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SEATTLE--(BUSINESS WIRE)--Expeditors International of Washington, Inc. (NASDAQ:EXPD) today announced first quarter 2021 financial results including the following highlights compared to the same quarter of 2020: Never before in our experience has capacity been so scarce in both air and ocean at the same time, said Jeffrey S. Musser, President and Chief Executive Officer. As a result, shippers face unprecedented challenges with their supply chains and we are doing everything we can to leverage the strength of our carrier relationships in order to secure space for our customers. During these times, the strength of our flexible, non-asset-based operating model is on display. All products performed very well and we set all-time highs in revenues, operating income and net earnings. We experienced strong growth in airfreight tonnage and ocean containers shipped during the quarter, serviced established customers and on-boarded new business when possible. The severity of the ongoing supply/demand imbalance has kept buy and sell rates elevated and volatile, in both the air and ocean markets. Ongoing shortages in international air capacity led to elevated pricing, port congestion, and lack of equipment, which, coupled with a rapid spike in demand, created ocean trade disruptions and significant backlogs. These conditions leave shippers with limited options for getting their products to market. This is one example of the power of our long history of support for our carrier partners during both good times and bad. Amidst persistent disruptions and supply chain realignments, we have remained highly focused and aware of marketplace shifts, while working our strong relationships and executing as efficiently as we ever have to secure precious capacity on behalf of our customers. We expect the operating environment to remain unsettled as long as constrained capacity and other disruptions, such as port congestion, the uneven lifting of pandemic-restrictions, and rising fuel costs continue to impact the movement of freight. History tells us that the supply/demand imbalance and rate volatility will stabilize over time. However, if the global response to COVID-19 has taught us anything, it is that conditions can change rapidly in todays interconnected marketplace. A year ago, it was nearly impossible to imagine the impact of what then lay before us, as economies around the world were shutting down and people were going into isolation to protect themselves from a deadly new virus. As we implemented our business continuity plans around the globe, we also made the decision to invest in our people and not lay off any of our employees. A year later, we are proud of and grateful to our entire workforce for their extraordinary dedication and determined effort to stay safe while delivering the highest level of customer service. Bradley S. Powell, Senior Vice President and Chief Financial Officer, added, Despite comparisons to a relatively soft first quarter a year ago, when the initial disruptions from COVID-19 led to lower volumes in all products, performance during this latest quarter was strong all across the Company, including Air, Ocean, Customs Brokerage, Order Management, Transcon and Distribution. The majority of our workforce continues to work from remote locations, even as we slowly and cautiously explore re-opening our offices for return-to-work in certain countries and locations. While staying safe remains our top priority, we have continued to enhance our productivity and generated the best operating efficiency in the Companys history. I would continue to caution that we are unable to predict how ongoing disruptions will affect our future operations or financial results going forward, and that we do not expect the current unprecedented operating conditions to persist long-term. We will continue to make important investments in people, processes, and technology, as well as to invest in our strategic efforts to explore new areas for profitable growth. 