C.H. Robinson Reports 2024 Second Quarter Results
C.H. Robinson (CHRW) reported strong Q2 2024 results, with gross profits increasing 3.0% year-over-year to $676.5 million. Income from operations rose 34.3% to $178.1 million, while adjusted operating margin improved by 600 basis points to 25.9%. Diluted EPS increased 29.6% to $1.05, and adjusted EPS grew 25.0% to $1.15. The company's truckload business grew market share for the fourth consecutive quarter, with margin improvement. NAST segment saw a 4.8% increase in adjusted gross profits, while Global Forwarding segment's income from operations increased 38.2%. Despite an ongoing freight recession, C.H. Robinson is focusing on growing market share and expanding operating income margins through improved execution and cost optimization efforts.
C.H. Robinson (CHRW) ha riportato risultati solidi per il secondo trimestre del 2024, con profitti lordi che sono aumentati del 3,0% rispetto all'anno precedente, raggiungendo i 676,5 milioni di dollari. Il reddito operativo è cresciuto del 34,3% a 178,1 milioni di dollari, mentre il margine operativo rettificato è migliorato di 600 punti base, raggiungendo il 25,9%. L'EPS diluito è aumentato del 29,6% a 1,05 dollari, mentre l'EPS rettificato è cresciuto del 25,0% a 1,15 dollari. L'attività di truckload dell'azienda ha guadagnato quote di mercato per il quarto trimestre consecutivo, con un miglioramento dei margini. Il segmento NAST ha registrato un aumento del 4,8% nei profitti lordi rettificati, mentre il reddito operativo del segmento Global Forwarding è aumentato del 38,2%. Nonostante una recessione nel settore dei trasporti, C.H. Robinson si sta concentrando sulla crescita della quota di mercato e sull'espansione dei margini di reddito operativo attraverso un'esecuzione migliorata e sforzi di ottimizzazione dei costi.
C.H. Robinson (CHRW) reportó resultados sólidos para el segundo trimestre de 2024, con ganancias brutas que aumentaron un 3.0% interanual, alcanzando los 676.5 millones de dólares. Los ingresos de las operaciones crecieron un 34.3% a 178.1 millones de dólares, mientras que el margen operativo ajustado mejoró en 600 puntos básicos, alcanzando el 25.9%. El EPS diluido aumentó un 29.6% a $1.05, y el EPS ajustado creció un 25.0% a $1.15. El negocio de camiones de la compañía ganó participación de mercado por cuarto trimestre consecutivo, con mejora en los márgenes. El segmento NAST vio un aumento del 4.8% en ganancias brutas ajustadas, mientras que los ingresos de las operaciones del segmento de Global Forwarding aumentaron un 38.2%. A pesar de una recesión continua en el transporte, C.H. Robinson se enfoca en aumentar la cuota de mercado y expandir los márgenes de ingresos operativos mediante una mejor ejecución y esfuerzos de optimización de costos.
C.H. Robinson (CHRW)는 2024년 2분기 강력한 실적을 발표하였으며, 총 이익은 전년 대비 3.0% 증가한 6억 7,650만 달러에 달했습니다. 운영 소득은 34.3% 증가하여 1억 7,810만 달러에 달했고, 조정된 운영 마진은 600bp 향상되어 25.9%에 도달했습니다. 희석 주당순이익은 29.6% 증가하여 1.05달러에 이르렀으며, 조정된 EPS는 25.0% 증가하여 1.15달러로 늘어났습니다. 회사의 트럭 적재 사업은 4분기 연속으로 시장 점유율을 증가시키면서 마진을 개선했습니다. NAST 부문은 조정된 총 이익에서 4.8% 증가하였고, 글로벌 포워딩 부문의 운영 소득은 38.2% 증가하였습니다. 지속적인 화물 침체에도 불구하고 C.H. Robinson은 시장 점유율 확대 및 운영 소득 마진 증가에 집중하고 있으며, 실행 개선과 비용 최적화 노력을 통해 이를 이루고자 하고 있습니다.
C.H. Robinson (CHRW) a rapporté de solides résultats pour le deuxième trimestre 2024, avec des bénéfices bruts en hausse de 3,0 % par rapport à l'année précédente, atteignant 676,5 millions de dollars. Le revenu d'exploitation a augmenté de 34,3 % pour atteindre 178,1 millions de dollars, tandis que la marge opérationnelle ajustée s'est améliorée de 600 points de base, atteignant 25,9 %. Le BPA dilué a augmenté de 29,6 % pour atteindre 1,05 $, et le BPA ajusté a augmenté de 25,0 % pour atteindre 1,15 $. L'activité de transport de la société a gagné des parts de marché pour le quatrième trimestre consécutif, avec une amélioration des marges. Le segment NAST a enregistré une augmentation de 4,8 % des bénéfices bruts ajustés, tandis que les revenus d'exploitation du segment Global Forwarding ont augmenté de 38,2 %. Malgré une récession continue dans le fret, C.H. Robinson se concentre sur l'augmentation de sa part de marché et l expansion des marges de revenu opérationnel grâce à une meilleure exécution et des efforts d'optimisation des coûts.
C.H. Robinson (CHRW) hat starke Ergebnisse für das zweite Quartal 2024 gemeldet, wobei die Bruttogewinne im Jahresvergleich um 3,0% auf 676,5 Millionen Dollar gestiegen sind. Der Betriebsgewinn stieg um 34,3% auf 178,1 Millionen Dollar, während die bereinigte operative Marge um 600 Basispunkte auf 25,9% verbessert wurde. Der verwässerte Gewinn je Aktie stieg um 29,6% auf 1,05 Dollar, und der bereinigte Gewinn je Aktie wuchs um 25,0% auf 1,15 Dollar. Das Geschäft mit Lkw-Ladungen konnte im vierten Quartal in Folge Marktanteile gewinnen und die Marge verbessern. Das NAST-Segment verzeichnete einen Anstieg der bereinigten Bruttogewinne um 4,8%, während das Betriebsergebnis des Segments Global Forwarding um 38,2% zunahm. Trotz einer anhaltenden Frachtkrise konzentriert sich C.H. Robinson darauf, den Marktanteil zu vergrößern und die operativen Einkommensmargen durch verbesserte Ausführung und Kosteneinsparungsmaßnahmen zu erweitern.
