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: February 2, 2022

(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 1.01    Entry into a Material Definitive Agreement.

Amendment to Receivables Purchase Agreement

On February 1, 2022, C.H. Robinson Worldwide, Inc. (the “Company”) entered into an amendment (“Amendment”) to its existing Receivables Purchase Agreement dated as of November 19, 2021 among the Company, as initial master servicer and performance guarantor, C.H. Robinson Receivables, LLC, a wholly-owned subsidiary of the Company and bankruptcy-remote entity (“CHRR”), as seller, Bank of America, N.A. (“BoA”) and Wells Fargo Bank, National Association (“Wells Fargo”), as committed purchasers, BofA and Wells Fargo, as purchaser agents, and BofA, as administrative agent, which provides a receivables securitization facility (the “Facility”). The Amendment primarily increases the funding available to CHRR under the Facility from $300 million to $500 million pursuant to the provisions of the existing Facility that permit CHRR to request an increase in the total commitment of up to $500 million.

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 the Company's announcement regarding its financial results for the quarter ended December 31, 2021 and its earnings conference call slides.

Item 2.03    Creation of a Direct Financial Obligation or an Obligation Under an Off-Balance Sheet Arrangement of a Registrant.

The information in Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference.

Item 9.01    Financial Statements and Exhibits.

(d)    Exhibits

Number	Description
99.1	Press Release dated February 2, 2022 of C.H. Robinson Worldwide, Inc.
99.2	Earnings conference call slides dated February 2, 2022
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: February 2, 2022

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 2021 Fourth Quarter Results

Eden Prairie, MN, February 2, 2022 - C.H. Robinson Worldwide, Inc. (“C.H. Robinson”) (Nasdaq: CHRW) today reported financial results for the quarter ended December 31, 2021.

Fourth Quarter Key Metrics:

•Total revenuesincreased 42.9% to $6.5 billion

•Gross profits increased 33.7% to $850.7 million

•Adjusted gross profits(1) increased 33.7% to $856.3 million

•Income from operations increased 39.0% to $287.4 million

•Adjusted operating margin(1) increased 130 basis points to 33.6%

•Diluted earnings per share (EPS) increased 61.1% to $1.74

•Cash generated by operations decreased by $86.3 million to $75.9 million

Full-Year Key Metrics:

•Total revenues increased 42.5% to $23.1 billion

•Gross profits increased 30.7% to $3.1 billion

•Adjusted gross profits(1) increased 30.7% to $3.2 billion

•Income from operations increased 60.7% to $1.1 billion

•Adjusted operating margin(1) increased 640 basis points to 34.3 percent

•Diluted earnings per share (EPS) increased 69.6% to $6.31

•Cash flow from operations decreased 81.0% to $95.0 million

(1)Adjusted gross profits and adjusted operating margin are Non-GAAP financial measures. The same factors described in this release that impacted these Non-GAAP measures also impacted the comparable GAAP measures. Refer to page 11 for further discussion and a GAAP to Non-GAAP reconciliation.

1

"In the face of some of the greatest disruption and tightest capacity the logistics industry has ever seen, C.H Robinson demonstrated strength, resilience and commitment to our global customers in 2021," said Bob Biesterfeld, President and Chief Executive Officer of C.H. Robinson. As a result of strategic planning and investments, as well as outstanding operational performance, we delivered record financial results for the year and strong results for the fourth quarter. Our tech-plus strategy continued to be a key differentiator for our company, enabling us to help our customers and carriers navigate the unprecedented level of supply chain disruption, while maintaining the superior service that our global customers have come to expect from C.H. Robinson. Looking ahead, we will continue capitalizing on opportunities to integrate our advanced innovation and technology to deliver best-in-class, comprehensive solutions across our combination of modes, services and geographies. The positive momentum of our business remains strong as demand for our global suite of services and for our digital freight platform continues to grow. We believe our strategies and competitive advantages will enable us to create more value for customers and in turn, win more business and increase our market share, while delivering higher profitability and return on invested capital."

2

Summary of Fourth Quarter Results Compared to the Fourth Quarter of 2020

•Total revenues increased 42.9% to $6.5 billion, driven primarily by higher pricing and higher volume across most of our services.

•Gross profits increased 33.7% to $850.7 million. Adjusted gross profits increased 33.7% to $856.3 million, primarily driven by higher adjusted gross profit per transaction and higher volume across most of our services.

•Operating expenses increased 31.2% to $568.9 million. Personnel expenses increased 35.8% to $420.0 million, primarily due to higher incentive compensation costs and higher headcount, and also due to the benefit realized in the fourth quarter of 2020 from our short-term, pandemic-related cost reductions. Average headcount increased 11.9%. Selling, general and administrative ("SG&A") expenses of $148.9 million increased 19.6%, primarily due to higher purchased services and travel expenses, both of which were reduced in the fourth quarter of 2020 by short-term, pandemic-related cost reductions.

•Income from operations totaled $287.4 million, up 39.0% due to the increase in adjusted gross profits, partially offset by the increase in operating expenses. Adjusted operating margin of 33.6% increased 130 basis points.

