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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report: November 1, 2023
(Date of earliest event reported)
C.H. ROBINSON WORLDWIDE, INC.
(Exact name of registrant as specified in its charter)
Commission File Number: 000-23189 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Delaware | | 41-1883630 | |
| (State or other jurisdiction of incorporation or organization) | | (I.R.S. Employer Identification No.) | |
14701 Charlson Road
Eden Prairie, Minnesota 55347
(Address of principal executive offices, including zip code)
Registrant's telephone number, including area code: 952-937-8500
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act: | | | | | | | | |
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Common Stock, $0.10 par value | CHRW | Nasdaq Global Select Market |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
The following information is being "furnished" in accordance with the General Instruction B.2 of Form 8-K and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.
Furnished herewith as Exhibits 99.1 and 99.2, respectively, and incorporated by reference herein are the text of the Company's announcement regarding its financial results for the quarter ended September 30, 2023 and its earnings conference call slides.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
| | | | | |
| Number | Description |
| 99.1 | |
| |
| 99.2 | |
| |
| 104 | The cover page from the Current Report on Form 8-K formatted in Inline XBRL |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| | | | | | | | |
| C.H. ROBINSON WORLDWIDE, INC. |
| | |
| By: | /s/ Ben G. Campbell |
| | Ben G. Campbell |
| | Chief Legal Officer and Secretary |
| | |
Date: November 1, 2023 | | |
| | | | | |
| C.H. Robinson 14701 Charlson Rd. Eden Prairie, MN 55347 www.chrobinson.com
|
| FOR IMMEDIATE RELEASE | FOR INQUIRIES, CONTACT: Chuck Ives, Director of Investor Relations Email: chuck.ives@chrobinson.com |
C.H. Robinson Reports 2023 Third Quarter Results
Eden Prairie, MN, November 1, 2023 - C.H. Robinson Worldwide, Inc. (“C.H. Robinson”) (Nasdaq: CHRW) today reported financial results for the quarter ended September 30, 2023.
Third Quarter Key Metrics:
•Gross profits decreased 28.9% to $626.6 million
•Income from operations decreased 60.5% to $113.5 million
•Adjusted operating margin(1) decreased 1,450 basis points to 17.9%
•Adjusted operating margin - excluding restructuring,(1) decreased 1,070 basis points to 21.7%
•Diluted earnings per share (EPS) decreased 61.8% to $0.68
•Adjusted EPS(1) decreased 52.8% to $0.84
•Cash generated by operations decreased by $420.2 million to $205.2 million
(1) Adjusted operating margin, adjusted operating margin - excluding restructuring and adjusted 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 11 through 13 for further discussion and GAAP to Non-GAAP Reconciliations.
"As has been well documented by many industry participants and observers, global freight demand continued to be weak in the third quarter," said C.H. Robinson's President and Chief Executive Officer, Dave Bozeman. "We are staying focused on what we can control, by providing superior service to our customers and carriers, executing on our plans to streamline our processes by removing waste and manual touches, and delivering tools that enable our customer- and carrier-facing employees to allocate their time to relationship building and exception management. Our focus on delivering quality and improvements to our customers, such as enhanced visibility and increased automation, has been reflected in very positive feedback from customers and validated by net promoter scores this year that are the highest on record for the company, which we believe sets us up well with customers for the eventual positive inflection in the
freight market."
"Our customers value the quality, stability and reliability that we provide, as they work to optimize their transportation needs. This has taken on greater importance to shippers who had exposure to transportation providers whose business models were not financially viable. During my many discussions with customers over the past four months, it’s clear that they prefer partners who have financial strength and can invest through cycles in the customer experience. They also want partners who have the expertise to provide innovative solutions, enabled by technology and people that they rely on to serve as an extension of their team. C.H. Robinson is that partner, with people who have deep expertise in the freight market and longstanding relationships with their customers and carriers. Combined with Robinson’s strong technology and large data set, our people are able to provide innovative tech-enabled solutions powered by our information advantage for the benefit of our customers and carriers. This secret sauce is not easy to replicate with a digital-only solution," added Bozeman.
"We’re executing on our plans to streamline our processes by removing waste and manual touches, and the result has been meaningful cost reductions and productivity gains across our business that are ahead of our stated targets. Even though I’m pleased with the progress that the team has made, I’ve challenged them to increase our clock speed on decision making and improvement efforts. We’re now driving focus on a handful of concurrent workstreams that are addressing the highest leverage areas to eliminate productivity bottlenecks."
"Ultimately, our focus on continuously improving the customer and carrier experience and removing waste from our workflows will result in a company that is quicker, more flexible and more agile in solving problems for our customers, providing better customer service and creating operating leverage and profitable growth. I’m excited about the work that we’re doing to reinvigorate Robinson’s winning culture, and I’m confident that together we will win for our customers, carriers, employees and shareholders," Bozeman concluded.
Summary of Third Quarter of 2023 Results Compared to the Third Quarter of 2022
•Total revenues decreased 27.8% to $4.3 billion, primarily driven by lower pricing in our ocean and truckload services.
•Gross profits decreased 28.9% to $626.6 million. Adjusted gross profits decreased 28.4% to $634.8 million, primarily driven by lower adjusted gross profit per transaction in truckload and ocean.
•Operating expenses decreased 13.1% to $521.3 million. Personnel expenses decreased 21.5% to $343.5 million, primarily due to cost optimization efforts and lower variable compensation. Average headcount declined 13.7%. Other selling, general and administrative (“SG&A”) expenses of $177.8 million increased 9.7%, primarily due to $21.4 million of restructuring expenses, partially offset by decreased purchased and contracted services and decreased legal settlements. The restructuring expenses are primarily related to asset impairments driven by our decision to divest our global forwarding operations in Argentina.
•Income from operations totaled $113.5 million, down 60.5% due to the decrease in adjusted gross profits, partially offset by the decline in operating expenses. Adjusted operating margin of 17.9% declined 1,450 basis points.
•Interest and other income/expense, net totaled $20.7 million of expense, consisting primarily of $21.8 million of interest expense, which increased $1.0 million versus last year due to higher variable interest rates.
•The effective tax rate in the quarter was 11.7% compared to 16.9% in the third quarter last year. The lower rate in the third quarter of this year was driven by lower income before taxes and incremental benefits from foreign tax credits.
•Net income totaled $81.9 million, down 63.7% from a year ago. Diluted EPS of $0.68 decreased 61.8%. Adjusted EPS of $0.84 decreased 52.8%.
Summary of 2023 Year-to-Date Results Compared to 2022
•Total revenues decreased 31.9% to $13.4 billion, primarily driven by lower pricing in our ocean and truckload services.
•Gross profits decreased 30.1% to $2.0 billion. Adjusted gross profits decreased 29.7% to $2.0 billion, primarily driven by lower adjusted gross profit per transaction in truckload and ocean.
•Operating expenses decreased 8.3% to $1.6 billion. Personnel expenses decreased 14.8% to $1.1 billion, primarily due to cost optimization efforts and lower variable compensation. Average headcount declined 8.0%. Other SG&A expenses increased 11.3% to $474.9 million, primarily due to a $25.3 million gain on the sale-leaseback of our Kansas City regional center recorded in the prior year and $22.6 million of restructuring expenses in the current year, partially offset by decreased purchased and contracted services.
•Income from operations totaled $407.2 million, down 63.1% from last year, due to the decrease in adjusted gross profits, partially offset by the decline in operating expenses. Adjusted operating margin of 20.5% decreased 1,850 basis points.
•Interest and other income/expense, net totaled $67.3 million of expense, which primarily consisted of $68.6 million of interest expense, which increased $16.3 million versus last year due to higher variable interest rates. The year-to-date results also included a $5.9 million net loss from foreign currency revaluation and realized foreign currency gains and losses, compared to a $6.6 million net loss last year, driven by foreign currency impacts on intercompany assets and liabilities.
