EX-99.1 2 ex991earningsreleaseq30930.htm EX-99.1 Document

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C.H. Robinson
14701 Charlson Rd.
Eden Prairie, MN 55347
www.chrobinson.com

FOR INQUIRIES, CONTACT:
Chuck Ives, Director of Investor Relations
Email: chuck.ives@chrobinson.com
FOR IMMEDIATE RELEASE

C.H. Robinson Reports 2021 Third Quarter Results
MINNEAPOLIS, MN, October 26, 2021 - C.H. Robinson Worldwide, Inc. (“C.H. Robinson”) (Nasdaq: CHRW) today reported financial results for the quarter ended September 30, 2021.
Third Quarter Key Metrics:
•Total revenues increased 48.3% to $6.3 billion
•Gross profits increased 43.5% to $839.0 million
•Adjusted gross profits(1) increased 43.3% to $844.2 million
•Income from operations increased 84.7% to $310.8 million
•Adjusted operating margin(1) increased 820 basis points to 36.8%
•Diluted earnings per share (EPS) increased 85.0% to $1.85
•Cash used by operations improved by $95.1 million to $73.5 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.

"The third quarter was another quarter of progress and strong execution, resulting in record quarterly financial results," said Bob Biesterfeld, Chief Executive Officer of C.H. Robinson. "The trajectory of our business is heading in the right direction as we continue to leverage our tech-plus strategy to help customers navigate through an extremely challenging and capacity-constrained environment, which we expect to continue. Demand for our global suite of services and for the benefit of our powerful technology platform continues to be strong, and digitalization continues to take hold and be engrained in an increasing percentage of our business."

1

Summary of Third Quarter Results Compared to the Third Quarter of 2020
•Total revenues increased 48.3% to $6.3 billion, driven primarily by higher pricing and higher volume across most of our services.
•Gross profits increased 43.5% to $839.0 million. Adjusted gross profits increased 43.3% to $844.2 million, primarily driven by higher adjusted gross profit per transaction and higher volume across most of our services.
•Operating expenses increased 26.7% to $533.4 million. Personnel expenses increased 32.0% to $399.9 million, primarily due to higher incentive compensation costs and also due to the benefit realized in the third quarter of 2020 from our short-term, pandemic-related cost reductions. Average headcount increased 7.1%. Selling, general and administrative ("SG&A") expenses of $133.5 million increased 13.0%, primarily due to the benefit realized in the third quarter of 2020 from our short-term, pandemic-related cost reductions.
•Income from operations totaled $310.8 million, up 84.7% due to the increase in adjusted gross profits, partially offset by the increase in operating expenses. Adjusted operating margin of 36.8% increased 820 basis points.
•Interest and other expenses totaled $16.7 million, consisting primarily of $13.1 million of interest expense, which increased $1.2 million versus last year due to a higher average debt balance. The third quarter also included a $3.8 million unfavorable impact from foreign currency revaluation and realized foreign currency gains and losses.
•The effective tax rate in the quarter was 16.0% compared to 15.1% in the third quarter last year. The rate increase was due primarily to a lower tax benefit related to stock-based compensation.
•Net income totaled $247.1 million, up 81.0% from a year ago. Diluted EPS of $1.85 increased 85.0%.


2

Summary of Year-to-Date Results Compared to the Same Period in 2020

•Total revenues increased 42.4% to $16.6 billion, driven primarily by higher pricing and higher volume across most of our services.
•Gross profits increased 29.6% to $2.3 billion. Adjusted gross profits increased 29.6% to $2.3 billion, primarily driven by higher adjusted gross profit per transaction and higher volume across most of our services.
•Operating expenses increased 15.0% to $1.5 billion. Personnel expenses increased 20.4% to $1.1 billion, primarily due to higher incentive compensation costs and also due to the benefit realized in 2020 from our short-term, pandemic-related cost reduction initiatives. SG&A expenses increased 1.6% to $377.4 million, primarily due to increases in purchased services and warehouse expenses, partially offset by lower credit losses, amortization and travel expenses.
•Income from operations totaled $794.7 million, up 70.4% from last year, primarily due to the increase in adjusted gross profits, partially offset by the increase in operating expenses. Adjusted operating margin of 34.6% increased 830 basis points.
•Interest and other expenses totaled $41.4 million, which primarily consists of $38.0 million of interest expense, which increased $1.4 million versus last year due to a higher average debt balance. The nine-month period also included an $8.6 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 nine months was 18.5% compared to 17.3% in the year-ago period. The rate increase was due primarily to a lower tax benefit related to stock-based compensation.
•Net income totaled $614.1 million, up 71.3% from a year ago. Diluted EPS of $4.56 increased 73.4%.



