EX-99.1 2 ex991earningsreleaseq2.htm EXHIBIT 99.1 Exhibit


relea_imagea07.jpg
C.H. Robinson
14701 Charlson Rd.
Eden Prairie, MN 55347
www.chrobinson.com

 
FOR INQUIRIES, CONTACT:
Robert Houghton, VP of Investor Relations and Treasury


FOR IMMEDIATE RELEASE

C.H. Robinson Reports 2019 Second Quarter Results
MINNEAPOLIS, MN, July 30, 2019 - C.H. Robinson Worldwide, Inc. (“C.H. Robinson”) (Nasdaq: CHRW) today reported financial results for the quarter ended June 30, 2019.
•
Net revenues increased 3.5 percent to $695.2 million
•
Income from operations increased 3.9 percent to $227.5 million
•
Operating margin improved 10 basis points to 32.7 percent
•
Diluted earnings per share (EPS) increased 8.0 percent to $1.22
•
Cash flow from operations increased 85.0 percent to $199.6 million

“In the second quarter, we achieved 3.5 percent net revenue growth, solid performance versus the year-ago period where net revenues increased 17 percent. We delivered our fifth consecutive quarter of operating margin expansion and an 8 percent increase in earnings per share,” said Bob Biesterfeld, Chief Executive Officer of C.H. Robinson. “We continued to make improvements in working capital, which combined with increased earnings, allowed us to generate nearly $200 million in cash flow from operations and increase cash returns to our shareholders. We are pleased with our second quarter results in this soft freight environment.”




1


Second Quarter Results Summary

•
Total revenues decreased 8.6 percent to $3.9 billion, driven by lower pricing across most transportation service lines.
•
Net revenues increased 3.5 percent to $695.2 million, primarily driven by margin improvement in truckload services.
•
Operating expenses increased 3.4 percent to $467.7 million. Personnel expenses decreased 0.5 percent to $338.9 million, driven primarily by declines in performance-based compensation, partially offset by a 3.2 percent increase in average headcount. Selling, general and administrative (“SG&A”) expenses increased 15.2 percent to $128.8 million, due primarily to increases in purchased services, particularly commercial off-the-shelf software, and occupancy.
•
Income from operations totaled $227.5 million, up 3.9 percent from last year due to growth in North American Surface Transportation (“NAST”), partially offset by declines in Global Forwarding and All Other and Corporate. Operating margin of 32.7 percent increased 10 basis points.
•
Interest and other expenses totaled $6.6 million, which primarily consists of interest expense. The second quarter also included a $2.8 million favorable impact from currency revaluation.
•
The effective tax rate in the quarter was 23.4 percent compared to 25.6 percent last year.
•
Net income totaled $169.2 million, up 6.3 percent from a year ago. Diluted EPS of $1.22 increased 8.0 percent.


Year-to-Date Results Summary

•
Total revenues decreased 6.6 percent to $7.7 billion, driven by declines across most transportation service lines.
•
Net revenues increased 5.9 percent to $1.4 billion, primarily driven by margin improvement in truckload services.
•
Operating expenses increased 4.0 percent to $921.9 million. Personnel expenses increased 1.5 percent to $679.0 million, driven primarily by a 2.5 percent increase in average headcount, partially offset by declines in performance-based compensation. SG&A expenses increased 11.5 percent to $242.9 million, due primarily to increases in purchased services, particularly commercial off-the-shelf software, and occupancy, partially offset by a reduction in bad debt expense.
•
Income from operations totaled $452.1 million, up 10.1 percent from last year due to growth in NAST and Global Forwarding, partially offset by a decline in All Other and Corporate. Operating margin of 32.9 percent increased 130 basis points.
•
Interest and other expenses totaled $23.8 million, which primarily consists of interest expense. The six-month period also included a $2.2 million unfavorable impact from currency revaluation.
•
The effective tax rate for the first six months was 22.7 percent compared to 23.6 percent in the year-ago period.
•
Net income totaled $331.0 million, up 9.8 percent from a year ago. Diluted EPS of $2.39 increased 11.7 percent.

