C.H. Robinson Reports 2021 Second Quarter Results

Rhea-AI Summary

C.H. Robinson Worldwide (Nasdaq: CHRW) reported a notable financial performance for Q2 2021.

Total revenues surged by 52.5% to $5.5 billion, with gross profits also increasing 21.9% to $744.4 million. Adjusted operating margin rose to 34.8%, and diluted EPS reached $1.44, marking a 35.8% increase.

However, cash flow from operations fell to $149.3 million, a decrease of $297.8 million year-over-year. The results reflect strong demand amidst a capacity-constrained environment.

Positive

• Total revenues increased 52.5% to $5.5 billion.
• Gross profits rose 21.9% to $744.4 million.
• Diluted EPS increased 35.8% to $1.44.
• Adjusted operating margin rose 410 basis points to 34.8%.
• Income from operations increased 38.0% to $260.6 million.

Negative

• Cash flow from operations decreased by $297.8 million to $149.3 million.
• Operating expenses increased 14.8% to $488.6 million.

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

Second Quarter Key Metrics:

• Total revenues increased 52.5% to $5.5 billion
• Gross profits increased 21.9% to $744.4 million
• Adjusted gross profits⁽¹⁾ increased 21.9% to $749.2 million
• Income from operations increased 38.0% to $260.6 million
• Adjusted operating margin⁽¹⁾ increased 410 basis points to 34.8%
• Diluted earnings per share (EPS) increased 35.8% to $1.44
• Cash flow from operations decreased $297.8 million to $149.3 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.

"During the second quarter, we delivered record financial results by staying focused on serving the needs of our customers and keeping their global supply chains moving in a capacity-constrained environment," said Bob Biesterfeld, Chief Executive Officer of C.H. Robinson. "Our largest services delivered both year-over-year and sequential growth in total volumes, revenues and adjusted gross profit, which resulted in quarterly highs for Robinson in total volumes, revenues, adjusted gross profit and operating income. I believe the team at Robinson is the most capable team of supply chain experts in the world, and I’m incredibly proud of how our team has helped thousands of customers navigate globally disrupted supply chains and delivered strong results for our shareholders."

Second Quarter Results Summary

• Total revenues increased 52.5% to $5.5 billion, driven primarily by higher pricing and higher volume across most of our services.
• Gross profits increased 21.9% to $744.4 million. Adjusted gross profits increased 21.9% to $749.2 million, primarily driven by higher volume in our ocean, truckload, less than truckload ("LTL") and air services and higher adjusted gross profit per shipment in our ocean and truckload services.
• Operating expenses increased 14.8% to $488.6 million, due to higher personnel expenses. Personnel expenses increased 20.8% to $362.9 million, primarily due to higher incentive compensation costs and also due to the benefit realized in the second quarter of 2020 from our short-term cost reduction initiatives. Average headcount increased 0.7%. Selling, general and administrative ("SG&A") expenses of $125.7 million increased 0.4%.
• Income from operations totaled $260.6 million, up 38.0% due to the increase in adjusted gross profits. Adjusted operating margin of 34.8% increased 410 basis points.
• Interest and other expenses totaled $13.5 million, consisting primarily of $12.7 million of interest expense, which increased $0.4 million versus last year due to a higher average debt balance. The second quarter also included a $1.9 million unfavorable impact from foreign currency revaluation and realized foreign currency gains and losses.
• The effective tax rate in the quarter was 21.6% compared to 19.4% in the second quarter last year. The rate increase was due primarily to a tax benefit in the second quarter of 2020 from delivery of a one-time deferred stock award that was granted to the company's prior Chief Executive Officer in 2000.
• Net income totaled $193.8 million, up 34.6% from a year ago. Diluted EPS of $1.44 increased 35.8%.

Year-to-Date Results Summary

• Total revenues increased 39.1% to $10.3 billion, driven primarily by higher pricing and higher volume across most of our services.
• Gross profits increased 22.8% to $1.4 billion. Adjusted gross profits increased 22.8% to $1.5 billion, primarily driven by higher adjusted gross profit per shipment in our ocean and truckload services and higher volume in our ocean, less than truckload ("LTL") and air services.
• Operating expenses increased 9.4% to $1.0 billion. Personnel expenses increased 14.8% to $723.7 million, primarily due to higher incentive compensation costs and also due to the benefit realized in 2020 from our short-term cost reduction initiatives. SG&A expenses decreased 3.8% to $243.9 million, primarily due to lower credit losses and travel expenses.
• Income from operations totaled $483.9 million, up 62.3% from last year, primarily due to the increase in adjusted gross profits. Adjusted operating margin of 33.3% increased 810 basis points.
• Interest and other expenses totaled $24.8 million, which primarily consists of $24.9 million of interest expense. The six-month period also included a $4.8 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 six months was 20.1% compared to 18.6% in the year-ago period. The rate increase was due primarily to a tax benefit in 2020 from delivery of a one-time deferred stock award that was granted to the company's prior Chief Executive Officer in 2000.
• Net income totaled $367.1 million, up 65.3% from a year ago. Diluted EPS of $2.71 increased 65.2%.

