EX-99.1 2 a08-4075_1ex99d1.htm EX-99.1

Exhibit 99.1

 

J.B. Hunt Transport Services, Inc.

Contact: 

Kirk Thompson

615 J.B. Hunt Corporate Drive

 

President and

Lowell, Arkansas 72745

 

Chief Executive Officer

(NASDAQ: JBHT)

 

(479) 820-8110

 

FOR IMMEDIATE RELEASE

 

J. B. HUNT TRANSPORT SERVICES, INC. REPORTS REVENUES AND EARNINGS FOR THE FOURTH QUARTER AND YEAR ENDED DECEMBER 31, 2007

 

 

 

 

·

Fourth Quarter 2007 Revenue:

 

$945 million; up 11%

·

Fourth Quarter 2007 Operating Income:

 

$96 million; up 1%*

·

Fourth Quarter 2007 EPS:

 

42 cents vs. 39 cents*

 

 

 

 

·

Full Year 2007 Revenue:

 

$3.49 billion; up 5%

·

Full Year 2007 Operating Income:

 

$369 million; down 1%*

·

Full Year 2007 EPS:

 

$1.55 vs. $1.44*

 

 *4Q 2007 includes an $8.4 million pretax charge to write down the value of certain assets held for sale

   4Q 2006 includes a $12.4 million pretax charge for insurance costs

 

LOWELL, ARKANSAS, January 29, 2008 - J. B. Hunt Transport Services, Inc., (NASDAQ:JBHT) announced fourth quarter 2007 net earnings of $54.3 million, or diluted earnings per share of 42 cents vs. 2006 fourth quarter earnings of $57.8 million, or 39 cents per diluted share.  Financial results for the current quarter include an $8.4 million pretax charge, or $0.04 per diluted share, to write down certain assets held for sale to estimated fair value.  Fourth quarter 2006 results include a $12.4 million pretax charge, or $0.05 per diluted share, to increase casualty and workers’ compensation claims reserves.

 

Total operating revenue for the current quarter was $945 million, an 11% increase over the $852 million for fourth quarter 2006.  This increase in operating revenue was primarily attributable to higher Intermodal volumes and significant growth in our Integrated Capacity Solutions (ICS) segment that more than offset the smaller fleet and weaker demand in our Truck segment.  In addition, higher fuel surcharge revenues related to the increase in fuel prices, relative to the same period a year ago, increased revenues. Current quarter operating revenue, excluding fuel surcharges, increased 6% over the same period of 2006.

 

Operating income for the current quarter increased slightly to $96.3 million vs. $95.4 million for fourth quarter 2006. These results include pretax charges of $8.4 million for 2007 and $12.4 million in 2006, as discussed above.   The 2007 charge was recognized in the Truck business segment.  Net interest expense increased significantly from $6.4 million in fourth quarter 2006 to $11.9 million in the current quarter, primarily due to higher levels of debt. The proceeds from these borrowings were used primarily for purchases of company stock.  The effective income tax rate was 35.5% in the current quarter vs. 34.7% in last year’s fourth quarter.

 


 

“We continue to demonstrate progress toward moving our economic model from that of a primarily asset-based truckload carrier of the past to an asset-light transportation company.  Our industry leading Intermodal business had the best fourth quarter ever and our best year in history in 2007.  In addition, our Dedicated Contract Services (DCS) segment fared extremely well in a very difficult freight environment.  While our Truck segment continues to reflect one of the worst freight recessions in memory, ICS’s revenue grew 259% during fourth quarter 2007 compared to the same period of 2006. The ramp up continued with year over year growth of 146% in the third quarter, 53% in the second quarter and 26% in the first quarter.  We plan to continue to grow the segments that are producing acceptable returns on invested capital while reducing the Truck segment until acceptable margins are achieved.  Overall, we are extremely pleased with these results,” said Kirk Thompson, JBHT President and CEO.