- Gross profits increased 3.0% year-over-year to $676.5 million
- Income from operations increased 34.3% year-over-year to $178.1 million
- Adjusted operating margin improved by 600 basis points to 25.9%
- Diluted EPS increased 29.6% to $1.05
- Truckload business grew market share for the fourth consecutive quarter
- NAST segment adjusted gross profits increased 4.8%
- Global Forwarding segment income from operations increased 38.2%
- Operating expenses decreased 4.4% to $509.3 million due to cost optimization efforts
- Cash generated by operations decreased by $58.4 million to $166.4 million
- Total revenues only increased 1.4% to $4.5 billion
- NAST segment total revenues decreased 2.9% to $3.0 billion
- Average employee headcount declined 10.0%
Insights
C.H. Robinson's Q2 2024 results demonstrate a resilient performance amidst challenging market conditions. The company reported a 3.0% year-over-year increase in gross profits to
The company's adjusted operating margin expanded by 600 basis points to
Key positives include market share growth in the truckload business for the fourth consecutive quarter and a
However, investors should note the
The company's focus on operational efficiency is evident in the
Looking ahead, C.H. Robinson's strategy of growing market share and expanding operating income margins through Lean practices and digital capabilities could position the company well for the eventual freight market rebound. However, investors should monitor the pace of implementation and its impact on future quarters' results.
C.H. Robinson's Q2 2024 results reveal a company adeptly navigating a challenging freight market through strategic operational improvements. The implementation of the new Robinson operating model appears to be yielding positive results, as evidenced by the
The company's ability to grow market share in its truckload business for four consecutive quarters, while simultaneously improving margins, is particularly noteworthy. This suggests that C.H. Robinson is successfully balancing competitive pricing with profitability, a important skill in the current oversupplied market.
The Global Forwarding segment's performance is mixed but promising. The
C.H. Robinson's focus on embedding Lean practices and expanding digital capabilities is a forward-thinking approach. In an industry where efficiency and technology are increasingly critical differentiators, these initiatives could provide a significant competitive advantage in the long term.
The company's emphasis on decoupling headcount growth from volume growth is particularly interesting. This strategy, if executed well, could lead to substantial improvements in operational leverage and profitability as the freight market recovers.
However, the logistics industry remains highly cyclical and competitive. While C.H. Robinson's current performance is commendable, the company will need to maintain its operational discipline and continue innovating to sustain its market position. The ongoing implementation of the new operating model and its cascading effects throughout the organization will be important to watch in the coming quarters.
Second Quarter Key Metrics:
-
Gross profits increased
3.0% year-over-year to$676.5 million 4.5% sequentially -
Income from operations increased
34.3% year-over-year to$178.1 million 40.1% sequentially -
Adjusted operating margin(1) increased 600 basis points to
25.9% -
Diluted earnings per share (EPS) increased
29.6% to$1.05 -
Adjusted EPS(1) increased
25.0% to$1.15 -
Cash generated by operations decreased by
$58.4 million $166.4 million
(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 11 through 13 for further discussion and GAAP to Non-GAAP Reconciliations.
"Our second quarter results reflect a higher quality of execution and performance, as we continue to implement the new Robinson operating model. And although we continue to fight through an elongated freight recession, we are winning and executing better at this point in the cycle," said C.H. Robinson's President and Chief Executive Officer, Dave Bozeman. "Our truckload business grew market share for the fourth consecutive quarter, and we took share the right way, with margin improvement in mind. And our adjusted income from operations increased 32 percent year-over-year for the full enterprise."
"I also want to commend our people for continuing to embrace the changes that we’re making to deliver a higher and more consistent level of performance and for the high quality second quarter results that they delivered in what continues to be a challenging market," added Bozeman. "With ongoing efforts to improve the customer experience and our cost to serve, we continue to focus on ensuring that we’ll be ready for the eventual freight market rebound, with a disciplined operating model that decouples headcount growth from volume growth and drives operating leverage."
"All of the changes that we’re making are aimed at our North Star of generating incremental operating income and delivering higher highs and higher lows over the course of freight market cycles. We will do this by focusing on two main fronts…growing market share and expanding our operating income margins," said Bozeman. "We’ll continue to grow market share by leveraging our robust capabilities to power vertical-centric solutions, by reclaiming share in targeted segments, and by expanding our addressable market through value-added services and solutions that drive new volume to our four core modes. We’ll also be more intentional with our go-to market strategy to drive additional synergies and cross-selling across our portfolio."
"We’ll expand our operating income margins by embedding Lean practices, removing waste and expanding our digital capabilities. This will enable us to strengthen our productivity and optimize our organization structure in order to be the most efficient operator, in addition to the highest value provider. We’ll optimize our gross profit by monitoring key input metrics and responding faster to error states and changing market conditions with countermeasures and innovative technology that improves our execution. As we take action on all of these fronts, I’m excited about the work that we’re doing to reinvigorate Robinson’s winning culture and to instill discipline with our new operating model. The operating model is helping us execute a solid strategy even better, and we expect further improvement as we continue to cascade the new operating model deeper into the organization and as our team continues to embrace it and build operational muscle. I know from my past experiences of implementing Lean operating models, that improvement isn’t always linear, and we still have a lot of grass to cut. I’m confident in the team’s willingness and ability to drive a higher level of discipline in our operational execution," Bozeman concluded.