North American Surface Transportation Results

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

	Three Months Ended June 30,											Six Months Ended June 30,
	2021				2020				% change			2021				2020				% change
Total revenues	$	3,585,481			$	2,475,292			44.9	%		$	6,796,904			$	5,299,037			28.3	%
Adjusted gross profits(1)	436,596				379,556				15.0	%		857,704				752,334				14.0	%
Income from operations	151,092				136,846				10.4	%		287,876				235,372				22.3	%

____________________________________________
⁽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.

Second quarter total revenues for C.H. Robinson's NAST segment totaled $3.6 billion, an increase of 44.9% over the prior year, primarily driven by higher truckload pricing and an increase in LTL and truckload shipments. NAST adjusted gross profits increased 15.0% in the quarter to $436.6 million. Adjusted gross profits in truckload increased 13.6% due to a 7.0% increase in adjusted gross profit per load and a 6.0% increase in shipments. Our average truckload linehaul rate per mile charged to our customers, which excludes fuel surcharges, increased approximately 42.0% in the quarter, while truckload linehaul cost per mile, excluding fuel surcharges, increased approximately 47.5%. LTL adjusted gross profits increased 21.6% versus the year-ago period, as LTL volumes grew 23.5%. NAST overall volume growth was approximately 16.0%. Operating expenses increased 17.6% primarily due to higher incentive compensation and also due to the benefit realized in 2020 from our short-term cost reduction initiatives. Income from operations increased 10.4% to $151.1 million, and adjusted operating margin declined 150 basis points to 34.6%. NAST average headcount was down 5.5% in the quarter.

Global Forwarding Results

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

	Three Months Ended June 30,											Six Months Ended June 30,
	2021				2020				% change			2021				2020				% change
Total revenues	$	1,450,794			$	707,820			105.0	%		$	2,606,833			$	1,238,204			110.5	%
Adjusted gross profits(1)	238,754				162,960				46.5	%		453,054				291,274				55.5	%
Income from operations	108,212				58,775				84.1	%		198,801				70,734				181.1	%

____________________________________________
⁽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.

Second quarter total revenues for the Global Forwarding segment increased 105.0% to $1.5 billion, primarily driven by higher pricing in ocean services 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 46.5% in the quarter to $238.8 million. Ocean adjusted gross profits increased 91.7%, driven by higher adjusted gross profit per shipment and a 29.0% increase in volumes. Adjusted gross profits in air increased 1.2% driven by a 42.5% increase in metric tons shipped. Customs adjusted gross profits increased 31.1%, primarily driven by a 34.0% increase in transaction volume. Operating expenses increased 25.3%, primarily driven by increased salaries, technology and incentive compensation expenses and partially offset by lower amortization expense. Second quarter average headcount increased 3.9%. Income from operations increased 84.1% to $108.2 million, and adjusted operating margin expanded 920 basis points to 45.3% 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 June 30,											Six Months Ended June 30,
	2021				2020				% change			2021				2020				% change
Total revenues	$	496,451			$	444,734			11.6	%		$	932,858			$	895,613			4.2	%
Adjusted gross profits(1):
Robinson Fresh	$	29,940			$	30,202			(0.9)	%		$	54,888			$	57,660			(4.8)	%
Managed Services	26,234				23,503				11.6	%		51,790				46,030				12.5	%
Other Surface Transportation	17,652				18,232				(3.2)	%		34,120				35,108				(2.8)	%

____________________________________________
⁽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.

Second quarter Robinson Fresh adjusted gross profits decreased 0.9% to $29.9 million, primarily due to a decline in profit per case, partially offset by an 8.0% increase in volume. Managed Services adjusted gross profits increased 11.6% in the quarter, primarily due to an 18.5% increase in volume. Other Surface Transportation adjusted gross profits decreased 3.2% to $17.7 million, primarily due to a 5.2% decline in Europe truckload adjusted gross profits.

Other Income Statement Items

The second quarter effective tax rate was 21.6%, up from 19.4% last year. We expect our 2021 full-year effective tax rate to be 20% to 22%.