•Interest and other expenses totaled $18.4 million, consisting primarily of $14.1 million of interest expense, which increased $1.8 million versus last year due to a higher average debt balance. The fourth quarter also included a $6.5 million unfavorable impact from foreign currency revaluation and realized foreign currency gains and losses.

•The effective tax rate in the quarter was 14.5% compared to 24.1% in the fourth quarter last year. The rate decrease was due primarily to a favorable mix of foreign earnings and an increased benefit related to U.S. tax credits and incentives.

•Net income totaled $230.1 million, up 55.7% from a year ago. Diluted EPS of $1.74 increased61.1%.

3

Summary of Full Year Results Compared to 2020

•Total revenues increased 42.5% to $23.1 billion, driven primarily by higher pricing and higher volume across most of our services.

•Gross profits increased 30.7% to $3.1 billion. Adjusted gross profits increased 30.7% to $3.2 billion, primarily driven by higher adjusted gross profit per transaction and higher volume across most of our services.

•Operating expenses increased 19.0% to $2.1 billion. Personnel expenses increased 24.2% to $1.5 billion, primarily due to higher incentive compensation costs and higher headcount, and also due to the benefit realized in 2020 from our short-term, pandemic-related cost reduction initiatives. SG&A expenses increased 6.1% to $526.4 million, primarily due to increases in purchased services and warehouse expenses, partially offset by decreases in amortization and bad debt expenses and by an $11.5 million loss on the sale-leaseback of a company-owned data center in 2020.

•Income from operations totaled $1.1 billion, up 60.7% from last year, primarily due to the increase in adjusted gross profits, partially offset by the increase in operating expenses. Adjusted operating margin of 34.3%increased 640 basis points.

•Interest and other expenses totaled $59.8 million, which primarily consists of $52.1 million of interest expense, which increased $3.0 million versus last year due to a higher average debt balance. The full year also included a $15.1 million unfavorable impact from foreign currency revaluation and realized foreign currency gains and losses. These expenses were partially offset by a $2.9 million local government subsidy in Asia for achieving specified performance criteria that was almost entirely offset by a reduction in foreign tax credits within the provision for income taxes.

•The effective tax rate for the full year was 17.4% compared to 19.4% in the year-ago period. The rate decrease was due primarily to a favorable mix of foreign earnings and an increased benefit related to U.S. tax credits and incentives.

•Net income totaled $844.2 million, up 66.7% from a year ago. Diluted EPS of $6.31 increased 69.6%.

4

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,
	2021		2020		% change		2021		2020		% change
Total revenues	$	3,896,025	$	3,089,674	26.1	%	$	14,507,917	$	11,312,553	28.2	%
Adjusted gross profits(1)	475,100		396,814		19.7	%	1,792,953		1,517,091		18.2	%
Income from operations	148,440		150,577		(1.4)	%	585,351		508,475		15.1	%

____________________________________________

(1) Adjusted gross profits is a non-GAAP financial measure explained later in this release. The difference between adjusted gross profits and gross profits is not material.

Fourth quarter total revenues for C.H. Robinson's NAST segment totaled $3.9 billion, an increase of 26.1% over the prior year, primarily driven by higher truckload and less-than truckload ("LTL") pricing and an increase in truckload shipments. NAST adjusted gross profits increased 19.7% in the quarter to $475.1 million. Adjusted gross profits in truckload increased 22.2% due to a 15.0% increase in adjusted gross profit per load and a 6.0% increase in shipments. Our average truckload linehaul rate per mile charged to our customers, which excludes fuel surcharges, increased approximately 18.5% in the quarter, while truckload linehaul cost per mile, excluding fuel surcharges, increased approximately 18.0%. LTL adjusted gross profits increased 18.3% versus the year-ago period, as adjusted gross profit per order increased 23.5% and LTL volumes declined 4.0%. NAST overall volume growth was flat for the quarter. The fourth quarter of 2021 had one less business day than the fourth quarter of 2020. Truckload volume per business day increased 7.5% in the quarter, and LTL volume per business day declined 2.5%, resulting in overall NAST volume growth per business day of 1.5%. Operating expenses increased 32.7% primarily due to higher incentive compensation and higher headcount, and also due to the benefit realized in 2020 from our short-term, pandemic-related cost reduction initiatives. Income from operations decreased 1.4% to $148.4 million, and adjusted operating margin declined 670 basis points to 31.2%. NAST average headcount was up 7.5% in the quarter.

