C.H. Robinson Reports 2024 Third Quarter Results
C.H. Robinson reported its Q3 2024 financial results, highlighting a significant increase in profitability. Gross profits rose 15.5% to $723.8 million, while income from operations surged 58.7% to $180.1 million. The company achieved an adjusted operating margin of 24.5%, up 660 basis points. Diluted EPS increased 17.6% to $0.80, and adjusted EPS rose 45.5% to $1.28. However, cash generated by operations fell by $97.2 million to $108.1 million. Total revenues grew 7.0% to $4.6 billion, driven by higher pricing and volume in ocean services. Operating expenses increased 6.5% to $555.1 million, with personnel expenses up 5.2% and other SG&A expenses rising 8.9%. The effective tax rate climbed to 32.4% from 11.7% last year. Year-to-date results showed a 1.2% increase in revenues to $13.5 billion and a 4.4% rise in gross profits to $2.0 billion. Net income for Q3 totaled $97.2 million, up 18.6%.
C.H. Robinson ha riportato i risultati finanziari del terzo trimestre del 2024, evidenziando un significativo aumento della redditività. I profitti lordi sono aumentati del 15,5% a 723,8 milioni di dollari, mentre il reddito operativo è esploso del 58,7% a 180,1 milioni di dollari. L'azienda ha raggiunto un margine operativo rettificato del 24,5%, in aumento di 660 punti base. L'EPS diluito è cresciuto del 17,6% a 0,80 dollari, e L'EPS rettificato è aumentato del 45,5% a 1,28 dollari. Tuttavia, il cash generato dalle operazioni è diminuito di 97,2 milioni di dollari a 108,1 milioni di dollari. I ricavi totali sono aumentati del 7,0% a 4,6 miliardi di dollari, guidati da prezzi più elevati e maggiori volumi nei servizi marittimi. Le spese operative sono aumentate del 6,5% a 555,1 milioni di dollari, con le spese per il personale in aumento del 5,2% e altre spese SG&A in aumento dell'8,9%. Il tasso effettivo di imposizione fiscale è salito al 32,4% rispetto all'11,7% dell'anno scorso. I risultati da inizio anno hanno mostrato un aumento del 1,2% dei ricavi a 13,5 miliardi di dollari e un incremento del 4,4% dei profitti lordi a 2,0 miliardi di dollari. Il reddito netto per il terzo trimestre è stato di 97,2 milioni di dollari, in aumento del 18,6%.
C.H. Robinson informó sus resultados financieros del tercer trimestre de 2024, destacando un aumento significativo en la rentabilidad. Las ganancias brutas aumentaron un 15,5% a 723,8 millones de dólares, mientras que los ingresos de operaciones se dispararon un 58,7% a 180,1 millones de dólares. La compañía logró un margen operativo ajustado del 24,5%, un incremento de 660 puntos básicos. Las ganancias por acción diluidas aumentaron un 17,6% a 0,80 dólares y las ganancias por acción ajustadas subieron un 45,5% a 1,28 dólares. Sin embargo, el efectivo generado por operaciones cayó en 97,2 millones de dólares a 108,1 millones de dólares. Los ingresos totales crecieron un 7,0% a 4,6 mil millones de dólares, impulsados por mayores precios y volumen en servicios marítimos. Los gastos operativos aumentaron un 6,5% a 555,1 millones de dólares, con un incremento del 5,2% en los gastos de personal y un aumento del 8,9% en otros gastos SG&A. La tasa impositiva efectiva subió al 32,4% desde el 11,7% del año pasado. Los resultados acumulados hasta la fecha mostraron un aumento del 1,2% en los ingresos a 13,5 mil millones de dólares y un aumento del 4,4% en las ganancias brutas a 2,0 mil millones de dólares. El ingreso neto para el tercer trimestre fue de 97,2 millones de dólares, un aumento del 18,6%.
C.H. Robinson은 2024년 3분기 재무 결과를 발표하며 수익성이 크게 증가했음을 강조했습니다. 총 수익은 15.5% 증가하여 7억 2,380만 달러에 달했으며, 운영 수익은 58.7% 급증하여 1억 8,010만 달러에 이르렀습니다. 회사는 조정된 운영 마진이 24.5%로 660베이시스 포인트 증가했다고 보고했습니다. 희석 주당순이익 (EPS)은 17.6% 증가하여 0.80달러로, 조정 주당순이익은 45.5% 증가하여 1.28달러에 도달했습니다. 그러나 운영에서 생성된 현금은 9,720만 달러 감소하여 1억 8,810만 달러에 그쳤습니다. 총 수익은 7.0% 증가하여 46억 달러에 이르렀고, 이는 해양 서비스의 가격 인상 및 거래량 증가에 의해 촉진되었습니다. 운영 비용은 6.5% 증가하여 5억 5,510만 달러에 달했으며, 인건비는 5.2% 증가하고 기타 영업 및 관리 비용(SG&A)은 8.9% 증가했습니다. 유효 세율은 지난해 11.7%에서 32.4%로 상승했습니다. 연초 대비 결과는 매출이 1.2% 증가하여 135억 달러에 이르고, 총 수익은 4.4% 증가하여 20억 달러에 달했습니다. 3분기 순이익은 9,720만 달러로 18.6% 증가했습니다.
C.H. Robinson a publié ses résultats financiers du troisième trimestre 2024, mettant en avant une augmentation significative de la rentabilité. Les bénéfices bruts ont augmenté de 15,5 % pour atteindre 723,8 millions de dollars, tandis que le revenu d'exploitation a bondi de 58,7 % pour atteindre 180,1 millions de dollars. L'entreprise a atteint une marge opérationnelle ajustée de 24,5 %, soit une hausse de 660 points de base. Le BPA dilué a augmenté de 17,6 % pour atteindre 0,80 dollar, et le BPA ajusté a grimpé de 45,5 % pour atteindre 1,28 dollar. Cependant, la trésorerie générée par les opérations a chuté de 97,2 millions de dollars pour atteindre 108,1 millions de dollars. Le chiffre d'affaires total a augmenté de 7,0 % pour atteindre 4,6 milliards de dollars, soutenu par des prix plus élevés et un volume accru dans les services maritimes. Les dépenses d'exploitation ont augmenté de 6,5 % pour atteindre 555,1 millions de dollars, avec une augmentation de 5,2 % des dépenses de personnel et une hausse de 8,9 % des autres dépenses SG&A. Le taux d'imposition effectif a grimpé à 32,4 % contre 11,7 % l'année précédente. Les résultats cumulés depuis le début de l'année montrent une hausse de 1,2 % du chiffre d'affaires à 13,5 milliards de dollars et une hausse de 4,4 % des bénéfices bruts à 2,0 milliards de dollars. Le résultat net pour le troisième trimestre s'élève à 97,2 millions de dollars, soit une augmentation de 18,6 %.
