C.H. Robinson Reports 2021 Third Quarter Results

C.H. Robinson Worldwide, Inc. (“C.H. Robinson”) (Nasdaq: CHRW) today reported financial results for the quarter ended September 30, 2021.

Third Quarter Key Metrics:

  • Total revenues increased 48.3% to $6.3 billion
  • Gross profits increased 43.5% to $839.0 million
  • Adjusted gross profits(1) increased 43.3% to $844.2 million
  • Income from operations increased 84.7% to $310.8 million
  • Adjusted operating margin(1) increased 820 basis points to 36.8%
  • Diluted earnings per share (EPS) increased 85.0% to $1.85
  • Cash used by operations improved by $95.1 million to $73.5 million

(1) Adjusted gross profits and adjusted operating margin are Non-GAAP financial measures. The same factors described in this release that impacted these Non-GAAP measures also impacted the comparable GAAP measures. Refer to page 10 for further discussion and a GAAP to Non-GAAP reconciliation.

"The third quarter was another quarter of progress and strong execution, resulting in record quarterly financial results," said Bob Biesterfeld, Chief Executive Officer of C.H. Robinson. "The trajectory of our business is heading in the right direction as we continue to leverage our tech-plus strategy to help customers navigate through an extremely challenging and capacity-constrained environment, which we expect to continue. Demand for our global suite of services and for the benefit of our powerful technology platform continues to be strong, and digitalization continues to take hold and be engrained in an increasing percentage of our business."

Summary of Third Quarter Results Compared to the Third Quarter of 2020

  • Total revenues increased 48.3% to $6.3 billion, driven primarily by higher pricing and higher volume across most of our services.
  • Gross profits increased 43.5% to $839.0 million. Adjusted gross profits increased 43.3% to $844.2 million, primarily driven by higher adjusted gross profit per transaction and higher volume across most of our services.
  • Operating expenses increased 26.7% to $533.4 million. Personnel expenses increased 32.0% to $399.9 million, primarily due to higher incentive compensation costs and also due to the benefit realized in the third quarter of 2020 from our short-term, pandemic-related cost reductions. Average headcount increased 7.1%. Selling, general and administrative ("SG&A") expenses of $133.5 million increased 13.0%, primarily due to the benefit realized in the third quarter of 2020 from our short-term, pandemic-related cost reductions.
  • Income from operations totaled $310.8 million, up 84.7% due to the increase in adjusted gross profits, partially offset by the increase in operating expenses. Adjusted operating margin of 36.8% increased 820 basis points.
  • Interest and other expenses totaled $16.7 million, consisting primarily of $13.1 million of interest expense, which increased $1.2 million versus last year due to a higher average debt balance. The third quarter also included a $3.8 million unfavorable impact from foreign currency revaluation and realized foreign currency gains and losses.
  • The effective tax rate in the quarter was 16.0% compared to 15.1% in the third quarter last year. The rate increase was due primarily to a lower tax benefit related to stock-based compensation.
  • Net income totaled $247.1 million, up 81.0% from a year ago. Diluted EPS of $1.85 increased 85.0%.

