EX-99.1 2 ex991earningsreleaseq41231.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 Fourth Quarter Results
Eden Prairie, MN, February 2, 2022 - C.H. Robinson Worldwide, Inc. (“C.H. Robinson”) (Nasdaq: CHRW) today reported financial results for the quarter ended December 31, 2021.
Fourth Quarter Key Metrics:
•Total revenues increased 42.9% to $6.5 billion
•Gross profits increased 33.7% to $850.7 million
•Adjusted gross profits(1) increased 33.7% to $856.3 million
•Income from operations increased 39.0% to $287.4 million
•Adjusted operating margin(1) increased 130 basis points to 33.6%
•Diluted earnings per share (EPS) increased 61.1% to $1.74
•Cash generated by operations decreased by $86.3 million to $75.9 million

Full-Year Key Metrics:
•Total revenues increased 42.5% to $23.1 billion
•Gross profits increased 30.7% to $3.1 billion
•Adjusted gross profits(1) increased 30.7% to $3.2 billion
•Income from operations increased 60.7% to $1.1 billion
•Adjusted operating margin(1) increased 640 basis points to 34.3 percent
•Diluted earnings per share (EPS) increased 69.6% to $6.31
•Cash flow from operations decreased 81.0% to $95.0 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 11 for further discussion and a GAAP to Non-GAAP reconciliation.
1


"In the face of some of the greatest disruption and tightest capacity the logistics industry has ever seen, C.H Robinson demonstrated strength, resilience and commitment to our global customers in 2021," said Bob Biesterfeld, President and Chief Executive Officer of C.H. Robinson. As a result of strategic planning and investments, as well as outstanding operational performance, we delivered record financial results for the year and strong results for the fourth quarter. Our tech-plus strategy continued to be a key differentiator for our company, enabling us to help our customers and carriers navigate the unprecedented level of supply chain disruption, while maintaining the superior service that our global customers have come to expect from C.H. Robinson. Looking ahead, we will continue capitalizing on opportunities to integrate our advanced innovation and technology to deliver best-in-class, comprehensive solutions across our combination of modes, services and geographies. The positive momentum of our business remains strong as demand for our global suite of services and for our digital freight platform continues to grow. We believe our strategies and competitive advantages will enable us to create more value for customers and in turn, win more business and increase our market share, while delivering higher profitability and return on invested capital."


2

Summary of Fourth Quarter Results Compared to the Fourth Quarter of 2020
•Total revenues increased 42.9% to $6.5 billion, driven primarily by higher pricing and higher volume across most of our services.
•Gross profits increased 33.7% to $850.7 million. Adjusted gross profits increased 33.7% to $856.3 million, primarily driven by higher adjusted gross profit per transaction and higher volume across most of our services.
•Operating expenses increased 31.2% to $568.9 million. Personnel expenses increased 35.8% to $420.0 million, primarily due to higher incentive compensation costs and higher headcount, and also due to the benefit realized in the fourth quarter of 2020 from our short-term, pandemic-related cost reductions. Average headcount increased 11.9%. Selling, general and administrative ("SG&A") expenses of $148.9 million increased 19.6%, primarily due to higher purchased services and travel expenses, both of which were reduced in the fourth quarter of 2020 by short-term, pandemic-related cost reductions.
•Income from operations totaled $287.4 million, up 39.0% due to the increase in adjusted gross profits, partially offset by the increase in operating expenses. Adjusted operating margin of 33.6% increased 130 basis points.
•Interest and other expenses totaled $18.4 million, consisting primarily of $14.1 million of interest expense, which increased $1.8 million versus last year due to a higher average debt balance. The fourth quarter also included a $6.5 million unfavorable impact from foreign currency revaluation and realized foreign currency gains and losses.
•The effective tax rate in the quarter was 14.5% compared to 24.1% in the fourth quarter last year. The rate decrease was due primarily to a favorable mix of foreign earnings and an increased benefit related to U.S. tax credits and incentives.
•Net income totaled $230.1 million, up 55.7% from a year ago. Diluted EPS of $1.74 increased 61.1%.


