C.H. Robinson Reports 2025 First Quarter Results
First Quarter Highlights:
- Company continues its disciplined execution of the strategic initiatives shared at its 2024 Investor Day, generating year-over-year and sequential market share gains, gross margin expansion and higher operating leverage
-
Gross profits increased
1.5% to$657.4 million -
Income from operations increased
39.1% to$176.9 million -
Adjusted operating margin(1) increased 700 basis points to
26.3% -
Adjusted operating margin, excluding lease impairment charge and loss on divestiture(1), increased 630 basis points to
27.6% -
Diluted earnings per share (EPS) increased
42.3% to$1.11 -
Adjusted diluted EPS(1) increased
36.0% to$1.17 -
Cash generated by operations increased by
$139.9 million $106.5 million
(1) Adjusted operating margin, adjusted operating margin, excluding lease impairment charge and loss on divestiture, and adjusted diluted EPS 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 pages 10 through 12 for further discussion and GAAP to Non-GAAP Reconciliations. |
"Our first quarter results reflect progress in the disciplined execution of the strategies that we shared at our Investor Day in December — to take market share and expand our margins. We’re not waiting for a market recovery to improve our financial results, and the strategies that the Robinson team is executing are relevant in any market environment," said President and Chief Executive Officer, Dave Bozeman. "In our North American Surface Transportation business, we outgrew the market in both truckload and less-than-truckload ("LTL") while expanding gross margins and improving productivity — both year-over-year and sequentially. In our Global Forwarding business, we continued to win new business and optimize our expenses through further increases in productivity. Overall, we delivered a
"This includes continuing to arm our industry-leading talent with innovative tools that help us materially elevate the customer and carrier experience. We are innovating to harness the power of artificial intelligence and driving automation across the full lifecycle of a load, which gives our customers better service, while also helping us improve our performance by automating tasks that free up our talented people to work on more strategic and higher value work."
"Our people have further embraced our new operating model and the discipline needed to generate higher highs and higher lows across market cycles," Bozeman added. "Despite a challenging freight market, they like the transformation happening at Robinson and the momentum that we have. The vast experience of our resilient employees, and the value they bring to our customers and carriers, are reflected in our Q1 results."
"More recently, new tariffs and fluid trade policies have created market uncertainty and a lack of clarity, making planning activities more difficult and causing many customers to adopt a wait-and-see approach until they understand the impact on consumer spending and global demand," said Bozeman. "While we are certainly not immune to global market dynamics, we remain confident in our strategy and our people. Nothing about the current environment changes that."
"I want to thank our people for their relentless efforts to provide exceptional service to our customers and carriers, for embracing the Robinson operating model and continuing to execute with discipline, and for continuing to support each other as we navigate a changing marketplace. We’ve built a resilient organization, with a multi-horizon strategy that looks around corners and is underpinned by an operating model that provides stability by mandating execution of the strategy. I believe the strategies, disciplines and practices that we have implemented at Robinson can endure through a prolonged freight recession, through a market inflection, and through any part of the freight cycle."
Summary of First Quarter of 2025 Results Compared to the First Quarter of 2024
-
Total revenues decreased
8.3% to$4.0 billion North America truckload services, and lower pricing in our ocean services. -
Gross profits increased
1.5% to$657.4 million 2.3% to$673.1 million -
Operating expenses decreased
6.5% to$496.2 million 8.1% to$348.6 million 11.0% . Other selling, general and administrative (“SG&A”) expenses decreased2.5% to$147.7 million -
Income from operations totaled
$176.9 million 39.1% due to both the increase in adjusted gross profit and the decrease in operating expenses. Adjusted operating margin(1) of26.3% increased 700 basis points. -
Interest and other income/expense, net totaled
$20.1 million $16.8 million $5.3 million $3.4 million -
The effective tax rate in the quarter was
13.7% , compared to15.8% in the first quarter of 2024. The lower rate in the first quarter of 2025 was driven by higher tax benefits related to stock-compensation deliveries, partially offset by lowerU.S. tax credits and the impact of higher pre-tax income. -
Net income totaled
$135.3 million 45.6% from a year ago. Diluted EPS of$1.11 42.3% . Adjusted diluted EPS(1) of$1.17 36.0% .
