8-K

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 EXCHAGNE ACT OF 1934

Date of Report: October 31, 2017

(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	55347-5088
(Address of principal executive offices)	(Zip Code)

952-937-8500

Registrant’s telephone number, including area code

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))

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 C.H. Robinson Worldwide, Inc.'s announcement regarding its financial results for the quarter ended September 30, 2017 and its earnings conference call slides.

Item 9.01    Financial Statements and Exhibits.

(d)    Exhibits.

Exhibit Index

99.1    Press Release dated October 31, 2017 of C.H. Robinson Worldwide, Inc.

99.2    Earnings conference call slides dated November 1, 2017

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: October 31, 2017

EX-99.1

C.H. Robinson Worldwide, Inc.

14701 Charlson Road

Eden Prairie, Minnesota 55347

Andrew Clarke, Chief Financial Officer (952) 683-3474

Tim Gagnon, Director, Investor Relations (952) 683-5007

FOR IMMEDIATE RELEASE

C.H. ROBINSON REPORTS THIRD QUARTER RESULTS

MINNEAPOLIS, October 31, 2017 - C.H. Robinson Worldwide, Inc. (“C.H. Robinson”) (NASDAQ: CHRW), today reported financial results for the quarter ended September 30, 2017. 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 segment service line net revenues discussed below as our segments have revenues from multiple service lines. Summarized financial results are set forth in the following table (dollars in thousands, except per share data).

	Three Months Ended September 30,						Nine Months Ended September 30,
	2017		2016		% change		2017		2016		% change
Total revenues	$	3,784,451	$	3,355,754	12.8	%	$	10,909,594	$	9,729,438	12.1	%
Net revenues:
Transportation
Truckload	$	301,025	$	309,027	-2.6	%	$	887,865	$	960,451	-7.6	%
LTL	101,870		96,447		5.6	%	301,706		287,518		4.9	%
Intermodal	7,478		7,676		-2.6	%	23,278		25,961		-10.3	%
Ocean	81,182		56,506		43.7	%	217,495		175,243		24.1	%
Air	25,529		19,897		28.3	%	73,166		58,424		25.2	%
Customs	17,421		12,320		41.4	%	49,810		34,649		43.8	%
Other logistics services	29,580		26,771		10.5	%	87,563		76,965		13.8	%
Total transportation	564,085		528,644		6.7	%	1,640,883		1,619,211		1.3	%
Sourcing	29,761		29,818		-0.2	%	95,318		96,801		-1.5	%
Total net revenues	593,846		558,462		6.3	%	1,736,201		1,716,012		1.2	%
Operating expenses	399,381		347,195		15.0	%	1,171,958		1,072,046		9.3	%
Income from operations	194,465		211,267		-8.0	%	564,243		643,966		-12.4	%
Net income	$	119,186	$	129,028	-7.6	%	$	352,337	$	391,081	-9.9	%
Diluted EPS	$	0.85	$	0.90	-5.6	%	$	2.49	$	2.73	-8.8	%

Our total revenues increased12.8 percent in the third quarter of 2017 compared to the third quarter of 2016. The increase in total revenues was driven by increased pricing and volume growth across all of our transportation services. Our total net revenues increased6.3 percent in the third quarter of 2017 compared to the third quarter of 2016. APC Logistics (“APC”), which was acquired at the close of business on September 30, 2016, represented approximately two percent of our total net revenues in the third quarter of 2017. As previously announced, we acquired Milgram & Company Ltd. ("Milgram") on August 31, 2017, for the purpose of expanding our global presence and bringing additional capabilities and expertise to our portfolio.

For the third quarter of 2017, our total operating expenses increased15.0 percent compared to the third quarter of 2016. Personnel expenses increased14.1 percent in the third quarter of 2017 compared to the third quarter of 2016. The increase in personnel expenses was the result of an increase in average headcount of 8.7 percent and an increase in variable compensation in the third quarter of 2017 compared to the third quarter of 2016. Other selling, general, and administrative expenses increased17.6 percent. This increase was driven by costs related to the addition of the APC and Milgram businesses, and increases in the provision for bad debt, claims expenses, and warehouse costs.

Interest and other expenses increased approximately $3.1 million, or 41.2 percent, in the third quarter of 2017 compared to the third quarter of 2016. Interest expense increased due to a higher average debt balance and higher interest rates during the third

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quarter of 2017 compared to the third quarter of 2016. The higher average debt balance is a result of borrowings for the acquisition of Milgram and increased working capital needs.

The provision for income taxes decreased13.4 percent in the third quarter of 2017 compared to the third quarter of 2016. During the third quarter of 2017, the provision for income taxes decreased by $2.7 million due to tax credits associated with foreign earnings deemed to be subject to U.S. taxation. During the first quarter of 2017, we adopted ASU 2016-09, Compensation - Stock Compensation (Topic 718). The adoption of ASU 2016-09 prospectively impacts the recording of income taxes related to share-based payment awards in our consolidated financial position and results of operations, as well as the operating and financing cash flows on the consolidated statements of cash flows. This adoption resulted in a decrease in our provision for income taxes of $1.3 million in the third quarter of 2017.

Results by Segment

Our three reportable segments are: North American Surface Transportation (“NAST”), Global Forwarding, and Robinson Fresh. The balance of our business is reported as “All Other and Corporate.” All Other and Corporate includes our non-reportable segments, including Managed Services and Other Surface Transportation.

NAST provides freight transportation services across North America through a network of offices in the United States, Canada, and Mexico. The primary services provided by NAST include truckload, less than truckload (“LTL”), and intermodal. Summarized financial results of our NAST segment are as follows (dollars in thousands):

	Three Months Ended September 30,						Nine Months Ended September 30,
	2017		2016		% change		2017		2016		% change
Total revenues (1)	$	2,469,420	$	2,252,187	9.6	%	$	7,110,223	$	6,456,281	10.1	%
Net revenues	377,403		378,073		-0.2	%	1,109,749		1,161,074		-4.4	%
Income from operations	151,392		171,733		-11.8	%	447,553		516,805		-13.4	%
(1) Excludes intersegment revenues.

