C.H. Robinson Reports 2025 First Quarter Results

About this update from C.h. Robinson Worldwide, Inc.

Eden Prairie, Minn. --(BUSINESS WIRE)-- C.H. Robinson Worldwide, Inc. (“C.H. Robinson”) (Nasdaq: CHRW) today reported financial results for the quarter ended March 31, 2025 . First Quarter Highlights : Company continues its disciplined execution of the strategic initiatives shared at its 2024 Investor Day, generating year-over-year and sequential market share gains, gross margin expansion and higher operating leverage Gross profits increased 1.5% to $657.4 million Income from operations increased 39.1% to $176.9 million Adjusted operating margin(1) increased 700 basis points to 26.3% Adjusted operating margin, excluding lease impairment charge and loss on divestiture(1), increased 630 basis points to 27.6% Diluted earnings per share (EPS) increased 42.3% to $1.11 Adjusted diluted EPS(1) increased 36.0% to $1.17 Cash generated by operations increased by $139.9 million to $106.5 million (1) Adjusted operating margin, adjusted operating margin, excluding lease impairment charge and loss on divestiture, and adjusted diluted EPS are non-GAAP financial measures. The same factors described in this release that impacted these non-GAAP measures also impacted the comparable GAAP measures. Refer to pages 10 through 12 for further discussion and GAAP to Non-GAAP Reconciliations. "Our first quarter results reflect progress in the disciplined execution of the strategies that we shared at our Investor Day in December — to take market share and expand our margins. We’re not waiting for a market recovery to improve our financial results, and the strategies that the Robinson team is executing are relevant in any market environment," said President and Chief Executive Officer, Dave Bozeman . "In our North American Surface Transportation business, we outgrew the market in both truckload and less-than-truckload ("LTL") while expanding gross margins and improving productivity — both year-over-year and sequentially. In our Global Forwarding business, we continued to win new business and optimize our expenses through further increases in productivity. Overall, we delivered a 39% year-over-year increase in our enterprise’s income from operations. And regardless of the market environment, we will continue to lean into the self-help initiatives that enabled our first quarter market share growth and margin expansion." "This includes continuing to arm our industry-leading talent with innovative tools that help us materially elevate the customer and carrier experience. We are innovating to harness the power of artificial intelligence and driving automation across the full lifecycle of a load, which gives our customers better service, while also helping us improve our performance by automating tasks that free up our talented people to work on more strategic and higher value work." "Our people have further embraced our new operating model and the discipline needed to generate higher highs and higher lows across market cycles," Bozeman added. "Despite a challenging freight market, they like the transformation happening at Robinson and the momentum that we have. The vast experience of our resilient employees, and the value they bring to our customers and carriers, are reflected in our Q1 results." "More recently, new tariffs and fluid trade policies have created market uncertainty and a lack of clarity, making planning activities more difficult and causing many customers to adopt a wait-and-see approach until they understand the impact on consumer spending and global demand," said Bozeman. "While we are certainly not immune to global market dynamics, we remain confident in our strategy and our people. Nothing about the current environment changes that." "I want to thank our people for their relentless efforts to provide exceptional service to our customers and carriers, for embracing the Robinson operating model and continuing to execute with discipline, and for continuing to support each other as we navigate a changing marketplace. We’ve built a resilient organization, with a multi-horizon strategy that looks around corners and is underpinned by an operating model that provides stability by mandating execution of the strategy. I