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 EXCHANGE ACT OF 1934

Date of Report: January 26, 2021

(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

(Address of principal executive offices, including zip code)

Registrant's telephone number, including area code: 952-937-8500

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))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.10 par value	CHRW	Nasdaq Global Select Market

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 December 31, 2020 and its earnings conference call slides.

Item 9.01    Financial Statements and Exhibits.

(d)    Exhibits

Number	Description
99.1	Press Release dated January 26, 2021 of C.H. Robinson Worldwide, Inc.
99.2	Earnings conference call slides dated January 27, 2021
104	The cover page from the Current Report on Form 8-K formatted in Inline XBRL

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: January 26, 2021

EX-99.1

	C.H. Robinson 14701 Charlson Rd. Eden Prairie, MN 55347 www.chrobinson.com
	FOR INQUIRIES, CONTACT: Chuck Ives, Director of Investor Relations Email:chuck.ives@chrobinson.com

FOR IMMEDIATE RELEASE

C.H. Robinson Reports 2020 Fourth Quarter Results

MINNEAPOLIS, MN, January 26, 2021 - C.H. Robinson Worldwide, Inc. (“C.H. Robinson”) (Nasdaq: CHRW) today reported financial results for the quarter ended December 31, 2020.

Fourth Quarter Key Metrics:

•Total revenuesincreased 19.9 percent to $4.5 billion

•Gross profits increased 10.5 percent to $636.1 million

•Adjusted gross profits(1) increased 10.7 percent to $640.6 million

•Income from operations increased 51.2 percent to $206.8 million

•Adjusted operating margin(1) increased 870 basis points to 32.3 percent

•Diluted earnings per share (EPS) increased 47.9 percent to $1.08

•Cash flow from operations decreased 23.4 percent to $162.1 million

Full-Year Key Metrics:

•Total revenues increased 5.9 percent to $16.2 billion

•Gross profits decreased 7.0 percent to $2.4 billion

•Adjusted gross profits(1) decreased 6.7 percent to $2.4 billion

•Income from operations decreased 14.8 percent to $673.3 million

•Adjusted operating margin(1) decreased 260 basis points to 27.9 percent

•Diluted earnings per share (EPS) decreased 11.2 percent to $3.72

•Cash flow from operations decreased 40.2 percent to $499.2 million

(1)Adjusted gross profits and adjusted operating margin are Non-GAAP financial measures. The same factors described in this release that impacted the Non-GAAP measures also impacted the comparable GAAP measures. Refer to page 10 for further discussion and a GAAP to Non-GAAP reconciliation.

1

“Our fourth quarter was marked by solid performance across our broad service portfolio, continued progress on repricing our truckload business to reflect the changing market conditions, and further advancements in our technology and transformation efforts that are providing meaningful improvements,” said Bob Biesterfeld, Chief Executive Officer of C.H. Robinson. "Our enterprise portfolio that allows us to offer end-to-end solutions for our customers is unique to the logistics industry, and shippers continue to rely on Robinson's global supply chain expertise and our data and scale advantages to ensure critical goods are moved as quickly and as inexpensively as possible."

Fourth Quarter Results Summary

•Total revenues increased 19.9 percent to $4.5 billion, driven primarily by higher pricing and higher volume across most of our service lines.

•Gross profits increased 10.5 percent to $636.1 million. Adjusted gross profits increased 10.7 percent to $640.6 million, primarily driven by higher pricing and higher volume in our Global Forwarding business segment and contributions from the acquisition of Prime Distribution Services ("Prime").

•Operating expenses decreased 1.9 percent to $433.8 million, primarily due to cost savings initiatives. Personnel expenses increased 3.4 percent to $309.3 million, compared to the fourth quarter of 2019, which included a reduction in incentive compensation. Average headcount decreased 4.8 percent, despite headcount additions from Prime that added approximately 2.0 percentage points. Selling, general and administrative (“SG&A”) expenses of $124.5 million decreased 13.0 percent, primarily due to cost savings initiatives including lower travel expenses.

•Income from operations totaled $206.8 million, up 51.2 percent due to the increase in adjusted gross profits. Adjusted operating margin of 32.3 percent increased 870 basis points.

•Interest and other expenses totaled $12.0 million, consisting primarily of $12.3 million of interest expense, which decreased $0.1 million versus last year due to a lower average debt balance. The fourth quarter also included a $1.1 million favorable impact from foreign currency revaluation and realized foreign currency gains and losses.

•The effective tax rate in the quarter was 24.1 percent compared to 21.4 percent in the fourth quarter last year. The increase was primarily due to one-time items related to the tax provision in Mexico, which were favorable in the fourth quarter of 2019 and unfavorable in the fourth quarter of 2020.

•Net income totaled $147.8 million, up 49.1 percent from a year ago. Diluted EPS of $1.08 increased47.9 percent.

2

Full Year Results Summary

•Total revenues increased 5.9 percent to $16.2 billion, driven primarily by higher pricing in ocean and air services and contributions from the Prime acquisition.

•Gross profits decreased 7.0 percent to $2.4 billion. Adjusted gross profits decreased 6.7 percent to $2.4 billion, primarily driven by lower adjusted gross profit margins in truckload services, partially offset by contributions from the Prime acquisition and higher adjusted gross profits in air and ocean services.

•Operating expenses decreased 3.2 percent to $1.7 billion. Personnel expenses decreased 4.3 percent to $1.2 billion, driven primarily by cost savings initiatives, including a 2.8 percent decrease in average headcount, and a decline in benefits expenses and incentive compensation. SG&A expenses decreased 0.3 percent to $496.1 million, primarily due to significantly lower travel expenses, partially offset by the ongoing expenses from the Prime acquisition.

