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C.H. Robinson Reports 2021 Fourth Quarter Results

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.

"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."

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%.

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%.

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,

 

2021

 

2020

 

% change

 

2021

 

2020

 

% 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 operations

 

148,440

 

 

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.

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,

 

2021

 

2020

 

% change

 

2021

 

2020

 

% 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 operations

 

146,800

 

 

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.

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,

 

2021

 

2020

 

% change

 

2021

 

2020

 

% 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 Services

 

26,554

 

 

24,738

 

7.3

%

 

 

105,064

 

 

94,828

 

10.8

%

Other Surface Transportation

 

19,094

 

 

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.

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.

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

 

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,

 

2021

 

2020

 

% change

 

2021

 

2020

 

% change

Adjusted gross profits(1):

 

 

 

 

 

 

 

 

 

 

 

Transportation

 

 

 

 

 

 

 

 

 

 

 

Truckload

$

339,512

 

$

277,509

 

22.3

%

 

$

1,280,629

 

$

1,071,873

 

19.5

%

LTL

 

139,462

 

 

117,864

 

18.3

%

 

 

523,365

 

 

457,290

 

14.4

%

Ocean

 

209,801

 

 

112,412

 

86.6

%

 

 

711,223

 

 

350,094

 

103.2

%

Air

 

65,783

 

 

35,723

 

84.1

%

 

 

225,286

 

 

151,443

 

48.8

%

Customs

 

25,338

 

 

23,977

 

5.7

%

 

 

100,539

 

 

87,095

 

15.4

%

Other logistics services

 

52,508

 

 

51,113

 

2.7

%

 

 

210,958

 

 

195,159

 

8.1

%

Total transportation

 

832,404

 

 

618,598

 

34.6

%

 

 

3,052,000

 

 

2,312,954

 

32.0

%

Sourcing

 

23,937

 

 

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.

 

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,

 

2021

 

2020

 

% change

 

2021

 

2020

 

% change

Revenues:

 

 

 

 

 

 

 

 

 

 

 

Transportation

$

6,245,998

 

$

4,311,852

 

44.9

%

 

$

22,046,574

 

$

15,147,562

 

45.5

%

Sourcing

 

255,850

 

 

237,600

 

7.7

%

 

 

1,055,564

 

 

1,059,544

 

(0.4

)%

Total revenues

 

6,501,848

 

 

4,549,452

 

42.9

%

 

 

23,102,138

 

 

16,207,106

 

42.5

%

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

Purchased transportation and related services

 

5,413,594

 

 

3,693,254

 

46.6

%

 

 

18,994,574

 

 

12,834,608

 

48.0

%

Purchased products sourced for resale

 

231,913

 

 

215,620

 

7.6

%

 

 

955,475

 

 

960,241

 

(0.5

) %

Direct internally developed software amortization

 

5,607

 

 

4,510

 

24.3

%

 

 

20,208

 

 

16,634

 

21.5

%

Total direct expenses

 

5,651,114

 

 

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 amortization

 

5,607

 

 

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,

 

2021

 

2020

 

% change

 

2021

 

2020

 

% change

 

 

 

 

 

 

 

 

 

 

 

 

Total revenues

$

6,501,848

 

 

$

4,549,452

 

 

42.9

%

 

$

23,102,138

 

 

$

16,207,106

 

 

42.5

%

Operating income

 

287,406

 

 

 

206,802

 

 

39.0

%

 

 

1,082,108

 

 

 

673,268

 

 

60.7

%

Operating margin

 

4.4

%

 

 

4.5

%

 

(10) bps

 

 

 

4.7

%

 

 

4.2

%

 

50 bps

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted gross profit

$

856,341

 

 

$

640,578

 

 

33.7

%

 

$

3,152,089

 

 

$

2,412,257

 

 

30.7

%

Operating income

 

287,406

 

 

 

206,802

 

 

39.0

%

 

 

1,082,108

 

 

 

673,268

 

 

60.7

%

Adjusted operating margin

 

33.6

%

 

 

32.3

%

 

130 bps

 

 

 