Interest and other expenses totaled $13.5 million, consisting primarily of $12.7 million of interest expense, which increased $0.4 million versus last year due to a higher average debt balance. The second quarter also included a $1.9 million unfavorable impact from foreign currency revaluation and realized foreign currency gains and losses.

Diluted weighted average shares outstanding in the quarter were down 0.6% due primarily to share repurchases over the prior nine months.

Cash Flow Generation and Capital Distribution

Cash from operations totaled $149.3 million in the second quarter, compared to $447.1 million of cash generated in the second quarter of 2020. The $297.8 million decrease in cash flow was driven primarily by an outsized improvement in operating working capital in second quarter of 2020. Sequentially, operating working capital increased by $81.8 million or 5.6% in the second quarter of 2021, compared to a sequential increase of 6.7% in total adjusted gross profits.

In the second quarter of 2021, $204.8 million of cash was returned to shareholders, with $135.1 million in total repurchases of common stock and $69.7 million in cash dividends.

Capital expenditures totaled $16.3 million in the quarter. We continue to expect 2021 capital expenditures to be $55 million to $65 million, with the majority dedicated to technology.

Outlook

"Our record results demonstrated the strength of our non-asset-based business model that includes a diverse portfolio of services. Given the current structural constraints around expansion of supply, coupled with a continued reopening of the economy and other factors, we expect the current market conditions to persist through 2021," Biesterfeld stated. "Within NAST, we expect to grow our truckload and LTL volume during the remaining quarters of this year. Within our Global Forwarding business, there continues to be a robust pipeline of business and, as we move toward the peak holiday season, we expect ocean and air demand to remain strong into early 2022. Overall, 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 $21 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 Second Quarter 2021 Earnings Conference Call
Tuesday, July 27, 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 June 30,												Six Months Ended June 30,
	2021				2020				% change				2021				2020				% change
Adjusted gross profits(1):
Transportation
Truckload	$	308,027			$	278,366			10.7		%		$	608,050			$	543,292			11.9		%
LTL	129,868				106,956				21.4		%		251,421				220,865				13.8		%
Ocean	150,986				78,853				91.5		%		286,496				148,755				92.6		%
Air	53,057				52,405				1.2		%		98,951				80,743				22.6		%
Customs	25,513				19,461				31.1		%		49,735				40,654				22.3		%
Other logistics services	53,692				49,980				7.4		%		105,432				93,717				12.5		%
Total transportation	721,143				586,021				23.1		%		1,400,085				1,128,026				24.1		%
Sourcing	28,033				28,432				(1.4	)	%		51,471				54,380				(5.3	)	%
Total adjusted gross profits	$	749,176			$	614,453			21.9		%		$	1,451,556			$	1,182,406			22.8		%

____________________________________________
⁽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 June 30,											Six Months Ended June 30,
	2021				2020				% change			2021				2020				% change
Revenues:
Transportation	$	5,240,448			$	3,348,611			56.5	%		$	9,800,675			$	6,890,729			42.2		%
Sourcing	292,278				279,235				4.7	%		535,920				542,125				(1.1	)	%
Total revenues	5,532,726				3,627,846				52.5	%		10,336,595				7,432,854				39.1		%
Costs and expenses:
Purchased transportation and related services	4,519,305				2,762,590				63.6	%		8,400,590				5,762,703				45.8		%
Purchased products sourced for resale	264,245				250,803				5.4	%		484,449				487,745				(0.7	)	%
Direct internally developed software amortization	4,802				3,991				20.3	%		9,449				7,736				22.1		%
Total direct expenses	4,788,352				3,017,384				58.7	%		8,894,488				6,258,184				42.1		%
Gross profit	$	744,374			$	610,462			21.9	%		$	1,442,107			$	1,174,670			22.8		%
Plus: Direct internally developed software amortization	4,802				3,991				20.3	%		9,449				7,736				22.1		%
Adjusted gross profit	$	749,176			$	614,453			21.9	%		$	1,451,556			$	1,182,406			22.8		%

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 June 30,											Six Months Ended June 30,
	2021				2020				% change			2021				2020				% change
Total revenues	$	5,532,726			$	3,627,846			52.5	%		$	10,336,595			$	7,432,854			39.1	%
Operating income	260,604				188,787				38.0	%		483,933				298,227				62.3	%
Operating margin	4.7		%		5.2		%		(50) bps			4.7		%		4.0		%		70 bps
Adjusted gross profit	$	749,176			$	614,453			21.9	%		$	1,451,556			$	1,182,406			22.8	%
Operating income	260,604				188,787				38.0	%		483,933				298,227				62.3	%
Adjusted operating margin	34.8		%		30.7		%		410 bps			33.3		%		25.2		%		810 bps