Summary of Second Quarter of 2024 Results Compared to the Second Quarter of 2023
-
Total revenues increased
1.4% to$4.5 billion -
Gross profits increased
3.0% to$676.5 million 3.3% to$687.4 million -
Operating expenses decreased
4.4% to$509.3 million 4.3% to$361.2 million 10.0% . Other selling, general and administrative (“SG&A”) expenses decreased4.8% to$148.1 million -
Income from operations totaled
$178.1 million 34.3% due to the increase in adjusted gross profits and decrease in operating expenses. Adjusted operating margin(1) of25.9% increased 600 basis points. -
Interest and other income/expense, net totaled
$21.5 million $22.9 million $0.3 million $0.5 million -
The effective tax rate in the quarter was
19.4% , compared to14.9% in the second quarter last year. The higher rate in the second quarter of this year was driven by lower benefits from foreign tax credits, a higher foreign tax rate, and the impact of higher pretax income, partially offset by higherU.S. tax credits and incentives. -
Net income totaled
$126.3 million 29.7% from a year ago. Diluted EPS of$1.05 29.6% . Adjusted EPS(1) of$1.15 25.0% .
(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 11 through 13 for further discussion and GAAP to Non-GAAP Reconciliations.
Summary of 2024 Year-to-Date Results Compared to 2023
-
Total revenues decreased
1.5% to$8.9 billion -
Gross profits decreased
0.8% to$1.3 billion 0.4% to$1.3 billion -
Operating expenses decreased
1.7% to$1.0 billion 2.6% to$740.3 million 10.8% . Other SG&A expenses increased0.8% to$299.6 million -
Income from operations totaled
$305.2 million 3.9% from last year, due to the decrease in operating expenses. Adjusted operating margin(1) of22.7% increased 100 basis points. -
Interest and other income/expense, net totaled
$38.3 million $45.0 million $1.8 million $4.4 million -
The effective tax rate for the six months ended June 30, 2024 was
17.9% compared to14.1% in the year-ago period. The higher rate in the current period was driven by lower tax benefits related to stock-based compensation deliveries, a higher foreign tax rate, and lower foreign tax credit utilization, partially offset by higherU.S. tax credits and incentives. -
Net income totaled
$219.2 million 3.3% from a year ago. Diluted EPS of$1.83 3.4% . Adjusted EPS(1) of$2.01 4.7% .
(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 11 through 13 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 June 30, |
|
Six Months Ended June 30, |
||||||||||||||
|
2024 |
|
2023 |
|
% change |
|
2024 |
|
2023 |
|
% change |
||||||
Total revenues |
$ |
2,989,909 |
|
$ |
3,079,268 |
|
(2.9 |
)% |
|
$ |
5,990,222 |
|
$ |
6,383,455 |
|
(6.2 |
)% |
Adjusted gross profits(1) |
|
419,657 |
|
|
400,532 |
|
4.8 |
% |
|
|
816,767 |
|
|
827,187 |
|
(1.3 |
)% |
Income from operations |
|
141,102 |
|
|
117,859 |
|
19.7 |
% |
|
|
249,997 |
|
|
251,881 |
|
(0.7 |
)% |
____________________________________________ (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 NAST segment totaled
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, |
||||||||||||||
|
2024 |
|
2023 |
|
% change |
|
2024 |
|
2023 |
|
% change |
||||||
Total revenues |
$ |
921,223 |
|
$ |
779,867 |
|
18.1 |
% |
|
$ |
1,779,860 |
|
$ |
1,569,845 |
|
13.4 |
% |
Adjusted gross profits(1) |
|
184,067 |
|
|
179,231 |
|
2.7 |
% |
|
|
364,112 |
|
|
357,150 |
|
1.9 |
% |
Income from operations |
|
40,982 |
|
|
29,647 |
|
38.2 |
% |
|
|
72,534 |
|
|
59,763 |
|
21.4 |
% |
____________________________________________ (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
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, |
||||||||||||||
|
2024 |
|
2023 |
|
% change |
|
2024 |
|
2023 |
|
% change |
||||||
Total revenues |
$ |
572,216 |
|
$ |
562,721 |
|
1.7 |
% |
|
$ |
1,125,577 |
|
$ |
1,080,226 |
|
4.2 |
% |
Adjusted gross profits(1): |
|
|
|
|
|
|
|
|
|
|
|
||||||
Robinson Fresh |
$ |
39,883 |
|
$ |
37,895 |
|
5.2 |
% |
|
$ |
73,619 |
|
$ |
69,040 |
|
6.6 |
% |
Managed Services |
|
28,752 |
|
|
28,953 |
|
(0.7 |
)% |
|
|
57,688 |
|
|
57,923 |
|
(0.4 |
)% |
Other Surface Transportation |
|
15,050 |
|
|
18,885 |
|
(20.3 |
)% |
|
|
32,952 |
|
|
39,836 |
|
(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. |
|||||||||||||||||
Second quarter Robinson Fresh adjusted gross profits increased
Other Income Statement Items
Interest and other income/expense, net totaled
The second 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 second quarter of 2024, cash returned to shareholders totaled
