C.H. Robinson Reports 2022 Second Quarter Results

C.H. Robinson Worldwide, Inc. (“C.H. Robinson”) (Nasdaq: CHRW) today reported financial results for the quarter ended June 30, 2022.

Second Quarter Key Metrics:

• Gross profits and adjusted gross profits⁽¹⁾ increased 37.7% to $1.0 billion
• Income from operations increased 80.2% to $469.7 million
• Adjusted operating margin⁽¹⁾ increased 1,070 basis points to 45.5%
• Diluted earnings per share (EPS) increased 85.4% to $2.67
• Cash generated by operations improved by $116.0 million to $265.3 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.

"Our second quarter was another quarter of record profits, as our business model performed as we would expect it to in this part of the cycle," said Bob Biesterfeld, President and Chief Executive Officer of C.H. Robinson. "Our investments in our customer relationships through the early part of the cycle, while the cost of purchased transportation was rapidly increasing, are paying dividends as we retain and gain share with these customers through the terms of our agreements. Our strong results were again driven by significant operating margin expansion in our North American Surface Transportation business, as we further improved the profitability of our truckload and less-than truckload businesses and grew our truckload volume in a declining market. Our Global Forwarding team continued to deliver strong financial results, while benefiting from the market share they’ve gained over the past couple of years."

Summary of Second Quarter Results Compared to the Second Quarter of 2021

• Total revenues increased 22.9% to $6.8 billion, driven primarily by higher pricing across most of our services and higher truckload and ocean volume.
• Gross profits and adjusted gross profits increased 37.7% to $1.0 billion, primarily driven by higher adjusted gross profit per transaction across most of our services and higher truckload and ocean volume.
• Operating expenses increased 15.0% to $561.9 million. Personnel expenses increased 22.6% to $444.8 million, primarily due to higher headcount, which increased 16.2%, and higher incentive compensation costs. Selling, general and administrative ("SG&A") expenses of $117.2 million decreased 6.8% and included a $25.3 million gain on the sale-leaseback of our Kansas City regional center. This was partially offset by higher purchased and contracted services and increased travel expenses.
• Income from operations totaled $469.7 million, up 80.2% due to the increase in adjusted gross profits, partially offset by the increase in operating expenses. Adjusted operating margin of 45.5% increased 1,070 basis points.
• Interest and other income/expense, net totaled $27.4 million of expense, consisting primarily of $17.0 million of interest expense, which increased $4.3 million versus last year due to a higher average debt balance, and $10.3 million of foreign currency revaluation and realized foreign currency gains and losses, which increased $8.4 million versus last year due to the strengthening of the U.S. Dollar, primarily versus the Euro and Yuan.
• The effective tax rate in the quarter was 21.3% compared to 21.6% in the second quarter last year.
• Net income totaled $348.2 million, up 79.7% from a year ago. Diluted EPS of $2.67 increased 85.4%.

Summary of Year-to-Date Results Compared to 2021

• Total revenues increased 31.7% to $13.6 billion, driven primarily by higher pricing and higher volume across most of our services.
• Gross profits and adjusted gross profits increased 33.5% to $1.9 billion, primarily driven by higher adjusted gross profit per transaction and higher volume across most of our services.
• Operating expenses increased 16.0% to $1.1 billion. Personnel expenses increased 18.6% to $858.1 million, primarily due to higher headcount, which increased 15.2%, and higher incentive compensation costs. SG&A expenses increased 8.5% to $264.5 million, primarily due to increases in purchased and contracted services, travel expenses and warehouse expenses, partially offset by a $25.3 million gain on the sale-leaseback of our Kansas City regional center.
• Income from operations totaled $815.1 million, up 68.4% from last year, primarily due to the increase in adjusted gross profits, partially offset by the increase in operating expenses. Adjusted operating margin of 42.1% increased 880 basis points.
• Interest and other income/expense, net totaled $41.6 million of expense, which primarily consists of $31.5 million of interest expense, which increased $6.6 million versus last year due to a higher average debt balance. The full year also included a $11.8 million unfavorable impact from foreign currency revaluation and realized foreign currency gains and losses, due to the strengthening of the U.S. Dollar, primarily versus the Euro and Yuan.
• The effective tax rate for the six months was 20.0% compared to 20.1% in the year-ago period.
• Net income totaled $618.5 million, up 68.5% from a year ago. Diluted EPS of $4.71 increased 73.8%.

