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Share Name | Share Symbol | Market | Type |
---|---|---|---|
CH Robinson Worldwide Inc | NASDAQ:CHRW | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
8.84 | 12.26% | 80.93 | 79.60 | 84.00 | 85.00 | 79.60 | 81.00 | 6,430,403 | 23:00:02 |
Delaware | 41-1883630 | |||||||||||||||||||||||||
(State or other jurisdiction of
incorporation or organization)
|
(I.R.S. Employer
Identification No.)
|
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Common Stock, $0.10 par value | CHRW | Nasdaq Global Select Market |
Large accelerated filer | ☒ | Accelerated filer | ☐ | Emerging Growth Company | ☐ | ||||||||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ |
PART I. Financial Information | ||||||||
Item 1. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
PART II. Other Information | ||||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 5. | ||||||||
Item 6. | ||||||||
September 30, 2020 | December 31, 2019 | ||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 252,569 | $ | 447,858 | |||||||
Receivables, net of allowance for credit loss of $36,086 and $32,838
|
2,346,384 | 1,974,381 | |||||||||
Contract assets, net of allowance for credit loss | 187,973 | 132,874 | |||||||||
Prepaid expenses and other | 65,773 | 85,005 | |||||||||
Total current assets | 2,852,699 | 2,640,118 | |||||||||
Property and equipment, net | 183,244 | 208,423 | |||||||||
Goodwill | 1,473,440 | 1,291,760 | |||||||||
Other intangible assets, net | 118,741 | 90,931 | |||||||||
Right-of-use lease assets | 339,819 | 310,860 | |||||||||
Deferred tax assets | 16,631 | 13,485 | |||||||||
Other assets | 90,264 | 85,483 | |||||||||
Total assets | $ | 5,074,838 | $ | 4,641,060 | |||||||
LIABILITIES AND STOCKHOLDERS’ INVESTMENT | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 1,196,797 | $ | 984,604 | |||||||
Outstanding checks | 72,108 | 78,231 | |||||||||
Accrued expenses: | |||||||||||
Compensation | 130,958 | 112,784 | |||||||||
Transportation expense | 147,590 | 101,194 | |||||||||
Income taxes | 12,074 | 12,354 | |||||||||
Other accrued liabilities | 74,781 | 62,706 | |||||||||
Current lease liabilities | 66,692 | 61,280 | |||||||||
Current portion of debt | 59,979 | 142,885 | |||||||||
Total current liabilities | 1,760,979 | 1,556,038 | |||||||||
Long-term debt | 1,093,087 | 1,092,448 | |||||||||
Noncurrent lease liabilities | 279,212 | 259,444 | |||||||||
Noncurrent income taxes payable | 22,981 | 22,354 | |||||||||
Deferred tax liabilities | 44,942 | 39,776 | |||||||||
Other long-term liabilities | 278 | 270 | |||||||||
Total liabilities | 3,201,479 | 2,970,330 | |||||||||
Stockholders’ investment: | |||||||||||
Preferred stock, $0.10 par value, 20,000 shares authorized; no shares issued or outstanding
|
— | — | |||||||||
Common stock, $0.10 par value, 480,000 shares authorized; 179,700 and 179,380 shares issued, 135,900 and 134,895 outstanding
|
13,590 | 13,490 | |||||||||
Additional paid-in capital | 555,416 | 546,646 | |||||||||
Retained earnings | 4,293,598 | 4,144,834 | |||||||||
Accumulated other comprehensive loss | (70,855) | (76,149) | |||||||||
Treasury stock at cost (43,800 and 44,485 shares)
|
(2,918,390) | (2,958,091) | |||||||||
Total stockholders’ investment | 1,873,359 | 1,670,730 | |||||||||
Total liabilities and stockholders’ investment | $ | 5,074,838 | $ | 4,641,060 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Transportation | $ | 3,944,981 | $ | 3,608,346 | $ | 10,835,710 | $ | 10,751,890 | |||||||||||||||
Sourcing | 279,819 | 247,786 | 821,944 | 764,292 | |||||||||||||||||||
Total revenues | 4,224,800 | 3,856,132 | 11,657,654 | 11,516,182 | |||||||||||||||||||
Costs and expenses: | |||||||||||||||||||||||
Purchased transportation and related services | 3,378,651 | 2,999,979 | 9,141,354 | 8,826,233 | |||||||||||||||||||
Purchased products sourced for resale | 256,876 | 222,722 | 744,621 | 682,502 | |||||||||||||||||||
Personnel expenses | 302,904 | 320,563 | 933,607 | 999,547 | |||||||||||||||||||
Other selling, general, and administrative expenses | 118,130 | 111,783 | 371,606 | 354,730 | |||||||||||||||||||