Capital expenditures totaled
About C.H. Robinson
C.H. Robinson is one of the original logistics leaders. 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. Over 90,000 customers and 450,000 contract carriers in our network trust us to manage
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; 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 Second Quarter 2024 Earnings Conference Call
Wednesday, July 31, 2024; 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 June 30, |
|
Six Months Ended June 30, |
||||||||||||||
|
2024 |
|
2023 |
|
% change |
|
2024 |
|
2023 |
|
% change |
||||||
Adjusted gross profits(1): |
|
|
|
|
|
|
|
|
|
|
|
||||||
Transportation |
|
|
|
|
|
|
|
|
|
|
|
||||||
Truckload |
$ |
274,187 |
|
$ |
261,147 |
|
5.0 |
% |
|
$ |
531,600 |
|
$ |
549,801 |
|
(3.3 |
)% |
LTL |
|
145,823 |
|
|
137,185 |
|
6.3 |
% |
|
|
286,959 |
|
|
275,822 |
|
4.0 |
% |
Ocean |
|
116,659 |
|
|
107,497 |
|
8.5 |
% |
|
|
229,517 |
|
|
217,576 |
|
5.5 |
% |
Air |
|
30,906 |
|
|
33,728 |
|
(8.4 |
)% |
|
|
61,438 |
|
|
65,045 |
|
(5.5 |
)% |
Customs |
|
26,652 |
|
|
25,128 |
|
6.1 |
% |
|
|
52,747 |
|
|
48,462 |
|
8.8 |
% |
Other logistics services |
|
57,320 |
|
|
66,582 |
|
(13.9 |
)% |
|
|
116,878 |
|
|
131,495 |
|
(11.1 |
)% |
Total transportation |
|
651,547 |
|
|
631,267 |
|
3.2 |
% |
|
|
1,279,139 |
|
|
1,288,201 |
|
(0.7 |
)% |
Sourcing |
|
35,862 |
|
|
34,229 |
|
4.8 |
% |
|
|
65,999 |
|
|
62,935 |
|
4.9 |
% |
Total adjusted gross profits |
$ |
687,409 |
|
$ |
665,496 |
|
3.3 |
% |
|
$ |
1,345,138 |
|
$ |
1,351,136 |
|
(0.4 |
)% |
____________________________________________ (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, |
||||||||||||||
|
2024 |
|
2023 |
|
% change |
|
2024 |
|
2023 |
|
% change |
||||||
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
||||||
Transportation |
$ |
4,121,930 |
|
$ |
4,084,827 |
|
0.9 |
% |
|
$ |
8,204,518 |
|
$ |
8,412,792 |
|
(2.5 |
)% |
Sourcing |
|
361,418 |
|
|
337,029 |
|
7.2 |
% |
|
|
691,141 |
|
|
620,734 |
|
11.3 |
% |
Total revenues |
|
4,483,348 |
|
|
4,421,856 |
|
1.4 |
% |
|
|
8,895,659 |
|
|
9,033,526 |
|
(1.5 |
)% |
Costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
||||||
Purchased transportation and related services |
|
3,470,383 |
|
|
3,453,560 |
|
0.5 |
% |
|
|
6,925,379 |
|
|
7,124,591 |
|
(2.8 |
)% |
Purchased products sourced for resale |
|
325,556 |
|
|
302,800 |
|
7.5 |
% |
|
|
625,142 |
|
|
557,799 |
|
12.1 |
% |
Direct internally developed software amortization |
|
10,883 |
|
|
8,749 |
|
24.4 |
% |
|
|
21,105 |
|
|
16,066 |
|
31.4 |
% |
Total direct expenses |
|
3,806,822 |
|
|
3,765,109 |
|
1.1 |
% |
|
|
7,571,626 |
|
|
7,698,456 |
|
(1.6 |
)% |
Gross profit |
$ |
676,526 |
|
$ |
656,747 |
|
3.0 |
% |
|
$ |
1,324,033 |
|
$ |
1,335,070 |
|
(0.8 |
)% |
Plus: Direct internally developed software amortization |
|
10,883 |
|
|
8,749 |
|
24.4 |
% |
|
|
21,105 |
|
|
16,066 |
|
31.4 |
% |
Adjusted gross profit |
$ |
687,409 |
|
$ |
665,496 |
|
3.3 |
% |
|
$ |
1,345,138 |
|
$ |
1,351,136 |
|
(0.4 |
)% |
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 is a similar non-GAAP financial measure as adjusted operating margin, but also excludes the impact of restructuring. We believe adjusted operating margin and adjusted operating margin - excluding restructuring 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 are presented below:
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
||||||||||||||||||
|
2024 |
|
2023 |
|
% change |
|
2024 |
|
2023 |
|
% change |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total revenues |
$ |
4,483,348 |
|
|
$ |
4,421,856 |
|
|
1.4 |
% |
|
$ |
8,895,659 |
|
|
$ |
9,033,526 |
|
|
(1.5 |
%) |
Income from operations |
|
178,090 |
|
|
|
132,623 |
|
|
34.3 |
% |
|
|
305,223 |
|
|
|
293,656 |
|
|
3.9 |
% |
Operating margin |
|
4.0 |
% |
|
|
3.0 |
% |
|
100 bps |
|
|
3.4 |
% |
|
|
3.3 |
% |
|
10 bps |
||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted gross profit |
$ |
687,409 |
|
|
$ |
665,496 |
|
|
3.3 |
% |
|
$ |
1,345,138 |
|
|
$ |
1,351,136 |
|
|
(0.4 |
%) |
Income from operations |
|
178,090 |
|
|
|
132,623 |
|
|
34.3 |
% |
|
|
305,223 |
|
|
|
293,656 |
|
|
3.9 |
% |
Adjusted operating margin |
|
25.9 |
% |
|
|
19.9 |
% |
|
600 bps |
|
|
22.7 |
% |
|
|
21.7 |
% |
|
100 bps |
||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted gross profit |
$ |
687,409 |
|
|
$ |
665,496 |
|
|
3.3 |
% |
|
$ |
1,345,138 |
|
|
$ |
1,351,136 |
|
|
(0.4 |
%) |
