C.H. Robinson Reports 2024 Fourth Quarter Results
C.H. Robinson (CHRW) reported strong Q4 2024 financial results with significant year-over-year profitability improvements. Gross profits increased 10.4% to $672.9 million, while income from operations surged 71.1% to $183.8 million. The company achieved a diluted EPS of $1.22, marking a 369.2% increase.
For the full year 2024, gross profits rose 5.8% to $2.7 billion, with operating income up 30% to $669.1 million. The company demonstrated improved operational efficiency with adjusted operating margin increasing 440 basis points to 24.2%. Cash generated from operations in Q4 increased by $220.6 million to $267.9 million.
The North American Surface Transportation (NAST) segment saw a 6.2% increase in adjusted gross profits despite a 6.6% revenue decline. Global Forwarding performed strongly with a 24.7% revenue increase and a 129.6% jump in operating income. The company maintained disciplined execution and focused on productivity improvements, resulting in a 9.5% reduction in average employee headcount.
C.H. Robinson (CHRW) ha riportato risultati finanziari solidi per il Q4 2024, con significativi miglioramenti della redditività anno su anno. I profitti lordi sono aumentati del 10,4% arrivando a $672,9 milioni, mentre il reddito operativo è schizzato del 71,1% a $183,8 milioni. L'azienda ha raggiunto un
Per l'intero anno 2024, i profitti lordi sono aumentati del 5,8% a $2,7 miliardi, con un incremento del reddito operativo del 30% a $669,1 milioni. L'azienda ha dimostrato una maggiore efficienza operativa con un margine operativo rettificato che è aumentato di 440 punti base a 24,2%. Il cash generato dalle operazioni nel Q4 è aumentato di $220,6 milioni, raggiungendo $267,9 milioni.
Il segmento Trasporto Superficiale Nordamericano (NAST) ha visto un aumento del 6,2% nei profitti lordi rettificati nonostante un calo del 6,6% dei ricavi. Il Forwarding Globale ha performato bene con un aumento dei ricavi del 24,7% e un salto del 129,6% nel reddito operativo. L'azienda ha mantenuto un'esecuzione disciplinata e si è concentrata su miglioramenti della produttività, risultando in una riduzione del 9,5% del numero medio di dipendenti.
C.H. Robinson (CHRW) reportó resultados financieros sólidos en el Q4 2024, con mejoras significativas en la rentabilidad interanual. Las ganancias brutas aumentaron un 10.4% hasta $672.9 millones, mientras que el ingreso operativo se disparó un 71.1% hasta $183.8 millones. La compañía logró un EPS diluido de $1.22, marcando un aumento del 369.2%.
Para el año completo 2024, las ganancias brutas crecieron un 5.8% hasta $2.7 mil millones, con un ingreso operativo que aumentó un 30% hasta $669.1 millones. La compañía demostró una mejor eficiencia operativa, con un margen operativo ajustado que aumentó 440 puntos base hasta 24.2%. El efectivo generado por las operaciones en el Q4 aumentó en $220.6 millones hasta $267.9 millones.
El segmento de Transporte Superficial de América del Norte (NAST) vio un aumento del 6.2% en las ganancias brutas ajustadas a pesar de una caída del 6.6% en los ingresos. El Forwarding Global se desempeñó fuertemente con un incremento del 24.7% en los ingresos y un salto del 129.6% en el ingreso operativo. La compañía mantuvo una ejecución disciplinada y se centró en mejoras de productividad, resultando en una reducción del 9.5% en el promedio de empleados.
C.H. Robinson (CHRW)은 2024년 4분기에 강력한 재무 결과를 보고하며 연간 수익성 개선이 두드러졌습니다. 총 이익은 10.4% 증가하여 6억 7,290만 달러에 달했고, 영업 이익은 71.1% 급증하여 1억 8,380만 달러로 증가했습니다. 회사는 희석 EPS가 $1.22에 도달하며 369.2% 증가했습니다.
2024년 전체 연도에 대해 총 이익은 5.8% 증가하여 27억 달러에 이르렀으며, 영업 이익은 30% 증가하여 6억 6,910만 달러에 달했습니다. 회사는 조정된 영업 마진이 440bp 증가하여 24.2%에 이르는 향상된 운영 효율성을 보여주었습니다. 4분기 운영에서 생성된 현금은 2억 2,060만 달러 증가하여 2억 6,790만 달러에 달했습니다.
북미 표면 운송(NAST) 부문은 수익이 6.6% 감소했음에도 불구하고 조정된 총 이익이 6.2% 증가했습니다. 글로벌 포워딩은 수익이 24.7% 증가하고 영업 이익이 129.6% 증가하는 강력한 성과를 보였습니다. 회사는 규율 있는 실행을 유지하며 생산성 향상에 집중하여 평균 직원 수를 9.5% 감소시켰습니다.
C.H. Robinson (CHRW) a annoncé de solides résultats financiers pour le Q4 2024, avec des améliorations significatives de la rentabilité d'une année sur l'autre. Les bénéfices bruts ont augmenté de 10,4% pour atteindre 672,9 millions de dollars, tandis que le revenu d'exploitation a bondi de 71,1% pour atteindre 183,8 millions de dollars. L'entreprise a réalisé un EPS dilué de 1,22 $, marquant une augmentation de 369,2 %.
Pour l'ensemble de l'année 2024, les bénéfices bruts ont augmenté de 5,8 % pour atteindre 2,7 milliards de dollars, avec un revenu d'exploitation en hausse de 30 % pour atteindre 669,1 millions de dollars. L'entreprise a montré une amélioration de l'efficacité opérationnelle avec un taux de marge opérationnelle ajustée en augmentation de 440 points de base, atteignant 24,2 %. Le cash généré par les opérations au Q4 a augmenté de 220,6 millions de dollars pour atteindre 267,9 millions de dollars.
Le segment de transport de surface nord-américain (NAST) a connu une augmentation de 6,2 % des bénéfices bruts ajustés malgré une baisse des revenus de 6,6 %. Le fret mondial a bien performé avec une augmentation de 24,7 % des revenus et un bond de 129,6 % du revenu d'exploitation. L'entreprise a maintenu une exécution disciplinée et s'est concentrée sur les améliorations de productivité, entraînant une réduction de 9,5 % du nombre moyen d'employés.