believe the strategies, disciplines and practices that we have implemented at Robinson can endure through a prolonged freight recession, through a market inflection, and through any part of the freight cycle." Summary of First Quarter of 2025 Results Compared to the First Quarter of 2024 Total revenues decreased 8.3% to $4.0 billion , primarily driven by the divestiture of our Europe Surface Transportation business, lower volume in our North America truckload services, and lower pricing in our ocean services. Gross profits increased 1.5% to $657.4 million . Adjusted gross profits increased 2.3% to $673.1 million , primarily driven by higher adjusted gross profit per transaction in our truckload and LTL services. Operating expenses decreased 6.5% to $496.2 million . Personnel expenses decreased 8.1% to $348.6 million , primarily due to cost optimization efforts and productivity improvements, the divestiture of our Europe Surface Transportation business, and prior year restructuring charges related to workforce reductions. Average employee headcount declined 11.0%. Other selling, general and administrative (“SG&A”) expenses decreased 2.5% to $147.7 million , primarily due to restructuring charges in the prior year related to the impairment of internally developed software. Income from operations totaled $176.9 million , up 39.1% due to both the increase in adjusted gross profit and the decrease in operating expenses. Adjusted operating margin (1) of 26.3% increased 700 basis points. Interest and other income/expense, net totaled $20.1 million of expense, consisting primarily of $16.8 million of interest expense, which decreased $5.3 million versus last year due to a lower average debt balance and lower variable interest rates, and a $3.4 million net loss from foreign currency revaluation and realized foreign currency gains and losses. The effective tax rate in the quarter was 13.7%, compared to 15.8% in the first quarter of 2024. The lower rate in the first quarter of 2025 was driven by higher tax benefits related to stock-compensation deliveries, partially offset by lower U.S. tax credits and the impact of higher pre-tax income. Net income totaled $135.3 million , up 45.6% from a year ago. Diluted EPS of $1.11 increased 42.3%. Adjusted diluted EPS (1) of $1.17 increased 36.0%. (1) Adjusted operating margin and adjusted diluted EPS are non-GAAP financial measures. The same factors described in this release that impacted these non-GAAP measures also impacted the comparable GAAP measures. Refer to pages 10 through 12 for further discussion and GAAP to Non-GAAP Reconciliations. North American Surface Transportation (“NAST”) Results Summarized financial results of our NAST segment are as follows (dollars in thousands): Three Months Ended March 31 , 2025 2024 % change Total revenues $ 2,868,420 $ 3,000,313 (4.4 )% Adjusted gross profits(1) 418,324 397,110 5.3 % Income from operations 143,671 108,895 31.9 % ____________________________________________ (1) Adjusted gross profits is a non-GAAP financial measure explained later in this release. The difference between adjusted gross profits and gross profits is not material. First quarter total revenues for the NAST segment totaled $2.9 billion , a decrease of 4.4% over the prior year, primarily driven by lower truckload volume, reflecting a decline in market demand for freight. NAST adjusted gross profits increased 5.3% in the quarter to $418.3 million . Adjusted gross profits in truckload increased 6.9% due to an 11.5% increase in adjusted gross profit per shipment, partially offset by a 4.5% decrease in truckload shipments. Our average truckload linehaul rate per mile charged to our customers, which excludes fuel surcharges, increased approximately 4.0% in the quarter compared to the prior year, while truckload linehaul cost per mile, excluding fuel surcharges, increased 3.0%, resulting in an 11.5% increase in truckload adjusted gross profit per mile. LTL adjusted gross profits increased 4.9% versus the year-ago period, driven by a 4.0% increase in adjusted gross profit per order and a 1.0% increase in LTL volume. NAST overall volume decreased approximately 1.0% for the quarter and outpaced the market indices. Operating expenses decreased 4.7%, primarily due to cost