 

Segment Information:

 

Intermodal (JBI)

 

 

 

 

 

·

Fourth Quarter 2007 Segment Revenue:

 

$482 million; up 25%

·

Fourth Quarter 2007 Operating Income:

 

$77.0 million; up 37%

 

Intermodal continues to post record revenues and operating income.  JBI was successful in adding more than 2,900 net containers during the fourth quarter to finish 2007 with a fleet of more than 34,000 fifty-three foot containers.  Our load volume increased 23% during the period with mix continuing to shift toward shorter length of haul business, primarily in the eastern half of the United States.  Prices were flat for the fourth quarter vs. a year ago, before consideration of fuel surcharges.  Operating margins were positively impacted by reducing the number of empty truck miles in our pick up and delivery operation, increasing our driver productivity, increasing container productivity through velocity and reducing our reliance on third party equipment and dray.

 

Dedicated Contract Services (DCS)

 

 

 

 

 

·

Fourth Quarter 2007 Segment Revenue:

 

$239 million; up 2%

·

Fourth Quarter 2007 Operating Income:

 

$22.7 million; down 8%

 

DCS revenue grew 2% vs. the same quarter last year.  However, excluding the effects of fuel surcharges, revenue declined 1%. Revenue per truck per week, excluding the effects of fuel surcharges, was up 2%.  Average tractor count declined to 5,166 units in fourth quarter 2007 compared to 5,351 units in fourth quarter 2006.  The decline in the tractor count was primarily driven by reduction in fleets that provide more generic dedicated business. These generic or “capacity” fleets have declined as a percent of our total truck count as we focus on growing our value-added, true dedicated business. The decline in generic dedicated business and a weaker freight environment resulted in a 3% reduction in utilization and an increase in empty miles.

 

Operating income declined $1.9 million primarily due to the loss of generic dedicated business, the redeployment of that capacity to true dedicated business that incurred start-up expense during the current quarter, and higher fuel prices.

 

Truck (JBT)

 

 

 

 

 

·

Fourth Quarter 2007 Segment Revenue:

 

$197 million; down 14%

·

Fourth Quarter 2007 Operating Income:

 

$(5.1) million; down 136%*

 

      *Includes $8.4 million pretax charge to write down the value of certain assets held for sale

 

JBT revenue declined 14% on a 13% reduction in loads compared to fourth quarter 2006.  Our average fleet size was reduced by approximately 14% quarter over quarter.  However, the year-end fleet size reflected a total reduction of 1,215 tractors, or 23% of the fleet, compared to the end of 2006. This reduction follows our previous statements that our goals include right-sizing our fleet in relation to customers’ needs, price adequacy, and return on investment targets.  Overall, JBT’s rate per loaded mile, excluding fuel surcharges, decreased 2% during the current quarter compared to the prior year period.  Freight demand remained very soft throughout the quarter.  However, the truck reduction plan allows us to begin the year with tractor counts better aligned with anticipated customer demand.

 


 

Financial results for the quarter include an $8.4 million pretax charge to write down certain assets held for sale to estimated fair value.  Without this charge, operating income would have been $3.2 million.

 

Integrated Capacity Solutions (ICS)

 

 

 

 

 

·

Fourth Quarter 2007 Segment Revenue:

 

$36 million; up 259%

·

Fourth Quarter 2007 Operating Income:

 

$1.8 million; up 174%

 

ICS provides non-asset and asset-light transportation solutions to customers through relationships with third-party carriers and integration with JBHT owned equipment.  ICS services include flatbed, refrigerated, LTL, as well as a variety of dry van and intermodal solutions. ICS financial results in 2006 were reported as part of the Truck segment.

 

Our fourth quarter gross revenue increased 259% from fourth quarter 2006 on increased volume.  We continued to see steady revenue growth from new and existing customers, with gross revenues increasing 41% over the third quarter of this year.  Our fourth quarter net operating revenue (gross revenue less purchased transportation) increased 243% from fourth quarter 2006.

 

As a percentage of net operating revenue, operating expense (which excludes purchased transportation) increased to 67% in fourth quarter 2007 from 59% in fourth quarter 2006.  The increase was due to aggressive employee growth throughout 2007.  The average number of employees for fiscal year 2007 increased 305%, compared to 2006.  This growth continued during fourth quarter 2007, with the average number of employees increasing 37% from the previous quarter.  Due to our rapid growth in employee count, in anticipation of and ahead of continued growth in the segment, operating income increased at a slower rate than our gross profits.  In addition, our third party carrier base grew 32% during the current quarter to over 8,500 carriers by year end.