•The effective tax rate for the nine months ended September 30, 2023 was 13.5% compared to 19.2% in the year-ago period. The lower rate in the current period was driven by lower income before taxes and incremental benefits from foreign tax credits.
•Net income totaled $294.2 million, down 65.2% from a year ago. Diluted EPS of $2.46 decreased 62.2%. Adjusted EPS of $2.73 decreased 57.0%.
North American Surface Transportation (“NAST”) Results
Summarized financial results of our NAST segment are as follows (dollars in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Nine Months Ended September 30, |
| 2023 | | 2022 | | % change | | 2023 | | 2022 | | % change |
| Total revenues | $ | 3,086,970 | | | $ | 4,002,461 | | | (22.9) | % | | $ | 9,470,425 | | | $ | 12,264,396 | | | (22.8) | % |
Adjusted gross profits(1) | 386,510 | | | 563,787 | | | (31.4) | % | | 1,213,697 | | | 1,694,438 | | | (28.4) | % |
| Income from operations | 112,121 | | | 211,899 | | | (47.1) | % | | 364,002 | | | 670,752 | | | (45.7) | % |
| | | | | | | | | | | |
____________________________________________
(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.
Third quarter total revenues for the NAST segment totaled $3.1 billion, a decrease of 22.9% over the prior year, primarily driven by lower truckload pricing, reflecting an oversupply of truckload capacity compared to soft freight demand. NAST adjusted gross profits decreased 31.4% in the quarter to $386.5 million. Adjusted gross profits in truckload decreased 40.4% due to a 36.5% decrease in adjusted gross profit per shipment and a 6.0% decline in truckload shipments. Our average truckload linehaul rate per mile charged to our customers, which excludes fuel surcharges, decreased approximately 16.5% in the quarter compared to the prior year, while truckload linehaul cost per mile, excluding fuel surcharges, decreased approximately 13.5%, resulting in a 34.0% decrease in truckload adjusted gross profit per mile. LTL adjusted gross profits decreased 15.3% versus the year-ago period, as adjusted gross profit per order decreased 13.5% and LTL shipments decreased 2.0%. NAST overall volume growth was down 3.5% for the quarter. Operating expenses decreased 22.0% primarily due to cost optimization efforts, including lower average employee headcount, and lower variable compensation. NAST average employee headcount was down 16.2% in the quarter. Income from operations decreased 47.1% to $112.1 million, and adjusted operating margin declined 860 basis points to 29.0%.
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, |
| 2023 | | 2022 | | % change | | 2023 | | 2022 | | % change |
| Total revenues | $ | 719,045 | | | $ | 1,511,115 | | | (52.4) | % | | $ | 2,288,890 | | | $ | 5,798,702 | | | (60.5) | % |
Adjusted gross profits(1) | 169,893 | | | 248,433 | | | (31.6) | % | | 527,043 | | | 894,724 | | | (41.1) | % |
| Income from operations | 3,491 | | | 85,953 | | | (95.9) | % | | 63,254 | | | 421,148 | | | (85.0) | % |
| | | | | | | | | | | |
____________________________________________
(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 decreased 52.4% to $719.0 million, primarily driven by lower pricing in our ocean service, reflecting an oversupply of vessel capacity compared to soft freight demand. Adjusted gross profits decreased 31.6% in the quarter to $169.9 million. Ocean adjusted gross profits decreased 35.0%, driven by a 34.5% decrease in adjusted gross profit per shipment and a 0.5% decline in shipments. Air adjusted gross profits decreased 36.8%, driven by a 35.5% decrease in adjusted gross profit per metric ton shipped and a 2.0% decline in metric tons shipped. Customs adjusted gross profits decreased 10.7%, driven primarily by an 8.0% reduction in transaction volume. Operating expenses increased 2.4%, primarily due to $23.6 million of restructuring expenses, which were partially offset by cost optimization efforts, including lower average employee headcount, and lower variable compensation. Third quarter average employee headcount decreased 13.3%. Income from operations decreased 95.9% to $3.5 million, and adjusted operating margin declined 3,250 basis points to 2.1% in the quarter. Adjusted operating margin, excluding restructuring expenses, was 15.9% for 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 September 30, | | Nine Months Ended September 30, |
| 2023 | | 2022 | | % change | | 2023 | | 2022 | | % change |
| Total revenues | $ | 535,015 | | | $ | 501,800 | | | 6.6 | % | | $ | 1,615,241 | | | $ | 1,566,706 | | | 3.1 | % |
Adjusted gross profits(1): | | | | | | | | | | | |
| Robinson Fresh | $ | 31,083 | | | $ | 27,677 | | | 12.3 | % | | $ | 100,123 | | | $ | 93,163 | | | 7.5 | % |
| Managed Services | 29,427 | | | 29,595 | | | (0.6) | % | | 87,350 | | | 85,295 | | | 2.4 | % |
| Other Surface Transportation | 17,936 | | | 17,702 | | | 1.3 | % | | 57,772 | | | 57,383 | | | 0.7 | % |
| | | | | | | | | | | |
____________________________________________
(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.
Third quarter Robinson Fresh adjusted gross profits increased 12.3% to $31.1 million, primarily driven by a 23.0% increase in case volume in retail and integrated supply chain solutions for foodservice customers. Managed Services adjusted gross profits decreased 0.6% in the quarter. Other Surface Transportation adjusted gross profits increased 1.3% to $17.9 million, primarily due to an increase in Europe LTL adjusted gross profits.
Other Income Statement Items
The third quarter effective tax rate was 11.7%, down from 16.9% last year. The lower rate in the third quarter of this year was driven by lower income before taxes and incremental benefits from foreign tax credits. We now expect our 2023 full-year effective tax rate to be 14% to 15%.
Interest and other income/expense, net totaled $20.7 million of expense, consisting primarily of $21.8 million of interest expense, which increased $1.0 million versus the third quarter of 2022 due to higher variable interest rates.
Diluted weighted average shares outstanding in the quarter were down 5.8% due to share repurchases over the past twelve months.
Cash Flow Generation and Capital Distribution
Cash generated from operations totaled $205.2 million in the third quarter, compared to $625.5 million of cash generated from operations in the third quarter of 2022. The $420.2 million decrease was primarily related to a $304.4 million decline in cash provided by changes in net operating working capital, due to a $54.9 million sequential decrease in net operating working capital in the third quarter of 2023 compared to a $359.3 million sequential decrease in the third quarter of 2022.
In the third quarter of 2023, cash returned to shareholders totaled $75.8 million, with $72.7 million in cash dividends and $3.0 million in repurchases of common stock.
