MINNEAPOLIS--(BUSINESS WIRE)--
C.H. Robinson Worldwide, Inc. (“C.H. Robinson”) (Nasdaq: CHRW) today
reported financial results for the quarter ended March 31, 2019.
-
Total revenues decreased 4.4 percent to $3.8 billion
-
Net revenues increased 8.4 percent to $678.8 million
-
Income from operations increased 17.2 percent to $224.6 million
-
Operating margin improved 250 basis points to 33.1 percent
-
Diluted earnings per share (EPS) increased 14.9 percent to $1.16
-
Cash flow from operations increased 28.1 percent to $256.9 million
“During the first quarter, we achieved high single-digit net revenue
growth and double-digit growth in both operating income and earnings per
share. Operating margin improved 250 basis points in the quarter. Our
North American Surface Transportation business generated double-digit
net revenue growth in the quarter, and we delivered significant
operating margin expansion in both our NAST and Global Forwarding
businesses,” said John Wiehoff, Chairman and Chief Executive Officer of
C.H. Robinson. “We continued to make improvements in working capital,
which combined with increased earnings, allowed us to generate over $250
million in cash flow from operations and increase cash returns to our
shareholders. These strong first quarter results reflect the strength
and hard work of our global network.”
First Quarter Results Summary
-
Total revenues decreased 4.4 percent to $3.8 billion, driven by
lower pricing across most transportation service lines.
-
Net revenues increased 8.4 percent to $678.8 million, primarily
driven by margin improvement in truckload services.
-
Operating expenses increased 4.6 percent to $454.3 million. Personnel
expenses increased 3.6 percent to $340.1 million, driven primarily
by a 1.9 percent increase in average headcount, partially offset by
declines in performance-based equity compensation. Selling, general
and administrative (“SG&A”) expenses increased 7.6 percent to
$114.2 million, due primarily to increases in purchased services,
particularly commercial off-the-shelf software, in addition to claims
and occupancy, partially offset by a reduction in bad debt expense.
-
Income from operations totaled $224.6 million, up 17.2 percent
from last year due to growth in North American Surface Transportation
(“NAST”) and Global Forwarding, partially offset by a decline in All
Other and Corporate. Operating margin of 33.1 percent increased
250 basis points.
-
Interest and other expenses totaled $17.1 million, which
primarily consists of interest expense. The first quarter also
included a $5.0 million unfavorable impact from currency revaluation.
-
The effective tax rate in the quarter was 22.0 percent compared
to 21.3 percent last year.
-
Net income totaled $161.8 million, up 13.7 percent from a year
ago. Diluted EPS of $1.16 increased 14.9 percent.
North American Surface Transportation Results
Summarized financial results of our NAST segment are as follows (dollars
in thousands):
|
|
|
|
|
|
|
Three Months Ended March 31,
|
|
|
|
2019
|
|
|
2018
|
|
|
% change
|
Total revenues
|
|
|
$
|
2,796,784
|
|
|
$
|
2,908,419
|
|
|
(3.8
|
)%
|
Net revenues
|
|
|
|
486,550
|
|
|
|
438,402
|
|
|
11.0
|
%
|
Income from operations
|
|
|
|
211,283
|
|
|
|
179,637
|
|
|
17.6
|
%
|
|
|
|
|
|
|
|
|
|
|
First quarter total revenues for C.H. Robinson's NAST segment totaled
$2.8 billion, a decrease of 3.8 percent over the prior year, primarily
driven by decreased pricing. NAST net revenues increased 11.0 percent in
the quarter to $486.6 million. Net revenues in truckload increased 14.7
percent, less than truckload (“LTL”) net revenues increased 3.6 percent,
and intermodal net revenues decreased 3.9 percent versus the year ago
period. Excluding the impact of the change in fuel prices, average North
America truckload rate per mile charged to customers decreased
approximately 5.5 percent in the quarter, while truckload transportation
cost per mile decreased approximately 8.5 percent. Truckload volumes
increased 0.5 percent in the quarter. LTL volumes grew 1.0 percent, and
intermodal volumes declined 33 percent versus the prior year. Operating
expenses increased 6.4 percent, primarily due to increased cash
compensation. Income from operations increased 17.6 percent to
$211.3 million, and operating margin expanded 240 basis points to 43.4
percent. NAST average headcount was up 1.7 percent in the quarter. As a
reminder, first quarter NAST results include Robinson Fresh
transportation, which was previously reported under the Robinson Fresh
segment.