 

Cash Flow and Capitalization:

 

Approximately 2.3 million shares of company stock were purchased during fourth quarter 2007 for just over $60 million.  This concludes the stock purchases authorized by our Board of Directors on May 2, 2007.  As of December 31, 2007, we owed approximately $913 million on our various credit facilities vs. $396 million at December 31, 2006.

 

This press release may contain forward-looking statements, which are based on information currently available.  Actual results may differ materially from those currently anticipated due to a number of factors, including, but not limited to, those discussed in Item 1A of our Annual Report filed on Form 10-K for the year ended December 31, 2006. We assume no obligation to update any forward-looking statement to the extent we become aware that it will not be achieved for any reason.  This press release and related information will be available immediately to interested parties at our web site, www.jbhunt.com.

 


 

J.B. HUNT TRANSPORT SERVICES, INC.

 

Condensed Consolidated Statements of Earnings

 

(in thousands, except per share data)

 

(unaudited)

 

 

 

 

Three Months Ended December 31

 

 

 

2007

 

2006

 

 

 

 

 

% Of

 

 

 

% Of

 

 

 

Amount

 

Revenue

 

Amount

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

Operating revenues, excluding fuel surcharge revenues

 

$

793,409

 

 

 

$

749,602

 

 

 

Fuel surcharge revenues

 

151,541

 

 

 

101,967

 

 

 

Total operating revenues

 

944,950

 

100.0

%

851,569

 

100.0

%

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

 

 

 

 

 

 

 

 

Rents and purchased transportation

 

356,916

 

37.8

%

287,510

 

33.8

%

Salaries, wages and employee benefits

 

221,598

 

23.5

%

223,771

 

26.3

%

Fuel and fuel taxes

 

127,112

 

13.5

%

107,863

 

12.7

%

Depreciation and amortization

 

52,787

 

5.6

%

49,742

 

5.8

%

Operating supplies and expenses

 

40,053

 

4.2

%

37,195

 

4.4

%

Insurance and claims

 

17,909

 

1.9

%

29,457

 

3.5

%

Operating taxes and licenses

 

8,178

 

0.9

%

8,526

 

1.0

%

General and administrative expenses, net of gains

 

18,817

 

2.0

%

6,875

 

0.8

%

Communication and utilities

 

5,315

 

0.6

%

5,262

 

0.6

%

Total operating expenses

 

848,685

 

89.8

%

756,201

 

88.8

%

Operating income

 

96,265

 

10.2

%

95,368

 

11.2

%

Net interest expense

 

11,900

 

1.3

%

6,434

 

0.8

%

Equity in loss of associated companies

 

145

 

0.0

%

437

 

0.1

%

Earnings before income taxes

 

84,220

 

8.9

%

88,497

 

10.4

%

Income taxes

 

29,897

 

3.2

%

30,693

 

3.6

%

Net earnings

 

$

54,323

 

5.7

%

$

57,804

 

6.8

%

Weighted average diluted shares outstanding

 

128,625

 

 

 

147,865

 

 

 

Diluted earnings per share

 

$

0.42

 

 

 

$

0.39

 

 

 

 

J.B. HUNT TRANSPORT SERVICES, INC.
Condensed Consolidated Statements of Earnings
(in thousands, except per share data)

(unaudited)

 

 

 

Twelve Months Ended December 31

 

 

 

2007

 

2006

 

 

 

 

 

% Of

 

 

 

% Of

 

 

 

Amount

 

Revenue

 

Amount

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

Operating revenues, excluding fuel surcharge revenues

 

$

3,009,819

 

 

 

$

2,897,816

 

 

 

Fuel surcharge revenues

 

480,080

 

 

 

430,171

 

 

 

Total operating revenues

 

3,489,899

 

100.0

%

3,327,987

 

100.0

%

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

 

 

 

 

 

 

 

 

Rents and purchased transportation

 

1,235,390

 

35.4

%

1,124,734

 

33.8

%

Salaries, wages and employee benefits

 

888,594

 

25.5

%

892,066

 

26.8

%

Fuel and fuel taxes

 

463,538

 

13.3

%

447,309

 

13.4

%

Depreciation and amortization

 

205,133

 

5.9

%

183,604

 

5.5

%

Operating supplies and expenses

 

155,893

 