5

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,
	2021		2020		% change		2021		2020		% change
Total revenues	$	2,144,056	$	1,030,364	108.1	%	$	6,729,790	$	3,100,525	117.1	%
Adjusted gross profits(1)	309,589		180,057		71.9	%	1,073,541		628,988		70.7	%
Income from operations	146,800		58,480		151.0	%	510,756		175,513		191.0	%

____________________________________________

(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 108.1% to $2.1 billion, primarily driven by higher pricing and higher volume in both our ocean and air services, reflecting the strong demand environment, market share gains, and strained capacity. Adjusted gross profits increased 71.9% in the quarter to $309.6 million. Ocean adjusted gross profits increased 86.5%, driven by a 78.0% increase in adjusted gross profit per shipment and a 5.0% increase in volumes. Adjusted gross profits in air increased 91.9% driven by a 37.5% increase in metric tons shipped and a 39.5% increase in adjusted gross profit per metric ton. Customs adjusted gross profits increased 5.7%, primarily driven by a 0.5% increase in transaction volume. Operating expenses increased 33.9%, primarily driven by increased salaries, incentive compensation and technology expenses. Fourth quarter average headcount increased 17.4%. Income from operations increased 151.0% to $146.8 million, and adjusted operating margin expanded 1,490 basis points to 47.4% in the quarter.

6

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,
	2021		2020		% change		2021		2020		% change
Total revenues	$	461,767	$	429,414	7.5	%	$	1,864,431	$	1,794,028	3.9	%
Adjusted gross profits(1):
Robinson Fresh	$	26,004	$	23,591	10.2	%	$	107,543	$	105,700	1.7	%
Managed Services	26,554		24,738		7.3	%	105,064		94,828		10.8	%
Other Surface Transportation	19,094		15,378		24.2	%	72,988		65,650		11.2	%

____________________________________________

(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 10.2% to $26.0 million, due to an 11.5% increase in case volume. Managed Services adjusted gross profits increased 7.3% in the quarter, primarily due to a 2.5% increase in volume. Other Surface Transportation adjusted gross profits increased 24.2% to $19.1 million, primarily due to a 25.4% increase in Europe truckload adjusted gross profits, with the acquisition of Combinex Holding B.V. contributing 10.3 percentage points of growth to truckload adjusted gross profits.

Other Income Statement Items

The fourth quarter effective tax rate was 14.5%, down from 24.1% last year, and lower than our expectations, primarily due to a favorable mix of foreign earnings and an increased benefit from U.S. tax credits and incentives. We expect our 2022 full-year effective tax rate to be 19 to 21 percent.

Interest and other expenses totaled $18.4 million, consisting primarily of $14.1 million of interest expense, which increased $1.8 million versus last year due to a higher average debt balance. The fourth quarter also included a $6.5 million unfavorable impact from foreign currency revaluation and realized foreign currency gains and losses.

Diluted weighted average shares outstanding in the quarter were down 3.3% due primarily to share repurchases over the past twelve months.

7

Cash Flow Generation and Capital Distribution

Cash from operations totaled $75.9 million in the fourth quarter, compared to $162.1 million of cash from operations in the fourth quarter of 2020. The $86.3 million decrease in cash flow was primarily due to a $199.9 million sequential increase in net operating working capital in the fourth quarter of 2021, compared to a $92.0 million sequential increase in the fourth quarter of 2020. The increase in net operating working capital in the fourth quarter of 2021 resulted primarily from a $278.6 million sequential increase in accounts receivable and contract assets, compared to a $78.7 million sequential increase in total accounts payable.

In the fourth quarter of 2021, $222.8 million of cash was returned to shareholders, with $154.4 million in total repurchases of common stock and $68.4 million in cash dividends.

Capital expenditures totaled $18.4 million in the quarter. Capital expenditures for 2022 are expected to be $90 million to $100 million, primarily driven by technology investments in our digital platform.

Subsequent to the end of the fourth quarter of 2021, the borrowing capacity on our accounts receivable securitization facility was expanded by an additional $200 million, bringing its total borrowing capacity to $500 million.

8

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 $28 billion in freight under management and 20 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 100,000 customers and 85,000 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 2021 Earnings Conference Call

Wednesday, February 2, 2022; 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

9

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,
	2021		2020		% change		2021		2020		% change
Adjusted gross profits(1):
Transportation
Truckload	$	339,512	$	277,509	22.3	%	$	1,280,629	$	1,071,873	19.5	%
LTL	139,462		117,864		18.3	%	523,365		457,290		14.4	%
Ocean	209,801		112,412		86.6	%	711,223		350,094		103.2	%
Air	65,783		35,723		84.1	%	225,286		151,443		48.8	%
Customs	25,338		23,977		5.7	%	100,539		87,095		15.4	%
Other logistics services	52,508		51,113		2.7	%	210,958		195,159		8.1	%
Total transportation	832,404		618,598		34.6	%	3,052,000		2,312,954		32.0	%
Sourcing	23,937		21,980		8.9	%	100,089		99,303		0.8	%
Total adjusted gross profits	$	856,341	$	640,578	33.7	%	$	3,152,089	$	2,412,257	30.7	%

____________________________________________

(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.