Summary of Year-to-Date Results Compared to the Same Period in 2020

  • Total revenues increased 42.4% to $16.6 billion, driven primarily by higher pricing and higher volume across most of our services.
  • Gross profits increased 29.6% to $2.3 billion. Adjusted gross profits increased 29.6% to $2.3 billion, primarily driven by higher adjusted gross profit per transaction and higher volume across most of our services.
  • Operating expenses increased 15.0% to $1.5 billion. Personnel expenses increased 20.4% to $1.1 billion, primarily due to higher incentive compensation costs and also due to the benefit realized in 2020 from our short-term, pandemic-related cost reduction initiatives. SG&A expenses increased 1.6% to $377.4 million, primarily due to increases in purchased services and warehouse expenses, partially offset by lower credit losses, amortization and travel expenses.
  • Income from operations totaled $794.7 million, up 70.4% from last year, primarily due to the increase in adjusted gross profits, partially offset by the increase in operating expenses. Adjusted operating margin of 34.6% increased 830 basis points.
  • Interest and other expenses totaled $41.4 million, which primarily consists of $38.0 million of interest expense, which increased $1.4 million versus last year due to a higher average debt balance. The nine-month period also included an $8.6 million unfavorable impact from foreign currency revaluation and realized foreign currency gains and losses. These expenses were partially offset by a $2.9 million local government subsidy in Asia for achieving specified performance criteria that was almost entirely offset by a reduction in foreign tax credits within the provision for income taxes.
  • The effective tax rate for the nine months was 18.5% compared to 17.3% in the year-ago period. The rate increase was due primarily to a lower tax benefit related to stock-based compensation.
  • Net income totaled $614.1 million, up 71.3% from a year ago. Diluted EPS of $4.56 increased 73.4%.

North American Surface Transportation Results

Summarized financial results of our NAST segment are as follows (dollars in thousands):

Three Months Ended September 30,

Nine Months Ended September 30,

2021

2020

% change

2021

2020

% change

Total revenues

$

3,814,988

$

2,923,842

30.5

%

$

10,611,892

$

8,222,879

29.1

%

Adjusted gross profits(1)

460,149

367,943

25.1

%

1,317,853

1,120,277

17.6

%

Income from operations

149,035

122,526

21.6

%

436,911

357,898

22.1

%

____________________________________________

(1) Adjusted gross profits is a non-GAAP financial measure explained later in this release. The difference between adjusted gross profits and gross profits is not material.

Third quarter total revenues for C.H. Robinson's NAST segment totaled $3.8 billion, an increase of 30.5% over the prior year, primarily driven by higher truckload and less-than truckload ("LTL") pricing and an increase in truckload shipments. NAST adjusted gross profits increased 25.1% in the quarter to $460.1 million. Adjusted gross profits in truckload increased 36.5% due to a 30.0% increase in adjusted gross profit per load and a 4.5% increase in shipments. Our average truckload linehaul rate per mile charged to our customers, which excludes fuel surcharges, increased approximately 27.0% in the quarter, while truckload linehaul cost per mile, excluding fuel surcharges, increased approximately 26.0%. LTL adjusted gross profits increased 11.5% versus the year-ago period, as adjusted gross profit per order increased 10.5% and LTL volumes grew 1.0%. NAST overall volume growth was approximately 2.5%. Operating expenses increased 26.8% primarily due to higher incentive compensation and also due to the benefit realized in 2020 from our short-term, pandemic-related cost reduction initiatives. Income from operations increased 21.6% to $149.0 million, and adjusted operating margin declined 90 basis points to 32.4%. NAST average headcount was up 0.9% in the quarter.

Global Forwarding Results

Summarized financial results of our Global Forwarding segment are as follows (dollars in thousands):

Three Months Ended September 30,

Nine Months Ended September 30,

2021

2020

% change

2021

2020

% change

Total revenues

$

1,978,901

$

831,957

137.9

%

$

4,585,734

$

2,070,161

121.5

%

Adjusted gross profits(1)

310,898

157,657

97.2

%

763,952

448,931

70.2

%

Income from operations

165,155

46,299

256.7

%

363,956

117,033

211.0

%

____________________________________________

(1) Adjusted gross profits is a non-GAAP financial measure explained later in this release. The difference between adjusted gross profits and gross profits is not material.