C.H. Robinson hat die finanziellen Ergebnisse für das dritte Quartal 2024 veröffentlicht und dabei einen signifikanten Anstieg der Rentabilität hervorgehoben. Die Bruttogewinne stiegen um 15,5% auf 723,8 Millionen Dollar, während der Betriebsgewinn um 58,7% auf 180,1 Millionen Dollar zulegte. Das Unternehmen erreichte eine adjustierte operative Marge von 24,5%, ein Anstieg um 660 Basispunkte. Der verwässerte Gewinn pro Aktie (EPS) stieg um 17,6% auf 0,80 Dollar und der adjustierte EPS legte um 45,5% auf 1,28 Dollar zu. Allerdings fiel der durch Betriebe generierte Cashflow um 97,2 Millionen Dollar auf 108,1 Millionen Dollar. Der Gesamtumsatz wuchs um 7,0% auf 4,6 Milliarden Dollar, was durch höhere Preise und ein erhöhtes Volumen im Schifffahrtsdienst angekurbelt wurde. Die Betriebskosten stiegen um 6,5% auf 555,1 Millionen Dollar, wobei die Personalkosten um 5,2% und andere Vertriebs- und Verwaltungskosten (SG&A) um 8,9% anstiegen. Der effektive Steuersatz stieg von 11,7% im letzten Jahr auf 32,4%. Die kumulierten Ergebnisse für das Jahr zeigten einen Umsatzanstieg von 1,2% auf 13,5 Milliarden Dollar und einen Anstieg der Bruttogewinne um 4,4% auf 2,0 Milliarden Dollar. Der Nettogewinn für das dritte Quartal betrug 97,2 Millionen Dollar, was einem Anstieg von 18,6% entspricht.
- Gross profits increased 15.5% to $723.8 million
- Income from operations rose 58.7% to $180.1 million
- Adjusted operating margin improved by 660 basis points to 24.5%
- Diluted EPS increased 17.6% to $0.80
- Adjusted EPS grew 45.5% to $1.28
- Total revenues grew 7.0% to $4.6 billion
- Net income increased 18.6% to $97.2 million
- Cash generated by operations decreased by $97.2 million
- Operating expenses increased 6.5% to $555.1 million
- Effective tax rate increased to 32.4% from 11.7% last year
Insights
C.H. Robinson's Q3 results demonstrate significant operational improvements despite challenging market conditions. Gross profits increased
Key positives include expanded NAST gross profit margins, productivity gains in both NAST and Global Forwarding and strong ocean services performance. However, the
The planned divestiture of Europe Surface Transportation resulted in a
Third Quarter Highlights:
- Significant year-over-year increase in profitability, driven by strong execution, disciplined volume growth and improvement in gross profit, productivity and operating leverage
-
Gross profits increased
15.5% to$723.8 million -
Income from operations increased
58.7% to$180.1 million -
Adjusted operating margin(1) increased 660 basis points to
24.5% -
Adjusted operating margin, excluding restructuring and loss on divestiture(1), increased 1,120 basis points to
32.9% -
Diluted earnings per share (EPS) increased
17.6% to$0.80 -
Adjusted EPS(1) increased
45.5% to$1.28 -
Cash generated by operations decreased by
$97.2 million $108.1 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 11 through 13 for further discussion and GAAP to Non-GAAP Reconciliations. |
"I’m pleased with our third quarter results that reflect continued improvement in our execution, as we continue to deploy our new operating model. We are raising the bar, even in a historically prolonged freight recession, with strong execution and disciplined volume growth across divisions while delivering exceptional service for our customers and carriers," said C.H. Robinson's President and Chief Executive Officer, Dave Bozeman. "I want to thank our people, one of our greatest competitive advantages, for their relentless efforts to embrace our new operating model and execute in a fit, fast and focused way so we can keep pushing that bar higher."
"Due to a focus on constantly testing market conditions and optimizing yield, we improved the quality of our volume in the third quarter and continued to expand our NAST gross profit margin. We also continued to push our efficiency to higher levels in both NAST and Global Forwarding, and we remain on track to deliver greater than
"Our new operating model has changed how we discover and inspect root cause issues and quickly implement countermeasures to improve the level of our operational execution. The reliability of our operating reviews continues to increase, as we leverage our data rich environment to inform our decision making and enhance our competitive differentiation," said Bozeman. "At an organizational level, we continue to cascade the operating model deeper into the organization and build operational muscle at various levels of the enterprise to deliver on our strategic roadmap. As part of this effort, an evolving toolkit is being used by our employees in the form of problem resolution, balanced scorecard reviews, daily management, and value stream mapping, to name a few."
"Empowering our people with the Robinson operating model is creating a flywheel of performance, talent development and accountability that is evolving our culture to be driven by progress, execution and proactive problem identification and resolution. This is showing up in improvements such as more disciplined pricing and better decisions on the volume that we’re seeking. We are still early in our journey, but the operating model is helping us execute a solid strategy even better, and we expect further improvement as our team continues to embrace this new way of operating. As I’ve said before, I know from my past experiences of implementing Lean operating models that improvement isn’t always linear. But I’m confident in the team’s willingness and ability to drive a higher and more consistent level of discipline in our operational execution," Bozeman concluded.
