EX-99.1 2 d669853dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

C.H. Robinson Worldwide, Inc.

14701 Charlson Road

Eden Prairie, Minnesota 55347

Chad Lindbloom, chief financial officer (952) 937-7779

Tim Gagnon, director, investor relations (952) 683-5007

FOR IMMEDIATE RELEASE

C.H. ROBINSON REPORTS FOURTH QUARTER RESULTS

MINNEAPOLIS, February 4, 2014 – C.H. Robinson Worldwide, Inc. (“C.H. Robinson”) (NASDAQ: CHRW), today reported financial results for the quarter ended December 31, 2013. Summarized financial results for the quarter ended December 31 are as follows (dollars in thousands, except per share data):

 

     Three months ended December 31,     Twelve months ended December 31,  
     2013     2012      % change     2013     2012      % change  

Total revenues

   $ 3,152,882      $ 2,970,876         6.1   $ 12,752,076      $ 11,359,113         12.3

Net revenues:

              

Transportation

              

Truckload

   $ 256,117      $ 271,248         -5.6   $ 1,054,565      $ 1,060,120         -0.5

LTL

     58,839        57,025         3.2     239,477        224,160         6.8

Intermodal

     9,861        9,011         9.4     39,084        38,815         0.7

Ocean

     46,367        33,707         37.6     187,671        84,924         121.0

Air

     17,982        15,948         12.8     73,089        44,444         64.5

Customs

     9,271        6,782         36.7     36,578        18,225         100.7

Other logistics services

     17,583        15,420         14.0     67,931        57,449         18.2
  

 

 

   

 

 

      

 

 

   

 

 

    

Total transportation

     416,020        409,141         1.7     1,698,395        1,528,137         11.1

Sourcing

     25,799        30,543         -15.5     126,950        136,438         -7.0

Payment services

     2,646        4,948         -46.5     10,750        52,996         -79.7
  

 

 

   

 

 

      

 

 

   

 

 

    

Total net revenues

     444,465        444,632         0.0     1,836,095        1,717,571         6.9

Operating expenses

     289,352        311,028         -7.0     1,153,445        1,042,251         10.7
  

 

 

   

 

 

      

 

 

   

 

 

    

Income from operations

     155,113        133,604         16.1     682,650        675,320         1.1

Investment and other (expense) income

     (6,005     282,166         -102.1     (9,289     283,142         -103.3

Net income

   $ 92,952      $ 256,392         -63.7   $ 415,904      $ 593,804         -30.0
  

 

 

   

 

 

      

 

 

   

 

 

    

Diluted earnings per share

   $ 0.62      $ 1.58         -60.8   $ 2.65      $ 3.67         -27.8

Pro Forma Comparison - The following shows the effects of the disposition of the Company’s T-Chek Payment Services business (“T-Chek”), which was completed in October 2012, and the acquisition of Phoenix International Freight Services, Ltd. (“Phoenix”), which was completed in November 2012, as if these transactions had occurred at the beginning of 2012. A reconciliation of these pro forma measures is described on page 3.

 

     Three months ended December 31,     Twelve months ended December 31,  
     2013
Reported
     2012 Pro
Forma
     %
change
    2013
Reported
     2012 Pro
Forma
     %
change
 

Total net revenues

   $ 444,465       $ 453,782         -2.1   $ 1,836,095       $ 1,812,631         1.3

Personnel expenses

     203,619         198,307         2.7     826,661         788,959         4.8

Selling, general, and administrative expenses

     80,718         75,006         7.6     306,656         279,744         9.6

Amortization of acquisition intangibles

     5,015         5,022         -0.1     20,128         19,859         1.4
  

 

 

    

 

 

      

 

 

    

 

 

    

Total operating expenses

     289,352         278,335         4.0     1,153,445         1,088,562         6.0
  

 

 

    

 

 

      

 

 

    

 

 

    

Income from operations

     155,113         175,447         -11.6     682,650         724,069         -5.7

Net income

   $ 92,952       $ 106,567         -12.8   $ 415,904       $ 466,179         -10.8
  

 

 

    

 

 

      

 

 

    

 

 

    

Diluted earnings per share

   $ 0.62       $ 0.66         -6.1   $ 2.65       $ 2.74         -3.3

 

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C.H. Robinson Worldwide, Inc.

