adjustments to reconcile net earnings to net cash from operating activities: Provisions for losses on accounts receivable 1,051 1,644 1,812 2,038 Deferred income tax benefit (7,523 ) (6,917 ) (7,447 ) (4,623 ) Stock compensation expense 27,267 25,704 38,816 38,076 Depreciation and amortization 13,847 14,979 28,451 30,140 Other, net 4,474 1,885 6,765 3,870 Changes in operating assets and liabilities: (Increase) decrease in accounts receivable (57,984 ) (286,085 ) 50,165 (346,627 ) Increase in accounts payable and accrued liabilities 61,885 211,692 43,466 295,283 (Increase) decrease in deferred contract costs (21,617 ) (122,258 ) 54,356 (186,320 ) Increase (decrease) in contract liabilities 16,961 135,067 (72,327 ) 204,375 Decrease in income taxes payable, net (44,668 ) (29,854 ) (14,328 ) (7,168 ) Decrease in other, net 1,600 5,761 4,087 9,078 Net cash from operating activities 179,212 126,769 521,834 383,673 Investing Activities: Purchase of property and equipment (15,875 ) (7,943 ) (29,027 ) (18,124 ) Other, net 24 66 180 163 Net cash from investing activities (15,851 ) (7,877 ) (28,847 ) (17,961 ) Financing Activities: Proceeds (payments) on borrowings on lines of credit, net 92 1,259 287 (15,983 ) Proceeds from issuance of common stock 5,132 6,449 18,175 14,478 Repurchases of common stock (231,116 ) (102,300 ) (408,470 ) (462,824 ) Dividends paid (104,139 ) (102,638 ) (104,139 ) (102,638 ) Payments for taxes related to net share settlement of equity awards (9,844 ) (10,163 ) (10,353 ) (15,348 ) Distribution to noncontrolling interest — — (1,346 ) — Net cash from financing activities (339,875 ) (207,393 ) (505,846 ) (582,315 ) Effect of exchange rate changes on cash and cash equivalents 14,156 (10,102 ) 20,701 (24,427 ) Change in cash and cash equivalents (162,358 ) (98,603 ) 7,842 (241,030 ) Cash and cash equivalents at beginning of period 1,318,520 1,370,456 1,148,320 1,512,883 Cash and cash equivalents at end of period $ 1,156,162 $ 1,271,853 $ 1,156,162 $ 1,271,853 Taxes Paid: Income taxes $ 125,277 $ 96,739 $ 165,901 $ 133,603 Expand EXPEDITORS INTERNATIONAL OF WASHINGTON, INC. AND SUBSIDIARIES Business Segment Information (In thousands) (Unaudited For the three months ended June 30, 2025: Revenues $ 877,325 108,128 66,904 636,785 359,531 449,712 155,458 (1,958 ) 2,651,885 Directly related cost of transportation and other expenses 1 $ 454,354 67,428 40,945 507,413 277,355 293,878 113,243 (1,259 ) 1,753,357 Salaries and related costs $ 266,018 20,205 11,030 36,686 28,567 88,913 19,917 — 471,336 Other operating expenses 2 $ 31,859 16,726 9,745 36,820 28,117 41,878 15,015 (704 ) 179,456 Operating income $ 125,094 3,769 5,184 55,866 25,492 25,043 7,283 5 247,736 Identifiable assets at period end $ 2,554,090 186,248 105,069 523,858 354,318 789,514 286,466 (13,082 ) 4,786,481 Capital expenditures $ 6,146 257 274 4,545 1,189 1,928 1,536 — 15,875 Depreciation and amortization $ 7,896 499 253 1,176 622 2,791 610 — 13,847 Equity $ 1,475,449 57,602 37,810 192,012 119,338 191,551 162,159 (38,638 ) 2,197,283 For the three months ended June 30, 2024: Revenues $ 779,170 110,723 45,314 637,351 287,943 409,455 170,349 (1,304 ) 2,439,001 Directly related cost of transportation and other expenses 1 $ 423,102 65,374 24,640 512,146 223,238 262,451 128,949 (492 ) 1,639,408 Salaries and related costs $ 238,974 19,976 8,860 35,955 24,463 80,088 18,115 — 426,431 Other operating expenses 2 $ 24,701 14,363 5,691 34,807 18,621 39,625 12,237 (802 ) 149,243 Operating income $ 92,393 11,010 6,123 54,443 21,621 27,291 11,048 (10 ) 223,919 Identifiable assets at period end $ 2,566,053 173,764 93,967 626,892 336,598 738,068 284,672 (31,673 ) 4,788,341 Capital expenditures $ 2,948 575 129 355 1,955 1,094 887 — 7,943 Depreciation and amortization $ 9,106 535 278 1,098 419 2,784 759 — 14,979 Equity $ 1,546,936 32,700 41,135 163,913 129,886 151,165 153,155 (40,463 ) 2,178,427 For the six months ended June 30, 2025: Revenues $ 1,731,774 224,613 129,293 1,331,793 724,108 872,507 308,330 (4,114 ) 5,318,304 Directly related cost of transportation and other expenses 1 $ 906,271 140,621 77,380 1,061,907 558,850 565,594 222,091 (2,682 ) 3,530,032 Salaries and related costs $ 524,107 39,797 21,468 77,047 56,639 170,462 39,753 — 929,273 Other operating expenses 2 $ 54,407 31,554 19,659 74,566 51,402 85,237 30,043 (1,463 ) 345,405 Operating income $ 246,989 12,641 10,786 118,273 57,217 51,214 16,443 31 513,594 Identifiable assets at period end $ 2,554,090 186,248 105,069 523,858 354,318 789,514 286,466 (13,082 ) 4,786,481 Capital expenditures $ 14,553 483 499 5,050 2,063 3,084 3,295 — 29,027 Depreciation and amortization $ 16,834 996 504 2,232 1,192 5,437 1,256 — 28,451 Equity $ 1,475,449 57,602 37,810 192,012 119,338 191,551 162,159 (38,638 ) 2,197,283 For the six months ended June 30, 2024: Revenues $ 1,530,713 217,573 89,806 1,182,292 515,662 807,772 304,455 (2,594 ) 4,645,679 Directly related cost of transportation and other expenses 1 $ 827,051 132,084 49,104 938,620 387,262 516,970 222,741 (1,144 ) 3,072,688 Salaries and related costs $ 472,287 38,882 17,707 70,897 47,380 157,660 34,780 — 839,593 Other operating expenses 2 $ 47,096 28,541 13,608 67,125 36,616 79,141 24,036 (1,460 ) 294,703 Operating income $ 184,279 18,066 9,387 105,650 44,404 54,001 22,898 10 438,695 Identifiable assets at period end $ 2,566,053 173,764 93,967 626,892 336,598 738,068 284,672 (31,673 ) 4,788,341 Capital expenditures $ 8,476 1,974 282 637 2,099 3,312 1,344 — 18,124 Depreciation and amortization $ 18,126 1,032 567 2,191 967 5,754 1,503 — 30,140 Equity $ 1,546,936 32,700 41,135 163,913 129,886 151,165 153,155 (40,463 ) 2,178,427 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 Other operating expenses totals rent and occupancy, depreciation and amortization, selling and promotion and other as shown in the consolidated statements of earnings. 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