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     147  0 Kommentare C.H. Robinson Reports 2021 Second Quarter Results

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

    Second Quarter Key Metrics:

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

    (1) Adjusted gross profits and adjusted operating margin are Non-GAAP financial measures. The same factors described in this release that impacted these Non-GAAP measures also impacted the comparable GAAP measures. Refer to page 10 for further discussion and a GAAP to Non-GAAP reconciliation.

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

    Second Quarter Results Summary

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

    Year-to-Date Results Summary

    • Total revenues increased 39.1% to $10.3 billion, driven primarily by higher pricing and higher volume across most of our services.
    • Gross profits increased 22.8% to $1.4 billion. Adjusted gross profits increased 22.8% to $1.5 billion, primarily driven by higher adjusted gross profit per shipment in our ocean and truckload services and higher volume in our ocean, less than truckload ("LTL") and air services.
    • Operating expenses increased 9.4% to $1.0 billion. Personnel expenses increased 14.8% to $723.7 million, primarily due to higher incentive compensation costs and also due to the benefit realized in 2020 from our short-term cost reduction initiatives. SG&A expenses decreased 3.8% to $243.9 million, primarily due to lower credit losses and travel expenses.
    • Income from operations totaled $483.9 million, up 62.3% from last year, primarily due to the increase in adjusted gross profits. Adjusted operating margin of 33.3% increased 810 basis points.
    • Interest and other expenses totaled $24.8 million, which primarily consists of $24.9 million of interest expense. The six-month period also included a $4.8 million unfavorable impact from foreign currency revaluation and realized foreign currency gains and losses. These expenses were partially offset by a $2.9 million local government subsidy in Asia for achieving specified performance criteria that was almost entirely offset by a reduction in foreign tax credits within the provision for income taxes.
    • The effective tax rate for the six months was 20.1% compared to 18.6% in the year-ago period. The rate increase was due primarily to a tax benefit in 2020 from delivery of a one-time deferred stock award that was granted to the company's prior Chief Executive Officer in 2000.
    • Net income totaled $367.1 million, up 65.3% from a year ago. Diluted EPS of $2.71 increased 65.2%.

    North American Surface Transportation Results

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

     

    Three Months Ended June 30,

     

    Six Months Ended June 30,

     

    2021

     

    2020

     

    % change

     

    2021

     

    2020

     

    % change

    Total revenues

    $

    3,585,481

     

     

    $

    2,475,292

     

     

    44.9

    %

     

    $

    6,796,904

     

     

    $

    5,299,037

     

     

    28.3

    %

    Adjusted gross profits(1)

    436,596

     

     

    379,556

     

     

    15.0

    %

     

    857,704

     

     

    752,334

     

     

    14.0

    %

    Income from operations

    151,092

     

     

    136,846

     

     

    10.4

    %

     

    287,876

     

     

    235,372

     

     

    22.3

    %

    ____________________________________________
    (1) Adjusted gross profits is a non-GAAP financial measure explained later in this release. The difference between adjusted gross profits and gross profits is not material.

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

    Global Forwarding Results

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

     

    Three Months Ended June 30,

     

    Six Months Ended June 30,

     

    2021

     

    2020

     

    % change

     

    2021

     

    2020

     

    % change

    Total revenues

    $

    1,450,794

     

     

    $

    707,820

     

     

    105.0

    %

     

    $

    2,606,833

     

     

    $

    1,238,204

     

     

    110.5

    %

    Adjusted gross profits(1)

    238,754

     

     

    162,960

     

     

    46.5

    %

     

    453,054

     

     

    291,274

     

     

    55.5

    %

    Income from operations

    108,212

     

     

    58,775

     

     

    84.1

    %

     

    198,801

     

     

    70,734

     

     

    181.1

    %

    ____________________________________________
    (1) Adjusted gross profits is a non-GAAP financial measure explained later in this release. The difference between adjusted gross profits and gross profits is not material.

    Second quarter total revenues for the Global Forwarding segment increased 105.0% to $1.5 billion, primarily driven by higher pricing in ocean services and higher volume in both our ocean and air services, reflecting the strong demand environment, market share gains and strained capacity. Adjusted gross profits increased 46.5% in the quarter to $238.8 million. Ocean adjusted gross profits increased 91.7%, driven by higher adjusted gross profit per shipment and a 29.0% increase in volumes. Adjusted gross profits in air increased 1.2% driven by a 42.5% increase in metric tons shipped. Customs adjusted gross profits increased 31.1%, primarily driven by a 34.0% increase in transaction volume. Operating expenses increased 25.3%, primarily driven by increased salaries, technology and incentive compensation expenses and partially offset by lower amortization expense. Second quarter average headcount increased 3.9%. Income from operations increased 84.1% to $108.2 million, and adjusted operating margin expanded 920 basis points to 45.3% in the quarter.