NAST total revenues increased9.6 percent to $2.5 billion in the third quarter of 2017 from $2.3 billion in the third quarter of 2016. This increase was driven by pricing increases in all services. NAST net revenues decreased0.2 percent to $377.4 million in the third quarter of 2017 compared to $378.1 million in the third quarter of 2016, primarily from a decline in truckload net revenues.

NAST truckload net revenues decreased2.1 percent to $266.6 million in the third quarter of 2017 compared to $272.4 million in the third quarter of 2016, while truckload volumes were flat. NAST truckload net revenue margin decreased in the third quarter of 2017 compared to the third quarter of 2016, due to transportation costs rising faster than truckload pricing.

NAST accounted for approximately 93 percent of our total North America truckload net revenues in the third quarter of 2017 and 92 percent in the third quarter of 2016. The majority of the remaining North American truckload net revenues is included in Robinson Fresh. Excluding the estimated impacts of the change in fuel prices, our average North America truckload rate per mile charged to our customers increased 6.5 percent in the third quarter of 2017 compared to the third quarter of 2016. Our truckload transportation costs increased approximately 8.5 percent, excluding the estimated impacts of the change in fuel prices.

NAST LTL net revenues increased4.8 percent to $97.6 million in the third quarter of 2017 compared to $93.1 million in the third quarter of 2016. NAST LTL volumes increased approximately 6.5 percent in the third quarter of 2017 compared to the third quarter of 2016, and net revenue margin decreased.

NAST intermodal net revenues decreased1.4 percent to $7.1 million in the third quarter of 2017 compared to $7.2 million in the third quarter of 2016. NAST intermodal net revenues and net revenue margin decreased while volume increased in the third quarter of 2017 compared to the third quarter of 2016 due to contractual volume growth, partially offset by a decrease in transactional business.

NAST operating expenses increased9.5 percent in the third quarter of 2017 to $226.0 million compared to $206.3 million in the third quarter of 2016. This increase was due to increases in selling, general, and administrative expenses and personnel expenses. The increase in selling, general, and administrative expenses is primarily due to an increase in the provision for bad debt and claims expense. The increase in personnel expense is related an increase in average headcount of 1.9 percent. The operating expenses of NAST and all other segments include allocated corporate expenses.

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Global Forwarding provides global logistics services through an international network of offices in North America, Asia, Europe, Australia, and South America and also contracts with independent agents worldwide. The primary services provided by Global Forwarding include ocean freight services, airfreight services, and customs brokerage. Summarized financial results of our Global Forwarding segment are as follows (dollars in thousands):

	Three Months Ended September 30,						Nine Months Ended September 30,
	2017		2016		% change		2017		2016		% change
Total revenues (1)	$	552,134	$	390,830	41.3	%	$	1,549,742	$	1,098,715	41.1	%
Net revenues	129,842		93,368		39.1	%	357,411		283,458		26.1	%
Income from operations	31,125		17,047		82.6	%	75,006		56,300		33.2	%
(1) Excludes intersegment revenues.

Global Forwarding total revenues increased41.3 percent in the third quarter of 2017 to $552.1 million from $390.8 million in the third quarter of 2016. Global Forwarding net revenues increased39.1 percent to $129.8 million in the third quarter of 2017 compared to $93.4 million in the third quarter of 2016. The acquisitions of APC and Milgram accounted for approximately 18 percentage points of the net revenue growth in Global Forwarding.

Ocean net revenues increased44.0 percent to $81.1 million in the third quarter of 2017 compared to $56.3 million in the third quarter of 2016. Air net revenues increased32.7 percent to $24.0 million in the third quarter of 2017 compared to $18.1 million in the third quarter of 2016. Customs net revenues increased41.4 percent to $17.4 million in the third quarter of 2017 compared to $12.3 million in the third quarter of 2016. These increases were primarily due to volume increases, including those from acquisitions.

Global Forwarding operating expenses increased29.3 percent in the third quarter of 2017 to $98.7 million from $76.3 million in the third quarter of 2016. This increase was due to increases in both personnel and selling, general, and administrative expenses. The personnel expense increase was driven by an average headcount increase of 20.8 percent. The acquisitions of APC and Milgram added approximately 18 percent to Global Forwarding average headcount. The selling, general, and administrative expense increase was primarily driven by the acquisition amortization related to APC and Milgram.

Robinson Fresh provides sourcing services under the name of Robinson Fresh. Our sourcing services primarily include the buying, selling, and marketing of fresh fruits, vegetables, and other perishable items. Robinson Fresh sources products from around the world and has a physical presence in North America, Europe, Asia, and South America. This segment often provides the logistics and transportation of the products it sells, in addition to temperature controlled transportation services for its customers. Summarized financial results of our Robinson Fresh segment are as follows (dollars in thousands):

	Three Months Ended September 30,						Nine Months Ended September 30,
	2017		2016		% change		2017		2016		% change
Total revenues (1)	$	613,646	$	590,385	3.9	%	$	1,821,094	$	1,814,682	0.4	%
Net revenues	54,253		57,036		-4.9	%	171,936		183,041		-6.1	%
Income from operations	11,586		17,733		-34.7	%	40,487		62,777		-35.5	%
(1) Excludes intersegment revenues.

Robinson Fresh total revenues increased3.9 percent to $613.6 million in the third quarter of 2017 from $590.4 million in the third quarter of 2016. Robinson Fresh net revenues decreased4.9 percent to $54.3 million in the third quarter of 2017 compared to $57.0 million in the third quarter of 2016 primarily as a result of declines in transportation net revenues.