Summary of Third Quarter of 2024 Results Compared to the Third Quarter of 2023
-
Total revenues increased
7.0% to$4.6 billion -
Gross profits increased
15.5% to$723.8 million 15.8% to$735.3 million -
Operating expenses increased
6.5% to$555.1 million 5.2% to$361.6 million 9.6% . Other selling, general and administrative (“SG&A”) expenses increased8.9% to$193.6 million $57.0 million $21.4 million Argentina . In addition, other SG&A expenses decreased across several expense categories in the current year. -
Income from operations totaled
$180.1 million 58.7% due to the increase in adjusted gross profits, partially offset by the increase in operating expenses. Adjusted operating margin(1) of24.5% increased 660 basis points. -
Interest and other income/expense, net totaled
$36.3 million $22.1 million $0.2 million $15.1 million -
The effective tax rate in the quarter was
32.4% , compared to11.7% in the third quarter last year. The higher rate in the third quarter of this year was driven by the impact of higher pre-tax income and non-recurring discrete items in the quarter, partially offset by increased tax benefit related to stock-based compensation and higherU.S. tax credits. -
Net income totaled
$97.2 million 18.6% from a year ago. Diluted EPS of$0.80 17.6% . Adjusted EPS(1) of$1.28 45.5% .
(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 increased
1.2% to$13.5 billion -
Gross profits increased
4.4% to$2.0 billion 4.8% to$2.1 billion -
Operating expenses increased
1.0% to$1.6 billion 0.2% to$1.1 billion 10.5% . Other SG&A expenses increased3.9% to$493.2 million $57.0 million $22.6 million Argentina . In addition, other SG&A expenses decreased across several expense categories in the current year. -
Income from operations totaled
$485.3 million 19.2% from last year, due to the increase in adjusted gross profits, partially offset by an increase in operating expenses. Adjusted operating margin(1) of23.3% increased 280 basis points. -
Interest and other income/expense, net totaled
$74.6 million $67.1 million $1.5 million $10.7 million -
The effective tax rate for the nine months ended September 30, 2024 was
23.0% compared to13.5% in the year-ago period. The higher rate in the current period was driven by the impact of higher pre-tax income and non-recurring discrete items in the quarter, partially offset by higherU.S. tax credits. -
Net income totaled
$316.4 million 7.6% from a year ago. Diluted EPS of$2.63 6.9% . Adjusted EPS(1) of$3.30 17.9% .
(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 September 30, |
|
Nine Months Ended September 30, |
||||||||||||||
|
|
2024 |
|
|
2023 |
|
% change |
|
|
2024 |
|
|
2023 |
|
% change |
||
Total revenues |
$ |
2,934,617 |
|
$ |
3,086,970 |
|
(4.9 |
)% |
|
$ |
8,924,839 |
|
$ |
9,470,425 |
|
(5.8 |
)% |
Adjusted gross profits(1) |
|
420,664 |
|
|
386,510 |
|
8.8 |
% |
|
|
1,237,431 |
|
|
1,213,697 |
|
2.0 |
% |
Income from operations |
|
148,767 |
|
|
112,121 |
|
32.7 |
% |
|
|
398,764 |
|
|
364,002 |
|
9.5 |
% |
____________________________________________
(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. |
Third 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 September 30, |
|
Nine Months Ended September 30, |
||||||||||||||
|
|
2024 |
|
|
2023 |
|
% change |
|
|
2024 |
|
|
2023 |
|
% change |
||
Total revenues |
$ |
1,141,190 |
|
$ |
719,045 |
|
58.7 |
% |
|
$ |
2,921,050 |
|
$ |
2,288,890 |
|
27.6 |
% |
Adjusted gross profits(1) |
|
234,636 |
|
|
169,893 |
|
38.1 |
% |
|
|
598,748 |
|
|
527,043 |
|
13.6 |
% |
Income from operations |
|
88,115 |
|
|
3,491 |
|
N/M |
|
|
|
160,649 |
|
|
63,254 |
|
154.0 |
% |
____________________________________________
(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 Robinson Fresh, Managed Services and Other Surface Transportation are summarized as follows (dollars in thousands):
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||||||
|
|
2024 |
|
|
2023 |
|
% change |
|
|
2024 |
|
|
2023 |
|
% change |
||
Total revenues |
$ |
568,834 |
|
$ |
535,015 |
|
6.3 |
% |
|
$ |
1,694,411 |
|
$ |
1,615,241 |
|
4.9 |
% |
Adjusted gross profits(1): |
|
|
|
|
|
|
|
|
|
|
|
||||||
Robinson Fresh |
$ |
36,708 |
|
$ |
31,083 |
|
18.1 |
% |
|
$ |
110,327 |
|
$ |
100,123 |
|
10.2 |
% |
Managed Services |
|
27,949 |
|
|
29,427 |
|
(5.0 |
)% |
|
|
85,637 |
|
|
87,350 |
|
(2.0 |
)% |
Other Surface Transportation |
|
15,296 |
|
|
17,936 |
|
(14.7 |
)% |
|
|
48,248 |
|
|
57,772 |
|
(16.5 |
)% |
____________________________________________
(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. |