•Income from operations totaled $673.3 million, down 14.8 percent from last year due to a decline in adjusted gross profits. Adjusted operating margin of 27.9 percentdecreased 260 basis points.

•Interest and other expenses totaled $44.9 million, which primarily consists of $49.1 million of interest expense. The twelve-month period also included a $3.3 million favorable impact from foreign currency revaluation and realized foreign currency gains and losses.

•The effective tax rate for the full year was 19.4 percent compared to 22.3 percent in the year-ago period. The lower effective tax rate was due primarily to the tax benefit related to stock-based compensation, including delivery of a one-time deferred stock award that was granted to the company's prior Chief Executive Officer in 2000, and due to tax planning initiatives.

•Net income totaled $506.4 million, down 12.2 percent from a year ago. Diluted EPS of $3.72 decreased 11.2 percent.

3

North American Surface Transportation Results

Summarized financial results of our NAST segment are as follows (dollars in thousands):

	Three Months Ended December 31,						Twelve Months Ended December 31,
	2020		2019		% change		2020		2019		% change
Total revenues	$	3,089,674	$	2,788,547	10.8	%	$	11,312,553	$	11,283,692	0.3	%
Adjusted gross profits(1)	396,814		390,641		1.6	%	1,517,091		1,797,369		(15.6)	%
Income from operations	150,577		130,548		15.3	%	508,475		722,763		(29.6)	%

____________________________________________

(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.

Fourth quarter total revenues for C.H. Robinson's NAST segment totaled $3.1 billion, an increase of 10.8 percent over the prior year, primarily driven by higher truckload pricing and an increase in less than truckload ("LTL") shipments. NAST adjusted gross profits increased 1.6 percent in the quarter to $396.8 million, with the March 2020 acquisition of Prime contributing 4.0 percentage points of adjusted gross profit growth in the quarter. Adjusted gross profits in truckload decreased 2.1 percent and LTL adjusted gross profits increased 4.0 percent versus the year-ago period. Our average truckload linehaul rate per mile charged to our customers, which excludes fuel surcharges, increased approximately 29 percent in the quarter, while truckload linehaul cost per mile, excluding fuel surcharges, increased approximately 32.5 percent. Truckload volume declined 3.5 percent in the quarter, and LTL volumes grew 20.0 percent, representing an overall market share gain for NAST in the quarter when compared to a 4 percent increase in industry volumes, as measured by the Cass Freight Index. Operating expenses decreased 5.3 percent primarily due to cost savings initiatives. Income from operations increased 15.3 percent to $150.6 million, and adjusted operating margin expanded 450 basis points to 37.9 percent. NAST average headcount was down 8.4 percent in the quarter, with Prime contributing 4.0 percentage points of growth.

4

Global Forwarding Results

Summarized financial results of our Global Forwarding segment are as follows (dollars in thousands):

	Three Months Ended December 31,						Twelve Months Ended December 31,
	2020		2019		% change		2020		2019		% change
Total revenues	$	1,030,364	$	600,168	71.7	%	$	3,100,525	$	2,327,913	33.2	%
Adjusted gross profits(1)	180,057		128,989		39.6	%	628,988		533,976		17.8	%
Income from operations	58,480		15,030		289.1	%	175,513		80,527		118.0	%

____________________________________________

(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.

Fourth quarter total revenues for the Global Forwarding segment increased 71.7 percent to $1.0 billion, primarily driven by higher pricing in ocean across the industry driven by higher demand and higher pricing in air due to reduced air cargo capacity, increased charter flights and larger shipment sizes. Adjusted gross profits increased 39.6 percent in the quarter to $180.1 million. Ocean adjusted gross profits increased 53.1 percent, driven by higher pricing and a 12.0 percent increase in volumes. Adjusted gross profits in air increased 38.3 percent driven by higher pricing, partially offset by a 7.5 percent decline in shipments. Customs adjusted gross profits increased 4.5 percent, primarily driven by an 8.0 percent increase in transaction volume. Operating expenses increased 6.7 percent, primarily driven by increased incentive compensation in personnel expenses and partially offset by cost savings initiatives. Fourth quarter average headcount decreased 4.1 percent. Income from operations increased 289.1 percent to $58.5 million, and adjusted operating margin expanded 2,080 basis points to 32.5 percent in the quarter.

5

All Other and Corporate Results

Total revenues and adjusted gross profits for Robinson Fresh, Managed Services and Other Surface Transportation are summarized as follows (dollars in thousands):

	Three Months Ended December 31,						Twelve Months Ended December 31,
	2020		2019		% change		2020		2019		% change
Total revenues	$	429,414	$	404,611	6.1	%	$	1,794,028	$	1,697,903	5.7	%
Adjusted gross profits(1):
Robinson Fresh	$	23,591	$	22,907	3.0	%	$	105,700	$	109,183	(3.2)	%
Managed Services	24,738		21,380		15.7	%	94,828		83,365		13.8	%
Other Surface Transportation	15,378		14,946		2.9	%	65,650		62,417		5.2	%

____________________________________________

(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.

Fourth quarter Robinson Fresh adjusted gross profits increased 3.0 percent to $23.6 million, primarily due to volume growth and margin expansion in our retail vertical. Managed Services adjusted gross profits increased 15.7 percent in the quarter, primarily due to a 27.0 percent increase in volume. Other Surface Transportation adjusted gross profits increased 2.9 percent to $15.4 million. Europe truckload adjusted gross profit was up 1.7 percent in the quarter due to a 7.0 percent volume increase and strength of the Euro.