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,
	2022		2021		% change		2022		2021		% change
Total revenues	$ 4,147,046		$ 3,585,481		15.7 %		$ 8,261,935		$ 6,796,904		21.6 %
Adjusted gross profits(1)	624,551		436,596		43.1 %		1,130,651		857,704		31.8 %
Income from operations	276,499		151,092		83.0 %		458,853		287,876		59.4 %

(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 NAST segment totaled $4.1 billion, an increase of 15.7% over the prior year, primarily driven by higher truckload and less-than truckload ("LTL") pricing and an increase in truckload shipments. NAST adjusted gross profits increased 43.1% in the quarter to $624.6 million. Adjusted gross profits in truckload increased 50.8% due to a 48.0% increase in adjusted gross profit per shipment and a 2.0% increase in truckload volume. Our average truckload linehaul rate per mile charged to our customers, which excludes fuel surcharges, increased approximately 1.5% in the quarter compared to the prior year, while truckload linehaul cost per mile, excluding fuel surcharges, decreased approximately 5.0%, resulting in a 46.5% increase in truckload adjusted gross profit per mile. LTL adjusted gross profits increased 30.2% versus the year-ago period, as adjusted gross profit per order increased 37.0% and LTL volumes declined 5.0%. Operating expenses increased 21.9% primarily due to increased salaries, incentive compensation, and technology expenses. Income from operations increased 83.0% to $276.5 million, and adjusted operating margin expanded 970 basis points to 44.3%. NAST average headcount was up 14.8% 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,
		2022			2021			% change			2022			2021			% change
Total revenues		$	2,093,190		$	1,450,794		44.3	%		$	4,287,587		$	2,606,833		64.5	%
Adjusted gross profits(1)			324,443			238,754		35.9	%			646,291			453,054		42.7	%
Income from operations			167,557			108,212		54.8	%			335,195			198,801		68.6	%

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

Second quarter total revenues for the Global Forwarding segment increased 44.3% to $2.1 billion, primarily driven by higher pricing and higher volume in our ocean service, reflecting the strong demand environment and market share gains. Adjusted gross profits increased 35.9% in the quarter to $324.4 million. Ocean adjusted gross profits increased 51.1%, driven by a 47.5% increase in adjusted gross profit per shipment and a 2.5% increase in shipments. Adjusted gross profits in air increased 7.5% driven by a 14.0% increase in adjusted gross profit per metric ton shipped, partially offset by a 6.0% decrease in metric tons shipped. Customs adjusted gross profits increased 9.0%, driven by a 10.5% increase in transaction volume. Operating expenses increased 20.2%, primarily driven by increased salaries, incentive compensation, technology and travel expenses. Second quarter average headcount increased 17.3%. Income from operations increased 54.8% to $167.6 million, and adjusted operating margin expanded 630 basis points to 51.6% 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,
		2022			2021			% change			2022			2021			% change
Total revenues		$	558,239		$	496,451		12.4	%		$	1,064,906		$	932,858		14.2	%
Adjusted gross profits(1):
Robinson Fresh		$	34,981		$	29,940		16.8	%		$	65,486		$	54,888		19.3	%
Managed Services			27,618			26,234		5.3	%			55,700			51,790		7.5	%
Other Surface Transportation			20,020			17,652		13.4	%			39,681			34,120		16.3	%

(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 16.8% to $35.0 million, due to an 8.5% increase in case volume and an increase in integrated supply chain and technology services. Managed Services adjusted gross profits increased 5.3% in the quarter, due to growth in business with both new and existing customers. Other Surface Transportation adjusted gross profits increased 13.4% to $20.0 million, primarily due to a 16.7% increase in Europe truckload adjusted gross profits.

Other Income Statement Items

The second quarter effective tax rate was 21.3%, down from 21.6% last year. We expect our 2022 full-year effective tax rate to be 19% to 21%.