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. Expeditors International of Washington, Inc. First Quarter 2021 Earnings Release, May 4, 2021 Financial Highlights for the three months ended March 31, 2021 and 2020 (Unaudited) (in 000's of US dollars except per share data) Three months ended March 31, 2021 2020 % Change Revenues $ 3,357,540 $ 1,901,864 77 % Directly related cost of transportation and other expenses1 $ 2,406,004 $ 1,286,728 87 % Salaries and other operating expenses2 $ 566,021 $ 456,081 24 % Operating income $ 385,515 $ 159,055 142 % Net earnings attributable to shareholders $ 287,220 $ 122,344 135 % Diluted earnings attributable to shareholders per share $ 1.67 $ 0.71 135 % Basic earnings attributable to shareholders per share $ 1.70 $ 0.73 133 % Diluted weighted average shares outstanding 171,551 171,450 Basic weighted average shares outstanding 169,214 168,735 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 months ended March 31, 2021, we repurchased 0.9 million shares of common stock at an average price of $92.98 per share. During the three months ended March 31, 2020, we repurchased 4.0 million shares of common stock at an average price of $70.81 per share. Employee Full-time Equivalents as of March 31, 2021 2020 North America 6,819 6,848 Europe 3,595 3,430 North Asia 2,379 2,429 South Asia 1,640 1,677 Middle East, Africa and India 1,477 1,536 Latin America 773 848 Information Systems 973 955 Corporate 399 379 Total 18,055 18,102 First quarter year-over-year percentage increase in: 2021 Airfreight kilos Ocean freight FEU January 23 % 15 % February 32 % 22 % March 32 % 54 % Quarter 29 % 29 % Investors may submit written questions via e-mail to: investor@expeditors.com. Questions received by the end of business on May 7, 2021 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) March 31, 2021 December 31, 2020 Assets: Current Assets: Cash and cash equivalents $ 1,793,393 $ 1,527,791 Accounts receivable, less allowance for credit loss of $5,941 at March 31, 2021 and $5,579 at December 31, 2020 2,227,039 1,998,055 Deferred contract costs 387,845 327,448 Other 85,918 110,250 Total current assets 4,494,195 3,963,544 Property and equipment, less accumulated depreciation and amortization of $523,829 at March 31, 2021 and $516,988 at December 31, 2020 497,376 506,425 Operating lease right-of-use assets 438,667 432,723 Goodwill 7,927 7,927 Other assets, net 16,832 16,884 Total assets $ 5,454,997 $ 4,927,503 Liabilities: Current Liabilities: Accounts payable $ 1,295,178 $ 1,136,859 Accrued expenses, primarily salaries and related costs 311,767 257,021 Contract liabilities 447,779 379,722 Current portion of operating lease liabilities 76,128 74,004 Federal, state and foreign income taxes 64,170 45,437 Total current liabilities 2,195,022 1,893,043 Noncurrent portion of operating lease liabilities 369,286 364,185 Deferred federal and state income taxes, net 12,039 7,048 Commitments and contingencies Shareholders Equity: Preferred stock, none issued Common stock, par value $0.01 per share. Issued and outstanding: 168,808 shares at March 31, 2021 and 169,294 shares at December 31, 2020 1,688 1,693 Additional paid-in capital 101,269 157,496 Retained earnings 2,887,323 2,600,201 Accumulated other comprehensive loss (115,486 ) (99,753 ) Total shareholders equity 2,874,794 2,659,637 Noncontrolling interest 3,856 3,590 Total equity 2,878,650 2,663,227 Total liabilities and equity $ 5,454,997 $ 4,927,503 EXPEDITORS INTERNATIONAL OF WASHINGTON, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Earnings (In thousands, except per share data) (Unaudited) Three months ended March 31, 2021 2020 Revenues: Airfreight services $ 1,476,961 $ 709,039 Ocean freight and ocean services 958,178 493,427 Customs brokerage and other services 922,401 699,398 Total revenues 3,357,540 1,901,864 Operating Expenses: Airfreight services 1,105,590 520,169 Ocean freight and ocean services 746,701 366,483 Customs brokerage and other services 553,713 400,076 Salaries and related 452,105 342,040 Rent and occupancy 45,280 42,524 Depreciation and amortization 12,987 12,660 Selling and promotion 3,070 8,243 Other 52,579 50,614 Total operating expenses 2,972,025 1,742,809 Operating income 385,515 159,055 Other Income (Expense): Interest income 1,946 4,807 Other, net 3,000 3,384 Other income, net 4,946 8,191 Earnings before income taxes 390,461 167,246 Income tax expense 102,511 44,464 Net earnings 287,950 122,782 Less net earnings attributable to the noncontrolling interest 730 438 Net earnings attributable to shareholders $ 287,220 $ 122,344 Diluted earnings attributable to shareholders per share $ 1.67 $ 0.71 Basic earnings attributable to shareholders per share $ 1.70 $ 0.73 Weighted average diluted shares outstanding 171,551 171,450 Weighted