Open the filing on EDGAREARNINGS RELEASE
EXPEDITORS REPORTS THIRD QUARTER 2025 EPS OF $1.64
BELLEVUE, WASHINGTON - November 4, 2025, Expeditors International of Washington, Inc. (NYSE:EXPD) today announced third quarter 2025 financial results including the following comparisons to the same quarter of 2024:
Diluted Net Earnings Attributable to Shareholders per share (EPS) increased 1% to $1.64
Net Earnings Attributable to Shareholders decreased (3)% to $222 million
Operating Income decreased (4)% to $288 million
Revenues decreased (4)% to $2.9 billion
Airfreight tonnage increased 4% and ocean container volume decreased (3)%
Cash returned to shareholders in the form of share repurchases was $212 million; $725 million has been returned to shareholders in the form of share repurchases and dividends so far in 2025
Daniel R. Wall, President and Chief Executive Officer, made the following comments:
“Despite the ongoing challenges in our marketplace due to geopolitical dynamics, as well as supply and demand shifts, we believe our culture of intense focus on the needs of our customers and our carrier partners provides an ideal platform to showcase the breadth of our global solutions. We also believe that while the freight environment remains unpredictable, our continued focus on fee-based services will help balance the performance of our overall product portfolio.”
Comparing Q3 2025 to Q3 2024
Airfreight services: “During the quarter we grew airfreight tonnage on exports, particularly from North and South Asia. We continued to expand our business in our strategic verticals, particularly in our leading areas of technology, pharmaceuticals, and aviation. We also continue to benefit from the significant investments being made by our technology customers in artificial intelligence infrastructure. With our long history of expertise in handling high-value technologies, we believe we are very well positioned to support our customers as they rapidly build out AI infrastructure around the globe.
“Previously tight air capacity eased during the quarter, after expiration of the de minimis exception for goods entering the U.S., which had prompted some shippers to accelerate orders earlier in the year in anticipation of higher tariffs. That extra capacity led to slightly lower sell and buy rates during the quarter.”
Diluted earnings attributable to shareholders per share.
NOTE: See Disclaimer on Forward-Looking Statements in this release.
Ocean freight and ocean services: “Pricing volatility coupled with slightly lower volumes led to significantly lower revenues in the quarter for this business. In the first half of the year, U.S. importers accelerated shipments in advance of expected tariffs. Volumes declined in the third quarter, primarily related to retail customers and, as additional capacity came on-line, sell and buy rates declined substantially. Despite these market challenges, we remained disciplined and efficient while adjusting our ocean business for slower market growth, as we recognize that the ocean capacity/demand imbalance could continue for some time.”
Customs brokerage and other services: “All of our businesses within this category continued to generate strong growth. The products and services within this group tend to be more stable than our air and ocean businesses. Our customs brokerage business continues to deliver strong growth given the high demand for our services due to the dynamic trade environment. Our Transcon road freight and warehousing and distribution services also benefitted from strong AI infrastructure demand.”
Customs Brokerage in Focus
“Companywide, we continue to perform at a high level because of our uniquely talented and experienced people. I must, however, especially commend our customs brokerage group because of the extra intensity around tariffs. The increase in volume and complexity of entries continues to test our customs group. We are investing in and exploring ways to further enhance our productivity in this area, including enhancements from AI and other technology solutions. Due to the constantly evolving landscape, we will continuously invest in productivity tools for this business.”
David A. Hackett, Senior Vice President and Chief Financial Officer, also commented:
“We delivered consistent profitability across our portfolio of businesses in the quarter, especially given the volatility in the ocean market and tough comparisons to prior-year results. Our strong customer service culture and our unique compensation structure, which aligns executive compensation to both operating income and shareholder interests, allow us to deliver differentiated performance.
“We are focused on aligning our operating cost structure with a lower growth environment, while continuing to make strategic investments in high return areas to drive sustainable, profitable and capital efficient growth.”
Mr. Hackett noted that the Company repurchased $212 million in common stock during the third quarter and returned $725 million in the form of share repurchases and dividends for the year-to-date period.
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:
Forward-looking statements notice
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; the demand for our customs brokerage and other products; 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 focus on fee-based services to help balance the performance of our overall product portfolio; our ability to benefit from the significant investments being made by our technology customers in artificial intelligence infrastructure; the relative stability of our customs brokerage and other services businesses; the ability of our customs brokerage business to continue to deliver strong growth from high demand for our services; our ability to deliver differentiated performance because of our customer service culture and compensation model; our ability to align our operating cost structure with a lower growth environment; our ability to make investments in high return areas to drive sustainable, profitable and capital efficient growth; our ability to continue to process an increasing number of more complex customs clearances; our ability to find solutions to keep cargo moving for our customers during highly uncertain market conditions; 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, 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.