10

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,
	2021		2020		% change		2021		2020		% change
Revenues:
Transportation	$	6,245,998	$	4,311,852	44.9	%	$	22,046,574	$	15,147,562	45.5	%
Sourcing	255,850		237,600		7.7	%	1,055,564		1,059,544		(0.4)	%
Total revenues	6,501,848		4,549,452		42.9	%	23,102,138		16,207,106		42.5	%
Costs and expenses:
Purchased transportation and related services	5,413,594		3,693,254		46.6	%	18,994,574		12,834,608		48.0	%
Purchased products sourced for resale	231,913		215,620		7.6	%	955,475		960,241		(0.5)	%
Direct internally developed software amortization	5,607		4,510		24.3	%	20,208		16,634		21.5	%
Total direct expenses	5,651,114		3,913,384		44.4	%	19,970,257		13,811,483		44.6	%
Gross profit	$	850,734	$	636,068	33.7	%	$	3,131,881	$	2,395,623	30.7	%
Plus: Direct internally developed software amortization	5,607		4,510		24.3	%	20,208		16,634		21.5	%
Adjusted gross profit	$	856,341	$	640,578	33.7	%	$	3,152,089	$	2,412,257	30.7	%

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,
	2021			2020			% change		2021			2020			% change
Total revenues	$	6,501,848		$	4,549,452		42.9	%	$	23,102,138		$	16,207,106		42.5	%
Operating income	287,406			206,802			39.0	%	1,082,108			673,268			60.7	%
Operating margin	4.4		%	4.5		%	(10) bps		4.7		%	4.2		%	50 bps
Adjusted gross profit	$	856,341		$	640,578		33.7	%	$	3,152,089		$	2,412,257		30.7	%
Operating income	287,406			206,802			39.0	%	1,082,108			673,268			60.7	%
Adjusted operating margin	33.6		%	32.3		%	130 bps		34.3		%	27.9		%	640 bps

11

Condensed Consolidated Statements of Income

(unaudited, in thousands, except per share data)

	Three Months Ended December 31,						Twelve Months Ended December 31,
	2021		2020		% change		2021		2020		% change
Revenues:
Transportation	$	6,245,998	$	4,311,852	44.9	%	$	22,046,574	$	15,147,562	45.5	%
Sourcing	255,850		237,600		7.7	%	1,055,564		1,059,544		(0.4)	%
Total revenues	6,501,848		4,549,452		42.9	%	23,102,138		16,207,106		42.5	%
Costs and expenses:
Purchased transportation and related services	5,413,594		3,693,254		46.6	%	18,994,574		12,834,608		48.0	%
Purchased products sourced for resale	231,913		215,620		7.6	%	955,475		960,241		(0.5)	%
Personnel expenses	419,994		309,260		35.8	%	1,543,610		1,242,867		24.2	%
Other selling, general, and administrative expenses	148,941		124,516		19.6	%	526,371		496,122		6.1	%
Total costs and expenses	6,214,442		4,342,650		43.1	%	22,020,030		15,533,838		41.8	%
Income from operations	287,406		206,802		39.0	%	1,082,108		673,268		60.7	%
Interest and other expense	(18,398)		(12,033)		52.9	%	(59,817)		(44,937)		33.1	%
Income before provision for income taxes	269,008		194,769		38.1	%	1,022,291		628,331		62.7	%
Provision for income taxes	38,910		46,962		(17.1)	%	178,046		121,910		46.0	%
Net income	$	230,098	$	147,807	55.7	%	$	844,245	$	506,421	66.7	%
Net income per share (basic)	$	1.77	$	1.09	62.4	%	$	6.37	$	3.74	70.3	%
Net income per share (diluted)	$	1.74	$	1.08	61.1	%	$	6.31	$	3.72	69.6	%
Weighted average shares outstanding (basic)	130,348		135,970		(4.1)	%	132,482		135,532		(2.3)	%
Weighted average shares outstanding (diluted)	132,617		137,176		(3.3)	%	133,834		136,173		(1.7)	%

12

Business Segment Information

(unaudited, in thousands, except average headcount)

	NAST		Global Forwarding		All Other and Corporate		Consolidated
Three Months Ended December 31, 2021
Total revenues	$	3,896,025	$	2,144,056	$	461,767	$	6,501,848
Adjusted gross profits(1)	475,100		309,589		71,652		856,341
Income (loss) from operations	148,440		146,800		(7,834)		287,406
Depreciation and amortization	6,464		5,471		10,703		22,638
Total assets (2)	3,349,578		2,843,239		835,295		7,028,112
Average headcount	7,044		5,430		4,080		16,554
	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

____________________________________________

(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

Business Segment Information

(unaudited, in thousands, except average headcount)

	NAST		Global Forwarding		All Other and Corporate		Consolidated
Twelve Months Ended December 31, 2021
Total revenues	$	14,507,917	$	6,729,790	$	1,864,431	$	23,102,138
Adjusted gross profits(1)	1,792,953		1,073,541		285,595		3,152,089
Income (loss) from operations	585,351		510,756		(13,999)		1,082,108
Depreciation and amortization	26,243		22,823		42,193		91,259
Total assets (2)	3,349,578		2,843,239		835,295		7,028,112
Average headcount	6,764		5,071		3,926		15,761
	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

____________________________________________

(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.