Capital expenditures totaled $16.7 million in the quarter. Capital expenditures for 2023 are expected to be toward the lower end of the previously provided range of $90 million to $100 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 $30 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 the more than 450,000 contract carriers on our platform. 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, 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; freight levels and increasing costs and availability of truck capacity or alternative means of transporting freight; risks associated with significant disruptions in the transportation industry; changes in relationships with existing contracted truck, rail, ocean, and air carriers; changes in our customer base due to possible consolidation among our customers; risks with reliance on technology to operate our business; cyber-security related risks; risks associated with operations outside of the United States; our ability to successfully integrate the operations of acquired companies with our historic operations; climate change related risks; risks associated with our indebtedness; interest rates related risks; risks associated with litigation, including contingent auto liability and insurance coverage; risks associated with the potential impact of changes in government regulations; risks associated with the changes to income tax regulations; risks associated with the produce industry, including food safety and contamination issues; the impact of war on the economy; changes to our capital structure; changes due to catastrophic events including pandemics such as COVID-19; risks associated with the usage of artificial intelligence technologies; 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 2023 Earnings Conference Call
Wednesday, November 1, 2023; 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
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 September 30, | | Nine Months Ended September 30, |
| 2023 | | 2022 | | % change | | 2023 | | 2022 | | % change |
Adjusted gross profits(1): | | | | | | | | | | | |
| Transportation | | | | | | | | | | | |
| Truckload | $ | 245,439 | | | $ | 398,418 | | | (38.4) | % | | $ | 795,240 | | | $ | 1,214,465 | | | (34.5) | % |
| LTL | 137,949 | | | 162,130 | | | (14.9) | % | | 413,771 | | | 482,740 | | | (14.3) | % |
| Ocean | 104,116 | | | 160,122 | | | (35.0) | % | | 321,692 | | | 609,543 | | | (47.2) | % |
| Air | 30,201 | | | 47,831 | | | (36.9) | % | | 95,246 | | | 166,136 | | | (42.7) | % |
| Customs | 24,904 | | | 27,881 | | | (10.7) | % | | 73,366 | | | 83,196 | | | (11.8) | % |
| Other logistics services | 64,838 | | | 65,441 | | | (0.9) | % | | 196,333 | | | 182,638 | | | 7.5 | % |
| Total transportation | 607,447 | | | 861,823 | | | (29.5) | % | | 1,895,648 | | | 2,738,718 | | | (30.8) | % |
| Sourcing | 27,402 | | | 25,371 | | | 8.0 | % | | 90,337 | | | 86,285 | | | 4.7 | % |
| Total adjusted gross profits | $ | 634,849 | | | $ | 887,194 | | | (28.4) | % | | $ | 1,985,985 | | | $ | 2,825,003 | | | (29.7) | % |
____________________________________________
(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 September 30, | | Nine Months Ended September 30, |
| 2023 | | 2022 | | % change | | 2023 | | 2022 | | % change |
| Revenues: | | | | | | | | | | | |
| Transportation | $ | 4,029,407 | | | $ | 5,724,364 | | | (29.6) | % | | $ | 12,442,199 | | | $ | 18,718,357 | | | (33.5) | % |
| Sourcing | 311,623 | | | 291,012 | | | 7.1 | % | | 932,357 | | | 911,447 | | | 2.3 | % |
| Total revenues | 4,341,030 | | | 6,015,376 | | | (27.8) | % | | 13,374,556 | | | 19,629,804 | | | (31.9) | % |
| Costs and expenses: | | | | | | | | | | | |
| Purchased transportation and related services | 3,421,960 | | | 4,862,541 | | | (29.6) | % | | 10,546,551 | | | 15,979,639 | | | (34.0) | % |
| Purchased products sourced for resale | 284,221 | | | 265,641 | | | 7.0 | % | | 842,020 | | | 825,162 | | | 2.0 | % |
| Direct internally developed software amortization | 8,233 | | | 6,457 | | | 27.5 | % | | 24,299 | | | 18,831 | | | 29.0 | % |
| Total direct expenses | 3,714,414 | | | 5,134,639 | | | (27.7) | % | | 11,412,870 | | | 16,823,632 | | | (32.2) | % |
| Gross profit | $ | 626,616 | | | $ | 880,737 | | | (28.9) | % | | $ | 1,961,686 | | | $ | 2,806,172 | | | (30.1) | % |
| Plus: Direct internally developed software amortization | 8,233 | | | 6,457 | | | 27.5 | % | | 24,299 | | | 18,831 | | | 29.0 | % |
| Adjusted gross profit | $ | 634,849 | | | $ | 887,194 | | | (28.4) | % | | $ | 1,985,985 | | | $ | 2,825,003 | | | (29.7) | % |
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 is a similar non-GAAP financial measure as adjusted operating margin, but also excludes the impact of restructuring and related costs. We believe adjusted operating margin and adjusted operating margin - excluding restructuring 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 are presented below: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Nine Months Ended September 30, |
| 2023 | | 2022 | | % change | | 2023 | | 2022 | | % change |
| | | | | | | | | | | |
| Total revenues | $ | 4,341,030 | | | $ | 6,015,376 | | | (27.8) | % | | $ | 13,374,556 | | | $ | 19,629,804 | | | (31.9) | % |
| Income from operations | 113,522 | | | 287,609 | | | (60.5) | % | | 407,178 | | | 1,102,748 | | | (63.1) | % |
| Operating margin | 2.6 | % | | 4.8 | % | | (220) bps | | 3.0 | % | | 5.6 | % | | (260) bps |
| | | | | | | | | | | |
| Adjusted gross profit | $ | 634,849 | | | $ | 887,194 | | | (28.4) | % | | $ | 1,985,985 | | | $ | 2,825,003 | | | (29.7) | % |
| Income from operations | 113,522 | | | 287,609 | | | (60.5) | % | | 407,178 | | | 1,102,748 | | | (63.1) | % |
| Adjusted operating margin | 17.9 | % | | 32.4 | % | | (1,450) | bps | | 20.5 | % | | 39.0 | % | | (1,850) | bps |
| | | | | | | | | | | |
| Adjusted gross profit | $ | 634,849 | | | $ | 887,194 | | | (28.4) | % | | $ | 1,985,985 | | | $ | 2,825,003 | | | (29.7) | % |
| Income from operations - excluding restructuring and gain on sale | 137,985 | | | 287,609 | | | (52.0) | % | | 449,495 | | | 1,077,452 | | | (58.3) | % |
| Adjusted operating margin - excluding restructuring and gain on sale | 21.7 | % | | 32.4 | % | | (1,070) | bps | | 22.6 | % | | 38.1 | % | | (1,550) | bps |
GAAP to Non-GAAP Reconciliation
(unaudited, in thousands)
Our adjusted income (loss) from operations, adjusted operating margin - excluding restructuring, and adjusted net income per share (diluted) are non-GAAP financial measures. Adjusted income (loss) from operations and adjusted net income per share (diluted) is calculated as income (loss) from operations, adjusted operating margin - excluding restructuring, and net income per share (diluted) excluding the impact of restructuring and related costs. 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, and adjusted net income per share (diluted). The reconciliation of income (loss) from operations, adjusted operating margin - excluding restructuring, and net income per share (diluted) to adjusted income (loss) from operations and adjusted net income per share (diluted) is presented below (in thousands except per share data):
| | | | | | | | | | | | | | | | | | | | | | | |
| NAST | | Global Forwarding | | All
Other and Corporate | | Consolidated |
| Three Months Ended September 30, 2023 | | | | | | | |
| Income (loss) from operations | $ | 112,121 | | | $ | 3,491 | | | $ | (2,090) | | $ | 113,522 | |
| Severance | (64) | | | 2,530 | | | 619 | | 3,085 | |
| Other selling, general, and administrative expenses | 4 | | | 21,079 | | | 362 | | 21,445 | |
| Other personnel expenses | (9) | | | (17) | | | (41) | | (67) | |
Total restructuring and related costs(1) | (69) | | | 23,592 | | | 940 | | 24,463 | |
| Income (loss) from operations - excluding restructuring | $ | 112,052 | | | $ | 27,083 | | | $ | (1,150) | | $ | 137,985 | |
| | | | | | | |
| Adjusted gross profit | $ | 386,510 | | | $ | 169,893 | | | $ | 78,446 | | $ | 634,849 | |
| Income (loss) from operations - excluding restructuring | 112,052 | | | 27,083 | | | (1,150) | | 137,985 | |
| Adjusted operating margin - excluding restructuring | 29.0 | % | | 15.9 | % | | N/M | | 21.7 | % |
| | | | | | | |
| Net income per share (diluted) | | | | | | | $ | 0.68 | |
Restructuring and related costs, net of tax(1) | | | | | | | 0.16 | |
| Adjusted net income per share (diluted) | | | | | | | $ | 0.84 | |
| | | | | | | |
| NAST | | Global Forwarding | | All
Other and Corporate | | Consolidated |
| Nine Months Ended September 30, 2023 | | | | | | | |
| Income (loss) from operations | $ | 364,002 | | | $ | 63,254 | | | $ | (20,078) | | $ | 407,178 | |
| Severance | 869 | | | 4,670 | | | 12,365 | | 17,904 | |
| Other selling, general, and administrative expenses | 8 | | | 21,242 | | | 1,324 | | 22,574 | |
| Other personnel expenses | 214 | | | 72 | | | 1,553 | | 1,839 | |
Total restructuring and related costs(1) | 1,091 | | | 25,984 | | | 15,242 | | 42,317 | |
| Income (loss) from operations - excluding restructuring | $ | 365,093 | | | $ | 89,238 | | | $ | (4,836) | | $ | 449,495 | |
| | | | | | | |
| Adjusted gross profit | $ | 1,213,697 | | | $ | 527,043 | | | $ | 245,245 | | $ | 1,985,985 | |
| Income (loss) from operations - excluding restructuring | 365,093 | | | 89,238 | | | (4,836) | | 449,495 | |
| Adjusted operating margin - excluding restructuring | 30.1 | % | | 16.9 | % | | N/M | | 22.6 | % |
| | | | | | | |
| Net income per share (diluted) | | | | | | | $ | 2.46 | |
Restructuring and related costs, net of tax(1) | | | | | | | 0.27 | |
| Adjusted net income per share (diluted) | | | | | | | $ | 2.73 | |
____________________________________________
(1) In the three months ended September 30, 2023, we incurred restructuring expenses of $3.0 million related to workforce reductions and $21.4 million of asset impairment and other charges. In the nine months ended September 30, 2023, we incurred restructuring expenses of $19.7 million related to workforce reductions and $22.6 million of asset impairment and other charges.