3

North American Surface Transportation Results
Summarized financial results of our NAST segment are as follows (dollars in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
20212020% change20212020% change
Total revenues$3,814,988 $2,923,842 30.5 %$10,611,892 $8,222,879 29.1 %
Adjusted gross profits(1)
460,149 367,943 25.1 %1,317,853 1,120,277 17.6 %
Income from operations149,035 122,526 21.6 %436,911 357,898 22.1 %
____________________________________________
(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.

Third quarter total revenues for C.H. Robinson's NAST segment totaled $3.8 billion, an increase of 30.5% 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 25.1% in the quarter to $460.1 million. Adjusted gross profits in truckload increased 36.5% due to a 30.0% increase in adjusted gross profit per load and a 4.5% increase in shipments. Our average truckload linehaul rate per mile charged to our customers, which excludes fuel surcharges, increased approximately 27.0% in the quarter, while truckload linehaul cost per mile, excluding fuel surcharges, increased approximately 26.0%. LTL adjusted gross profits increased 11.5% versus the year-ago period, as adjusted gross profit per order increased 10.5% and LTL volumes grew 1.0%. NAST overall volume growth was approximately 2.5%. Operating expenses increased 26.8% primarily due to higher incentive compensation and also due to the benefit realized in 2020 from our short-term, pandemic-related cost reduction initiatives. Income from operations increased 21.6% to $149.0 million, and adjusted operating margin declined 90 basis points to 32.4%. NAST average headcount was up 0.9% in the quarter.


4

Global Forwarding Results
Summarized financial results of our Global Forwarding segment are as follows (dollars in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
20212020% change20212020% change
Total revenues$1,978,901 $831,957 137.9 %$4,585,734 $2,070,161 121.5 %
Adjusted gross profits(1)
310,898 157,657 97.2 %763,952 448,931 70.2 %
Income from operations165,155 46,299 256.7 %363,956 117,033 211.0 %
____________________________________________
(1) Adjusted gross profits is a non-GAAP financial measure explained later in this release. The difference between adjusted gross profits and gross profits is not material.

Third quarter total revenues for the Global Forwarding segment increased 137.9% to $2.0 billion, primarily driven by higher pricing 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 97.2% in the quarter to $310.9 million. Ocean adjusted gross profits increased 141.7%, driven by a 116.5% increase in adjusted gross profit per shipment and a 12.0% increase in volumes. Adjusted gross profits in air increased 76.2% driven by a 50.5% increase in metric tons shipped and a 17.0% increase in adjusted gross profit per metric ton. Customs adjusted gross profits increased 13.4%, primarily driven by a 10.5% increase in transaction volume. Operating expenses increased 30.9%, primarily driven by increased salaries, technology and incentive compensation expenses and partially offset by lower amortization expense. Third quarter average headcount increased 12.2%. Income from operations increased 256.7% to $165.2 million, and adjusted operating margin expanded 2,370 basis points to 53.1% in the quarter.


5

All Other and Corporate Results

Total revenues and adjusted gross profits for Robinson Fresh, Managed Services and Other Surface Transportation are summarized as follows (dollars in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
20212020% change20212020% change
Total revenues$469,806 $469,001 0.2 %$1,402,664 $1,364,614 2.8 %
Adjusted gross profits(1):
Robinson Fresh$26,651 $24,449 9.0 %$81,539 $82,109 (0.7)%
Managed Services26,720 24,060 11.1 %78,510 70,090 12.0 %
Other Surface Transportation19,774 15,164 30.4 %53,894 50,272 7.2 %
____________________________________________
(1) Adjusted gross profits is a non-GAAP financial measure explained later in this release. The difference between adjusted gross profits and gross profits is not material.

Third quarter Robinson Fresh adjusted gross profits increased 9.0% to $26.7 million, due to an increase in adjusted gross profit per case and a 2.5% increase in case volume. Managed Services adjusted gross profits increased 11.1% in the quarter, primarily due to a 12.5% increase in volume. Other Surface Transportation adjusted gross profits increased 30.4% to $19.8 million, primarily due to a 31.6% increase in Europe truckload adjusted gross profits, with the acquisition of Combinex Holding B.V. contributing 13.5 percentage points of growth to truckload adjusted gross profits.