    All Other and Corporate Results

    Total revenues and adjusted gross profits for Robinson Fresh, Managed Services and Other Surface Transportation are summarized as follows (dollars in thousands):

     

    Three Months Ended June 30,

     

    Six Months Ended June 30,

     

    2021

     

    2020

     

    % change

     

    2021

     

    2020

     

    % change

    Total revenues

    $

    496,451

     

     

    $

    444,734

     

     

    11.6

    %

     

    $

    932,858

     

     

    $

    895,613

     

     

    4.2

    %

    Adjusted gross profits(1):

     

     

     

     

     

     

     

     

     

     

     

    Robinson Fresh

    $

    29,940

     

     

    $

    30,202

     

     

    (0.9)

    %

     

    $

    54,888

     

     

    $

    57,660

     

     

    (4.8)

    %

    Managed Services

    26,234

     

     

    23,503

     

     

    11.6

    %

     

    51,790

     

     

    46,030

     

     

    12.5

    %

    Other Surface Transportation

    17,652

     

     

    18,232

     

     

    (3.2)

    %

     

    34,120

     

     

    35,108

     

     

    (2.8)

    %

    ____________________________________________
    (1) Adjusted gross profits is a non-GAAP financial measure explained later in this release. The difference between adjusted gross profits and gross profits is not material.

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

    Other Income Statement Items

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

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

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

    Cash Flow Generation and Capital Distribution

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

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

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

    Outlook

    "Our record results demonstrated the strength of our non-asset-based business model that includes a diverse portfolio of services. Given the current structural constraints around expansion of supply, coupled with a continued reopening of the economy and other factors, we expect the current market conditions to persist through 2021," Biesterfeld stated. "Within NAST, we expect to grow our truckload and LTL volume during the remaining quarters of this year. Within our Global Forwarding business, there continues to be a robust pipeline of business and, as we move toward the peak holiday season, we expect ocean and air demand to remain strong into early 2022. Overall, we'll stay the course with our strategy of pursuing market share gains that align with our profitability expectations. And we'll continue to invest back into the business, in order to drive innovation, improve service to our customers and carriers, and drive growth across our global suite of modes and services."

    About C.H. Robinson

    C.H. Robinson solves logistics problems for companies across the globe and across industries, from the simple to the most complex. With $21 billion in freight under management and 19 million shipments annually, we are one of the world’s largest logistics platforms. Our global suite of services accelerates trade to seamlessly deliver the products and goods that drive the world’s economy. With the combination of our multimodal transportation management system and expertise, we use our information advantage to deliver smarter solutions for our 105,000 customers and 73,000 contract carriers. Our technology is built by and for supply chain experts to bring faster, more meaningful improvements to our customers’ businesses. As a responsible global citizen, we are also proud to contribute millions of dollars to support causes that matter to our company, our Foundation and our employees. For more information, visit us at www.chrobinson.com (Nasdaq: CHRW).

    Except for the historical information contained herein, the matters set forth in this release are forward-looking statements that represent our expectations, beliefs, intentions or strategies concerning future events. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from our historical experience or our present expectations, including, but not limited to, such factors such as changes in economic conditions, including uncertain consumer demand; changes in market demand and pressures on the pricing for our services; competition and growth rates within the third party logistics industry; freight levels and increasing costs and availability of truck capacity or alternative means of transporting freight; changes in relationships with existing contracted truck, rail, ocean, and air carriers; changes in our customer base due to possible consolidation among our customers; our ability to successfully integrate the operations of acquired companies with our historic operations; risks associated with litigation, including contingent auto liability and insurance coverage; risks associated with operations outside of the United States; risks associated with the potential impact of changes in government regulations; risks associated with the produce industry, including food safety and contamination issues; fuel price increases or decreases, or fuel shortages; cyber-security related risks; the impact of war on the economy; changes to our capital structure; risks related to the elimination of LIBOR; changes due to catastrophic events including pandemics such as COVID-19; and other risks and uncertainties detailed in our Annual and Quarterly Reports.