14

Condensed Consolidated Balance Sheets

(unaudited, in thousands)

	December 31, 2021		December 31, 2020
Assets
Current assets:
Cash and cash equivalents	$	257,413	$	243,796
Receivables, net of allowance for credit loss	3,963,487		2,449,577
Contract assets, net of allowance for credit loss	453,660		197,176
Prepaid expenses and other	129,593		51,152
Total current assets	4,804,153		2,941,701
Property and equipment, net of accumulated depreciation and amortization	139,831		178,949
Right-of-use lease assets	292,559		319,785
Intangible and other assets, net of accumulated amortization	1,791,569		1,703,823
Total assets	$	7,028,112	$	5,144,258
Liabilities and stockholders’ investment
Current liabilities:
Accounts payable and outstanding checks	$	1,919,301	$	1,283,364
Accrued expenses:
Compensation	201,421		138,460
Transportation expense	342,778		153,574
Income taxes	100,265		43,700
Other accrued liabilities	171,266		154,460
Current lease liabilities	66,311		66,174
Current portion of debt	525,000		—
Total current liabilities	3,326,342		1,839,732
Long-term debt	1,393,649		1,093,301
Noncurrent lease liabilities	241,369		268,572
Noncurrent income taxes payable	28,390		26,015
Deferred tax liabilities	16,113		22,182
Other long-term liabilities	315		14,523
Total liabilities	5,006,178		3,264,325
Total stockholders’ investment	2,021,934		1,879,933
Total liabilities and stockholders’ investment	$	7,028,112	$	5,144,258

15

Condensed Consolidated Statements of Cash Flow

(unaudited, in thousands, except operational data)

	Twelve Months Ended December 31,
	2021		2020
Operating activities:
Net income	$	844,245	$	506,421
Adjustments to reconcile net income to net cash provided by (used for) operating activities:
Depreciation and amortization	91,259		101,727
Provision for credit losses	10,649		17,281
Stock-based compensation	129,977		43,995
Deferred income taxes	(110,188)		(32,984)
Excess tax benefit on stock-based compensation	(13,101)		(17,581)
Other operating activities	1,915		15,096
Changes in operating elements, net of acquisitions:
Receivables	(1,547,545)		(452,145)
Contract assets	(257,728)		(65,454)
Prepaid expenses and other	(43,819)		27,237
Accounts payable and outstanding checks	660,028		180,272
Accrued compensation	63,912		22,547
Accrued transportation expenses	189,204		52,380
Accrued income taxes	72,665		51,916
Other accrued liabilities	1,607		26,503
Other assets and liabilities	1,875		21,980
Net cash provided by operating activities	94,955		499,191
Investing activities:
Purchases of property and equipment	(34,197)		(23,133)
Purchases and development of software	(36,725)		(30,876)
Acquisitions, net of cash acquired	(14,750)		(223,230)
Other investing activities	—		5,525
Net cash used for investing activities	(85,672)		(271,714)
Financing activities:
Proceeds from stock issued for employee benefit plans	70,669		107,657
Total repurchases of common stock	(608,476)		(195,368)
Cash dividends	(277,321)		(209,956)
Proceeds from long-term borrowings	300,000		—
Payments on long-term borrowings	(2,048)		—
Proceeds from short-term borrowings	3,728,000		1,436,600
Payments on short-term borrowings	(3,203,251)		(1,579,600)
Net cash provided by (used for) financing activities	7,573		(440,667)
Effect of exchange rates on cash	(3,239)		9,128
Net change in cash and cash equivalents	13,617		(204,062)
Cash and cash equivalents, beginning of period	243,796		447,858
Cash and cash equivalents, end of period	$	257,413	$	243,796
	As of December 31,
Operational Data:	2021		2020
Employees	16,877		14,888

Source: C.H. Robinson

CHRW-IR

16

EX-99.2

1 Q4 2021 February 2, 2022 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. 2©2022 C.H. Robinson Worldwide, Inc. All Rights Reserved.

Q4 Highlights: Balanced Growth Continues 3 ▪ 6% year-over-year Truckload volume growth ▪ Year-over-year AGP increases were driven by both higher AGP per shipment and higher volume in ocean, truckload and air ▪ Truckload AGP per mile continued to improve, marking the 5th consecutive quarter of flat to increasing AGP per mile ▪ Global Forwarding continues to execute well and provide creative solutions in an environment in which demand still exceeds capacity $6.5B Total Revenues +43% Y/Y $856.3M Adj. Gross Profit +34% Y/Y $287.4M Income from Ops. +39% Y/Y $1.74 Diluted Earnings/Share +61% Y/Y Q4 2021

FY’21 Highlights: Record Year, Momentum Remains Strong 4 ▪ Delivered record annual financial results ▪ Responsiveness of team and superior customer service enabled us to maintain customer loyalty ▪ Effectively helped our customers and carriers navigate the unprecedented level of supply chain disruption ▪ Increased demand for global suite of services – over half of total revenues and approximately half of transportation adjusted gross profits came from customers to whom we provide both surface transportation AND global forwarding services $23.1B Total Revenues +43% Y/Y $3.2B Adj. Gross Profit +31% Y/Y $1.1B Income from Ops. +61% Y/Y $6.31 Diluted Earnings/Share +70% Y/Y FY 2021