4.5

%

145,794

 

4.4

%

Insurance and claims

 

69,655

 

2.0

%

71,582

 

2.2

%

Operating taxes and licenses

 

33,540

 

1.0

%

34,447

 

1.0

%

General and administrative expenses, net of gains

 

48,211

 

1.4

%

33,232

 

1.0

%

Communication and utilities

 

21,156

 

0.6

%

22,566

 

0.7

%

Total operating expenses

 

3,121,110

 

89.4

%

2,955,334

 

88.8

%

Operating income

 

368,789

 

10.6

%

372,653

 

11.2

%

Net interest expense

 

42,512

 

1.2

%

15,159

 

0.5

%

Equity in loss of associated companies

 

1,230

 

0.0

%

3,181

 

0.1

%

Earnings before income taxes

 

325,047

 

9.3

%

354,313

 

10.6

%

Income taxes

 

111,913

 

3.2

%

134,361

 

4.0

%

Net earnings

 

$

213,134

 

6.1

%

$

219,952

 

6.6

%

Weighted average diluted shares outstanding

 

137,639

 

 

 

152,317

 

 

 

Diluted earnings per share

 

$

1.55

 

 

 

$

1.44

 

 

 

 


 

Financial Information By Segment

(unaudited)

 

 

 

Three Months Ended December 31

 

 

 

2007

 

2006

 

 

 

Amount

 

% Of

 

Amount

 

% Of

 

 

 

(000)

 

Total

 

(000)

 

Total

 

Revenue

 

 

 

 

 

 

 

 

 

Intermodal

 

$

482,211

 

51

%

$

386,764

 

45

%

Dedicated

 

238,971

 

25

%

233,468

 

27

%

Truck

 

196,747

 

21

%

229,157

 

27

%

Integrated Capacity Solutions

 

36,058

 

4

%

10,031

 

1

%

Subtotal

 

953,987

 

101

%

859,420

 

101

%

Intersegment eliminations

 

(9,037

)

(1

)%

(7,851

)

(1

)%

Consolidated revenue

 

$

944,950

 

100

%

$

851,569

 

100

%

 

 

 

 

 

 

 

 

 

 

Operating income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Intermodal

 

$

77,000

 

80

%

$

56,017

 

59

%

Dedicated

 

22,658

 

24

%

24,603

 

26

%

Truck

 

(5,139

)

(5

)%

14,225

 

15

%

Integrated Capacity Solutions

 

1,797

 

2

%

656

 

1

%

Other (1)

 

(51

)

(0

)%

(133

)

(0

)%

Operating income

 

$

96,265

 

100

%

$

95,368

 

100

%

 

 

 

Twelve Months Ended December 31

 

 

 

2007

 

2006

 

 

 

Amount

 

% Of

 

Amount

 

% Of

 

 

 

(000)

 

Total

 

(000)

 

Total

 

Revenue

 

 

 

 

 

 

 

 

 

Intermodal

 

$

 1,652,774

 

47

%

$

1,430,065

 

43

%

Dedicated

 

936,611

 

27

%

915,225

 

28

%

Truck

 

841,663

 

24

%

965,743

 

29

%

Integrated Capacity Solutions

 

91,551

 

3

%

41,814

 

1

%

Subtotal

 

3,522,599

 

101

%

3,352,847

 

101

%

Intersegment eliminations

 

(32,700

)

(1

)%

(24,860

)

(1

)%

Consolidated revenue

 

$

 3,489,899

 

100

%

$

3,327,987

 

100

%

 

 

 

 

 

 

 

 

 

 

Operating income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Intermodal

 

$

 238,772

 

65

%

$

181,668

 

49

%

Dedicated

 

93,828

 

25

%

104,180

 

28

%

Truck

 

31,912

 

9

%

83,462

 

22

%

Integrated Capacity Solutions

 

4,343

 

1

%

3,401

 

1

%

Other (1)

 

(66

)

(0

)%

(58

)

(0

)%

Operating income

 

$

 368,789

 

100

%

$

372,653

 

100

%

 

(1)  Includes corporate support activity

 


 

Operating Statistics by Segment
(unaudited)

 

 

 

Three Months Ended December 31

 

 

 

2007

 

2006

 

 

 

 

 

 