optimization efforts and productivity improvements and prior year restructuring charges related to workforce reductions. First quarter average employee headcount was down 12.1% year-over-year. Income from operations increased 31.9% to $143.7 million , and adjusted operating margin expanded 690 basis points to 34.3%. Global Forwarding Results Summarized financial results of our Global Forwarding segment are as follows (dollars in thousands): Three Months Ended March 31 , 2025 2024 % change Total revenues $ 774,888 $ 858,637 (9.8 )% Adjusted gross profits(1) 184,628 180,045 2.5 % Income from operations 42,943 31,552 36.1 % ____________________________________________ (1) Adjusted gross profits is a non-GAAP financial measure explained later in this release. The difference between adjusted gross profits and gross profits is not material. First quarter total revenues for the Global Forwarding segment decreased 9.8% to $774.9 million , primarily driven by lower pricing in our ocean services. Adjusted gross profits increased 2.5% in the quarter to $184.6 million . Ocean adjusted gross profits increased 2.2%, driven by a 1.5% increase in shipments and a 1.0% increase in adjusted gross profit per shipment. Air adjusted gross profits increased 7.1%, driven by an 11.0% increase in adjusted gross profit per metric ton shipped, partially offset by a 3.0% decline in metric tons shipped. Customs adjusted gross profits increased 3.2%, driven by a 1.5% increase in adjusted gross profit per transaction and a 1.5% increase in transaction volume. Operating expenses decreased 4.6%, primarily due to cost optimization efforts and productivity improvements and prior year restructuring charges related to workforce reductions. First quarter average employee headcount decreased 7.4% year-over-year. Income from operations increased 36.1% to $42.9 million , and adjusted operating margin expanded 580 basis points to 23.3% in the quarter. All Other and Corporate Results Total revenues and adjusted gross profits for Robinson Fresh , Managed Solutions and Other Surface Transportation are summarized as follows (dollars in thousands): Three Months Ended March 31 , 2025 2024 % change Total revenues $ 403,432 $ 553,361 (27.1 )% Adjusted gross profits(1): Robinson Fresh $ 37,653 $ 33,736 11.6 % Managed Solutions 27,846 28,936 (3.8 )% Other Surface Transportation 4,637 17,902 (74.1 )% ____________________________________________ (1) Adjusted gross profits is a non-GAAP financial measure explained later in this release. The difference between adjusted gross profits and gross profits is not material. First quarter Robinson Fresh adjusted gross profits increased 11.6% to $37.7 million due to an increase in integrated supply chain solutions for retail and foodservice customers. Managed Solutions adjusted gross profits decreased 3.8% due to lower transaction volume. Other Surface Transportation adjusted gross profits decreased 74.1% to $4.6 million , primarily due to the divestiture of our Europe Surface Transportation business. Other Income Statement Items Interest and other income/expense, net totaled $20.1 million of expense, consisting primarily of $16.8 million of interest expense, which decreased $5.3 million versus the first quarter of 2024 due to a lower average debt balance and lower variable interest rates, and a $3.4 million net loss from foreign currency revaluation and realized foreign currency gains and losses. The first quarter effective tax rate was 13.7%, down from 15.8% in the first quarter of 2024. The lower rate in the first quarter of 2025 was driven by higher tax benefits related to stock-compensation deliveries, partially offset by lower U.S. tax credits and the impact of higher pre-tax income. For 2025, we expect our full-year effective tax rate to be 18% to 20%. Diluted weighted average shares outstanding in the quarter were up 1.9% year-over-year. Cash Flow Generation and Capital Distribution Cash generated from operations totaled $106.5 million in the first quarter, compared to $33.3 million of cash used by operations in the first quarter of 2024. The $139.9 million increase in cash flow from operations was primarily related to a $42.4 million increase in net income and a $136.8 million decrease in cash used by changes