Total costs and expenses | 4,056,561 | 3,655,047 | 11,191,188 | 10,863,012 | |||||||||||||||||||
Income from operations | 168,239 | 201,085 | 466,466 | 653,170 | |||||||||||||||||||
Interest and other expense | (7,465) | (13,180) | (32,904) | (36,935) | |||||||||||||||||||
Income before provision for income taxes | 160,774 | 187,905 | 433,562 | 616,235 | |||||||||||||||||||
Provision for income taxes | 24,245 | 41,011 | 74,948 | 138,373 | |||||||||||||||||||
Net income | 136,529 | 146,894 | 358,614 | 477,862 | |||||||||||||||||||
Other comprehensive income (loss), net of tax | 13,236 | (18,576) | 5,294 | (18,967) | |||||||||||||||||||
Comprehensive income | $ | 149,765 | $ | 128,318 | $ | 363,908 | $ | 458,895 | |||||||||||||||
Basic net income per share | $ | 1.01 | $ | 1.08 | $ | 2.65 | $ | 3.48 | |||||||||||||||
Diluted net income per share | $ | 1.00 | $ | 1.07 | $ | 2.63 | $ | 3.45 | |||||||||||||||
Basic weighted average shares outstanding | 135,671 | 136,380 | 135,385 | 137,274 | |||||||||||||||||||
Dilutive effect of outstanding stock awards | 1,457 | 1,096 | 752 | 1,099 | |||||||||||||||||||
Diluted weighted average shares outstanding | 137,128 | 137,476 | 136,137 | 138,373 |
Common
Shares Outstanding |
Amount |
Additional
Paid-in Capital |
Retained
Earnings |
Accumulated
Other Comprehensive Income (Loss) |
Treasury
Stock |
Total
Stockholders’ Investment |
|||||||||||||||||||||||||||||||||||
Balance December 31, 2019 | 134,895 | $ | 13,490 | $ | 546,646 | $ | 4,144,834 | $ | (76,149) | $ | (2,958,091) | $ | 1,670,730 | ||||||||||||||||||||||||||||
Net income | 78,146 | 78,146 | |||||||||||||||||||||||||||||||||||||||
Foreign currency adjustments, net of tax | (32,195) | (32,195) | |||||||||||||||||||||||||||||||||||||||
Dividends declared, $0.51 per share
|
(69,871) | (69,871) | |||||||||||||||||||||||||||||||||||||||
Stock issued for employee benefit plans | 343 | 34 | (24,192) | 21,632 | (2,526) | ||||||||||||||||||||||||||||||||||||
Issuance of restricted stock, net of forfeitures | 321 | 32 | (32) | — | |||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | 11,397 | — | 11,397 | ||||||||||||||||||||||||||||||||||||
Repurchase of common stock | (973) | (97) | (68,466) | (68,563) | |||||||||||||||||||||||||||||||||||||
Balance March 31, 2020 | 134,586 | 13,459 | 533,819 | 4,153,109 | (108,344) | (3,004,925) | 1,587,118 | ||||||||||||||||||||||||||||||||||
Net income | 143,939 | 143,939 | |||||||||||||||||||||||||||||||||||||||
Foreign currency translation, net of tax | 24,253 | 24,253 | |||||||||||||||||||||||||||||||||||||||
Dividends declared, $0.51 per share
|
(69,791) | (69,791) | |||||||||||||||||||||||||||||||||||||||
Stock issued for employee benefit plans | 138 | 13 | (1,165) | 9,007 | 7,855 | ||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | 10,954 | — | 10,954 | ||||||||||||||||||||||||||||||||||||
Balance June 30, 2020 | 134,724 | 13,472 | 543,608 | 4,227,257 | (84,091) | (2,995,918) | 1,704,328 | ||||||||||||||||||||||||||||||||||
Net income | 136,529 | 136,529 | |||||||||||||||||||||||||||||||||||||||
Foreign currency translation, net of tax | 13,236 | 13,236 | |||||||||||||||||||||||||||||||||||||||
Dividends declared, $0.51 per share
|
(70,188) | (70,188) | |||||||||||||||||||||||||||||||||||||||
Stock issued for employee benefit plans | 1,176 | 118 | 1,032 | 77,528 | 78,678 | ||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | 10,776 | — | 10,776 | ||||||||||||||||||||||||||||||||||||
Balance September 30, 2020 | 135,900 | $ | 13,590 | $ | 555,416 | $ | 4,293,598 | $ | (70,855) | $ | (2,918,390) | $ | 1,873,359 |
Common
Shares Outstanding |
Amount |
Additional
Paid-in Capital |
Retained
Earnings |
Accumulated
Other Comprehensive Income (Loss) |
Treasury
Stock |
Total
Stockholders’ Investment |
|||||||||||||||||||||||||||||||||||
Balance December 31, 2018 | 137,284 | $ | 13,728 | $ | 521,486 | $ | 3,845,593 | $ | (71,935) | $ | (2,713,785) | $ | 1,595,087 | ||||||||||||||||||||||||||||
Net income | 161,788 | 161,788 | |||||||||||||||||||||||||||||||||||||||
Foreign currency adjustments | 5,297 | 5,297 | |||||||||||||||||||||||||||||||||||||||