Other Income Statement Items

The fourth quarter effective tax rate was 24.1 percent, up from 21.4 percent last year. The increase in effective tax rate was due primarily to benefits from foreign tax credits recognized in the fourth quarter of 2019. We expect our 2021 full-year effective tax rate to be 20 to 22 percent.

Interest and other expenses totaled $12.0 million, consisting primarily of $12.3 million of interest expense, which decreased $0.1 million versus last year due to a lower average debt balance. The fourth quarter also included a $1.1 million favorable impact from foreign currency revaluation and realized foreign currency gains and losses.

Diluted weighted average shares outstanding in the quarter were up 0.4 percent due primarily to a higher share price that created a higher dilutive effect from stock options.

6

Cash Flow Generation and Capital Distribution

Cash from operations totaled $162.1 million in the fourth quarter, compared to $211.6 million in the fourth quarter of 2019. The $49.5 million decrease in cash flow was driven by a $112 million sequential increase in accounts receivable and contract assets that coincided with an increase in gross sales.

In the fourth quarter, $112.8 million was returned to shareholders, with $110.3 million in total repurchases of common stock, as the company resumed its opportunistic share repurchase program in the fourth quarter, and $2.5 million in cash dividends. The quarterly dividend that was declared in the fourth quarter was paid on January 4, 2021 rather than in December, which defers the tax obligation of our shareholders into 2021.

Capital expenditures totaled $13.7 million in the quarter and $54.0 million for 2020. Capital expenditures for 2021 are expected to be $55 million to $65 million, with the majority dedicated to technology.

Outlook

“Due to several factors, including shortages in the number of drivers and available carrier capacity, freight markets remain tight, and we anticipate this will continue for much of 2021. We're committed to creating better outcomes for our customers and carriers, by delivering industry leading technology that is built by and for supply chain experts and by leveraging our broad service portfolio and our unmatched combination of experience, scale and information advantage to meet their ever-changing needs,” Biesterfeld stated. "We're also firmly committed to the focus areas of our investors, including profitable market share growth, investing in technology to unlock growth and efficiency, being a responsible corporate citizen, and driving the transformation of C.H. Robinson, so that we can deliver industry-leading margins and enhance shareholder value."

7

About C.H. Robinson

C.H. Robinson solves logistics problems for companies across the globe and across industries, from the simple to the most complex. With $21 billion in freight under management and 19 million shipments annually, we are one of the world’s largest logistics platforms. Our global suite of services accelerates trade to seamlessly deliver the products and goods that drive the world’s economy. With the combination of our multimodal transportation management system and expertise, we use our information advantage to deliver smarter solutions for our 105,000 customers and 73,000 contract carriers. Our technology is built by and for supply chain experts to bring faster, more meaningful improvements to our customers’ businesses. As a responsible global citizen, we are also proud to contribute millions of dollars to support causes that matter to our company, our Foundation and our employees. For more information, visit us at www.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, 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; changes due to catastrophic events including pandemics such as COVID-19; 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 Fourth Quarter 2020 Earnings Conference Call

Wednesday, January 27, 2021; 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 chuck.ives@chrobinson.com.

8

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 have revenues from multiple service lines.

	Three Months Ended December 31,						Twelve Months Ended December 31,
	2020		2019		% change		2020		2019		% change
Adjusted gross profits(1):
Transportation
Truckload	$	277,509	$	281,544	(1.4)	%	$	1,071,873	$	1,348,878	(20.5)	%
LTL	117,864		113,605		3.7	%	457,290		477,348		(4.2)	%
Ocean	112,412		73,483		53.0	%	350,094		308,367		13.5	%
Air	35,723		25,940		37.7	%	151,443		106,777		41.8	%
Customs	23,977		22,925		4.6	%	87,095		91,828		(5.2)	%
Other logistics services	51,113		39,708		28.7	%	195,159		149,664		30.4	%
Total transportation	618,598		557,205		11.0	%	2,312,954		2,482,862		(6.8)	%
Sourcing	21,980		21,658		1.5	%	99,303		103,448		(4.0)	%
Total adjusted gross profits	640,578		578,863		10.7	%	2,412,257		2,586,310		(6.7)	%

____________________________________________

(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.

9

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 December 31,				Twelve Months Ended December 31,
	2020		2019		2020		2019
Revenues:
Transportation	$	4,311,852	$	3,570,405	$	15,147,562	$	14,322,295
Sourcing	237,600		222,921		1,059,544		987,213
Total revenues	4,549,452		3,793,326		16,207,106		15,309,508
Costs and expenses:
Purchased transportation and related services	3,693,254		3,013,200		12,834,608		11,839,433
Purchased products sourced for resale	215,620		201,263		960,241		883,765
Direct internally developed software amortization	4,510		3,366		16,634		11,492
Total direct expenses	3,913,384		3,217,829		13,811,483		12,734,690
Gross profit	$	636,068	$	575,497	$	2,395,623	$	2,574,818
Plus: Direct internally developed software amortization	4,510		3,366		16,634		11,492
Adjusted gross profit	$	640,578	$	578,863	$	2,412,257	$	2,586,310

Our adjusted operating margin is a non-GAAP financial measure calculated as operating income divided by adjusted gross profit. We believe adjusted operating margin is a useful measure of our profitability in comparison to our adjusted gross profit which we consider a primary performance metric as discussed above. The comparison of operating margin to adjusted operating margin is presented below:

	Three Months Ended December 31,						Twelve Months Ended December 31,
	2020			2019			2020			2019
Total Revenues	$	4,549,452		$	3,793,326		$	16,207,106		$	15,309,508
Operating income	206,802			136,806			673,268			789,976
Operating margin	4.5		%	3.6		%	4.2		%	5.2		%
Adjusted gross profit	$	640,578		$	578,863		$	2,412,257		$	2,586,310
Operating income	206,802			136,806			673,268			789,976
Adjusted operating margin	32.3		%	23.6		%	27.9		%	30.5		%