Adjusted income from operations |
|
193,279 |
|
|
|
146,755 |
|
|
31.7 |
% |
|
|
333,355 |
|
|
|
311,510 |
|
|
7.0 |
% |
Adjusted operating margin - excluding restructuring |
|
28.1 |
% |
|
|
22.1 |
% |
|
600 bps |
|
|
24.8 |
% |
|
|
23.1 |
% |
|
170 bps |
||
GAAP to Non-GAAP Reconciliation
(unaudited, in thousands)
Our adjusted income (loss) from operations, adjusted operating margin - excluding restructuring, and adjusted net income per share (diluted) are non-GAAP financial measures. Adjusted income (loss) from operations and adjusted net income per share (diluted) is calculated as income (loss) from operations, adjusted operating margin - excluding restructuring, and net income per share (diluted) excluding the impact of restructuring. The adjustments to net income per share (diluted) include restructuring-related costs and a foreign currency loss on divested operations. We believe that these measures provide useful information to investors and include them within our internal reporting to our chief operating decision maker. Accordingly, the discussion of our results of operations includes discussion on the changes in our adjusted income (loss) from operations, adjusted operating margin - excluding restructuring, and adjusted net income per share (diluted). The reconciliation of income (loss) from operations to adjusted income (loss) from operations, adjusted operating margin - excluding restructuring, and net income per share (diluted) to adjusted income (loss) from operations and adjusted net income per share (diluted) is presented below (in thousands except per share data):
|
NAST |
|
Global Forwarding |
|
All Other and Corporate |
|
Consolidated |
||||||||
Three Months Ended June 30, 2024 |
|
|
|
|
|
|
|
||||||||
Non-GAAP Reconciliation: |
|
|
|
|
|
|
|
||||||||
Income (loss) from operations |
$ |
141,102 |
|
|
$ |
40,982 |
|
|
$ |
(3,994 |
) |
|
$ |
178,090 |
|
Severance and other personnel expenses |
|
4,758 |
|
|
|
2,179 |
|
|
|
2,508 |
|
|
|
9,445 |
|
Other selling, general, and administrative expenses |
|
3,776 |
|
|
|
1,331 |
|
|
|
637 |
|
|
|
5,744 |
|
Total adjustments to income (loss) from operations(1) |
|
8,534 |
|
|
|
3,510 |
|
|
|
3,145 |
|
|
|
15,189 |
|
Adjusted income (loss) from operations |
$ |
149,636 |
|
|
$ |
44,492 |
|
|
$ |
(849 |
) |
|
$ |
193,279 |
|
|
|
|
|
|
|
|
|
||||||||
Adjusted gross profit |
$ |
419,657 |
|
|
$ |
184,067 |
|
|
$ |
83,685 |
|
|
$ |
687,409 |
|
Adjusted income (loss) from operations |
|
149,636 |
|
|
|
44,492 |
|
|
|
(849 |
) |
|
|
193,279 |
|
Adjusted operating margin - excluding restructuring |
|
35.7 |
% |
|
|
24.2 |
% |
|
|
N/M |
|
|
|
28.1 |
% |
|
|
|
|
|
|
|
|
||||||||
|
NAST |
|
Global Forwarding |
|
All Other and Corporate |
|
Consolidated |
||||||||
Six Months Ended June 30, 2024 |
|
|
|
|
|
|
|
||||||||
Income (loss) from operations |
$ |
249,997 |
|
|
$ |
72,534 |
|
|
$ |
(17,308 |
) |
|
$ |
305,223 |
|
Severance and other personnel expenses |
|
7,784 |
|
|
|
5,394 |
|
|
|
4,209 |
|
|
|
17,387 |
|
Other selling, general, and administrative expenses |
|
5,654 |
|
|
|
1,592 |
|
|
|
3,499 |
|
|
|
10,745 |
|
Total adjustments to income (loss) from operations(2) |
|
13,438 |
|
|
|
6,986 |
|
|
|
7,708 |
|
|
|
28,132 |
|
Adjusted income (loss) from operations |
$ |
263,435 |
|
|
$ |
79,520 |
|
|
$ |
(9,600 |
) |
|
$ |
333,355 |
|
|
|
|
|
|
|
|
|
||||||||
Adjusted gross profit |
$ |
816,767 |
|
|
$ |
364,112 |
|
|
$ |
164,259 |
|
|
$ |
1,345,138 |
|
Adjusted income (loss) from operations |
|
263,435 |
|
|
|
79,520 |
|
|
|
(9,600 |
) |
|
|
333,355 |
|
Adjusted operating margin - excluding restructuring |
|
32.3 |
% |
|
|
21.8 |
% |
|
|
N/M |
|
|
|
24.8 |
% |
|
|
|
|
|
|
|
|
||||||||
|
Three Months Ended June 30, 2024 |
|
Six Months Ended June 30, 2024 |
||||||||||||
|
$ in 000's |
|
per share |
|
$ in 000's |
|
per share |
||||||||
Net income and per share (diluted) |
$ |
126,251 |
|
|
$ |
1.05 |
|
|
$ |
219,155 |
|
|
$ |
1.83 |
|
Restructuring and related costs, pre-tax(1)(2) |
|
15,189 |
|
|
|
0.13 |
|
|
|
28,132 |
|
|
|
0.24 |
|
Tax effect of adjustments |
|
(3,645 |
) |
|
|
(0.03 |
) |
|
|
(6,746 |
) |
|
|
(0.06 |
) |
Adjusted net income and per share (diluted) |
$ |
137,795 |
|
|
$ |
1.15 |
|
|
$ |
240,541 |
|
|
$ |
2.01 |
|
____________________________________________
(1) The three months ended June 30, 2024 include restructuring expenses of
(2) The six months ended June 30, 2024 include restructuring expenses of |
|||||||||||||||
|
NAST |
|
Global Forwarding |