GAAP to Non-GAAP Reconciliation
(unaudited, in thousands)
Our adjusted income from operations and adjusted net income per share (diluted) are non-GAAP financial measures. Adjusted income from operations and adjusted net income per share (diluted) is calculated as income from operations and net income per share (diluted) excluding the impact of the gain on sale-leaseback of our Kansas City regional center. 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 from operations and adjusted net income per share (diluted). The reconciliation of income from operations and net income per share (diluted) to adjusted income from operations and adjusted net income per share (diluted) is presented below (in thousands except per share data):
| | | | | |
| Nine Months Ended September 30, 2022 |
| Income from operations | $ | 1,102,748 | |
Gain on sale of property and equipment(1) | (25,296) | |
| Income from operations - excluding gain on sale | $ | 1,077,452 | |
| |
| Net income per share (diluted) | $ | 6.50 | |
Gain on sale of property and equipment(1) | (0.15) | |
| Adjusted net income per share (diluted) | $ | 6.35 | |
| |
_______________________________________(1) The gain on sale of property and equipment related to the sale-leaseback of our Kansas City regional center is included within other selling, general, and administrative expenses in our condensed consolidated statements of income.
Condensed Consolidated Statements of Income
(unaudited, in thousands, except per share data)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Nine Months Ended September 30, |
| |
| 2023 | | 2022 | | % change | | 2023 | | 2022 | | % change |
| | | | | | | | | | | |
| Revenues: | | | | | | | | | | | |
| Transportation | $ | 4,029,407 | | | $ | 5,724,364 | | | (29.6) | % | | $ | 12,442,199 | | | $ | 18,718,357 | | | (33.5) | % |
| Sourcing | 311,623 | | | 291,012 | | | 7.1 | % | | 932,357 | | | 911,447 | | | 2.3 | % |
| Total revenues | 4,341,030 | | | 6,015,376 | | | (27.8) | % | | 13,374,556 | | | 19,629,804 | | | (31.9) | % |
| Costs and expenses: | | | | | | | | | | | |
| Purchased transportation and related services | 3,421,960 | | | 4,862,541 | | | (29.6) | % | | 10,546,551 | | | 15,979,639 | | | (34.0) | % |
| Purchased products sourced for resale | 284,221 | | | 265,641 | | | 7.0 | % | | 842,020 | | | 825,162 | | | 2.0 | % |
| Personnel expenses | 343,532 | | | 437,545 | | | (21.5) | % | | 1,103,915 | | | 1,295,670 | | | (14.8) | % |
| Other selling, general, and administrative expenses | 177,795 | | | 162,040 | | | 9.7 | % | | 474,892 | | | 426,585 | | | 11.3 | % |
| Total costs and expenses | 4,227,508 | | | 5,727,767 | | | (26.2) | % | | 12,967,378 | | | 18,527,056 | | | (30.0) | % |
| Income from operations | 113,522 | | | 287,609 | | | (60.5) | % | | 407,178 | | | 1,102,748 | | | (63.1) | % |
| Interest and other income/expense, net | (20,748) | | | (15,972) | | | 29.9 | % | | (67,272) | | | (57,541) | | | 16.9 | % |
| Income before provision for income taxes | 92,774 | | | 271,637 | | | (65.8) | % | | 339,906 | | | 1,045,207 | | | (67.5) | % |
| Provision for income taxes | 10,825 | | | 45,839 | | | (76.4) | % | | 45,750 | | | 200,876 | | | (77.2) | % |
| Net income | $ | 81,949 | | | $ | 225,798 | | | (63.7) | % | | $ | 294,156 | | | $ | 844,331 | | | (65.2) | % |
| | | | | | | | | | | |
| Net income per share (basic) | $ | 0.69 | | | $ | 1.81 | | | (61.9) | % | | $ | 2.48 | | | $ | 6.60 | | | (62.4) | % |
| Net income per share (diluted) | $ | 0.68 | | | $ | 1.78 | | | (61.8) | % | | $ | 2.46 | | | $ | 6.50 | | | (62.2) | % |
| | | | | | | | | | | |
| Weighted average shares outstanding (basic) | 118,464 | | | 124,980 | | | (5.2) | % | | 118,532 | | | 127,944 | | | (7.4) | % |
| Weighted average shares outstanding (diluted) | 119,751 | | | 127,190 | | | (5.8) | % | | 119,762 | | | 129,839 | | | (7.8) | % |
Business Segment Information
(unaudited, in thousands, except average employee headcount)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | NAST | | Global Forwarding | | | All Other and Corporate | | | | Consolidated |
| Three Months Ended September 30, 2023 | | | | | | | | | | | |
| Total revenues | | $ | 3,086,970 | | | $ | 719,045 | | | | $ | 535,015 | | | | | $ | 4,341,030 | |
Adjusted gross profits(1) | | 386,510 | | | 169,893 | | | | 78,446 | | | | | 634,849 | |
| Income (loss) from operations | | 112,121 | | | 3,491 | | | | (2,090) | | | | | 113,522 | |
| Depreciation and amortization | | 5,882 | | | 5,446 | | | | 14,216 | | | | | 25,544 | |
Total assets(2) | | 3,162,720 | | | 1,081,262 | | | | 1,073,685 | | | | | 5,317,667 | |
| Average employee headcount | | 6,278 | | | 5,082 | | | | 4,217 | | | | | 15,577 | |
| | | | | | | | | | | |
| | NAST | | Global Forwarding | | | All Other and Corporate | | | | Consolidated |
| Three Months Ended September 30, 2022 | | | | | | | | | | | |
| Total revenues | | $ | 4,002,461 | | | $ | 1,511,115 | | | | $ | 501,800 | | | | | $ | 6,015,376 | |
Adjusted gross profits(1) | | 563,787 | | | 248,433 | | | | 74,974 | | | | | 887,194 | |
| Income (loss) from operations | | 211,899 | | | 85,953 | | | | (10,243) | | | | | 287,609 | |
| Depreciation and amortization | | 5,739 | | | 5,368 | | | | 11,868 | | | | | 22,975 | |
Total assets(2) | | 3,624,333 | | | 2,266,923 | | | | 904,274 | | | | | 6,795,530 | |
| Average employee headcount | | 7,493 | | | 5,861 | | | | 4,691 | | | | | 18,045 | |
____________________________________________
(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 employee headcount)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | NAST | | Global Forwarding | | All Other and Corporate | | | | Consolidated |
| Nine Months Ended September 30, 2023 | | | | | | | | | | |
| Total revenues | | $ | 9,470,425 | | | $ | 2,288,890 | | | $ | 1,615,241 | | | | | $ | 13,374,556 | |
Adjusted gross profits(1) | | 1,213,697 | | | 527,043 | | | 245,245 | | | | | 1,985,985 | |
| Income (loss) from operations | | 364,002 | | | 63,254 | | | (20,078) | | | | | 407,178 | |
| Depreciation and amortization | | 17,389 | | | 16,410 | | | 42,100 | | | | | 75,899 | |
Total assets(2) | | 3,162,720 | | | 1,081,262 | | | 1,073,685 | | | | | 5,317,667 | |
| Average employee headcount | | 6,574 | | | 5,276 | | | 4,390 | | | | | 16,240 | |
| | | | | | | | | | |
| | NAST | | Global Forwarding | | All Other and Corporate | | | | Consolidated |
| Nine Months Ended September 30, 2022 | | | | | | | | | | |
| Total revenues | | $ | 12,264,396 | | | $ | 5,798,702 | | | $ | 1,566,706 | | | | | $ | 19,629,804 | |
Adjusted gross profits(1) | | 1,694,438 | | | 894,724 | | | 235,841 | | | | | 2,825,003 | |
| Income from operations | | 670,752 | | | 421,148 | | | 10,848 | | | | | 1,102,748 | |
| Depreciation and amortization | | 18,101 | | | 16,394 | | | 34,228 | | | | | 68,723 | |