    Any forward-looking statement speaks only as of the date on which such statement is made, and we undertake no obligation to update such statement to reflect events or circumstances arising after such date. All remarks made during our financial results conference call will be current at the time of the call, and we undertake no obligation to update the replay.

    Conference Call Information:
    C.H. Robinson Worldwide Second Quarter 2021 Earnings Conference Call
    Tuesday, July 27, 2021; 5:00 p.m. Eastern Time
    Presentation slides and a simultaneous live audio webcast of the conference call may be accessed through the Investor Relations link on C.H. Robinson’s website at www.chrobinson.com.
    To participate in the conference call by telephone, please call ten minutes early by dialing: 877-269-7756
    International callers dial +1-201-689-7817

    Adjusted Gross Profit by Service Line
    (in thousands)

    This table of summary results presents our service line adjusted gross profits on an enterprise basis. The service line adjusted gross profits in the table differ from the service line adjusted gross profits discussed within the segments as our segments have revenues from multiple service lines.

     

    Three Months Ended June 30,

     

    Six Months Ended June 30,

     

    2021

     

    2020

     

    % change

     

    2021

     

    2020

     

    % change

    Adjusted gross profits(1):

     

     

     

     

     

     

     

     

     

     

     

    Transportation

     

     

     

     

     

     

     

     

     

     

     

    Truckload

    $

    308,027

     

     

    $

    278,366

     

     

    10.7

     

    %

     

    $

    608,050

     

     

    $

    543,292

     

     

    11.9

     

    %

    LTL

    129,868

     

     

    106,956

     

     

    21.4

     

    %

     

    251,421

     

     

    220,865

     

     

    13.8

     

    %

    Ocean

    150,986

     

     

    78,853

     

     

    91.5

     

    %

     

    286,496

     

     

    148,755

     

     

    92.6

     

    %

    Air

    53,057

     

     

    52,405

     

     

    1.2

     

    %

     

    98,951

     

     

    80,743

     

     

    22.6

     

    %

    Customs

    25,513

     

     

    19,461

     

     

    31.1

     

    %

     

    49,735

     

     

    40,654

     

     

    22.3

     

    %

    Other logistics services

    53,692

     

     

    49,980

     

     

    7.4

     

    %

     

    105,432

     

     

    93,717

     

     

    12.5

     

    %

    Total transportation

    721,143

     

     

    586,021

     

     

    23.1

     

    %

     

    1,400,085

     

     

    1,128,026

     

     

    24.1

     

    %

    Sourcing

    28,033

     

     

    28,432

     

     

    (1.4

    )

    %

     

    51,471

     

     

    54,380

     

     

    (5.3

    )

    %

    Total adjusted gross profits

    $

    749,176

     

     

    $

    614,453

     

     

    21.9

     

    %

     

    $

    1,451,556

     

     

    $

    1,182,406

     

     

    22.8

     

    %

    ____________________________________________
    (1) Adjusted gross profits is a non-GAAP financial measure explained later in this release. The difference between adjusted gross profits and gross profits is not material.

    GAAP to Non-GAAP Reconciliation
    (unaudited, in thousands)

    Our adjusted gross profit is a non-GAAP financial measure. Adjusted gross profit is calculated as gross profit excluding amortization of internally developed software utilized to directly serve our customers and contracted carriers. We believe adjusted gross profit is a useful measure of our ability to source, add value, and sell services and products that are provided by third parties, and we consider adjusted gross profit to be a primary performance measurement. Accordingly, the discussion of our results of operations often focuses on the changes in our adjusted gross profit. The reconciliation of gross profit to adjusted gross profit is presented below (in thousands):

     

    Three Months Ended June 30,

     

    Six Months Ended June 30,

     

    2021

     

    2020

     

    % change

     

    2021

     

    2020

     

    % change

    Revenues:

     

     

     

     

     

     

     

     

     

     

     

    Transportation

    $

    5,240,448

     

     

    $

    3,348,611

     

     

    56.5

    %

     

    $

    9,800,675

     

     

    $

    6,890,729

     

     

    42.2

     

    %

    Sourcing

    292,278

     

     

    279,235

     

     

    4.7

    %

     

    535,920

     

     

    542,125

     

     

    (1.1

    )

    %

    Total revenues

    5,532,726

     

     

    3,627,846

     

     

    52.5

    %

     

    10,336,595

     

     

    7,432,854

     

     