C.H. Robinson (CHRW) berichtete über starke Q4 2024-Finanzresultate mit signifikanten Jahr-zu-Jahr-Rentabilitätsverbesserungen. Der Bruttogewinn stieg um 10,4% auf 672,9 Millionen Dollar, während das Betriebsergebnis um 71,1% auf 183,8 Millionen Dollar anstieg. Das Unternehmen erzielte ein verwässertes EPS von 1,22 $, was einen Anstieg von 369,2% darstellt.
Im gesamten Jahr 2024 stiegen die Bruttogewinne um 5,8% auf 2,7 Milliarden Dollar, während das Betriebsergebnis um 30% auf 669,1 Millionen Dollar zunahm. Das Unternehmen zeigte eine verbesserte operative Effizienz, da die angepasste Betriebsgewinnquote um 440 Basispunkte auf 24,2% anstieg. Der aus dem Betrieb generierte Cashflow im Q4 stieg um 220,6 Millionen Dollar auf 267,9 Millionen Dollar.
Das Nordamerikanische Oberflächenverkehrssegment (NAST) verzeichnete einen Anstieg der angepassten Bruttogewinne um 6,2% trotz eines Rückgangs der Erlöse um 6,6%. Das globale Frachtgeschäft hat stark abgeschnitten mit einem Erlöszuwachs von 24,7% und einem Anstieg des Betriebsergebnisses um 129,6%. Das Unternehmen hielt eine disziplinierte Ausführung aufrecht und konzentrierte sich auf Produktivitätsverbesserungen, was zu einer Reduzierung der durchschnittlichen Mitarbeiterzahl um 9,5% führte.
- Gross profits increased 10.4% to $672.9 million in Q4
- Income from operations surged 71.1% to $183.8 million
- Q4 diluted EPS increased 369.2% to $1.22
- Global Forwarding segment revenue up 24.7% with 129.6% increase in operating income
- Operating expenses decreased 2.0% due to cost optimization
- Cash generated from operations increased by $220.6 million to $267.9 million in Q4
- Total revenues decreased 0.9% to $4.2 billion in Q4
- NAST segment revenues declined 6.6% to $2.8 billion
- Truckload shipments decreased 6.5%
- Full-year cash from operations decreased by $222.9 million to $509.1 million
Insights
C.H. Robinson's Q4 2024 results showcase a masterclass in operational efficiency and margin expansion during a prolonged freight recession. The company's transformation is evident in three critical areas:
1. Margin Excellence: The 940 basis point improvement in adjusted operating margin to
2. Operational Efficiency: The
3. Working Capital Optimization: The
The company's tax strategy optimization, reducing the effective rate to
The Q4 results reveal C.H. Robinson's evolving competitive advantages in a challenging freight market. Three strategic developments stand out:
Market Adaptation: Despite the "historically prolonged freight recession," the company has successfully navigated market headwinds through its enhanced operating model. The ability to grow ocean and air shipments by over
Technology Leverage: The implementation of dynamic costing and pricing tools has created a sustainable competitive advantage. This technology-driven approach enables better customer value proposition while expanding margins - a rare combination in the logistics industry.
Structural Improvements: The company's "evergreen" productivity improvements, highlighted by the
Fourth Quarter Highlights:
- Significant year-over-year increase in profitability, driven by disciplined execution, a focus on quality of volume, and improvement in gross profit margin, productivity and operating leverage
-
Gross profits increased
10.4% to$672.9 million -
Income from operations increased
71.1% to$183.8 million -
Adjusted operating margin(1) increased 940 basis points to
26.8% -
Adjusted operating margin, excluding restructuring and loss on divestiture(1), increased 1,020 basis points to
26.9% -
Diluted earnings per share (EPS) increased
369.2% to$1.22 -
Adjusted EPS(1) increased
142.0% to$1.21 -
Cash generated by operations increased by
$220.6 million $267.9 million
Full-Year Key Metrics:
-
Gross profits increased
5.8% to$2.7 billion -
Income from operations increased
30.0% to$669.1 million -
Adjusted operating margin(1) increased 440 basis points to
24.2% -
Adjusted operating margin, excluding restructuring and loss on divestiture(1), increased 630 basis points to
27.5% -
Diluted EPS increased
41.9% to$3.86 -
Adjusted EPS(1) increased
36.7% to$4.51 -
Cash generated by operations decreased by
$222.9 million $509.1 million
(1) Adjusted operating margin, adjusted operating margin, excluding restructuring and loss on divestiture, and adjusted EPS 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 pages 12 through 14 for further discussion and GAAP to Non-GAAP Reconciliations. |
"We’ve talked extensively over the past year about our new Robinson operating model and the disciplined execution that the model is enabling, as well as how we’re leveraging our industry leading talent and technology to raise the bar in logistics," said President and Chief Executive Officer, Dave Bozeman. "The benefits of these efforts were never more evident than in the significant year-over-year improvement in our fourth quarter financial results."
"In what continues to be a historically prolonged freight recession, with market growth in 2024 that did not materialize as had been projected, the difference in our execution versus last year is stark. Our people are embracing the discipline needed to generate higher highs and higher lows across market cycles, resulting in a higher quality of volume, greater productivity, and an expansion of our gross profit and operating profit margins."
"In a trucking environment where the cost of purchased transportation increased in the fourth quarter due to a decline in industry capacity, our dynamic costing and pricing tools, our revenue management practices and our cost of hire advantage enabled us to provide greater value to our customers, and at the same time, improve our NAST gross profit margin both year-over-year and sequentially," said Bozeman.
"In our Global Forwarding business, the team has debunked the thesis that C.H. Robinson couldn’t continue to improve productivity when volumes are growing," Bozeman added. "Throughout 2024, I've been impressed with and highly appreciative of the team, as they continued to be nimble and highly engaged with our customers to help them navigate various market disruptions and to provide differentiated service and solutions. As a result, our ocean and air shipments grew each quarter on a year-over-year basis, and each grew more than
"Over the two-year period of 2023 and 2024, we delivered compounded productivity growth of
"As I reflect on the noteworthy progress that we made in 2024, I’d like to thank the Robinson team for all the work they’ve put in to get to this point. I don’t take their efforts and dedication for granted, and I commend them for helping us get more fit, fast and focused and for embracing the discipline that the new operating model demands. On my first earnings call in August of 2023, I said that I looked forward to leading this great company to new heights and sharing our progress with all of you along our journey. While there’s still more grass to cut, I believe we’re on the right path, and I’m pleased with the progress we’ve made on evolving our strategy and improving our execution by instilling discipline with our new operating model," Bozeman concluded.