3

Summary of Full Year Results Compared to 2020

•Total revenues increased 42.5% to $23.1 billion, driven primarily by higher pricing and higher volume across most of our services.
•Gross profits increased 30.7% to $3.1 billion. Adjusted gross profits increased 30.7% to $3.2 billion, primarily driven by higher adjusted gross profit per transaction and higher volume across most of our services.
•Operating expenses increased 19.0% to $2.1 billion. Personnel expenses increased 24.2% to $1.5 billion, primarily due to higher incentive compensation costs and higher headcount, and also due to the benefit realized in 2020 from our short-term, pandemic-related cost reduction initiatives. SG&A expenses increased 6.1% to $526.4 million, primarily due to increases in purchased services and warehouse expenses, partially offset by decreases in amortization and bad debt expenses and by an $11.5 million loss on the sale-leaseback of a company-owned data center in 2020.
•Income from operations totaled $1.1 billion, up 60.7% from last year, primarily due to the increase in adjusted gross profits, partially offset by the increase in operating expenses. Adjusted operating margin of 34.3% increased 640 basis points.
•Interest and other expenses totaled $59.8 million, which primarily consists of $52.1 million of interest expense, which increased $3.0 million versus last year due to a higher average debt balance. The full year also included a $15.1 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 full year was 17.4% compared to 19.4% in the year-ago period. The rate decrease was due primarily to a favorable mix of foreign earnings and an increased benefit related to U.S. tax credits and incentives.
•Net income totaled $844.2 million, up 66.7% from a year ago. Diluted EPS of $6.31 increased 69.6%.



4

North American Surface Transportation Results
Summarized financial results of our NAST segment are as follows (dollars in thousands):
Three Months Ended December 31,Twelve Months Ended December 31,
20212020% change20212020% change
Total revenues$3,896,025 $3,089,674 26.1 %$14,507,917 $11,312,553 28.2 %
Adjusted gross profits(1)
475,100 396,814 19.7 %1,792,953 1,517,091 18.2 %
Income from operations148,440 150,577 (1.4)%585,351 508,475 15.1 %
____________________________________________
(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.

Fourth quarter total revenues for C.H. Robinson's NAST segment totaled $3.9 billion, an increase of 26.1% 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 19.7% in the quarter to $475.1 million. Adjusted gross profits in truckload increased 22.2% due to a 15.0% 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 18.5% in the quarter, while truckload linehaul cost per mile, excluding fuel surcharges, increased approximately 18.0%. LTL adjusted gross profits increased 18.3% versus the year-ago period, as adjusted gross profit per order increased 23.5% and LTL volumes declined 4.0%. NAST overall volume growth was flat for the quarter. The fourth quarter of 2021 had one less business day than the fourth quarter of 2020. Truckload volume per business day increased 7.5% in the quarter, and LTL volume per business day declined 2.5%, resulting in overall NAST volume growth per business day of 1.5%. Operating expenses increased 32.7% primarily due to higher incentive compensation and higher headcount, and also due to the benefit realized in 2020 from our short-term, pandemic-related cost reduction initiatives. Income from operations decreased 1.4% to $148.4 million, and adjusted operating margin declined 670 basis points to 31.2%. NAST average headcount was up 7.5% in the quarter.


5

Global Forwarding Results
Summarized financial results of our Global Forwarding segment are as follows (dollars in thousands):
Three Months Ended December 31,Twelve Months Ended December 31,
20212020% change20212020% change
Total revenues$2,144,056 $1,030,364 108.1 %$6,729,790 $3,100,525 117.1 %
Adjusted gross profits(1)
309,589 180,057 71.9 %1,073,541 628,988 70.7 %
Income from operations146,800 58,480 151.0 %510,756 175,513 191.0 %
____________________________________________
(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.

Fourth quarter total revenues for the Global Forwarding segment increased 108.1% to $2.1 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 71.9% in the quarter to $309.6 million. Ocean adjusted gross profits increased 86.5%, driven by a 78.0% increase in adjusted gross profit per shipment and a 5.0% increase in volumes. Adjusted gross profits in air increased 91.9% driven by a 37.5% increase in metric tons shipped and a 39.5% increase in adjusted gross profit per metric ton. Customs adjusted gross profits increased 5.7%, primarily driven by a 0.5% increase in transaction volume. Operating expenses increased 33.9%, primarily driven by increased salaries, incentive compensation and technology expenses. Fourth quarter average headcount increased 17.4%. Income from operations increased 151.0% to $146.8 million, and adjusted operating margin expanded 1,490 basis points to 47.4% in the quarter.


6

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 December 31,Twelve Months Ended December 31,
20212020% change20212020% change
Total revenues$461,767 $429,414 7.5 %$1,864,431 $1,794,028 3.9 %
Adjusted gross profits(1):
Robinson Fresh$26,004 $23,591 10.2 %$107,543 $105,700 1.7 %
Managed Services26,554 24,738 7.3 %105,064 94,828 10.8 %
Other Surface Transportation19,094 15,378 24.2 %72,988 65,650 11.2 %
____________________________________________
(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.