Expeditors International of Washington, Inc.
Third Quarter 2025 Earnings Release, November 4, 2025
Financial Summary for three and nine months ended September 30, 2025 and 2024 (Unaudited)
(in 000's of US dollars except share data)
| Three months ended September 30, | Nine months ended September 30, |
|---|
| 2025 | 2024 | % Change | 2025 | 2024 | % Change |
|---|
| Revenues | $2,894,751 | $3,000,131 | (4)% | $8,213,055 | $7,645,810 | 7% |
| Directly related cost of transportation and other expenses | $1,939,657 | $2,093,964 | (7)% | $5,469,689 | $5,166,652 | 6% |
| Salaries and other operating expenses | $667,052 | $604,643 | 10% | $1,941,730 | $1,738,939 | 12% |
| Operating income | $288,042 | $301,524 | (4)% | $801,636 | $740,219 | 8% |
| Net earnings attributable to shareholders | $222,256 | $229,574 | (3)% | $609,625 | $574,195 | 6% |
| Diluted earnings attributable to shareholders per share | $1.64 | $1.63 | 1% | $4.46 | $4.04 | 10% |
| Basic earnings attributable to shareholders per share | $1.65 | $1.63 | 1% | $4.47 | $4.06 | 10% |
| Diluted weighted average shares outstanding | 135,285 | 141,027 | | 136,790 | 142,288 | |
| Basic weighted average shares outstanding | 134,956 | 140,417 | | 136,346 | 141,540 | |
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.
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.
During the three and nine months ended September 30, 2025 we repurchased 1.8 million and 5.3 million shares of common stock at an average price of $119.65 and $116.10 per share. During the three and nine months ended September 30, 2024 we repurchased 1.2 million and 5.1 million shares of common stock at an average price of $118.47 and $119.21 per share.
| Employee Full-time Equivalents as of September 30, |
|---|
| 2025 | 2024 |
|---|
| North America | 7,404 | 6,920 |
| Europe | 4,193 | 3,838 |
| North Asia | 2,306 | 2,271 |
| South Asia | 1,996 | 1,776 |
| Middle East, Africa and India | 1,478 | 1,386 |
| Latin America | 891 | 780 |
| Information Systems | 1,483 | 1,303 |
| Corporate | 419 | 416 |
| Total | 20,170 | 18,690 |
| Third quarter year-over-year percentage increase (decrease) in: |
|---|
| 2025 | Airfreight kilos | Ocean freight FEU |
| July | 6% | 3% |
| August | 3% | (4)% |
| September | 2% | (6)% |
| Quarter | 4% | (3)% |
Investors may submit written questions via e-mail to: investor@expeditors.com. Questions received by the end of business on November 7, 2025 will be considered in management's 8-K “Responses to Selected Questions.”
NOTE: See Disclaimer on Forward-Looking Statements in this release.
Condensed Consolidated Balance Sheets
(In thousands, except per share data)
| September 30, 2025 | December 31, 2024 |
|---|
| Assets: | | |
| Current Assets: | | |
| Cash and cash equivalents | $1,190,167 | $1,148,320 |
| Accounts receivable, less allowance for credit loss of $7,797 at September 30, 2025 and $6,878 at December 31, 2024 | 2,045,284 | 1,997,840 |
| Deferred contract costs | 263,491 | 349,343 |
| Other | 175,605 | 164,272 |
| Total current assets | 3,674,547 | 3,659,775 |
| Property and equipment, less accumulated depreciation and amortization of $647,057 at September 30, 2025 and $615,533 at December 31, 2024 | 465,006 | 449,404 |
| Operating lease right-of-use assets | 539,486 | 551,652 |
| Goodwill | 7,927 | 7,927 |
| Deferred federal and state income taxes, net | 77,499 | 70,671 |
| Other assets, net | 15,117 | 15,029 |
| Total assets | $4,779,582 | $4,754,458 |
| Liabilities: | | |
| Current Liabilities: | | |
| Accounts payable | $1,146,062 | $1,036,749 |
| Accrued liabilities, primarily salaries and related costs | 427,219 | 451,921 |
| Contract liabilities | 334,541 | 441,927 |