34.3

%

 

 

27.9

%

 

640 bps

 

 

Condensed Consolidated Statements of Income

(unaudited, in thousands, except per share data)

 

Three Months Ended December 31,

 

Twelve Months Ended December 31,

 

 

 

2021

 

2020

 

% change

 

2021

 

2020

 

% change

 

 

 

 

 

 

 

 

 

 

 

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

Transportation

$

6,245,998

 

 

$

4,311,852

 

 

44.9

%

 

$

22,046,574

 

 

$

15,147,562

 

 

45.5

%

Sourcing

 

255,850

 

 

 

237,600

 

 

7.7

%

 

 

1,055,564

 

 

 

1,059,544

 

 

(0.4

)%

Total revenues

 

6,501,848

 

 

 

4,549,452

 

 

42.9

%

 

 

23,102,138

 

 

 

16,207,106

 

 

42.5

%

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

Purchased transportation and related services

 

5,413,594

 

 

 

3,693,254

 

 

46.6

%

 

 

18,994,574

 

 

 

12,834,608

 

 

48.0

%

Purchased products sourced for resale

 

231,913

 

 

 

215,620

 

 

7.6

%

 

 

955,475

 

 

 

960,241

 

 

(0.5

)%

Personnel expenses

 

419,994

 

 

 

309,260

 

 

35.8

%

 

 

1,543,610

 

 

 

1,242,867

 

 

24.2

%

Other selling, general, and administrative expenses

 

148,941

 

 

 

124,516

 

 

19.6

%

 

 

526,371

 

 

 

496,122

 

 

6.1

%

Total costs and expenses

 

6,214,442

 

 

 

4,342,650

 

 

43.1

%

 

 

22,020,030

 

 

 

15,533,838

 

 

41.8

%

Income from operations

 

287,406

 

 

 

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 taxes

 

269,008

 

 

 

194,769

 

 

38.1

%

 

 

1,022,291

 

 

 

628,331

 

 

62.7

%

Provision for income taxes

 

38,910

 

 

 

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

)%

 

Business Segment Information

(unaudited, in thousands, except average headcount)

 

 

NAST

 

Global

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 operations

 

 

148,440

 

 

146,800

 

 

(7,834

)

 

 

287,406

Depreciation and amortization

 

 

6,464

 

 

5,471

 

 

10,703

 

 

 

22,638

Total assets (2)

 

 

3,349,578

 

 

2,843,239

 

 

835,295

 

 

 

7,028,112

Average headcount

 

 

7,044

 

 

5,430

 

 

4,080

 

 

 

16,554

 

 

 

 

 

 

 

 

 

 

 

NAST

 

Global

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 operations

 

 

150,577

 

 

58,480

 

 

(2,255

)

 

 

206,802

Depreciation and amortization

 

 

5,764

 

 

6,810

 

 

12,086

 

 

 

24,660

Total assets (2)

 

 

2,946,409

 

 

1,392,411

 

 

805,438

 

 

 

5,144,258

Average headcount

 

 

6,555

 

 

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.

 

Business Segment Information

(unaudited, in thousands, except average headcount)

 

 

NAST

 

Global

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 operations

 

 

585,351

 

 

510,756

 

 

(13,999

)

 

 

1,082,108

Depreciation and amortization

 

 

26,243

 

 

22,823

 

 

42,193

 

 

 

91,259

Total assets (2)

 

 

3,349,578

 

 

2,843,239

 

 

835,295

 

 

 

7,028,112

Average headcount

 

 

6,764

 

 

5,071

 

 

3,926

 

 

 

15,761

 

 

 

 

 

 

 

 

 

 

 

NAST

 

Global

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 operations

 

 

508,475

 

 

175,513

 

 

(10,720

)

 

 

673,268

Depreciation and amortization

 

 

25,314

 

 

34,550

 

 

41,863

 

 

 

101,727

Total assets (2)

 

 

2,946,409

 

 

1,392,411

 

 

805,438

 

 

 

5,144,258

Average headcount

 

 

6,811

 

 

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.