Other Income Statement Items
The third quarter effective tax rate was 16.0%, up from 15.1% last year, but lower than our expectations, primarily due to a favorable mix of foreign earnings and U.S. tax incentives. We now expect our 2021 full-year effective tax rate to be 18% to 19% compared to our prior estimate of 20% to 22%.
Interest and other expenses totaled $16.7 million, consisting primarily of $13.1 million of interest expense, which increased $1.2 million versus last year due to a higher average debt balance. The third quarter also included a $3.8 million unfavorable impact from foreign currency revaluation and realized foreign currency gains and losses.
Diluted weighted average shares outstanding in the quarter were down 2.7% due primarily to share repurchases over the past twelve months.


6

Cash Flow Generation and Capital Distribution
Cash used by operations totaled $73.5 million in the third quarter, compared to $168.6 million of cash used in the third quarter of 2020. The $95.1 million improvement in cash flow was driven primarily by an improvement in net income, partially offset by an increase in operating working capital in the third quarter of 2021. Sequentially, operating working capital increased by $411.8 million or 26.7% in the third quarter of 2021, compared to a sequential increase of 12.7% in total adjusted gross profits.
In the third quarter of 2021, $237.2 million of cash was returned to shareholders, with $168.1 million in total repurchases of common stock and $69.2 million in cash dividends.
Capital expenditures totaled $22.7 million in the quarter. We now expect 2021 capital expenditures, which are driven by technology-related investments, to be $70 million to $80 million.

Outlook
"Our strong financial results demonstrate that our integrated services model is working. Given the current structural constraints around expansion of supply, coupled with continued strong demand as we head into the holiday season, we expect capacity to remain tight and to perform well in that environment," Biesterfeld stated. "We’ll continue to leverage the strength of our diversified non-asset-based business model that delivers strong returns on invested capital. 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."



7

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 $26 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 Third Quarter 2021 Earnings Conference Call
Tuesday, October 26, 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

8


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 September 30,Nine Months Ended September 30,
20212020% change20212020% change
Adjusted gross profits(1):
  Transportation
     Truckload$333,067 $251,072 32.7 %$941,117 $794,364 18.5 %
     LTL132,482 118,561 11.7 %383,903 339,426 13.1 %
     Ocean214,926 88,927 141.7 %501,422 237,682 111.0 %
     Air60,552 34,977 73.1 %159,503 115,720 37.8 %
     Customs25,466 22,464 13.4 %75,201 63,118 19.1 %
     Other logistics services53,018 50,329 5.3 %158,450 144,046 10.0 %
     Total transportation819,511 566,330 44.7 %2,219,596 1,694,356 31.0 %
  Sourcing24,681 22,943 7.6 %76,152 77,323 (1.5)%
Total adjusted gross profits$844,192 $589,273 43.3 %$2,295,748 $1,771,679 29.6 %
____________________________________________
(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.
9

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

Our adjusted gross profit is a non-GAAP financial measure. Adjusted gross profit is calculated as gross profit excluding amortization of internally developed software utilized to directly serve our customers and contracted carriers. We believe adjusted gross profit is a useful measure of our ability to source, add value, and sell services and products that are provided by third parties, and we consider adjusted gross profit to be a primary performance measurement. Accordingly, the discussion of our results of operations often focuses on the changes in our adjusted gross profit. The reconciliation of gross profit to adjusted gross profit is presented below (in thousands):
 Three Months Ended September 30,Nine Months Ended September 30,
20212020% change20212020% change
Revenues:
Transportation$5,999,901 $3,944,981 52.1 %$15,800,576 $10,835,710 45.8 %
Sourcing263,794 279,819 (5.7)%799,714 821,944 (2.7)%
Total revenues6,263,695 4,224,800 48.3 %16,600,290 11,657,654 42.4 %
Costs and expenses:
Purchased transportation and related services5,180,390 3,378,651 53.3 %13,580,980 9,141,354 48.6 %
Purchased products sourced for resale239,113 256,876 (6.9)%723,562 744,621 (2.8)%
Direct internally developed software amortization5,152 4,388 17.4 %14,601 12,124 20.4 %
Total direct expenses5,424,655 3,639,915 49.0 %14,319,143 9,898,099 44.7 %
Gross profit$839,040 $584,885 43.5 %$2,281,147 $1,759,555 29.6 %
Plus: Direct internally developed software amortization5,152 4,388 17.4 %14,601 12,124 20.4 %
Adjusted gross profit$844,192 $589,273 43.3 %$2,295,748 $1,771,679 29.6 %

