UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Securities registered pursuant to Section 12(b) of the Act:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 8.01 Other Events.
As previously reported, on February 20, 2022, Expeditors International of Washington, Inc. (the “Company”) determined that it was the target of a cyber-attack and, upon discovering the incident, the Company shut down most of its operating systems globally to manage the safety of our overall global systems environment.
In keeping with its business continuity plans, the Company is making progress in returning to normal operations. The Company’s workforce is now handling shipments and providing services across most products and expanding recovery across its locations. The Company is incurring significant expenses to incorporate business continuity systems and to investigate, remediate and recover from this cyber-attack. The Company expects to continue to incur higher cybersecurity expenses in the future. While the Company has partially resumed operations and expects to bring additional systems online, at this time the Company is unable to estimate when it will resume full operations. The Company expects that the impact of the prior shutdown and the ongoing impacts of the cyber-attack will have a material adverse impact on its business, revenues, expenses, results of operations, cash flows and reputation. At this early stage, the Company is unable to estimate the ultimate direct and indirect financial impacts of this cyber-attack.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.
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March 2, 2022 |
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/s/ BRADLEY S. POWELL |
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Bradley S. Powell, |
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Senior Vice President and Chief Financial Officer |