average basic shares outstanding 169,214 168,735 EXPEDITORS INTERNATIONAL OF WASHINGTON, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Cash Flows (In thousands) (Unaudited) Three months ended March 31, 2021 2020 Operating Activities: Net earnings $ 287,950 $ 122,782 Adjustments to reconcile net earnings to net cash from operating activities: Provisions for losses on accounts receivable 1,199 1,820 Deferred income tax expense (benefit) 8,151 (5,139 ) Stock compensation expense 11,185 11,156 Depreciation and amortization 12,987 12,660 Other, net 551 433 Changes in operating assets and liabilities: (Increase) decrease in accounts receivable (252,914 ) 16,680 Increase in accounts payable and accrued expenses 233,153 917 Increase in deferred contract costs (71,258 ) (16,068 ) Increase in contract liabilities 79,590 21,201 Increase in income taxes payable, net 46,638 10,488 Increase in other, net (1,488 ) (11,930 ) Net cash from operating activities 355,744 165,000 Investing Activities: Purchase of property and equipment (8,391 ) (6,127 ) Other, net (34 ) (143 ) Net cash from investing activities (8,425 ) (6,270 ) Financing Activities: Proceeds from issuance of common stock 19,757 23,399 Repurchases of common stock (85,997 ) (283,240 ) Payments for taxes related to net share settlement of equity awards (1,275 ) (1,396 ) Net cash from financing activities (67,515 ) (261,237 ) Effect of exchange rate changes on cash and cash equivalents (14,202 ) (16,011 ) Change in cash and cash equivalents 265,602 (118,518 ) Cash and cash equivalents at beginning of period 1,527,791 1,230,491 Cash and cash equivalents at end of period $ 1,793,393 $ 1,111,973 Taxes Paid: Income taxes $ 46,607 $ 35,304 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 March 31, 2021: Revenues $ 875,392 94,858 44,864 1,325,621 363,682 493,718 160,609 (1,204 ) 3,357,540 Directly related cost of transportation and other expenses1 $ 502,637 53,791 26,700 1,084,102 283,860 334,294 121,212 (592 ) 2,406,004 Salaries and other operating expenses2 $ 238,698 25,737 12,377 106,920 43,165 109,455 30,275 (606 ) 566,021 Operating income $ 134,057 15,330 5,787 134,599 36,657 49,969 9,122 (6 ) 385,515 Identifiable assets at period end $ 2,747,984 194,050 93,072 988,954 331,271 853,944 265,495 (19,773 ) 5,454,997 Capital expenditures $ 3,025 122 53 357 579 3,554 701 8,391 Equity $ 1,985,265 73,066 32,632 342,233 148,293 218,198 121,040 (42,077 ) 2,878,650 For the three months ended March 31, 2020: Revenues $ 650,407 81,831 37,890 537,955 169,042 320,640 105,039 (940 ) 1,901,864 Directly related cost of transportation and other expenses1 $ 373,961 45,890 23,765 425,301 121,282 221,998 74,976 (445 ) 1,286,728 Salaries and other operating expenses2 $ 225,944 23,712 11,749 57,433 29,908 81,854 25,950 (469 ) 456,081 Operating income $ 50,502 12,229 2,376 55,221 17,852 16,788 4,113 (26 ) 159,055 Identifiable assets at period end $ 1,858,250 135,810 68,402 512,808 179,508 554,831 200,382 (24 ) 3,509,967 Capital expenditures $ 4,497 61 102 325 188 645 309 6,127 Equity $ 1,369,580 63,378 28,020 237,255 102,001 159,222 113,349 (35,660 ) 2,037,145 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. The Companys consolidated financial results in the three months ended March 31, 2021 and 2020 were each significantly impacted by the effects of the global pandemic in divergent ways. In the first quarter of 2021, the Company experienced strong volumes and high sell and buy rates as a result of imbalances between demand and carrier capacity and continuing effects of disruptions in supply chains originating in measures to combat the pandemic in 2020. This is in contrast with slower activity in North Asia in the first quarter of 2020 as the pandemic resulted in temporary closures and limited operations in the Companys China offices. Shipments were also rerouted or delayed by customers and service providers as they were taking their own precautionary measures. These impacts are affecting all of the Companys geographical segments and most notably the year-over-year comparability of the North Asia segment. In the first quarter of 2021, the People's Republic of China, including Hong Kong, represented 32% and 27%, respectively, of the Companys total revenues and total operating income, whereas in the first quarter of 2020 it represented 23% and 25%, respectively.

Answer: Expeditors Reports First Quarter 2021 EPS of $1.67