Third quarter Robinson Fresh adjusted gross profits increased
Other Income Statement Items
Interest and other income/expense, net totaled
The third 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 third 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. 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 Third Quarter 2024 Earnings Conference Call
Wednesday, October 30, 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 September 30, |
|
Nine Months Ended September 30, |
||||||||||||||
|
|
2024 |
|
|
2023 |
|
% change |
|
|
2024 |
|
|
2023 |
|
% change |
||
Adjusted gross profits(1): |
|
|
|
|
|
|
|
|
|
|
|
||||||
Transportation |
|
|
|
|
|
|
|
|
|
|
|
||||||
Truckload |
$ |
279,564 |
|
$ |
245,439 |
|
13.9 |
% |
|
$ |
811,164 |
|
$ |
795,240 |
|
2.0 |
% |
LTL |
|
143,228 |
|
|
137,949 |
|
3.8 |
% |
|
|
430,187 |
|
|
413,771 |
|
4.0 |
% |
Ocean |
|
163,314 |
|
|
104,116 |
|
56.9 |
% |
|
|
392,831 |
|
|
321,692 |
|
22.1 |
% |
Air |
|
33,607 |
|
|
30,201 |
|
11.3 |
% |
|
|
95,045 |
|
|
95,246 |
|
(0.2 |
)% |
Customs |
|
28,266 |
|
|
24,904 |
|
13.5 |
% |
|
|
81,013 |
|
|
73,366 |
|
10.4 |
% |
Other logistics services |
|
54,338 |
|
|
64,838 |
|
(16.2 |
)% |
|
|
171,216 |
|
|
196,333 |
|
(12.8 |
)% |
Total transportation |
|
702,317 |
|
|
607,447 |
|
15.6 |
% |
|
|
1,981,456 |
|
|
1,895,648 |
|
4.5 |
% |
Sourcing |
|
32,936 |
|
|
27,402 |
|
20.2 |
% |
|
|
98,935 |
|
|
90,337 |
|
9.5 |
% |
Total adjusted gross profits |
$ |
735,253 |
|
$ |
634,849 |
|
15.8 |
% |
|
$ |
2,080,391 |
|
$ |
1,985,985 |
|
4.8 |
% |
____________________________________________
(1) Adjusted gross profits is a non-GAAP financial measure explained later in this release. The difference between adjusted gross profits and gross profits is not material. |
GAAP to Non-GAAP Reconciliation
(unaudited, in thousands)
Our adjusted gross profit is a non-GAAP financial measure. Adjusted gross profit is calculated as gross profit excluding amortization of internally developed software utilized to directly serve our customers and contracted carriers. We believe adjusted gross profit is a useful measure of our ability to source, add value, and sell services and products that are provided by third parties, and we consider adjusted gross profit to be a primary performance measurement. Accordingly, the discussion of our results of operations often focuses on the changes in our adjusted gross profit. The reconciliation of gross profit to adjusted gross profit is presented below (in thousands):
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||||||
|
|
2024 |
|
|
2023 |
|
% change |
|
|
2024 |
|
|
2023 |
|
% change |
||
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
||||||
Transportation |
$ |
4,278,300 |
|
$ |
4,029,407 |
|
6.2 |
% |
|
$ |
12,482,818 |
|
$ |
12,442,199 |
|
0.3 |
% |
Sourcing |
|
366,341 |
|
|
311,623 |
|
17.6 |
% |
|
|
1,057,482 |
|
|
932,357 |
|
13.4 |
% |
Total revenues |
|
4,644,641 |
|
|
4,341,030 |
|
7.0 |
% |
|
|
13,540,300 |
|
|
13,374,556 |
|
1.2 |
% |
Costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
||||||
Purchased transportation and related services |
|
3,575,983 |
|
|
3,421,960 |
|
4.5 |
% |
|
|
10,501,362 |
|
|
10,546,551 |
|
(0.4 |
)% |
Purchased products sourced for resale |
|
333,405 |
|
|
284,221 |
|
17.3 |
% |
|
|
958,547 |
|
|
842,020 |
|
13.8 |
% |
Direct internally developed software amortization |
|
11,441 |
|
|
8,233 |
|
39.0 |
% |
|
|
32,546 |
|
|
24,299 |
|
33.9 |
% |
Total direct expenses |
|
3,920,829 |
|
|
3,714,414 |
|
5.6 |
% |
|
|
11,492,455 |
|
|
11,412,870 |
|
0.7 |
% |
Gross profit |
$ |
723,812 |
|
$ |
626,616 |
|
15.5 |
% |
|
$ |
2,047,845 |
|
$ |
1,961,686 |
|
4.4 |
% |
Plus: Direct internally developed software amortization |
|
11,441 |
|
|
8,233 |
|
39.0 |
% |
|
|
32,546 |
|
|
24,299 |
|
33.9 |
% |
Adjusted gross profit |
$ |
735,253 |
|
$ |
634,849 |
|
15.8 |
% |
|
$ |
2,080,391 |
|
$ |
1,985,985 |
|
4.8 |
% |
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 September 30, |
|
Nine Months Ended September 30, |
||||||||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
% change |
|
|
2024 |
|
|
|
2023 |
|
|
% change |
||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total revenues |
$ |
4,644,641 |
|
|
$ |
4,341,030 |
|
|
7.0 |
% |
|
$ |
13,540,300 |
|
|
$ |
13,374,556 |
|
|
1.2 |
% |
Income from operations |
|
180,119 |
|
|
|
113,522 |
|
|
58.7 |
% |
|
|
485,342 |
|
|
|
407,178 |
|
|
19.2 |
% |
Operating margin |
|
3.9 |
% |