10

Condensed Consolidated Statements of Income

(unaudited, in thousands, except per share data)

	Three Months Ended December 31,				Twelve Months Ended December 31,
	2020		2019		2020		2019
Revenues:
Transportation	$	4,311,852	$	3,570,405	$	15,147,562	$	14,322,295
Sourcing	237,600		222,921		1,059,544		987,213
Total revenues	4,549,452		3,793,326		16,207,106		15,309,508
Costs and expenses:
Purchased transportation and related services	3,693,254		3,013,200		12,834,608		11,839,433
Purchased products sourced for resale	215,620		201,263		960,241		883,765
Personnel expenses	309,260		298,981		1,242,867		1,298,528
Other selling, general, and administrative expenses	124,516		143,076		496,122		497,806
Total costs and expenses	4,342,650		3,656,520		15,533,838		14,519,532
Income from operations	206,802		136,806		673,268		789,976
Interest and other expense	(12,033)		(10,784)		(44,937)		(47,719)
Income before provision for income taxes	194,769		126,022		628,331		742,257
Provision for income taxes	46,962		26,916		121,910		165,289
Net income	$	147,807	$	99,106	$	506,421	$	576,968
Net income per share (basic)	$	1.09	$	0.73	$	3.74	$	4.21
Net income per share (diluted)	$	1.08	$	0.73	$	3.72	$	4.19
Weighted average shares outstanding (basic)	135,970		135,997		135,532		136,955
Weighted average shares outstanding (diluted)	137,176		136,621		136,173		137,735

11

Business Segment Information

(unaudited, in thousands, except average headcount)

	NAST		Global Forwarding		All Other and Corporate		Consolidated
Three Months Ended December 31, 2020
Total revenues	$	3,089,674	$	1,030,364	$	429,414	$	4,549,452
Adjusted gross profits(1)	396,814		180,057		63,707		640,578
Income (loss) from operations	150,577		58,480		(2,255)		206,802
Depreciation and amortization	5,764		6,810		12,086		24,660
Total assets (2)	2,946,409		1,392,411		805,438		5,144,258
Average headcount	6,555		4,626		3,610		14,791
	NAST		Global Forwarding		All Other and Corporate		Consolidated
Three Months Ended December 31, 2019
Total revenues	$	2,788,547	$	600,168	$	404,611	$	3,793,326
Adjusted gross profits(1)	390,641		128,989		59,233		578,863
Income (loss) from operations	130,548		15,030		(8,772)		136,806
Depreciation and amortization	6,384		9,293		9,650		25,327
Total assets (2)	2,550,010		1,021,592		1,069,458		4,641,060
Average headcount	7,154		4,824		3,562		15,540

____________________________________________

(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.

12

Business Segment Information

(unaudited, in thousands, except average headcount)

	NAST		Global Forwarding		All Other and Corporate		Consolidated
Twelve Months Ended December 31, 2020
Total revenues	$	11,312,553	$	3,100,525	$	1,794,028	$	16,207,106
Adjusted gross profits(1)	1,517,091		628,988		266,178		2,412,257
Income (loss) from operations	508,475		175,513		(10,720)		673,268
Depreciation and amortization	25,314		34,550		41,863		101,727
Total assets (2)	2,946,409		1,392,411		805,438		5,144,258
Average headcount	6,811		4,708		3,600		15,119
	NAST		Global Forwarding		All Other and Corporate		Consolidated
Twelve Months Ended December 31, 2019
Total revenues	$	11,283,692	$	2,327,913	$	1,697,903	$	15,309,508
Adjusted gross profits(1)	1,797,369		533,976		254,965		2,586,310
Income (loss) from operations	722,763		80,527		(13,314)		789,976
Depreciation and amortization	24,508		36,720		39,221		100,449
Total assets (2)	2,550,010		1,021,592		1,069,458		4,641,060
Average headcount	7,354		4,766		3,431		15,551

____________________________________________

(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.

13

Condensed Consolidated Balance Sheets

(unaudited, in thousands)

	December 31, 2020		December 31, 2019
Assets
Current assets:
Cash and cash equivalents	$	243,796	$	447,858
Receivables, net of allowance for credit loss	2,449,577		1,974,381
Contract assets, net of allowance for credit loss	197,176		132,874
Prepaid expenses and other	51,152		85,005
Total current assets	2,941,701		2,640,118
Property and equipment, net	178,949		208,423
Right-of-use lease assets	319,785		310,860
Intangible and other assets	1,703,823		1,481,659
Total assets	$	5,144,258	$	4,641,060
Liabilities and stockholders’ investment
Current liabilities:
Accounts payable and outstanding checks	$	1,283,364	$	1,062,835
Accrued expenses:
Compensation	138,460		112,784
Transportation expense	153,574		101,194
Income taxes	43,700		12,354
Other accrued liabilities	154,460		62,706
Current lease liabilities	66,174		61,280
Current portion of debt	—		142,885
Total current liabilities	1,839,732		1,556,038
Long-term debt	1,093,301		1,092,448
Noncurrent lease liabilities	268,572		259,444
Noncurrent income taxes payable	26,015		22,354
Deferred tax liabilities	22,182		39,776
Other long-term liabilities	14,523		270
Total liabilities	3,264,325		2,970,330
Total stockholders’ investment	1,879,933		1,670,730
Total liabilities and stockholders’ investment	$	5,144,258	$	4,641,060

