Expeditors International of Washington (NYSE:EXPD) Update / briefing February 23, 2026 03:00 PM ET Company ParticipantsBrenda Smith - Global Director of Government OutreachSamantha Hurst - Regional Sales and Marketing ManagerStephanie Holloway - Director of Customs Operations for the AmericasTed Henderson - Senior Advisor of CustomsSamantha HurstHello, everyone. We are right at the top of the hour, but we have quite a few of you still joining us, so we're going to give it just one minute as everyone gets ro ...

Financial Data and Key Metrics Changes - Full year 2025 revenue grew 24% to $29.5 million, with Q4 revenue at $7.4 million, up 12% year-over-year [10][24] - Gross booking value (GBV) reached $357 million in Q4, up 27% year-over-year, indicating strong transaction growth [12] - Non-IFRS gross margin for Q4 was 72.7%, down from 74.3% in Q4 2024, while full year gross margin improved to 73.7%, up 130 basis points compared to 2024 [25] Business Line Data and Key Metrics Changes - Platform revenue for the full year grew 18%, while solutions revenue increased by 27% from 2024 [24] - Q4 saw 445,000 bookings, marking a 27% increase year-over-year, with a record active carrier network of 77 carriers [11][12] - Solutions growth was softer than anticipated, with enterprise sales cycles lengthening due to budget constraints [15] Market Data and Key Metrics Changes - The company maintained a record of 445,000 bookings in Q4, reflecting strong market demand despite a volatile global trade environment [11] - The integration of new carriers and increased utilization of existing carriers contributed to transaction growth [12] Company Strategy and Development Direction - The company is prioritizing profitability and disciplined growth, aiming for break-even by the end of 2026 [4][8] - A solutions-first strategy is being adopted, focusing on enhancing product offerings and deepening customer relationships [19][20] - The company plans to expand into ocean freight and tendering, which are expected to drive significant long-term growth [21][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving adjusted EBITDA break-even by Q4 2026, emphasizing cost discipline and operational efficiency [27] - The board believes there is a significant long-term opportunity to digitalize and modernize global freight, with a focus on governance and leadership transitions [5][6] Other Important Information - The company closed the quarter with $27.9 million in cash and short-term bank deposits, slightly better than expectations [26] - The transition from a founder-led to a professional CEO-led organization is progressing, with a new CEO expected to be appointed before the next earnings release [7] Q&A Session Questions and Answers Question: Has there been a fundamental change in the go-to-market strategy? - The go-to-market change is not drastic but focuses on a customer-led approach, prioritizing projects with better returns [32] Question: Any operational changes to pursue a more selective strategy? - The focus will be on higher-value targets and improving overall execution in the go-to-market strategy [33] Question: What is driving the gap between transaction growth and revenue guidance? - The gap is due to the solutions revenue being affected by market volatility and longer sales cycles, while transactions represent only one-third of total revenue [53] Question: Are you still confident in achieving EBITDA breakeven in 2026? - The company remains focused on cost discipline and operational efficiency to achieve adjusted EBITDA breakeven by Q4 2026 [51] Question: Can you elaborate on the decision of a board member stepping down? - The decision was not planned and was made by the individual, but the board remains strong and aligned on the company's strategy [55]

包装和标签：包装必须牢固且符合运输要求。标签应清晰可见，包括发货人和收货人的地址、联系方式等。 关税和税费：根据商品的种类和价值，可能需要支付关税和其他税费。加拿大对某些商品有特定的税率，如纺织 品、电子产品等。 禁止和限制物品：加拿大对一些物品有严格的进口限制，例如食品、药品、动植物产品等。这些物品通常需要特 殊的许可证或检疫证明。 个人物品：对于个人物品，特别是搬家物品，需要提供详细的清单，并注明每件物品的价值。如果物品是新购买 的，可能需要支付关税。 知识产权：加拿大对侵犯知识产权的商品非常严格。如果发现商品侵犯了商标、版权或其他知识产权，将被扣留 并可能面临法律诉讼。 加拿大海关对海运包裹的清关有一些特殊要求和限制，了解这些规定对于确保货物顺利通关至关重要。以下是一 些关键点： 申报价值：所有进入加拿大的商品都必须准确申报其价值。如果申报价值低于实际价值，可能会导致额外的关 税、罚款甚至扣留货物。 详细描述：货物的描述必须详细且准确。包括商品的名称、数量、重量、材质等信息。模糊或不完整的描述可能 导致清关延误。 商业发票：对于商业货物，必须提供商业发票。发票应包含发货人和收货人的详细信息、商品描述、单 ...