in net operating working capital, due to an $11.1 million sequential increase in net operating working capital in the first quarter of 2025 compared to a $147.9 million sequential increase in the first quarter of 2024. In the first quarter of 2025, cash returned to shareholders totaled $175.0 million , with $77.5 million in cash dividends and $97.5 million in repurchases of common stock. Capital expenditures totaled $16.1 million in the quarter. Capital expenditures for 2025 are expected to be $65 million to $75 million . About C.H. Robinson C.H. Robinson delivers logistics like no one else™. Companies around the world look to us to reimagine supply chains, advance freight technology, and solve logistics challenges—from the simple to the most complex. 83,000 customers and 450,000 contract carriers in our network trust us to manage 37 million shipments and $23 billion in freight annually. Through our unmatched expertise, unrivaled scale, and tailored solutions, we ensure the seamless delivery of goods across industries and continents via truckload, less-than-truckload, ocean, air, and beyond. As a responsible global citizen, we make supply chains more sustainable and proudly contribute millions to the causes that matter most to our employees. For more information, visit us at 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 that could adversely impact our profitability and achieving our long-term growth targets; freight levels and increasing costs and availability of truck capacity or alternative means of transporting freight; risks associated with seasonal changes or significant disruptions in the transportation industry; risks associated with identifying and completing suitable acquisitions; our dependence on and changes in relationships with existing contracted truck, rail, ocean, and air carriers; risks associated with the loss of significant customers; risks associated with reliance on technology to operate our business; cyber-security related risks; our ability to staff and retain employees; risks associated with operations outside of the U.S. ; our ability to successfully integrate the operations of acquired companies with our historic operations or efficiently managing divestitures; climate change related risks; risks associated with our indebtedness; risks associated with interest rates; risks associated with litigation, including contingent auto liability and insurance coverage; risks associated with the potential impact of changes in government regulations including environmental-related 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 changes in political and governmental conditions; changes to our capital structure; changes due to catastrophic events; risks associated with the usage of artificial intelligence technologies; risks associated with cybersecurity events; 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 2025 Earnings Conference Call Wednesday, April 30, 2025 ; 5:00 p.m. Eastern Time Presentation slides and a simultaneous live audio webcast of the conference call may be accessed through the Investor Relations link on C.H. Robinson’s website at chrobinson.com . To participate in the conference call by telephone, please call ten minutes early by dialing: 877-269-7756 Adjusted Gross Profit by Service Line (in thousands) This table of summary results presents our service line adjusted gross profits on an enterprise basis. The service line adjusted gross profits in the table differ from the service line adjusted gross profits discussed within the segments as our segments may have revenues from multiple service lines. Three Months Ended March 31 , 2025 2024 % change Adjusted gross profits(1): Transportation Truckload $ 262,288 $ 257,413 1.9 % LTL 148,411 141,136 5.2 % Ocean 115,335 112,858 2.2 % Air 32,810 30,532 7.5 % Customs 26,920 26,095 3.2 % Other logistics services 54,781 59,558 (8.0 )% Total transportation 640,545 627,592 2.1 % Sourcing 32,543 30,137 8.0 % Total adjusted gross profits $ 673,088 $ 657,729 2.3 % ____________________________________________ (1) Adjusted gross profits is a non-GAAP financial measure explained later in this release. The difference between adjusted gross profits and gross profits is not material. GAAP to Non-GAAP Reconciliation (unaudited, in thousands) Our adjusted gross profit is a non-GAAP financial measure. Adjusted gross profit is calculated as gross profit excluding amortization of internally developed software utilized to directly serve our customers and contracted carriers. We believe adjusted gross profit is a useful measure of our ability to source, add value, and sell services and products that are provided by third parties, and we consider adjusted gross profit to be a primary performance measurement. Accordingly, the discussion of our results of operations often focuses on the changes in our adjusted gross profit. The reconciliation of gross profit to adjusted gross profit is presented below (in thousands): Three Months Ended March 31 , 2025 2024 % change Revenues: Transportation $ 3,721,915 $ 4,082,588 (8.8 )% Sourcing 324,825 329,723 (1.5 )% Total revenues 4,046,740 4,412,311 (8.3 )% Costs and expenses: Purchased transportation and related services 3,081,370 3,454,996 (10.8 )% Purchased products sourced for resale 292,282 299,586 (2.4 )% Direct internally developed software amortization 15,666 10,222 53.3 % Total direct expenses 3,389,318 3,764,804 (10.0 )% Gross profit $ 657,422 $ 647,507 1.5 % Plus: Direct internally developed software amortization 15,666 10,222 53.3 % Adjusted gross profit $ 673,088 $ 657,729 2.3 % Our adjusted operating margin is a non-GAAP financial measure calculated as operating income divided by adjusted gross profit. Our adjusted operating margin - excluding restructuring, lease impairment charge, and/or loss on divestiture is a similar non-GAAP financial measure as adjusted operating margin, but also excludes the impact of restructuring, a lease impairment charge, and/or a loss from a divestiture. We believe adjusted operating margin and adjusted operating margin - excluding restructuring, lease impairment charge, and/or loss on divestiture are useful measures of our profitability in comparison to our adjusted gross profit, which we consider a primary performance metric as discussed above. The comparisons of operating margin to adjusted operating margin and adjusted operating margin - excluding restructuring, lease impairment charge, and/or loss on divestiture are presented below: Three Months Ended March 31 , 2025 2024 % change Total revenues $ 4,046,740 $ 4,412,311 (8.3 %) Income from operations 176,853 127,133 39.1 % Operating margin 4.4 % 2.9 % 150 bps Adjusted gross profit $ 673,088 $ 657,729 2.3 % Income from operations 176,853 127,133 39.1 % Adjusted operating margin 26.3 % 19.3 % 700 bps Adjusted gross profit $ 673,088 $ 657,729 2.3 % Adjusted income from operations 185,466 140,076 32.4 % Adjusted operating margin - excluding restructuring, lease impairment charge, and/or loss on divestiture 27.6 % 21.3 % 630 bps GAAP to Non-GAAP Reconciliation (unaudited, in thousands) Our adjusted income (loss) from operations, adjusted operating margin - excluding restructuring, lease impairment charge and/or loss on divestiture, adjusted net income and adjusted net income per share (diluted) are non-GAAP financial measures. These non-GAAP measures are calculated excluding the impact of restructuring, lease impairment, and/or losses from divestiture. We believe that these measures provide useful information to investors and include them within our internal reporting to our chief operating decision maker. Accordingly, the discussion of our results of operations includes discussion on the changes in our adjusted income (loss) from operations, adjusted operating margin - excluding restructuring, lease impairment charge, and/or loss on divestiture, adjusted net income and adjusted net income per share (diluted). The reconciliation of these non-GAAP measures are presented below (in thousands except per share data): NAST Global Forwarding All Other and Corporate Consolidated Three Months Ended March 31, 2025 Income (loss) from operations $ 143,671 $ 42,943 $ (9,761 ) $ 176,853 Severance and other personnel expenses — — 1,187 1,187 Other selling, general, and administrative expenses — — 7,426 7,426 Total adjustments to income (loss) from operations(1) — — 8,613 8,613 Adjusted income (loss) from operations $ 143,671 $ 42,943 $ (1,148 ) $ 185,466 Adjusted gross profit $ 418,324 $ 184,628 $ 70,136 $ 673,088 