Robinson Fresh sourcing net revenues were flat at $29.8 million in the third quarter of 2017 compared to the third quarter of 2016. A slight increase in net revenue margin was offset by a case volume decrease of one percent compared to the third quarter of 2016.

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Robinson Fresh transportation net revenues decreased10.0 percent to $24.5 million in the third quarter of 2017 compared to $27.2 million in the third quarter of 2016, primarily due to a decrease in truckload revenue. Robinson Freshtransportation net revenue margin decreased in the third quarter of 2017 compared to the third quarter of 2016.

Robinson Fresh operating expenses increased8.6 percent in the third quarter of 2017 to $42.7 million from $39.3 million in the third quarter of 2016. This was primarily due to an increase in warehousing expenses related to expanding facilities and a 1.5 percentincrease in average headcount.

All Other and Corporate includes our Managed Services segment, as well as Other Surface Transportation outside of North America and other miscellaneous revenues. It also includes any unallocated corporate expenses. Managed Services provides Transportation Management Service, or Managed TMS. Europe Surface Transportation provides services similar to NAST across the European continent. Net revenues for Managed Services and Other Surface Transportation are summarized as follows:

	Three Months Ended September 30,						Nine Months Ended September 30,
Net revenues	2017		2016		% change		2017		2016		% change
Managed Services	$	18,487	$	16,680	10.8	%	$	53,844	$	47,034	14.5	%
Other Surface Transportation	13,861		13,305		4.2	%	43,261		41,405		4.5	%

Managed Services net revenues increased10.8 percent in the third quarter of 2017 to $18.5 million compared to $16.7 million the third quarter of 2016. This increase was a result of new business. Other surface transportation net revenues increased4.2 percent in the third quarter of 2017 to $13.9 million compared to $13.3 million in the third quarter of 2016. This increase is primarily the result of increased volumes, partially offset by margin compression in the surface transportation business in Europe.

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 113,000 customers and 107,000 contract carriers through our integrated network of offices and more than 14,000 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 on the NASDAQ since 1997. For more information, visit http://www.chrobinson.com or view our company video.

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 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, and changes in relationships with existing 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 and insurance coverage; risks associated with operations outside of the U.S.; risks associated with the potential impacts of changes in government regulations; risks associated with the produce industry, including food safety and contamination issues; fuel prices and availability; risks of unexpected or unanticipated events or opportunities that might require additional capital expenditures; the impact of war on the economy; 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.

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Conference Call Information:

C.H. Robinson Worldwide Third Quarter 2017 Earnings Conference Call

Wednesday, November 1, 2017; 8:30 a.m. Eastern Time

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.

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 13670605

An audio replay will be available at http://investor.chrobinson.com.

Telephone audio replay available until 11:30 a.m. Eastern Time on November 8, 2017: 877-660-6853;

passcode: 13670605#

International callers dial +1-201-612-7415

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CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(unaudited, in thousands, except per share data)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2017			2016			2017			2016
Revenues:
Transportation	$	3,433,701		$	2,998,583		$	9,855,739		$	8,593,767
Sourcing	350,750			357,171			1,053,855			1,135,671
Total revenues	3,784,451			3,355,754			10,909,594			9,729,438
Costs and expenses:
Purchased transportation and related services	2,869,616			2,469,939			8,214,856			6,974,556
Purchased products sourced for resale	320,989			327,353			958,537			1,038,870
Personnel expenses	293,204			256,883			867,928			804,631
Other selling, general, and administrative expenses	106,177			90,312			304,030			267,415
Total costs and expenses	3,589,986			3,144,487			10,345,351			9,085,472
Income from operations	194,465			211,267			564,243			643,966
Interest and other expense	(10,484		)	(7,426		)	(29,154		)	(22,463		)
Income before provision for income taxes	183,981			203,841			535,089			621,503
Provisions for income taxes	64,795			74,813			182,752			230,422
Net income	$	119,186		$	129,028		$	352,337		$	391,081
Net income per share (basic)	$	0.85		$	0.90		$	2.50		$	2.73
Net income per share (diluted)	$	0.85		$	0.90		$	2.49		$	2.73
Weighted average shares outstanding (basic)	140,422			142,611			140,962			143,040
Weighted average shares outstanding (diluted)	141,022			142,883			141,403			143,245

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BUSINESS SEGMENT INFORMATION

(unaudited, dollars in thousands)

	NAST		Global Forwarding		Robinson Fresh		All Other and Corporate		Eliminations			Consolidated
Three Months Ended September 30, 2017
Revenues	$	2,469,420	$	552,134	$	613,646	$	149,251	$	—		$	3,784,451
Intersegment revenues (1)	115,796		7,873		43,272		3,228		(170,169		)	—
Total revenues	$	2,585,216	$	560,007	$	656,918	$	152,479	$	(170,169	)	$	3,784,451
Net revenues	$	377,403	$	129,842	$	54,253	$	32,348	$	—		$	593,846
Operating income	$	151,392	$	31,125	$	11,586	$	362	$	—		$	194,465
Depreciation and amortization	$	5,808	$	8,455	$	1,190	$	8,510	$	—		$	23,963
Total Assets	$	2,297,980	$	840,762	$	413,520	$	623,326	$	—		$	4,175,588
Average headcount	6,998		4,301		970		2,634		—			14,903
	NAST		Global Forwarding		Robinson Fresh		All Other and Corporate		Eliminations			Consolidated
Three Months Ended September 30, 2016
Revenues	$	2,252,187	$	390,830	$	590,385	$	122,352	$	—		$	3,355,754
Intersegment revenues (1)	79,728		8,742		32,255		100		(120,825		)	—
Total revenues	$	2,331,915	$	399,572	$	622,640	$	122,452	$	(120,825	)	$	3,355,754
Net revenues	$	378,073	$	93,368	$	57,036	$	29,985	$	—		$	558,462
Operating income	$	171,733	$	17,047	$	17,733	$	4,754	$	—		$	211,267
Depreciation and amortization	$	5,547	$	5,073	$	983	$	6,054	$	—		$	17,657
Total Assets	$	2,115,467	$	625,267	$	405,832	$	517,496	$	—		$	3,664,062
Average headcount (2)	6,869		3,559		956		2,322		—			13,706

(1) Intersegment revenues represent the sales between our segments and are eliminated to reconcile to our consolidated results.