Dividends declared, $0.50 per share
|
(69,683) | (69,683) | |||||||||||||||||||||||||||||||||||||||
Stock issued for employee benefit plans | 342 | 34 | (11,520) | 19,059 | 7,573 | ||||||||||||||||||||||||||||||||||||
Issuance of restricted stock, net of forfeitures | (3) | — | — | — | |||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | 17,123 | — | 17,123 | ||||||||||||||||||||||||||||||||||||
Repurchase of common stock | (734) | (73) | (64,551) | (64,624) | |||||||||||||||||||||||||||||||||||||
Balance March 31, 2019 | 136,889 | 13,689 | 527,089 | 3,937,698 | (66,638) | (2,759,277) | 1,652,561 | ||||||||||||||||||||||||||||||||||
Net income | 169,180 | 169,180 | |||||||||||||||||||||||||||||||||||||||
Foreign currency translation | (5,688) | (5,688) | |||||||||||||||||||||||||||||||||||||||
Dividends declared, $0.50 per share
|
(69,268) | (69,268) | |||||||||||||||||||||||||||||||||||||||
Stock issued for employee benefit plans | 129 | 13 | (681) | 8,367 | 7,699 | ||||||||||||||||||||||||||||||||||||
Issuance of restricted stock, net of forfeitures | 23 | 2 | (2) | — | |||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | 14,684 | — | 14,684 | ||||||||||||||||||||||||||||||||||||
Repurchase of common stock | (1,310) | (131) | (109,726) | (109,857) | |||||||||||||||||||||||||||||||||||||
Balance June 30, 2019 | 135,731 | 13,573 | 541,090 | 4,037,610 | (72,326) | (2,860,636) | 1,659,311 | ||||||||||||||||||||||||||||||||||
Net income | 146,894 | 146,894 | |||||||||||||||||||||||||||||||||||||||
Foreign currency translation | (18,576) | (18,576) | |||||||||||||||||||||||||||||||||||||||
Dividends declared, $0.50 per share
|
(68,855) | (68,855) | |||||||||||||||||||||||||||||||||||||||
Stock issued for employee benefit plans | 194 | 20 | (561) | 11,359 | 10,818 | ||||||||||||||||||||||||||||||||||||
Issuance of restricted stock, net of forfeitures | 9 | 1 | (1) | — | |||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | 8,850 | — | 8,850 | ||||||||||||||||||||||||||||||||||||
Repurchase of common stock | (782) | (79) | (65,267) | (65,346) | |||||||||||||||||||||||||||||||||||||
Balance September 30, 2019 | 135,152 | $ | 13,515 | $ | 549,378 | $ | 4,115,649 | $ | (90,902) | $ | (2,914,544) | $ | 1,673,096 |
Nine Months Ended September 30, | |||||||||||
2020 | 2019 | ||||||||||
OPERATING ACTIVITIES | |||||||||||
Net income | $ | 358,614 | $ | 477,862 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | 77,067 | 75,122 | |||||||||
Provision for credit losses | 12,701 | 642 | |||||||||
Stock-based compensation | 33,127 | 40,657 | |||||||||
Deferred income taxes | (9,468) | (3,360) | |||||||||
Excess tax benefit on stock-based compensation | (17,127) | (6,908) | |||||||||
Other operating activities | 13,104 | (4,471) | |||||||||
Changes in operating elements, net of acquisitions: | |||||||||||
Receivables | (367,538) | 104,108 | |||||||||
Contract assets | (56,131) | 9,067 | |||||||||
Prepaid expenses and other | 12,331 | (18,940) | |||||||||
Accounts payable and outstanding checks | 186,755 | 3,871 | |||||||||
Accrued compensation | 16,458 | (45,319) | |||||||||
Accrued transportation expense | 46,396 | (5,323) | |||||||||
Accrued income taxes | 17,125 | (7,042) | |||||||||
Other accrued liabilities | 8,907 | 5,210 | |||||||||
Other assets and liabilities | 4,728 | (1,318) | |||||||||
Net cash provided by operating activities | 337,049 | 623,858 | |||||||||
INVESTING ACTIVITIES | |||||||||||
Purchases of property and equipment | (17,446) | (26,661) | |||||||||
Purchases and development of software | (22,815) | (24,282) | |||||||||
Acquisitions, net of cash acquired | (223,230) | (59,188) | |||||||||
Other investing activities | 5,525 | 16,625 | |||||||||
Net cash used for investing activities | (257,966) | (93,506) | |||||||||
FINANCING ACTIVITIES | |||||||||||
Proceeds from stock issued for employee benefit plans | 100,542 | 40,442 | |||||||||
Stock tendered for payment of withholding taxes | (16,535) | (14,352) | |||||||||
Repurchase of common stock | (68,563) | (241,303) | |||||||||
Cash dividends | (207,428) | (207,865) | |||||||||
Proceeds from long-term borrowings | — | 929,000 | |||||||||
