C.h. Robinson Worldwide, Inc. · NASDAQ:CHRW
C.h. Robinson Worldwide — Q1 2021 Earnings Presentation
22 slides from C.h. Robinson Worldwide's earnings presentation, Apr 27, 2021
Slide 1: Q1 2021 Earnings Presentation
Bob Biesterfeld, CEO Mike Zechmeister, CFO Chuck Ives, Director of IR Q1 2021 Earnings Presentation April 27, 2021 1
Slide 2: Safe Harbor Statement
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-loo
Slide 3: Q1 2021 Opening Remarks
Q1 2021 Opening Remarks ▪ 125% improvement in Diluted EPS ▪ 26% increase in Adjusted Gross Profit per business day, led by our Ocean and Truckload service lines ▪ Global Forwarding sustaining its strong execution ▪ Capturing more truckload spot market opportunities & repricing our contractual truckl
Slide 4: Technology Advancements & Transformation Efforts Providing Meaningful Efficiencies
Technology Advancements & Transformation Efforts Providing Meaningful Efficiencies Beginning of $1B Tech Beginning of $1B Tech Investment over 5 Years Investment over 5 Years
Slide 5: Strategies Creating Shareholder Value
Strategies Creating Shareholder Value • Creating better outcomes for our customers and carriers • Utilizing our unmatched combination of experience, scale and information advantage • Leveraging our broad service portfolio • Focusing on profitable market share growth • Delivering industry leading tec
Slide 6: Results Q1 2021
Results Q1 2021 Three Months Ended March 31 $ in thousands, except per share amounts 2021 2020 % CHANGE Total Revenues $4,803,869 $3,805,008 26.3 % Total Adjusted Gross Profits(1) $702,380 $567,953 23.7 % Adjusted Gross Profit Margin % 14.6 % 14.9 % (30 bps) Personnel Expenses $360,835 $330,220 9.3
Slide 7: Cash Flow and Capital Distribution
Q1 2021 Cash Flow and Capital Distribution Cash Flow from Operations Capital Distribution Share (196.9%) 45.1% Repurchases $220.9M $58.5M Cash $152.2M Dividends ($56.7)M Q1 2020 Q1 2021 Q1 2020 Q1 2021 • $115.2 million decrease in cash flow driven by an • $220.9 million returned to shareholders incr
Slide 8: Balance Sheet
Q1 2021 Balance Sheet $ in thousands March 31, 2021 March 31, 2020 % CHANGE Accounts Receivable, Net(1) $3,114,951 $2,216,171 40.6% (2) Accounts Payable $1,653,323 $1,244,454 32.9% (3) Net Operating Working Capital $1,461,628 $971,717 50.4% • Increases in accounts receivable and accounts payable dri
Slide 9: Truckload Price and Cost Change
Truckload Price and Cost Change(1)(2)(3) 40% YoY % Change in Price and Cost 35% YoY Price Change 30% 25% YoY Cost Change 20% 15% 10% 5% 0% -5% -10% -15% -20% 2013 2014 2015 2016 2017 2018 2019 2020 2021 Truckload Q1 • 55% / 45% truckload contractual to transactional volume mix compared to 65% / Volu
Slide 10: NAST Results by Service Line
Q1 2021 NAST Results by Service Line Truckload and Less Than Truckload Three Months Ended March 31 Adjusted Gross Profits3 ($ in thousands) 2021 2020 % Change • Truckload adjusted gross profit per load Truckload $280,304 $243,686 15.0 % increased 23% due to an increased mix LTL $120,117 $112,330 6.9
Slide 11: NAST Operating Income
Q1 2021 NAST Operating Income Operating Income Adjusted Operating Margin % 38.8% 610 bps $136.8M 32.5% 26.4% $98.5M Q1 2020 Q1 2021 Q1 2020 Q1 2021 • Increase in adjusted gross profits due to higher pricing in truckload, higher volume in LTL & contributions from Prime Distribution acquisition • Oper
Slide 12: Global Forwarding Results by Service Line
Q1 2021 Global Forwarding Results by Service Line Ocean, Air and Customs Three Months Ended March 31 • Ocean and air adjusted gross profit Adjusted Gross Profits2 ($ in thousands) 2021 2020 % Change increased due to higher pricing and a Ocean $135,396 $69,810 93.9 % 27.0% increase in ocean volume an
Slide 13: Global Forwarding Operating Income
Q1 2021 Global Forwarding Operating Income Operating Income Adjusted Operating Margin % 657.5% 3,300 bps $90.6M 42.3% $12.0M 9.3% Q1 2020 Q1 2021 Q1 2020 Q1 2021 • Improved operating leverage from • 67.0% increase in adjusted gross profits • 1.8% decrease in average headcount • 6.1% decrease in SG&A
Slide 14: All Other and Corporate Results
Q1 2021 All Other and Corporate Results Robinson Fresh, Managed Services and Other Surface Transportation Three Months Ended March 31 Adjusted Gross Profits1 ($ in thousands) 2021 2020 % Change Robinson Fresh $24,948 $27,458 (9.1)% Managed Services $25,556 $22,527 13.4% Other Surface Transportation
Slide 15: Appendix
-H. ROBINSON Appendix ee |
Slide 16: Transportation Results
Q1 2021 Transportation Results(1) Three Months Ended March 31 Transportation ($ in thousands) 2021 2020 % Change Total Revenues $4,560,227 $3,542,118 28.7% Total Adjusted Gross Profits(2) $678,942 $542,005 25.3% Adjusted Gross Profit Margin % 14.9% 15.3% (40 bps) Transportation Adjusted 2012 2013 20
Slide 17: NAST Results
Q1 2021 NAST Results Three Months Ended March 31 $ in thousands 2021 2020 % Change Total Revenues $3,211,423 $2,823,745 13.7% Total Adjusted Gross Profits(1) $421,108 $372,778 13.0% Adjusted Gross Profit Margin % 13.1% 13.2% (10 bps) Income from Operations $136,784 $98,526 38.8% Adjusted Operating M
Slide 18: Global Forwarding Results
Q1 2021 Global Forwarding Results Three Months Ended March 31 $ in thousands 2021 2020 % Change Total Revenues $1,156,039 $530,384 118.0% Total Adjusted Gross Profits(1) $214,300 $128,314 67.0% Adjusted Gross Profit Margin % 18.5% 24.2% (570 bps) Income from Operations $90,589 $11,959 657.5% Adjuste
Slide 19: All Other and Corporate Results
Q1 2021 All Other and Corporate Results Three Months Ended March 31 $ in thousands 2021 2020 % Change Total Revenues $436,407 $450,879 (3.2%) Total Adjusted Gross Profits(1) $66,972 $66,861 0.2% Income from Operations ($4,044) ($1,045) NM Depreciation and Amortization $11,004 $9,990 10.2% Total Asse
Slide 20: Non-GAAP Reconciliations
Non-GAAP Reconciliations 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
Slide 21: Non-GAAP Reconciliations
Non-GAAP Reconciliations Our adjusted operating margin is a non-GAAP financial measure calculated as operating income divided by adjusted gross profit. We believe adjusted operating margin is a useful measure of our profitability in comparison to our adjusted gross profit which we consider a primary
Slide 22: Thank you
-H. ROBINSON WL] Mi =~ Thank you
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