Third quarter total revenues for the Global Forwarding segment increased 137.9% to $2.0 billion, primarily driven by higher pricing and higher volume in both our ocean and air services, reflecting the strong demand environment, market share gains and strained capacity. Adjusted gross profits increased 97.2% in the quarter to $310.9 million. Ocean adjusted gross profits increased 141.7%, driven by a 116.5% increase in adjusted gross profit per shipment and a 12.0% increase in volumes. Adjusted gross profits in air increased 76.2% driven by a 50.5% increase in metric tons shipped and a 17.0% increase in adjusted gross profit per metric ton. Customs adjusted gross profits increased 13.4%, primarily driven by a 10.5% increase in transaction volume. Operating expenses increased 30.9%, primarily driven by increased salaries, technology and incentive compensation expenses and partially offset by lower amortization expense. Third quarter average headcount increased 12.2%. Income from operations increased 256.7% to $165.2 million, and adjusted operating margin expanded 2,370 basis points to 53.1% in the quarter.

All Other and Corporate Results

Total revenues and adjusted gross profits for Robinson Fresh, Managed Services and Other Surface Transportation are summarized as follows (dollars in thousands):

Three Months Ended September 30,

Nine Months Ended September 30,

2021

2020

% change

2021

2020

% change

Total revenues

$

469,806

$

469,001

0.2

%

$

1,402,664

$

1,364,614

2.8

%

Adjusted gross profits(1):

Robinson Fresh

$

26,651

$

24,449

9.0

%

$

81,539

$

82,109

(0.7

)%

Managed Services

26,720

24,060

11.1

%

78,510

70,090

12.0

%

Other Surface Transportation

19,774

15,164

30.4

%

53,894

50,272

7.2

%

 

____________________________________________

(1) Adjusted gross profits is a non-GAAP financial measure explained later in this release. The difference between adjusted gross profits and gross profits is not material.

Third quarter Robinson Fresh adjusted gross profits increased 9.0% to $26.7 million, due to an increase in adjusted gross profit per case and a 2.5% increase in case volume. Managed Services adjusted gross profits increased 11.1% in the quarter, primarily due to a 12.5% increase in volume. Other Surface Transportation adjusted gross profits increased 30.4% to $19.8 million, primarily due to a 31.6% increase in Europe truckload adjusted gross profits, with the acquisition of Combinex Holding B.V. contributing 13.5 percentage points of growth to truckload adjusted gross profits.

Other Income Statement Items

The third quarter effective tax rate was 16.0%, up from 15.1% last year, but lower than our expectations, primarily due to a favorable mix of foreign earnings and U.S. tax incentives. We now expect our 2021 full-year effective tax rate to be 18% to 19% compared to our prior estimate of 20% to 22%.

Interest and other expenses totaled $16.7 million, consisting primarily of $13.1 million of interest expense, which increased $1.2 million versus last year due to a higher average debt balance. The third quarter also included a $3.8 million unfavorable impact from foreign currency revaluation and realized foreign currency gains and losses.

Diluted weighted average shares outstanding in the quarter were down 2.7% due primarily to share repurchases over the past twelve months.

Cash Flow Generation and Capital Distribution

Cash used by operations totaled $73.5 million in the third quarter, compared to $168.6 million of cash used in the third quarter of 2020. The $95.1 million improvement in cash flow was driven primarily by an improvement in net income, partially offset by an increase in operating working capital in the third quarter of 2021. Sequentially, operating working capital increased by $411.8 million or 26.7% in the third quarter of 2021, compared to a sequential increase of 12.7% in total adjusted gross profits.

In the third quarter of 2021, $237.2 million of cash was returned to shareholders, with $168.1 million in total repurchases of common stock and $69.2 million in cash dividends.

Capital expenditures totaled $22.7 million in the quarter. We now expect 2021 capital expenditures, which are driven by technology-related investments, to be $70 million to $80 million.

Outlook

"Our strong financial results demonstrate that our integrated services model is working. Given the current structural constraints around expansion of supply, coupled with continued strong demand as we head into the holiday season, we expect capacity to remain tight and to perform well in that environment," Biesterfeld stated. "We’ll continue to leverage the strength of our diversified non-asset-based business model that delivers strong returns on invested capital. We'll stay the course with our strategy of pursuing market share gains that align with our profitability expectations, and we'll continue to invest back into the business, in order to drive innovation, improve service to our customers and carriers, and drive growth across our global suite of modes and services."