(1) Adjusted operating margin and adjusted diluted EPS 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 pages 10 through 12 for further discussion and GAAP to Non-GAAP Reconciliations. |
North American Surface Transportation (“NAST”) Results
Summarized financial results of our NAST segment are as follows (dollars in thousands):
|
Three Months Ended March 31, |
|||||||
|
|
2025 |
|
|
2024 |
|
% change |
|
Total revenues |
$ |
2,868,420 |
|
$ |
3,000,313 |
|
(4.4 |
)% |
Adjusted gross profits(1) |
|
418,324 |
|
|
397,110 |
|
5.3 |
% |
Income from operations |
|
143,671 |
|
|
108,895 |
|
31.9 |
% |
____________________________________________ |
(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. |
First quarter total revenues for the NAST segment totaled
Global Forwarding Results
Summarized financial results of our Global Forwarding segment are as follows (dollars in thousands):
|
Three Months Ended March 31, |
|||||||
|
|
2025 |
|
|
2024 |
|
% change |
|
Total revenues |
$ |
774,888 |
|
$ |
858,637 |
|
(9.8 |
)% |
Adjusted gross profits(1) |
|
184,628 |
|
|
180,045 |
|
2.5 |
% |
Income from operations |
|
42,943 |
|
|
31,552 |
|
36.1 |
% |
____________________________________________ |
(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. |
First quarter total revenues for the Global Forwarding segment decreased
All Other and Corporate Results
Total revenues and adjusted gross profits for Robinson Fresh, Managed Solutions and Other Surface Transportation are summarized as follows (dollars in thousands):
|
Three Months Ended March 31, |
|||||||
|
|
2025 |
|
|
2024 |
|
% change |
|
Total revenues |
$ |
403,432 |
|
$ |
553,361 |
|
(27.1 |
)% |
Adjusted gross profits(1): |
|
|
|
|
|
|||
Robinson Fresh |
$ |
37,653 |
|
$ |
33,736 |
|
11.6 |
% |
Managed Solutions |
|
27,846 |
|
|
28,936 |
|
(3.8 |
)% |
Other Surface Transportation |
|
4,637 |
|
|
17,902 |
|
(74.1 |
)% |
____________________________________________ |
(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. |
First quarter Robinson Fresh adjusted gross profits increased
Other Income Statement Items
Interest and other income/expense, net totaled
The first quarter effective tax rate was
Diluted weighted average shares outstanding in the quarter were up
Cash Flow Generation and Capital Distribution
Cash generated from operations totaled
In the first quarter of 2025, cash returned to shareholders totaled
Capital expenditures totaled
About C.H. Robinson
C.H. Robinson delivers logistics like no one else™. Companies around the world look to us to reimagine supply chains, advance freight technology, and solve logistics challenges—from the simple to the most complex. 83,000 customers and 450,000 contract carriers in our network trust us to manage 37 million shipments and
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, factors such as changes in economic conditions, including uncertain consumer demand; changes in market demand and pressures on the pricing for our services; fuel price increases or decreases, or fuel shortages; competition and growth rates within the global logistics industry that could adversely impact our profitability and achieving our long-term growth targets; freight levels and increasing costs and availability of truck capacity or alternative means of transporting freight; risks associated with seasonal changes or significant disruptions in the transportation industry; risks associated with identifying and completing suitable acquisitions; our dependence on and changes in relationships with existing contracted truck, rail, ocean, and air carriers; risks associated with the loss of significant customers; risks associated with reliance on technology to operate our business; cyber-security related risks; our ability to staff and retain employees; risks associated with operations outside of the
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 First Quarter 2025 Earnings Conference Call
Wednesday, April 30, 2025; 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 chrobinson.com.