|
|
2.6 |
% |
|
130 bps |
|
|
3.6 |
% |
|
|
3.0 |
% |
|
60 bps |
||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted gross profit |
$ |
735,253 |
|
|
$ |
634,849 |
|
|
15.8 |
% |
|
$ |
2,080,391 |
|
|
$ |
1,985,985 |
|
|
4.8 |
% |
Income from operations |
|
180,119 |
|
|
|
113,522 |
|
|
58.7 |
% |
|
|
485,342 |
|
|
|
407,178 |
|
|
19.2 |
% |
Adjusted operating margin |
|
24.5 |
% |
|
|
17.9 |
% |
|
660 bps |
|
|
23.3 |
% |
|
|
20.5 |
% |
|
280 bps |
||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted gross profit |
$ |
735,253 |
|
|
$ |
634,849 |
|
|
15.8 |
% |
|
$ |
2,080,391 |
|
|
$ |
1,985,985 |
|
|
4.8 |
% |
Adjusted income from operations |
|
241,584 |
|
|
|
137,985 |
|
|
75.1 |
% |
|
|
574,941 |
|
|
|
449,495 |
|
|
27.9 |
% |
Adjusted operating margin - excluding restructuring and loss on divestiture |
|
32.9 |
% |
|
|
21.7 |
% |
|
1,120 bps |
|
|
27.6 |
% |
|
|
22.6 |
% |
|
500 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, and foreign currency losses from our
|
NAST |
|
Global
|
|
All
|
|
Consolidated |
||||||||
Three Months Ended September 30, 2024 |
|
|
|
|
|
|
|
||||||||
Non-GAAP Reconciliation: |
|
|
|
|
|
|
|
||||||||
Income (loss) from operations |
$ |
148,767 |
|
|
$ |
88,115 |
|
|
$ |
(56,763 |
) |
|
$ |
180,119 |
|
Severance and other personnel expenses |
|
1,238 |
|
|
|
461 |
|
|
|
1,221 |
|
|
|
2,920 |
|
Other selling, general, and administrative expenses |
|
560 |
|
|
|
855 |
|
|
|
57,130 |
|
|
|
58,545 |
|
Total adjustments to income (loss) from operations(1) |
|
1,798 |
|
|
|
1,316 |
|
|
|
58,351 |
|
|
|
61,465 |
|
Adjusted income from operations |
$ |
150,565 |
|
|
$ |
89,431 |
|
|
$ |
1,588 |
|
|
$ |
241,584 |
|
|
|
|
|
|
|
|
|
||||||||
Adjusted gross profit |
$ |
420,664 |
|
|
$ |
234,636 |
|
|
$ |
79,953 |
|
|
$ |
735,253 |
|
Adjusted income from operations |
|
150,565 |
|
|
|
89,431 |
|
|
|
1,588 |
|
|
|
241,584 |
|
Adjusted operating margin - excluding restructuring and loss on divestiture |
|
35.8 |
% |
|
|
38.1 |
% |
|
|
2.0 |
% |
|
|
32.9 |
% |
|
|
|
|
|
|
|
|
||||||||
|
NAST |
|
Global
|
|
All Other and Corporate |
|
Consolidated |
||||||||
Nine Months Ended September 30, 2024 |
|
|
|
|
|
|
|
||||||||
Income (loss) from operations |
$ |
398,764 |
|
|
$ |
160,649 |
|
|
$ |
(74,071 |
) |
|
$ |
485,342 |
|
Severance and other personnel expenses |
|
9,022 |
|
|
|
5,855 |
|
|
|
5,430 |
|
|
|
20,307 |
|
Other selling, general, and administrative expenses |
|
6,214 |
|
|
|
2,448 |
|
|
|
60,630 |
|
|
|
69,292 |
|
Total adjustments to income (loss) from operations(2) |
|
15,236 |
|
|
|
8,303 |
|
|
|
66,060 |
|
|
|
89,599 |
|
Adjusted income (loss) from operations |
$ |
414,000 |
|
|
$ |
168,952 |
|
|
$ |
(8,011 |
) |
|
$ |
574,941 |
|
|
|
|
|
|
|
|
|
||||||||
Adjusted gross profit |
$ |
1,237,431 |
|
|
$ |
598,748 |
|
|
$ |
244,212 |
|
|
$ |
2,080,391 |
|
Adjusted income (loss) from operations |
|
414,000 |
|
|
|
168,952 |
|
|
|
(8,011 |
) |
|
|
574,941 |
|
Adjusted operating margin - excluding restructuring and loss on divestiture |
|
33.5 |
% |
|
|
28.2 |
% |
|
|
N/M |
|
|
|
27.6 |
% |
|
|
|
|
|
|
|
|
||||||||
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
$ in 000's |
|
per share |
|
$ in 000's |
|
per share |
||||||||
Net income and per share (diluted) |
$ |
97,229 |
|
|
$ |
0.80 |
|
|
$ |
316,384 |
|
|
$ |
2.63 |
|
Restructuring and related costs, pre-tax |
|
4,429 |
|
|
|
0.04 |
|
|
|
32,563 |
|
|
|
0.28 |
|
Loss on divestiture, pre-tax |
|
57,036 |
|
|
|
0.47 |
|
|
|
57,036 |
|
|
|
0.47 |
|
Tax effect of adjustments |
|
(3,176 |
) |
|
|
(0.03 |
) |
|
|
(9,922 |
) |
|
|
(0.08 |
) |
Adjusted net income and per share (diluted) |
$ |
155,518 |
|
|
$ |
1.28 |
|
|
$ |
396,061 |
|
|
$ |
3.30 |
|
____________________________________________
(1) The three months ended September 30, 2024 include restructuring expenses of |
(2) The nine months ended September 30, 2024 include restructuring expenses of |
|
NAST |
|
Global
|
|
All
|
|
Consolidated |
||||||||
Three Months Ended September 30, 2023 |
|
|
|
|
|
|
|
||||||||
Non-GAAP Reconciliation: |
|
|
|
|
|
|
|
||||||||
Income (loss) from operations |
$ |
112,121 |
|
|
$ |
3,491 |
|
|
$ |
(2,090 |
) |
|
$ |
113,522 |
|
Severance and other personnel expenses |
|
(73 |
) |
|
|
2,513 |
|
|
|
578 |
|
|
|
3,018 |
|
Other selling, general, and administrative expenses |
|
4 |
|
|
|
21,079 |
|
|
|
362 |
|
|
|
21,445 |
|
Total adjustments to income (loss) from operations(1) |
|
(69 |
) |
|
|
23,592 |
|
|
|
940 |
|
|
|
24,463 |
|