Payments on long-term borrowings | — | (1,018,000) | |||||||||
Proceeds from short-term borrowings | 1,043,600 | 14,000 | |||||||||
Payments on short-term borrowings | (1,126,600) | (19,000) | |||||||||
Net cash used for financing activities | (274,984) | (517,078) | |||||||||
Effect of exchange rates on cash and cash equivalents | 612 | (7,465) | |||||||||
Net change in cash and cash equivalents | (195,289) | 5,809 | |||||||||
Cash and cash equivalents, beginning of period | 447,858 | 378,615 | |||||||||
Cash and cash equivalents, end of period | $ | 252,569 | $ | 384,424 | |||||||
NAST | Global Forwarding | All Other and Corporate | Total | ||||||||||||||||||||
Balance, December 31, 2019 | $ | 1,015,570 | $ | 208,420 | $ | 67,770 | $ | 1,291,760 | |||||||||||||||
Acquisitions | 176,840 | 507 | — | 177,347 | |||||||||||||||||||
Translation | 2,689 | 1,096 | 548 | 4,333 | |||||||||||||||||||
Balance, September 30, 2020 | $ | 1,195,099 | $ | 210,023 | $ | 68,318 | $ | 1,473,440 |
September 30, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||||||||
Cost | Accumulated Amortization | Net | Cost | Accumulated Amortization | Net | ||||||||||||||||||||||||||||||
Finite-lived intangibles | |||||||||||||||||||||||||||||||||||
Customer relationships | $ | 294,200 | $ | (185,934) | $ | 108,266 | $ | 237,335 | $ | (156,879) | $ | 80,456 | |||||||||||||||||||||||
Indefinite-lived intangibles | |||||||||||||||||||||||||||||||||||
Trademarks | 10,475 | — | 10,475 | 10,475 | — | 10,475 | |||||||||||||||||||||||||||||
Total intangibles | $ | 304,675 | $ | (185,934) | $ | 118,741 | $ | 247,810 | $ | (156,879) | $ | 90,931 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Amortization expense | $ | 9,937 | $ | 9,731 | $ | 27,968 | $ | 28,699 |
NAST | Global Forwarding | All Other and Corporate | Total | ||||||||||||||||||||
Remaining 2020 | $ | 2,026 | $ | 5,056 | $ | 161 | $ | 7,243 | |||||||||||||||
2021 | 8,105 | 14,603 | 638 | 23,346 | |||||||||||||||||||
2022 | 8,105 | 14,603 | 638 | 23,346 | |||||||||||||||||||
2023 | 8,105 | 11,977 | 638 | 20,720 | |||||||||||||||||||
2024 | 7,984 | 4,174 | 638 | 12,796 | |||||||||||||||||||
Thereafter | 17,024 | 2,891 | 900 | 20,815 | |||||||||||||||||||
Total | $ | 108,266 |
Average interest rate as of | Carrying value as of | |||||||||||||||||||||||||||||||
September 30, 2020 | December 31, 2019 | Maturity | September 30, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||
Revolving credit facility | — | % | — | % | October 2023 | $ | — | $ | — | |||||||||||||||||||||||
Senior Notes, Series A | 3.97 | % | 3.97 | % | August 2023 | 175,000 | 175,000 | |||||||||||||||||||||||||
Senior Notes, Series B | 4.26 | % | 4.26 | % | August 2028 | 150,000 | 150,000 | |||||||||||||||||||||||||
Senior Notes, Series C | 4.60 | % | 4.60 | % | August 2033 | 175,000 | 175,000 | |||||||||||||||||||||||||
Receivables securitization facility (1)
|
0.80 | % | 2.41 | % | December 2020 | 59,979 | 142,885 | |||||||||||||||||||||||||
Senior Notes (1)
|
4.20 | % | 4.20 | % | April 2028 | 593,087 | 592,448 | |||||||||||||||||||||||||
Total debt | 1,153,066 | 1,235,333 | ||||||||||||||||||||||||||||||
Less: Current maturities and short-term borrowing | (59,979) | (142,885) | ||||||||||||||||||||||||||||||
Long-term debt | $ | 1,093,087 | $ | 1,092,448 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Stock options | $ | 5,081 | $ | 4,829 | $ | 15,119 | $ | 13,539 | |||||||||||||||
Stock awards | 5,042 | 3,470 | 15,736 | 24,798 | |||||||||||||||||||
Company expense on ESPP discount | 653 | 551 | 2,272 | 2,320 | |||||||||||||||||||
Total stock-based compensation expense | $ | 10,776 | $ | 8,850 | $ | 33,127 | $ | 40,657 |
Three Months Ended September 30, 2020 | ||||||||||||||
Shares purchased
by employees
|
Aggregate cost
to employees
|
Expense recognized
by the company
|
||||||||||||
42,445 | $ | 3,699,626 | $ | 652,875 |
Current assets | $ | 8,879 | |||
Property and equipment | 7,356 | ||||
Right-of-use lease assets | 35,017 | ||||
Other intangible assets | 55,000 | ||||
Goodwill | 176,840 | ||||
Total assets | 283,092 | ||||
Current liabilities | 12,243 | ||||