Summary of Fourth Quarter of 2024 Results Compared to the Fourth Quarter of 2023
-
Total revenues decreased
0.9% to$4.2 billion -
Gross profits increased
10.4% to$672.9 million 10.7% to$684.6 million -
Operating expenses decreased
2.0% to$500.8 million 2.1% to$354.4 million 9.5% . Other selling, general and administrative (“SG&A”) expenses decreased2.0% to$146.4 million $12.6 million -
Income from operations totaled
$183.8 million 71.1% due to both the increase in adjusted gross profit and decrease in operating expenses. Adjusted operating margin(1) of26.8% increased 940 basis points. -
Interest and other income/expense, net totaled
$15.4 million $18.8 million $2.8 million $3.3 million -
The effective tax rate in the quarter was
11.4% , compared to55.3% in the fourth quarter of 2023. The lower rate in the fourth quarter of 2024 was driven by the impact of non-recurring discrete items, higherU.S. tax credits, and increased tax benefit related to stock-based compensation, partially offset by lower foreign tax credits. -
Net income totaled
$149.3 million 382.1% from a year ago. Diluted EPS of$1.22 369.2% . Adjusted EPS(1) of$1.21 142.0% .
(1) Adjusted operating margin and adjusted EPS 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 pages 12 through 14 for further discussion and GAAP to Non-GAAP Reconciliations. |
Summary of 2024 Year-to-Date Results Compared to 2023
-
Total revenues increased
0.7% to$17.7 billion -
Gross profits increased
5.8% to$2.7 billion 6.2% to$2.8 billion -
Operating expenses increased
0.3% to$2.1 billion 0.6% to$1.5 billion 10.3% . Other SG&A expenses increased2.5% to$639.6 million $44.5 million $19.6 million Argentina . In addition, other SG&A expenses decreased across several expense categories in 2024. -
Income from operations totaled
$669.1 million 30.0% from last year, due to the increase in adjusted gross profits, partially offset by the increase in operating expenses. Adjusted operating margin(1) of24.2% increased 440 basis points. -
Interest and other income/expense, net totaled
$89.9 million $85.9 million $4.3 million $7.4 million -
The effective tax rate for the full year ended December 31, 2024 was
19.6% compared to20.5% in the year-ago period. The lower rate in 2024 was driven by the impact of non-recurring discrete items and higherU.S. tax credits, partially offset by higher pre-tax income and lower foreign tax credits. -
Net income totaled
$465.7 million 43.2% from a year ago. Diluted EPS of$3.86 41.9% . Adjusted EPS(1) of$4.51 36.7% .
(1) Adjusted operating margin and adjusted EPS 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 pages 12 through 14 for further discussion and GAAP to Non-GAAP Reconciliations. |
North American Surface Transportation (“NAST”) Results
Summarized financial results of our NAST segment are as follows (dollars in thousands):
|
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
||||||||||||||
|
2024 |
|
2023 |
|
% change |
|
2024 |
|
2023 |
|
% change |
||||||
Total revenues |
$ |
2,802,700 |
|
$ |
3,000,650 |
|
(6.6 |
)% |
|
$ |
11,727,539 |
|
$ |
12,471,075 |
|
(6.0 |
)% |
Adjusted gross profits(1) |
|
403,764 |
|
|
380,157 |
|
6.2 |
% |
|
|
1,641,195 |
|
|
1,593,854 |
|
3.0 |
% |
Income from operations |
|
132,528 |
|
|
95,958 |
|
38.1 |
% |
|
|
531,292 |
|
|
459,960 |
|
15.5 |
% |
____________________________________________ |
(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. |
Fourth quarter total revenues for the NAST segment totaled
Global Forwarding Results
Summarized financial results of our Global Forwarding segment are as follows (dollars in thousands):
|
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
||||||||||||||
|
2024 |
|
2023 |
|
% change |
|
2024 |
|
2023 |
|
% change |
||||||
Total revenues |
$ |
883,968 |
|
$ |
708,814 |
|
24.7 |
% |
|
$ |
3,805,018 |
|
$ |
2,997,704 |
|
26.9 |
% |
Adjusted gross profits(1) |
|
203,801 |
|
|
162,322 |
|
25.6 |
% |
|
|
802,549 |
|
|
689,365 |
|
16.4 |
% |
Income from operations |
|
51,827 |
|
|
22,576 |
|
129.6 |
% |
|
|
212,476 |
|
|
85,830 |
|
147.6 |
% |
____________________________________________ |
(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. |
Fourth quarter total revenues for the Global Forwarding segment increased
All Other and Corporate Results
Total revenues and adjusted gross profits for Robinson Fresh, Managed Solutions and Other Surface Transportation are summarized as follows (dollars in thousands):
|
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
||||||||||||||
|
2024 |
|
2023 |
|
% change |
|
2024 |
|
2023 |
|
% change |
||||||
Total revenues |
$ |
497,988 |
|
$ |
512,423 |
|
(2.8 |
)% |
|
$ |
2,192,399 |
|
$ |
2,127,664 |
|
3.0 |
% |
Adjusted gross profits(1): |
|
|
|
|
|
|
|
|
|
|
|
||||||
Robinson Fresh |
$ |
35,983 |
|
$ |
31,093 |
|
15.7 |
% |
|
$ |
146,310 |
|
$ |
131,216 |
|
11.5 |
% |
Managed Solutions |
|
28,133 |
|
|
28,846 |
|
(2.5 |
)% |
|
|
113,770 |
|
|
116,196 |
|
(2.1 |
)% |
Other Surface Transportation |
|
12,942 |
|
|
16,205 |
|
(20.1 |
)% |
|
|
61,190 |
|
|
73,977 |
|
(17.3 |
)% |
____________________________________________ |
(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. |
Fourth quarter Robinson Fresh adjusted gross profits increased
Other Income Statement Items
Interest and other income/expense, net totaled
The fourth quarter effective tax rate was
Diluted weighted average shares outstanding in the quarter were up
Cash Flow Generation and Capital Distribution
Cash generated from operations totaled
In the fourth quarter of 2024, cash returned to shareholders totaled
Capital expenditures totaled
About C.H. Robinson
C.H. Robinson delivers logistics like no one else™. Companies around the world look to us to reimagine supply chains, advance freight technology, and solve logistics challenges—from the simple to the most complex. 83,000 customers and 450,000 contract carriers in our network trust us to manage 37 million shipments and
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, factors such as changes in economic conditions, including uncertain consumer demand; changes in market demand and pressures on the pricing for our services; fuel price increases or decreases, or fuel shortages; competition and growth rates within the global logistics industry that could adversely impact our profitability and achieving our long-term growth targets; freight levels and increasing costs and availability of truck capacity or alternative means of transporting freight; risks associated with seasonal changes or significant disruptions in the transportation industry; risks associated with identifying and completing suitable acquisitions; our dependence on and changes in relationships with existing contracted truck, rail, ocean, and air carriers; risks associated with the loss of significant customers; risks associated with reliance on technology to operate our business; cyber-security related risks; our ability to staff and retain employees; risks associated with operations outside of the
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 Fourth Quarter 2024 Earnings Conference Call
Wednesday, January 29, 2025; 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 chrobinson.com.