| Current portion of operating lease liabilities | 111,174 | 106,736 |
| Federal, state and foreign income taxes payable | 28,762 | 29,140 |
| Total current liabilities | 2,047,758 | 2,066,473 |
| Noncurrent portion of operating lease liabilities | 449,186 | 462,201 |
| Shareholders’ Equity: | | |
| Common stock, par value $0.01 per share. Issued and outstanding: 134,019 shares at September 30, 2025 and 138,003 shares at December 31, 2024 | 1,340 | 1,380 |
| Additional paid-in capital | - | - |
| Retained earnings | 2,468,131 | 2,455,132 |
| Accumulated other comprehensive loss | (189,069) | (233,500) |
| Total shareholders’ equity | 2,280,402 | 2,223,012 |
| Noncontrolling interest | 2,236 | 2,772 |
| Total equity | 2,282,638 | 2,225,784 |
| Total liabilities and equity | $4,779,582 | $4,754,458 |
| 4-November-2025 | Expeditors International of Washington, Inc. | Page 5 of 8 |
Condensed Consolidated Statements of Earnings
(In thousands, except per share data)
| Three months ended September 30, | Nine months ended September 30, |
|---|
| 2025 | 2024 | 2025 | 2024 |
|---|
| Revenues: | | | | |
| Airfreight services | $1,020,258 | $986,950 | $2,873,805 | $2,606,647 |
| Ocean freight and ocean services | 746,120 | 1,017,618 | 2,203,567 | 2,240,079 |
| Customs brokerage and other services | 1,128,373 | 995,563 | 3,135,683 | 2,799,084 |
| Total revenues | 2,894,751 | 3,000,131 | 8,213,055 | 7,645,810 |
| Operating Expenses: | | | | |
| Airfreight services | 766,783 | 740,356 | 2,113,679 | 1,923,115 |
| Ocean freight and ocean services | 542,304 | 783,827 | 1,599,680 | 1,675,931 |
| Customs brokerage and other services | 630,570 | 569,781 | 1,756,330 | 1,567,606 |
| Salaries and related | 490,437 | 450,308 | 1,419,710 | 1,289,901 |
| Rent and occupancy | 68,308 | 61,024 | 198,392 | 181,873 |
| Depreciation and amortization | 14,248 | 15,774 | 42,699 | 45,914 |
| Selling and promotion | 9,657 | 7,589 | 28,159 | 22,366 |
| Other | 84,402 | 69,948 | 252,770 | 198,885 |
| Total operating expenses | 2,606,709 | 2,698,607 | 7,411,419 | 6,905,591 |
| Operating income | 288,042 | 301,524 | 801,636 | 740,219 |
| Other Income: | | | | |
| Interest income | 8,491 | 9,917 | 26,858 | 36,699 |
| Other, net | 1,640 | 973 | 3,529 | 4,599 |
| Other income, net | 10,131 | 10,890 | 30,387 | 41,298 |
| Earnings before income taxes | 298,173 | 312,414 | 832,023 | 781,517 |
| Income tax expense | 75,095 | 82,488 | 220,927 | 206,040 |
| Net earnings | 223,078 | 229,926 | 611,096 | 575,477 |
| Less net earnings attributable to the noncontrolling interest | 822 | 352 | 1,471 | 1,282 |
| Net earnings attributable to shareholders | $222,256 | $229,574 | $609,625 | $574,195 |
| Diluted earnings attributable to shareholders per share | $1.64 | $1.63 | $4.46 | $4.04 |
| Basic earnings attributable to shareholders per share | $1.65 | $1.63 | $4.47 | $4.06 |
| Weighted average diluted shares outstanding | 135,285 | 141,027 | 136,790 | 142,288 |
| Weighted average basic shares outstanding | 134,956 | 140,417 | 136,346 | 141,540 |
| 4-November-2025 | Expeditors International of Washington, Inc. | Page 6 of 8 |
Condensed Consolidated Statements of Cash Flows
(In thousands)
| Three months ended September 30, | Nine months ended September 30, |
|---|
| 2025 | 2024 | 2025 | 2024 |
|---|
| Operating Activities: | | | | |
| Net earnings | $223,078 | $229,926 | $611,096 | $575,477 |
| Adjustments to reconcile net earnings to net cash from operating activities: | | | | |
| Provisions for losses (recoveries) on accounts receivable | 839 | (582) | 2,651 | 1,456 |
| Deferred income tax benefit | (1,565) | (1,057) | (9,012) | (5,680) |
| Stock compensation expense | 18,046 | 9,760 | 56,862 | 47,836 |