 

Condensed Consolidated Balance Sheets

(unaudited, in thousands)

 

December 31, 2021

 

December 31, 2020

Assets

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

257,413

 

$

243,796

Receivables, net of allowance for credit loss

 

3,963,487

 

 

2,449,577

Contract assets, net of allowance for credit loss

 

453,660

 

 

197,176

Prepaid expenses and other

 

129,593

 

 

51,152

Total current assets

 

4,804,153

 

 

2,941,701

 

 

 

 

Property and equipment, net of accumulated depreciation and amortization

 

139,831

 

 

178,949

Right-of-use lease assets

 

292,559

 

 

319,785

Intangible and other assets, net of accumulated amortization

 

1,791,569

 

 

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:

 

 

 

Compensation

 

201,421

 

 

138,460

Transportation expense

 

342,778

 

 

153,574

Income taxes

 

100,265

 

 

43,700

Other accrued liabilities

 

171,266

 

 

154,460

Current lease liabilities

 

66,311

 

 

66,174

Current portion of debt

 

525,000

 

 

Total current liabilities

 

3,326,342

 

 

1,839,732

 

 

 

 

Long-term debt

 

1,393,649

 

 

1,093,301

Noncurrent lease liabilities

 

241,369

 

 

268,572

Noncurrent income taxes payable

 

28,390

 

 

26,015

Deferred tax liabilities

 

16,113

 

 

22,182

Other long-term liabilities

 

315

 

 

14,523

Total liabilities

 

5,006,178

 

 

3,264,325

 

 

 

 

Total stockholders’ investment

 

2,021,934

 

 

1,879,933

Total liabilities and stockholders’ investment

$

7,028,112

 

$

5,144,258

 

Condensed Consolidated Statements of Cash Flow

(unaudited, in thousands, except operational data)

 

Twelve Months Ended December 31,

 

2021

 

2020

Operating activities:

 

 

 

Net income

$

844,245

 

 

$

506,421

 

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

 

 

 

Depreciation and amortization

 

91,259

 

 

 

101,727

 

Provision for credit losses

 

10,649

 

 

 

17,281

 

Stock-based compensation

 

129,977

 

 

 

43,995

 

Deferred income taxes

 

(110,188

)

 

 

(32,984

)

Excess tax benefit on stock-based compensation

 

(13,101

)

 

 

(17,581

)

Other operating activities

 

1,915

 

 

 

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 checks

 

660,028

 

 

 

180,272

 

Accrued compensation

 

63,912

 

 

 

22,547

 

Accrued transportation expenses

 

189,204

 

 

 

52,380

 

Accrued income taxes

 

72,665

 

 

 

51,916

 

Other accrued liabilities

 

1,607

 

 

 

26,503

 

Other assets and liabilities

 

1,875

 

 

 

21,980

 

Net cash provided by operating activities

 

94,955

 

 

 

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 plans

 

70,669

 

 

 

107,657

 

Total repurchases of common stock

 

(608,476

)

 

 

(195,368

)

Cash dividends

 

(277,321

)

 

 

(209,956

)

Proceeds from long-term borrowings

 

300,000

 

 

 

 

Payments on long-term borrowings

 

(2,048

)

 

 

 

Proceeds from short-term borrowings

 

3,728,000

 

 

 

1,436,600

 

Payments on short-term borrowings

 

(3,203,251

)

 

 

(1,579,600

)

Net cash provided by (used for) financing activities

 

7,573

 

 

 

(440,667

)

Effect of exchange rates on cash

 

(3,239

)

 

 

9,128

 

 

 

 

 

Net change in cash and cash equivalents

 

13,617

 

 

 

(204,062

)

Cash and cash equivalents, beginning of period

 

243,796

 

 

 

447,858

 

Cash and cash equivalents, end of period

$

257,413

 

 

$

243,796

 

 

 

 

 

 

As of December 31,

Operational Data:

 

2021

 

 

 

2020

 

Employees

 

16,877

 

 

 

14,888

 

 

CHRW-IR

C.H. Robinson Reports Fourth Quarter Results and Record 2021 Results

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