Global Forwarding Results
Summarized financial results of our Global Forwarding segment are as
follows (dollars in thousands):
|
|
|
|
|
|
|
Three Months Ended March 31,
|
|
|
|
2019
|
|
|
2018
|
|
|
% change
|
Total revenues
|
|
|
$
|
537,567
|
|
|
$
|
553,754
|
|
|
(2.9
|
)%
|
Net revenues
|
|
|
|
127,236
|
|
|
|
123,037
|
|
|
3.4
|
%
|
Income from operations
|
|
|
|
14,203
|
|
|
|
8,221
|
|
|
72.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First quarter total revenues for the Global Forwarding segment decreased
2.9 percent to $537.6 million, primarily driven by lower pricing in
ocean and air. Net revenues increased 3.4 percent in the quarter to
$127.2 million. Ocean net revenues increased 4.0 percent driven by
margin expansion. Ocean volumes were approximately flat in the quarter.
Net revenues in air increased 0.4 percent, as margin expansion was
largely offset by a decline in shipments. Customs net revenues increased
5.9 percent, primarily driven by volume growth. Operating expenses
decreased 1.6 percent, primarily driven by a 1.3 percent decrease in
average headcount. Income from operations increased 72.8 percent to
$14.2 million, and operating margin expanded 450 basis points to 11.2
percent in the quarter.
All Other and Corporate Results
Net revenues for Robinson Fresh, Managed Services and Other Surface
Transportation are summarized as follows (dollars in thousands):
|
|
|
|
|
|
|
Three Months Ended March 31,
|
Net revenues
|
|
|
2019
|
|
|
2018
|
|
|
% change
|
Robinson Fresh
|
|
|
$
|
28,658
|
|
|
$
|
30,237
|
|
|
(5.2
|
)%
|
Managed Services
|
|
|
|
20,312
|
|
|
|
18,317
|
|
|
10.9
|
%
|
Other Surface Transportation
|
|
|
|
16,044
|
|
|
|
15,932
|
|
|
0.7
|
%
|
|
|
|
|
|
|
|
|
|
|
First quarter Robinson Fresh net revenues decreased 5.2 percent to $28.7
million, as weather-related crop reductions drove case volume declines.
Managed Services net revenues increased 10.9 percent to $20.3 million,
driven by a combination of selling additional service lines to existing
customers and new customer wins. Other Surface Transportation net
revenues increased 0.7 percent to $16.0 million, primarily driven by
mid-single-digit volume growth in Europe truckload.
Other Income Statement Items
The
first quarter effective tax rate was 22.0 percent, up from 21.3 percent
last year. We continue to expect our full-year effective tax rate to be
between 24 and 25 percent in 2019.
Interest and other expenses totaled $17.1 million, which primarily
consists of interest expense. The first quarter also included a $5.0
million unfavorable impact from currency revaluation.
Diluted weighted average shares outstanding in the quarter were down 1.6
percent, as share repurchases were partially offset by activity in our
equity compensation plans.
Cash Flow Generation and Capital Distribution
First
quarter cash from operations totaled $256.9 million, up 28.1 percent
versus the prior year, primarily due to improved working capital
performance and increased earnings versus the year-ago period.
In the first quarter, $146.4 million was returned to shareholders, with
$69.7 million in cash dividends and $76.7 million in share repurchases.
This represents an increase of 8.7 percent over the prior year.
Capital expenditures totaled $13.9 million in the quarter. We continue
to expect 2019 capital expenditures to be between $80 and $90 million,
with the majority dedicated to technology.
Outlook
“We expect to continue
to expand market share in 2019 and beyond, and we will continue to
automate core processes and reduce our cost to sell and cost to serve,
while also providing excellent service to our customers and carriers,”
Bob Biesterfeld, Chief Operating Officer, stated. “We are firmly
dedicated to operating margin expansion and believe our continued
investments in technology will help enable us to achieve this objective.
We are also committed to strong cash returns to shareholders and expect
to deliver annual double-digit growth in earnings per share over the
long term.”