Total assets(2) | | 3,624,333 | | | 2,266,923 | | | 904,274 | | | | | 6,795,530 | |
| Average employee headcount | | 7,420 | | | 5,735 | | | 4,497 | | | | | 17,652 | |
____________________________________________
(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)
| | | | | | | | | | | |
| September 30, 2023 | | December 31, 2022 |
| Assets | | | |
| Current assets: | | | |
| Cash and cash equivalents | $ | 174,733 | | | $ | 217,482 | |
| Receivables, net of allowance for credit loss | 2,442,297 | | | 2,991,753 | |
| Contract assets, net of allowance for credit loss | 204,737 | | | 257,597 | |
| Prepaid expenses and other | 137,476 | | | 122,406 | |
| Total current assets | 2,959,243 | | | 3,589,238 | |
| | | | |
| Property and equipment, net of accumulated depreciation and amortization | 150,858 | | | 159,432 | |
| Right-of-use lease assets | 350,896 | | | 372,141 | |
| Intangible and other assets, net of accumulated amortization | 1,856,670 | | | 1,833,753 | |
| Total assets | $ | 5,317,667 | | | $ | 5,954,564 | |
| | | |
| Liabilities and stockholders’ investment | | | |
| Current liabilities: | | | |
| Accounts payable and outstanding checks | $ | 1,444,186 | | | $ | 1,570,559 | |
| Accrued expenses: | | | |
| Compensation | 134,778 | | | 242,605 | |
| Transportation expense | 156,611 | | | 199,092 | |
| Income taxes | 6,782 | | | 15,210 | |
| Other accrued liabilities | 170,539 | | | 168,009 | |
| Current lease liabilities | 73,681 | | | 73,722 | |
| Current portion of debt | 662,966 | | | 1,053,655 | |
| Total current liabilities | 2,649,543 | | | 3,322,852 | |
| | | |
| Long-term debt | 920,720 | | | 920,049 | |
| Noncurrent lease liabilities | 294,751 | | | 313,742 | |
| Noncurrent income taxes payable | 29,640 | | | 28,317 | |
| Deferred tax liabilities | 14,656 | | | 14,256 | |
| Other long-term liabilities | 3,773 | | | 1,926 | |
| Total liabilities | 3,913,083 | | | 4,601,142 | |
| | | |
| Total stockholders’ investment | 1,404,584 | | | 1,353,422 | |
| Total liabilities and stockholders’ investment | $ | 5,317,667 | | | $ | 5,954,564 | |
Condensed Consolidated Statements of Cash Flow
(unaudited, in thousands, except operational data)
| | | | | | | | | | | |
| Nine Months Ended September 30, |
| Operating activities: | 2023 | | 2022 |
| | | |
| Net income | $ | 294,156 | | | $ | 844,331 | |
| Adjustments to reconcile net income to net cash provided by (used for) operating activities: | | | |
| Depreciation and amortization | 75,899 | | | 68,723 | |
| Provision for credit losses | (4,032) | | | (2,407) | |
| Stock-based compensation | 37,309 | | | 78,346 | |
| Deferred income taxes | (35,269) | | | (76,362) | |
| Excess tax benefit on stock-based compensation | (9,899) | | | (12,440) | |
| Loss on disposal group held for sale | 21,113 | | | — | |
| Other operating activities | 3,740 | | | (24,011) | |
| Changes in operating elements, net of acquisitions: | | | |
| Receivables | 525,761 | | | 66,536 | |
| Contract assets | 52,810 | | | 90,481 | |
| Prepaid expenses and other | (7,632) | | | 13,437 | |
| Accounts payable and outstanding checks | (122,312) | | | (109,493) | |
| Accrued compensation | (106,943) | | | 6,701 | |
| Accrued transportation expenses | (42,481) | | | (62,278) | |
| Accrued income taxes | 3,131 | | | (24,202) | |
| Other accrued liabilities | (2,636) | | | 22,209 | |
| Other assets and liabilities | 1,900 | | | (2,782) | |
| Net cash provided by operating activities | 684,615 | | | 876,789 | |
| | | |
| Investing activities: | | | |
| Purchases of property and equipment | (25,889) | | | (50,719) | |
| Purchases and development of software | (42,086) | | | (49,935) | |
| | | |
| Proceeds from sale of property and equipment | 1,324 | | | 63,208 | |
| Net cash used for investing activities | (66,651) | | | (37,446) | |
| | | |
| Financing activities: | | | |
| Proceeds from stock issued for employee benefit plans | 46,061 | | | 93,415 | |
| Stock tendered for payment of withholding taxes | (23,754) | | | (26,597) | |
| Repurchases of common stock | (63,884) | | | (1,023,578) | |
| Cash dividends | (218,942) | | | (216,258) | |
| Proceeds from long-term borrowings | — | | | 200,000 | |
| | | |
| Proceeds from short-term borrowings | 2,778,750 | | | 3,674,000 | |
| Payments on short-term borrowings | (3,169,750) | | | (3,595,000) | |
| Net cash used for financing activities | (651,519) | | | (894,018) | |
| Effect of exchange rates on cash and cash equivalents | (6,708) | | | (15,206) | |
| | | |
| Net change in cash and cash equivalents, including cash classified within assets held for sale | (40,263) | | | (69,881) | |
| Less: net increase in cash and cash equivalents within assets held for sale | (2,486) | | | — | |
| Cash and cash equivalents, beginning of period | 217,482 | | | 257,413 | |
| Cash and cash equivalents, end of period | $ | 174,733 | | | $ | 187,532 | |
| | | |
| As of September 30, |
| Operational Data: | 2023 | | 2022 |
| Employees | 15,391 | | | 17,945 | |
Source: C.H. Robinson
CHRW-IR
1 Q3 2023 November 1, 2023 Earnings Presentation Dave Bozeman, President & CEO Arun Rajan, Chief Operating Officer Mike Zechmeister, Chief Financial Officer Chuck Ives, Director of Investor Relations
Safe Harbor Statement Except for the historical information contained herein, the matters set forth in this presentation and the accompanying earnings 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; freight levels and increasing costs and availability of truck capacity or alternative means of transporting freight; risks associated with significant disruptions in the transportation industry; changes in relationships with existing contracted truck, rail, ocean, and air carriers; changes in our customer base due to possible consolidation among our customers; risks with reliance on technology to operate our business; cyber- security related risks; risks associated with operations outside of the United States; our ability to successfully integrate the operations of acquired companies with our historic operations; climate change related risks; risks associated with our indebtedness; interest rates related risks; risks associated with litigation, including contingent auto liability and insurance coverage; risks associated with the potential impact of changes in government regulations; risks associated with the changes to income tax regulations; risks associated with the produce industry, including food safety and contamination issues; the impact of war on the economy; changes to our capital structure; changes due to catastrophic events including pandemics such as COVID-19; risks associated with the usage of artificial intelligence technologies; 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. 2©2023 C.H. Robinson Worldwide, Inc. All Rights Reserved.