    39.1

     

    %

    Costs and expenses:

     

     

     

     

     

     

     

     

     

     

     

    Purchased transportation and related services

    4,519,305

     

     

    2,762,590

     

     

    63.6

    %

     

    8,400,590

     

     

    5,762,703

     

     

    45.8

     

    %

    Purchased products sourced for resale

    264,245

     

     

    250,803

     

     

    5.4

    %

     

    484,449

     

     

    487,745

     

     

    (0.7

    )

    %

    Direct internally developed software amortization

    4,802

     

     

    3,991

     

     

    20.3

    %

     

    9,449

     

     

    7,736

     

     

    22.1

     

    %

    Total direct expenses

    4,788,352

     

     

    3,017,384

     

     

    58.7

    %

     

    8,894,488

     

     

    6,258,184

     

     

    42.1

     

    %

    Gross profit

    $

    744,374

     

     

    $

    610,462

     

     

    21.9

    %

     

    $

    1,442,107

     

     

    $

    1,174,670

     

     

    22.8

     

    %

    Plus: Direct internally developed software amortization

    4,802

     

     

    3,991

     

     

    20.3

    %

     

    9,449

     

     

    7,736

     

     

    22.1

     

    %

    Adjusted gross profit

    $

    749,176

     

     

    $

    614,453

     

     

    21.9

    %

     

    $

    1,451,556

     

     

    $

    1,182,406

     

     

    22.8

     

    %

    Our adjusted operating margin is a non-GAAP financial measure calculated as operating income divided by adjusted gross profit. We believe adjusted operating margin is a useful measure of our profitability in comparison to our adjusted gross profit which we consider a primary performance metric as discussed above. The comparison of operating margin to adjusted operating margin is presented below:

     

    Three Months Ended June 30,

     

    Six Months Ended June 30,

     

    2021

     

    2020

     

    % change

     

    2021

     

    2020

     

    % change

     

     

     

     

     

     

     

     

     

     

     

     

    Total revenues

    $

    5,532,726

     

     

    $

    3,627,846

     

     

    52.5

    %

     

    $

    10,336,595

     

     

    $

    7,432,854

     

     

    39.1

    %

    Operating income

    260,604

     

     

    188,787

     

     

    38.0

    %

     

    483,933

     

     

    298,227

     

     

    62.3

    %

    Operating margin

    4.7

    %

     

    5.2

    %

     

    (50) bps

     

    4.7

    %

     

    4.0

    %

     

    70 bps

     

     

     

     

     

     

     

     

     

     

     

     

    Adjusted gross profit

    $

    749,176

     

     

    $

    614,453

     

     

    21.9

    %

     

    $

    1,451,556

     

     

    $

    1,182,406

     

     

    22.8

    %

    Operating income

    260,604

     

     

    188,787

     

     

    38.0

    %

     

    483,933

     

     

    298,227

     

     

    62.3

    %

    Adjusted operating margin

    34.8

    %

     

    30.7

    %

     

    410 bps

     

    33.3

    %

     

    25.2

    %

     

    810 bps

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

     

    Three Months Ended June 30,

     

    Six Months Ended June 30,

     

     

     

    2021

     

     

    2020

     

     

    % change

     

    2021

     

     

    2020

     

     

    % change

     

     

     

     

     

     

     

     

     

     

     

     

    Revenues:

     

     

     

     

     

     

     

     

     

     

     

    Transportation

    $

    5,240,448

     

     

     

    $

    3,348,611

     

     

     

    56.5

     

    %

     

    $

    9,800,675

     

     

     

    $

    6,890,729

     

     

     

    42.2

     

    %

    Sourcing

    292,278

     

     

     

    279,235

     

     

     

    4.7

     

    %

     

    535,920

     

     

     

    542,125

     

     

     

    (1.1

    )

    %

    Total revenues

    5,532,726

     

     

     

    3,627,846

     

     

     

    52.5

     

    %

     

    10,336,595

     

     

     

    7,432,854

     

     

     

    39.1

     

    %

    Costs and expenses:

     

     

     

     

     

     

     

     

     

     

     

    Purchased transportation and related services

    4,519,305

     

     

     

    2,762,590

     

     

     

    63.6

     

    %

     

    8,400,590

     

     

     

    5,762,703

     

     

     

    45.8

     

    %

    Purchased products sourced for resale

    264,245

     

     

     

    250,803

     

     

     

    5.4

     