Lease liabilities | 35,017 | ||||
Deferred tax liabilities | 13,114 | ||||
Net assets acquired | $ | 222,718 |
Estimated Life (years) | |||||||||||
Customer relationships | 7 | $ | 55,000 |
Estimated Life (years) | |||||||||||
Customer relationships | 7 | $ | 4,252 |
Estimated Life (years) | |||||||||||
Customer relationships | 7 | $ | 16,439 |
NAST | Global Forwarding | All Other and Corporate | Consolidated | ||||||||||||||||||||
Three Months Ended September 30, 2020 | |||||||||||||||||||||||
Total revenues | $ | 2,923,842 | $ | 831,957 | $ | 469,001 | $ | 4,224,800 | |||||||||||||||
Net revenues | 367,943 | 157,657 | 63,673 | 589,273 | |||||||||||||||||||
Income (loss) from operations | 122,526 | 46,299 | (586) | 168,239 | |||||||||||||||||||
Depreciation and amortization | 7,095 | 9,385 | 10,436 | 26,916 | |||||||||||||||||||
Total assets(1)
|
3,041,974 | 1,148,118 | 884,746 | 5,074,838 | |||||||||||||||||||
Average headcount | 6,702 | 4,607 | 3,595 | 14,904 | |||||||||||||||||||
NAST | Global Forwarding | All Other and Corporate | Consolidated | ||||||||||||||||||||
Three Months Ended September 30, 2019 | |||||||||||||||||||||||
Total revenues | $ | 2,826,308 | $ | 597,695 | $ | 432,129 | $ | 3,856,132 | |||||||||||||||
Net revenues | 433,760 | 135,815 | 63,856 | 633,431 | |||||||||||||||||||
Income from operations | 176,200 | 24,676 | 209 | 201,085 | |||||||||||||||||||
Depreciation and amortization | 5,734 | 9,186 | 10,560 | 25,480 | |||||||||||||||||||
Total assets(1)
|
2,649,259 | 995,137 | 992,153 | 4,636,549 | |||||||||||||||||||
Average headcount | 7,448 | 4,790 | 3,544 | 15,782 |
NAST | Global Forwarding | All Other and Corporate | Consolidated | ||||||||||||||||||||
Nine Months Ended September 30, 2020 | |||||||||||||||||||||||
Total Revenues | $ | 8,222,879 | $ | 2,070,161 | $ | 1,364,614 | $ | 11,657,654 | |||||||||||||||
Net Revenues | 1,120,277 | 448,931 | 202,471 | 1,771,679 | |||||||||||||||||||
Income (loss) from operations | 357,898 | 117,033 | (8,465) | 466,466 | |||||||||||||||||||
Depreciation and amortization | 19,550 | 27,740 | 29,777 | 77,067 | |||||||||||||||||||
Total assets(1)
|
3,041,974 | 1,148,118 | 884,746 | 5,074,838 | |||||||||||||||||||
Average headcount | 6,870 | 4,716 | 3,591 | 15,177 | |||||||||||||||||||
NAST | Global Forwarding | All Other and Corporate | Consolidated | ||||||||||||||||||||
Nine Months Ended September 30, 2019 | |||||||||||||||||||||||
Total Revenues | $ | 8,495,145 | $ | 1,727,745 | $ | 1,293,292 | $ | 11,516,182 | |||||||||||||||
Net Revenues | 1,406,728 | 404,987 | 195,732 | 2,007,447 | |||||||||||||||||||
Income (loss) from operations | 592,215 | 65,497 | (4,542) | 653,170 | |||||||||||||||||||
Depreciation and amortization | 18,124 | 27,427 | 29,571 | 75,122 | |||||||||||||||||||
Total assets(1)
|
2,649,259 | 995,137 | 992,153 | 4,636,549 | |||||||||||||||||||
Average headcount | 7,436 | 4,748 | 3,398 | 15,582 |
Three Months Ended September 30, 2020 | |||||||||||||||||||||||
NAST | Global Forwarding | All Other and Corporate | Total | ||||||||||||||||||||
Major Service Lines | |||||||||||||||||||||||
Transportation and logistics services(1)
|
$ | 2,923,842 | $ | 831,957 | $ | 189,182 | $ | 3,944,981 | |||||||||||||||
Sourcing(2)
|
— | — | 279,819 | 279,819 | |||||||||||||||||||
Total | $ | 2,923,842 | $ | 831,957 | $ | 469,001 | $ | 4,224,800 | |||||||||||||||
Three Months Ended September 30, 2019 | |||||||||||||||||||||||
NAST | Global Forwarding | All Other and Corporate | Total | ||||||||||||||||||||
Major Service Lines | |||||||||||||||||||||||
Transportation and logistics services(1)
|
$ | 2,826,308 | $ | 597,695 | $ | 184,343 | $ | 3,608,346 | |||||||||||||||
Sourcing(2)
|
— | — | 247,786 | 247,786 | |||||||||||||||||||
Total | $ | 2,826,308 | $ | 597,695 | $ | 432,129 | $ | 3,856,132 |
Nine Months Ended September 30, 2020 | |||||||||||||||||||||||
NAST | Global Forwarding | All Other and Corporate | Total | ||||||||||||||||||||
Major Service Lines | |||||||||||||||||||||||
Transportation and logistics services(1)
|
$ | 8,222,879 | $ | 2,070,161 | $ | 542,670 | $ | 10,835,710 | |||||||||||||||
Sourcing(2)
|