(2) Average headcount does not include employees of APC added on September 30, 2016.

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BUSINESS SEGMENT INFORMATION

(unaudited, dollars in thousands)

	NAST		Global Forwarding		Robinson Fresh		All Other and Corporate		Eliminations			Consolidated
Nine Months Ended September 30, 2017
Revenues	$	7,110,223	$	1,549,742	$	1,821,094	$	428,535	$	—		$	10,909,594
Intersegment revenues (1)	329,193		23,456		116,281		13,776		(482,706		)	—
Total revenues	$	7,439,416	$	1,573,198	$	1,937,375	$	442,311	$	(482,706	)	$	10,909,594
Net revenues	$	1,109,749	$	357,411	$	171,936	$	97,105	—			$	1,736,201
Operating income	$	447,553	$	75,006	$	40,487	$	1,197	—			$	564,243
Depreciation and amortization	$	17,104	$	24,574	$	3,534	$	24,128	—			$	69,340
Total Assets	$	2,297,980	$	840,762	$	413,520	$	623,326	—			$	4,175,588
Average headcount	6,921		4,113		966		2,590		—			14,590
	NAST		Global Forwarding		Robinson Fresh		All Other and Corporate		Eliminations			Consolidated
Nine Months Ended September 30, 2016
Revenues	$	6,456,281	$	1,098,715	$	1,814,682	$	359,760	$	—		$	9,729,438
Intersegment revenues (1)	211,540		23,585		83,200		642		(318,967		)	—
Total revenues	$	6,667,821	$	1,122,300	$	1,897,882	$	360,402	$	(318,967	)	$	9,729,438
Net revenues	$	1,161,074	$	283,458	$	183,041	$	88,439	$	—		$	1,716,012
Operating income	$	516,805	$	56,300	$	62,777	$	8,084	—			$	643,966
Depreciation and amortization	$	16,551	$	15,231	$	2,590	$	18,344	—			$	52,716
Total Assets	$	2,115,467	$	625,267	$	405,832	$	517,496	—			$	3,664,062
Average headcount (2)	6,767		3,523		939		2,249		—			13,478

(1) Intersegment revenues represent the sales between our segments and are eliminated to reconcile to our consolidated results.

(2) Average headcount does not include employees of APC added on September 30, 2016.

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CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited, in thousands)

	September 30, 2017		December 31, 2016
Assets
Current assets:
Cash and cash equivalents	$	297,307	$	247,666
Receivables, net	2,104,314		1,711,191
Other current assets	53,225		49,245
Total current assets	2,454,846		2,008,102
Property and equipment, net	232,905		232,953
Intangible and other assets	1,487,837		1,446,703
Total assets	$	4,175,588	$	3,687,758
Liabilities and stockholders’ investment
Current liabilities:
Accounts payable and outstanding checks	$	1,104,060	$	921,788
Accrued compensation	92,005		98,107
Accrued income taxes	11,477		15,472
Other accrued expenses	59,760		70,351
Current portion of debt	719,000		740,000
Total current liabilities	1,986,302		1,845,718
Long term debt	750,000		500,000
Noncurrent income taxes payable	17,774		18,849
Deferred tax liability	66,396		65,122
Other long-term liabilities	241		222
Total liabilities	2,820,713		2,429,911
Total stockholders’ investment	1,354,875		1,257,847
Total liabilities and stockholders’ investment	$	4,175,588	$	3,687,758

(more)

C.H. Robinson Worldwide, Inc.

October 31, 2017

Page 10

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited, in thousands, except operational data)

	Nine Months Ended
	September 30,
	2017			2016
Operating activities:
Net income	$	352,337		$	391,081
Stock-based compensation	24,509			30,626
Depreciation and amortization	69,340			52,716
Provision for doubtful accounts	11,176			2,738
Deferred income taxes	(6,779		)	21,832
Excess tax benefit on stock-based compensation	(11,908		)	(17,207		)
Other	1,352			566
Changes in operating elements, net of acquisitions:
Receivables	(377,280		)	(137,813		)
Prepaid expenses and other	677			(12,148		)
Other non-current assets	(2,220		)	(2,793		)
Accounts payable and outstanding checks	166,152			93,510
Accrued compensation and profit-sharing contribution	(6,102		)	(50,105		)
Accrued income taxes	7,873			14,048
Other accrued liabilities	(10,778		)	(10,223		)
Net cash provided by operating activities	218,349			376,828
Investing activities:
Purchases of property and equipment	(32,132		)	(56,125		)
Purchases and development of software	(14,286		)	(14,986		)
Acquisitions, net of cash	(48,446		)	(220,203		)
Other	204			(735		)
Net cash used for investing activities	(94,660		)	(292,049		)
Financing activities:
Borrowings on accounts receivable securitization facility	250,000			—
Borrowings on line of credit	6,448,000			4,415,000
Repayments on line of credit	(6,469,000		)	(4,140,000		)
Net repurchases of common stock	(127,467		)	(129,302		)
Excess tax benefit on stock-based compensation	—			17,207
Cash dividends	(192,765		)	(191,129		)
Net cash used for financing activities	(91,232		)	(28,224		)
Effect of exchange rates on cash	17,184			(335		)
Net change in cash and cash equivalents	49,641			56,220
Cash and cash equivalents, beginning of period	247,666			168,229
Cash and cash equivalents, end of period	$	297,307		$	224,449
	As of September 30,
Operational Data:	2017			2016 (1)
Employees	14,998			14,023