February 4, 2014

Page 2

 

Discussion of Fourth Quarter 2013 Results

Our truckload net revenues decreased 5.6 percent in the fourth quarter of 2013 compared to the fourth quarter of 2012. Our truckload volumes increased approximately seven percent in the fourth quarter of 2013 compared to the fourth quarter of 2012. Our North American truckload volumes increased approximately six percent. Our truckload net revenue margin decreased in the fourth quarter of 2013 compared to the fourth quarter of 2012, due primarily to increased cost per mile. In North America, excluding the estimated impacts of the change in fuel, our average truckload rate per mile charged to our customers increased approximately 3.5 percent in the fourth quarter of 2013 compared to the fourth quarter of 2012. In North America, our truckload transportation costs increased approximately five percent, excluding the estimated impacts of the change in fuel.

Our less-than-truckload (“LTL”) net revenues increased 3.2 percent in the fourth quarter of 2013 compared to the fourth quarter of 2012. The increase was driven by an increase in total shipments of approximately four percent, partially offset by decreased net revenue margin.

Our intermodal net revenues increased 9.4 percent in the fourth quarter of 2013 compared to the fourth quarter of 2012. This was due to increased net revenue margin, partially offset by decreased volumes. Our net revenue margin increase was due to a change in our mix of business and improved customer pricing.

Our ocean transportation net revenues increased 37.6 percent, our air transportation net revenues increased 12.8 percent, and our customs net revenues increased 36.7 percent in the fourth quarter of 2013 compared to the fourth quarter of 2012. These increases were primarily due to our acquisition of Phoenix in November 2012.

Sourcing net revenues decreased 15.5 percent in the fourth quarter of 2013 compared to the fourth quarter of 2012. We continued to experience volume and net revenue declines from a large customer and expect this to continue throughout 2014. Sourcing net revenue margins declined due to weather and changes in our commodity and service mix. Case volumes decreased approximately two percent in the fourth quarter of 2013 compared to the fourth quarter of 2012.

Our Payment Services net revenues decreased 46.5 percent in the fourth quarter of 2013 compared to the fourth quarter of 2012 due to the T-Chek divestiture in the fourth quarter of 2012.

For the fourth quarter, operating expenses decreased 7.0 percent to $289.4 million in 2013 from $311.0 million in 2012. This was due to a decrease of 9.9 percent in personnel expense and an increase of 0.9 percent in other selling, general, and administrative expenses. Operating expenses as a percentage of net revenues decreased to 65.1 percent in the fourth quarter of 2013 from 70.0 percent in 2012. During the fourth quarter of 2012, operating expenses were a higher percentage of net revenues primarily due to $33.0 million of incremental performance-based stock vesting expense as a result of the sale of T-Chek.

For the fourth quarter, personnel expenses decreased 9.9 percent to $203.6 million in 2013 from $226.0 million in 2012. This decrease was primarily due to the performance-based stock vesting expense as a result of sale of T-Chek in 2012. On a pro forma basis, personnel expense increased 2.7 percent in the fourth quarter of 2013 compared to the fourth quarter of 2012. This increase was due to growth in our average headcount of approximately 32 percent, related primarily to the acquisitions of the Phoenix in the fourth quarter of 2012. We estimate that our average headcount, excluding acquisitions and divestitures, increased approximately eight percent in the fourth quarter of 2013 compared to 2012. The increase in personnel expense from headcount growth was partially offset by declines in expenses related to incentive plans that are designed to keep expenses variable with changes in net revenues and profitability.

For the fourth quarter, other selling, general, and administrative expenses increased 0.9 percent to $85.7 million in 2013 from $85.0 million in 2012. In the fourth quarter of 2012, we had approximately $9.1 million of non-recurring acquisition and divestiture expenses. On a pro forma basis, selling, general, and administrative expense increased 7.1 percent in the fourth quarter of 2013 compared to the fourth quarter of 2012. This increase was primarily due to Phoenix operations and a higher provision for bad debt.

Founded in 1905, C.H. Robinson Worldwide, Inc., is one of the largest non-asset based third party logistics companies in the world. C.H. Robinson is a global provider of multimodal transportation services and logistics solutions, currently serving over 46,000 active customers through a network of 285 offices in North America, South America, Europe, Asia, and Australia. C.H. Robinson maintains one of the largest networks of motor carrier capacity in North America and works with approximately 63,000 transportation providers worldwide.