Adjusted income (loss) from operations |
$ |
112,052 |
|
|
$ |
27,083 |
|
|
$ |
(1,150 |
) |
|
$ |
137,985 |
|
|
|
|
|
|
|
|
|
||||||||
Adjusted gross profit |
$ |
386,510 |
|
|
$ |
169,893 |
|
|
$ |
78,446 |
|
|
$ |
634,849 |
|
Adjusted income (loss) from operations |
|
112,052 |
|
|
|
27,083 |
|
|
|
(1,150 |
) |
|
|
137,985 |
|
Adjusted operating margin - excluding restructuring and loss on divestiture |
|
29.0 |
% |
|
|
15.9 |
% |
|
|
N/M |
|
|
|
21.7 |
% |
|
|
|
|
|
|
|
|
||||||||
|
NAST |
|
Global
|
|
All
|
|
Consolidated |
||||||||
Nine Months Ended September 30, 2023 |
|
|
|
|
|
|
|
||||||||
Income (loss) from operations |
$ |
364,002 |
|
|
$ |
63,254 |
|
|
$ |
(20,078 |
) |
|
$ |
407,178 |
|
Severance and other personnel expenses |
|
1,083 |
|
|
|
4,742 |
|
|
|
13,918 |
|
|
|
19,743 |
|
Other selling, general, and administrative expenses |
|
8 |
|
|
|
21,242 |
|
|
|
1,324 |
|
|
|
22,574 |
|
Total adjustments to income (loss) from operations(2) |
|
1,091 |
|
|
|
25,984 |
|
|
|
15,242 |
|
|
|
42,317 |
|
Adjusted income (loss) from operations |
$ |
365,093 |
|
|
$ |
89,238 |
|
|
$ |
(4,836 |
) |
|
$ |
449,495 |
|
|
|
|
|
|
|
|
|
||||||||
Adjusted gross profit |
$ |
1,213,697 |
|
|
$ |
527,043 |
|
|
$ |
245,245 |
|
|
$ |
1,985,985 |
|
Adjusted income (loss) from operations |
|
365,093 |
|
|
|
89,238 |
|
|
|
(4,836 |
) |
|
|
449,495 |
|
Adjusted operating margin - excluding restructuring and loss on divestiture |
|
30.1 |
% |
|
|
16.9 |
% |
|
|
N/M |
|
|
|
22.6 |
% |
|
|
|
|
|
|
|
|
||||||||
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
$ in 000's |
|
per share |
|
$ in 000's |
|
per share |
||||||||
Net income and per share (diluted) |
$ |
81,949 |
|
|
$ |
0.68 |
|
|
$ |
294,156 |
|
|
$ |
2.46 |
|
Restructuring and related costs, pre-tax(1)(2) |
|
(139 |
) |
|
|
— |
|
|
|
17,715 |
|
|
|
0.15 |
|
Loss on divestiture, pre-tax |
|
24,602 |
|
|
|
0.21 |
|
|
|
24,602 |
|
|
|
0.20 |
|
Foreign currency loss on divested operations, pre-tax |
|
5,112 |
|
|
|
0.04 |
|
|
|
8,921 |
|
|
|
0.07 |
|
Tax effect of adjustments |
|
(5,469 |
) |
|
|
(0.05 |
) |
|
|
(9,755 |
) |
|
|
(0.08 |
) |
Adjusted net income and per share (diluted) |
$ |
106,055 |
|
|
$ |
0.88 |
|
|
$ |
335,639 |
|
|
$ |
2.80 |
|
____________________________________________
(1) The three months ended September 30, 2023 includes restructuring expenses of |
(2) The nine months ended September 30, 2023 includes restructuring expenses of |
Condensed Consolidated Statements of Income
(unaudited, in thousands, except per share data)
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||||||||||
|
|
||||||||||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
% change |
|
|
2024 |
|
|
|
2023 |
|
|
% change |
||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Transportation |
$ |
4,278,300 |
|
|
$ |
4,029,407 |
|
|
6.2 |
% |
|
$ |
12,482,818 |
|
|
$ |
12,442,199 |
|
|
0.3 |
% |
Sourcing |
|
366,341 |
|
|
|
311,623 |
|
|
17.6 |
% |
|
|
1,057,482 |
|
|
|
932,357 |
|
|
13.4 |
% |
Total revenues |
|
4,644,641 |
|
|
|
4,341,030 |
|
|
7.0 |
% |
|
|
13,540,300 |
|
|
|
13,374,556 |
|
|
1.2 |
% |
Costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Purchased transportation and related services |
|
3,575,983 |
|
|
|
3,421,960 |
|
|
4.5 |
% |
|
|
10,501,362 |
|
|
|
10,546,551 |
|
|
(0.4 |
)% |
Purchased products sourced for resale |
|
333,405 |
|
|
|
284,221 |
|
|
17.3 |
% |
|
|
958,547 |
|
|
|
842,020 |
|
|
13.8 |
% |
Personnel expenses |
|
361,559 |
|
|
|
343,532 |
|
|
5.2 |
% |
|
|
1,101,868 |
|
|
|
1,103,915 |
|
|
(0.2 |
)% |
Other selling, general, and administrative expenses |
|
193,575 |
|
|
|
177,795 |
|
|
8.9 |
% |
|
|
493,181 |
|
|
|
474,892 |
|
|
3.9 |
% |
Total costs and expenses |
|
4,464,522 |
|
|
|
4,227,508 |
|
|
5.6 |
% |
|
|
13,054,958 |
|
|
|
12,967,378 |
|
|
0.7 |
% |
Income from operations |
|
180,119 |
|
|
|
113,522 |
|
|
58.7 |
% |
|
|
485,342 |
|
|
|
407,178 |
|
|
19.2 |
% |
Interest and other income/expense, net |
|
(36,282 |
) |
|
|
(20,748 |
) |
|
74.9 |
% |
|
|
(74,587 |
) |
|
|
(67,272 |
) |
|
10.9 |
% |
Income before provision for income taxes |
|
143,837 |
|
|
|
92,774 |
|
|
55.0 |
% |
|
|
410,755 |
|
|
|
339,906 |
|
|
20.8 |
% |
Provision for income taxes |
|
46,608 |
|
|
|
10,825 |
|
|
330.6 |
% |
|
|
94,371 |
|
|
|
45,750 |
|
|
106.3 |
% |
Net income |
$ |
97,229 |
|
|
$ |
81,949 |
|
|
18.6 |
% |
|
$ |
316,384 |
|
|
$ |
294,156 |
|
|
7.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income per share (basic) |
$ |
0.81 |
|
|
$ |
0.69 |
|
|
17.4 |