^{(1) Includes 313 APC Logistics employees added on September 30, 2016} 

Source: C.H. Robinson

###

EX-99.2

1 Earnings Conference Call – Third Quarter 2017 November 1, 2017 John Wiehoff, Chairman & CEO Andrew Clarke, CFO Tim Gagnon, Director, Investor Relations

2 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 such factors 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, and changes in relationships with existing truck, rail, ocean and air carriers; changes in our customer base due to possible consolidation among our customers; our ability to integrate the operations of acquired companies with our historic operations successfully; risks associated with litigation and insurance coverage; risks associated with operations outside of the U.S.; risks associated with the potential impacts of changes in government regulations; risks associated with the produce industry, including food safety and contamination issues; fuel prices and availability; changes to our share repurchase activity; risk of unexpected or unanticipated events or opportunities that might require additional capital expenditures; the impact of war on the economy; and other risks and uncertainties detailed in our Annual and Quarterly Reports. 2

3 Results Q3 2017 Three Months Ended September 30 in thousands, except per share amounts and headcount ▪ Total revenues increased as a result of volume increases across nearly all transportation services in the third quarter of 2017 when compared to the third quarter of 2016. ▪ Net revenues increase of 6.3 percent was primarily the result of net revenues growth in Global Forwarding partially offset by lower truckload net revenues. APC added approximately 2 percent to total company net revenues in the third quarter of 2017. ▪ Average headcount increased 8.7 percent when compared to the third quarter of 2016. The acquisitions of APC and Milgram increased headcount 5 percent. 3 Nine Months Ended September 30 2017 2016 % Change 2017 2016 % Change Total Revenues $3,784,451 $3,355,754 12.8% $10,909,594 $9,729,438 12.1% Total Net Revenues $593,846 $558,462 6.3% $1,736,201 $1,716,012 1.2% Net Revenue Margin % 15.7% 16.6% 15.9% 17.6% Income from Operations $194,465 $211,267 (8.0%) $564,243 $643,966 (12.4%) Operating Margin % 32.7% 37.8% 32.5% 37.5% Net Income $119,186 $129,028 (7.6%) $352,337 $391,081 (9.9%) Earnings Per Share (Diluted) $0.85 $0.90 (5.6%) $2.49 $2.73 (8.8%) Weighted Average Shares Outstanding (Diluted) 141,022 142,883 (1.3%) 141,403 143,245 (1.3%) Depreciation and Amortization $23,963 $17,657 35.7% $69,340 $52,716 31.5% Total Assets $4,175,588 $3,664,062 14.0% $4,175,588 $3,664,062 14.0% Average Headcount(1) 14,903 13,706 8.7% 14,590 13,478 8.3% Ending Headcount(1) 14,998 13,710 9.4% 14,998 13,710 9.4% (1) Q3 2016 headcount metrics do not include employees of APC Logistics acquired on September 30, 2016.

‹#› Summarized Income Statement ▪ Personnel expenses increased as a result of headcount additions and an increase in variable compensation in the third quarter of 2017 when compared to the third quarter of 2016. ▪ SG&A expenses increased as a result of costs related to the addition of APC and Milgram, higher allowance for doubtful accounts, claims, and warehouse expenses in the third quarter of 2017 when compared to the third quarter of 2016. ▪ The effective tax rate was 35.2 percent in the third quarter. in thousands 4 Three Months Ended September 30 Nine Months Ended September 30 2017 2016 % Change 2017 2016 % Change Total Revenues $3,784,451 $3,355,754 12.8% $10,909,594 $9,729,438 12.1% Total Net Revenues $593,846 $558,462 6.3% $1,736,201 $1,716,012 1.2% Personnel Expenses $293,204 $256,883 14.1% $867,928 $804,631 7.9% Selling, General, and Admin $106,177 $90,312 17.6% $304,030 $267,415 13.7% Total Operating Expenses $399,381 $347,195 15.0% $1,171,958 $1,072,046 9.3% Income from Operations $194,465 $211,267 (8.0%) $564,243 $643,966 (12.4%) % of Net Revenue 32.7% 37.8% 32.5% 37.5% Net Income $119,186 $129,028 (7.6%) $352,337 $391,081 (9.9%)

‹#› Other Financial Information ▪ Total debt balance $1.47 billion ▪ $500 million long-term debt, 4.28% average coupon ▪ $719 million drawn on revolver, 2.36% current rate as of September 30, 2017 ▪ $250 million accounts receivable securitization debt facility, 1.97% as of September 30, 2017 in thousands 5 Three Months Ended September 30 Nine Months Ended September 30 Cash Flow Data 2017 2016 % Change 2017 2016 % Change Net Cash Provided by Operating Activities $68,338 $129,567 (47.3%) $218,349 $376,828 (42.1%) Capital Expenditures $13,448 $27,135 (50.4%) $46,418 $71,111 (34.7%) Balance Sheet Data September 30, 2017 Cash & Cash Equivalents $297,307 Current Assets $2,454,846 Total Assets $4,175,588 Debt $1,469,000 Stockholders' Investment $1,354,875