— | — | 821,944 | 821,944 | |||||||||||||||||||
Total | $ | 8,222,879 | $ | 2,070,161 | $ | 1,364,614 | $ | 11,657,654 | |||||||||||||||
Nine Months Ended September 30, 2019 | |||||||||||||||||||||||
NAST | Global Forwarding | All Other and Corporate | Total | ||||||||||||||||||||
Major Service Lines | |||||||||||||||||||||||
Transportation and logistics services(1)
|
$ | 8,495,145 | $ | 1,727,745 | $ | 529,000 | $ | 10,751,890 | |||||||||||||||
Sourcing(2)
|
— | — | 764,292 | 764,292 | |||||||||||||||||||
Total | $ | 8,495,145 | $ | 1,727,745 | $ | 1,293,292 | $ | 11,516,182 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||
Lease Costs | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||
Operating lease expense | $ | 22,373 | $ | 16,905 | $ | 63,855 | $ | 50,684 | |||||||||||||||||||||
Short-term lease expense | 3,626 | 2,605 | 10,225 | 8,022 | |||||||||||||||||||||||||
Total lease expense | $ | 25,999 | $ | 19,510 | $ | 74,080 | $ | 58,706 |
Nine Months Ended September 30, | |||||||||||
Other Lease Information | 2020 | 2019 | |||||||||
Operating cash flows from operating leases | $ | 60,569 | $ | 49,925 | |||||||
Right-of-use lease assets obtained in exchange for new lease liabilities | 88,857 | 42,387 |
Lease Term and Discount Rate | As of September 30, 2020 | ||||
Weighted average remaining lease term (in years)(1)
|
6.9 | ||||
Weighted average discount rate | 3.2 | % |
Maturity of Lease Liabilities | Operating Leases | |||||||
Remaining 2020 | $ | 14,997 | ||||||
2021 | 80,817 | |||||||
2022 | 68,698 | |||||||
2023 | 55,810 | |||||||
2024 | 38,087 | |||||||
Thereafter | 132,101 | |||||||
Total lease payments | 390,510 | |||||||
Less: Interest | (44,606) | |||||||
Present value of lease liabilities | $ | 345,904 |
Balance, December 31, 2019 | $ | 32,838 | |||
Provision | 11,670 | ||||
Write-offs | (8,422) | ||||
Balance, September 30, 2020 | $ | 36,086 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Transportation | $ | 3,944,981 | $ | 3,608,346 | $ | 10,835,710 | $ | 10,751,890 | |||||||||||||||
Sourcing | 279,819 | 247,786 | 821,944 | 764,292 | |||||||||||||||||||
Total revenues | 4,224,800 | 3,856,132 | 11,657,654 | 11,516,182 | |||||||||||||||||||
Costs and expenses: | |||||||||||||||||||||||
Purchased transportation and related services | 3,378,651 | 2,999,979 | 9,141,354 | 8,826,233 | |||||||||||||||||||
Purchased products sourced for resale | 256,876 | 222,722 | 744,621 | 682,502 | |||||||||||||||||||
Total costs and expenses | 3,635,527 | 3,222,701 | 9,885,975 | 9,508,735 | |||||||||||||||||||
Net revenues | $ | 589,273 | $ | 633,431 | $ | 1,771,679 | $ | 2,007,447 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
2020 | 2019 | % change | 2020 | 2019 | % change | ||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||
Transportation | $ | 3,944,981 | $ | 3,608,346 | 9.3 | % | $ | 10,835,710 | $ | 10,751,890 | 0.8 | % | |||||||||||||||||||||||
Sourcing | 279,819 | 247,786 | 12.9 | % | 821,944 | 764,292 | 7.5 | % | |||||||||||||||||||||||||||
Total revenues | 4,224,800 | 3,856,132 | 9.6 | % | 11,657,654 | 11,516,182 | 1.2 | % | |||||||||||||||||||||||||||
Costs and expenses: | |||||||||||||||||||||||||||||||||||
Purchased transportation and related services | 3,378,651 | 2,999,979 | 12.6 | % | 9,141,354 | 8,826,233 | 3.6 | % | |||||||||||||||||||||||||||
Purchased products sourced for resale | 256,876 | 222,722 | 15.3 | % | 744,621 | 682,502 | 9.1 | % | |||||||||||||||||||||||||||
Personnel expenses | 302,904 | 320,563 | (5.5) | % | 933,607 | 999,547 | (6.6) | % | |||||||||||||||||||||||||||
Other selling, general, and administrative expenses | 118,130 | 111,783 | 5.7 | % | 371,606 | 354,730 | 4.8 | % | |||||||||||||||||||||||||||
Total costs and expenses | 4,056,561 | 3,655,047 | 11.0 | % | 11,191,188 | 10,863,012 | 3.0 | % | |||||||||||||||||||||||||||
Income from operations | 168,239 | 201,085 | (16.3) | % | 466,466 | 653,170 | (28.6) | % | |||||||||||||||||||||||||||
Interest and other expense | (7,465) | (13,180) | (43.4) | % | (32,904) | (36,935) | (10.9) | % | |||||||||||||||||||||||||||