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 September 30,Nine Months Ended September 30,
20212020% change20212020% change
Total revenues$6,263,695 $4,224,800 48.3 %$16,600,290 $11,657,654 42.4 %
Operating income310,769 168,239 84.7 %794,702 466,466 70.4 %
Operating margin5.0 %4.0 %100 bps4.8 %4.0 %80 bps
Adjusted gross profit$844,192 $589,273 43.3 %$2,295,748 $1,771,679 29.6 %
Operating income310,769 168,239 84.7 %794,702 466,466 70.4 %
Adjusted operating margin36.8 %28.6 %820 bps34.6 %26.3 %830 bps

10

Condensed Consolidated Statements of Income
(unaudited, in thousands, except per share data)
Three Months Ended September 30,Nine Months Ended September 30,
20212020% change20212020% change
Revenues:
 Transportation$5,999,901 $3,944,981 52.1 %$15,800,576 $10,835,710 45.8 %
 Sourcing263,794 279,819 (5.7)%799,714 821,944 (2.7)%
   Total revenues6,263,695 4,224,800 48.3 %16,600,290 11,657,654 42.4 %
Costs and expenses:
 Purchased transportation and related services5,180,390 3,378,651 53.3 %13,580,980 9,141,354 48.6 %
 Purchased products sourced for resale239,113 256,876 (6.9)%723,562 744,621 (2.8)%
 Personnel expenses399,880 302,904 32.0 %1,123,616 933,607 20.4 %
Other selling, general, and administrative expenses133,543 118,130 13.0 %377,430 371,606 1.6 %
   Total costs and expenses5,952,926 4,056,561 46.7 %15,805,588 11,191,188 41.2 %
Income from operations310,769 168,239 84.7 %794,702 466,466 70.4 %
Interest and other expense(16,662)(7,465)123.2 %(41,419)(32,904)25.9 %
Income before provision for income taxes294,107 160,774 82.9 %753,283 433,562 73.7 %
Provision for income taxes47,054 24,245 94.1 %139,136 74,948 85.6 %
Net income$247,053 $136,529 81.0 %$614,147 $358,614 71.3 %
Net income per share (basic)$1.87 $1.01 85.1 %$4.61 $2.65 74.0 %
Net income per share (diluted)$1.85 $1.00 85.0 %$4.56 $2.63 73.4 %
Weighted average shares outstanding (basic)131,845 135,671 (2.8)%133,201 135,385 (1.6)%
Weighted average shares outstanding (diluted)133,436 137,128 (2.7)%134,661 136,137 (1.1)%

11

Business Segment Information
(unaudited, in thousands, except average headcount)
NASTGlobal Forwarding
All
Other and Corporate
Consolidated
Three Months Ended September 30, 2021
Total revenues$3,814,988 $1,978,901 $469,806 $6,263,695 
Adjusted gross profits(1)
460,149 310,898 73,145 844,192 
Income (loss) from operations149,035 165,155 (3,421)310,769 
Depreciation and amortization6,620 5,427 10,359 22,406 
Total assets (2)
3,437,461 2,438,106 727,039 6,602,606 
Average headcount6,764 5,167 4,037 15,968 
NASTGlobal Forwarding
All
Other and Corporate
Consolidated
Three Months Ended September 30, 2020
Total revenues$2,923,842 $831,957 $469,001 $4,224,800 
Adjusted gross profits(1)
367,943 157,657 63,673 589,273 
Income (loss) from operations122,526 46,299 (586)168,239 
Depreciation and amortization7,095 9,385 10,436 26,916 
Total assets (2)
3,041,974 1,148,118 884,746 5,074,838 
Average headcount6,702 4,607 3,595 14,904 
____________________________________________
(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.