Fourth quarter Robinson Fresh adjusted gross profits increased 10.2% to $26.0 million, due to an 11.5% increase in case volume. Managed Services adjusted gross profits increased 7.3% in the quarter, primarily due to a 2.5% increase in volume. Other Surface Transportation adjusted gross profits increased 24.2% to $19.1 million, primarily due to a 25.4% increase in Europe truckload adjusted gross profits, with the acquisition of Combinex Holding B.V. contributing 10.3 percentage points of growth to truckload adjusted gross profits.

Other Income Statement Items
The fourth quarter effective tax rate was 14.5%, down from 24.1% last year, and lower than our expectations, primarily due to a favorable mix of foreign earnings and an increased benefit from U.S. tax credits and incentives. We expect our 2022 full-year effective tax rate to be 19 to 21 percent.
Interest and other expenses totaled $18.4 million, consisting primarily of $14.1 million of interest expense, which increased $1.8 million versus last year due to a higher average debt balance. The fourth quarter also included a $6.5 million unfavorable impact from foreign currency revaluation and realized foreign currency gains and losses.
Diluted weighted average shares outstanding in the quarter were down 3.3% due primarily to share repurchases over the past twelve months.


7

Cash Flow Generation and Capital Distribution
Cash from operations totaled $75.9 million in the fourth quarter, compared to $162.1 million of cash from operations in the fourth quarter of 2020. The $86.3 million decrease in cash flow was primarily due to a $199.9 million sequential increase in net operating working capital in the fourth quarter of 2021, compared to a $92.0 million sequential increase in the fourth quarter of 2020. The increase in net operating working capital in the fourth quarter of 2021 resulted primarily from a $278.6 million sequential increase in accounts receivable and contract assets, compared to a $78.7 million sequential increase in total accounts payable.
In the fourth quarter of 2021, $222.8 million of cash was returned to shareholders, with $154.4 million in total repurchases of common stock and $68.4 million in cash dividends.
Capital expenditures totaled $18.4 million in the quarter. Capital expenditures for 2022 are expected to be $90 million to $100 million, primarily driven by technology investments in our digital platform.
Subsequent to the end of the fourth quarter of 2021, the borrowing capacity on our accounts receivable securitization facility was expanded by an additional $200 million, bringing its total borrowing capacity to $500 million.


8

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 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 Fourth Quarter 2021 Earnings Conference Call
Wednesday, February 2, 2022; 8:30 a.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

9


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 December 31,Twelve Months Ended December 31,
20212020% change20212020% change
Adjusted gross profits(1):
  Transportation
     Truckload$339,512 $277,509 22.3 %$1,280,629 $1,071,873 19.5 %
     LTL139,462 117,864 18.3 %523,365 457,290 14.4 %
     Ocean209,801 112,412 86.6 %711,223 350,094 103.2 %
     Air65,783 35,723 84.1 %225,286 151,443 48.8 %
     Customs25,338 23,977 5.7 %100,539 87,095 15.4 %
     Other logistics services52,508 51,113 2.7 %210,958 195,159 8.1 %
     Total transportation832,404 618,598 34.6 %3,052,000 2,312,954 32.0 %
  Sourcing23,937 21,980 8.9 %100,089 99,303 0.8 %
Total adjusted gross profits$856,341 $640,578 33.7 %$3,152,089 $2,412,257 30.7 %
____________________________________________
(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.
10

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 December 31,Twelve Months Ended December 31,
20212020% change20212020% change
Revenues:
Transportation$6,245,998 $4,311,852 44.9 %$22,046,574 $15,147,562 45.5 %
Sourcing255,850 237,600 7.7 %1,055,564 1,059,544 (0.4)%
Total revenues6,501,848 4,549,452 42.9 %23,102,138 16,207,106 42.5 %
Costs and expenses:
Purchased transportation and related services5,413,594 3,693,254 46.6 %18,994,574 12,834,608 48.0 %
Purchased products sourced for resale231,913 215,620 7.6 %955,475 960,241 (0.5)%
Direct internally developed software amortization5,607 4,510 24.3 %20,208 16,634 21.5 %
Total direct expenses5,651,114 3,913,384 44.4 %19,970,257 13,811,483 44.6 %
Gross profit$850,734 $636,068 33.7 %$3,131,881 $2,395,623 30.7 %
Plus: Direct internally developed software amortization5,607 4,510 24.3 %20,208 16,634 21.5 %
Adjusted gross profit$856,341 $640,578 33.7 %$3,152,089 $2,412,257 30.7 %