Income before provision for income taxes | 160,774 | 187,905 | (14.4) | % | 433,562 | 616,235 | (29.6) | % | |||||||||||||||||||||||||||
Provision for income taxes | 24,245 | 41,011 | (40.9) | % | 74,948 | 138,373 | (45.8) | % | |||||||||||||||||||||||||||
Net income | $ | 136,529 | $ | 146,894 | (7.1) | % | $ | 358,614 | $ | 477,862 | (25.0) | % | |||||||||||||||||||||||
Diluted net income per share | $ | 1.00 | $ | 1.07 | (6.5) | % | $ | 2.63 | $ | 3.45 | (23.8) | % | |||||||||||||||||||||||
Net revenue margin percentage | |||||||||||||||||||||||||||||||||||
Transportation | 14.4 | % | 16.9 | % | (2.5) pts | 15.6 | % | 17.9 | % | (2.3) pts | |||||||||||||||||||||||||
Sourcing | 8.2 | % | 10.1 | % | (1.9) pts | 9.4 | % | 10.7 | % | (1.3) pts | |||||||||||||||||||||||||
Total net revenue margin | 13.9 | % | 16.4 | % | (2.5) pts | 15.2 | % | 17.4 | % | (2.2) pts | |||||||||||||||||||||||||
Average headcount | 14,904 | 15,782 | (5.6) | % | 15,177 | 15,582 | (2.6) | % |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
(dollars in thousands) | 2020 | 2019 | % change | 2020 | 2019 | % change | |||||||||||||||||||||||||||||
Total revenues | $ | 2,923,842 | $ | 2,826,308 | 3.5 | % | $ | 8,222,879 | $ | 8,495,145 | (3.2) | % | |||||||||||||||||||||||
Purchased transportation and related services | 2,555,899 | 2,392,548 | 6.8 | % | 7,102,602 | 7,088,417 | 0.2 | % | |||||||||||||||||||||||||||
Net revenues | |||||||||||||||||||||||||||||||||||
Truckload | 226,992 | 299,065 | (24.1) | % | 722,843 | 1,011,008 | (28.5) | % | |||||||||||||||||||||||||||
LTL | 117,602 | 122,959 | (4.4) | % | 335,360 | 359,403 | (6.7) | % | |||||||||||||||||||||||||||
Intermodal | 7,297 | 6,878 | 6.1 | % | 22,197 | 18,875 | 17.6 | % | |||||||||||||||||||||||||||
Other | 16,052 | 4,858 | 230.4 | % | 39,877 | 17,442 | 128.6 | % | |||||||||||||||||||||||||||
Total net revenues | 367,943 | 433,760 | (15.2) | % | 1,120,277 | 1,406,728 | (20.4) | % | |||||||||||||||||||||||||||
Personnel expenses | 148,958 | 169,644 | (12.2) | % | 474,999 | 543,323 | (12.6) | % | |||||||||||||||||||||||||||
Other selling, general, and administrative expenses | 96,459 | 87,916 | 9.7 | % | 287,380 | 271,190 | 6.0 | % | |||||||||||||||||||||||||||
Income from operations | $ | 122,526 | $ | 176,200 | (30.5) | % | $ | 357,898 | $ | 592,215 | (39.6) | % | |||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
2020 | 2019 | % change | 2020 | 2019 | % change | ||||||||||||||||||||||||||||||
Average headcount | 6,702 | 7,448 | (10.0) | % | 6,870 | 7,436 | (7.6) | % | |||||||||||||||||||||||||||
Service line volume statistics | |||||||||||||||||||||||||||||||||||
Truckload | 0.5 | % | 1.0 | % | |||||||||||||||||||||||||||||||
LTL | 13.5 | % | 6.5 | % | |||||||||||||||||||||||||||||||
Intermodal | 2.5 | % | 3.5 | % |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
(dollars in thousands) | 2020 | 2019 | % change | 2020 | 2019 | % change | |||||||||||||||||||||||||||||
Total revenues | $ | 831,957 | $ | 597,695 | 39.2 | % | $ | 2,070,161 | $ | 1,727,745 | 19.8 | % | |||||||||||||||||||||||
Purchased transportation and related services | 674,300 | 461,880 | 46.0 | % | 1,621,230 | 1,322,758 | 22.6 | % | |||||||||||||||||||||||||||
Net revenues | |||||||||||||||||||||||||||||||||||
Ocean | 88,878 | 77,777 | 14.3 | % | 237,422 | 234,623 | 1.2 | % | |||||||||||||||||||||||||||
Air | 33,836 | 26,195 | 29.2 | % | 112,254 | 77,543 | 44.8 | % | |||||||||||||||||||||||||||
Customs | 22,463 | 23,719 | (5.3) | % | 63,115 | 68,892 | (8.4) | % | |||||||||||||||||||||||||||
Other | 12,480 | 8,124 | 53.6 | % | 36,140 | 23,929 | 51.0 | % | |||||||||||||||||||||||||||
Total net revenues | 157,657 | 135,815 | 16.1 | % | 448,931 | 404,987 | 10.9 | % | |||||||||||||||||||||||||||
Personnel expenses | 71,095 | 69,085 | 2.9 | % | 205,310 | 209,674 | (2.1) | % | |||||||||||||||||||||||||||
Other selling, general, and administrative expenses | 40,263 | 42,054 | (4.3) | % | 126,588 | 129,816 | (2.5) | % | |||||||||||||||||||||||||||
Income from operations | $ | 46,299 | $ | 24,676 | 87.6 | % | $ | 117,033 | $ | 65,497 | 78.7 | % | |||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