    %

     

    484,449

     

     

     

    487,745

     

     

     

    (0.7

    )

    %

    Personnel expenses

    362,901

     

     

     

    300,483

     

     

     

    20.8

     

    %

     

    723,736

     

     

     

    630,703

     

     

     

    14.8

     

    %

    Other selling, general, and administrative expenses

    125,671

     

     

     

    125,183

     

     

     

    0.4

     

    %

     

    243,887

     

     

     

    253,476

     

     

     

    (3.8

    )

    %

    Total costs and expenses

    5,272,122

     

     

     

    3,439,059

     

     

     

    53.3

     

    %

     

    9,852,662

     

     

     

    7,134,627

     

     

     

    38.1

     

    %

    Income from operations

    260,604

     

     

     

    188,787

     

     

     

    38.0

     

    %

     

    483,933

     

     

     

    298,227

     

     

     

    62.3

     

    %

    Interest and other expense

    (13,497

    )

     

     

    (10,211

    )

     

     

    32.2

     

    %

     

    (24,757

    )

     

     

    (25,439

    )

     

     

    (2.7

    )

    %

    Income before provision for income taxes

    247,107

     

     

     

    178,576

     

     

     

    38.4

     

    %

     

    459,176

     

     

     

    272,788

     

     

     

    68.3

     

    %

    Provision for income taxes

    53,318

     

     

     

    34,637

     

     

     

    53.9

     

    %

     

    92,082

     

     

     

    50,703

     

     

     

    81.6

     

    %

    Net income

    $

    193,789

     

     

     

    $

    143,939

     

     

     

    34.6

     

    %

     

    $

    367,094

     

     

     

    $

    222,085

     

     

     

    65.3

     

    %

     

     

     

     

     

     

     

     

     

     

     

     

    Net income per share (basic)

    $

    1.45

     

     

     

    $

    1.07

     

     

     

    35.5

     

    %

     

    $

    2.74

     

     

     

    $

    1.64

     

     

     

    67.1

     

    %

    Net income per share (diluted)

    $

    1.44

     

     

     

    $

    1.06

     

     

     

    35.8

     

    %

     

    $

    2.71

     

     

     

    $

    1.64

     

     

     

    65.2

     

    %

     

     

     

     

     

     

     

     

     

     

     

     

    Weighted average shares outstanding (basic)

    133,275

     

     

     

    135,010

     

     

     

    (1.3

    )

    %

     

    133,888

     

     

     

    135,241

     

     

     

    (1.0

    )

    %

    Weighted average shares outstanding (diluted)

    134,856

     

     

     

    135,610

     

     

     

    (0.6

    )

    %

     

    135,276

     

     

     

    135,776

     

     

     

    (0.4

    )

    %

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

     

     

    NAST

     

    Global

    Forwarding

     

    All

    Other and

    Corporate

     

    Consolidated

    Three Months Ended June 30, 2021

     

     

     

     

     

     

     

     

    Total revenues

     

    $

    3,585,481

     

     

    $

    1,450,794

     

     

    $

    496,451

     

     

     

    $

    5,532,726

     

    Adjusted gross profits(1)

     

    436,596

     

     

    238,754

     

     

    73,826

     

     

     

    749,176

     

    Income from operations

     

    151,092

     

     

    108,212

     

     

    1,300

     

     

     

    260,604

     

    Depreciation and amortization

     

    6,534

     

     

    6,276

     

     

    10,127

     

     

     

    22,937

     

    Total assets (2)

     

    3,278,540

     

     

    1,852,473

     

     

    775,551

     

     

     

    5,906,564

     

    Average headcount

     

    6,580

     

     

    4,909

     

     

    3,916

     

     

     

    15,405

     

     

     

     

     

     

     

     

     

     

     

     

    NAST

     

    Global

    Forwarding

     

    All

    Other and

    Corporate

     

    Consolidated

    Three Months Ended June 30, 2020

     

     

     

     

     

     

     

     

    Total revenues

     

    $

    2,475,292

     

     

    $

    707,820

     

     

    $

    444,734

     

     

     

    $

    3,627,846

     

    Adjusted gross profits(1)

     

    379,556

     

     

    162,960

     

     

    71,937

     

     

     

    614,453

     

    Income (loss) from operations

     

    136,846

     

     

    58,775

     

     

    (6,834

    )

     

     

    188,787

     

    Depreciation and amortization

     

    7,201

     

     

    9,206

     

     

    9,351

     

     

     

    25,758

     

    Total assets (2)

     

    2,793,290

     

     

    1,029,203

     

     

    1,003,196

     

     

     

    4,825,689

     

    Average headcount

     

    6,960

     

     

    4,726

     

     

    3,608

     

     

     

    15,294

     

    ____________________________________________
    (1) Adjusted gross profits is a non-GAAP financial measure explained above. The difference between adjusted gross profits and gross profits is not material.
    (2) All cash and cash equivalents are included in All Other and Corporate.