Interest and other income/expense, net totaled $27.4 million of expense, consisting primarily of $17.0 million of interest expense, which increased $4.3 million versus the second quarter of 2021 due to a higher average debt balance, and $10.3 million of foreign currency revaluation and realized foreign currency gains and losses, which increased $8.4 million versus the second quarter of 2021 due to the strengthening of the U.S. Dollar, primarily versus the Euro and Yuan.

Diluted weighted average shares outstanding in the quarter were down 3.4% due primarily to share repurchases over the past twelve months.

Cash Flow Generation and Capital Distribution

Cash from operations totaled $265.3 million in the second quarter, compared to $149.3 million in the second quarter of 2021. The $116.0 million improvement was primarily due to a $154.4 million increase in net income.

In the second quarter of 2022, cash returned to shareholders increased 100% versus last year to $409.2 million, with $336.7 million in repurchases of common stock and $72.4 million in cash dividends.

Capital expenditures totaled $43.2 million in the quarter. Capital expenditures for 2022 are now expected to be $110 million to $120 million, up from our prior guidance of $90 million to $100 million, primarily due to a higher level of internally developed software.

Outlook

"As questions linger about global economic growth, inflationary pressures, and consumer discretionary spending, our global suite of multimodal services, our growing digital platform, our responsive team of logistics experts, and our resilient and flexible non-asset-based business model put us in a position to continue delivering strong financial results," Biesterfeld stated. "While we are pleased with our performance this quarter and the fact that both NAST and Global Forwarding delivered operating margins above our publicly stated targets, we know that we have work to do to consistently deliver at our targeted level. The work that the team is executing related to scaling our model, eliminating internal legacy processes and improving quality, while working backwards from the needs of our customers and carriers, will drive continued improvement in operating profits long-term. As we look to the second half of the year, we are watching economic conditions closely, and the management team and board continue to consider all strategies to grow operating profits and maximize long-term shareholder returns through all phases of the business cycle and various economic scenarios."

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 $28 billion in freight under management and 20 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 100,000 customers and 85,000 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 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; freight levels and increasing costs and availability of truck capacity or alternative means of transporting freight; risks associated with significant disruptions in the transportation industry; changes in relationships with existing contracted truck, rail, ocean, and air carriers; changes in our customer base due to possible consolidation among our customers; risks with reliance on technology to operate our business; cyber-security related risks; risks associated with operations outside of the United States; our ability to identify or complete suitable acquisitions; 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 the potential impact of changes in government regulations; our ability to hire and retain a sufficient number of qualified personnel; risks associated with the changes to income tax regulations; risks associated with the produce industry, including food safety and contamination issues; the impact of war on the economy; changes to our capital structure; 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 2022 Earnings Conference Call
Wednesday, July 27, 2022; 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 [phone]

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,
	2022			2021			% change			2022			2021			% change
Adjusted gross profits(1):
Transportation
Truckload	$	456,260		$	308,027		48.1	%		$	816,047		$	608,050		34.2	%
LTL		168,298			129,868		29.6	%			320,610			251,421		27.5	%
Ocean		227,958			150,986		51.0	%			449,421			286,496		56.9	%
Air		56,871			53,057		7.2	%			118,305			98,951		19.6	%
Customs		27,820			25,513		9.0	%			55,315			49,735		11.2	%
Other logistics services		61,561			53,692		14.7	%			117,197			105,432		11.2	%
Total transportation		998,768			721,143		38.5	%			1,876,895			1,400,085		34.1	%
Sourcing		32,845			28,033		17.2	%			60,914			51,471		18.3	%
Total adjusted gross profits	$	1,031,613		$	749,176		37.7	%		$	1,937,809		$	1,451,556		33.5	%

(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.