2




North American Surface Transportation Results
Summarized financial results of our NAST segment are as follows (dollars in thousands):

 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
 
2019
 
2018
 
% change
 
2019
 
2018
 
% change
Total revenues
 
$
2,872,053

 
$
3,163,185

 
(9.2
)%
 
$
5,668,837

 
$
6,071,604

 
(6.6
)%
Net revenues
 
486,418

 
459,706

 
5.8
 %
 
972,968

 
898,108

 
8.3
 %
Income from operations
 
204,732

 
188,244

 
8.8
 %
 
416,015

 
367,881

 
13.1
 %
 
 
 
 
 
 
 
 
 
 
 
 
 


Second quarter total revenues for C.H. Robinson's NAST segment totaled $2.9 billion, a decrease of 9.2 percent over the prior year, primarily driven by decreased pricing. NAST net revenues increased 5.8 percent in the quarter to $486.4 million. Net revenues in truckload increased 8.6 percent, less than truckload (“LTL”) net revenues increased 2.8 percent, and intermodal net revenues decreased 33.8 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 11.5 percent in the quarter, while truckload transportation cost per mile decreased approximately 14.5 percent. Truckload volumes declined 2.5 percent in the quarter. LTL volumes grew 3.5 percent, and intermodal volumes declined 30.5 percent versus the prior year. Operating expenses increased 3.8 percent, due to increased SG&A expenses, partially offset by a decline in personnel expenses. NAST second quarter results include a contingent auto liability claim of $5 million. The prior year period also included a contingent auto liability claim of $4 million. Income from operations increased 8.8 percent to $204.7 million, and operating margin expanded 120 basis points to 42.1 percent. NAST average headcount was up 1.8 percent in the quarter. As a reminder, second quarter and year-to-date 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):


3


 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
 
2019
 
2018
 
% change
 
2019
 
2018
 
% change
Total revenues
 
$
592,483

 
$
617,597

 
(4.1
)%
 
$
1,130,050

 
$
1,171,351

 
(3.5
)%
Net revenues
 
141,936

 
144,031

 
(1.5
)%
 
269,172

 
267,068

 
0.8
 %
Income from operations
 
26,618

 
29,788

 
(10.6
)%
 
40,821

 
38,009

 
7.4
 %
 
 
 
 
 
 
 
 
 
 
 
 
 


Second quarter total revenues for the Global Forwarding segment decreased 4.1 percent to $592.5 million, primarily driven by lower pricing in ocean and air and a decline in air volume. Net revenues decreased 1.5 percent in the quarter to $141.9 million. The acquisition of The Space Cargo Group (“Space Cargo”) contributed 3 percentage points of net revenue growth in the quarter. Ocean net revenues decreased 1.6 percent driven by pricing declines. Net revenues in air decreased 12.2 percent, as a decline in shipments more than offset margin expansion. Customs net revenues increased 12.0 percent, primarily driven by improved mix, partially offset by a modest decline in transaction volume. Operating expenses increased 0.9 percent, driven by increased investments in technology. Second quarter average headcount increased 0.7 percent, with Space Cargo contributing 3.5 percentage points to the growth. Income from operations decreased 10.6 percent to $26.6 million, and operating margin declined 190 basis points to 18.8 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 June 30,
 
Six Months Ended June 30,
Net revenues
 
2019
 
2018
 
% change
 
2019
 
2018
 
% change
Robinson Fresh
 
$
31,236

 
$
32,644

 
(4.3
)%
 
$
59,894

 
$
62,881

 
(4.8
)%
Managed Services
 
20,099

 
20,074

 
0.1
 %
 
40,411

 
38,391

 
5.3
 %
Other Surface Transportation
 
15,527

 
15,028

 
3.3
 %
 
31,571

 
30,960

 
2.0
 %
 
 
 
 
 
 
 
 
 
 
 
 
 


Second quarter Robinson Fresh net revenues decreased 4.3 percent to $31.2 million, driven by strategic decisions to exit unprofitable business. Managed Services net revenues were approximately flat this quarter. Other Surface Transportation net revenues increased 3.3 percent to $15.5 million, with the acquisition of Dema Service contributing 4 percentage points of net revenue growth.



4


Other Income Statement Items
The second quarter effective tax rate was 23.4 percent, down from 25.6 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 $6.6 million, which primarily consists of interest expense. The second quarter also included a $2.8 million favorable impact from currency revaluation.
Diluted weighted average shares outstanding in the quarter were down 1.7 percent, as share repurchases were partially offset by activity in our equity compensation plans.


Cash Flow Generation and Capital Distribution
Cash from operations totaled $199.6 million, up 85.0 percent versus the prior year, primarily due to improved working capital performance and increased earnings versus the year-ago period.
In the second quarter, $179.8 million was returned to shareholders, with $69.3 million in cash dividends and $110.5 million in share repurchases. This represents an increase of 32.0 percent over the prior year.
Capital expenditures totaled $17.7 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 the soft freight environment to continue through the balance of 2019,” Biesterfeld stated. “Despite the current freight environment, our long-term goals remain unchanged. We remain focused on taking market share, automating core processes while delivering industry-leading quality service to our customers and carriers, and improving operating leverage in our businesses.”