|
All Other and Corporate |
|
Consolidated |
||||||||
Three Months Ended June 30, 2023 |
|
|
|
|
|
|
|
||||||||
Non-GAAP Reconciliation: |
|
|
|
|
|
|
|
||||||||
Income (loss) from operations |
$ |
117,859 |
|
|
$ |
29,647 |
|
|
$ |
(14,883 |
) |
|
$ |
132,623 |
|
Severance and other personnel expenses |
|
327 |
|
|
|
691 |
|
|
|
12,109 |
|
|
|
13,127 |
|
Other selling, general, and administrative expenses |
|
4 |
|
|
|
39 |
|
|
|
962 |
|
|
|
1,005 |
|
Total adjustments to income (loss) from operations(1) |
|
331 |
|
|
|
730 |
|
|
|
13,071 |
|
|
|
14,132 |
|
Adjusted income (loss) from operations |
$ |
118,190 |
|
|
$ |
30,377 |
|
|
$ |
(1,812 |
) |
|
$ |
146,755 |
|
|
|
|
|
|
|
|
|
||||||||
Adjusted gross profit |
$ |
400,532 |
|
|
$ |
179,231 |
|
|
$ |
85,733 |
|
|
$ |
665,496 |
|
Adjusted income (loss) from operations |
|
118,190 |
|
|
|
30,377 |
|
|
|
(1,812 |
) |
|
|
146,755 |
|
Adjusted operating margin - excluding restructuring |
|
29.5 |
% |
|
|
16.9 |
% |
|
|
N/M |
|
|
|
22.1 |
% |
|
|
|
|
|
|
|
|
||||||||
|
NAST |
|
Global Forwarding |
|
All Other and Corporate |
|
Consolidated |
||||||||
Six Months Ended June 30, 2023 |
|
|
|
|
|
|
|
||||||||
Income (loss) from operations |
$ |
251,881 |
|
|
$ |
59,763 |
|
|
$ |
(17,988 |
) |
|
$ |
293,656 |
|
Severance and other personnel expenses |
|
1,156 |
|
|
|
2,229 |
|
|
|
13,340 |
|
|
|
16,725 |
|
Other selling, general, and administrative expenses |
|
4 |
|
|
|
163 |
|
|
|
962 |
|
|
|
1,129 |
|
Total adjustments to income (loss) from operations(2) |
|
1,160 |
|
|
|
2,392 |
|
|
|
14,302 |
|
|
|
17,854 |
|
Adjusted income (loss) from operations |
$ |
253,041 |
|
|
$ |
62,155 |
|
|
$ |
(3,686 |
) |
|
$ |
311,510 |
|
|
|
|
|
|
|
|
|
||||||||
Adjusted gross profit |
$ |
827,187 |
|
|
$ |
357,150 |
|
|
$ |
166,799 |
|
|
$ |
1,351,136 |
|
Adjusted income (loss) from operations |
|
253,041 |
|
|
|
62,155 |
|
|
|
(3,686 |
) |
|
|
311,510 |
|
Adjusted operating margin - excluding restructuring |
|
30.6 |
% |
|
|
17.4 |
% |
|
|
N/M |
|
|
|
23.1 |
% |
|
|
|
|
|
|
|
|
||||||||
|
Three Months Ended June 30, 2023 |
|
Six Months Ended June 30, 2023 |
||||||||||||
|
$ in 000's |
|
per share |
|
$ in 000's |
|
per share |
||||||||
Net income and per share (diluted) |
$ |
97,316 |
|
|
$ |
0.81 |
|
|
$ |
212,207 |
|
|
$ |
1.77 |
|
Restructuring and related costs, pre-tax(1)(2) |
|
14,132 |
|
|
|
0.12 |
|
|
|
17,854 |
|
|
|
0.15 |
|
Foreign currency loss on divested operations, pre-tax |
|
2,051 |
|
|
|
0.02 |
|
|
|
3,808 |
|
|
|
0.04 |
|
Tax effect of adjustments |
|
(3,393 |
) |
|
|
(0.03 |
) |
|
|
(4,287 |
) |
|
|
(0.04 |
) |
Adjusted net income and per share (diluted) |
$ |
110,106 |
|
|
$ |
0.92 |
|
|
$ |
229,582 |
|
|
$ |
1.92 |
|
____________________________________________
(1) The three months ended June 30, 2023 includes restructuring expenses of
(2) The six months ended June 30, 2023 includes restructuring expenses of |
|||||||||||||||
Condensed Consolidated Statements of Income (unaudited, in thousands, except per share data) |
|||||||||||||||||||||
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
||||||||||||||||||
|
|
||||||||||||||||||||
|
2024 |
|
2023 |
|
% change |
|
2024 |
|
2023 |
|
% change |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Transportation |
$ |
4,121,930 |
|
|
$ |
4,084,827 |
|
|
0.9 |
% |
|
$ |
8,204,518 |
|
|
$ |
8,412,792 |
|
|
(2.5 |
)% |
Sourcing |
|
361,418 |
|
|
|
337,029 |
|
|
7.2 |
% |
|
|
691,141 |
|
|
|
620,734 |
|
|
11.3 |
% |
Total revenues |
|
4,483,348 |
|
|
|
4,421,856 |
|
|
1.4 |
% |
|
|
8,895,659 |
|
|
|
9,033,526 |
|
|
(1.5 |
)% |
Costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Purchased transportation and related services |
|
3,470,383 |
|
|
|
3,453,560 |
|
|
0.5 |
% |
|
|
6,925,379 |
|
|
|
7,124,591 |
|
|
(2.8 |
)% |
Purchased products sourced for resale |
|
325,556 |
|
|
|
302,800 |
|
|
7.5 |
% |
|
|
625,142 |
|
|
|
557,799 |
|
|
12.1 |
% |
Personnel expenses |
|
361,222 |
|
|
|
377,277 |
|
|
(4.3 |
)% |
|
|
740,309 |
|
|
|
760,383 |
|
|
(2.6 |
)% |
Other selling, general, and administrative expenses |
|
148,097 |
|
|
|
155,596 |
|
|
(4.8 |
)% |
|
|
299,606 |
|
|
|
297,097 |
|
|
0.8 |
% |
Total costs and expenses |
|
4,305,258 |
|
|
|
4,289,233 |
|
|
0.4 |
% |
|
|
8,590,436 |
|
|
|
8,739,870 |
|
|
(1.7 |
)% |
Income from operations |
|
178,090 |
|
|
|
132,623 |
|
|
34.3 |
% |
|
|
305,223 |
|
|
|
293,656 |
|
|
3.9 |
% |
Interest and other income/expense, net |
|
(21,525 |
) |
|
|
(18,259 |
) |
|