‹#› Capital Distribution ▪ Capital returned to shareholders during the quarter ▪ $64.0 million cash dividends ▪ $60.6 million in cash for share repurchase activity ▪ 893,249 shares repurchased in the third quarter ▪ Average price of $70.66 for the shares repurchased in the third quarter ▪ Target is to return approximately 90% of net income to shareholders annually. (a) 2012 Net Income is adjusted to excluded transaction related gains and expenses. A reconciliation of adjusted results appears in Appendix A. 2012 Dividends exclude the fifth dividend payment made during the year. (b) Includes a $500 million accelerated share repurchase. in thousands 6 2012 (a) 2013 2014 2015 2016 Q3 2017 YTD 2017 Net Income $447,007 $415,904 $449,711 $509,699 $513,384 $119,186 $352,337 Capital Distribution Cash Dividends Paid $219,313 $220,257 $215,008 $235,615 $245,430 $63,959 $192,765 Share Repurchases $255,849 $807,449 $176,645 $241,231 $209,603 $60,617 $129,991 Subtotal $475,162 $1,027,706 $391,653 $476,846 $455,033 $124,576 $322,756 Percent of Net Income Cash Dividends Paid 49.1% 53.0% 47.8% 46.2% 47.8% 53.7% 54.7% Share Repurchases 57.2% 194.1% 39.3% 47.3% 40.8% 50.9% 36.9% Subtotal 106.3% 247.1% 87.1% 93.6% 88.6% 104.5% 91.6% (b)

‹#› Three Months Ended September 30 Nine Months Ended September 30 Net Revenue by Service Line Q3 2017 ▪ Net revenues by service line for the enterprise (all segments). in thousands 7 Net Revenue by Service Line 2017 2016 % Change 2017 2016 % Change Truckload $301,025 $309,027 (2.6%) $887,865 $960,451 (7.6%) LTL $101,870 $96,447 5.6% $301,706 $287,518 4.9% Intermodal $7,478 $7,676 (2.6%) $23,278 $25,961 (10.3%) Ocean $81,182 $56,506 43.7% $217,495 $175,243 24.1% Air $25,529 $19,897 28.3% $73,166 $58,424 25.2% Customs $17,421 $12,320 41.4% $49,810 $34,649 43.8% Other Logistics Services $29,580 $26,771 10.5% $87,563 $76,965 13.8% Sourcing $29,761 $29,818 (0.2%) $95,318 $96,801 (1.5%) Total $593,846 $558,462 6.3% $1,736,201 $1,716,012 1.2%

‹#› T R A NS P ORT A TION NE T REVEN U E M A R G I N ▪ North America Truckload cost and price change chart represents truckload shipments from all North America segments. Transportation net revenue margin represents total Transportation results from all segments. ▪ Purchase transportation costs increased throughout the third quarter, negatively impacting the margins on contractual truckload shipments. (1) Cost and price change exclude the estimated impact of fuel. North America Truckload Cost and Price Change(1) 8 Transportation Net Revenue Margin YoY Price Change YoY Cost Change North America Truckload Q3 YTD Volume 1% 7% Price 6.5% 1% Cost 8.5% 3.5% Net Revenue Margin

‹#› Transportation Results Q3 2017(1) in thousands (1) Includes results across all segments. 9 ▪ Transportation net revenue margin decline in the third quarter of 2017 when compared to the third quarter of 2016 was primarily the result of lower net revenue margins in NAST. Three Months Ended September 30 Nine Months Ended September 30 Transportation 2017 2016 % Change 2017 2016 % Change Total Revenues $3,433,701 $2,998,583 14.5% $9,855,739 $8,593,767 14.7% Total Net Revenues $564,085 $528,644 6.7% $1,640,883 $1,619,211 1.3% Net Revenue Margin % 16.4% 17.6% 16.6% 18.8% Transportation Net Revenue Margin % 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Q1 18.2% 22.6% 17.4% 17.2% 16.9% 16.3% 15.3% 16.8% 19.7% 17.3% Q2 15.4% 20.6% 15.8% 16.2% 14.9% 15.4% 16.0% 17.5% 19.3% 16.2% Q3 15.9% 19.8% 16.6% 16.4% 15.6% 15.0% 16.2% 18.4% 17.6% 16.4% Q4 19.0% 18.3% 17.6% 16.3% 15.8% 15.1% 15.9% 19.0% 17.2% Total 17.0% 20.2% 16.8% 16.5% 15.8% 15.4% 15.9% 17.9% 18.4%

‹#› North American Surface Transportation (“NAST”) Results Q3 2017 ▪ Net revenues decreased primarily as a result of lower truckload margins when compared to the third quarter of 2016. September 2017 NAST net revenues increased when compared to September 2016 NAST net revenues. ▪ NAST operating expenses increased 9.5 percent in the third quarter of 2017 when compared to the third quarter of 2016. This increase was due to increases in both personnel and SG&A expenses. ▪ NAST headcount increased 1.9 percent when compared to the third quarter of 2016 and was down 5 employees sequentially from the second quarter of 2017. in thousands, except headcount 10 (1) Does not include intersegment revenues. Three Months Ended September 30 Nine Months Ended September 30 2017 2016 % Change 2017 2016 % Change Total Revenues(1) $2,469,420 $2,252,187 9.6% $7,110,223 $6,456,281 10.1% Total Net Revenues $377,403 $378,073 (0.2%) $1,109,749 $1,161,074 (4.4%) Net Revenue Margin % 15.3% 16.8% 15.6% 18.0% Income from Operations $151,392 $171,733 (11.8%) $447,553 $516,805 (13.4%) Operating Margin % 40.1% 45.4% 40.3% 44.5% Depreciation and Amortization $5,808 $5,547 4.7% $17,104 $16,551 3.3% Total Assets $2,297,980 $2,115,467 8.6% $2,297,980 $2,115,467 8.6% Average Headcount 6,998 6,869 1.9% 6,921 6,767 2.3%