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,
	2022			2021			% change			2022			2021			% change
Revenues:
Transportation	$	6,465,642		$	5,240,448		23.4	%		$	12,993,993		$	9,800,675		32.6	%
Sourcing		332,833			292,278		13.9	%			620,435			535,920		15.8	%
Total revenues		6,798,475			5,532,726		22.9	%			13,614,428			10,336,595		31.7	%
Costs and expenses:
Purchased transportation and related services		5,466,874			4,519,305		21.0	%			11,117,098			8,400,590		32.3	%
Purchased products sourced for resale		299,988			264,245		13.5	%			559,521			484,449		15.5	%
Direct internally developed software amortization		6,640			4,802		38.3	%			12,374			9,449		31.0	%
Total direct expenses		5,773,502			4,788,352		20.6	%			11,688,993			8,894,488		31.4	%
Gross profit	$	1,024,973		$	744,374		37.7	%		$	1,925,435		$	1,442,107		33.5	%
Plus: Direct internally developed software amortization		6,640			4,802		38.3	%			12,374			9,449		31.0	%
Adjusted gross profit	$	1,031,613		$	749,176		37.7	%		$	1,937,809		$	1,451,556		33.5	%

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,
	2022				2021				% change			2022				2021				% change
Total revenues	$	6,798,475			$	5,532,726			22.9	%		$	13,614,428			$	10,336,595			31.7	%
Operating income		469,665				260,604			80.2	%			815,139				483,933			68.4	%
Operating margin		6.9	%			4.7	%		220	bps			6.0	%			4.7	%		130	bps
Adjusted gross profit	$	1,031,613			$	749,176			37.7	%		$	1,937,809			$	1,451,556			33.5	%
Operating income		469,665				260,604			80.2	%			815,139				483,933			68.4	%
Adjusted operating margin		45.5	%			34.8	%		1,070	bps			42.1	%			33.3	%		880	bps

Condensed Consolidated Statements of Income (unaudited, in thousands, except per share data)
	Three Months Ended June 30,											Six Months Ended June 30,
	2022				2021				% change			2022				2021				% change
Revenues:
Transportation	$	6,465,642			$	5,240,448			23.4	%		$	12,993,993			$	9,800,675			32.6	%
Sourcing		332,833				292,278			13.9	%			620,435				535,920			15.8	%
Total revenues		6,798,475				5,532,726			22.9	%			13,614,428				10,336,595			31.7	%
Costs and expenses:
Purchased transportation and related services		5,466,874				4,519,305			21.0	%			11,117,098				8,400,590			32.3	%
Purchased products sourced for resale		299,988				264,245			13.5	%			559,521				484,449			15.5	%
Personnel expenses		444,764				362,901			22.6	%			858,125				723,736			18.6	%
Other selling, general, and administrative expenses		117,184				125,671			(6.8	)%			264,545				243,887			8.5	%
Total costs and expenses		6,328,810				5,272,122			20.0	%			12,799,289				9,852,662			29.9	%
Income from operations		469,665				260,604			80.2	%			815,139				483,933			68.4	%
Interest and other income/expense, net		(27,395	)			(13,497	)		103.0	%			(41,569	)			(24,757	)		67.9	%
Income before provision for income taxes		442,270				247,107			79.0	%			773,570				459,176			68.5	%
Provision for income taxes		94,085				53,318			76.5	%			155,037				92,082			68.4	%
Net income	$	348,185			$	193,789			79.7	%		$	618,533			$	367,094			68.5	%
Net income per share (basic)	$	2.71			$	1.45			86.9	%		$	4.78			$	2.74			74.5	%
Net income per share (diluted)	$	2.67			$	1.44			85.4	%		$	4.71			$	2.71			73.8	%
Weighted average shares outstanding (basic)		128,405				133,275			(3.7	)%			129,447				133,888			(3.3	)%
Weighted average shares outstanding (diluted)		130,338				134,856			(3.4	)%			131,218				135,276			(3.0	)%

Business Segment Information (unaudited, in thousands, except average headcount)
		NAST			Global Forwarding			All Other and Corporate			Consolidated
Three Months Ended June 30, 2022
Total revenues		$	4,147,046		$	2,093,190		$	558,239		$	6,798,475
Adjusted gross profits(1)			624,551			324,443			82,619			1,031,613
Income from operations			276,499			167,557			25,609			469,665
Depreciation and amortization			6,123			5,471			11,668			23,262
Total assets(2)			3,688,215			2,851,114			918,110			7,457,439
Average headcount			7,552			5,759			4,582			17,893
		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