% |
|
$ |
2.65 |
|
|
$ |
2.48 |
|
|
6.9 |
% |
Net income per share (diluted) |
$ |
0.80 |
|
|
$ |
0.68 |
|
|
17.6 |
% |
|
$ |
2.63 |
|
|
$ |
2.46 |
|
|
6.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Weighted average shares outstanding (basic) |
|
119,860 |
|
|
|
118,464 |
|
|
1.2 |
% |
|
|
119,542 |
|
|
|
118,532 |
|
|
0.9 |
% |
Weighted average shares outstanding (diluted) |
|
121,179 |
|
|
|
119,751 |
|
|
1.2 |
% |
|
|
120,155 |
|
|
|
119,762 |
|
|
0.3 |
% |
Business Segment Information
(unaudited, in thousands, except average employee headcount)
|
|
NAST |
|
Global
|
|
All
|
|
Consolidated |
|||||
Three Months Ended September 30, 2024 |
|
|
|
|
|
|
|
|
|||||
Total revenues |
|
$ |
2,934,617 |
|
$ |
1,141,190 |
|
$ |
568,834 |
|
|
$ |
4,644,641 |
Adjusted gross profits(1) |
|
|
420,664 |
|
|
234,636 |
|
|
79,953 |
|
|
|
735,253 |
Income (loss) from operations |
|
|
148,767 |
|
|
88,115 |
|
|
(56,763 |
) |
|
|
180,119 |
Depreciation and amortization |
|
|
4,904 |
|
|
2,608 |
|
|
16,436 |
|
|
|
23,948 |
Total assets(2) |
|
|
3,026,031 |
|
|
1,566,427 |
|
|
1,020,897 |
|
|
|
5,613,355 |
Average employee headcount |
|
|
5,595 |
|
|
4,552 |
|
|
3,938 |
|
|
|
14,085 |
|
|
|
|
|
|
|
|
|
|||||
|
|
NAST |
|
Global
|
|
All
|
|
Consolidated |
|||||
Three Months Ended September 30, 2023 |
|
|
|
|
|
|
|
|
|||||
Total revenues |
|
$ |
3,086,970 |
|
$ |
719,045 |
|
$ |
535,015 |
|
|
$ |
4,341,030 |
Adjusted gross profits(1) |
|
|
386,510 |
|
|
169,893 |
|
|
78,446 |
|
|
|
634,849 |
Income (loss) from operations |
|
|
112,121 |
|
|
3,491 |
|
|
(2,090 |
) |
|
|
113,522 |
Depreciation and amortization |
|
|
5,882 |
|
|
5,446 |
|
|
14,216 |
|
|
|
25,544 |
Total assets(2) |
|
|
3,162,720 |
|
|
1,081,262 |
|
|
1,073,685 |
|
|
|
5,317,667 |
Average employee headcount |
|
|
6,278 |
|
|
5,082 |
|
|
4,217 |
|
|
|
15,577 |
____________________________________________
(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 |
|||||
Nine Months Ended September 30, 2024 |
|
|
|
|
|
|
|
|
|||||
Total revenues |
|
$ |
8,924,839 |
|
$ |
2,921,050 |
|
$ |
1,694,411 |
|
|
$ |
13,540,300 |
Adjusted gross profits(1) |
|
|
1,237,431 |
|
|
598,748 |
|
|
244,212 |
|
|
|
2,080,391 |
Income (loss) from operations |
|
|
398,764 |
|
|
160,649 |
|
|
(74,071 |
) |
|
|
485,342 |
Depreciation and amortization |
|
|
15,779 |
|
|
8,245 |
|
|
48,856 |
|
|
|
72,880 |
Total assets(2) |
|
|
3,026,031 |
|
|
1,566,427 |
|
|
1,020,897 |
|
|
|
5,613,355 |
Average employee headcount |
|
|
5,800 |
|
|
4,714 |
|
|
4,023 |
|
|
|
14,537 |
|
|
|
|
|
|
|
|
|
|||||
|
|
NAST |
|
Global
|
|
All
|
|
Consolidated |
|||||
Nine Months Ended September 30, 2023 |
|
|
|
|
|
|
|
|
|||||
Total revenues |
|
$ |
9,470,425 |
|
$ |
2,288,890 |
|
$ |
1,615,241 |
|
|
$ |
13,374,556 |
Adjusted gross profits(1) |
|
|
1,213,697 |
|
|
527,043 |
|
|
245,245 |
|
|
|
1,985,985 |
Income (loss) from operations |
|
|
364,002 |
|
|
63,254 |
|
|
(20,078 |
) |
|
|
407,178 |
Depreciation and amortization |
|
|
17,389 |
|
|
16,410 |
|
|
42,100 |
|
|
|
75,899 |
Total assets(2) |
|
|
3,162,720 |
|
|
1,081,262 |
|
|
1,073,685 |
|
|
|
5,317,667 |
Average employee headcount |
|
|
6,574 |
|
|
5,276 |
|
|
4,390 |
|
|
|
16,240 |
____________________________________________
(1) Adjusted gross profits is a non-GAAP financial measure explained above. The difference between adjusted gross profits and gross profits is not material. |
(2) All cash and cash equivalents are included in All Other and Corporate. |
Condensed Consolidated Balance Sheets
(unaudited, in thousands)
|
September 30, 2024 |
|
December 31, 2023 |
||
Assets |
|
|
|
||
Current assets: |
|
|
|
||
Cash and cash equivalents |
$ |
131,704 |
|
$ |
145,524 |
Receivables, net of allowance for credit loss |
|
2,630,350 |
|
|
2,381,963 |
Contract assets, net of allowance for credit loss |
|
273,251 |
|
|
189,900 |
Prepaid expenses and other |
|
137,871 |
|
|
163,307 |
Assets held for sale |
|
165,810 |
|
|
— |
Total current assets |
|
3,338,986 |
|
|
2,880,694 |
|
|
|
|
||
Property and equipment, net of accumulated depreciation and amortization |
|
132,632 |
|
|
144,718 |
Right-of-use lease assets |
|
333,936 |
|
|
353,890 |
Intangible and other assets, net of accumulated amortization |
|
1,807,801 |
|
|
1,845,978 |
Total assets |
$ |
5,613,355 |
|
$ |
5,225,280 |
|
|
|
|
||
Liabilities and stockholders’ investment |
|
|
|
||
Current liabilities: |
|
|
|
||
Accounts payable and outstanding checks |
$ |
1,372,807 |
|
$ |
1,370,334 |
Accrued expenses: |
|
|
|
||