To participate in the conference call by telephone, please call ten minutes early by dialing: 877-269-7756
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 may have revenues from multiple service lines.
|
Three Months Ended March 31, |
|||||||
|
|
2025 |
|
|
2024 |
|
% change |
|
Adjusted gross profits(1): |
|
|
|
|
|
|||
Transportation |
|
|
|
|
|
|||
Truckload |
$ |
262,288 |
|
$ |
257,413 |
|
1.9 |
% |
LTL |
|
148,411 |
|
|
141,136 |
|
5.2 |
% |
Ocean |
|
115,335 |
|
|
112,858 |
|
2.2 |
% |
Air |
|
32,810 |
|
|
30,532 |
|
7.5 |
% |
Customs |
|
26,920 |
|
|
26,095 |
|
3.2 |
% |
Other logistics services |
|
54,781 |
|
|
59,558 |
|
(8.0 |
)% |
Total transportation |
|
640,545 |
|
|
627,592 |
|
2.1 |
% |
Sourcing |
|
32,543 |
|
|
30,137 |
|
8.0 |
% |
Total adjusted gross profits |
$ |
673,088 |
|
$ |
657,729 |
|
2.3 |
% |
____________________________________________ |
(1) Adjusted gross profits is a non-GAAP financial measure explained later in this release. The difference between adjusted gross profits and gross profits is not material. |
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 March 31, |
|||||||
|
|
2025 |
|
|
2024 |
|
% change |
|
Revenues: |
|
|
|
|
|
|||
Transportation |
$ |
3,721,915 |
|
$ |
4,082,588 |
|
(8.8 |
)% |
Sourcing |
|
324,825 |
|
|
329,723 |
|
(1.5 |
)% |
Total revenues |
|
4,046,740 |
|
|
4,412,311 |
|
(8.3 |
)% |
Costs and expenses: |
|
|
|
|
|
|||
Purchased transportation and related services |
|
3,081,370 |
|
|
3,454,996 |
|
(10.8 |
)% |
Purchased products sourced for resale |
|
292,282 |
|
|
299,586 |
|
(2.4 |
)% |
Direct internally developed software amortization |
|
15,666 |
|
|
10,222 |
|
53.3 |
% |
Total direct expenses |
|
3,389,318 |
|
|
3,764,804 |
|
(10.0 |
)% |
Gross profit |
$ |
657,422 |
|
$ |
647,507 |
|
1.5 |
% |
Plus: Direct internally developed software amortization |
|
15,666 |
|
|
10,222 |
|
53.3 |
% |
Adjusted gross profit |
$ |
673,088 |
|
$ |
657,729 |
|
2.3 |
% |
Our adjusted operating margin is a non-GAAP financial measure calculated as operating income divided by adjusted gross profit. Our adjusted operating margin - excluding restructuring, lease impairment charge, and/or loss on divestiture is a similar non-GAAP financial measure as adjusted operating margin, but also excludes the impact of restructuring, a lease impairment charge, and/or a loss from a divestiture. We believe adjusted operating margin and adjusted operating margin - excluding restructuring, lease impairment charge, and/or loss on divestiture are useful measures of our profitability in comparison to our adjusted gross profit, which we consider a primary performance metric as discussed above. The comparisons of operating margin to adjusted operating margin and adjusted operating margin - excluding restructuring, lease impairment charge, and/or loss on divestiture are presented below:
|
Three Months Ended March 31, |
|||||||||
|
|
2025 |
|
|
|
2024 |
|
|
% change |
|
|
|
|
|
|
|
|||||
Total revenues |
$ |
4,046,740 |
|
|
$ |
4,412,311 |
|
|
(8.3 |
%) |
Income from operations |
|
176,853 |
|
|
|
127,133 |
|
|
39.1 |
% |
Operating margin |
|
4.4 |
% |
|
|
2.9 |
% |
|
150 bps |
|
|
|
|
|
|
|
|||||