Thoughts from President & CEO, Dave Bozeman 3 ■ Customers value the quality, stability and reliability that we provide, and they prefer partners who have the financial strength to invest through cycles and the expertise to provide innovative tech-enabled solutions ■ Focus on delivering quality and improvements to customers has been reflected in very positive customer feedback and high net promoter scores ■ We are executing on our plans to streamline our processes, remove waste and decouple volume growth from headcount growth ■ Cost reductions and productivity gains are ahead of our stated targets ■ Accelerating clock speed and driving focus on concurrent workstreams that are addressing the highest leverage areas to eliminate productivity bottlenecks ■ Utilizing generative AI, in conjunction with machine learning, to leverage our large data set as a force multiplier ■ Strength of our people, scaled network, financial model and investments in improving efficiency position us well for the eventual freight market rebound
Q3 Highlights 4 ■ Global freight markets continue to be impacted by weak demand and excess capacity, resulting in a loose market and suppressed transportation rates ■ Focused on providing superior service to our customers and carriers and continuing to streamline our processes by removing waste and manual touches ■ Balance sheet continues to be strong, and we continue to invest in improving the customer and carrier experience and in decoupling volume growth from headcount growth ■ Cost reductions and productivity improvements are ahead of plan ■ 18% YTD improvement in shipments/person/day against a goal of 15% Y/Y improvement by Q4 $4.3B Total Revenues -27.8% Y/Y $635M Adj. Gross Profits -28.4% Y/Y $114M Income from Ops. -60.5% Y/Y $0.68 Net Income/Share -61.8% Y/Y Q3 2023 1. Adjusted gross profits, adjusted income from operations - excluding restructuring charges and adjusted net income per share - excluding restructuring charges are non-GAAP financial measures. Refer to page 23 for further discussion and a GAAP to Non-GAAP reconciliation. $0.84 of adjusted net income per share, excluding $24.5M of restructuring charges(1) $138M of adjusted income from operations, excluding $24.5M of restructuring charges(1)
All Other & Corporate ■ Robinson Fresh integrated supply chain solutions generating increased AGP ■ Managed Services Q3 AGP relatively flat Y/Y ■ Other Surface Transportation AGP increased 1.3% Y/Y Global Forwarding (GF) ■ Reduced global demand and excess capacity has led to declining prices for ocean and air freight ■ Sequential increase in ocean volume ■ Continuing to diversify our trade lane and industry vertical exposure North American Surface Transportation (NAST) ■ Adjusted gross profit (AGP) per load/order declined Y/Y in both TL and LTL ■ Load-to-truck ratios indicate the truckload market remains soft by historical standards ■ Significant market share opportunities remain in highly fragmented market ■ Focused on initiatives that improve the customer and carrier experience and lower our cost to serve ■ 18% YTD improvement in productivity driven by increased automation of in-transit tracking, case management and appointments Complementary Global Suite of Services 5 Q3 2023 Adjusted Gross Profits(2) -31.4% Y/Y +4.6% Y/Y -31.6% Y/Y 1. Measured over trailing twelve months. 2. Adjusted gross profits is a non-GAAP financial measure explained later in this presentation. The difference between adjusted gross profits and gross profits is not material. Over half of total revenues came from customers to whom we provide both surface transportation and global forwarding services.(1)
NAST Q3’23 Results by Service 6 ■ Truckload volume down 6.0% year-over-year(2) ■ Truckload AGP per shipment decreased 36.5% due to declining profit per shipment on both contractual and transactional volume(2) ■ LTL volume down 2.0% and AGP per order decreased 13.5%(2) ■ Other AGP decreased primarily due to a decrease in Intermodal services ■ Added 4,900 new carriers in Q3 vs. 11,100 in Q3 last year 3Q23 3Q22 %▲ Truckload (“TL”) $223.0 $374.1 (40.4)% Less than Truckload (“LTL”) $136.4 $161.0 (15.3)% Other $27.2 $28.7 (5.5)% Total Adjusted Gross Profits $386.5 $563.8 (31.4)% Adjusted Gross Profit Margin % 12.5% 14.1% (160 bps) Adjusted Gross Profit(1) ($ in millions) 1. Adjusted gross profits is a non-GAAP financial measure explained later in this presentation. The difference between adjusted gross profits and gross profits is not material. 2. Growth rates are rounded to the nearest 0.5 percent.
Truckload Price and Cost Change (1)(2)(3) 7 Truckload Q3 Volume(2)(4) -6.0 % Price/Mile(1)(2)(3) -16.5 % Cost/Mile(1)(2)(3) -13.5 % Adjusted Gross Profit(4) -40.4 % 1. Price and cost change represents YoY change for North America truckload shipments across all segments. 2. Growth rates are rounded to the nearest 0.5 percent. ■ 70% / 30% truckload contractual / transactional volume mix in Q3 ■ Average routing guide depth of 1.2 in Managed Services business vs. 1.3 in Q3 last year 3. Pricing and cost measures exclude fuel surcharges and costs. 4. Truckload volume and adjusted gross profit growth represents YoY change for NAST truckload. Yo Y % C ha ng e in P ric e an d C os t p er M ile YoY Price Change YoY Cost Change 2016 2017 2018 2019 2020 2021 2022 2023 -30% -20% -10% 0% 10% 20% 30% 40% 50%
Truckload AGP $ per Shipment Trend 8 ■ AGP $ per Truckload Shipment reflects market conditions better than AGP Margin % (1) ■ Within Q3, AGP $ per Truckload was relatively flat through the quarter. N A ST A dj us te d G ro ss P ro fit $ p er T ru ck lo ad Sh ip m en t N A ST A djusted G ross Profit M argin % NAST Adjusted Gross Profit $ per Truckload Shipment (left axis) NAST Adjusted Gross Profit Margin % (right axis) Average NAST AGP $ per Truckload Shipment (left axis) 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 11% 12% 13% 14% 15% 16% 17% 18% 19% 20% 1. Adjusted gross profits is a non-GAAP financial measure explained later in this presentation. The difference between adjusted gross profits and gross profits is not material.
Global Forwarding Q3’23 Results by Service 9 3Q23 3Q22 %▲ Ocean $103.8 $159.7 (35.0)% Air $29.7 $47.1 (36.8)% Customs $24.9 $27.9 (10.7)% Other $11.5 $13.7 (16.5)% Total Adjusted Gross Profits $169.9 $248.4 (31.6)% Adjusted Gross Profit Margin % 23.6% 16.4% 720 bps Adjusted Gross Profit (1) ($ in millions) ■ Reduced global demand and excess capacity impacted ocean and air pricing and volumes on a year-over-year basis ■ Ocean AGP decreased due to a 34.5% decrease in AGP per shipment and a 0.5% decline in shipments(2) ■ Air AGP decreased due to a 35.5% decrease in AGP per metric ton shipped and a 2.0% decline in metric tons shipped(2) ■ Customs AGP decreased primarily due to an 8.0% decline in volume(2) ■ On a sequential basis, ocean volume increased 2.5% 1. Adjusted gross profits is a non-GAAP financial measure explained later in this presentation. The difference between adjusted gross profits and gross profits is not material. 2. Growth rates are rounded to the nearest 0.5 percent.