Except for the historical information contained herein, the matters set forth in this release are forward-looking statements that represent our expectations, beliefs, intentions or strategies concerning future events. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from our historical experience or our present expectations, including, but not limited to such factors as changes in economic conditions, including uncertain consumer demand; changes in market demand and pressures on the pricing for our services; competition and growth rates within the third party logistics industry; freight levels and increasing costs and availability of truck capacity or alternative means of transporting freight, and changes in relationships with existing truck, rail, ocean and air carriers; changes in our customer base due to possible consolidation among our customers; our

 

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C.H. Robinson Worldwide, Inc.

February 4, 2014

Page 3

 

ability to integrate the operations of acquired companies with our historic operations successfully; risks associated with litigation and insurance coverage; risks associated with operations outside of the U.S.; risks associated with the potential impacts of changes in government regulations; risks associated with the produce industry, including food safety and contamination issues; fuel prices and availability; the impact of war on the economy; and other risks and uncertainties detailed in our Annual and Quarterly Reports.

Any forward-looking statement speaks only as of the date on which such statement is made, and we undertake no obligation to update such statement to reflect events or circumstances arising after such date. All remarks made during our financial results conference call will be current at the time of the call and we undertake no obligation to update the replay.

Non-GAAP vs. GAAP Financial and Pro Forma Financial Measures

To assist investors in understanding our financial performance, we supplement the financial results that are generated in accordance with the accounting principles generally accepted in the United States, or GAAP, with non-GAAP financial measures from time to time. We use non-GAAP measures, including those set forth in this release, to assess our operating performance for the quarter. Management believes that these non-GAAP financial measures reflect an additional way of analyzing aspects of our ongoing operations that, when viewed with our GAAP results, provides a more complete understanding of the factors and trends affecting our business. However, non-GAAP results should not be regarded as a substitute for corresponding GAAP measures, and should be viewed in conjunction with our consolidated financial statements prepared in accordance with GAAP. To provide investors with information to assist them in assessing our financial results on a comparable basis with historical results, we have provided certain non-GAAP financial measures in this press release that include the effects of the disposition of T-Chek and the acquisition of Phoenix as if they had occurred at the beginning of our 2012 fiscal year.

A reconciliation of our reported results to pro forma financial measures for the quarter ended December 31, 2012 is as follows (dollars in thousands):

 

     Reported      Non-Recurring
Acquisition
Impact (1)
    T-Chek
Operations (2)
    Phoenix
Operations (2)
    Pro Forma  

Total revenues

   $ 2,970,876       $ —        $ (2,290   $ 70,009      $ 3,038,595   

Purchased transportation and related services

     2,176,789         —          —          58,569        2,235,358   

Purchased products sourced for resale

     348,936         —          —          —          348,936   

Purchased payment services

     519         —          —          —          519   
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Total purchased services and products

     2,526,244         —          —          58,569        2,584,813   
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Net revenues (3)

     444,632         —          (2,290     11,440        453,782   

Personnel expenses

     226,042         (34,592     (609     7,466        198,307   

Selling, general and administrative expenses

     81,319         (9,115     (479     3,281        75,006   

Amortization of acquisition intangibles

     3,667         —          —          1,355        5,022   
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Total other operating expenses

     311,028         (43,707     (1,088     12,102        278,335   
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Income from operations

     133,604         43,707        (1,202     (662     175,447   

Investment and other income

     282,166         (281,551     1        (1,369     (753
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Income before provision for income taxes

     415,770         (237,844     (1,201     (2,031     174,694   

Provision for income taxes

     159,378         (90,023     (480     (748     68,127   
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Net income

   $ 256,392       $ (147,821   $ (721   $ (1,283   $ 106,567   
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Net income per share (diluted)

   $ 1.58             $ 0.66   

Weighted average shares outstanding

     161,799         (1,190     —          1,108        161,717   

 

1.