To participate in the conference call by telephone, please call ten minutes early by dialing: 877-269-7756
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 may have revenues from multiple service lines.
|
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
||||||||||||||
|
2024 |
|
2023 |
|
% change |
|
2024 |
|
2023 |
|
% change |
||||||
Adjusted gross profits(1): |
|
|
|
|
|
|
|
|
|
|
|
||||||
Transportation |
|
|
|
|
|
|
|
|
|
|
|
||||||
Truckload |
$ |
261,527 |
|
$ |
243,839 |
|
7.3 |
% |
|
$ |
1,072,691 |
|
$ |
1,039,079 |
|
3.2 |
% |
LTL |
|
141,982 |
|
|
136,602 |
|
3.9 |
% |
|
|
572,169 |
|
|
550,373 |
|
4.0 |
% |
Ocean |
|
127,139 |
|
|
99,191 |
|
28.2 |
% |
|
|
519,970 |
|
|
420,883 |
|
23.5 |
% |
Air |
|
40,856 |
|
|
28,224 |
|
44.8 |
% |
|
|
135,901 |
|
|
123,470 |
|
10.1 |
% |
Customs |
|
26,467 |
|
|
23,730 |
|
11.5 |
% |
|
|
107,480 |
|
|
97,096 |
|
10.7 |
% |
Other logistics services |
|
54,383 |
|
|
59,402 |
|
(8.4 |
)% |
|
|
225,599 |
|
|
255,735 |
|
(11.8 |
)% |
Total transportation |
|
652,354 |
|
|
590,988 |
|
10.4 |
% |
|
|
2,633,810 |
|
|
2,486,636 |
|
5.9 |
% |
Sourcing |
|
32,269 |
|
|
27,635 |
|
16.8 |
% |
|
|
131,204 |
|
|
117,972 |
|
11.2 |
% |
Total adjusted gross profits |
$ |
684,623 |
|
$ |
618,623 |
|
10.7 |
% |
|
$ |
2,765,014 |
|
$ |
2,604,608 |
|
6.2 |
% |
____________________________________________ (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. |
|||||||||||||||||
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 December 31, |
|
Twelve Months Ended December 31, |
||||||||||||||
|
2024 |
|
2023 |
|
% change |
|
2024 |
|
2023 |
|
% change |
||||||
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
||||||
Transportation |
$ |
3,870,927 |
|
$ |
3,930,461 |
|
(1.5 |
)% |
|
$ |
16,353,745 |
|
$ |
16,372,660 |
|
(0.1 |
)% |
Sourcing |
|
313,729 |
|
|
291,426 |
|
7.7 |
% |
|
|
1,371,211 |
|
|
1,223,783 |
|
12.0 |
% |
Total revenues |
|
4,184,656 |
|
|
4,221,887 |
|
(0.9 |
)% |
|
|
17,724,956 |
|
|
17,596,443 |
|
0.7 |
% |
Costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
||||||
Purchased transportation and related services |
|
3,218,573 |
|
|
3,339,473 |
|
(3.6 |
)% |
|
|
13,719,935 |
|
|
13,886,024 |
|
(1.2 |
)% |
Purchased products sourced for resale |
|
281,460 |
|
|
263,791 |
|
6.7 |
% |
|
|
1,240,007 |
|
|
1,105,811 |
|
12.1 |
% |
Direct internally developed software amortization |
|
11,762 |
|
|
9,320 |
|
26.2 |
% |
|
|
44,308 |
|
|
33,620 |
|
31.8 |
% |
Total direct expenses |
|
3,511,795 |
|
|
3,612,584 |
|
(2.8 |
)% |
|
|
15,004,250 |
|
|
15,025,455 |
|
(0.1 |
)% |
Gross profit |
$ |
672,861 |
|
$ |
609,303 |
|
10.4 |
% |
|
$ |
2,720,706 |
|
$ |
2,570,988 |
|
5.8 |
% |
Plus: Direct internally developed software amortization |
|
11,762 |
|
|
9,320 |
|
26.2 |
% |
|
|
44,308 |
|
|
33,620 |
|
31.8 |
% |
Adjusted gross profit |
$ |
684,623 |
|
$ |
618,623 |
|
10.7 |
% |
|
$ |
2,765,014 |
|
$ |
2,604,608 |
|
6.2 |
% |
Our adjusted operating margin is a non-GAAP financial measure calculated as operating income divided by adjusted gross profit. Our adjusted operating margin - excluding restructuring and loss on divestiture is a similar non-GAAP financial measure as adjusted operating margin, but also excludes the impact of restructuring and loss on divestiture. We believe adjusted operating margin and adjusted operating margin - excluding restructuring and loss on divestiture are useful measures of our profitability in comparison to our adjusted gross profit, which we consider a primary performance metric as discussed above. The comparisons of operating margin to adjusted operating margin and adjusted operating margin - excluding restructuring and loss on divestiture are presented below:
|
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
||||||||||||||||||
|
2024 |
|
2023 |
|
% change |
|
2024 |
|
2023 |
|
% change |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total revenues |
$ |
4,184,656 |
|
|
$ |
4,221,887 |
|
|
(0.9 |
%) |
|
$ |
17,724,956 |
|
|
$ |
17,596,443 |
|
|
0.7 |
% |
Income from operations |
|
183,799 |
|
|
|
107,429 |
|
|
71.1 |
% |
|
|
669,141 |
|
|
|
514,607 |
|
|
30.0 |
% |
Operating margin |
|
4.4 |
% |
|
|
2.5 |
% |
|
190 bps |
|
|
3.8 |
% |
|
|
2.9 |
% |
|
90 bps |
||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted gross profit |
$ |
684,623 |
|
|
$ |
618,623 |
|
|
10.7 |
% |
|
$ |
2,765,014 |
|
|
$ |
2,604,608 |
|
|
6.2 |
% |
Income from operations |