 

Intermodal (JBI)

 

 

 

 

 

 

 

 

 

 

 

Loads

 

205,998

 

167,763

 

Length of haul

 

1,914

 

1,981

 

Revenue per load

 

$

2,341

 

$

2,305

 

Average tractors during the period *

 

1,794

 

1,567

 

 

 

 

 

 

 

Tractors (end of period)

 

 

 

 

 

Company-owned

 

1,795

 

1,551

 

Independent contractor

 

6

 

23

 

Total Tractors

 

1,801

 

1,574

 

 

 

 

 

 

 

Containers (end of period)

 

34,019

 

27,622

 

Average effective trailing equipment usage

 

33,045

 

27,376

 

 

 

 

 

 

 

Dedicated (DCS)

 

 

 

 

 

 

 

 

 

 

 

Loads

 

350,319

 

349,545

 

Length of haul

 

239

 

261

 

Revenue per truck per week**

 

$

3,702

 

$

3,483

 

Average trucks during the period***

 

5,166

 

5,351

 

 

 

 

 

 

 

Trucks (end of period)

 

 

 

 

 

Company-owned

 

4,941

 

5,177

 

Independent contractor

 

100

 

122

 

Customer-owned (DCS Operated)

 

92

 

59

 

Total Trucks

 

5,133

 

5,358

 

 

 

 

 

 

 

Trailers (end of period)

 

8,233

 

6,519

 

Average effective trailing equipment usage

 

13,461

 

12,369

 

 

 

 

 

 

 

Truck (JBT)

 

 

 

 

 

 

 

 

 

 

 

Loads

 

180,759

 

207,309

 

Length of haul

 

498

 

529

 

Loaded miles (000)

 

91,798

 

110,902

 

Total miles (000)

 

106,228

 

126,845

 

Average non-paid empty miles per load

 

79.4

 

76.5

 

Revenue per tractor per week**

 

$

3,483

 

$

3,401

 

Average tractors during the period *

 

4,527

 

5,242

 

 

 

 

 

 

 

Tractors (end of period)

 

 

 

 

 

Company-owned

 

3,572

 

4,233

 

Independent contractor

 

978

 

962

 

Subtotal

 

4,550

 

5,195

 

Tractors held for sale

 

570

 

—

 

Total Tractors

 

3,980

 

5,195

 

 

 

 

 

 

 

Trailers (end of period)

 

18,345

 

18,740

 

Trailers held for sale

 

2,500

 

—

 

Total Trailers

 

15,845

 

18,740

 

Average effective trailing equipment usage

 

12,792

 

13,069

 

 

 

 

 

 

 

Integrated Capacity Solutions (ICS)

 

 

 

 

 

 

 

 

 

 

 

Loads

 

25,529

 

6,384

 

 

* Includes company-owned and independent contractor tractors

** Using weighted workdays

*** Includes company-owned, independent contractor, and customer-owned trucks

 


 

Operating Statistics by Segment

(unaudited)

 

 

 

Twelve Months Ended December 31

 

 

 

2007

 

2006

 

 

 

 

 

 

 

Intermodal (JBI)

 

 

 

 

 

 

 

 

 

 

 

Loads

 

738,207

 

629,533

 

Length of haul

 

1,925

 

1,989

 

Revenue per load

 

$

2,239

 

$

2,272

 

Average tractors during the period *

 

1,689

 

1,485

 

 

 

 

 

 

 

Tractors (end of period)

 

 

 

 

 

Company-owned

 

1,795

 

1,551

 

Independent contractor

 

6

 

23

 

Total Tractors

 

1,801

 

1,574

 

 

 

 

 

 

 

Containers (end of period)

 

34,019

 

27,622

 

Average effective trailing equipment usage

 

30,069

 

25,269

 

 

 

 

 

 

 

Dedicated (DCS)

 

 

 

 

 

 

 

 

 

 

 

Loads

 

1,398,892

 

1,376,538

 

Length of haul

 

249

 

264

 

Revenue per truck per week**

 

$

3,515

 

$

3,466

 

Average trucks during the period***

 

5,224

 

5,176

 

 

 

 

 

 

 

Trucks (end of period)

 

 

 

 

 

Company-owned

 

4,941

 

5,177

 

Independent contractor

 