About C.H. Robinson
At C.H. Robinson, we believe in
accelerating global trade to seamlessly deliver the products and goods
that drive the world’s economy. Using the strengths of our knowledgeable
people, proven processes, and global technology, we help our customers
work smarter, not harder. As one of the world’s largest third-party
logistics providers (3PL), we provide a broad portfolio of logistics
services, fresh produce sourcing and managed services for more than
124,000 customers and 76,000 active contract carriers through our
integrated network of offices and more than 15,000 employees. In
addition, the company, our Foundation and our employees contribute
millions of dollars annually to a variety of organizations.
Headquartered in Eden Prairie, Minnesota, C.H. Robinson (CHRW) has been
publicly traded since 1997. For more information, visit www.chrobinson.com.
Except for the historical information contained herein, the matters
set forth in this release are forward-looking statements that represent
our expectations, beliefs, intentions or strategies concerning future
events. These forward-looking statements are subject to certain risks
and uncertainties that could cause actual results to differ materially
from our historical experience or our present expectations, including,
but not limited to, such factors such as changes in economic conditions,
including uncertain consumer demand; changes in market demand and
pressures on the pricing for our services; competition and growth rates
within the third party logistics industry; freight levels and increasing
costs and availability of truck capacity or alternative means of
transporting freight; changes in relationships with existing contracted
truck, rail, ocean, and air carriers; changes in our customer base due
to possible consolidation among our customers; our ability to
successfully integrate the operations of acquired companies with our
historic operations; risks associated with litigation, including
contingent auto liability and insurance coverage; risks associated with
operations outside of the United States; risks associated with the
potential impact of changes in government regulations; risks associated
with the produce industry, including food safety and contamination
issues; fuel price increases or decreases, or fuel shortages;
cyber-security related risks; the impact of war on the economy; changes
to our capital structure; risks related to the elimination of LIBOR; 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 First Quarter 2019 Earnings Conference Call
Wednesday,
May 1, 2019; 8:30 a.m. Eastern Time
Presentation slides
and a simultaneous live audio webcast of the conference call may be
accessed through the Investor Relations link on C.H. Robinson’s website
at
www.chrobinson.com
.
To
participate in the conference call by telephone, please call ten minutes
early by dialing: 877-269-7756
International callers dial
+1-201-689-7817
Callers should reference the conference ID,
which is 13689013
We invite call participants to submit questions in advance of the
conference call, and we will respond to as many of the questions as we
can in the time allowed. To submit your question(s) in advance of the
call, please email
adrienne.brausen@chrobinson.com
.
Summarized Financial Results
($ in thousands, except per
share data)
This table of summary results presents our service line net revenues
consistent with our historical presentation and is on an enterprise
basis. The service line net revenues in the table differ from the
service line net revenues discussed within the segments as our segments
have revenues from multiple service lines.
|
|
|
|
|
|
|
Three Months Ended March 31,
|
|
|
|
2019
|
|
|
2018
|
|
|
% change
|
Total revenues
|
|
|
$
|
3,751,210
|
|
|
$
|
3,925,327
|
|
|
(4.4
|
)%
|
|
|
|
|
|
|
|
|
|
|
Net revenues:
|
|
|
|
|
|
|
|
|
|
Transportation
|
|
|
|
|
|
|
|
|
|
Truckload
|
|
|
$
|
377,993
|
|
|
$
|
330,291
|
|
|
14.4
|
%
|
LTL
|
|
|
|
116,229
|
|
|
|
112,144
|
|
|
3.6
|
%
|
Intermodal
|
|
|
|
6,076
|
|
|
|
6,332
|
|
|
(4.0
|
)%
|
Ocean
|
|
|
|
71,533
|
|
|
|
68,844
|
|
|
3.9
|
%
|
Air
|
|
|
|
27,582
|
|
|
|
28,883
|
|
|
(4.5
|
)%
|
Customs
|
|
|
|
21,878
|
|
|
|
20,655
|
|
|
5.9
|
%
|
Other logistics services
|
|
|
|
30,385
|
|
|
|
28,889
|
|
|
5.2
|
%
|
Total transportation
|
|
|
|
651,676
|
|
|
|
596,038
|
|
|
9.3
|
%
|
Sourcing
|
|
|
|
27,124
|
|
|
|
29,887
|
|
|
(9.2
|
)%
|
Total net revenues
|
|
|
|
678,800
|
|
|
|
625,925
|
|
|
8.4
|
%
|
|
|
|
|
|
|
|
|
|
|
Operating expenses
|
|
|
|
454,250
|
|
|
|
434,340
|
|
|
4.6
|
%
|
Income from operations
|
|
|
|
224,550
|
|
|
|
191,585
|
|
|
17.2
|
%
|
Net income
|
|
|
$
|
161,788
|
|
|
$
|
142,297
|
|
|
13.7
|
%
|
Diluted EPS
|
|
|
$
|
1.16
|
|
|
$
|
1.01
|
|
|
14.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Our total revenues represent the total dollar value of services and
goods we sell to our customers. Net revenues are a non-GAAP financial
measure calculated as total revenues less the cost of purchased
transportation and related services and the cost of purchased products
sourced for resale. We believe net revenues are a useful measure of our
ability to source, add value, and sell services and products that are
provided by third parties, and we consider net revenues to be our
primary performance measurement. Accordingly, the discussion of our
results of operations often focuses on the changes in our net revenues.