About C.H. Robinson

C.H. Robinson solves logistics problems for companies across the globe and across industries, from the simple to the most complex. With $26 billion in freight under management and 19 million shipments annually, we are one of the world’s largest logistics platforms. Our global suite of services accelerates trade to seamlessly deliver the products and goods that drive the world’s economy. With the combination of our multimodal transportation management system and expertise, we use our information advantage to deliver smarter solutions for our 105,000 customers and 73,000 contract carriers. Our technology is built by and for supply chain experts to bring faster, more meaningful improvements to our customers’ businesses. As a responsible global citizen, we are also proud to contribute millions of dollars to support causes that matter to our company, our Foundation and our employees. For more information, visit us at www.chrobinson.com (Nasdaq: CHRW).

Except for the historical information contained herein, the matters set forth in this release are forward-looking statements that represent our expectations, beliefs, intentions or strategies concerning future events. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from our historical experience or our present expectations, including, but not limited to, such factors such as changes in economic conditions, including uncertain consumer demand; changes in market demand and pressures on the pricing for our services; competition and growth rates within the third party logistics industry; freight levels and increasing costs and availability of truck capacity or alternative means of transporting freight; changes in relationships with existing contracted truck, rail, ocean, and air carriers; changes in our customer base due to possible consolidation among our customers; our ability to successfully integrate the operations of acquired companies with our historic operations; risks associated with litigation, including contingent auto liability and insurance coverage; risks associated with operations outside of the United States; risks associated with the potential impact of changes in government regulations; risks associated with the produce industry, including food safety and contamination issues; fuel price increases or decreases, or fuel shortages; cyber-security related risks; the impact of war on the economy; changes to our capital structure; risks related to the elimination of LIBOR; changes due to catastrophic events including pandemics such as COVID-19; and other risks and uncertainties detailed in our Annual and Quarterly Reports.

Any forward-looking statement speaks only as of the date on which such statement is made, and we undertake no obligation to update such statement to reflect events or circumstances arising after such date. All remarks made during our financial results conference call will be current at the time of the call, and we undertake no obligation to update the replay.

Conference Call Information:
C.H. Robinson Worldwide Third Quarter 2021 Earnings Conference Call
Tuesday, October 26, 2021; 5:00 p.m. Eastern Time
Presentation slides and a simultaneous live audio webcast of the conference call may be accessed through the Investor Relations link on C.H. Robinson’s website at www.chrobinson.com.
To participate in the conference call by telephone, please call ten minutes early by dialing: 877-269-7756
International callers dial +1-201-689-7817

Adjusted Gross Profit by Service Line
(in thousands)

This table of summary results presents our service line adjusted gross profits on an enterprise basis. The service line adjusted gross profits in the table differ from the service line adjusted gross profits discussed within the segments as our segments have revenues from multiple service lines.

Three Months Ended September 30,

Nine Months Ended September 30,

2021

2020

% change

2021

2020

% change

Adjusted gross profits(1):

Transportation

Truckload

$

333,067

$

251,072

32.7

%

$

941,117

$

794,364

18.5

%

LTL

132,482

118,561

11.7

%

383,903

339,426

13.1

%

Ocean

214,926

88,927

141.7

%

501,422

237,682

111.0

%

Air

60,552

34,977

73.1

%

159,503

115,720

37.8

%

Customs

25,466

22,464

13.4

%

75,201

63,118

19.1

%

Other logistics services

53,018

50,329

5.3

%

158,450

144,046

10.0

%

Total transportation

819,511

566,330

44.7

%

2,219,596

1,694,356

31.0

%

Sourcing

24,681

22,943

7.6

%

76,152

77,323

(1.5

)%

Total adjusted gross profits

$

844,192

$

589,273

43.3

%

$

2,295,748

$

1,771,679

29.6

%

 

____________________________________________

(1) Adjusted gross profits is a non-GAAP financial measure explained later in this release. The difference between adjusted gross profits and gross profits is not material.