2020 | 2019 | % change | 2020 | 2019 | % change | ||||||||||||||||||||||||||||||
Average headcount | 4,607 | 4,790 | (3.8) | % | 4,716 | 4,748 | (0.7) | % | |||||||||||||||||||||||||||
Service line volume statistics | |||||||||||||||||||||||||||||||||||
Ocean | 1.5 | % | (3.5) | % | |||||||||||||||||||||||||||||||
Air | (19.0) | % | (21.5) | % | |||||||||||||||||||||||||||||||
Customs | (2.5) | % | (7.5) | % |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
(dollars in thousands) | 2019 | 2018 | % change | 2020 | 2019 | % change | |||||||||||||||||||||||||||||
Total revenues | $ | 469,001 | $ | 432,129 | 8.5 | % | $ | 1,364,614 | $ | 1,293,292 | 5.5 | % | |||||||||||||||||||||||
Net revenues | |||||||||||||||||||||||||||||||||||
Robinson Fresh | 24,449 | 26,382 | (7.3) | % | 82,109 | 86,276 | (4.8) | % | |||||||||||||||||||||||||||
Managed Services | 24,060 | 21,574 | 11.5 | % | 70,090 | 61,985 | 13.1 | % | |||||||||||||||||||||||||||
Other Surface Transportation | 15,164 | 15,900 | (4.6) | % | 50,272 | 47,471 | 5.9 | % | |||||||||||||||||||||||||||
Total net revenues | $ | 63,673 | $ | 63,856 | (0.3) | % | $ | 202,471 | $ | 195,732 | 3.4 | % |
Description | Carrying Value as of September 30, 2020 | Borrowing Capacity | Maturity | |||||||||||||||||
Revolving credit facility | $ | — | $ | 1,000,000 | October 2023 | |||||||||||||||
Senior Notes, Series A | 175,000 | 175,000 | August 2023 | |||||||||||||||||
Senior Notes, Series B | 150,000 | 150,000 | August 2028 | |||||||||||||||||
Senior Notes, Series C | 175,000 | 175,000 | August 2033 | |||||||||||||||||
Receivables securitization facility (1)
|
59,979 | 250,000 | December 2020 | |||||||||||||||||
Senior Notes (1)
|
593,087 | 600,000 | April 2028 | |||||||||||||||||
Total debt | $ | 1,153,066 | $ | 2,350,000 |
Nine Months Ended September 30, | |||||||||||||||||
2020 | 2019 | % change | |||||||||||||||
Sources (uses) of cash: | |||||||||||||||||
Cash provided by operating activities | $ | 337,049 | $ | 623,858 | (46.0) | % | |||||||||||
Capital expenditures | (40,261) | (50,943) | |||||||||||||||
Acquisitions, net of cash acquired | (223,230) | (59,188) | |||||||||||||||
Other investing activities | 5,525 | 16,625 | |||||||||||||||
Cash used for investing activities | (257,966) | (93,506) | 175.9 | % | |||||||||||||
Repurchase of common stock | (68,563) | (241,303) | |||||||||||||||
Cash dividends | (207,428) | (207,865) | |||||||||||||||
Net payments on debt | (83,000) | (94,000) | |||||||||||||||
Other financing activities | 84,007 | 26,090 | |||||||||||||||
Cash used for financing activities | (274,984) | (517,078) | (46.8) | % | |||||||||||||
Effect of exchange rates on cash and cash equivalents | 612 | (7,465) | |||||||||||||||
Net change in cash and cash equivalents | $ | (195,289) | $ | 5,809 |
Total Number
of Shares
(or Units)
Purchased (1)
|
Average Price
Paid Per
Share
(or Unit)
|
Total Number of
Shares (or Units)
Purchased as Part of
Publicly Announced
Plans or Programs (2)
|
Maximum Number of
Shares (or Units)
That May Yet Be
Purchased Under the
Plans or Programs (2)
|
||||||||||||||||||||
July 2020 | 7,059 | $ | 80.88 | — | 9,022,073 | ||||||||||||||||||
August 2020 | 3,447 | 95.74 | — | 9,022,073 | |||||||||||||||||||
September 2020 | 6,770 | 98.55 | — | 9,022,073 | |||||||||||||||||||
Third Quarter 2020 | 17,276 | $ | 90.77 | — | 9,022,073 |
31.1 | |||||
31.2 | |||||
32.1 | |||||
32.2 | |||||
101 | Financial statements from the Quarterly Report on Form 10-Q of the company for the period ended September 30, 2020 formatted in Inline XBRL (embedded within the Inline XBRL document) | ||||
104 | The cover page from the Quarterly Report on Form 10-Q of the company for the period ended September 30, 2020 formatted in Inline XBRL (embedded within the Inline XBRL document) |
C.H. ROBINSON WORLDWIDE, INC. | ||||||||
By: | /s/ Robert C. Biesterfeld, Jr. | |||||||
Robert C. Biesterfeld, Jr. | ||||||||
Chief Executive Officer | ||||||||
By: | /s/ Michael P. Zechmeister | |||||||
Michael P. Zechmeister | ||||||||
Chief Financial Officer |
1 Year CH Robinson Worldwide Chart |
1 Month CH Robinson Worldwide Chart |
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