All Other & Corporate Q3’23 Results 10 Robinson Fresh ■ Increased AGP driven by a 23.0%(2) increase in case volume, primarily in retail and integrated supply chain solutions for foodservice customers Managed Services ■ Total freight under management of $1.5B in Q3 down Y/Y due to declining freight rates Other Surface Transportation ■ Increased AGP driven by Europe LTL services 3Q23 3Q22 %▲ Robinson Fresh $31.1 $27.7 12.3% Managed Services $29.4 $29.6 (0.6)% Other Surface Transportation $17.9 $17.7 1.3% Total $78.4 $75.0 4.6% Adjusted Gross Profit (1) ($ in millions) 1. Adjusted gross profits is a non-GAAP financial measure explained later in this presentation. The difference between adjusted gross profits and gross profits is not material. 2. Growth rates are rounded to the nearest 0.5 percent.
Sustainable Profitable Growth Strategy 11 Optimize Processes Spend Strategically Grow Globally Scale Digitally Increase Share ■ Leverage integrated service model to grow market share and expand globally ■ Industry-leading tech, people and processes to provide best-in-class service ■ Expand modal capabilities ■ Expand Global Forwarding business as provider of choice for multinational customers ■ Leverage scale to capitalize on secularly growing market and unique global footprint ■ Grow capabilities and presence in key industry verticals, trade lanes and geographies ■ Digitize more internal tools and processes and drive down costs ■ Free customer and carrier reps’ capacity for higher- value touchpoints ■ Drive more revenue synergy across business units ■ Execute on cost savings program ■ Provide customers and carriers the digital products they value ■ Leverage data, scale and information advantage ■ Bring meaningful products, features and insights to both sides of the two- sided marketplace ■ Increase digital execution of all touch points in the lifecycle of a load ■ Support organic growth by leveraging strong cash flow ■ Modernize core for future integrations ■ Complement with opportunistic M&A
Streamlining & Automating Processes to Drive Profitable Growth 12 12
New Carrier & Customer Experiences Driving Digital Adoption 13 ■ Improving customer outcomes with technology that supports our people and processes ■ Shipments per person per day increased 18% YTD as of Q3 vs our goal of 15% year-over-year improvement by Q4 – Accelerated the digital execution of critical touch points in the lifecycle of a load: • Reducing manual tasks per shipment • Reducing time per task 13
Pillars of Our Customer Promise ■ Diversified, global suite of servicesTM - we can reliably meet all logistics services needs today and in the future ■ An information advantage driving smarter solutionsTM and better outcomes through our experience, data and scale ■ Solutions delivered through people you can rely onTM as an extension of your team ■ Technology built by and for supply chain expertsTM - tailored, market-leading solutions that drive better supply chain outcomes 14 Best-in-class solutions delivered through a global network of experts you can rely on
Capital Allocation Priorities: Balanced and Opportunistic 15 Cash Flow from Operations & Capital Distribution ($M) ■ $76 million of cash returned to shareholders in Q3 2023 ■ Q3 2023 capital distribution equates to 92% of our Q3 net income ■ 32,000 shares repurchased at an average price of $93.93 ■ More than 25 years of annually increasing dividends, on a per share basis ■ As the cost and price of purchased transportation (inclusive of fuel surcharges) has come down over the last five quarters, we've realized a benefit to net operating working capital and cash flow of $1.4 billion. ■ We'll continue to manage our capital structure to maintain our investment grade credit rating.
16 Appendix
Q3 2023 Transportation Results(1) 17 Three Months Ended September 30 Nine Months Ended September 30 $ in thousands 2023 2022 % Change 2023 2022 % Change Total Revenues $4,029,407 $5,724,364 (29.6) % $12,442,199 $18,718,357 (33.5) % Total Adjusted Gross Profits(2) $607,447 $861,823 (29.5) % $1,895,648 $2,738,718 (30.8) % Adjusted Gross Profit Margin % 15.1 % 15.1 % 0 bps 15.2 % 14.6 % 60 bps Transportation Adjusted Gross Profit Margin % 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Q1 15.3% 16.8% 19.7% 17.3% 16.4% 18.6% 15.3% 14.9% 13.5% 15.2% Q2 16.0% 17.5% 19.3% 16.2% 16.2% 18.3% 17.5% 13.8% 15.4% 15.5% Q3 16.2% 18.4% 17.6% 16.4% 16.6% 16.9% 14.4% 13.7% 15.1% 15.1% Q4 15.9% 19.0% 17.2% 16.6% 17.7% 15.6% 14.3% 13.3% 15.5% Total 15.9% 17.9% 18.4% 16.6% 16.7% 17.3% 15.3% 13.8% 14.8% 1. Includes results across all segments. 2. Adjusted gross profits is a non-GAAP financial measure explained later in this presentation. The difference between adjusted gross profits and gross profits is not material.
Q3 2023 NAST Results 18 1. Adjusted gross profits is a non-GAAP financial measure explained later in this presentation. The difference between adjusted gross profits and gross profits is not material. 2. Includes an amount of $0.1 million that primarily related to accrual adjustments for amounts settling for an amount different than originally estimated in the Three Months Ended September 30, 2023 and $1.1 million of restructuring charges in the Nine Months Ended September 30, 2023 mainly related to workforce reductions. Three Months Ended September 30 Nine Months Ended September 30, $ in thousands 2023 2022 % Change 2023 2022 % Change Total Revenues $3,086,970 $4,002,461 (22.9) % $9,470,425 $12,264,396 (22.8) % Total Adjusted Gross Profits(1) $386,510 $563,787 (31.4) % $1,213,697 $1,694,438 (28.4) % Adjusted Gross Profit Margin % 12.5 % 14.1 % (160 bps) 12.8 % 13.8 % (100 bps) Income from Operations(2) $112,121 $211,899 (47.1) % $364,002 $670,752 (45.7) % Adjusted Operating Margin % 29.0 % 37.6 % (860 bps) 30.0 % 39.6 % (960 bps) Depreciation and Amortization $5,882 $5,739 2.5 % $17,389 $18,101 (3.9) % Total Assets $3,162,720 $3,624,333 (12.7) % $3,162,720 $3,624,333 (12.7) % Average Headcount 6,278 7,493 (16.2) % 6,574 7,420 (11.4) %
Q3 2023 Global Forwarding Results 191. Adjusted gross profits is a non-GAAP financial measure explained later in this presentation. The difference between adjusted gross profits and gross profits is not material. 2. Includes $23.6 million of restructuring charges in the Three Months Ended September 30, 2023 and $26.0 million of restructuring charges in the Nine Months Ended September 30, 2023 mainly related to divesting our operations in Argentina. Three Months Ended September 30 Nine Months Ended September 30 $ in thousands 2023 2022 % Change 2023 2022 % Change Total Revenues $719,045 $1,511,115 (52.4) % $2,288,890 $5,798,702 (60.5) % Total Adjusted Gross Profits(1) $169,893 $248,433 (31.6) % $527,043 $894,724 (41.1) % Adjusted Gross Profit Margin % 23.6 % 16.4 % 720 bps 23.0 % 15.4 % 760 bps Income from Operations(2) $3,491 $85,953 (95.9) % $63,254 $421,148 (85.0) % Adjusted Operating Margin % 2.1 % 34.6 % (3,250 bps) 12.0 % 47.1 % (3,510 bps) Depreciation and Amortization $5,446 $5,368 1.5 % $16,410 $16,394 0.1 % Total Assets $1,081,262 $2,266,923 (52.3) % $1,081,262 $2,266,923 (52.3) % Average Headcount 5,082 5,861 (13.3) % 5,276 5,735 (8.0) %