‹#› NAST Results by Service Line Q3 2017 Truckload, Less Than Truckload, and Intermodal ▪ Net revenues decrease in the third quarter was a result of lower margins when compared to the third quarter of 2016. ▪ Net revenues increase in the third quarter was primarily the result of 6.5 percent volume growth offset by lower LTL margins. ▪ Net revenues decreased while volume increased in the third quarter driven by contractual volume growth, partially offset by a decrease in transactional business. in thousands TL LTL IMDL 11 (1) Represents price and cost YoY change for North America shipments across all segments. (2) Pricing and cost measures exclude the estimated impact of the change in fuel prices. Three Months Ended September 30 Nine Months Ended September 30 Net Revenues 2017 2016 % Change 2017 2016 % Change Truckload $266,632 $272,398 (2.1%) $784,265 $847,222 (7.4%) LTL $97,634 $93,118 4.8% $288,287 $275,508 4.6% Intermodal $7,109 $7,207 (1.4%) $22,053 $24,170 (8.8%) Other $6,028 $5,350 12.7% $15,144 $14,174 6.8% Total $377,403 $378,073 (0.2%) $1,109,749 $1,161,074 (4.4%) Truckload(1) Quarter YTD Pricing(2) 6.5% 1% Cost(2) 8.5% 3.5% Volume 0% 6% Net Revenue Margin LTL(1) Quarter YTD Pricing(2) Volume 6.5% 7% Net Revenue Margin Intermodal(1) Quarter YTD Pricing(2) Volume 13% 14% Net Revenue Margin

‹#› Global Forwarding Results Q3 2017 ▪ The acquisitions of APC Logistics and Milgram added approximately 18 percent to net revenues and 18 percent to average headcount when compared to the third quarter of 2016. ▪ Global Forwarding operating expenses increased 29.3 percent when compared to the third quarter of 2016. in thousands, except headcount 12 (1) Does not include intersegment revenues. (2) Q3 2016 average headcount does not include employees of APC Logistics acquired on September 30, 2016. Three Months Ended September 30 Nine Months Ended September 30 2017 2016 % Change 2017 2016 % Change Total Revenues(1) $552,134 $390,830 41.3% $1,549,742 $1,098,715 41.1% Total Net Revenues $129,842 $93,368 39.1% $357,411 $283,458 26.1% Net Revenue Margin % 23.5% 23.9% 23.1% 25.8% Income from Operations $31,125 $17,047 82.6% $75,006 $56,300 33.2% Operating Margin % 24.0% 18.3% 21.0% 19.9% Depreciation and Amortization $8,455 $5,073 66.7% $24,574 $15,231 61.3% Total Assets $840,762 $625,267 34.5% $840,762 $625,267 34.5% Average Headcount(2) 4,301 3,559 20.8% 4,113 3,523 16.7%

‹#› Three Months Ended September 30 Nine Months Ended September 30 Global Forwarding Results by Service Line Q3 2017 Ocean, Air, and Customs ▪ APC and Milgram acquisitions added approximately 17 percent to ocean net revenues, 15 percent to air net revenues and 30 percent to customs net revenues. ▪ Achieved organic volume growth in each of the global forwarding services in the third quarter of 2017 when compared to the third quarter of 2016. in thousands 13 Net Revenues 2017 2016 % Change 2017 2016 % Change Ocean $81,110 $56,309 44.0% $217,768 $174,907 24.5% Air $23,992 $18,075 32.7% $68,850 $54,142 27.2% Customs $17,419 $12,318 41.4% $49,804 $34,638 43.8% Other $7,321 $6,666 9.8% $20,989 $19,771 6.2% Total $129,842 $93,368 39.1% $357,411 $283,458 26.1% Ocean Quarter YTD Pricing Volume Net Revenue Margin Air Quarter YTD Pricing Volume Net Revenue Margin

‹#› ▪ Robinson Fresh results include revenues from sourcing and transportation services. ▪ Net revenues decrease was primarily the result of lower truckload margin when compared to the third quarter of 2016. ▪ Robinson Fresh operating expenses increased 8.6 percent when compared to the third quarter of 2016. The increase was the result of an increase in both personnel and SG&A expenses. in thousands, except headcount Robinson Fresh Results Q3 2017 14 (1) Does not include intersegment revenues. Three Months Ended September 30 Nine Months Ended September 30 2017 2016 % Change 2017 2016 % Change Total Revenues(1) $613,646 $590,385 3.9% $1,821,094 $1,814,682 0.4% Total Net Revenues $54,253 $57,036 (4.9%) $171,936 $183,041 (6.1%) Net Revenue Margin % 8.8% 9.7% 9.4% 10.1% Income from Operations $11,586 $17,733 (34.7%) $40,487 $62,777 (35.5%) Operating Margin % 21.4% 31.1% 23.5% 34.3% Depreciation and Amortization $1,190 $983 21.1% $3,534 $2,590 36.4% Total Assets $413,520 $405,832 1.9% $413,520 $405,832 1.9% Average Headcount 970 956 1.5% 966 939 2.9%

‹#› Robinson Fresh Results Q3 2017 Sourcing ▪ Sourcing total revenues decrease was primarily the result of slightly lower sourcing commodity pricing when compared to the third quarter of 2016. ▪ Sourcing net revenues were virtually flat when compared to last year's third quarter. A slight increase in net revenue margin was offset by a case volume decrease of 1 percent compared to the third quarter of 2016. in thousands 15 (1) Does not include intersegment revenues. Three Months Ended September 30 Nine Months Ended September 30 Sourcing 2017 2016 % Change 2017 2016 % Change Total Revenues(1) $350,750 $357,171 (1.8%) $1,053,855 $1,135,671 (7.2%) Net Revenues $29,761 $29,818 (0.2%) $95,318 $96,801 (1.5%) Net Revenue Margin % 8.5% 8.3% 9.0% 8.5%