| Depreciation and amortization | 14,248 | 15,774 | 42,699 | 45,914 |
| Other, net | 1,616 | 162 | 8,381 | 4,032 |
| Changes in operating assets and liabilities: | | | | |
| (Increase) decrease in accounts receivable | (37,828) | (301,167) | 12,337 | (647,794) |
| (Decrease) increase in accounts payable and accrued liabilities | (16,747) | 107,535 | 26,719 | 402,818 |
| Decrease (increase) in deferred contract costs | 48,449 | (30,657) | 102,805 | (216,977) |
| (Decrease) increase in contract liabilities | (53,358) | 50,527 | (125,685) | 254,902 |
| Increase in income taxes payable, net | 21,740 | 20,331 | 7,412 | 13,163 |
| Increase in other, net | (17,150) | (10,580) | (13,063) | (1,502) |
| Net cash from operating activities | 201,368 | 89,972 | 723,202 | 473,645 |
| Investing Activities: | | | | |
| Purchase of property and equipment | (11,098) | (12,291) | (40,125) | (30,415) |
| Other, net | 924 | (225) | 1,104 | (62) |
| Net cash from investing activities | (10,174) | (12,516) | (39,021) | (30,477) |
| Financing Activities: | | | | |
| Proceeds (payments) on borrowings on lines of credit, net | 1,989 | 10,445 | 2,276 | (5,538) |
| Proceeds from issuance of common stock | 61,187 | 53,256 | 79,362 | 67,734 |
| Repurchases of common stock | (212,294) | (140,031) | (620,764) | (602,855) |
| Dividends paid | - | - | (104,139) | (102,638) |
| Payments for taxes related to net share settlement of equity awards | - | - | (10,353) | (15,348) |
| Distribution to noncontrolling interest | (491) | - | (1,837) | - |
| Net cash from financing activities | (149,609) | (76,330) | (655,455) | (658,645) |
| Effect of exchange rate changes on cash and cash equivalents | (7,580) | 20,194 | 13,121 | (4,233) |
| Change in cash and cash equivalents | 34,005 | 21,320 | 41,847 | (219,710) |
| Cash and cash equivalents at beginning of period | 1,156,162 | 1,271,853 | 1,148,320 | 1,512,883 |
| Cash and cash equivalents at end of period | $1,190,167 | $1,293,173 | $1,190,167 | $1,293,173 |
| Taxes Paid: | | | | |
| Income taxes | $53,528 | $63,046 | $219,429 | $196,649 |
| 4-November-2025 | Expeditors International of Washington, Inc. | Page 7 of 8 |
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 September 30, 2025: | | | | | | | | | |
| Revenues | $928,858 | 122,842 | 68,098 | 721,353 | 406,104 | 487,889 | 161,835 | (2,228) | 2,894,751 |
| Directly related cost of transportation and other expenses | $478,767 | 77,749 | 42,337 | 584,631 | 318,614 | 318,393 | 120,771 | (1,605) | 1,939,657 |
| Salaries and related costs | $275,595 | 21,978 | 11,162 | 41,158 | 29,957 | 91,301 | 19,286 | - | 490,437 |
| Other operating expenses | $29,668 | 14,941 | 8,900 | 38,723 | 24,478 | 47,005 | 13,531 | (631) | 176,615 |
| Operating income | $144,828 | 8,174 | 5,699 | 56,841 | 33,055 | 31,190 | 8,247 | 8 | 288,042 |
| Identifiable assets at period end | $2,580,473 | 192,957 | 104,334 | 463,689 | 341,607 | 819,342 | 292,545 | (15,365) | 4,779,582 |
| Capital expenditures | $5,619 | 253 | 240 | 812 | 1,172 | 1,312 | 1,690 | - | 11,098 |
| Depreciation and amortization | $7,818 | 506 | 244 | 1,442 | 693 | 2,950 | 595 | - | 14,248 |
| Equity | $1,513,585 | 53,799 | 41,622 | 205,772 | 133,471 | 264,690 | 164,295 | (94,596) | 2,282,638 |
| For the three months ended September 30, 2024: | | | | | | | | | |
| Revenues | $854,679 | 114,264 | 61,981 | 914,417 | 445,308 | 433,660 | 177,145 | (1,323) | 3,000,131 |
| Directly related cost of transportation and other expenses | $443,930 | 67,626 | 38,973 | 763,781 | 369,905 | 279,235 | 131,098 | (584) | 2,093,964 |
| Salaries and related costs | $245,133 | 20,489 | 9,824 | 42,490 | 29,261 | 83,728 | 19,383 | - | 450,308 |