All Other & Corporate ▪ Robinson Fresh case volume up 11.5% in Q4 ▪ Managed Services 2021 FUM** up 33% ▪ Europe Surface Transportation continues to grow truckload AGP Global Forwarding (GF) ▪ Seven consecutive quarters of year-over-year growth in total revenues, AGP and operating income ▪ Continuing to add new commercial relationships with strategic, multi- national customers ▪ Continuing to make investments in technology, data and analytics & our global network North American Surface Transportation (NAST) ▪ Load-to-truck ratios still at historic highs, driven by structural constraints, strong import demand, port congestion, and COVID and winter storms impacts ▪ Digital investments continue to deliver customer value and unlock growth ▪ Volume delivered through real-time, dynamic pricing tools up 153% ▪ Adjusted gross profit (AGP) per load continued to improve in both TL and LTL ▪ Repriced more of our contractual portfolio, and focused on profitable market share growth Segment Highlights: Diversified, Global Suite of Services 5 34% 9% 57% FY 2021 Adjusted Gross Profit* +18.2% Y/Y +7.3% Y/Y +70.7% Y/Y • 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. ** FUM = Freight under Management Over half of 2021 total revenues and approximately half of 2021 transportation adjusted gross profits came from customers to whom we provide both surface transportation and global forwarding services.

NAST Q4’21 Results by Service 6 ▪ Truckload volume up 6.0% (2) ▪ Truckload AGP per load increased 15.0% due to a higher AGP per load on both contractual and transactional volume (2) ▪ Continued to reprice contractual portfolio with focus on profitable market share ▪ LTL volume down 4.0% and AGP per order increased 23.5% (2) ▪ 365,000 fully automated truckload bookings in Q4 and over 1,200,000 million for the full year ▪ Added 10,100 new carriers in the quarter Fourth Quarter Highlights 4Q21 4Q20 %▲ Truckload (“TL”) $316.0 $258.6 22.2 % Less than Truckload (“LTL”) $138.1 $116.7 18.3 % Other $21.1 $21.6 (2.3)% Total Adjusted Gross Profits $475.1 $396.8 19.7 % Adjusted Gross Profit Margin % 12.2 % 12.8 % (60 bps) Adjusted Gross Profit (1) ($ in millions) 1. 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. 2. Growth rates are rounded to the nearest 0.5 percent.

Truckload Price and Cost Change (1)(2)(3) 7 Truckload Q4 Volume(2)(4) +6.0% Pricing(1)(2)(3) +18.5% Cost(1)(2)(3) +18.0% Adjusted Gross Profit(4) +22.2% (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. -20% -10% 0% 10% 20% 30% 40% 50% YoY Price Change YoY Cost Change ▪ 55% / 45% truckload contractual to transactional volume mix, consistent with Q4 last year ▪ Average routing guide depth of 1.7 in Managed Services business vs. 1.8 in Q4 last year (3) Pricing and cost measures exclude fuel surcharges and costs. (4) Truckload volume and adjusted gross profit growth represents YoY change for NAST truckload.

Technology & Transformation Efforts Enhancing Efficiencies 8 (1) 2020 metrics based on average full-time equivalents rather than average headcount, due to the impact of furloughed employees in 2020. Average full-time equivalents excludes furloughed employees and accounts for employees with reduced work hours Beginning of Increased Tech Investment The decline over the past two quarters was driven by active hiring and expansion of our workforce to accommodate future demand and an extended cycle and in order to drive growth while new employees ramp up to expected productivity

Global Forwarding Q4’21 Results by Service 9 Fourth Quarter Highlights 4Q21 4Q20 %▲ Ocean $209.7 $112.4 86.5% Air $64.9 $33.8 91.9% Customs $25.3 $24.0 5.7% Other $9.7 $9.8 (1.5%) Total Adjusted Gross Profits $309.6 $180.1 71.9 % Adjusted Gross Profit Margin % 14.4% 17.5% (310 bps) Adjusted Gross Profit (1) ($ in millions) ▪ Ocean AGP increased due to a 78.0% increase in AGP per shipment and a 5.0% increase in shipments (2) ▪ Ocean market impacted by strong demand and capacity shortages ▪ Air AGP increased due to a 37.5% increase in metric tons shipped and a 39.5% increase in AGP per metric ton shipped (2) ▪ Air market impacted by strong demand, and air cargo capacity continues to be strained ▪ Customs AGP increased due to a 5.0% increase in AGP per transaction (2) 1. 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. 2. Growth rates are rounded to the nearest 0.5 percent. Fourth uarter ighlights

Fourth Quarter Highlights All Other & Corporate Q4’21 Results 10 Robinson Fresh ▪ 11.5% increase in case volume (2) Managed Services ▪ 2.5% increase in transaction volume (2) ▪ Total freight under management up 23.5% to $1.7B in Q4 (2) Other Surface Transportation ▪ 25.4% increase in Europe truckload AGP, with the acquisition of Combinex Holding B.V. contributing 10.3 percentage points of growth 4Q21 4Q20 %▲ Robinson Fresh $26.0 $23.6 10.2 % Managed Services $26.6 $24.7 7.3% Other Surface Transportation $19.1 $15.4 24.2 % Total $71.7 $63.7 12.5 % Adjusted Gross Profit (1) ($ in millions) 1. 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. 2. Growth rates are rounded to the nearest 0.5 percent.