The reconciliation of total revenues to net revenues is presented below
(in thousands):
|
|
|
|
|
|
|
Three Months Ended March 31,
|
|
|
|
2019
|
|
|
2018
|
Revenues:
|
|
|
|
|
|
|
Transportation
|
|
|
$
|
3,504,932
|
|
|
$
|
3,637,640
|
Sourcing
|
|
|
|
246,278
|
|
|
|
287,687
|
Total revenues
|
|
|
|
3,751,210
|
|
|
|
3,925,327
|
Costs and expenses:
|
|
|
|
|
|
|
Purchased transportation and related services
|
|
|
|
2,853,256
|
|
|
|
3,041,602
|
Purchased products sourced for resale
|
|
|
|
219,154
|
|
|
|
257,800
|
Total costs and expenses
|
|
|
|
3,072,410
|
|
|
|
3,299,402
|
Net revenues
|
|
|
$
|
678,800
|
|
|
$
|
625,925
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidated Statements of Income
(unaudited,
in thousands, except per share data)
|
|
|
|
|
Three Months Ended March 31,
|
|
|
|
|
|
|
2019
|
|
|
2018
|
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
Transportation
|
|
|
$
|
3,504,932
|
|
|
|
$
|
3,637,640
|
|
Sourcing
|
|
|
|
246,278
|
|
|
|
|
287,687
|
|
Total revenues
|
|
|
|
3,751,210
|
|
|
|
|
3,925,327
|
|
Costs and expenses:
|
|
|
|
|
|
|
Purchased transportation and related services
|
|
|
|
2,853,256
|
|
|
|
|
3,041,602
|
|
Purchased products sourced for resale
|
|
|
|
219,154
|
|
|
|
|
257,800
|
|
Personnel expenses
|
|
|
|
340,098
|
|
|
|
|
328,297
|
|
Other selling, general, and administrative expenses
|
|
|
|
114,152
|
|
|
|
|
106,043
|
|
Total costs and expenses
|
|
|
|
3,526,660
|
|
|
|
|
3,733,742
|
|
Income from operations
|
|
|
|
224,550
|
|
|
|
|
191,585
|
|
Interest and other expense
|
|
|
|
(17,140
|
)
|
|
|
|
(10,700
|
)
|
Income before provision for income taxes
|
|
|
|
207,410
|
|
|
|
|
180,885
|
|
Provisions for income taxes
|
|
|
|
45,622
|
|
|
|
|
38,588
|
|
Net income
|
|
|
$
|
161,788
|
|
|
|
$
|
142,297
|
|
|
|
|
|
|
|
|
Net income per share (basic)
|
|
|
$
|
1.17
|
|
|
|
$
|
1.02
|
|
Net income per share (diluted)
|
|
|
$
|
1.16
|
|
|
|
$
|
1.01
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding (basic)
|
|
|
|
137,854
|
|
|
|
|
140,032
|
|
Weighted average shares outstanding (diluted)
|
|
|
|
138,955
|
|
|
|
|
141,270
|
|
|
|
|
|
|
|
|
|
Business Segment Information
(unaudited, dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
NAST
|
|
Global Forwarding
|
|
All Other and Corporate
|
|
Consolidated
|
Three Months Ended March 31, 2019
|
|
|
|
|
|
|
|
|
Total revenues
|
|
$
|
2,796,784
|
|
$
|
537,567
|
|
$
|
416,859
|
|
$
|
3,751,210
|
Net revenues
|
|
|
486,550
|
|
|
127,236
|
|
|
65,014
|
|
|
678,800
|
Income (loss) from operations
|
|
|
211,283
|
|
|
14,203
|
|
|
(936)
|
|
|
224,550
|
Depreciation and amortization
|
|
|
6,259
|
|
|
8,926
|
|
|
9,375
|
|
|
24,560
|
Total assets
|
|
|
2,693,668
|
|
|
1,001,881
|
|
|
1,001,895
|
|
|
4,697,444
|
Average headcount
|
|
|
7,424
|
|