|
183,799 |
|
|
|
107,429 |
|
|
71.1 |
% |
|
|
669,141 |
|
|
|
514,607 |
|
|
30.0 |
% |
Adjusted operating margin |
|
26.8 |
% |
|
|
17.4 |
% |
|
940 bps |
|
|
24.2 |
% |
|
|
19.8 |
% |
|
440 bps |
||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted gross profit |
$ |
684,623 |
|
|
$ |
618,623 |
|
|
10.7 |
% |
|
$ |
2,765,014 |
|
|
$ |
2,604,608 |
|
|
6.2 |
% |
Adjusted income from operations |
|
184,408 |
|
|
|
103,153 |
|
|
78.8 |
% |
|
|
759,349 |
|
|
|
552,648 |
|
|
37.4 |
% |
Adjusted operating margin - excluding restructuring and loss on divestiture |
|
26.9 |
% |
|
16.7 |
% |
|
1,020 bps |
|
|
27.5 |
% |
|
|
21.2 |
% |
|
630 bps |
|||
GAAP to Non-GAAP Reconciliation
(unaudited, in thousands)
Our adjusted income (loss) from operations, adjusted operating margin - excluding restructuring and loss on divestiture, adjusted net income and adjusted net income per share (diluted) are non-GAAP financial measures. These non-GAAP measures are calculated excluding the impact of restructuring, losses from divestitures, foreign currency losses from our
|
NAST |
|
Global
|
|
All
|
|
Consolidated |
||||||||
Three Months Ended December 31, 2024 |
|
|
|
|
|
|
|
||||||||
Non-GAAP Reconciliation: |
|
|
|
|
|
|
|
||||||||
Income (loss) from operations |
$ |
132,528 |
|
|
$ |
51,827 |
|
|
$ |
(556 |
) |
|
$ |
183,799 |
|
Severance and other personnel expenses |
|
1,154 |
|
|
|
1,017 |
|
|
|
1,574 |
|
|
|
3,745 |
|
Other selling, general, and administrative expenses |
|
671 |
|
|
|
2,281 |
|
|
|
(6,088 |
) |
|
|
(3,136 |
) |
Total adjustments to income (loss) from operations(1) |
|
1,825 |
|
|
|
3,298 |
|
|
|
(4,514 |
) |
|
|
609 |
|
Adjusted income (loss) from operations |
$ |
134,353 |
|
|
$ |
55,125 |
|
|
$ |
(5,070 |
) |
|
$ |
184,408 |
|
|
|
|
|
|
|
|
|
||||||||
Adjusted gross profit |
$ |
403,764 |
|
|
$ |
203,801 |
|
|
$ |
77,058 |
|
|
$ |
684,623 |
|
Adjusted income (loss) from operations |
|
134,353 |
|
|
|
55,125 |
|
|
|
(5,070 |
) |
|
|
184,408 |
|
Adjusted operating margin - excluding restructuring and loss on divestiture |
|
33.3 |
% |
|
|
27.0 |
% |
|
|
N/M |
|
|
|
26.9 |
% |
|
|
|
|
|
|
|
|
||||||||
|
NAST |
|
Global
|
|
All
|
|
Consolidated |
||||||||
Twelve Months Ended December 31, 2024 |
|
|
|
|
|
|
|
||||||||
Income (loss) from operations |
$ |
531,292 |
|
|
$ |
212,476 |
|
|
$ |
(74,627 |
) |
|
$ |
669,141 |
|
Severance and other personnel expenses |
|
10,176 |
|
|
|
6,872 |
|
|
|
7,004 |
|
|
|
24,052 |
|
Other selling, general, and administrative expenses |
|
6,885 |
|
|
|
4,729 |
|
|
|
54,542 |
|
|
|
66,156 |
|
Total adjustments to income (loss) from operations(2) |
|
17,061 |
|
|
|
11,601 |
|
|
|
61,546 |
|
|
|
90,208 |
|
Adjusted income (loss) from operations |
$ |
548,353 |
|
|
$ |
224,077 |
|
|
$ |
(13,081 |
) |
|
$ |
759,349 |
|
|
|
|
|
|
|
|
|
||||||||
Adjusted gross profit |
$ |
1,641,195 |
|
|
$ |
802,549 |
|
|
$ |
321,270 |
|
|
$ |
2,765,014 |
|
Adjusted income (loss) from operations |
|
548,353 |
|
|
|
224,077 |
|
|
|
(13,081 |
) |
|
|
759,349 |
|
Adjusted operating margin - excluding restructuring and loss on divestiture |
|
33.4 |
% |
|
|
27.9 |
% |
|
|
N/M |
|
|
|
27.5 |
% |
|
Three Months Ended
|
|
Twelve Months Ended
|
||||||||||||
|
$ in 000's |
|
per share |
|
$ in 000's |
|
per share |
||||||||
Net income and per share (diluted) |
$ |
149,306 |
|
|
$ |
1.22 |
|
|
$ |
465,690 |
|
|
$ |
3.86 |
|
Restructuring and related costs, pre-tax |
|
13,183 |
|
|
|
0.11 |
|
|
|
45,746 |
|
|
|
0.38 |
|
Loss (gain) on divestiture, pre-tax |
|
(12,574 |
) |
|
|
(0.10 |
) |
|
|
44,462 |
|
|
|
0.37 |
|
Tax effect of adjustments |
|
(1,851 |
) |
|
|
(0.02 |
) |
|
|
(11,773 |
) |
|
|
(0.10 |
) |
Adjusted net income and per share (diluted) |
$ |
148,064 |
|
|
$ |
1.21 |
|
|
$ |
544,125 |
|
|
$ |
4.51 |
|
____________________________________________
(1) The three months ended December 31, 2024 include restructuring expenses of
(2) The twelve months ended December 31, 2024 include restructuring expenses of
other charges, which includes a |
|||||||||||||||
|
NAST |
|
Global
|
|
All
|
|
Consolidated |
||||||||
Three Months Ended December 31, 2023 |
|
|
|
|
|
|
|
||||||||
Non-GAAP Reconciliation: |
|
|
|
|
|
|
|
||||||||
Income (loss) from operations |
$ |
95,958 |
|
|
$ |
22,576 |
|
|
$ |
(11,105 |
) |
|
$ |
107,429 |
|
Severance and other personnel expenses |
|
— |
|
|
|
(925 |
) |
|
|
(409 |
) |
|
|
(1,334 |
) |