Tech-Plus Strategy: Unlocking Growth Across Suite of Services ▪ Diversified, global suite of services ▪ Technology built by and for supply chain experts ▪ Proven, tailored, market-leading solutions that drive better outcomes ▪ Delivering smarter solutions, through our data, scale and experience ▪ Providing clear information advantage that help our carriers and clients win/succeed ▪ The “Plus” is delivered through people you can rely on as an extension of your team 11 Best-in-class solutions delivered through a global network of experts that you can rely on

Tech-Plus Strategy: Delivering Comprehensive Solutions 12 ✓ 153% year-over-year increase in volume driven through our real-time, dynamic pricing tools in 2021; $875 million of revenue through this digital channel, up 193% over 2020 ✓ 15%+ year-over-year growth in daily average users of our customer and carrier-facing products in 2021 ✓ Over 1.2 million fully automated bookings in NAST truckload business, an increase of 65% compared to 2020 ✓ Delivered a 620-basis point favorable spread in 2021 NAST productivity index

Q4'19 Q4'20 Q4'21 $137 $207 $287 Income from Operations ($M) Financial Performance: Record Q4 Revenue/AGP Results 13 Q4'19 Q4'20 Q4'21 $579 $641 $856 Adjusted Gross Profit ($M) Q4'19 Q4'20 Q4'21 $3.8 $4.5 $6.5 Total Revenues ($B) Q4'19 Q4'20 Q4'21 $0.73 $1.08 $1.74 Earnings Per Share ▪ Decrease in cash flow driven primarily by an increase in operating working capital, partially offset by improvement in net income ▪ When the cost of purchased transportation, and subsequently prices, come down from their current all-time highs, we expect a commensurate benefit to operating cash flow Cash Flow from Operations ($M)

Capital Allocation Priorities: Balanced and Opportunistic 14 ▪ Prioritize high-return, close-in investments to drive organic growth ▪ Opportunistically use M&A to drive total shareholder return by advancing tools, services and global skillset ▪ Maintain $600M-750M of liquid assets (cash & equivalents) ▪ Stagger debt maturities to reduce refinancing risk ▪ Grow dividends in alignment with long-term EBITDA ▪ Opportunistic approach to share buybacks ▪ 21.6M of share repurchase authorization remaining ▪ Minimize WACC by maintaining investment grade credit ratings ▪ Efficiently repatriate cash, resulting in holding only the cash needed to fund operations Optimize Balance SheetSustain & Drive Growth Min Risk, Max Cash Usage Return Capital Q4'20 Q4'21 2020 2021 $110 $154 $195 $608 $3 $68 $210 $277 Capital Distribution ($M) Share Repurchases Cash Dividends ▪ $886 million of cash returned to shareholders in 2021, up 119% ▪ Board authorized additional 20 million share repurchase authorization in December 2021 ▪ Board declared a 7.8% increase in regular quarterly dividend, from $0.51 per share to $0.55 per share, effective in with dividend paid in January 2022

Sustainable Growth Strategy 15 Take Share Grow Globally Digital Commitment Optimize Processes Spend Strategically Leverage position as world’s most powerful supply chain platform to sustainably outpace industry growth • Expand Global Forwarding (“GF”) business as provider of choice for multinational customers • Leverage scale to exploit secularly growing market and unique global footprint • Grow capabilities and presence in key trade lanes and geographies • Provide customers & carriers the digital products they value • Leverage data, scale and information advantage • Bring meaningful products, features and insights to both sides of the two-sided marketplace • Digitize more internal tools and processes • Free customer and carrier reps’ capacity for higher-value touchpoints • Drive more revenue synergy across business units • Support organic growth by leveraging strong consistent cash flow • Modernize core for future integrations • Complement with opportunistic M&A • Leverage integrated service model to take share and expand globally • Utilize “Tech Plus” strategy to out service competitors • Expand modal capabilities

2022 Priorities 16 ▪ Continue driving long-term diversified growth across an intentional combination of modes, services and geographic footprint ▪ Advance our tech-plus strategy to enhance, expand and leverage the most connected supply chain platform and deliver best-in-class, comprehensive solutions for our customers and carriers ▪ Maintain a healthy financial profile and attractive margins across the business by leveraging technology advantages and competitive pricing ▪ Uphold balanced approach to capital allocation to drive growth and return capital to shareholders ▪ Invest in talent and capabilities, as customers and carriers rely on our teams and digital products