|
4,707
|
|
|
3,250
|
|
|
15,381
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NAST
|
|
Global Forwarding
|
|
All Other and Corporate
|
|
Consolidated
|
Three Months Ended March 31, 2018
|
|
|
|
|
|
|
|
|
Total revenues
|
|
$
|
2,908,419
|
|
$
|
553,754
|
|
$
|
463,154
|
|
$
|
3,925,327
|
Net revenues
|
|
|
438,402
|
|
|
123,037
|
|
|
64,486
|
|
|
625,925
|
Income from operations
|
|
|
179,637
|
|
|
8,221
|
|
|
3,727
|
|
|
191,585
|
Depreciation and amortization
|
|
|
6,331
|
|
|
8,909
|
|
|
9,001
|
|
|
24,241
|
Total assets
|
|
|
2,593,648
|
|
|
805,184
|
|
|
908,944
|
|
|
4,307,776
|
Average headcount
|
|
|
7,298
|
|
|
4,767
|
|
|
3,023
|
|
|
15,088
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidated Balance Sheets
(unaudited,
in thousands)
|
|
|
|
|
|
|
|
|
|
|
March 31, 2019
|
|
|
December 31, 2018
|
Assets
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
$
|
445,473
|
|
|
$
|
378,615
|
Receivables, net of allowance for doubtful accounts
|
|
|
|
2,057,931
|
|
|
|
2,162,438
|
Contract assets
|
|
|
|
165,556
|
|
|
|
159,635
|
Prepaid expenses and other
|
|
|
|
59,394
|
|
|
|
52,386
|
Total current assets
|
|
|
|
2,728,354
|
|
|
|
2,753,074
|
|
|
|
|
|
|
|
Property and equipment, net
|
|
|
|
225,669
|
|
|
|
228,301
|
Right of use lease assets
|
|
|
|
257,034
|
|
|
|
—
|
Intangible and other assets
|
|
|
|
1,486,387
|
|
|
|
1,446,037
|
Total assets
|
|
|
$
|
4,697,444
|
|
|
$
|
4,427,412
|
|
|
|
|
|
|
|
Liabilities and stockholders’ investment
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
Accounts payable and outstanding checks
|
|
|
$
|
1,059,507
|
|
|
$
|
1,063,107
|
Accrued expenses:
|
|
|
|
|
|
|
Compensation
|
|
|
|
66,383
|
|
|
|
153,626
|
Transportation expense
|
|
|
|
127,151
|
|
|
|
119,820
|
Income taxes
|
|
|
|
68,049
|
|
|
|
28,360
|
Other accrued liabilities
|
|
|
|
54,905
|
|
|
|
63,410
|
Current lease liabilities
|
|
|
|
53,669
|
|
|
|
—
|
Current portion of debt
|
|
|
|
—
|
|
|
|
5,000
|
Total current liabilities
|
|
|
|
1,429,664
|
|
|
|
1,433,323
|
|
|
|
|
|
|
|
Long term debt
|
|
|
|
1,341,605
|
|
|
|
1,341,352
|
Noncurrent lease liabilities
|
|
|
|
211,069
|
|
|
|
—
|
Noncurrent income taxes payable
|
|
|
|
21,763
|
|
|
|
21,463
|
Deferred tax liability
|
|
|
|
40,412
|
|
|
|
35,757
|
Other long-term liabilities
|
|
|
|
370
|
|
|
|
430
|
Total liabilities
|
|
|
|
3,044,883
|
|
|
|
2,832,325
|
|
|
|
|
|
|
|
Total stockholders’ investment
|
|
|
|
1,652,561
|
|
|
|
1,595,087
|
Total liabilities and stockholders’ investment
|
|
|
$
|
4,697,444
|
|
|
$
|
4,427,412
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidated Statements of Cash Flow
(unaudited,
in thousands, except operational data)
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
|
|
|
2019
|
|
|
2018
|
Operating activities:
|
|
|
|
|