Compensation |
|
165,163 |
|
|
135,104 |
Transportation expense |
|
212,608 |
|
|
147,921 |
Income taxes |
|
7,178 |
|
|
4,748 |
Other accrued liabilities |
|
161,870 |
|
|
159,435 |
Current lease liabilities |
|
74,538 |
|
|
74,451 |
Current portion of debt |
|
150,000 |
|
|
160,000 |
Liabilities held for sale |
|
96,673 |
|
|
— |
Total current liabilities |
|
2,240,837 |
|
|
2,051,993 |
|
|
|
|
||
Long-term debt |
|
1,411,356 |
|
|
1,420,487 |
Noncurrent lease liabilities |
|
281,015 |
|
|
297,563 |
Noncurrent income taxes payable |
|
24,215 |
|
|
21,289 |
Deferred tax liabilities |
|
11,714 |
|
|
13,177 |
Other long-term liabilities |
|
4,152 |
|
|
2,074 |
Total liabilities |
|
3,973,289 |
|
|
3,806,583 |
|
|
|
|
||
Total stockholders’ investment |
|
1,640,066 |
|
|
1,418,697 |
Total liabilities and stockholders’ investment |
$ |
5,613,355 |
|
$ |
5,225,280 |
Condensed Consolidated Statements of Cash Flow
(unaudited, in thousands, except operational data)
|
Nine Months Ended September 30, |
||||||
Operating activities: |
|
2024 |
|
|
|
2023(1) |
|
|
|
|
|
||||
Net income |
$ |
316,384 |
|
|
$ |
294,156 |
|
Adjustments to reconcile net income to net cash (used for) provided by operating activities: |
|
|
|
||||
Depreciation and amortization |
|
72,880 |
|
|
|
75,899 |
|
Provision for credit losses |
|
3,755 |
|
|
|
(4,032 |
) |
Stock-based compensation |
|
64,249 |
|
|
|
37,309 |
|
Deferred income taxes |
|
(7,033 |
) |
|
|
(35,269 |
) |
Excess tax benefit on stock-based compensation |
|
(5,509 |
) |
|
|
(9,899 |
) |
Loss on disposal group held for sale |
|
48,232 |
|
|
|
21,113 |
|
Other operating activities |
|
11,845 |
|
|
|
3,740 |
|
Changes in operating elements: |
|
|
|
||||
Receivables |
|
(398,059 |
) |
|
|
525,761 |
|
Contract assets |
|
(88,171 |
) |
|
|
52,810 |
|
Prepaid expenses and other |
|
24,588 |
|
|
|
(7,632 |
) |
Right of use asset |
|
5,884 |
|
|
|
20,374 |
|
Accounts payable and outstanding checks |
|
77,397 |
|
|
|
(122,312 |
) |
Accrued compensation |
|
33,921 |
|
|
|
(106,943 |
) |
Accrued transportation expenses |
|
68,588 |
|
|
|
(42,481 |
) |
Accrued income taxes |
|
10,634 |
|
|
|
3,131 |
|
Other accrued liabilities |
|
4,809 |
|
|
|
(2,636 |
) |
Lease liability |
|
(5,917 |
) |
|
|
(17,737 |
) |
Other assets and liabilities |
|
2,677 |
|
|
|
(737 |
) |
Net cash provided by operating activities |
|
241,154 |
|
|
|
684,615 |
|
Investing activities: |
|
|
|
||||
Purchases of property and equipment |
|
(19,977 |
) |
|
|
(25,889 |
) |
Purchases and development of software |
|
(39,122 |
) |
|
|
(42,086 |
) |
Proceeds from sale of property and equipment |
|
— |
|
|
|
1,324 |
|
Net cash used for investing activities |
|
(59,099 |
) |
|
|
(66,651 |
) |
Financing activities: |
|
|
|
||||
Proceeds from stock issued for employee benefit plans |
|
79,914 |
|
|
|
46,061 |
|
Stock tendered for payment of withholding taxes |
|
(23,902 |
) |
|
|
(23,754 |
) |
Repurchase of common stock |
|
— |
|
|
|
(63,884 |
) |
Cash dividends |
|
(220,256 |
) |
|
|
(218,942 |
) |
Payments on long-term borrowings |
|
(10,000 |
) |
|
|
— |
|
Proceeds from short-term borrowings |
|
2,461,500 |
|
|
|
2,778,750 |
|
Payments on short-term borrowings |
|
(2,471,500 |
) |
|
|
(3,169,750 |
) |
Net cash used for financing activities |
|
(184,244 |
) |
|
|
(651,519 |
) |
Effect of exchange rates on cash and cash equivalents |
|
(653 |
) |
|
|
(6,708 |
) |
Net change in cash and cash equivalents, including cash and cash equivalents classified within assets held for sale |
|
(2,842 |
) |
|
|
(40,263 |
) |
Less: net increase in cash and cash equivalents within assets held for sale |
|
(10,978 |
) |
|
|
(2,486 |
) |
Cash and cash equivalents, beginning of period |
|
145,524 |
|
|
|
217,482 |
|
Cash and cash equivalents, end of period |
$ |
131,704 |
|
|
$ |
174,733 |
|
|
As of September 30, |
||||||
Operational Data: |
|
2024 |
|
|
|
2023 |
|
Employees |
|
13,956 |
|
|
|
15,391 |
|
(1) The nine months ended September 30, 2023 has been adjusted to conform to current year presentation. |
Source: C.H. Robinson
CHRW-IR
View source version on businesswire.com: https://www.businesswire.com/news/home/20241030807201/en/
FOR INQUIRIES, CONTACT:
Chuck Ives, Senior Director of Investor Relations
Email: chuck.ives@chrobinson.com
Source: C.H. Robinson
FAQ
What were C.H. Robinson's gross profits for Q3 2024?
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What was C.H. Robinson's adjusted EPS for Q3 2024?
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