The adjustment to personnel consists of $33 million of incremental vesting expense of our equity awards triggered by the gain on the divestiture of T-Chek. The balance consists of transaction-related bonuses. The adjustments to other operating expenses reflect fees paid to third parties for investment banking fees related to the acquisition of Phoenix and external legal and accounting fees related to the acquisitions of Apreo Logistics S.A. (“Apreo”) and Phoenix International Freight Services, Ltd. (“Phoenix”) and the divestiture of T-Chek. The adjustment to investment and other income reflects the gain from the divestiture of T-Chek. The adjustment to diluted weighted average shares outstanding relates to the shares of C.H. Robinson

 

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C.H. Robinson Worldwide, Inc.

February 4, 2014

Page 4

 

  stock issued as consideration paid to the sellers in the acquisition of Phoenix and the additional vesting of performance-based restricted stock as a result of the gain on sale recognized from the divestiture of T-Chek.
2. Adjustments have been made to historical Phoenix operations for the addition of amortization expense of finite-lived intangible assets recorded in connection with the acquisition ($1.4 million), rent expense for lease agreements entered into in connection with the acquisition ($28 thousand), depreciation on a building acquired in the acquisition ($12 thousand), and incremental interest expense on the borrowings associated with the acquisition ($213 thousand). Adjustments have been made for the elimination of additional bonuses ($1.4 million) and third party advisory fees ($582 thousand) paid by Phoenix. An adjustment has also been made to reduce purchased transportation and related services ($2.5 million) and other selling, general, and administrative expenses ($5.0 million) and to increase personnel expenses ($7.5 million) to conform to C.H. Robinson’s historical financial reporting presentation. The adjustment to diluted weighted average shares outstanding relates to the shares of C.H. Robinson stock issued as consideration paid to the sellers in the acquisition of Phoenix. There were no pro forma adjustments to the T-Chek historical results.
3. Net revenues are our total revenues less purchased transportation and related services, including contracted motor carrier, rail, ocean, air, and other costs, and the purchased price and services related to the products we source.

A reconciliation of our reported results to pro forma financial measures for the twelve months ended December 31, 2012 is as follows (dollars in thousands):

 

     Reported      Non-Recurring
Acquisition
Impact(1)
    T-Chek
Operations (2)
    Phoenix
Operations (2)
    Pro Forma  

Total revenues

   $ 11,359,113       $ —        $ (41,623   $ 692,836      $ 12,010,326   

Purchased transportation and related services

     8,157,278         —          —          556,153        8,713,431   

Purchased products sourced for resale

     1,483,745         —          —          —          1,483,745   

Purchased payment services

     519         —          —          —          519   
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Total purchased services and products

     9,641,542         —          —          556,153        10,197,695   
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Net revenues (3)

     1,717,571         —          (41,623     136,683        1,812,631   

Personnel expenses

     766,006         (34,592     (11,819     69,364        788,959   

Selling, general and administrative expenses

     269,941         (10,604     (9,226     29,633        279,744   

Amortization of acquisition intangibles

     6,304         —          —          13,555        19,859   
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Total other operating expenses

     1,042,251         (45,196     (21,045     112,552        1,088,562   
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Income from operations

     675,320         45,196        (20,578     24,131        724,069   

Investment and other income

     283,142         (281,551     (67     (5,348     (3,824
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Income before provision for income taxes

     958,462         (236,355     (20,645     18,783        720,245   

Provision for income taxes

     364,658         (89,558     (7,841     6,807        274,066   
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Net income

   $ 593,804       $ (146,797   $ (12,804   $ 11,976      $ 446,179   
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Net income per share (diluted)

   $ 3.67             $ 2.74   

Weighted average shares outstanding

     161,946         (277     —          1,108        162,777   

 

1. The adjustment to personnel consists of $33 million of incremental vesting expense of our equity awards triggered by the gain on the divestiture of T-Chek. The balance consists of transaction-related bonuses. The adjustments to other operating expenses reflect fees paid to third parties for investment banking fees related to the acquisition of Phoenix and external legal and accounting fees related to the acquisitions of Apreo and Phoenix and the divestiture of T-Chek. The adjustment to investment and other income reflects the gain from the divestiture of T-Chek. The adjustment to diluted weighted average shares outstanding relates to the shares of C.H. Robinson stock issued as consideration paid to the sellers in the acquisition of Phoenix and the additional vesting of performance-based restricted stock as a result of the gain on sale recognized from the divestiture of T-Chek.
2.