12

Business Segment Information
(unaudited, in thousands, except average headcount)
NASTGlobal Forwarding
All
Other and Corporate
Consolidated
Nine Months Ended September 30, 2021
Total revenues$10,611,892 $4,585,734 $1,402,664 $16,600,290 
Adjusted gross profits(1)
1,317,853 763,952 213,943 2,295,748 
Income (loss) from operations436,911 363,956 (6,165)794,702 
Depreciation and amortization19,779 17,352 31,490 68,621 
Total assets (2)
3,437,461 2,438,106 727,039 6,602,606 
Average headcount6,650 4,951 3,881 15,482 
NASTGlobal 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 
Adjusted gross profits(1)
1,120,277 448,931 202,471 1,771,679 
Income (loss) from operations357,898 117,033 (8,465)466,466 
Depreciation and amortization19,550 27,740 29,777 77,067 
Total assets (2)
3,041,974 1,148,118 884,746 5,074,838 
Average headcount6,870 4,716 3,591 15,177 

____________________________________________
(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.




13

Condensed Consolidated Balance Sheets
(unaudited, in thousands)
September 30, 2021December 31, 2020
Assets
   Current assets:
     Cash and cash equivalents$202,649 $243,796 
     Receivables, net of allowance for credit loss3,721,571 2,449,577 
     Contract assets, net of allowance for credit loss416,971 197,176 
     Prepaid expenses and other89,472 51,152 
        Total current assets4,430,663 2,941,701 
 
  Property and equipment, net of accumulated depreciation and amortization177,418 178,949 
  Right-of-use lease assets297,249 319,785 
  Intangible and other assets, net of accumulated amortization1,697,276 1,703,823 
Total assets$6,602,606 $5,144,258 
Liabilities and stockholders’ investment
  Current liabilities:
     Accounts payable and outstanding checks$1,864,189 $1,283,364 
     Accrued expenses:
        Compensation173,353 138,460 
        Transportation expense319,154 153,574 
        Income taxes39,276 43,700 
        Other accrued liabilities157,251 154,460 
Current lease liabilities66,470 66,174 
Current portion of debt632,000 — 
        Total current liabilities3,251,693 1,839,732 
Long-term debt1,093,950 1,093,301 
Noncurrent lease liabilities245,902 268,572 
Noncurrent income taxes payable25,449 26,015 
Deferred tax liabilities20,259 22,182 
  Other long-term liabilities14,553 14,523 
Total liabilities4,651,806 3,264,325 
Total stockholders’ investment1,950,800 1,879,933 
Total liabilities and stockholders’ investment$6,602,606 $5,144,258 

14

Condensed Consolidated Statements of Cash Flow
(unaudited, in thousands, except operational data)
Nine Months Ended September 30,
20212020
Operating activities:
Net income$614,147 $358,614 
Adjustments to reconcile net income to net cash provided by (used for) operating activities:
 Depreciation and amortization68,621 77,067 
 Provision for credit losses3,979 12,701 
 Stock-based compensation93,962 33,127 
 Deferred income taxes(11,683)(9,468)
 Excess tax benefit on stock-based compensation(10,830)(17,127)
Other operating activities1,384 13,104 
Changes in operating elements, net of acquisitions:
Receivables(1,290,485)(367,538)
Contract assets (220,889)(56,131)
Prepaid expenses and other(38,525)12,331 
Accounts payable and outstanding checks595,036 186,755 
Accrued compensation35,413 16,458 
Accrued transportation expenses165,580 46,396 
Accrued income taxes6,400 17,125 
Other accrued liabilities4,947 8,907 
Other assets and liabilities2,043 4,728 
Net cash provided by operating activities19,100 337,049 
Investing activities:
Purchases of property and equipment(26,503)(17,446)
Purchases and development of software(26,062)(22,815)
Acquisitions, net of cash acquired(14,749)(223,230)
Other investing activities— 5,525 
Net cash used for investing activities(67,314)(257,966)
Financing activities:
Proceeds from stock issued for employee benefit plans43,183 100,542 
Total repurchases of common stock(454,047)(85,098)
Cash dividends(208,926)(207,428)
Payments on long-term borrowings(2,048)— 
Proceeds from short-term borrowings2,768,000 1,043,600 
Payments on short-term borrowings(2,136,251)(1,126,600)
Net cash used for financing activities9,911 (274,984)
Effect of exchange rates on cash(2,844)612 
Net change in cash and cash equivalents(41,147)(195,289)
Cash and cash equivalents, beginning of period243,796 447,858 
Cash and cash equivalents, end of period$202,649 $252,569 
As of September 30,
Operational Data:20212020
Employees 16,231 14,695 


Source: C.H. Robinson
CHRW-IR
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