5


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 Second Quarter 2019 Earnings Conference Call
Wednesday, July 31, 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

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.





6


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 June 30,
 
Six Months Ended June 30,
 
 
2019
 
2018
 
% change
 
2019
 
2018
 
% change
Total revenues
 
$
3,908,840

 
$
4,276,037

 
(8.6
)%
 
$
7,660,050

 
$
8,201,364

 
(6.6
)%
Net revenues:
 
 
 
 
 
 
 
 
 
 
 
 
  Transportation
 
 
 
 
 
 
 
 
 
 
 
 
     Truckload
 
$
371,351

 
$
341,442

 
8.8
 %
 
$
749,344

 
$
671,733

 
11.6
 %
     LTL
 
122,991

 
119,189

 
3.2
 %
 
239,220

 
231,333

 
3.4
 %
     Intermodal
 
6,298

 
9,181

 
(31.4
)%
 
12,374

 
15,513

 
(20.2
)%
     Ocean
 
85,472

 
87,035

 
(1.8
)%
 
157,005

 
155,879

 
0.7
 %
     Air
 
26,134

 
30,905

 
(15.4
)%
 
53,716

 
59,788

 
(10.2
)%
     Customs
 
23,306

 
20,794

 
12.1
 %
 
45,184

 
41,449

 
9.0
 %
     Other logistics services
 
30,062

 
31,397

 
(4.3
)%
 
60,447

 
60,286

 
0.3
 %
     Total transportation
 
665,614

 
639,943

 
4.0
 %
 
1,317,290

 
1,235,981

 
6.6
 %
  Sourcing
 
29,602

 
31,540

 
(6.1
)%
 
56,726

 
61,427

 
(7.7
)%
Total net revenues
 
695,216

 
671,483

 
3.5
 %
 
1,374,016

 
1,297,408

 
5.9
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
Operating expenses
 
467,681

 
452,475

 
3.4
 %
 
921,931

 
886,815

 
4.0
 %
Income from operations
 
227,535

 
219,008

 
3.9
 %
 
452,085

 
410,593

 
10.1
 %
Net income
 
$
169,180

 
$
159,163

 
6.3
 %
 
$
330,968

 
$
301,460

 
9.8
 %
Diluted EPS
 
$
1.22

 
$
1.13

 
8.0
 %
 
$
2.39

 
$
2.14

 
11.7
 %


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 June 30,
 
Six Months Ended June 30,
 
2019
 
2018
 
2019
 
2018
Revenues:
 
 
 
 
 
 
 
Transportation
$
3,638,612

 
$
3,953,139

 
$
7,143,544

 
$
7,590,779

Sourcing
270,228

 
322,898

 
516,506

 
610,585

Total revenues
3,908,840

 
4,276,037

 
7,660,050

 
8,201,364

Costs and expenses:
 
 
 
 
 
 
 
Purchased transportation and related services
2,972,998

 
3,313,196

 
5,826,254

 
6,354,798

Purchased products sourced for resale
240,626

 
291,358

 
459,780

 
549,158

Total costs and expenses
3,213,624

 
3,604,554

 
6,286,034

 
6,903,956

Net revenues
$
695,216

 
$
671,483

 
$
1,374,016

 
$
1,297,408



7



Condensed Consolidated Statements of Income
(unaudited, in thousands, except per share data)

 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
 
 
 
 
2019
 
2018
 
2019
 
2018
 
 
 
 
 
 
 
 
 
Revenues:
 
 
 
 
 
 
 
 
 Transportation
 
$
3,638,612

 
$
3,953,139

 
$
7,143,544

 
$
7,590,779

 Sourcing
 
270,228

 
322,898

 
516,506

 
610,585

   Total revenues
 
3,908,840

 
4,276,037

 
7,660,050

 
8,201,364

Costs and expenses:
 
 
 
 
 
 
 
 
 Purchased transportation and related services
 
2,972,998

 
3,313,196

 
5,826,254

 
6,354,798

 Purchased products sourced for resale
 
240,626

 
291,358

 
459,780

 
549,158

 Personnel expenses
 
338,886

 
340,630

 
678,984

 
668,927

 Other selling, general, and administrative expenses
 
128,795

 
111,845

 
242,947

 
217,888

   Total costs and expenses
 
3,681,305

 
4,057,029

 
7,207,965

 
7,790,771

Income from operations
 
227,535

 
219,008

 
452,085

 
410,593

Interest and other expense
 
(6,615
)
 