Adjustments have been made to historical Phoenix operations for addition of amortization expense of finite-lived intangible assets recorded in connection with the acquisition ($13.6 million), rent expense for lease agreements entered into in

 

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C.H. Robinson Worldwide, Inc.

February 4, 2014

Page 5

 

  connection with the acquisition ($280 thousand), depreciation on a building acquired in the acquisition ($123 thousand), and incremental interest expense on the borrowings associated with the acquisition ($2.1 million). Adjustments have been made for the elimination of contractual changes in compensation ($5.1 million), and additional bonuses ($1.4 million) and third party advisory fees ($582 thousand) paid by Phoenix. An adjustment has also been made to reduce purchased transportation and related services ($24.4 million) and other selling, general, and administrative expenses ($50.1 million) and to increase personnel expenses ($74.5 million) to conform to C.H. Robinson’s historical financial reporting presentation. The adjustment to diluted weighted average shares outstanding relates to the shares of C.H. Robinson stock issued as consideration paid to the sellers in the acquisition of Phoenix. There were no pro forma adjustments to the T-Chek historical results.
3. Net revenues are our total revenues less purchased transportation and related services, including contracted motor carrier, rail, ocean, air, and other costs, and the purchased price and services related to the products we source.

Conference Call Information:

C.H. Robinson Worldwide Fourth Quarter 2013 Earnings Conference Call

Wednesday February 5, 2014 8:30 a.m. Eastern Time

The call will be limited to 60 minutes, including questions and answers. 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. If time permits, we will accept live questions. To submit your question(s) in advance of the call, please email tim.gagnon@chrobinson.com.

Presentation slides and a simultaneous live audio webcast of the conference call may be accessed through the Investor Relations link on C.H. Robinson’s website at www.chrobinson.com

To participate in the conference call by telephone, please call ten minutes early by dialing: 877-941-0844

Callers should reference the conference ID, which is 4660962#

Webcast replay available through Investor Relations link at www.chrobinson.com

Telephone audio replay available until 12:59 a.m. Eastern Time on February 7: 800-406-7325; passcode: 4660962#

 

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C.H. Robinson Worldwide, Inc.

February 4, 2014

Page 6

 

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(unaudited, in thousands, except per share data)

 

     Three months ended
December 31,
     Twelve months ended
December 31,
 
     2013     2012      2013     2012  

Revenues:

         

Transportation

   $ 2,767,550      $ 2,585,930       $ 11,069,710      $ 9,685,415   

Sourcing

     382,098        379,479         1,669,134        1,620,183   

Payment Services

     3,234        5,467         13,232        53,515   
  

 

 

   

 

 

    

 

 

   

 

 

 

Total revenues

     3,152,882        2,970,876         12,752,076        11,359,113   
  

 

 

   

 

 

    

 

 

   

 

 

 

Costs and expenses:

         

Purchased transportation and related services

     2,351,530        2,176,789         9,371,315        8,157,278   

Purchased products sourced for resale

     356,299        348,936         1,542,184        1,483,745   

Purchased payment services

     588        519         2,482        519   

Personnel expenses

     203,619        226,042         826,661        766,006   

Other selling, general, and administrative expenses

     85,733        84,986         326,784        276,245   
  

 

 

   

 

 

    

 

 

   

 

 

 

Total costs and expenses

     2,997,769        2,837,272         12,069,426        10,683,793   
  

 

 

   

 

 

    

 

 

   

 

 

 

Income from operations

     155,113        133,604         682,650        675,320   
  

 

 

   

 

 

    

 

 

   

 

 

 

Investment, interest, and other (expense) income

     (6,005     282,166         (9,289     283,142   
  

 

 

   

 

 

    

 

 

   

 

 

 

Income before provision for income taxes

     149,108        415,770         673,361        958,462   

Provision for income taxes

     56,156        159,378         257,457        364,658   
  

 

 

   

 

 

    

 

 

   

 

 

 

Net income

   $ 92,952      $ 256,392       $ 415,904      $ 593,804   
  

 

 

   

 

 

    

 

 

   

 

 

 

Net income per share (basic)

   $ 0.62      $ 1.59       $ 2.65      $ 3.68   

Net income per share (diluted)

   $ 0.62      $ 1.58       $ 2.65      $ 3.67   

Weighted average shares outstanding (basic)

     150,856        160,880         156,915        161,557   

Weighted average shares outstanding (diluted)

     151,130        161,799         157,080        161,946   

 

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C.H. Robinson Worldwide, Inc.