Adjusted gross profit |
$ |
673,088 |
|
|
$ |
657,729 |
|
|
2.3 |
% |
Income from operations |
|
176,853 |
|
|
|
127,133 |
|
|
39.1 |
% |
Adjusted operating margin |
|
26.3 |
% |
|
|
19.3 |
% |
|
700 bps |
|
|
|
|
|
|
|
|||||
Adjusted gross profit |
$ |
673,088 |
|
|
$ |
657,729 |
|
|
2.3 |
% |
Adjusted income from operations |
|
185,466 |
|
|
|
140,076 |
|
|
32.4 |
% |
Adjusted operating margin - excluding restructuring, lease impairment charge, and/or loss on divestiture |
|
27.6 |
% |
|
|
21.3 |
% |
|
630 bps |
|
GAAP to Non-GAAP Reconciliation
(unaudited, in thousands)
Our adjusted income (loss) from operations, adjusted operating margin - excluding restructuring, lease impairment charge and/or loss on divestiture, adjusted net income and adjusted net income per share (diluted) are non-GAAP financial measures. These non-GAAP measures are calculated excluding the impact of restructuring, lease impairment, and/or losses from divestiture. We believe that these measures provide useful information to investors and include them within our internal reporting to our chief operating decision maker. Accordingly, the discussion of our results of operations includes discussion on the changes in our adjusted income (loss) from operations, adjusted operating margin - excluding restructuring, lease impairment charge, and/or loss on divestiture, adjusted net income and adjusted net income per share (diluted). The reconciliation of these non-GAAP measures are presented below (in thousands except per share data):
|
NAST |
|
Global
|
|
All
|
|
Consolidated |
||||||||
Three Months Ended March 31, 2025 |
|
|
|
|
|
|
|
||||||||
Income (loss) from operations |
$ |
143,671 |
|
|
$ |
42,943 |
|
|
$ |
(9,761 |
) |
|
$ |
176,853 |
|
Severance and other personnel expenses |
|
— |
|
|
|
— |
|
|
|
1,187 |
|
|
|
1,187 |
|
Other selling, general, and administrative expenses |
|
— |
|
|
|
— |
|
|
|
7,426 |
|
|
|
7,426 |
|
Total adjustments to income (loss) from operations(1) |
|
— |
|
|
|
— |
|
|
|
8,613 |
|
|
|
8,613 |
|
Adjusted income (loss) from operations |
$ |
143,671 |
|
|
$ |
42,943 |
|
|
$ |
(1,148 |
) |
|
$ |
185,466 |
|
|
|
|
|
|
|
|
|
||||||||
Adjusted gross profit |
$ |
418,324 |
|
|
$ |
184,628 |
|
|
$ |
70,136 |
|
|
$ |
673,088 |
|
Adjusted income (loss) from operations |
|
143,671 |
|
|
|
42,943 |
|
|
|
(1,148 |
) |
|
|
185,466 |
|
Adjusted operating margin - excluding lease impairment charge and loss on divestiture |
|
34.3 |
% |
|
|
23.3 |
% |
|
|
N/M |
|
|
|
27.6 |
% |
|
|
|
|
|
|
|
|
||||||||
|
Three Months Ended March 31, 2025 |
||||||
|
$ in 000's |
|
per share |
||||
Net income and per share (diluted) |
$ |
135,302 |
|
|
$ |
1.11 |
|
Lease impairment charge, pre-tax |
|
6,259 |
|
|
|
0.05 |
|
Loss on divestiture, pre-tax |
|
2,354 |
|
|
|
0.02 |
|
Tax effect of adjustments |
|
(1,026 |
) |
|
|
(0.01 |
) |
Adjusted net income and per share (diluted) |
$ |
142,889 |
|
|
$ |
1.17 |
|
____________________________________________ |
(1) The three months ended March 31, 2025 includes severance and other personnel expenses of |
|
NAST |
|
Global
|
|
All
|
|
Consolidated |
||||||||
Three Months Ended March 31, 2024 |
|
|
|
|
|
|
|
||||||||