Adjusted income (loss) from operations 143,671 42,943 (1,148 ) 185,466 Adjusted operating margin - excluding lease impairment charge and loss on divestiture 34.3 % 23.3 % N/M 27.6 % Three Months Ended March 31, 2025 $ in 000's per share Net income and per share (diluted) $ 135,302 $ 1.11 Lease impairment charge, pre-tax 6,259 0.05 Loss on divestiture, pre-tax 2,354 0.02 Tax effect of adjustments (1,026 ) (0.01 ) Adjusted net income and per share (diluted) $ 142,889 $ 1.17 ____________________________________________ (1) The three months ended March 31, 2025 includes severance and other personnel expenses of $1.2 million related to the divestiture of our Europe Surface Transportation business and $7.4 million of other charges, which include a $6.3 million impairment charge on our Kansas City regional center lease resulting from the execution of a sublease agreement on a portion of the building. NAST Global Forwarding All Other and Corporate Consolidated Three Months Ended March 31, 2024 Income (loss) from operations $ 108,895 $ 31,552 $ (13,314 ) $ 127,133 Severance and other personnel expenses 3,026 3,215 1,701 7,942 Other selling, general, and administrative expenses 1,878 261 2,862 5,001 Total adjustments to income (loss) from operations(1) 4,904 3,476 4,563 12,943 Adjusted income (loss) from operations $ 113,799 $ 35,028 $ (8,751 ) $ 140,076 Adjusted gross profit $ 397,110 $ 180,045 $ 80,574 $ 657,729 Adjusted income (loss) from operations 113,799 35,028 (8,751 ) 140,076 Adjusted operating margin - excluding restructuring 28.7 % 19.5 % N/M 21.3 % Three Months Ended March 31, 2024 $ in 000's per share Net income and per share (diluted) $ 92,904 $ 0.78 Restructuring and related costs, pre-tax 12,943 0.11 Tax effect of adjustments (3,101 ) (0.03 ) Adjusted net income and per share (diluted) $ 102,746 $ 0.86 ____________________________________________ (1) The three months ended March 31, 2024 includes restructuring expenses of $7.9 million related to workforce reductions and $5.0 million of other charges, primarily related to an impairment of internally developed software due to reprioritizing the efforts of our product and technology teams on fewer initiatives to accelerate the capabilities of our platform. Condensed Consolidated Statements of Income (unaudited, in thousands, except per share data) Three Months Ended March 31 , 2025 2024 % change Revenues: Transportation $ 3,721,915 $ 4,082,588 (8.8 )% Sourcing 324,825 329,723 (1.5 )% Total revenues 4,046,740 4,412,311 (8.3 )% Costs and expenses: Purchased transportation and related services 3,081,370 3,454,996 (10.8 )% Purchased products sourced for resale 292,282 299,586 (2.4 )% Personnel expenses 348,553 379,087 (8.1 )% Other selling, general, and administrative expenses 147,682 151,509 (2.5 )% Total costs and expenses 3,869,887 4,285,178 (9.7 )% Income from operations 176,853 127,133 39.1 % Interest and other income/expense, net (20,051 ) (16,780 ) 19.5 % Income before provision for income taxes 156,802 110,353 42.1 % Provision for income taxes 21,500 17,449 23.2 % Net income $ 135,302 $ 92,904 45.6 % Net income per share (basic) $ 1.12 $ 0.78 43.6 % Net income per share (diluted) $ 1.11 $ 0.78 42.3 % Weighted average shares outstanding (basic) 120,969 119,344 1.4 % Weighted average shares outstanding (diluted) 121,932 119,604 1.9 % Business Segment Information (unaudited, in thousands, except average employee headcount) NAST Global Forwarding All Other and Corporate Consolidated Three Months Ended March 31, 2025 Total revenues $ 2,868,420 $ 774,888 $ 403,432 $ 4,046,740 Adjusted gross profits(1) 418,324 184,628 70,136 673,088 Income (loss) from operations 143,671 42,943 (9,761 ) 176,853 Depreciation and amortization 4,809 2,139 18,694 25,642 Total assets(2) 2,989,401 1,292,915 943,798 5,226,114 Average employee headcount 5,280 4,514 3,553 13,347 NAST Global Forwarding All Other and Corporate Consolidated Three Months Ended March 31, 2024 Total revenues $ 3,000,313 $ 858,637 $ 553,361 $ 4,412,311 Adjusted gross profits(1) 397,110 180,045 80,574 657,729 Income (loss) from operations 108,895 31,552 (13,314 ) 127,133 Depreciation and amortization 5,350 2,844 15,684 23,878 Total assets(2) 3,065,996 1,257,675 1,148,417 5,472,088 Average employee headcount 