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 December 31,Twelve Months Ended December 31,
20212020% change20212020% change
Total revenues$6,501,848 $4,549,452 42.9 %$23,102,138 $16,207,106 42.5 %
Operating income287,406 206,802 39.0 %1,082,108 673,268 60.7 %
Operating margin4.4 %4.5 %(10) bps4.7 %4.2 %50 bps
Adjusted gross profit$856,341 $640,578 33.7 %$3,152,089 $2,412,257 30.7 %
Operating income287,406 206,802 39.0 %1,082,108 673,268 60.7 %
Adjusted operating margin33.6 %32.3 %130 bps34.3 %27.9 %640 bps

11

Condensed Consolidated Statements of Income
(unaudited, in thousands, except per share data)
Three Months Ended December 31,Twelve Months Ended December 31,
20212020% change20212020% change
Revenues:
 Transportation$6,245,998 $4,311,852 44.9 %$22,046,574 $15,147,562 45.5 %
 Sourcing255,850 237,600 7.7 %1,055,564 1,059,544 (0.4)%
   Total revenues6,501,848 4,549,452 42.9 %23,102,138 16,207,106 42.5 %
Costs and expenses:
 Purchased transportation and related services5,413,594 3,693,254 46.6 %18,994,574 12,834,608 48.0 %
 Purchased products sourced for resale231,913 215,620 7.6 %955,475 960,241 (0.5)%
 Personnel expenses419,994 309,260 35.8 %1,543,610 1,242,867 24.2 %
Other selling, general, and administrative expenses148,941 124,516 19.6 %526,371 496,122 6.1 %
   Total costs and expenses6,214,442 4,342,650 43.1 %22,020,030 15,533,838 41.8 %
Income from operations287,406 206,802 39.0 %1,082,108 673,268 60.7 %
Interest and other expense(18,398)(12,033)52.9 %(59,817)(44,937)33.1 %
Income before provision for income taxes269,008 194,769 38.1 %1,022,291 628,331 62.7 %
Provision for income taxes38,910 46,962 (17.1)%178,046 121,910 46.0 %
Net income$230,098 $147,807 55.7 %$844,245 $506,421 66.7 %
Net income per share (basic)$1.77 $1.09 62.4 %$6.37 $3.74 70.3 %
Net income per share (diluted)$1.74 $1.08 61.1 %$6.31 $3.72 69.6 %
Weighted average shares outstanding (basic)130,348 135,970 (4.1)%132,482 135,532 (2.3)%
Weighted average shares outstanding (diluted)132,617 137,176 (3.3)%133,834 136,173 (1.7)%

12

Business Segment Information
(unaudited, in thousands, except average headcount)
NASTGlobal Forwarding
All
Other and Corporate
Consolidated
Three Months Ended December 31, 2021
Total revenues$3,896,025 $2,144,056 $461,767 $6,501,848 
Adjusted gross profits(1)
475,100 309,589 71,652 856,341 
Income (loss) from operations148,440 146,800 (7,834)287,406 
Depreciation and amortization6,464 5,471 10,703 22,638 
Total assets (2)
3,349,578 2,843,239 835,295 7,028,112 
Average headcount7,044 5,430 4,080 16,554 
NASTGlobal Forwarding
All
Other and Corporate
Consolidated
Three Months Ended December 31, 2020
Total revenues$3,089,674 $1,030,364 $429,414 $4,549,452 
Adjusted gross profits(1)
396,814 180,057 63,707 640,578 
Income (loss) from operations150,577 58,480 (2,255)206,802 
Depreciation and amortization5,764 6,810 12,086 24,660 
Total assets (2)
2,946,409 1,392,411 805,438 5,144,258 
Average headcount6,555 4,626 3,610 14,791 
____________________________________________
(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