飞时达快递代理、FedEx国际快递、DHL国际快递、UPS国际快递、EMS国际快递公司的航空海运业 务。北京飞时达国际快递价格优惠高达80%。 "货代"是"货运代理"的简称，全称"货物运输代理"（英文：Freight Forwarder），是物流行业中连接货主 （货物所有人）和运输服务提供方（如船公司、航空公司、车队等）的中间服务商，其核心作用是帮助 货主高效、合规地完成货物从起运地到目的地的运输全流程，解决运输中的复杂环节（如订舱、报关、 仓储、运输安排等）。 简单说，货代是货主的"物流管家"，通过整合运输资源、熟悉行业规则，为货 主提供"一站式"运输解决方案，具体包括： 代理运输服务 进出口合规服务 附加增值服务 货代的类型 订舱/订票：根据货主需求（如运输方式、时效、成本），向船公司、航空公司、车队等预订运输 仓位（海运舱位、空运航班、陆运车辆）。 运输安排：协调货物从发货地到港口/机场的短途运输（"拖车"），或从港口/机场到目的地的派送 （"派送"）。 报关报检：代理货主向海关、检验检疫部门提交报关单、商业发票、装箱单等文件，完成进出口 清关手续（尤其国际货代需熟悉不同国家的海关政策、税率、禁止/限制 ...

在智慧通关领域，海关的创新实践正在输出一套高效的"中国方案"。北京海关对接国际高标准经贸规 则，积极配合世界海关组织推进全球ATA单证册电子系统，鼓励企业用好用足ATA单证册便利化措施， 有力保障了国际会展、新兴产业、大型赛事、高水平人才建设等领域的暂时进出境物资高效通关。据介 绍，第三届中国国际供应链促进博览会的高新精密仪器、我国医疗企业参加北美放射学会年会的高端医 疗设备等，均在ATA单证册保障下畅通流动，为经济高质量发展持续注入活力。 北京海关有关负责人表示，以ATA单证册为缩影，智慧海关不断创新与实践，正在为全球贸易便利化贡 献切实高效的解决方案，特别是高效便捷的通关服务，节约了持证人通关费用与时间，降低了持证人的 管理风险，提高了海关管理的效率，将持续助力推进高水平开放，为国际经贸合作与人文交流注入新活 力。 近日，设立在北京海关的暂准进口单证册（ATA）核销中心的统计数据显示，2025年全国海关共监管 ATA单证册项下暂时进境、暂时出境、复进境、复出境货物28457票，同比增长7.86%，货值37.21亿美 元，ATA单证册项下进出境货物票数创近5年新高。 ATA单证册制度是为简化暂准进出口货物通 ...

Core Viewpoint - Hong Kong-based freight forwarding service provider CGL is increasing the number of shares for its upcoming IPO, aiming to raise $15 million at an offering price of $4 per share [1] Group 1: IPO Details - CGL plans to offer 3.8 million shares at $4 each, which is consistent with its previous filing in October 2025 [1] - The company initially filed to issue 1.8 million shares at the same price in December 2025 [1] - The revised offering size indicates a 114% increase in the expected funds raised, with a projected market capitalization of $75 million [1] Group 2: Company Operations - CGL provides freight forwarding services through its operating subsidiaries, covering sea, air, and rail freight forwarding [1] - The company is responsible for transporting goods, products, or project components from one location to another, offering services such as pickup, warehousing, and customs clearance as per customer instructions [1] - Additionally, CGL offers agency logistics services [1] Group 3: Company Background - CGL was established in 1999 and plans to list on NASDAQ under the ticker symbol CGL [1] - Revere Securities is the exclusive bookrunner for this transaction [1]

（来源：经济日报） 转自：经济日报 阿拉山口海关持续推进"智慧铁路口岸＋属地快速通关"模式改革，通过信息化、智能化手段优化通关流 程。阿拉山口海关综合业务一科副科长索菲亚·乌买尔江说，通过实施铁路舱单归并、推广智能机检与 审图技术，实现了班列"即到即查、即验即放"，减少了班列在口岸的停留等待时间。2025年，口岸整体 通关时间较2024年压缩18.4％。 通关效率不断提升，2025年经新疆阿拉山口海关监管通行的中欧（中亚）班列数创历史新高，全年通行 量达8165列，同比增长6.3％，首次突破8000列大关。 作为共建"一带一路"的关键节点，霍尔果斯口岸2025年进出口货运量达4643.1万吨，同比增长1.9％，连 续8年居新疆口岸首位。公路口岸方面，在"公路口岸＋属地直通"和"自驾出口商品车快速通关"等改革 模式的驱动下，货运量同比增长27.3％。 "我们公司在口岸做代理10多年，见证了通关效率不断提升，2025年公司业务量同比增长超30％。"新疆 中联海通国际货运代理有限公司业务主管郭春雷说。 一系列改革举措形成了务实成果。2025年，新疆铁路口岸进出口货运量3066.9万吨，增加11.5％；监管 中欧（中 ...