(5,128
)
 
(23,755
)
 
(15,828
)
Income before provision for income taxes
 
220,920

 
213,880

 
428,330

 
394,765

Provisions for income taxes
 
51,740

 
54,717

 
97,362

 
93,305

Net income
 
$
169,180

 
$
159,163

 
$
330,968

 
$
301,460

 
 
 
 
 
 
 
 
 
Net income per share (basic)
 
$
1.23

 
$
1.14

 
$
2.41

 
$
2.16

Net income per share (diluted)
 
$
1.22

 
$
1.13

 
$
2.39

 
$
2.14

 
 
 
 
 
 
 
 
 
Weighted average shares outstanding (basic)
 
137,185

 
139,464

 
137,518

 
139,745

Weighted average shares outstanding (diluted)
 
138,256

 
140,611

 
138,667

 
140,960



8


Business Segment Information
(unaudited, dollars in thousands)

 
 
NAST
 
Global Forwarding
 
All
Other and Corporate
 
Consolidated
Three Months Ended June 30, 2019
 
 
 
 
 
 
 
 
Total revenues
 
$
2,872,053

 
$
592,483

 
$
444,304

 
$
3,908,840

Net revenues
 
486,418

 
141,936

 
66,862

 
695,216

Income (loss) from operations
 
204,732

 
26,618

 
(3,815
)
 
227,535

Depreciation and amortization
 
6,131

 
9,315

 
9,636

 
25,082

Total assets (1)
 
2,685,477

 
1,014,235

 
984,397

 
4,684,109

Average headcount
 
7,533

 
4,770

 
3,409

 
15,712

 
 
 
 
 
 
 
 
 
 
 
NAST
 
Global Forwarding
 
All
Other and Corporate
 
Consolidated
Three Months Ended June 30, 2018 (2)
 
 
 
 
 
 
 
 
Total revenues
 
$
3,163,185

 
$
617,597

 
$
495,255

 
$
4,276,037

Net revenues
 
459,706

 
144,031

 
67,746

 
671,483

Income from operations
 
188,244

 
29,788

 
976

 
219,008

Depreciation and amortization
 
6,288

 
8,753

 
9,197

 
24,238

Total assets (1)
 
2,692,908

 
861,080

 
899,296

 
4,453,284

Average headcount
 
7,401

 
4,736

 
3,092

 
15,229


____________________________________________
(1) All cash and cash equivalents are included in All Other and Corporate.
(2) Amounts have been reclassified to reflect the segment reorganization announced in the first quarter of 2019.

9


Business Segment Information
(unaudited, dollars in thousands)

 
 
NAST
 
Global Forwarding
 
All
Other and Corporate
 
Consolidated
Six Months Ended June 30, 2019
 
 
 
 
 
 
 
 
Total revenues
 
$
5,668,837

 
$
1,130,050

 
$
861,163

 
$
7,660,050

Net revenues
 
972,968

 
269,172

 
131,876

 
1,374,016

Income from operations
 
416,015

 
40,821

 
(4,751
)
 
452,085

Depreciation and amortization
 
12,390

 
18,241

 
19,011

 
49,642

Total assets (1)
 
2,685,477

 
1,014,235

 
984,397

 
4,684,109

Average headcount
 
7,486

 
4,728

 
3,343

 
15,557

 
 
 
 
 
 
 
 
 
 
 
NAST
 
Global Forwarding
 
All
Other and Corporate
 
Consolidated
Six Months Ended June 30, 2018 (2)
 
 
 
 
 
 
 
 
Total revenues
 
$
6,071,604

 
$
1,171,351

 
$
958,409

 
$
8,201,364

Net revenues
 
898,108

 
267,068

 
132,232

 
1,297,408

Income from operations
 
367,881

 
38,009

 
4,703

 
410,593

Depreciation and amortization
 
12,619

 
17,662

 
18,198

 
48,479

Total assets (1)
 
2,692,908

 
861,080

 
899,296

 
4,453,284

Average headcount
 
7,368

 
4,743

 
3,066

 
15,177

____________________________________________
(1) All cash and cash equivalents are included in All Other and Corporate.
(2) Amounts have been reclassified to reflect the segment reorganization announced in the first quarter of 2019.