GAAP to Non-GAAP Reconciliation
(unaudited, in thousands)

Our adjusted gross profit is a non-GAAP financial measure. Adjusted gross profit is calculated as gross profit excluding amortization of internally developed software utilized to directly serve our customers and contracted carriers. We believe adjusted gross profit is a useful measure of our ability to source, add value, and sell services and products that are provided by third parties, and we consider adjusted gross profit to be a primary performance measurement. Accordingly, the discussion of our results of operations often focuses on the changes in our adjusted gross profit. The reconciliation of gross profit to adjusted gross profit is presented below (in thousands):

Three Months Ended September 30,

Nine Months Ended September 30,

2021

2020

% change

2021

2020

% change

Revenues:

Transportation

$

5,999,901

$

3,944,981

52.1

%

$

15,800,576

$

10,835,710

45.8

%

Sourcing

263,794

279,819

(5.7

)%

799,714

821,944

(2.7

)%

Total revenues

6,263,695

4,224,800

48.3

%

16,600,290

11,657,654

42.4

%

Costs and expenses:

Purchased transportation and related services

5,180,390

3,378,651

53.3

%

13,580,980

9,141,354

48.6

%

Purchased products sourced for resale

239,113

256,876

(6.9

)%

723,562

744,621

(2.8

)%

Direct internally developed software amortization

5,152

4,388

17.4

%

14,601

12,124

20.4

%

Total direct expenses

5,424,655

3,639,915

49.0

%

14,319,143

9,898,099

44.7

%

Gross profit

$

839,040

$

584,885

43.5

%

$

2,281,147

$

1,759,555

29.6

%

Plus: Direct internally developed software amortization

5,152

4,388

17.4

%

14,601

12,124

20.4

%

Adjusted gross profit

$

844,192

$

589,273

43.3

%

$

2,295,748

$

1,771,679

29.6

%

Our adjusted operating margin is a non-GAAP financial measure calculated as operating income divided by adjusted gross profit. We believe adjusted operating margin is a useful measure of our profitability in comparison to our adjusted gross profit which we consider a primary performance metric as discussed above. The comparison of operating margin to adjusted operating margin is presented below:

Three Months Ended September 30,

Nine Months Ended September 30,

2021

2020

% change

2021

2020

% change

Total revenues

$

6,263,695

$

4,224,800

48.3

%

$

16,600,290

$

11,657,654

42.4

%

Operating income

310,769

168,239

84.7

%

794,702

466,466

70.4

%

Operating margin

5.0

%

4.0

%

100 bps

4.8

%

4.0

%

80 bps

Adjusted gross profit

$

844,192

$

589,273

43.3

%

$

2,295,748

$

1,771,679

29.6

%

Operating income

310,769

168,239

84.7

%

794,702

466,466

70.4

%

Adjusted operating margin

36.8

%

28.6

%

820 bps

34.6

%

26.3

%

830 bps

Condensed Consolidated Statements of Income

(unaudited, in thousands, except per share data)

Three Months Ended September 30,

Nine Months Ended September 30,

2021

2020

% change

2021

2020

% change

Revenues:

Transportation

$

5,999,901

$

3,944,981

52.1

%

$

15,800,576

$

10,835,710

45.8

%

Sourcing

263,794

279,819

(5.7

)%

799,714

821,944

(2.7

)%

Total revenues

6,263,695

4,224,800

48.3

%

16,600,290

11,657,654

42.4

%

Costs and expenses:

Purchased transportation and related services

5,180,390

3,378,651

53.3

%

13,580,980

9,141,354

48.6

%

Purchased products sourced for resale

239,113

256,876

(6.9

)%

723,562

744,621

(2.8

)%

Personnel expenses

399,880

302,904

32.0

%

1,123,616

933,607

20.4

%

Other selling, general, and administrative expenses

133,543

118,130

13.0

%

377,430

371,606

1.6

%

Total costs and expenses

5,952,926

4,056,561

46.7

%

15,805,588

11,191,188

41.2

%

Income from operations

310,769

168,239

84.7

%

794,702

466,466

70.4

%

Interest and other expense

(16,662

)