Q3 2023 All Other and Corporate Results 20 1. Adjusted gross profits is a non-GAAP financial measure explained later in this presentation. The difference between adjusted gross profits and gross profits is not material. 2. Includes $0.9 million of restructuring charges in the Three Months Ended September 30, 2023 and $15.2 million of restructuring charges in the Nine Months Ended September 30, 2023 mainly related to workforce reductions. Includes a $25.3 million gain on the sale and leaseback of a facility in Kansas City for the Nine Months Ended September 30, 2022. Three Months Ended September 30 Nine Months Ended September 30, $ in thousands 2023 2022 % Change 2023 2022 % Change Total Revenues $535,015 $501,800 6.6 % $1,615,241 $1,566,706 3.1 % Total Adjusted Gross Profits(1) $78,446 $74,974 4.6 % $245,245 $235,841 4.0 % Income (loss) from Operations(2) -$2,090 -$10,243 79.6 % -$20,078 $10,848 N/M Depreciation and Amortization $14,216 $11,868 19.8 % $42,100 $34,228 23.0 % Total Assets $1,073,685 $904,274 18.7 % $1,073,685 $904,274 18.7 % Average Headcount 4,217 4,691 (10.1) % 4,390 4,497 (2.4) %
21 Our adjusted gross profit and adjusted gross profit margin are non-GAAP financial measures. Adjusted gross profit is calculated as gross profit excluding amortization of internally developed software utilized to directly serve our customers and contracted carriers. Adjusted gross profit margin is calculated as adjusted gross profit divided by total revenues. We believe adjusted gross profit and adjusted gross profit margin are useful measures 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. The reconciliation of gross profit to adjusted gross profit and gross profit margin to adjusted gross profit margin are presented below: Three Months Ended September 30 Nine Months Ended September 30, $ in thousands 2023 2022 2023 2022 Revenues: Transportation $4,029,407 $5,724,364 $12,442,199 $18,718,357 Sourcing 311,623 291,012 932,357 911,447 Total Revenues 4,341,030 6,015,376 13,374,556 19,629,804 Costs and expenses: Purchased transportation and related services 3,421,960 4,862,541 10,546,551 15,979,639 Purchased produced sourced for resale 284,221 265,641 842,020 825,162 Direct internally developed software amortization 8,233 6,457 24,299 18,831 Total direct costs 3,714,414 5,134,639 11,412,870 16,823,632 Gross profit & Gross profit margin $626,616 14.4 % $880,737 14.6 % $1,961,686 14.7 % $2,806,172 14.3 % Plus: Direct internally developed software amortization 8,233 6,457 24,299 18,831 Adjusted gross profit/Adjusted gross profit margin $634,849 14.6 % $887,194 14.7 % $1,985,985 14.8 % $2,825,003 14.4 % Non-GAAP Reconciliations
Non-GAAP Reconciliations 22 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 is a similar non-GAAP financial measure as adjusted operating margin, but also excludes the impact of restructuring and related costs. We believe adjusted operating margin and adjusted operating margin - excluding restructuring 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 are presented below: Three Months Ended September 30 Nine Months Ended September 30, $ in thousands 2023 2022 2023 2022 Total Revenues $4,341,030 $6,015,376 $13,374,556 $19,629,804 Income from operations 113,522 287,609 407,178 1,102,748 Operating margin 2.6 % 4.8 % 3.0 % 5.6 % Adjusted gross profit $634,849 $887,194 $1,985,985 $2,825,003 Income from operations 113,522 287,609 407,178 1,102,748 Adjusted operating margin 17.9 % 32.4 % 20.5 % 39.0 % Adjusted gross profit $634,849 $887,194 $1,985,985 $2,825,003 Income from operations - excluding restructuring and gain on sale(1) 137,985 287,609 449,495 1,077,452 Adjusted operating margin - excluding restructuring and gain on sale 21.7 % 32.4 % 22.6 % 38.1 % 1. In the Three Months Ended September 30, 2023, we incurred restructuring expenses of $3.0 million related to workforce reductions and $21.4 million of asset impairment and other charges. In the Nine Months Ended September 30, 2023, we incurred restructuring expenses of $19.7 million related to workforce reductions and $22.6 million of asset impairment and other charges. In the Nine Months Ended September 30, 2022, we incurred a $25.3 million gain on the sale and leaseback of a facility in Kansas City.
Non-GAAP Reconciliations 23 Our adjusted income (loss) from operations, adjusted operating margin - excluding restructuring, and adjusted net income per share (diluted) are non-GAAP financial measures. Adjusted income (loss) from operations and adjusted net income per share (diluted) is calculated as income (loss) from operations, adjusted operating margin - excluding restructuring, and net income per share (diluted) excluding the impact of restructuring and related costs. 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, and adjusted net income per share (diluted). The reconciliation of income (loss) from operations, adjusted operating margin - excluding restructuring, and net income per share (diluted) to adjusted income (loss) from operations and adjusted net income per share (diluted) is presented below (in thousands except per share data): Three Months Ended September 30, 2023 Nine Months Ended September 30, 2023 NAST Global Forwarding All Other and Corporate Consolidated NAST Global Forwarding All Other and Corporate Consolidated Income (loss) from operations $112,121 $3,491 -$2,090 $113,522 $364,002 $63,254 -$20,078 $407,178 Severance -64 2,530 619 3,085 869 4,670 12,365 17,904 Other selling, general, and administrative expenses 4 21,079 362 21,445 8 21,242 1,324 22,574 Other personnel expenses -9 -17 -41 -67 214 72 1,553 1,839 Total restructuring and related costs(1) -69 23,592 940 24,463 1,091 25,984 15,242 42,317 Adjusted income (loss) from operations $112,052 $27,083 -$1,150 $137,985 $365,093 $89,238 -$4,836 $449,495 Adjusted gross profit $386,510 $169,893 $78,446 $634,849 $1,213,697 $527,043 $245,245 $1,985,985 Income (loss) from operations - excluding restructuring 112,052 27,083 -1,150 137,985 365,093 89,238 -4,836 449,495 Adjusted operating margin - excluding restructuring 29.0 % 15.9 % N/M 21.7 % 30.1 % 16.9 % N/M 22.6 % Net income per share (diluted) $0.68 $2.46 Restructuring and related costs, net of tax(1) 0.16 0.27 Adjusted net income per share (diluted) $0.84 $2.73 1. In the Three Months Ended September 30, 2023, we incurred restructuring expenses of $3.0 million related to workforce reductions and $21.4 million of other charges. In the Nine Months Ended September 30, 2023, we incurred restructuring expenses of $19.7 million related to workforce reductions and $22.6 million of other charges.
Non-GAAP Reconciliations 24 Our adjusted income from operations and adjusted net income per share (diluted) are non-GAAP financial measures. Adjusted income from operations and adjusted net income per share (diluted) is calculated as income from operations and net income per share (diluted) excluding the impact of the gain on sale-leaseback of our Kansas City regional center. 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 from operations and adjusted net income per share (diluted). The reconciliation of income from operations and net income per share (diluted) to adjusted income from operations and adjusted net income per share (diluted) is presented below (in thousands except per share data): Nine Months Ended September 30, 2022 Income from operations $1,102,748 Gain on sale of property and equipment1) -25,296 Income from operations - excluding gain on sale $1,077,452 Net income per share (diluted) $6.50 Gain on sale of property and equipment(1) -0.15 Adjusted net income per share (diluted) $6.35 1. The gain on sale of property and equipment related to the sale-leaseback of our Kansas City regional center is included within other selling, general, and administrative expenses in our condensed consolidated statements of income.
25 Thank you INVESTOR RELATIONS: Chuck Ives 952-683-2508 chuck.ives@chrobinson.com
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CH Robinson Worldwide (NASDAQ:CHRW)
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