Other selling, general, and administrative expenses |
|
— |
|
|
|
(3,084 |
) |
|
|
142 |
|
|
|
(2,942 |
) |
Total adjustments to income (loss) from operations(1) |
|
— |
|
|
|
(4,009 |
) |
|
|
(267 |
) |
|
|
(4,276 |
) |
Adjusted income (loss) from operations |
$ |
95,958 |
|
|
$ |
18,567 |
|
|
$ |
(11,372 |
) |
|
$ |
103,153 |
|
|
|
|
|
|
|
|
|
||||||||
Adjusted gross profit |
$ |
380,157 |
|
|
$ |
162,322 |
|
|
$ |
76,144 |
|
|
$ |
618,623 |
|
Adjusted income (loss) from operations |
|
95,958 |
|
|
|
18,567 |
|
|
|
(11,372 |
) |
|
|
103,153 |
|
Adjusted operating margin - excluding restructuring and loss on divestiture |
|
25.2 |
% |
|
|
11.4 |
% |
|
|
N/M |
|
|
|
16.7 |
% |
|
|
|
|
|
|
|
|
||||||||
|
NAST |
|
Global
|
|
All
|
|
Consolidated |
||||||||
Twelve Months Ended December 31, 2023 |
|
|
|
|
|
|
|
||||||||
Income (loss) from operations |
$ |
459,960 |
|
|
$ |
85,830 |
|
|
$ |
(31,183 |
) |
|
$ |
514,607 |
|
Severance and other personnel expenses |
|
1,083 |
|
|
|
3,817 |
|
|
|
13,509 |
|
|
|
18,409 |
|
Other selling, general, and administrative expenses |
|
8 |
|
|
|
18,158 |
|
|
|
1,466 |
|
|
|
19,632 |
|
Total adjustments to income (loss) from operations(2) |
|
1,091 |
|
|
|
21,975 |
|
|
|
14,975 |
|
|
|
38,041 |
|
Adjusted income (loss) from operations |
$ |
461,051 |
|
|
$ |
107,805 |
|
|
$ |
(16,208 |
) |
|
$ |
552,648 |
|
|
|
|
|
|
|
|
|
||||||||
Adjusted gross profit |
$ |
1,593,854 |
|
|
$ |
689,365 |
|
|
$ |
321,389 |
|
|
$ |
2,604,608 |
|
Adjusted income (loss) from operations |
|
461,051 |
|
|
|
107,805 |
|
|
|
(16,208 |
) |
|
|
552,648 |
|
Adjusted operating margin - excluding restructuring and loss on divestiture |
|
28.9 |
% |
|
|
15.6 |
% |
|
|
N/M |
|
|
|
21.2 |
% |
|
Three Months Ended
|
|
Twelve Months Ended
|
||||||||||
|
$ in 000's |
|
per share |
|
$ in 000's |
|
per share |
||||||
Net income and per share (diluted) |
$ |
30,973 |
|
|
$ |
0.26 |
|
|
$ |
325,129 |
|
$ |
2.72 |
Restructuring and related costs, pre-tax |
|
(239 |
) |
|
|
— |
|
|
|
17,476 |
|
|
0.14 |
Loss (gain) on divestiture, pre-tax |
|
(2,617 |
) |
|
|
(0.02 |
) |
|
|
21,985 |
|
|
0.18 |
Foreign currency loss on divested operations, pre-tax |
|
7,454 |
|
|
|
0.06 |
|
|
|
16,375 |
|
|
0.14 |
Income tax settlement and tax effect of adjustments |
|
23,928 |
|
|
|
0.20 |
|
|
|
14,172 |
|
|
0.12 |
Adjusted net income and per share (diluted) |
$ |
59,499 |
|
|
$ |
0.50 |
|
|
$ |
395,137 |
|
$ |
3.30 |
____________________________________________
(1) The three months ended December 31, 2023 include a net gain of
(2) The twelve months ended December 31, 2023 includes restructuring expenses of |
|||||||||||||
Condensed Consolidated Statements of Income
|
|||||||||||||||||||||
|
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
||||||||||||||||||
|
2024 |
|
2023 |
|
% change |
|
2024 |
|
2023 |
|
% change |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Transportation |
$ |
3,870,927 |
|
|
$ |
3,930,461 |
|
|
(1.5 |
)% |
|
$ |
16,353,745 |
|
|
$ |
16,372,660 |
|
|
(0.1 |
)% |
Sourcing |
|
313,729 |
|
|
|
291,426 |
|
|
7.7 |
% |
|
|
1,371,211 |
|
|
|
1,223,783 |
|
|
12.0 |
% |
Total revenues |
|
4,184,656 |
|
|
|
4,221,887 |
|
|
(0.9 |
)% |
|
|
17,724,956 |
|
|
|
17,596,443 |
|
|
0.7 |
% |
Costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Purchased transportation and related services |
|
3,218,573 |
|
|
|
3,339,473 |
|
|
(3.6 |
)% |
|
|
13,719,935 |
|
|
|
13,886,024 |
|
|
(1.2 |
)% |
Purchased products sourced for resale |
|
281,460 |
|
|
|
263,791 |
|
|
6.7 |
% |
|
|
1,240,007 |
|
|
|
1,105,811 |
|
|
12.1 |
% |
Personnel expenses |
|
354,381 |
|
|
|
361,820 |
|
|
(2.1 |
)% |
|
|
1,456,249 |
|
|
|
1,465,735 |
|
|
(0.6 |
)% |
Other selling, general, and administrative expenses |
|
146,443 |
|
|
|
149,374 |
|
|
(2.0 |
)% |
|
|
639,624 |
|
|
|
624,266 |
|
|
2.5 |
% |
Total costs and expenses |
|
4,000,857 |
|
|
|
4,114,458 |
|
|
(2.8 |
)% |
|
|
17,055,815 |
|
|
|
17,081,836 |
|
|
(0.2 |
)% |
Income from operations |
|
183,799 |
|
|
|
107,429 |
|
|
71.1 |
% |
|
|
669,141 |
|
|
|
514,607 |
|
|
30.0 |
% |
Interest and other income/expense, net |
|
(15,350 |
) |
|
|
(38,149 |
) |
|
(59.8 |
)% |
|
|
(89,937 |
) |
|
|
(105,421 |
) |
|
(14.7 |
)% |
Income before provision for income taxes |
|
168,449 |
|
|
|
69,280 |
|
|
143.1 |
% |
|
|
579,204 |
|
|
|
409,186 |
|
|
41.6 |
% |
Provision for income taxes |
|
19,143 |
|
|
|
38,307 |
|
|
(50.0 |
)% |
|
|
113,514 |
|
|
|
84,057 |
|
|