17.9 |
% |
|
|
(38,305 |
) |
|
|
(46,524 |
) |
|
(17.7 |
)% |
Income before provision for income taxes |
|
156,565 |
|
|
|
114,364 |
|
|
36.9 |
% |
|
|
266,918 |
|
|
|
247,132 |
|
|
8.0 |
% |
Provision for income taxes |
|
30,314 |
|
|
|
17,048 |
|
|
77.8 |
% |
|
|
47,763 |
|
|
|
34,925 |
|
|
36.8 |
% |
Net income |
$ |
126,251 |
|
|
$ |
97,316 |
|
|
29.7 |
% |
|
$ |
219,155 |
|
|
$ |
212,207 |
|
|
3.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income per share (basic) |
$ |
1.06 |
|
|
$ |
0.82 |
|
|
29.3 |
% |
|
$ |
1.84 |
|
|
$ |
1.79 |
|
|
2.8 |
% |
Net income per share (diluted) |
$ |
1.05 |
|
|
$ |
0.81 |
|
|
29.6 |
% |
|
$ |
1.83 |
|
|
$ |
1.77 |
|
|
3.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Weighted average shares outstanding (basic) |
|
119,418 |
|
|
|
118,500 |
|
|
0.8 |
% |
|
|
119,381 |
|
|
|
118,567 |
|
|
0.7 |
% |
Weighted average shares outstanding (diluted) |
|
119,920 |
|
|
|
119,807 |
|
|
0.1 |
% |
|
|
119,732 |
|
|
|
119,820 |
|
|
(0.1 |
)% |
Business Segment Information (unaudited, in thousands, except average employee headcount) |
|||||||||||||
|
|
NAST |
|
Global Forwarding |
|
All Other and Corporate |
|
Consolidated |
|||||
Three Months Ended June 30, 2024 |
|
|
|
|
|
|
|
|
|||||
Total revenues |
|
$ |
2,989,909 |
|
$ |
921,223 |
|
$ |
572,216 |
|
|
$ |
4,483,348 |
Adjusted gross profits(1) |
|
|
419,657 |
|
|
184,067 |
|
|
83,685 |
|
|
|
687,409 |
Income (loss) from operations |
|
|
141,102 |
|
|
40,982 |
|
|
(3,994 |
) |
|
|
178,090 |
Depreciation and amortization |
|
|
5,525 |
|
|
2,793 |
|
|
16,736 |
|
|
|
25,054 |
Total assets(2) |
|
|
3,053,769 |
|
|
1,306,075 |
|
|
1,152,502 |
|
|
|
5,512,346 |
Average employee headcount |
|
|
5,868 |
|
|
4,652 |
|
|
3,954 |
|
|
|
14,474 |
|
|
|
|
|
|
|
|
|
|||||
|
|
NAST |
|
Global Forwarding |
|
All Other and Corporate |
|
Consolidated |
|||||
Three Months Ended June 30, 2023 |
|
|
|
|
|
|
|
|
|||||
Total revenues |
|
$ |
3,079,268 |
|
$ |
779,867 |
|
$ |
562,721 |
|
|
$ |
4,421,856 |
Adjusted gross profits(1) |
|
|
400,532 |
|
|
179,231 |
|
|
85,733 |
|
|
|
665,496 |
Income (loss) from operations |
|
|
117,859 |
|
|
29,647 |
|
|
(14,883 |
) |
|
|
132,623 |
Depreciation and amortization |
|
|
5,856 |
|
|
5,484 |
|
|
14,635 |
|
|
|
25,975 |
Total assets(2) |
|
|
3,106,092 |
|
|
1,149,091 |
|
|
1,150,078 |
|
|
|
5,405,261 |
Average employee headcount |
|
|
6,497 |
|
|
5,225 |
|
|
4,363 |
|
|
|
16,085 |
____________________________________________ (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 Forwarding |
|
All Other and Corporate |
|
Consolidated |
|||||
Six Months Ended June 30, 2024 |
|
|
|
|
|
|
|
|
|||||
Total revenues |
|
$ |
5,990,222 |
|
$ |
1,779,860 |
|
$ |
1,125,577 |
|
|
$ |
8,895,659 |
Adjusted gross profits(1) |
|
|
816,767 |
|
|
364,112 |
|
|
164,259 |
|
|
|
1,345,138 |
Income (loss) from operations |
|
|
249,997 |
|
|
72,534 |
|
|
(17,308 |
) |
|
|
305,223 |
Depreciation and amortization |
|
|
10,875 |
|
|
5,637 |
|
|
32,420 |
|
|
|
48,932 |
Total assets(2) |
|
|
3,053,769 |
|
|
1,306,075 |
|
|
1,152,502 |
|
|
|
5,512,346 |
Average employee headcount |
|
|
5,929 |
|
|
4,770 |
|
|
4,032 |
|
|
|
14,731 |
|
|
|
|
|
|
|
|
|
|||||
|
|
NAST |
|
Global Forwarding |
|
All Other and Corporate |
|
Consolidated |
|||||
Six Months Ended June 30, 2023 |
|
|
|
|
|
|
|
|
|||||
Total revenues |
|
$ |
6,383,455 |
|
$ |
1,569,845 |
|
$ |
1,080,226 |
|
|
$ |
9,033,526 |
Adjusted gross profits(1) |
|
|
827,187 |
|
|
357,150 |
|
|
166,799 |
|
|
|
1,351,136 |
Income (loss) from operations |
|
|
251,881 |
|
|
59,763 |
|
|
(17,988 |
) |
|
|
293,656 |
Depreciation and amortization |
|
|
11,507 |
|
|
10,964 |
|
|
27,884 |
|
|
|
50,355 |
Total assets(2) |
|
|
3,106,092 |
|
|
1,149,091 |
|
|
1,150,078 |
|
|
|
5,405,261 |
Average employee headcount |
|
|
6,713 |
|
|
5,356 |
|
|
4,454 |
|
|
|
16,523 |
____________________________________________ (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, 2024 |
|
December 31, 2023 |
||
Assets |
|
|
|
||
Current assets: |
|
|
|
||
Cash and cash equivalents |
$ |
113,166 |
|
$ |
145,524 |
Receivables, net of allowance for credit loss |
|
2,650,800 |
|
|
2,381,963 |
Contract assets, net of allowance for credit loss |
|
260,401 |
|
|
189,900 |
Prepaid expenses and other |
|
154,807 |
|
|
163,307 |
Total current assets |
|
3,179,174 |
|
|
2,880,694 |
|
|
|
|
||
Property and equipment, net of accumulated depreciation and amortization |
|
139,636 |
|
|
144,718 |
Right-of-use lease assets |
|