Condensed Consolidated Statements of Income
(unaudited, in thousands, except per share data)

	Three Months Ended June 30,														Six Months Ended June 30,
	2021					2020					% change				2021					2020					% change
Revenues:
Transportation	$	5,240,448				$	3,348,611				56.5		%		$	9,800,675				$	6,890,729				42.2		%
Sourcing	292,278					279,235					4.7		%		535,920					542,125					(1.1	)	%
Total revenues	5,532,726					3,627,846					52.5		%		10,336,595					7,432,854					39.1		%
Costs and expenses:
Purchased transportation and related services	4,519,305					2,762,590					63.6		%		8,400,590					5,762,703					45.8		%
Purchased products sourced for resale	264,245					250,803					5.4		%		484,449					487,745					(0.7	)	%
Personnel expenses	362,901					300,483					20.8		%		723,736					630,703					14.8		%
Other selling, general, and administrative expenses	125,671					125,183					0.4		%		243,887					253,476					(3.8	)	%
Total costs and expenses	5,272,122					3,439,059					53.3		%		9,852,662					7,134,627					38.1		%
Income from operations	260,604					188,787					38.0		%		483,933					298,227					62.3		%
Interest and other expense	(13,497		)			(10,211		)			32.2		%		(24,757		)			(25,439		)			(2.7	)	%
Income before provision for income taxes	247,107					178,576					38.4		%		459,176					272,788					68.3		%
Provision for income taxes	53,318					34,637					53.9		%		92,082					50,703					81.6		%
Net income	$	193,789				$	143,939				34.6		%		$	367,094				$	222,085				65.3		%
Net income per share (basic)	$	1.45				$	1.07				35.5		%		$	2.74				$	1.64				67.1		%
Net income per share (diluted)	$	1.44				$	1.06				35.8		%		$	2.71				$	1.64				65.2		%
Weighted average shares outstanding (basic)	133,275					135,010					(1.3	)	%		133,888					135,241					(1.0	)	%
Weighted average shares outstanding (diluted)	134,856					135,610					(0.6	)	%		135,276					135,776					(0.4	)	%

Business Segment Information
(unaudited, in thousands, except average headcount)

		NAST				Global Forwarding				All Other and Corporate					Consolidated
Three Months Ended June 30, 2021
Total revenues		$	3,585,481			$	1,450,794			$	496,451				$	5,532,726
Adjusted gross profits(1)		436,596				238,754				73,826					749,176
Income from operations		151,092				108,212				1,300					260,604
Depreciation and amortization		6,534				6,276				10,127					22,937
Total assets (2)		3,278,540				1,852,473				775,551					5,906,564
Average headcount		6,580				4,909				3,916					15,405
		NAST				Global Forwarding				All Other and Corporate					Consolidated
Three Months Ended June 30, 2020
Total revenues		$	2,475,292			$	707,820			$	444,734				$	3,627,846
Adjusted gross profits(1)		379,556				162,960				71,937					614,453
Income (loss) from operations		136,846				58,775				(6,834		)			188,787
Depreciation and amortization		7,201				9,206				9,351					25,758
Total assets (2)		2,793,290				1,029,203				1,003,196					4,825,689
Average headcount		6,960				4,726				3,608					15,294

____________________________________________
⁽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
Six Months Ended June 30, 2021
Total revenues		$	6,796,904			$	2,606,833			$	932,858				$	10,336,595
Adjusted gross profits(1)		857,704				453,054				140,798					1,451,556
Income (loss) from operations		287,876				198,801				(2,744		)			483,933
Depreciation and amortization		13,159				11,925				21,131					46,215
Total assets (2)		3,278,540				1,852,473				775,551					5,906,564
Average headcount		6,578				4,832				3,823					15,233
		NAST				Global Forwarding				All Other and Corporate					Consolidated
Six Months Ended June 30, 2020
Total revenues		$	5,299,037			$	1,238,204			$	895,613				$	7,432,854
Adjusted gross profits(1)		752,334				291,274				138,798					1,182,406
Income (loss) from operations		235,372				70,734				(7,879		)			298,227
Depreciation and amortization		12,455				18,355				19,341					50,151
Total assets (2)		2,793,290				1,029,203				1,003,196					4,825,689
Average headcount		6,981				4,763				3,594					15,338