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

     

     

    NAST

     

    Global

    Forwarding

     

    All

    Other and

    Corporate

     

    Consolidated

    Six Months Ended June 30, 2021

     

     

     

     

     

     

     

     

    Total revenues

     

    $

    6,796,904

     

     

    $

    2,606,833

     

     

    $

    932,858

     

     

     

    $

    10,336,595

     

    Adjusted gross profits(1)

     

    857,704

     

     

    453,054

     

     

    140,798

     

     

     

    1,451,556

     

    Income (loss) from operations

     

    287,876

     

     

    198,801

     

     

    (2,744

    )

     

     

    483,933

     

    Depreciation and amortization

     

    13,159

     

     

    11,925

     

     

    21,131

     

     

     

    46,215

     

    Total assets (2)

     

    3,278,540

     

     

    1,852,473

     

     

    775,551

     

     

     

    5,906,564

     

    Average headcount

     

    6,578

     

     

    4,832

     

     

    3,823

     

     

     

    15,233

     

     

     

     

     

     

     

     

     

     

     

     

    NAST

     

    Global

    Forwarding

     

    All

    Other and

    Corporate

     

    Consolidated

    Six Months Ended June 30, 2020

     

     

     

     

     

     

     

     

    Total revenues

     

    $

    5,299,037

     

     

    $

    1,238,204

     

     

    $

    895,613

     

     

     

    $

    7,432,854

     

    Adjusted gross profits(1)

     

    752,334

     

     

    291,274

     

     

    138,798

     

     

     

    1,182,406

     

    Income (loss) from operations

     

    235,372

     

     

    70,734

     

     

    (7,879

    )

     

     

    298,227

     

    Depreciation and amortization

     

    12,455

     

     

    18,355

     

     

    19,341

     

     

     

    50,151

     

    Total assets (2)

     

    2,793,290

     

     

    1,029,203

     

     

    1,003,196

     

     

     

    4,825,689

     

    Average headcount

     

    6,981

     

     

    4,763

     

     

    3,594

     

     

     

    15,338

     

    ____________________________________________
    (1) Adjusted gross profits is a non-GAAP financial measure explained above. The difference between adjusted gross profits and gross profits is not material.
    (2)All cash and cash equivalents are included in All Other and Corporate.

    Condensed Consolidated Balance Sheets
    (unaudited, in thousands)

     

    June 30, 2021

     

    December 31, 2020

    Assets

     

     

     

    Current assets:

     

     

     

    Cash and cash equivalents

    $

    172,803

     

     

    $

    243,796

     

    Receivables, net of allowance for credit loss

    3,166,769

     

     

    2,449,577

     

    Contract assets, net of allowance for credit loss

    292,760

     

     

    197,176

     

    Prepaid expenses and other

    90,230

     

     

    51,152

     

    Total current assets

    3,722,562

     

     

    2,941,701

     

     

     

     

     

    Property and equipment, net of accumulated depreciation and amortization

    174,194

     

     

    178,949

     

    Right-of-use lease assets

    299,313

     

     

    319,785

     

    Intangible and other assets, net of accumulated amortization

    1,710,495

     

     

    1,703,823

     

    Total assets

    $

    5,906,564

     

     

    $

    5,144,258

     

     

     

     

     

    Liabilities and stockholders’ investment

     

     

     

    Current liabilities:

     

     

     

    Accounts payable and outstanding checks

    $

    1,689,368

     

     

    $

    1,283,364

     

    Accrued expenses:

     

     

     

    Compensation

    150,393

     

     

    138,460

     

    Transportation expense

    226,741

     

     

    153,574

     

    Income taxes

    29,711

     

     

    43,700

     

    Other accrued liabilities

    153,092

     

     

    154,460

     

    Current lease liabilities

    65,859

     

     

    66,174

     

    Current portion of debt

    271,215

     

     

     

    Total current liabilities

    2,586,379

     