(7,465

)

123.2

%

(41,419

)

(32,904

)

25.9

%

Income before provision for income taxes

294,107

160,774

82.9

%

753,283

433,562

73.7

%

Provision for income taxes

47,054

24,245

94.1

%

139,136

74,948

85.6

%

Net income

$

247,053

$

136,529

81.0

%

$

614,147

$

358,614

71.3

%

Net income per share (basic)

$

1.87

$

1.01

85.1

%

$

4.61

$

2.65

74.0

%

Net income per share (diluted)

$

1.85

$

1.00

85.0

%

$

4.56

$

2.63

73.4

%

Weighted average shares outstanding (basic)

131,845

135,671

(2.8

)%

133,201

135,385

(1.6

)%

Weighted average shares outstanding (diluted)

133,436

137,128

(2.7

)%

134,661

136,137

(1.1

)%

Business Segment Information

(unaudited, in thousands, except average headcount)

 

NAST

Global Forwarding

All

Other and Corporate

Consolidated

Three Months Ended September 30, 2021

Total revenues

$

3,814,988

$

1,978,901

$

469,806

$

6,263,695

Adjusted gross profits(1)

460,149

310,898

73,145

844,192

Income (loss) from operations

149,035

165,155

(3,421

)

310,769

Depreciation and amortization

6,620

5,427

10,359

22,406

Total assets (2)

3,437,461

2,438,106

727,039

6,602,606

Average headcount

6,764

5,167

4,037

15,968

NAST

Global
Forwarding

All
Other and Corporate

Consolidated

Three Months Ended September 30, 2020

Total revenues

$

2,923,842

$

831,957

$

469,001

$

4,224,800

Adjusted gross profits(1)

367,943

157,657

63,673

589,273

Income (loss) from operations

122,526

46,299

(586

)

168,239

Depreciation and amortization

7,095

9,385

10,436

26,916

Total assets (2)

3,041,974

1,148,118

884,746

5,074,838

Average headcount

6,702

4,607

3,595

14,904

 

____________________________________________

(1) Adjusted gross profits is a non-GAAP financial measure explained above. The difference between adjusted gross profits and gross profits is not material.

(2) All cash and cash equivalents are included in All Other and Corporate.

Business Segment Information

(unaudited, in thousands, except average headcount)

 

NAST

Global Forwarding

All

Other and Corporate

Consolidated

Nine Months Ended September 30, 2021

Total revenues

$

10,611,892

$

4,585,734

$

1,402,664

$

16,600,290

Adjusted gross profits(1)

1,317,853

763,952

213,943

2,295,748

Income (loss) from operations

436,911

363,956

(6,165

)

794,702

Depreciation and amortization

19,779

17,352

31,490

68,621

Total assets (2)

3,437,461

2,438,106

727,039

6,602,606

Average headcount

6,650

4,951

3,881

15,482

NAST

Global Forwarding

All

Other and Corporate

Consolidated

Nine Months Ended September 30, 2020

Total revenues

$

8,222,879

$

2,070,161

$

1,364,614

$

11,657,654

Adjusted gross profits(1)

1,120,277

448,931

202,471

1,771,679

Income (loss) from operations

357,898

117,033

(8,465

)

466,466

Depreciation and amortization

19,550

27,740

29,777

77,067

Total assets (2)

3,041,974

1,148,118

884,746

5,074,838

Average headcount

6,870

4,716

3,591

15,177

____________________________________________

(1) Adjusted gross profits is a non-GAAP financial measure explained above. The difference between adjusted gross profits and gross profits is not material.

(2)All cash and cash equivalents are included in All Other and Corporate.