Income (loss) from operations |
$ |
108,895 |
|
|
$ |
31,552 |
|
|
$ |
(13,314 |
) |
|
$ |
127,133 |
|
Severance and other personnel expenses |
|
3,026 |
|
|
|
3,215 |
|
|
|
1,701 |
|
|
|
7,942 |
|
Other selling, general, and administrative expenses |
|
1,878 |
|
|
|
261 |
|
|
|
2,862 |
|
|
|
5,001 |
|
Total adjustments to income (loss) from operations(1) |
|
4,904 |
|
|
|
3,476 |
|
|
|
4,563 |
|
|
|
12,943 |
|
Adjusted income (loss) from operations |
$ |
113,799 |
|
|
$ |
35,028 |
|
|
$ |
(8,751 |
) |
|
$ |
140,076 |
|
|
|
|
|
|
|
|
|
||||||||
Adjusted gross profit |
$ |
397,110 |
|
|
$ |
180,045 |
|
|
$ |
80,574 |
|
|
$ |
657,729 |
|
Adjusted income (loss) from operations |
|
113,799 |
|
|
|
35,028 |
|
|
|
(8,751 |
) |
|
|
140,076 |
|
Adjusted operating margin - excluding restructuring |
|
28.7 |
% |
|
|
19.5 |
% |
|
|
N/M |
|
|
|
21.3 |
% |
|
Three Months Ended March 31, 2024 |
||||||
|
$ in 000's |
|
per share |
||||
Net income and per share (diluted) |
$ |
92,904 |
|
|
$ |
0.78 |
|
Restructuring and related costs, pre-tax |
|
12,943 |
|
|
|
0.11 |
|
Tax effect of adjustments |
|
(3,101 |
) |
|
|
(0.03 |
) |
Adjusted net income and per share (diluted) |
$ |
102,746 |
|
|
$ |
0.86 |
|
____________________________________________ |
(1) The three months ended March 31, 2024 includes restructuring expenses of |
Condensed Consolidated Statements of Income |
||||||||||
(unaudited, in thousands, except per share data) |
||||||||||
|
||||||||||
|
Three Months Ended March 31, |
|||||||||
|
|
2025 |
|
|
|
2024 |
|
|
% change |
|
|
|
|
|
|
|
|||||
Revenues: |
|
|
|
|
|
|||||
Transportation |
$ |
3,721,915 |
|
|
$ |
4,082,588 |
|
|
(8.8 |
)% |
Sourcing |
|
324,825 |
|
|
|
329,723 |
|
|
(1.5 |
)% |
Total revenues |
|
4,046,740 |
|
|
|
4,412,311 |
|
|
(8.3 |
)% |
Costs and expenses: |
|
|
|
|
|
|||||
Purchased transportation and related services |
|
3,081,370 |
|
|
|
3,454,996 |
|
|
(10.8 |
)% |
Purchased products sourced for resale |
|
292,282 |
|
|
|
299,586 |
|
|
(2.4 |
)% |
Personnel expenses |
|
348,553 |
|
|
|
379,087 |
|
|
(8.1 |
)% |
Other selling, general, and administrative expenses |
|
147,682 |
|
|
|
151,509 |
|
|
(2.5 |
)% |
Total costs and expenses |
|
3,869,887 |
|
|
|
4,285,178 |
|
|
(9.7 |
)% |
Income from operations |
|
176,853 |
|
|
|
127,133 |
|
|
39.1 |
% |
Interest and other income/expense, net |
|
(20,051 |
) |
|
|
(16,780 |
) |
|
19.5 |
% |
Income before provision for income taxes |
|
156,802 |
|
|
|
110,353 |
|
|
42.1 |
% |
Provision for income taxes |
|
21,500 |
|
|
|
17,449 |
|
|
23.2 |
% |
Net income |
$ |
135,302 |
|
|
$ |
92,904 |
|
|
45.6 |
% |
|
|
|
|
|
|
|||||
Net income per share (basic) |
$ |
1.12 |
|
|
$ |
0.78 |
|
|
43.6 |
% |
Net income per share (diluted) |
$ |
1.11 |
|
|
$ |
0.78 |
|
|
42.3 |
% |
|
|
|
|
|
|
|||||
Weighted average shares outstanding (basic) |
|
120,969 |
|
|
|
119,344 |
|
|
1.4 |
% |
Weighted average shares outstanding (diluted) |
|
121,932 |
|
|
|
119,604 |
|
|
1.9 |
% |
Business Segment Information |
|||||||||||||
(unaudited, in thousands, except average employee headcount) |
|||||||||||||
|
|||||||||||||
|
|
NAST |
|
Global
|
|
All
|
|
Consolidated |
|||||