35.0 |
% |
Net income |
$ |
149,306 |
|
|
$ |
30,973 |
|
|
382.1 |
% |
|
$ |
465,690 |
|
|
$ |
325,129 |
|
|
43.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income per share (basic) |
$ |
1.24 |
|
|
$ |
0.26 |
|
|
376.9 |
% |
|
$ |
3.89 |
|
|
$ |
2.74 |
|
|
42.0 |
% |
Net income per share (diluted) |
$ |
1.22 |
|
|
$ |
0.26 |
|
|
369.2 |
% |
|
$ |
3.86 |
|
|
$ |
2.72 |
|
|
41.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Weighted average shares outstanding (basic) |
|
120,589 |
|
|
|
118,605 |
|
|
1.7 |
% |
|
|
119,805 |
|
|
|
118,551 |
|
|
1.1 |
% |
Weighted average shares outstanding (diluted) |
|
122,291 |
|
|
|
119,613 |
|
|
2.2 |
% |
|
|
120,679 |
|
|
|
119,677 |
|
|
0.8 |
% |
Business Segment Information (unaudited, in thousands, except average employee headcount) |
|||||||||||||
|
|
NAST |
|
Global
|
|
All
|
|
Consolidated |
|||||
Three Months Ended December 31, 2024 |
|
|
|
|
|
|
|
|
|||||
Total revenues |
|
$ |
2,802,700 |
|
$ |
883,968 |
|
$ |
497,988 |
|
|
$ |
4,184,656 |
Adjusted gross profits(1) |
|
|
403,764 |
|
|
203,801 |
|
|
77,058 |
|
|
|
684,623 |
Income (loss) from operations |
|
|
132,528 |
|
|
51,827 |
|
|
(556 |
) |
|
|
183,799 |
Depreciation and amortization |
|
|
4,891 |
|
|
2,357 |
|
|
17,032 |
|
|
|
24,280 |
Total assets(2) |
|
|
2,874,701 |
|
|
1,335,178 |
|
|
1,088,047 |
|
|
|
5,297,926 |
Average employee headcount |
|
|
5,348 |
|
|
4,542 |
|
|
3,979 |
|
|
|
13,869 |
|
|
|
|
|
|
|
|
|
|||||
|
|
NAST |
|
Global
|
|
All
|
|
Consolidated |
|||||
Three Months Ended December 31, 2023 |
|
|
|
|
|
|
|
|
|||||
Total revenues |
|
$ |
3,000,650 |
|
$ |
708,814 |
|
$ |
512,423 |
|
|
$ |
4,221,887 |
Adjusted gross profits(1) |
|
|
380,157 |
|
|
162,322 |
|
|
76,144 |
|
|
|
618,623 |
Income (loss) from operations |
|
|
95,958 |
|
|
22,576 |
|
|
(11,105 |
) |
|
|
107,429 |
Depreciation and amortization |
|
|
5,638 |
|
|
2,915 |
|
|
14,533 |
|
|
|
23,086 |
Total assets(2) |
|
|
3,008,459 |
|
|
1,094,895 |
|
|
1,121,926 |
|
|
|
5,225,280 |
Average employee headcount |
|
|
6,103 |
|
|
5,021 |
|
|
4,195 |
|
|
|
15,319 |
____________________________________________ (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 employee headcount) |
|||||||||||||
|
|
NAST |
|
Global
|
|
All
|
|
Consolidated |
|||||
Twelve Months Ended December 31, 2024 |
|
|
|
|
|
|
|
|
|||||
Total revenues |
|
$ |
11,727,539 |
|
$ |
3,805,018 |
|
$ |
2,192,399 |
|
|
$ |
17,724,956 |
Adjusted gross profits(1) |
|
|
1,641,195 |
|
|
802,549 |
|
|
321,270 |
|
|
|
2,765,014 |
Income (loss) from operations |
|
|
531,292 |
|
|
212,476 |
|
|
(74,627 |
) |
|
|
669,141 |
Depreciation and amortization |
|
|
20,670 |
|
|
10,602 |
|
|
65,888 |
|
|
|
97,160 |
Total assets(2) |
|
|
2,874,701 |
|
|
1,335,178 |
|
|
1,088,047 |
|
|
|
5,297,926 |
Average employee headcount |
|
|
5,696 |
|
|
4,678 |
|
|
4,012 |
|
|
|
14,386 |
|
|
|
|
|
|
|
|
|
|||||
|
|
NAST |
|
Global
|
|
All
|
|
Consolidated |
|||||
Twelve Months Ended December 31, 2023 |
|
|
|
|
|
|
|
|
|||||
Total revenues |
|
$ |
12,471,075 |
|
$ |
2,997,704 |
|
$ |
2,127,664 |
|
|
$ |
17,596,443 |
Adjusted gross profits(1) |
|
|
1,593,854 |
|
|
689,365 |
|
|
321,389 |
|
|
|
2,604,608 |
Income (loss) from operations |
|
|
459,960 |
|
|
85,830 |
|
|
(31,183 |
) |
|
|
514,607 |
Depreciation and amortization |
|
|
23,027 |
|
|
19,325 |
|
|
56,633 |
|
|
|
98,985 |
Total assets(2) |
|
|
3,008,459 |
|
|
1,094,895 |
|
|
1,121,926 |
|
|
|
5,225,280 |
Average employee headcount |
|
|
6,469 |
|
|
5,222 |
|
|
4,350 |
|
|
|
16,041 |
____________________________________________ (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) |
|||||
|
December 31, 2024 |
|
December 31, 2023 |
||
Assets |
|
|
|
||
Current assets: |
|
|
|
||
Cash and cash equivalents |
$ |
145,762 |
|
$ |
145,524 |
Receivables, net of allowance for credit loss |
|
2,383,709 |
|
|
2,381,963 |
Contract assets, net of allowance for credit loss |
|
200,332 |
|
|
189,900 |
Prepaid expenses and other |
|
102,166 |
|
|
163,307 |
Assets held for sale |
|
137,634 |
|
|
— |
Total current assets |
|
2,969,603 |
|
|
2,880,694 |
|
|
|
|
||
Property and equipment, net of accumulated depreciation and amortization |
|
127,189 |
|
|
144,718 |
Right-of-use lease assets |
|
334,738 |
|
|
353,890 |
Intangible and other assets, net of accumulated amortization |
|
1,866,396 |
|
|
1,845,978 |
Total assets |
$ |
5,297,926 |
|
$ |
5,225,280 |
|
|
|
|
||
Liabilities and stockholders’ investment |