6,004 4,876 4,110 14,990 ____________________________________________ (1) Adjusted gross profits is a non-GAAP financial measure explained above. The difference between adjusted gross profits and gross profits is not material. (2) All cash and cash equivalents are included in All Other and Corporate. Condensed Consolidated Balance Sheets (unaudited, in thousands) March 31, 2025 December 31, 2024 Assets Current assets: Cash and cash equivalents $ 129,942 $ 145,762 Receivables, net of allowance for credit loss 2,482,842 2,383,709 Contract assets, net of allowance for credit loss 197,488 200,332 Prepaid expenses and other 113,453 102,166 Assets held for sale — 137,634 Total current assets 2,923,725 2,969,603 Property and equipment, net of accumulated depreciation and amortization 123,041 127,189 Right-of-use lease assets 311,035 334,738 Intangible and other assets, net of accumulated amortization 1,868,313 1,866,396 Total assets $ 5,226,114 $ 5,297,926 Liabilities and stockholders’ investment Current liabilities: Accounts payable and outstanding checks $ 1,274,573 $ 1,212,132 Accrued expenses: Compensation 109,646 180,801 Transportation expense 151,203 153,274 Income taxes 21,479 9,326 Other accrued liabilities 168,675 173,318 Current lease liabilities 69,935 72,842 Current portion of debt 467,854 455,792 Liabilities held for sale — 67,413 Total current liabilities 2,263,365 2,324,898 Long-term debt 922,087 921,857 Noncurrent lease liabilities 268,914 290,641 Noncurrent income taxes payable 23,941 23,472 Deferred tax liabilities 10,392 12,565 Other long-term liabilities 2,690 2,442 Total liabilities 3,491,389 3,575,875 Total stockholders’ investment 1,734,725 1,722,051 Total liabilities and stockholders’ investment $ 5,226,114 $ 5,297,926 Condensed Consolidated Statements of Cash Flow (unaudited, in thousands, except operational data) Three Months Ended March 31 , Operating activities: 2025 2024 Net income $ 135,302 $ 92,904 Adjustments to reconcile net income to net cash provided by (used for) operating activities: Depreciation and amortization 25,642 23,878 Provision for credit losses 1,315 2,813 Stock-based compensation 23,146 22,673 Deferred income taxes 15,675 (6,805 ) Excess tax benefit on stock-based compensation (7,032 ) (1,570 ) Change in loss on disposal group (569 ) — Other operating activities 6,665 5,596 Changes in operating elements: Receivables (70,602 ) (225,402 ) Contract assets 2,898 (45,574 ) Prepaid expenses and other (10,994 ) (11,409 ) Right of use asset 19,315 (13,933 ) Accounts payable and outstanding checks 58,699 84,966 Accrued compensation (71,579 ) (23,407 ) Accrued transportation expenses (2,071 ) 38,106 Accrued income taxes 19,445 3,619 Other accrued liabilities (12,535 ) 5,446 Lease liability (26,615 ) 14,347 Other assets and liabilities 426 429 Net cash provided by (used for) operating activities 106,531 (33,323 ) Investing activities: Purchases of property and equipment (3,348 ) (8,620 ) Purchases and development of software (12,734 ) (13,854 ) Proceeds from divestiture 27,737 — Net cash provided by (used for) investing activities 11,655 (22,474 ) Financing activities: Proceeds from stock issued for employee benefit plans 16,808 5,405 Stock tendered for payment of withholding taxes (49,829 ) (16,130 ) Repurchase of common stock (47,700 ) — Cash dividends (77,490 ) (74,580 ) Proceeds from short-term borrowings 682,000 912,000 Payments on short-term borrowings (670,000 ) (792,000 ) Net cash (used for) provided by financing activities (146,211 ) 34,695 Effect of exchange rates on cash and cash equivalents 1,429 (2,584 ) Net change in cash and cash equivalents, including cash and cash equivalents classified within assets held for sale (26,596 ) (23,686 ) Plus: net decrease in cash and cash equivalents within assets held for sale 10,776 — Cash and cash equivalents, beginning of period 145,762 145,524 Cash and cash equivalents, end of period $ 129,942 $ 121,838 As of March 31 , Operational Data: 2025 2024 Employees 12,912 14,734 CHRW-IR View source version on businesswire.com : https://www.businesswire.com/news/home/20250430323236/en/ Chuck Ives , Senior Director of Investor Relations Email: [email protected] Source: C.H. 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