Three Months Ended March 31, 2025 |
|
|
|
|
|
|
|
|
|||||
Total revenues |
|
$ |
2,868,420 |
|
$ |
774,888 |
|
$ |
403,432 |
|
|
$ |
4,046,740 |
Adjusted gross profits(1) |
|
|
418,324 |
|
|
184,628 |
|
|
70,136 |
|
|
|
673,088 |
Income (loss) from operations |
|
|
143,671 |
|
|
42,943 |
|
|
(9,761 |
) |
|
|
176,853 |
Depreciation and amortization |
|
|
4,809 |
|
|
2,139 |
|
|
18,694 |
|
|
|
25,642 |
Total assets(2) |
|
|
2,989,401 |
|
|
1,292,915 |
|
|
943,798 |
|
|
|
5,226,114 |
Average employee headcount |
|
|
5,280 |
|
|
4,514 |
|
|
3,553 |
|
|
|
13,347 |
|
|
|
|
|
|
|
|
|
|||||
|
|
NAST |
|
Global
|
|
All
|
|
Consolidated |
|||||
Three Months Ended March 31, 2024 |
|
|
|
|
|
|
|
|
|||||
Total revenues |
|
$ |
3,000,313 |
|
$ |
858,637 |
|
$ |
553,361 |
|
|
$ |
4,412,311 |
Adjusted gross profits(1) |
|
|
397,110 |
|
|
180,045 |
|
|
80,574 |
|
|
|
657,729 |
Income (loss) from operations |
|
|
108,895 |
|
|
31,552 |
|
|
(13,314 |
) |
|
|
127,133 |
Depreciation and amortization |
|
|
5,350 |
|
|
2,844 |
|
|
15,684 |
|
|
|
23,878 |
Total assets(2) |
|
|
3,065,996 |
|
|
1,257,675 |
|
|
1,148,417 |
|
|
|
5,472,088 |
Average employee headcount |
|
|
6,004 |
|
|
4,876 |
|
|
4,110 |
|
|
|
14,990 |
____________________________________________ |
(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) |
|||||
|
|||||
|
March 31, 2025 |
|
December 31, 2024 |
||
Assets |
|
|
|
||
Current assets: |
|
|
|
||
Cash and cash equivalents |
$ |
129,942 |
|
$ |
145,762 |
Receivables, net of allowance for credit loss |
|
2,482,842 |
|
|
2,383,709 |
Contract assets, net of allowance for credit loss |
|
197,488 |
|
|
200,332 |
Prepaid expenses and other |
|
113,453 |
|
|
102,166 |
Assets held for sale |
|
— |
|
|
137,634 |
Total current assets |
|
2,923,725 |
|
|
2,969,603 |
|
|
|
|
||
Property and equipment, net of accumulated depreciation and amortization |
|
123,041 |
|
|
127,189 |
Right-of-use lease assets |
|
311,035 |
|
|
334,738 |
Intangible and other assets, net of accumulated amortization |
|
1,868,313 |
|
|
1,866,396 |
Total assets |
$ |
5,226,114 |
|
$ |
5,297,926 |
|
|
|
|
||
Liabilities and stockholders’ investment |
|
|
|
||
Current liabilities: |
|
|
|
||
Accounts payable and outstanding checks |
$ |
1,274,573 |
|
$ |
1,212,132 |
Accrued expenses: |
|
|
|
||
Compensation |
|
109,646 |
|
|
180,801 |
Transportation expense |
|
151,203 |
|
|
153,274 |
Income taxes |
|
21,479 |
|
|
9,326 |
Other accrued liabilities |
|
168,675 |
|
|
173,318 |
Current lease liabilities |
|
69,935 |
|
|
72,842 |
Current portion of debt |
|
467,854 |
|
|
455,792 |
Liabilities held for sale |
|
— |
|
|
67,413 |
Total current liabilities |
|
2,263,365 |
|
|
2,324,898 |
|
|
|
|
||
Long-term debt |
|
922,087 |
|
|
921,857 |
Noncurrent lease liabilities |
|
268,914 |
|
|
290,641 |
Noncurrent income taxes payable |
|
23,941 |
|
|
23,472 |
Deferred tax liabilities |
|
10,392 |
|
|
12,565 |
Other long-term liabilities |
|
2,690 |
|
|
2,442 |
Total liabilities |
|
3,491,389 |
|
|
3,575,875 |
|
|
|
|
||
Total stockholders’ investment |
|
1,734,725 |
|
|
1,722,051 |
Total liabilities and stockholders’ investment |
$ |
5,226,114 |
|
$ |
5,297,926 |
Condensed Consolidated Statements of Cash Flow |