|
|
|
||
Current liabilities: |
|
|
|
||
Accounts payable and outstanding checks |
$ |
1,212,132 |
|
$ |
1,370,334 |
Accrued expenses: |
|
|
|
||
Compensation |
|
180,801 |
|
|
135,104 |
Transportation expense |
|
153,274 |
|
|
147,921 |
Income taxes |
|
9,326 |
|
|
4,748 |
Other accrued liabilities |
|
173,318 |
|
|
159,435 |
Current lease liabilities |
|
72,842 |
|
|
74,451 |
Current portion of debt |
|
455,792 |
|
|
160,000 |
Liabilities held for sale |
|
67,413 |
|
|
— |
Total current liabilities |
|
2,324,898 |
|
|
2,051,993 |
|
|
|
|
||
Long-term debt |
|
921,857 |
|
|
1,420,487 |
Noncurrent lease liabilities |
|
290,641 |
|
|
297,563 |
Noncurrent income taxes payable |
|
23,472 |
|
|
21,289 |
Deferred tax liabilities |
|
12,565 |
|
|
13,177 |
Other long-term liabilities |
|
2,442 |
|
|
2,074 |
Total liabilities |
|
3,575,875 |
|
|
3,806,583 |
|
|
|
|
||
Total stockholders’ investment |
|
1,722,051 |
|
|
1,418,697 |
Total liabilities and stockholders’ investment |
$ |
5,297,926 |
|
$ |
5,225,280 |
Condensed Consolidated Statements of Cash Flow (unaudited, in thousands, except operational data) |
|||||||
|
Twelve Months Ended December 31, |
||||||
Operating activities: |
2024 |
|
2023 |
||||
|
|
|
|
||||
Net income |
$ |
465,690 |
|
|
$ |
325,129 |
|
Adjustments to reconcile net income to net cash (used for) provided by operating activities: |
|
|
|
||||
Depreciation and amortization |
|
97,160 |
|
|
|
98,985 |
|
Provision for credit losses |
|
6,688 |
|
|
|
(6,047 |
) |
Stock-based compensation |
|
84,590 |
|
|
|
58,169 |
|
Deferred income taxes |
|
(80,067 |
) |
|
|
(37,746 |
) |
Excess tax benefit on stock-based compensation |
|
(9,411 |
) |
|
|
(11,319 |
) |
Loss on disposal group held for sale |
|
32,794 |
|
|
|
17,698 |
|
Other operating activities |
|
20,682 |
|
|
|
5,541 |
|
Changes in operating elements: |
|
|
|
||||
Receivables |
|
(164,255 |
) |
|
|
607,259 |
|
Contract assets |
|
(11,969 |
) |
|
|
68,041 |
|
Prepaid expenses and other |
|
60,740 |
|
|
|
(39,048 |
) |
Right of use asset |
|
(5,937 |
) |
|
|
19,255 |
|
Accounts payable and outstanding checks |
|
(79,943 |
) |
|
|
(200,843 |
) |
Accrued compensation |
|
49,681 |
|
|
|
(108,084 |
) |
Accrued transportation expenses |
|
6,756 |
|
|
|
(51,171 |
) |
Accrued income taxes |
|
15,545 |
|
|
|
(2,284 |
) |
Other accrued liabilities |
|
12,791 |
|
|
|
(11,991 |
) |
Lease liability |
|
5,076 |
|
|
|
(16,500 |
) |
Other assets and liabilities |
|
2,473 |
|
|
|
16,902 |
|
Net cash provided by operating activities |
|
509,084 |
|
|
|
731,946 |
|
Investing activities: |
|
|
|
||||
Purchases of property and equipment |
|
(22,653 |
) |
|
|
(29,989 |
) |
Purchases and development of software |
|
(51,635 |
) |
|
|
(54,122 |
) |
Proceeds from sale of property and equipment |
|
— |
|
|
|
1,324 |
|
Net cash used for investing activities |
|
(74,288 |
) |
|
|
(82,787 |
) |
Financing activities: |
|
|
|
||||
Proceeds from stock issued for employee benefit plans |
|
114,890 |
|
|
|
56,914 |
|
Stock tendered for payment of withholding taxes |
|
(32,217 |
) |
|
|
(25,294 |
) |
Repurchase of common stock |
|
— |
|
|
|
(63,884 |
) |
Cash dividends |
|
(294,772 |
) |
|
|
(291,569 |
) |
Proceeds from long-term borrowings |
|
10,000 |
|
|
|
— |
|
Payments on long-term borrowings |
|
(10,000 |
) |
|
|
— |
|
Proceeds from short-term borrowings |
|
3,192,500 |
|
|
|
3,893,750 |
|
Payments on short-term borrowings |
|
(3,396,500 |
) |
|
|
(4,287,750 |
) |
Net cash used for financing activities |
|
(416,099 |
) |
|
|
(717,833 |
) |
Effect of exchange rates on cash and cash equivalents |
|
(8,152 |
) |
|
|
(3,284 |
) |
Net change in cash and cash equivalents, including cash and cash equivalents classified within assets held for sale |
|
10,545 |
|
|
|
(71,958 |
) |
Less: net increase in cash and cash equivalents within assets held for sale |
|
(10,307 |
) |
|
|
— |
|
Cash and cash equivalents, beginning of period |
|
145,524 |
|
|
|
217,482 |
|
Cash and cash equivalents, end of period |
$ |
145,762 |
|
|
$ |
145,524 |
|
|
As of December 31, |
||||||
Operational Data: |
2024 |
|
2023 |
||||
Employees |
|
13,781 |
|
|
|
15,246 |
|
CHRW-IR
View source version on businesswire.com: https://www.businesswire.com/news/home/20250129314724/en/
Chuck Ives, Senior Director of Investor Relations
Email: chuck.ives@chrobinson.com
Source: C.H. Robinson
FAQ
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