C.H. Robinson Reports 2021 Third Quarter Results
C.H. Robinson Worldwide reported a strong Q3 2021, with total revenues up 48.3% to $6.3 billion and gross profits rising 43.5% to $839.0 million.
Income from operations jumped 84.7% to $310.8 million, and diluted EPS surged 85.0% to $1.85.
Despite a 26.7% increase in operating expenses, the company maintained a robust adjusted operating margin of 36.8%. Cash used by operations improved significantly, decreasing by $95.1 million. The company continues to navigate a challenging market while leveraging its tech-driven services.
- Total revenues increased 48.3% to $6.3 billion.
- Gross profits rose 43.5% to $839.0 million.
- Income from operations up 84.7% to $310.8 million.
- Diluted EPS increased 85.0% to $1.85.
- Adjusted operating margin rose 820 basis points to 36.8%.
- Cash used by operations improved by $95.1 million.
- Operating expenses increased 26.7% to $533.4 million.
- Personnel expenses increased 32.0% to $399.9 million.
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 $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
Summary of Third Quarter Results Compared to the Third Quarter of 2020
-
Total revenues increased
48.3% to$6.3 billion -
Gross profits increased
43.5% to$839.0 million 43.3% to$844.2 million -
Operating expenses increased
26.7% to$533.4 million 32.0% to$399.9 million 7.1% . Selling, general and administrative ("SG&A") expenses of$133.5 million 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 84.7% due to the increase in adjusted gross profits, partially offset by the increase in operating expenses. Adjusted operating margin of36.8% increased 820 basis points. -
Interest and other expenses totaled
$16.7 million $13.1 million $1.2 million $3.8 million -
The effective tax rate in the quarter was
16.0% compared to15.1% 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 81.0% from a year ago. Diluted EPS of$1.85 85.0% .
Summary of Year-to-Date Results Compared to the Same Period in 2020
-
Total revenues increased
42.4% to$16.6 billion -
Gross profits increased
29.6% to$2.3 billion 29.6% to$2.3 billion -
Operating expenses increased
15.0% to$1.5 billion 20.4% to$1.1 billion 1.6% to$377.4 million -
Income from operations totaled
$794.7 million 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 of34.6% increased 830 basis points. -
Interest and other expenses totaled
$41.4 million $38.0 million $1.4 million $8.6 million $2.9 million 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 to17.3% 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 71.3% from a year ago. Diluted EPS of$4.56 73.4% .
North American Surface Transportation Results
Summarized financial results of our NAST segment are as follows (dollars in thousands):
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||||||||
|
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
Global Forwarding Results
Summarized financial results of our Global Forwarding segment are as follows (dollars in thousands):
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||||||||
|
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
All Other and Corporate Results
Total revenues and adjusted gross profits for
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||||||||
|
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): |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
$ |
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
Other Income Statement Items
The third quarter effective tax rate was
Interest and other expenses totaled
Diluted weighted average shares outstanding in the quarter were down
Cash Flow Generation and Capital Distribution
Cash used by operations totaled
In the third quarter of 2021,
Capital expenditures totaled
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
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
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
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 |
|
Nine Months Ended |
||||||||||||||||||
|
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 |
|
Nine Months Ended |
||||||||||||||||||
|
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 |
|
Nine Months Ended |
||||||||||||||||||
|
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 |
|
Nine Months Ended |
||||||||||||||||||||||
|
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 |
|
|
|
|
|
|
|
|
|||||||||
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
|
|
All
|
|
Consolidated |
|||||||||
Three Months Ended |
|
|
|
|
|
|
|
|
|||||||||
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 |
|
|
|
|
|
|
|
|
|||||||||
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 |
|
|
|
|
|
|
|
|
|||||||||
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) |
|||||||
|
|
|
|
||||
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 |
||||||||
|
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 |
||||||||
Operational Data: |
2021 |
|
2020 |
||||||
Employees |
16,231 |
|
|
|
14,695 |
|
|
||
Source: C.H. Robinson
CHRW-IR
View source version on businesswire.com: https://www.businesswire.com/news/home/20211026006099/en/
Email: chuck.ives@chrobinson.com
Source: C.H. Robinson
FAQ
What were C.H. Robinson's financial results for Q3 2021?
How did C.H. Robinson's revenue and profit compare to Q3 2020?
What is the adjusted operating margin for C.H. Robinson in Q3 2021?
What impact did operational costs have on C.H. Robinson's Q3 results?
How much cash did C.H. Robinson use in operations during Q3 2021?