|||||||
(unaudited, in thousands, except operational data) |
|||||||
|
|||||||
|
Three Months Ended March 31, |
||||||
Operating activities: |
|
2025 |
|
|
|
2024 |
|
|
|
|
|
||||
Net income |
$ |
135,302 |
|
|
$ |
92,904 |
|
Adjustments to reconcile net income to net cash provided by (used for) operating activities: |
|
|
|
||||
Depreciation and amortization |
|
25,642 |
|
|
|
23,878 |
|
Provision for credit losses |
|
1,315 |
|
|
|
2,813 |
|
Stock-based compensation |
|
23,146 |
|
|
|
22,673 |
|
Deferred income taxes |
|
15,675 |
|
|
|
(6,805 |
) |
Excess tax benefit on stock-based compensation |
|
(7,032 |
) |
|
|
(1,570 |
) |
Change in loss on disposal group |
|
(569 |
) |
|
|
— |
|
Other operating activities |
|
6,665 |
|
|
|
5,596 |
|
Changes in operating elements: |
|
|
|
||||
Receivables |
|
(70,602 |
) |
|
|
(225,402 |
) |
Contract assets |
|
2,898 |
|
|
|
(45,574 |
) |
Prepaid expenses and other |
|
(10,994 |
) |
|
|
(11,409 |
) |
Right of use asset |
|
19,315 |
|
|
|
(13,933 |
) |
Accounts payable and outstanding checks |
|
58,699 |
|
|
|
84,966 |
|
Accrued compensation |
|
(71,579 |
) |
|
|
(23,407 |
) |
Accrued transportation expenses |
|
(2,071 |
) |
|
|
38,106 |
|
Accrued income taxes |
|
19,445 |
|
|
|
3,619 |
|
Other accrued liabilities |
|
(12,535 |
) |
|
|
5,446 |
|
Lease liability |
|
(26,615 |
) |
|
|
14,347 |
|
Other assets and liabilities |
|
426 |
|
|
|
429 |
|
Net cash provided by (used for) operating activities |
|
106,531 |
|
|
|
(33,323 |
) |
Investing activities: |
|
|
|
||||
Purchases of property and equipment |
|
(3,348 |
) |
|
|
(8,620 |
) |
Purchases and development of software |
|
(12,734 |
) |
|
|
(13,854 |
) |
Proceeds from divestiture |
|
27,737 |
|
|
|
— |
|
Net cash provided by (used for) investing activities |
|
11,655 |
|
|
|
(22,474 |
) |
Financing activities: |
|
|
|
||||
Proceeds from stock issued for employee benefit plans |
|
16,808 |
|
|
|
5,405 |
|
Stock tendered for payment of withholding taxes |
|
(49,829 |
) |
|
|
(16,130 |
) |
Repurchase of common stock |
|
(47,700 |
) |
|
|
— |
|
Cash dividends |
|
(77,490 |
) |
|
|
(74,580 |
) |
Proceeds from short-term borrowings |
|
682,000 |
|
|
|
912,000 |
|
Payments on short-term borrowings |
|
(670,000 |
) |
|
|
(792,000 |
) |
Net cash (used for) provided by financing activities |
|
(146,211 |
) |
|
|
34,695 |
|
Effect of exchange rates on cash and cash equivalents |
|
1,429 |
|
|
|
(2,584 |
) |
Net change in cash and cash equivalents, including cash and cash equivalents classified within assets held for sale |
|
(26,596 |
) |
|
|
(23,686 |
) |
Plus: net decrease in cash and cash equivalents within assets held for sale |
|
10,776 |
|
|
|
— |
|
Cash and cash equivalents, beginning of period |
|
145,762 |
|
|
|
145,524 |
|
Cash and cash equivalents, end of period |
$ |
129,942 |
|
|
$ |
121,838 |
|
|
As of March 31, |
||||||
Operational Data: |
|
2025 |
|
|
|
2024 |
|
Employees |
|
12,912 |
|
|
|
14,734 |
|
CHRW-IR
View source version on businesswire.com: https://www.businesswire.com/news/home/20250430323236/en/
Chuck Ives, Senior Director of Investor Relations
Email: chuck.ives@chrobinson.com
Source: C.H. Robinson