17 Appendix

Q4 2021 Transportation Results(1) 18 Three Months Ended December 31 Twelve Months Ended December 31 $ in thousands 2021 2020 % Change 2021 2020 % Change Total Revenues $6,245,998 $4,311,852 44.9% $22,046,574 $15,147,562 45.5% Total Adjusted Gross Profits(2) $832,404 $618,598 34.6% $3,052,000 $2,312,954 32.0% Adjusted Gross Profit Margin % 13.3% 14.3% (100 bps) 13.8% 15.3% (150 bps) Transportation Adjusted Gross Profit Margin % 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Q1 16.9% 16.3% 15.3% 16.8% 19.7% 17.3% 16.4% 18.6% 15.3% 14.9% Q2 14.9% 15.4% 16.0% 17.5% 19.3% 16.2% 16.2% 18.3% 17.5% 13.8% Q3 15.6% 15.0% 16.2% 18.4% 17.6% 16.4% 16.6% 16.9% 14.4% 13.7% Q4 15.8% 15.1% 15.9% 19.0% 17.2% 16.6% 17.7% 15.6% 14.3% 13.3% Total 15.8% 15.4% 15.9% 17.9% 18.4% 16.6% 16.7% 17.3% 15.3% 13.8% (1) Includes results across all segments. (2) Adjusted gross profits is a non-GAAP financial measure explained later in this presentation. The difference between adjusted gross profits and gross profits is not material.

Q4 2021 NAST Results 19 (1) Adjusted gross profits is a non-GAAP financial measure explained later in this presentation. The difference between adjusted gross profits and gross profits is not material. Three Months Ended December 31 Twelve Months Ended December 31 $ in thousands 2021 2020 % Change 2021 2020 % Change Total Revenues $3,896,025 $3,089,674 26.1% $14,507,917 $11,312,553 28.2% Total Adjusted Gross Profits(1) $475,100 $396,814 19.7% $1,792,953 $1,517,091 18.2% Adjusted Gross Profit Margin % 12.2% 12.8% (60 bps) 12.4% 13.4% (100 bps) Income from Operations $148,440 $150,577 (1.4%) $585,351 $508,475 15.1% Adjusted Operating Margin % 31.2% 37.9% (670 bps) 32.6% 33.5% (90 bps) Depreciation and Amortization $6,464 $5,764 12.1% $26,243 $25,314 3.7% Total Assets $3,349,578 $2,946,409 13.7% $3,349,578 $2,946,409 13.7% Average Headcount 7,044 6,555 7.5% 6,764 6,811 (0.7%)

Q4 2021 Global Forwarding Results 20 (1) Adjusted gross profits is a non-GAAP financial measure explained later in this presentation. The difference between adjusted gross profits and gross profits is not material. Three Months Ended December 31 Twelve Months Ended December 31 $ in thousands 2021 2020 % Change 2021 2020 % Change Total Revenues $2,144,056 $1,030,364 108.1% $6,729,790 $3,100,525 117.1% Total Adjusted Gross Profits(1) $309,589 $180,057 71.9% $1,073,541 $628,988 70.7% Adjusted Gross Profit Margin % 14.4% 17.5% (310 bps) 16.0% 20.3% (430 bps) Income from Operations $146,800 $58,480 151.0% $510,756 $175,513 191.0% Adjusted Operating Margin % 47.4% 32.5% 1,490 bps 47.6% 27.9% 1,970 bps Depreciation and Amortization $5,471 $6,810 (19.7%) $22,823 $34,550 (33.9%) Total Assets $2,843,239 $1,392,411 104.2% $2,843,239 $1,392,411 104.2% Average Headcount 5,430 4,626 17.4% 5,071 4,708 7.7%

Q4 2021 All Other and Corporate Results 21 (1) Adjusted gross profits is a non-GAAP financial measure explained later in this presentation. The difference between adjusted gross profits and gross profits is not material. Three Months Ended December 31 Twelve Months Ended December 31 $ in thousands 2021 2020 % Change 2021 2020 % Change Total Revenues $461,767 $429,414 7.5% $1,864,431 $1,794,028 3.9% Total Adjusted Gross Profits(1) $71,652 $63,707 12.5% $285,595 $266,178 7.3% Income from Operations ($7,834) ($2,255) NM ($13,999) ($10,720) NM Depreciation and Amortization $10,703 $12,086 (11.4%) $42,193 $41,863 0.8% Total Assets $835,295 $805,438 3.7% $835,295 $805,438 3.7% Average Headcount 4,080 3,610 13.0% 3,926 3,600 9.1%

Non-GAAP Reconciliations 22 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:

Non-GAAP Reconciliations 23 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:

24 Thank you INVESTOR RELATIONS: Chuck Ives 952-683-2508 chuck.ives@chrobinson.com

XML

Cover Page	Feb. 02, 2022
Cover [Abstract]
Document Type	8-K
Document Period End Date	Feb. 02, 2022
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