February 4, 2014

Page 7

 

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited, in thousands)

 

     December 31,
2013
     December 31,
2012
 

Assets

     

Current assets:

     

Cash and cash equivalents

   $ 162,047       $ 210,019   

Receivables, net

     1,449,581         1,412,136   

Other current assets

     52,857         50,135   
  

 

 

    

 

 

 

Total current assets

     1,664,485         1,672,290   

Property and equipment, net

     160,703         149,851   

Intangible and other assets

     977,630         982,084   
  

 

 

    

 

 

 

Total assets

   $ 2,802,818       $ 2,804,225   
  

 

 

    

 

 

 

Liabilities and stockholders’ investment

     

Current liabilities:

     

Accounts payable and outstanding checks

   $ 755,007       $ 707,476   

Accrued compensation

     85,247         103,343   

Accrued income taxes

     11,681         121,581   

Other accrued expenses

     43,046         46,171   

Current portion of debt

     375,000         253,646   
  

 

 

    

 

 

 

Total current liabilities

     1,269,981         1,232,217   

Noncurrent income taxes payable

     21,584         20,590   

Deferred tax liabilities

     70,618         45,113   

Long-term debt

     500,000         —     

Other long term liabilities

     911         1,933   
  

 

 

    

 

 

 

Total liabilities

     1,863,094         1,299,853   

Total stockholders’ investment

     939,724         1,504,372   
  

 

 

    

 

 

 

Total liabilities and stockholders’ investment

   $ 2,802,818       $ 2,804,225   
  

 

 

    

 

 

 

 

(more)


C.H. Robinson Worldwide, Inc.

February 4, 2014

Page 8

 

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

(unaudited, in thousands, except operational data)

 

     Twelve months ended
December 31,
 
     2013     2012  

Operating activities:

    

Net income

   $ 415,904      $ 593,804   

Stock-based compensation

     9,094        59,381   

Depreciation and amortization

     56,882        38,090   

Provision for doubtful accounts

     15,587        10,459   

Gain on divestiture

     —          (281,551

Deferred income taxes

     25,226        (14,442

Other

     319        3,721   

Changes in operating elements

    

Receivables

     (87,316     (88,107

Prepaid expenses and other

     (5,254     5,260   

Accounts payable and outstanding checks

     47,488        61,732   

Accrued compensation

     (15,097     (19,064

Accrued income taxes

     (105,857     104,542   

Other accrued liabilities

     (9,199     (13,483
  

 

 

   

 

 

 

Net cash provided by operating activities

     347,777        460,342   

Investing activities:

    

Purchases of property and equipment

     (40,354     (36,096

Purchases and development of software

     (7,852     (14,560

Sale of T-Chek, net of cash sold

     —          274,802   

Cash paid for acquisitions, net of cash acquired

     19,126        (583,631

Other

     221        419   
  

 

 

   

 

 

 

Net cash used for investing activities

     (28,859     (359,066

Financing activities:

    

Borrowings on line of credit

     4,165,023        324,051   

Repayments on line of credit

     (4,043,669     (75,688

Borrowings of long-term debt

     500,000        —     

Payment of contingent purchase price

     (927     (12,661

Net repurchases of common stock

     (792,283     (236,981

Excess tax benefit on stock-based compensation

     27,209        12,294   

Cash dividends

     (220,257     (275,353
  

 

 

   

 

 

 

Net cash used for financing activities

     (364,904     (264,338

Effect of exchange rates on cash

     (1,986     (588
  

 

 

   

 

 

 

Net change in cash and cash equivalents

     (47,972     (163,650

Cash and cash equivalents, beginning of period

     210,019        373,669   
  

 

 

   

 

 

 

Cash and cash equivalents, end of period

   $ 162,047      $ 210,019   
  

 

 

   

 

 

 
     As of December 31,  
     2013     2012  

Operational Data:

    

Employees

     11,676        10,929   

Branches

     285        276   

###