     

    1,839,732

     

     

     

     

     

    Long-term debt

    1,095,798

     

     

    1,093,301

     

    Noncurrent lease liabilities

    249,068

     

     

    268,572

     

    Noncurrent income taxes payable

    25,968

     

     

    26,015

     

    Deferred tax liabilities

    28,642

     

     

    22,182

     

    Other long-term liabilities

    14,539

     

     

    14,523

     

    Total liabilities

    4,000,394

     

     

    3,264,325

     

     

     

     

     

    Total stockholders’ investment

    1,906,170

     

     

    1,879,933

     

    Total liabilities and stockholders’ investment

    $

    5,906,564

     

     

    $

    5,144,258

     

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

     

    Six Months Ended June 30,

     

    2021

     

     

    2020

     

    Operating activities:

     

     

     

    Net income

    $

    367,094

     

     

     

    $

    222,085

     

     

    Adjustments to reconcile net income to net cash provided by (used for) operating activities:

     

     

     

    Depreciation and amortization

    46,215

     

     

     

    50,151

     

     

    Provision for credit losses

    (36

    )

     

     

    9,374

     

     

    Stock-based compensation

    53,150

     

     

     

    22,351

     

     

    Deferred income taxes

    (2,474

    )

     

     

    (729

    )

     

    Excess tax benefit on stock-based compensation

    (9,367

    )

     

     

    (11,999

    )

     

    Other operating activities

    933

     

     

     

    12,341

     

     

    Changes in operating elements, net of acquisitions:

     

     

     

    Receivables

    (717,340

    )

     

     

    (48,937

    )

     

    Contract assets

    (96,154

    )

     

     

    (22,451

    )

     

    Prepaid expenses and other

    (38,971

    )

     

     

    8,744

     

     

    Accounts payable and outstanding checks

    406,875

     

     

     

    220,276

     

     

    Accrued compensation

    12,115

     

     

     

    12,312

     

     

    Accrued transportation expenses

    73,167

     

     

     

    20,284

     

     

    Accrued income taxes

    (4,431

    )

     

     

    14,423

     

     

    Other accrued liabilities

    210

     

     

     

    (6,345

    )

     

    Other assets and liabilities

    1,612

     

     

     

    3,763

     

     

    Net cash provided by operating activities

    92,598

     

     

     

    505,643

     

     

     

     

     

     

    Investing activities:

     

     

     

    Purchases of property and equipment

    (12,856

    )

     

     

    (11,621

    )

     

    Purchases and development of software

    (16,981

    )

     

     

    (13,418

    )

     

    Acquisitions, net of cash acquired

    (14,749

    )

     

     

    (223,230

    )

     

    Other investing activities

     

     

     

    5,525

     

     

    Net cash used for investing activities

    (44,586

    )

     

     

    (242,744

    )

     

     

     

     

     

    Financing activities:

     

     

     

    Proceeds from stock issued for employee benefit plans

    36,674

     

     

     

    20,295

     

     

    Total repurchases of common stock

    (285,987

    )

     

     

    (83,529

    )

     

    Cash dividends

    (139,756

    )

     

     

    (137,104

    )

     

    Proceeds from short-term borrowings

    1,661,000

     

     

     

    979,600

     

     

    Payments on short-term borrowings

    (1,390,038

    )

     

     

    (1,122,600

    )

     

    Net cash used for financing activities

    (118,107

    )

     

     

    (343,338

    )

     

    Effect of exchange rates on cash

    (898

    )

     

     

    (5,183

    )

     

     

     

     

     

    Net change in cash and cash equivalents

    (70,993

    )

     

     

    (85,622

    )

     

    Cash and cash equivalents, beginning of period

    243,796

     

     

     

    447,858

     

     

    Cash and cash equivalents, end of period

    $

    172,803

     

     

     

    $

    362,236

     

     

     

     

     

     

     

    As of June 30,

    Operational Data:

    2021

     

     

    2020

     

    Employees

    15,705

     

     

     

    15,113

     

     

    Source: C.H. Robinson
    CHRW-IR



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    C.H. Robinson Reports 2021 Second Quarter Results C.H. Robinson Worldwide, Inc. (“C.H. Robinson”) (Nasdaq: CHRW) today reported financial results for the quarter ended June 30, 2021. Second Quarter Key Metrics: Total revenues increased 52.5% to $5.5 billion Gross profits increased 21.9% to $744.4 …