|
|
Net income
|
|
|
$
|
161,788
|
|
|
|
$
|
142,297
|
|
Depreciation and amortization
|
|
|
|
24,560
|
|
|
|
|
24,241
|
|
Provision for doubtful accounts
|
|
|
|
1,774
|
|
|
|
|
6,630
|
|
Stock-based compensation
|
|
|
|
17,123
|
|
|
|
|
18,134
|
|
Deferred income taxes
|
|
|
|
(364
|
)
|
|
|
|
(26
|
)
|
Excess tax benefit on stock-based compensation
|
|
|
|
(4,458
|
)
|
|
|
|
(6,224
|
)
|
Other operating activities
|
|
|
|
576
|
|
|
|
|
323
|
|
Changes in operating elements, net of acquisitions:
|
|
|
|
|
|
|
Receivables
|
|
|
|
117,720
|
|
|
|
|
(10,056
|
)
|
Contract assets
|
|
|
|
(5,921
|
)
|
|
|
|
(13,264
|
)
|
Prepaid expenses and other
|
|
|
|
(6,367
|
)
|
|
|
|
6,327
|
|
Accounts payable and outstanding checks
|
|
|
|
(10,742
|
)
|
|
|
|
21,797
|
|
Accrued compensation
|
|
|
|
(87,259
|
)
|
|
|
|
(37,867
|
)
|
Accrued transportation expenses
|
|
|
|
7,331
|
|
|
|
|
17,109
|
|
Accrued income taxes
|
|
|
|
39,078
|
|
|
|
|
35,184
|
|
Other accrued liabilities
|
|
|
|
1,801
|
|
|
|
|
(5,128
|
)
|
Other assets and liabilities
|
|
|
|
291
|
|
|
|
|
1,093
|
|
Net cash provided by operating activities
|
|
|
|
256,931
|
|
|
|
|
200,570
|
|
|
|
|
|
|
|
|
Investing activities:
|
|
|
|
|
|
|
Purchases of property and equipment
|
|
|
|
(8,619
|
)
|
|
|
|
(11,719
|
)
|
Purchases and development of software
|
|
|
|
(5,246
|
)
|
|
|
|
(3,744
|
)
|
Acquisitions, net of cash acquired
|
|
|
|
(44,143
|
)
|
|
|
|
—
|
|
Other investing activities
|
|
|
|
8
|
|
|
|
|
(726
|
)
|
Net cash used for investing activities
|
|
|
|
(58,000
|
)
|
|
|
|
(16,189
|
)
|
|
|
|
|
|
|
|
Financing activities:
|
|
|
|
|
|
|
Proceeds from stock issued for employee benefit plans
|
|
|
|
19,615
|
|
|
|
|
24,497
|
|
Net repurchases of common stock
|
|
|
|
(79,666
|
)
|
|
|
|
(65,791
|
)
|
Cash dividends
|
|
|
|
(69,742
|
)
|
|
|
|
(65,382
|
)
|
Proceeds from short-term borrowings
|
|
|
|
14,000
|
|
|
|
|
2,119,000
|
|
Payments on short-term borrowings
|
|
|
|
(19,000
|
)
|
|
|
|
(2,183,000
|
)
|
Net cash used for financing activities
|
|
|
|
(134,793
|
)
|
|
|
|
(170,676
|
)
|
Effect of exchange rates on cash
|
|
|
|
2,720
|
|
|
|
|
2,187
|
|
|
|
|
|
|
|
|
Net change in cash and cash equivalents
|
|
|
|
66,858
|
|
|
|
|
15,892
|
|
Cash and cash equivalents, beginning of period
|
|
|
|
378,615
|
|
|
|
|
333,890
|
|
Cash and cash equivalents, end of period
|
|
|
$
|
445,473
|
|
|
|
$
|
349,782
|
|
|
|
|
|
|
|
|
|
|
|
As of March 31,
|
Operational Data:
|
|
|
2019
|
|
|
2018
|
Employees
|
|
|
|
15,514
|
|
|
|
|
15,101
|
|
|
|
|
|
|
|
|
|
|
|
|
Source: C.H. Robinson
CHRW-IR
View source version on businesswire.com:
https://www.businesswire.com/news/home/20190430006146/en/
Robert Houghton, VP of Investor Relations and Treasury
Email:robert.houghton@chrobinson.com
Source: C.H. Robinson