Condensed Consolidated Balance Sheets

(unaudited, in thousands)

 

September 30, 2021

December 31, 2020

Assets

Current assets:

Cash and cash equivalents

$

202,649

$

243,796

Receivables, net of allowance for credit loss

3,721,571

2,449,577

Contract assets, net of allowance for credit loss

416,971

197,176

Prepaid expenses and other

89,472

51,152

Total current assets

4,430,663

2,941,701

Property and equipment, net of accumulated depreciation and amortization

177,418

178,949

Right-of-use lease assets

297,249

319,785

Intangible and other assets, net of accumulated amortization

1,697,276

1,703,823

Total assets

$

6,602,606

$

5,144,258

Liabilities and stockholders’ investment

Current liabilities:

Accounts payable and outstanding checks

$

1,864,189

$

1,283,364

Accrued expenses:

Compensation

173,353

138,460

Transportation expense

319,154

153,574

Income taxes

39,276

43,700

Other accrued liabilities

157,251

154,460

Current lease liabilities

66,470

66,174

Current portion of debt

632,000

Total current liabilities

3,251,693

1,839,732

Long-term debt

1,093,950

1,093,301

Noncurrent lease liabilities

245,902

268,572

Noncurrent income taxes payable

25,449

26,015

Deferred tax liabilities

20,259

22,182

Other long-term liabilities

14,553

14,523

Total liabilities

4,651,806

3,264,325

Total stockholders’ investment

1,950,800

1,879,933

Total liabilities and stockholders’ investment

$

6,602,606

$

5,144,258

Condensed Consolidated Statements of Cash Flow

(unaudited, in thousands, except operational data)

 

Nine Months Ended September 30,

2021

2020

Operating activities:

Net income

$

614,147

$

358,614

Adjustments to reconcile net income to net cash provided by (used for) operating activities:

Depreciation and amortization

68,621

77,067

Provision for credit losses

3,979

12,701

Stock-based compensation

93,962

33,127

Deferred income taxes

(11,683

)

(9,468

)

Excess tax benefit on stock-based compensation

(10,830

)

(17,127

)

Other operating activities

1,384

13,104

Changes in operating elements, net of acquisitions:

Receivables

(1,290,485

)

(367,538

)

Contract assets

(220,889

)

(56,131

)

Prepaid expenses and other

(38,525

)

12,331

Accounts payable and outstanding checks

595,036

186,755

Accrued compensation

35,413

16,458

Accrued transportation expenses

165,580

46,396

Accrued income taxes

6,400

17,125

Other accrued liabilities

4,947

8,907

Other assets and liabilities

2,043

4,728

Net cash provided by operating activities

19,100

337,049

Investing activities:

Purchases of property and equipment

(26,503

)

(17,446

)

Purchases and development of software

(26,062

)

(22,815

)

Acquisitions, net of cash acquired

(14,749

)

(223,230

)

Other investing activities

5,525

Net cash used for investing activities

(67,314

)

(257,966

)

Financing activities:

Proceeds from stock issued for employee benefit plans

43,183

100,542

Total repurchases of common stock

(454,047

)

(85,098

)

Cash dividends

(208,926

)

(207,428

)

Payments on long-term borrowings

(2,048

)

Proceeds from short-term borrowings

2,768,000

1,043,600

Payments on short-term borrowings

(2,136,251

)

(1,126,600

)

Net cash used for financing activities

9,911

(274,984

)

Effect of exchange rates on cash

(2,844

)

612

Net change in cash and cash equivalents

(41,147

)

(195,289

)

Cash and cash equivalents, beginning of period

243,796

447,858

Cash and cash equivalents, end of period

$

202,649

$

252,569

As of September 30,

Operational Data:

2021

2020

Employees

16,231

14,695

Source: C.H. Robinson
CHRW-IR

Contacts:

Chuck Ives, Director of Investor Relations
Email: chuck.ives@chrobinson.com

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.