本报乌鲁木齐1月31日讯（记者耿丹丹）据乌鲁木齐海关统计，2025年新疆外贸进出口总值5203.7亿 元，同比增长19.9%，高于全国增速16.1个百分点，居全国第一位。 "十四五"时期，新疆外贸发展呈现好势头、跑出加速度，连续跨越2000亿元、3000亿元、4000亿元和 5000亿元关口，累计外贸总值突破1.71万亿元，较"十三五"时期增长144.3%。 2025年，新疆相继出台《新疆维吾尔自治区口岸经济发展促进条例》《中国（新疆）自由贸易试验区条 例》《新疆维吾尔自治区智慧口岸建设实施方案》等政策，持续优化外贸产业布局，夯实外贸发展支 撑。同时，一系列推动口岸通关效能提升的举措落地，在监管模式创新、通关便利提升等方面不断发 力。 阿拉山口海关持续推进"智慧铁路口岸+属地快速通关"模式改革，通过信息化、智能化手段优化通关流 程。阿拉山口海关综合业务一科副科长索菲亚·乌买尔江说，通过实施铁路舱单归并、推广智能机检与 审图技术，实现了班列"即到即查、即验即放"，减少了班列在口岸的停留等待时间。2025年，口岸整体 通关时间较2024年压缩18.4%。 通关效率不断提升，2025年经新疆阿拉山口海关监管通行的中 ...

通关效率不断提升，2025年经新疆阿拉山口海关监管通行的中欧（中亚）班列数创历史新高，全年通行 量达8165列，同比增长6.3%，首次突破8000列大关。 本报乌鲁木齐1月31日讯（记者耿丹丹）据乌鲁木齐海关统计，2025年新疆外贸进出口总值5203.7亿 元，同比增长19.9%，高于全国增速16.1个百分点，居全国第一位。 "十四五"时期，新疆外贸发展呈现好势头、跑出加速度，连续跨越2000亿元、3000亿元、4000亿元和 5000亿元关口，累计外贸总值突破1.71万亿元，较"十三五"时期增长144.3%。 2025年，新疆相继出台《新疆维吾尔自治区口岸经济发展促进条例》《中国（新疆）自由贸易试验区条 例》《新疆维吾尔自治区智慧口岸建设实施方案》等政策，持续优化外贸产业布局，夯实外贸发展支 撑。同时，一系列推动口岸通关效能提升的举措落地，在监管模式创新、通关便利提升等方面不断发 力。 阿拉山口海关持续推进"智慧铁路口岸+属地快速通关"模式改革，通过信息化、智能化手段优化通关流 程。阿拉山口海关综合业务一科副科长索菲亚·乌买尔江说，通过实施铁路舱单归并、推广智能机检与 审图技术，实现了班列"即到即查、即验即 ...

Summary of Expeditors International of Washington (NYSE:EXPD) Update / Briefing Company Overview - **Company**: Expeditors International of Washington (NYSE: EXPD) - **Event**: Webinar on the Customs ACE Portal - **Date**: January 28, 2026 Key Points Industry and Company Context - The webinar focused on the **Automated Commercial Environment (ACE) Portal**, a critical tool for importers to access customs data and manage import/export transactions [7][8][9] - The ACE Portal is essential for compliance with trade laws and regulations, providing functionalities for monitoring customs entries and historical reporting [7][8] Core Insights and Arguments - **ACE Portal Functions**: - Direct access to customs data and import/export transactions [7] - Internal control and record-keeping for compliance [7] - Key functions include monitoring customs entries, creating blanket statements, querying anti-dumping cases, and accessing near real-time data [8][9] - **Access Levels**: - There are different user roles within the ACE Portal: Trade Account Owner, Proxy Trade Account Owner, and Account User [16][17][18] - Trade Account Owners have full control and can grant access to others, while Proxy Trade Account Owners can perform similar functions and are easier to upgrade if the primary owner leaves [17][18] - **Communication with Customs**: - Users can choose between mail and portal communication methods for receiving notifications from Customs [33][34] - It is crucial to keep notify parties and mailing addresses updated to avoid missed communications [34] - **Reporting and Auditing**: - Users can run various reports to audit entries filed by brokers, ensuring correct tariff duty regulations are applied [76] - Common reports include Entry Summary reports, customs forms status, and liquidation status [51][53][54] Additional Important Information - **Protests**: - Access to file protests is not granted by default and must be requested through ACE Support [56] - Users can track the status of filed protests within the portal [60] - **Upcoming Changes**: - Manual checks for refunds from Customs will cease on February 6, 2026, necessitating the setup of ACH Refund Authorization in the ACE Portal [29] - **Training and Resources**: - The presentation included links to helpful resources for navigating the ACE Portal and filing protests [61][62] - The course is NCBFAA accredited, indicating its relevance and authority in the field [62] Conclusion - The webinar provided comprehensive training on utilizing the ACE Portal effectively, emphasizing the importance of compliance, reporting, and communication with Customs. The insights shared are crucial for importers to navigate the complexities of customs regulations and ensure efficient operations.