‹#› Robinson Fresh Results Q3 2017 Transportation ▪ Transportation net revenues decrease was primarily a result of lower truckload net revenue margin when compared to the third quarter of 2016. in thousands 16 (1) Does not include intersegment revenues. (2) Represents price and cost YoY change for North America shipments across all segments. (3) Pricing and cost measures exclude the estimated impact of the change in fuel prices. Three Months Ended September 30 Nine Months Ended September 30 Transportation 2017 2016 % Change 2017 2016 % Change Total Revenues(1) $262,896 $233,214 12.7% $767,239 $679,011 13.0% Net Revenues $24,492 $27,218 (10.0%) $76,618 $86,240 (11.2%) Net Revenue Margin % 9.3% 11.7% 10.0% 12.7% Net Revenues 2017 2016 % Change 2017 2016 % Change Truckload $19,466 $22,607 (13.9%) $60,084 $70,531 (14.8%) Other $5,026 $4,611 9.0% $16,534 $15,709 5.3% Total $24,492 $27,218 (10.0%) $76,618 $86,240 (11.2%) Truckload(2) Quarter YTD Pricing(3) 6.5% 1% Cost(3) 8.5% 3.5% Volume 13% 17% Net Revenue Margin

‹#› ▪ Results represent business from Managed Services, Other Surface Transportation outside of North America, and other miscellaneous operations. ▪ Headcount includes personnel from shared services, Managed Services, Other Surface Transportation, and other miscellaneous operations. All Other and Corporate Results Q3 2017 in thousands, except headcount 17 (1) Does not include intersegment revenues. Three Months Ended September 30 Nine Months Ended September 30 2017 2016 % Change 2017 2016 % Change Total Revenues(1) $149,251 $122,352 22.0% $428,535 $359,760 19.1% Total Net Revenues $32,348 $29,985 7.9% $97,105 $88,439 9.8% Income from Operations $362 $4,754 NM $1,197 $8,084 NM Depreciation and Amortization $8,510 $6,054 40.6% $24,128 $18,344 31.5% Total Assets $623,326 $517,496 20.5% $623,326 $517,496 20.5% Average Headcount 2,634 2,322 13.4% 2,590 2,249 15.2%

‹#› All Other and Corporate Results by Service Line Q3 2017 Managed Services and Other Surface Transportation ▪ Managed Services net revenues growth was driven by new business with new and existing customers. ▪ Other Surface Transportation includes surface transportation outside of North America. ▪ Other Surface Transportation net revenues increase was primarily the result of volume growth partially offset by margin compression in the Surface Transportation business in Europe. in thousands 18 Three Months Ended September 30 Nine Months Ended September 30 Net Revenues 2017 2016 % Change 2017 2016 % Change Managed Services $18,487 $16,680 10.8% $53,844 $47,034 14.5% Other Surface Transportation $13,861 $13,305 4.2% $43,261 $41,405 4.5% Total $32,348 $29,985 7.9% $97,105 $88,439 9.8%

‹#› Final Comments ▪ October to date total company net revenue per day has increased approximately 8 percent when compared to October 2016. ▪ Truckload volume growth is virtually flat on a year-over-year basis in October ▪ Q4 priorities ▪ Milgram integration continues ▪ Price volatility will likely continue into 2018 ▪ Account management disciplines will be critical to our success ▪ Focus on efficiency and operating expense control ▪ Continued focus on growth 19

‹#› Appendix A: 2012 Summarized Adjusted Income Statement To assist investors in understanding our financial performance, we supplement the financial results that are generated in accordance with the accounting principles generally accepted in the United States, or GAAP, with non-GAAP financial measures, including non-GAAP operating expenses, non-GAAP income from operations, non-GAAP net income and non-GAAP diluted net income per share. We believe that these non-GAAP measures provide meaningful insight into our operating performance excluding certain event-specific charges, and provide an alternative perspective of our results of operations. We use non-GAAP measures to assess our operating performance for the quarter. Management believes that these non-GAAP financial measures reflect an additional way of analyzing aspects of our ongoing operations that, when viewed with our GAAP results, provides a more complete understanding of the factors and trends affecting our business. 1) The adjustment to personnel consists of $33 million of incremental vesting expense of our equity awards triggered by the gain on the divestiture of T-Chek. The balance consists of transaction related bonuses. 2) The adjustments to other operating expenses reflect fees paid to third parties for: a) Investment banking fees related to the acquisition of Phoenix b) External legal and accounting fees related to the acquisitions of Apreo and Phoenix and the divestiture of T-Chek. 3) The adjustment to investment and other income reflects the gain from the divestiture of T-Chek. 4) The adjustment to diluted weighted average shares outstanding relates to the shares of C.H. Robinson stock issued as consideration paid to the sellers in the acquisition of Phoenix. 5) The adjustment to diluted weighted average shares outstanding relates to the additional vesting of performance-based restricted stock as a result of the gain on sale recognized from the divestiture of T-Chek. in thousands, except per share amounts 20 2012 Actual Non-Recurring Acquisition Impacts Non-Recurring Divestiture Impacts Adjusted Total Net Revenues $1,717,571 $1,717,571 Personnel Expenses(1) 766,006 (385) (34,207) 731,414 Other Operating Expenses(2) 276,245 (10,225) (379) 265,641 Total Operating Expenses 1,042,251 (10,610) (34,586) 997,055 Income from Operations 675,320 10,610 34,586 720,516 Investment & Other Income(3) 283,142 (281,551) 1,591 Income before Taxes 958,462 10,610 (246,965) 722,107 Provision for Income Taxes 364,658 2,745 (92,303) 275,100 Net Income $593,804 $7,865 ($154,662) $447,007 Net Income Per Share (Diluted) $3.67 $2.76 Weighted Average Shares (Diluted) 161,946 185 (4) 92 (5) 161,669

21