Business Segment Information
(unaudited, in thousands, except average headcount)
NASTGlobal Forwarding
All
Other and Corporate
Consolidated
Twelve Months Ended December 31, 2021
Total revenues$14,507,917 $6,729,790 $1,864,431 $23,102,138 
Adjusted gross profits(1)
1,792,953 1,073,541 285,595 3,152,089 
Income (loss) from operations585,351 510,756 (13,999)1,082,108 
Depreciation and amortization26,243 22,823 42,193 91,259 
Total assets (2)
3,349,578 2,843,239 835,295 7,028,112 
Average headcount6,764 5,071 3,926 15,761 
NASTGlobal Forwarding
All
Other and Corporate
Consolidated
Twelve Months Ended December 31, 2020
Total revenues$11,312,553 $3,100,525 $1,794,028 $16,207,106 
Adjusted gross profits(1)
1,517,091 628,988 266,178 2,412,257 
Income (loss) from operations508,475 175,513 (10,720)673,268 
Depreciation and amortization25,314 34,550 41,863 101,727 
Total assets (2)
2,946,409 1,392,411 805,438 5,144,258 
Average headcount6,811 4,708 3,600 15,119 

____________________________________________
(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.




14

Condensed Consolidated Balance Sheets
(unaudited, in thousands)
December 31, 2021December 31, 2020
Assets
   Current assets:
     Cash and cash equivalents$257,413 $243,796 
     Receivables, net of allowance for credit loss3,963,487 2,449,577 
     Contract assets, net of allowance for credit loss453,660 197,176 
     Prepaid expenses and other129,593 51,152 
        Total current assets4,804,153 2,941,701 
 
  Property and equipment, net of accumulated depreciation and amortization139,831 178,949 
  Right-of-use lease assets292,559 319,785 
  Intangible and other assets, net of accumulated amortization1,791,569 1,703,823 
Total assets$7,028,112 $5,144,258 
Liabilities and stockholders’ investment
  Current liabilities:
     Accounts payable and outstanding checks$1,919,301 $1,283,364 
     Accrued expenses:
        Compensation201,421 138,460 
        Transportation expense342,778 153,574 
        Income taxes100,265 43,700 
        Other accrued liabilities171,266 154,460 
Current lease liabilities66,311 66,174 
Current portion of debt525,000 — 
        Total current liabilities3,326,342 1,839,732 
Long-term debt1,393,649 1,093,301 
Noncurrent lease liabilities241,369 268,572 
Noncurrent income taxes payable28,390 26,015 
Deferred tax liabilities16,113 22,182 
  Other long-term liabilities315 14,523 
Total liabilities5,006,178 3,264,325 
Total stockholders’ investment2,021,934 1,879,933 
Total liabilities and stockholders’ investment$7,028,112 $5,144,258 

15

Condensed Consolidated Statements of Cash Flow
(unaudited, in thousands, except operational data)
Twelve Months Ended December 31,
20212020
Operating activities:
Net income$844,245 $506,421 
Adjustments to reconcile net income to net cash provided by (used for) operating activities:
 Depreciation and amortization91,259 101,727 
 Provision for credit losses10,649 17,281 
 Stock-based compensation129,977 43,995 
 Deferred income taxes(110,188)(32,984)
 Excess tax benefit on stock-based compensation(13,101)(17,581)
Other operating activities1,915 15,096 
Changes in operating elements, net of acquisitions:
Receivables(1,547,545)(452,145)
Contract assets (257,728)(65,454)
Prepaid expenses and other(43,819)27,237 
Accounts payable and outstanding checks660,028 180,272 
Accrued compensation63,912 22,547 
Accrued transportation expenses189,204 52,380 
Accrued income taxes72,665 51,916 
Other accrued liabilities1,607 26,503 
Other assets and liabilities1,875 21,980 
Net cash provided by operating activities94,955 499,191 
Investing activities:
Purchases of property and equipment(34,197)(23,133)
Purchases and development of software(36,725)(30,876)
Acquisitions, net of cash acquired(14,750)(223,230)
Other investing activities— 5,525 
Net cash used for investing activities(85,672)(271,714)
Financing activities:
Proceeds from stock issued for employee benefit plans70,669 107,657 
Total repurchases of common stock(608,476)(195,368)
Cash dividends(277,321)(209,956)
Proceeds from long-term borrowings300,000 — 
Payments on long-term borrowings(2,048)— 
Proceeds from short-term borrowings3,728,000 1,436,600 
Payments on short-term borrowings(3,203,251)(1,579,600)
Net cash provided by (used for) financing activities7,573 (440,667)
Effect of exchange rates on cash(3,239)9,128 
Net change in cash and cash equivalents13,617 (204,062)
Cash and cash equivalents, beginning of period243,796 447,858 
Cash and cash equivalents, end of period$257,413 $243,796 
As of December 31,
Operational Data:20212020
Employees 16,877 14,888 


Source: C.H. Robinson
CHRW-IR
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