10


Condensed Consolidated Balance Sheets
(unaudited, in thousands)
 
June 30, 2019
 
December 31, 2018
Assets
 
 
 
   Current assets:
 
 
 
     Cash and cash equivalents
$
355,307

 
$
378,615

     Receivables, net of allowance for doubtful accounts
2,100,246

 
2,162,438

     Contract assets
179,015

 
159,635

Prepaid expenses and other
72,005

 
52,386

        Total current assets
2,706,573

 
2,753,074

 
 
 
 
  Property and equipment, net
222,390

 
228,301

Right-of-use lease assets
262,355

 
—

  Intangible and other assets
1,492,791

 
1,446,037

Total assets
$
4,684,109

 
$
4,427,412

 
 
 
 
Liabilities and stockholders’ investment
 
 
 
  Current liabilities:
 
 
 
     Accounts payable and outstanding checks
$
1,122,645

 
$
1,063,107

     Accrued expenses:
 
 
 
        Compensation
92,676

 
153,626

        Transportation expense

138,970

 
119,820

        Income taxes
25,309

 
28,360

        Other accrued liabilities
61,948

 
63,410

Current lease liabilities
54,792

 
—

Current portion of debt
—

 
5,000

        Total current liabilities
1,496,340

 
1,433,323

 
 
 
 
Long-term debt
1,253,849

 
1,341,352

Noncurrent lease liabilities
215,830

 
—

Noncurrent income taxes payable
22,063

 
21,463

Deferred tax liability
36,344

 
35,757

  Other long-term liabilities
372

 
430

Total liabilities
3,024,798

 
2,832,325

 
 
 
 
Total stockholders’ investment
1,659,311

 
1,595,087

Total liabilities and stockholders’ investment
$
4,684,109

 
$
4,427,412



11


Condensed Consolidated Statements of Cash Flow
(unaudited, in thousands, except operational data)
 
Six Months Ended June 30,
 
2019
 
2018
Operating activities:
 
 
 
  Net income
$
330,968

 
$
301,460

  Depreciation and amortization
49,642

 
48,479

  Provision for doubtful accounts
3,224

 
9,055

  Stock-based compensation
31,807

 
44,704

  Deferred income taxes
(5,322
)
 
(9,014
)
  Excess tax benefit on stock-based compensation
(5,353
)
 
(7,502
)
  Other operating activities
961

 
668

Changes in operating elements, net of acquisitions:
 
 
 
  Receivables
89,175

 
(214,620
)
  Contract assets
(19,380
)
 
(34,483
)
  Prepaid expenses and other
(16,404
)
 
5,326

  Accounts payable and outstanding checks
37,378

 
101,770

  Accrued compensation
(60,976
)
 
(7,381
)
  Accrued transportation expenses
19,149

 
45,420

  Accrued income taxes
(3,051
)
 
12,068

  Other accrued liabilities
4,166

 
9,277

  Other assets and liabilities
542

 
3,243

      Net cash provided by operating activities
456,526

 
308,470

 
 
 
 
Investing activities:
 
 
 
  Purchases of property and equipment
(16,774
)
 
(20,569
)
  Purchases and development of software
(14,790
)
 
(9,514
)
  Acquisitions, net of cash acquired
(58,379
)
 
(1,315
)
  Other investing activities
8

 
(1,546
)
       Net cash used for investing activities
(89,935
)
 
(32,944
)
 
 
 
 
Financing activities:
 
 
 
  Proceeds from stock issued for employee benefit plans
27,952

 
35,846

  Net repurchases of common stock
(186,302
)
 
(138,390
)
  Cash dividends
(139,010
)
 
(130,559
)
  Proceeds from long-term borrowings
473,000

 
591,012

  Payments on long-term borrowings
(561,000
)
 
—

  Proceeds from short-term borrowings
14,000

 
2,418,000

  Payments on short-term borrowings
(19,000
)
 
(3,067,000
)
      Net cash used for financing activities
(390,360
)
 
(291,091
)
Effect of exchange rates on cash
461

 
(7,750
)
 
 
 
 
      Net change in cash and cash equivalents
(23,308
)
 
(23,315
)
Cash and cash equivalents, beginning of period
378,615

 
333,890

Cash and cash equivalents, end of period
$
355,307

 
$
310,575

 
 
 
 
 
As of June 30,
Operational Data:
2019
 
2018
  Employees
15,910

 
15,357


Source: C.H. Robinson
CHRW-IR

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