| Other operating expenses | $8,319 | 14,772 | 8,781 | 44,076 | 22,046 | 43,189 | 13,900 | (748) | 154,335 |
| Operating income | $157,297 | 11,377 | 4,403 | 64,070 | 24,096 | 27,508 | 12,764 | 9 | 301,524 |
| Identifiable assets at period end | $2,611,417 | 192,370 | 108,985 | 727,724 | 376,283 | 863,840 | 319,627 | (29,329) | 5,170,917 |
| Capital expenditures | $9,299 | 198 | 101 | 296 | 839 | 1,548 | 10 | - | 12,291 |
| Depreciation and amortization | $8,961 | 569 | 279 | 1,774 | 502 | 2,819 | 870 | - | 15,774 |
| Equity | $1,628,893 | 35,825 | 42,670 | 221,519 | 124,387 | 182,515 | 164,665 | (41,304) | 2,359,170 |
| UNITED STATES | OTHER NORTH AMERICA | LATIN AMERICA | NORTH ASIA | SOUTH ASIA | EUROPE | MIDDLE EAST, AFRICA AND INDIA | ELIMI- NATIONS | CONSOLI- DATED |
| For the nine months ended September 30, 2025: | | | | | | | | | |
| Revenues | $2,660,632 | 347,455 | 197,391 | 2,053,146 | 1,130,212 | 1,360,396 | 470,165 | (6,342) | 8,213,055 |
| Directly related cost of transportation and other expenses | $1,385,038 | 218,370 | 119,717 | 1,646,538 | 877,464 | 883,987 | 342,862 | (4,287) | 5,469,689 |
| Salaries and related costs | $799,702 | 61,775 | 32,630 | 118,205 | 86,596 | 261,763 | 59,039 | - | 1,419,710 |
| Other operating expenses | $84,075 | 46,495 | 28,559 | 113,289 | 75,880 | 132,242 | 43,574 | (2,094) | 522,020 |
| Operating income | $391,817 | 20,815 | 16,485 | 175,114 | 90,272 | 82,404 | 24,690 | 39 | 801,636 |
| Identifiable assets at period end | $2,580,473 | 192,957 | 104,334 | 463,689 | 341,607 | 819,342 | 292,545 | (15,365) | 4,779,582 |
| Capital expenditures | $20,172 | 736 | 739 | 5,862 | 3,235 | 4,396 | 4,985 | - | 40,125 |
| Depreciation and amortization | $24,652 | 1,502 | 748 | 3,674 | 1,885 | 8,387 | 1,851 | - | 42,699 |
| Equity | $1,513,585 | 53,799 | 41,622 | 205,772 | 133,471 | 264,690 | 164,295 | (94,596) | 2,282,638 |
| For the nine months ended September 30, 2024: | | | | | | | | | |
| Revenues | $2,385,392 | 331,837 | 151,787 | 2,096,709 | 960,970 | 1,241,432 | 481,600 | (3,917) | 7,645,810 |
| Directly related cost of transportation and other expenses | $1,270,981 | 199,710 | 88,077 | 1,702,401 | 757,167 | 796,205 | 353,839 | (1,728) | 5,166,652 |
| Salaries and related costs | $717,420 | 59,371 | 27,531 | 113,387 | 76,641 | 241,388 | 54,163 | - | 1,289,901 |
| Other operating expenses | $55,415 | 43,313 | 22,389 | 111,201 | 58,662 | 122,330 | 37,936 | (2,208) | 449,038 |
| Operating income | $341,576 | 29,443 | 13,790 | 169,720 | 68,500 | 81,509 | 35,662 | 19 | 740,219 |
| Identifiable assets at period end | $2,611,417 | 192,370 | 108,985 | 727,724 | 376,283 | 863,840 | 319,627 | (29,329) | 5,170,917 |
| Capital expenditures | $17,775 | 2,172 | 383 | 933 | 2,938 | 4,860 | 1,354 | - | 30,415 |
| Depreciation and amortization | $27,087 | 1,601 | 846 | 3,965 | 1,469 | 8,573 | 2,373 | - | 45,914 |
| Equity | $1,628,893 | 35,825 | 42,670 | 221,519 | 124,387 | 182,515 | 164,665 | (41,304) | 2,359,170 |
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.
Other operating expenses totals rent and occupancy, depreciation and amortization, selling and promotion and other as shown in the consolidated statements of earnings.
| 4-November-2025 | Expeditors International of Washington, Inc. | Page 8 of 8 |
Contacts
Expeditors International of Washington, Inc. · 3545 Factoria Blvd. SESterling Plaza 2, 3rd Floor Bellevue, Washington 98006 · CONTACTS: Daniel R. Wall · President and Chief Executive Officer · (206) 674-3455
David A. Hackett · Senior Vice President and Chief Financial Officer · (206) 288-8794
Geoffrey Buscher · Director - Investor Relations · (206) 892-4510