351,823 |
|
|
353,890 |
Intangible and other assets, net of accumulated amortization |
|
1,841,713 |
|
|
1,845,978 |
Total assets |
$ |
5,512,346 |
|
$ |
5,225,280 |
|
|
|
|
||
Liabilities and stockholders’ investment |
|
|
|
||
Current liabilities: |
|
|
|
||
Accounts payable and outstanding checks |
$ |
1,488,632 |
|
$ |
1,370,334 |
Accrued expenses: |
|
|
|
||
Compensation |
|
120,819 |
|
|
135,104 |
Transportation expense |
|
211,310 |
|
|
147,921 |
Income taxes |
|
2,483 |
|
|
4,748 |
Other accrued liabilities |
|
158,846 |
|
|
159,435 |
Current lease liabilities |
|
74,123 |
|
|
74,451 |
Current portion of debt |
|
188,000 |
|
|
160,000 |
Total current liabilities |
|
2,244,213 |
|
|
2,051,993 |
|
|
|
|
||
Long-term debt |
|
1,421,066 |
|
|
1,420,487 |
Noncurrent lease liabilities |
|
299,564 |
|
|
297,563 |
Noncurrent income taxes payable |
|
21,611 |
|
|
21,289 |
Deferred tax liabilities |
|
11,929 |
|
|
13,177 |
Other long-term liabilities |
|
3,522 |
|
|
2,074 |
Total liabilities |
|
4,001,905 |
|
|
3,806,583 |
|
|
|
|
||
Total stockholders’ investment |
|
1,510,441 |
|
|
1,418,697 |
Total liabilities and stockholders’ investment |
$ |
5,512,346 |
|
$ |
5,225,280 |
Condensed Consolidated Statements of Cash Flow (unaudited, in thousands, except operational data) |
|||||||
|
Six Months Ended June 30, |
||||||
Operating activities: |
2024 |
|
2023(1) |
||||
|
|
|
|
||||
Net income |
$ |
219,155 |
|
|
$ |
212,207 |
|
Adjustments to reconcile net income to net cash (used for) provided by operating activities: |
|
|
|
||||
Depreciation and amortization |
|
48,932 |
|
|
|
50,355 |
|
Provision for credit losses |
|
4,298 |
|
|
|
(8,397 |
) |
Stock-based compensation |
|
42,245 |
|
|
|
21,642 |
|
Deferred income taxes |
|
(13,392 |
) |
|
|
(21,825 |
) |
Excess tax benefit on stock-based compensation |
|
(2,274 |
) |
|
|
(8,645 |
) |
Other operating activities |
|
10,841 |
|
|
|
3,080 |
|
Changes in operating elements: |
|
|
|
||||
Receivables |
|
(290,042 |
) |
|
|
501,210 |
|
Contract assets |
|
(70,514 |
) |
|
|
69,662 |
|
Prepaid expenses and other |
|
8,034 |
|
|
|
(23,834 |
) |
Right of use asset |
|
(3,093 |
) |
|
|
28,728 |
|
Accounts payable and outstanding checks |
|
122,404 |
|
|
|
(125,090 |
) |
Accrued compensation |
|
(13,276 |
) |
|
|
(130,197 |
) |
Accrued transportation expenses |
|
63,389 |
|
|
|
(56,524 |
) |
Accrued income taxes |
|
(60 |
) |
|
|
3,308 |
|
Other accrued liabilities |
|
1,108 |
|
|
|
(9,611 |
) |
Lease liability |
|
3,248 |
|
|
|
(26,663 |
) |
Other assets and liabilities |
|
2,096 |
|
|
|
(30 |
) |
Net cash provided by operating activities |
|
133,099 |
|
|
|
479,376 |
|
Investing activities: |
|
|
|
||||
Purchases of property and equipment |
|
(15,238 |
) |
|
|
(21,679 |
) |
Purchases and development of software |
|
(26,573 |
) |
|
|
(29,622 |
) |
Net cash used for investing activities |
|
(41,811 |
) |
|
|
(51,301 |
) |
Financing activities: |
|
|
|
||||
Proceeds from stock issued for employee benefit plans |
|
19,026 |
|
|
|
36,684 |
|
Stock tendered for payment of withholding taxes |
|
(19,808 |
) |
|
|
(21,853 |
) |
Repurchase of common stock |
|
— |
|
|
|
(62,754 |
) |
Cash dividends |
|
(147,283 |
) |
|
|
(146,195 |
) |
Proceeds from short-term borrowings |
|
1,653,000 |
|
|
|
1,861,750 |
|
Payments on short-term borrowings |
|
(1,625,000 |
) |
|
|
(2,099,750 |
) |
Net cash used for financing activities |
|
(120,065 |
) |
|
|
(432,118 |
) |
Effect of exchange rates on cash and cash equivalents |
|
(3,581 |
) |
|
|
(3,284 |
) |
Net change in cash and cash equivalents |
|
(32,358 |
) |
|
|
(7,327 |
) |
Cash and cash equivalents, beginning of period |
|
145,524 |
|
|
|
217,482 |
|
Cash and cash equivalents, end of period |
$ |
113,166 |
|
|
$ |
210,155 |
|
|
As of June 30, |
||||||
Operational Data: |
2024 |
|
2023 |
||||
Employees |
|
14,213 |
|
|
|
15,763 |
|
____________________________________________ (1) The six months ended June 30, 2023 has been adjusted to conform to current year presentation. |
|||||||
CHRW-IR
View source version on businesswire.com: https://www.businesswire.com/news/home/20240731553374/en/
Chuck Ives, Director of Investor Relations
Email: chuck.ives@chrobinson.com
Source: C.H. Robinson
FAQ
What was C.H. Robinson's (CHRW) diluted EPS for Q2 2024?
How did C.H. Robinson's (CHRW) gross profits perform in Q2 2024?
What was the adjusted operating margin for C.H. Robinson (CHRW) in Q2 2024?
How did C.H. Robinson's (CHRW) NAST segment perform in Q2 2024?