(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, 2022
Total revenues		$	8,261,935		$	4,287,587		$	1,064,906			$	13,614,428
Adjusted gross profits(1)			1,130,651			646,291			160,867				1,937,809
Income from operations			458,853			335,195			21,091				815,139
Depreciation and amortization			12,362			11,026			22,360				45,748
Total assets(2)			3,688,215			2,851,114			918,110				7,457,439
Average headcount			7,442			5,690			4,422				17,554
		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

(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, 2022			December 31, 2021
Assets
Current assets:
Cash and cash equivalents	$	238,925		$	257,413
Receivables, net of allowance for credit loss		4,302,321			3,963,487
Contract assets, net of allowance for credit loss		518,752			453,660
Prepaid expenses and other		108,258			129,593
Total current assets		5,168,256			4,804,153
Property and equipment, net of accumulated depreciation and amortization		155,829			139,831
Right-of-use lease assets		338,223			292,559
Intangible and other assets, net of accumulated amortization		1,795,131			1,791,569
Total assets	$	7,457,439		$	7,028,112
Liabilities and stockholders’ investment
Current liabilities:
Accounts payable and outstanding checks	$	1,926,857		$	1,919,301
Accrued expenses:
Compensation		190,428			201,421
Transportation expense		405,284			342,778
Income taxes		38,850			100,265
Other accrued liabilities		177,645			171,266
Current lease liabilities		72,686			66,311
Current portion of debt		674,000			525,000
Total current liabilities		3,485,750			3,326,342
Long-term debt		1,594,055			1,393,649
Noncurrent lease liabilities		281,319			241,369
Noncurrent income taxes payable		26,291			28,390
Deferred tax liabilities		16,521			16,113
Other long-term liabilities		1,088			315
Total liabilities		5,405,024			5,006,178
Total stockholders’ investment		2,052,415			2,021,934
Total liabilities and stockholders’ investment	$	7,457,439		$	7,028,112

Condensed Consolidated Statements of Cash Flow (unaudited, in thousands, except operational data)
	Six Months Ended June 30,
	2022				2021
Operating activities:
Net income	$	618,533			$	367,094
Adjustments to reconcile net income to net cash provided by (used for) operating activities:
Depreciation and amortization		45,748				46,215
Provision for credit losses		(2,142	)			(36	)
Stock-based compensation		52,535				53,150
Deferred income taxes		(5,844	)			(2,474	)
Excess tax benefit on stock-based compensation		(7,553	)			(9,367	)
Other operating activities		(26,356	)			933
Changes in operating elements, net of acquisitions:
Receivables		(378,641	)			(717,340	)
Contract assets		(65,362	)			(96,154	)
Prepaid expenses and other		(14,170	)			(38,971	)
Accounts payable and outstanding checks		37,207				406,875
Accrued compensation		(9,673	)			12,115
Accrued transportation expenses		62,506				73,167
Accrued income taxes		(54,964	)			(4,431	)
Other accrued liabilities		1,391				210
Other assets and liabilities		(1,886	)			1,612
Net cash provided by operating activities		251,329				92,598
Investing activities:
Purchases of property and equipment		(36,781	)			(12,856	)
Purchases and development of software		(32,622	)			(16,981	)
Acquisitions, net of cash acquired		—				(14,749	)
Other investing activities		63,208				—
Net cash used for investing activities		(6,195	)			(44,586	)
Financing activities:
Proceeds from stock issued for employee benefit plans		53,574				36,674
Total repurchases of common stock		(514,483	)			(285,987	)
Cash dividends		(145,268	)			(139,756	)
Proceeds from long-term borrowings		200,000				—
Proceeds from short-term borrowings		2,735,000				1,661,000
Payments on short-term borrowings		(2,586,000	)			(1,390,038	)
Net cash used for financing activities		(257,177	)			(118,107	)
Effect of exchange rates on cash		(6,445	)			(898	)
Net change in cash and cash equivalents		(18,488	)			(70,993	)
Cash and cash equivalents, beginning of period		257,413				243,796
Cash and cash equivalents, end of period	$	238,925			$	172,803
	As of June 30,
Operational Data:		2022				2021
Employees		18,146				15,705

CHRW-IR

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