14

Condensed Consolidated Statements of Cash Flow

(unaudited, in thousands, except operational data)

	Twelve Months Ended December 31,
	2020		2019
Operating activities:
Net income	$	506,421	$	576,968
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	101,727		100,449
Provision for credit losses	17,281		5,853
Stock-based compensation	43,995		39,083
Deferred income taxes	(32,984)		(2,407)
Excess tax benefit on stock-based compensation	(17,581)		(8,492)
Other operating activities	15,096		(3,830)
Changes in operating elements, net of acquisitions:
Receivables	(452,145)		208,312
Contract assets	(65,454)		26,761
Prepaid expenses and other	27,237		(29,871)
Accounts payable and outstanding checks	180,272		(17,968)
Accrued compensation	22,547		(40,757)
Accrued transportation expenses	52,380		(18,626)
Accrued income taxes	51,916		(12,636)
Other accrued liabilities	26,503		8,937
Other assets and liabilities	21,980		3,643
Net cash provided by operating activities	499,191		835,419
Investing activities:
Purchases of property and equipment	(23,133)		(36,290)
Purchases and development of software	(30,876)		(34,175)
Acquisitions, net of cash acquired	(223,230)		(59,200)
Other investing activities	5,525		16,636
Net cash used for investing activities	(271,714)		(113,029)
Financing activities:
Proceeds from stock issued for employee benefit plans	107,657		63,092
Total repurchases of common stock	(195,368)		(324,559)
Cash dividends	(209,956)		(277,786)
Proceeds from long-term borrowings	—		1,298,000
Payments on long-term borrowings	—		(1,505,000)
Proceeds from short-term borrowings	1,436,600		185,000
Payments on short-term borrowings	(1,579,600)		(90,000)
Net cash used for financing activities	(440,667)		(651,253)
Effect of exchange rates on cash	9,128		(1,894)
Net change in cash and cash equivalents	(204,062)		69,243
Cash and cash equivalents, beginning of period	447,858		378,615
Cash and cash equivalents, end of period	$	243,796	$	447,858
	As of December 31,
Operational Data:	2020		2019
Employees	14,888		15,427

Source: C.H. Robinson

CHRW-IR

15

EX-99.2

1 Q4 2020 January 27, 2021 Earnings Presentation Bob Biesterfeld, CEO Mike Zechmeister, CFO Chuck Ives, Director of IR

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; 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; changes due to catastrophic events including pandemics such as COVID-19; and other risks and uncertainties detailed in our Annual and Quarterly Reports.

▪ 51% improvement in Operating Income ▪ 48% improvement in Dilutive EPS ▪ Global forwarding business sustaining its strong execution ▪ Repricing our contractual truckload business to reflect the changing market conditions ▪ Capturing more spot market opportunities ▪ Technology and transformation initiatives providing meaningful growth opportunities and efficiencies Q4 2020 Opening Remarks

Technology Advancements & Transformation Efforts Providing Meaningful Efficiencies

Strategies Creating Shareholder Value • Creating better outcomes for our customers and carriers • Utilizing our unmatched combination of experience, scale and information advantage • Leveraging our broad service portfolio • Focusing on profitable market share growth • Delivering industry leading technology to unlock growth and efficiency • Fostering sustainability and an inclusive culture that is supportive of our employees and the communities we serve

Results Q4 2020 ITEM MEDICAL/SURGICAL MASK NON-MEDICAL MASK Lorem ipsum dolor Lorem ipsum dolor Lorem ipsum dolor Lorem ipsum dolor Lorem ipsum dolor Lorem ipsum dolor Lorem ipsum dolor Lorem ipsum dolor Lorem ipsum dolor Lorem ipsum dolor Lorem ipsum dolor Lorem ipsum dolor Lorem ipsum dolor Lorem ipsum dolor Lorem ipsum dolor Lorem ipsum dolor Lorem ipsum dolor Lorem ipsum dolor Lorem ipsum dolor Lorem ipsum dolor Lorem ipsum dolor Lorem ipsum dolor Lorem ipsum dolor Lorem ipsum dolor Three Months Ended December 31 Twelve Months Ended December 31 $ in thousands, except per share amounts 2020 2019 % CHANGE 2020 2019 % CHANGE Total Revenues $4,549,452 $3,793,326 19.9 % $16,207,106 $15,309,508 5.9 % Total Adjusted Gross Profits(1) $640,578 $578,863 10.7 % $2,412,257 $2,586,310 (6.7) % Adjusted Gross Profit Margin % 14.1 % 15.3 % (120 bps) 14.9 % 16.9 % (200 bps) Personnel Expenses $309,260 $298,981 3.4 % $1,242,867 $1,298,528 (4.3) % Selling, General, and Admin $124,516 $143,076 (13.0) % $496,122 $497,806 (0.3) % Income from Operations $206,802 $136,806 51.2 % $673,268 $789,976 (14.8) % Adjusted Operating Margin % 32.3 % 23.6 % 870 bps 27.9 % 30.5 % (260 bps) Depreciation and Amortization $24,660 $25,327 (2.6) % $101,727 $100,449 1.3 % Net Income $147,807 $99,106 49.1 % $506,421 $576,968 (12.2) % Earnings Per Share (Diluted) $1.08 $0.73 47.9 % $3.72 $4.19 (11.2) % Average Headcount 14,791 15,540 (4.8) % 15,119 15,551 (2.8) % • Increase in adjusted gross profits driven primarily by higher pricing and higher volume in our ocean and air service lines and contributions from the acquisition of Prime Distribution Services • Decrease in operating expenses driven by cost reduction initiatives (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.