____________________________________________
⁽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)

	June 30, 2021				December 31, 2020
Assets
Current assets:
Cash and cash equivalents	$	172,803			$	243,796
Receivables, net of allowance for credit loss	3,166,769				2,449,577
Contract assets, net of allowance for credit loss	292,760				197,176
Prepaid expenses and other	90,230				51,152
Total current assets	3,722,562				2,941,701
Property and equipment, net of accumulated depreciation and amortization	174,194				178,949
Right-of-use lease assets	299,313				319,785
Intangible and other assets, net of accumulated amortization	1,710,495				1,703,823
Total assets	$	5,906,564			$	5,144,258
Liabilities and stockholders’ investment
Current liabilities:
Accounts payable and outstanding checks	$	1,689,368			$	1,283,364
Accrued expenses:
Compensation	150,393				138,460
Transportation expense	226,741				153,574
Income taxes	29,711				43,700
Other accrued liabilities	153,092				154,460
Current lease liabilities	65,859				66,174
Current portion of debt	271,215				—
Total current liabilities	2,586,379				1,839,732
Long-term debt	1,095,798				1,093,301
Noncurrent lease liabilities	249,068				268,572
Noncurrent income taxes payable	25,968				26,015
Deferred tax liabilities	28,642				22,182
Other long-term liabilities	14,539				14,523
Total liabilities	4,000,394				3,264,325
Total stockholders’ investment	1,906,170				1,879,933
Total liabilities and stockholders’ investment	$	5,906,564			$	5,144,258

Condensed Consolidated Statements of Cash Flow
(unaudited, in thousands, except operational data)

	Six Months Ended June 30,
	2021					2020
Operating activities:
Net income	$	367,094				$	222,085
Adjustments to reconcile net income to net cash provided by (used for) operating activities:
Depreciation and amortization	46,215					50,151
Provision for credit losses	(36		)			9,374
Stock-based compensation	53,150					22,351
Deferred income taxes	(2,474		)			(729		)
Excess tax benefit on stock-based compensation	(9,367		)			(11,999		)
Other operating activities	933					12,341
Changes in operating elements, net of acquisitions:
Receivables	(717,340		)			(48,937		)
Contract assets	(96,154		)			(22,451		)
Prepaid expenses and other	(38,971		)			8,744
Accounts payable and outstanding checks	406,875					220,276
Accrued compensation	12,115					12,312
Accrued transportation expenses	73,167					20,284
Accrued income taxes	(4,431		)			14,423
Other accrued liabilities	210					(6,345		)
Other assets and liabilities	1,612					3,763
Net cash provided by operating activities	92,598					505,643
Investing activities:
Purchases of property and equipment	(12,856		)			(11,621		)
Purchases and development of software	(16,981		)			(13,418		)
Acquisitions, net of cash acquired	(14,749		)			(223,230		)
Other investing activities	—					5,525
Net cash used for investing activities	(44,586		)			(242,744		)
Financing activities:
Proceeds from stock issued for employee benefit plans	36,674					20,295
Total repurchases of common stock	(285,987		)			(83,529		)
Cash dividends	(139,756		)			(137,104		)
Proceeds from short-term borrowings	1,661,000					979,600
Payments on short-term borrowings	(1,390,038		)			(1,122,600		)
Net cash used for financing activities	(118,107		)			(343,338		)
Effect of exchange rates on cash	(898		)			(5,183		)
Net change in cash and cash equivalents	(70,993		)			(85,622		)
Cash and cash equivalents, beginning of period	243,796					447,858
Cash and cash equivalents, end of period	$	172,803				$	362,236
	As of June 30,
Operational Data:	2021					2020
Employees	15,705					15,113

Source: C.H. Robinson
CHRW-IR

View source version on businesswire.com: https://www.businesswire.com/news/home/20210727006004/en/

FAQ

What are the latest revenue figures for C.H. Robinson (CHRW) in Q2 2021?

C.H. Robinson's total revenues for Q2 2021 increased by 52.5% to $5.5 billion.

How did C.H. Robinson's gross profits change in Q2 2021?

Gross profits for C.H. Robinson rose 21.9% to $744.4 million in Q2 2021.

What was the diluted EPS for C.H. Robinson (CHRW) in Q2 2021?

The diluted EPS for C.H. Robinson in Q2 2021 was $1.44, reflecting a 35.8% increase.

How did cash flow from operations change for C.H. Robinson in Q2 2021?

Cash flow from operations decreased by $297.8 million to $149.3 million in Q2 2021.

What was the operating income for C.H. Robinson (CHRW) in Q2 2021?

Income from operations for C.H. Robinson reached $260.6 million, up 38.0% from the previous year.