100

 

122

 

Customer-owned (DCS Operated)

 

92

 

59

 

Total Trucks

 

5,133

 

5,358

 

 

 

 

 

 

 

Trailers (end of period)

 

8,233

 

6,519

 

Average effective trailing equipment usage

 

13,321

 

12,457

 

 

 

 

 

 

 

Truck (JBT)

 

 

 

 

 

 

 

 

 

 

 

Loads

 

785,860

 

864,622

 

Length of haul

 

513

 

533

 

Loaded miles (000)

 

408,486

 

465,366

 

Total miles (000)

 

466,293

 

524,565

 

Average non-paid empty miles per load

 

73.2

 

66.6

 

Revenue per tractor per week**

 

$

3,763

 

$

3,704

 

Average tractors during the period*

 

4,872

 

5,347

 

 

 

 

 

 

 

Tractors (end of period)

 

 

 

 

 

Company-owned

 

3,572

 

4,233

 

Independent contractor

 

978

 

962

 

Subtotal

 

4,550

 

5,195

 

Tractors held for sale

 

570

 

—

 

Total Tractors

 

3,980

 

5,195

 

 

 

 

 

 

 

Trailers (end of period)

 

18,345

 

18,740

 

Trailers held for sale

 

2,500

 

—

 

Total Trailers

 

15,845

 

18,740

 

Average effective trailing equipment usage

 

13,074

 

13,474

 

 

 

 

 

 

 

Integrated Capacity Solutions (ICS)

 

 

 

 

 

 

 

 

 

 

 

Loads

 

64,663

 

26,032

 

 

* Includes company-owned and independent contractor tractors

** Using weighted workdays

*** Includes company-owned, independent contractor, and customer-owned trucks

 


 

J.B. HUNT TRANSPORT SERVICES, INC.

Condensed Consolidated Balance Sheets

(in thousands)

(unaudited)

 

 

 

December 31, 2007

 

December 31, 2006

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

Current assets:

 

 

 

 

 

Cash and cash equivalents

 

$

14,957

 

$

7,371

 

Accounts receivable

 

330,202

 

346,251

 

Income tax receivable

 

0

 

11,824

 

Assets held for sale

 

41,569

 

0

 

Prepaid expenses and other

 

103,988

 

105,797

 

Total current assets

 

490,716

 

471,243

 

Property and equipment

 

2,076,769

 

1,884,318

 

Less accumulated depreciation

 

719,868

 

600,767

 

Net property and equipment

 

1,356,901

 

1,283,551

 

Other assets

 

15,129

 

15,263

 

 

 

$

1,862,746

 

$

1,770,057

 

 

 

 

 

 

 

LIABILITIES & STOCKHOLDERS’ EQUITY

 

 

 

 

 

Current liabilities:

 

 

 

 

 

Current debt

 

$

234,000

 

$

214,000

 

Trade accounts payable

 

192,417

 

170,672

 

Claims accruals

 

19,402

 

20,042

 

Accrued payroll

 

34,310

 

42,352

 

Other accrued expenses

 

26,663

 

7,961

 

Deferred income taxes

 

21,501

 

23,703

 

Total current liabilities

 

528,293

 

478,730

 

 

 

 

 

 

 

Long-term debt

 

679,100

 

182,400

 

Other long-term liabilities

 

32,023

 

54,656

 

Deferred income taxes

 

280,133

 

294,534

 

Stockholders’ equity

 

343,197

 

759,737

 

 

 

$

1,862,746

 

$

1,770,057

 

 

Supplemental Data
(unaudited)

 

 

 

December 31, 2007

 

December 31, 2006

 

 

 

 

 

 

 

Actual shares outstanding at end of period (000)

 

124,572

 

144,555

 

 

 

 

 

 

 

Book value per actual share outstanding at end of period

 

$

2.76

 

$

5.26

 

 

 

 

Year Ended December 31

 

 

 

2007

 

2006

 

 

 

 

 

 

 

Net cash provided by operating activities (000)

 

$

456,052

 

$

423,063

 

 

 

 

 

 

 

Net capital expenditures (000)

 

$

328,813

 

$

410,203

 

 

 

 

 

 

 

Purchases of common stock (000)

 

$

603,371

 

$

257,395