Q4 effective tax rate of 24.1% vs. 21.4% in Q4 2019 Increase was primarily due to one-time items related to the tax provision in Mexico Expect 2021 effective tax rate to be 20% - 22% Q4 2020 Other Income Statement Items $1.1 million favorable impact from currency revaluation, versus a $0.9 million unfavorable impact in Q4 2019 Interest expense declined $0.1 million versus Q4 2019 due to a lower average debt balance

Q4 2020 Cash Flow and Capital Distribution • $49.5 million decrease in cash flow driven by an increase in accounts receivable that coincided with an increase in total revenues • $13.7 million in capital expenditures • Expect 2021 capital expenditures to be $55-65 million Cash Flow from Operations Capital Distribution • $112.8 million returned to shareholders • Opportunistic share repurchase program resumed in Q4 • Dividends declared in Q4 were paid on January 4, 2021 Q4 2019 Q4 2020 Q4 2019 Q4 2020 $162.1M $211.6M (23.4%) $137.3M $112.8M (17.8%) Cash Dividends Share Repurchases

Q4 2020 Balance Sheet ITEM MEDICAL/SURGICAL MASK NON-MEDICAL MASK Lorem ipsum dolor Lorem ipsum dolor Lorem ipsum dolor Lorem ipsum dolor Lorem ipsum dolor Lorem ipsum dolor Lorem ipsum dolor Lorem ipsum dolor Lorem ipsum dolor Lorem ipsum dolor Lorem ipsum dolor Lorem ipsum dolor Lorem ipsum dolor Lorem ipsum dolor Lorem ipsum dolor Lorem ipsum dolor Lorem ipsum dolor Lorem ipsum dolor Lorem ipsum dolor Lorem ipsum dolor Lorem ipsum dolor Lorem ipsum dolor Lorem ipsum dolor Lorem ipsum dolor $ in thousands December 31, 2020 December 31, 2019 % CHANGE Accounts Receivable, Net(1) $2,646,753 $2,107,255 25.6% Accounts Payable(2) $1,436,938 $1,164,029 23.4% Net Operating Working Capital(3) $1,209,815 $943,226 28.3% • Increases in accounts receivable and accounts payable driven primarily by increases in gross sales and purchased transportation, respectively • Total debt balance $1.09 billion • $600 million senior unsecured notes maturing April 2028, 4.20% coupon • $500 million private placement debt, 4.28% average coupon • $175 million maturing in August 2023, $150 million maturing in August 2028 and $175 million maturing in August 2033 • 4.2% weighted average interest rate in the quarter (1) Accounts receivable amount includes contract assets, net of allowance for credit loss. (2) Accounts payable amount includes outstanding checks and accrued transportation expense. (3) Net operating working capital is defined as net accounts receivable less accounts payable.

• 55% / 45% truckload contractual to transactional volume mix compared to 70% / 30% in Q4 last year • Average routing guide depth of 1.8 in Managed Services business vs. 1.2 in Q4 last year Truckload Price and Cost Change(1)(2)(3) Y oY % C ha ng e in P ri ce a nd C os t 2013 2014 2015 2016 2017 2018 2019 2020 -20% -15% -10% -5% 0% 5% 10% 15% 20% 25% 30% 35% YoY Price Change YoY Cost Change Truckload Q4 Volume(2)(4) -3.5% Pricing(1)(2)(3) +29.0% Cost(1)(2)(3) +32.5% Adjusted Gross Profit Margin (1) Price and cost change represents YoY change for North America truckload shipments across all segments. (2) Growth rates are rounded to the nearest 0.5 percent. (3) Pricing and cost measures exclude fuel surcharges and costs. (4) Truckload volume growth represents YoY change for NAST truckload shipments.

Q4 2020 NAST Results by Service Line Truckload and Less Than Truckload ("LTL") ITEM MEDICAL/SURGICAL MASK NON-MEDICAL MASK Lorem ipsum dolor Lorem ipsum dolor Lorem ipsum dolor Lorem ipsum dolor Lorem ipsum dolor Lorem ipsum dolor Lorem ipsum dolor Lorem ipsum dolor Lorem ipsum dolor Lorem ipsum dolor Lorem ipsum dolor Lorem ipsum dolor Lorem ipsum dolor Lorem ipsum dolor Lorem ipsum dolor Lorem ipsum dolor Lorem ipsum dolor Lorem ipsum dolor Lorem ipsum dolor Lorem ipsum dolor Lorem ipsum dolor Lorem ipsum dolor Lorem ipsum dolor Lorem ipsum dolor Adjusted Gross Profits ($ in thousands) Three Months Ended December 31 2020 2019 % Change Truckload $258,577 $264,191 (2.1) % LTL $116,673 $112,213 4.0 % Other(1) $21,564 $14,237 51.5 % Total Adjusted Gross Profits $396,814 $390,641 1.6 % Adjusted Gross Profit Margin % 12.8 % 14.0 % (120 bps) • Adjusted gross profit margin compression in truckload due to rising cost environment • Added 4,100 new carriers in the quarter • Increase in other adjusted gross profit due primarily to Prime Distribution's value- added warehouse services • Prime Distribution adjusted gross profit impact to NAST(4): • LTL +5 ppts • Other +67 ppts • Total NAST +4 ppts Truckload LTL Pricing(2)(3) Cost(2)(3) Volume Adjusted Gross Profit per Transaction (1) Intermodal service line now included in Other. (2) Represents price and cost YoY change for North America shipments across all segments. (3) Pricing and cost measures exclude fuel surcharges and costs. (4) Growth rates are rounded to the nearest percent.

Q4 2020 NAST Operating Income • Increase in adjusted gross profits due to contributions from Prime Distribution acquisition • Operating expenses reduced by 5.3% • Average headcount decreased 8.4% • Prime Distribution acquisition contributed 4.0 percentage points of growth to NAST headcount(1) Operating Income Adjusted Operating Margin % Q4 2019 Q4 2020 450 bps 15.3% $130.5M $150.6M 33.4% 37.9% Q4 2019 Q4 2020 (1) Growth rates are rounded to the nearest 0.5 percent.

ITEM MEDICAL/SURGICAL MASK NON-MEDICAL MASK Lorem ipsum dolor Lorem ipsum dolor Lorem ipsum dolor Lorem ipsum dolor Lorem ipsum dolor Lorem ipsum dolor Lorem ipsum dolor Lorem ipsum dolor Lorem ipsum dolor Lorem ipsum dolor Lorem ipsum dolor Lorem ipsum dolor Lorem ipsum dolor Lorem ipsum dolor Lorem ipsum dolor Lorem ipsum dolor Lorem ipsum dolor Lorem ipsum dolor Lorem ipsum dolor Lorem ipsum dolor Lorem ipsum dolor Lorem ipsum dolor Lorem ipsum dolor Lorem ipsum dolor Q4 2020 Global Forwarding Results by Service Line Ocean, Air and Customs Adjusted Gross Profits ($ in thousands) Three Months Ended December 31 2020 2019 % Change Ocean $112,446 $73,445 53.1 % Air $33,802 $24,448 38.3 % Customs $23,977 $22,941 4.5 % Other $9,832 $8,155 20.6 % Total Adjusted Gross Profits $180,057 $128,989 39.6 % Adjusted Gross Profit Margin % 17.5 % 21.5 % (400 bps) • Ocean and air adjusted gross profit increased due to higher pricing and market share gains • Air market impacted by reduced air cargo capacity, increased charter flights and larger shipment sizes • Air shipments declined, but air tonnage increased • Customs adjusted gross profit increased due to higher volume Ocean Air Pricing Volume Adjusted Gross Profit per Transaction

Q4 2020 Global Forwarding Operating Income • Improved operating leverage from • 39.6% increase in adjusted gross profits ◦ Higher pricing in ocean and air, higher ocean volumes and higher air tonnage • 4.1% decrease in average headcount • 3.2% decrease in SG&A expenses Operating Income Adjusted Operating Margin % Q4 2019 Q4 2020 11.7% 32.5% 2,080 bps Q4 2019 Q4 2020 $15.0M $58.5M289.1%

Q4 2020 All Other and Corporate Results Robinson Fresh, Managed Services and Other Surface Transportation ITEM MEDICAL/SURGICAL MASK NON-MEDICAL MASK Lorem ipsum dolor Lorem ipsum dolor Lorem ipsum dolor Lorem ipsum dolor Lorem ipsum dolor Lorem ipsum dolor Lorem ipsum dolor Lorem ipsum dolor Lorem ipsum dolor Lorem ipsum dolor Lorem ipsum dolor Lorem ipsum dolor Lorem ipsum dolor Lorem ipsum dolor Lorem ipsum dolor Lorem ipsum dolor Lorem ipsum dolor Lorem ipsum dolor Lorem ipsum dolor Lorem ipsum dolor Lorem ipsum dolor Lorem ipsum dolor Lorem ipsum dolor Lorem ipsum dolor Adjusted Gross Profits ($ in thousands) Three Months Ended December 31 2020 2019 % Change Robinson Fresh $23,591 $22,907 3.0% Managed Services $24,738 $21,380 15.7% Other Surface Transportation $15,378 $14,946 2.9% Total $63,707 $59,233 7.6% Robinson Fresh • 3% increase in adjusted gross profit driven by volume growth and margin expansion in our retail vertical • Cost controls led to improved operating income and 370 bps improvement in adjusted operating margin Managed Services • 27% increase in volume and 650 bps improvement in adjusted operating margin • Continued strong growth from both new customers and existing customers Other Surface Transportation • 2% increase in Europe adjusted gross profit due to a 7% volume increase and strength of the Euro

16 Appendix

Q4 2020 Transportation Results(1) Three Months Ended December 31 Twelve Months Ended December 31 Transportation ($ in thousands) 2020 2019 % Change 2020 2019 % Change Total Revenues $4,311,852 $3,570,405 20.8% $15,147,562 $14,322,295 5.8% Total Adjusted Gross Profits(2) $618,598 $557,205 11.0% $2,312,954 $2,482,862 (6.8%) Adjusted Gross Profit Margin % 14.3% 15.6% (130 bps) 15.3% 17.3% (200 bps) Transportation Adjusted Gross Profit Margin % 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Q1 17.2% 16.9% 16.3% 15.3% 16.8% 19.7% 17.3% 16.4% 18.6% 15.3% Q2 16.2% 14.9% 15.4% 16.0% 17.5% 19.3% 16.2% 16.2% 18.3% 17.5% Q3 16.4% 15.6% 15.0% 16.2% 18.4% 17.6% 16.4% 16.6% 16.9% 14.4% Q4 16.3% 15.8% 15.1% 15.9% 19.0% 17.2% 16.6% 17.7% 15.6% 14.3% Total 16.5% 15.8% 15.4% 15.9% 17.9% 18.4% 16.6% 16.7% 17.3% 15.3% (1) Includes results across all segments. (2) 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.

Q4 2020 NAST Results Three Months Ended December 31 Twelve Months Ended December 31 $ in thousands 2020 2019 % Change 2020 2019 % Change Total Revenues $3,089,674 $2,788,547 10.8% $11,312,553 $11,283,692 0.3% Total Adjusted Gross Profits(1) $396,814 $390,641 1.6% $1,517,091 $1,797,369 (15.6%) Adjusted Gross Profit Margin % 12.8% 14.0% (120 bps) 13.4% 15.9% (250 bps) Income from Operations $150,577 $130,548 15.3% $508,475 $722,763 (29.6%) Adjusted Operating Margin % 37.9% 33.4% 450 bps 33.5% 40.2% (670 bps) Depreciation and Amortization $5,764 $6,384 (9.7%) $25,314 $24,508 3.3% Total Assets $2,946,409 $2,550,010 15.5% $2,946,409 $2,550,010 15.5% Average Headcount 6,555 7,154 (8.4%) 6,811 7,354 (7.4%) (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.

Q4 2020 Global Forwarding Results Three Months Ended December 31 Twelve Months Ended December 31 $ in thousands 2020 2019 % Change 2020 2019 % Change Total Revenues $1,030,364 $600,168 71.7% $3,100,525 $2,327,913 33.2% Total Adjusted Gross Profits(1) $180,057 $128,989 39.6% $628,988 $533,976 17.8% Adjusted Gross Profit Margin % 17.5% 21.5% (400 bps) 20.3% 22.9% (260 bps) Income from Operations $58,480 $15,030 289.1% $175,513 $80,527 118.0% Adjusted Operating Margin % 32.5% 11.7% 2,080 bps 27.9 % 15.1 % 1,280 bps Depreciation and Amortization $6,810 $9,293 (26.7%) $34,550 $36,720 (5.9%) Total Assets $1,392,411 $1,021,592 36.3% $1,392,411 $1,021,592 36.3% Average Headcount 4,626 4,824 (4.1%) 4,708 4,766 (1.2%) (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.

Q4 2020 All Other and Corporate Results Three Months Ended December 31 Twelve Months Ended December 31 $ in thousands 2020 2019 % Change 2020 2019 % Change Total Revenues $429,414 $404,611 6.1% $1,794,028 $1,697,903 5.7% Total Adjusted Gross Profits(1) $63,707 $59,233 7.6% $266,178 $254,965 4.4% Income from Operations ($2,255) ($8,772) NM ($10,720) ($13,314) NM Depreciation and Amortization $12,086 $9,650 25.2% $41,863 $39,221 6.7% Total Assets $805,438 $1,069,458 (24.7%) $805,438 $1,069,458 (24.7%) Average Headcount 3,610 3,562 1.3% 3,600 3,431 4.9% (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.

Non-GAAP Reconciliations Three Months Ended December 31 Twelve Months Ended December 31 2020 2019 2020 2019 Revenues: Transportation $ 4,311,852 $ 3,570,405 $ 15,147,562 $ 14,322,295 Sourcing 237,600 222,921 1,059,544 987,213 Total Revenues 4,549,452 3,793,326 16,207,106 15,309,508 Costs and expenses: Purchased transportation and related services 3,693,254 3,013,200 12,834,608 11,839,433 Purchased products sourced for resale 215,620 201,263 960,241 883,765 Direct internally developed software amortization 4,510 3,366 16,634 11,492 Total direct costs 3,913,384 3,217,829 13,811,483 12,734,690 Gross profit & Gross profit margin 636,068 14.0 % 575,497 15.2 % 2,395,623 14.8 % 2,574,818 16.8 % Plus: Direct internally developed software amortization 4,510 3,366 16,634 11,492 Adjusted gross profit / Adjusted gross profit margin $ 640,578 14.1 % $ 578,863 15.3 % $ 2,412,257 14.9 % $ 2,586,310 16.9 % Our adjusted gross profit and adjusted gross profit margin are non-GAAP financial measures. Adjusted gross profit is calculated as gross profit excluding amortization of internally developed software utilized to directly serve our customers and contracted carriers. Adjusted gross profit margin is calculated as adjusted gross profit divided by total revenues. We believe adjusted gross profit and adjusted gross profit margin are useful measures 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. The reconciliation of gross profit to adjusted gross profit and gross profit margin to adjusted gross profit margin are presented below (in thousands):

Non-GAAP Reconciliations Three Months Ended December 31 Twelve Months Ended December 31, 2020 2019 2020 2019 Total Revenues $ 4,549,452 $ 3,793,326 $ 16,207,106 $ 15,309,508 Operating income 206,802 136,806 673,268 789,976 Operating margin 4.5 % 3.6 % 4.2 % 5.2 % Adjusted gross profit $ 640,578 $ 578,863 $ 2,412,257 $ 2,586,310 Operating income 206,802 136,806 673,268 789,976 Adjusted operating margin 32.3 % 23.6 % 27.9 % 30.5 % Our adjusted operating margin is a non-GAAP financial measure calculated as operating income divided by adjusted gross profit. We believe adjusted operating margin is a useful measure of our profitability in comparison to our adjusted gross profit which we consider a primary performance metric as discussed above. The reconciliation of operating margin to adjusted operating margin is presented below:

23 Thank you

XML

Cover Page	Jan. 26, 2021	Oct. 27, 2020
Cover [Abstract]
Document Type	8-K
Document Period End Date	Jan. 26, 2021
Entity Registrant Name	C.H. ROBINSON WORLDWIDE, INC.
Entity Central Index Key		0001043277
Amendment Flag		false
Entity File Number	000-23189
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	41-1883630
Entity Address, Address Line One	14701 Charlson Road
Entity Address, City or Town	Eden Prairie
Entity Address, State or Province	MN
Entity Address, Postal Zip Code	55347
City Area Code	952
Local Phone Number	937-8500
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, $0.10 par value
Trading Symbol	CHRW
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	false