C.H. Robinson Worldwide, Inc. Annual Financial Report for the Year Ended December 31, 2023

Financial Highlights

• Total revenues reached $17.6B, marking a decrease of 28.7% from the previous year.
• Operating income was reported at $514.6M, reflecting a decrease of 59.4%.
• Net income for the year was $325.1M, a significant decrease compared to previous periods.
• Ended the year with cash and cash equivalents of $145.5M.

Financial Charts

Operating Segments Performance

• NAST (North American Surface Transportation) reported revenues of $12.5B.
• Global Forwarding revenues stood at $3.0B.
• All Other and Corporate segments together contributed $2.1B in revenues.

Liquidity and Capital Resources

The company has consistently generated substantial cash flows from operating activities, which has funded our growth and enabled capital returns to shareholders through dividends and stock repurchases. Going forward, the company believes its available cash, along with expected future cash flows and credit facilities, will adequately cover working capital needs, capital expenditures, and shareholder returns.

Market and Business Trends

We observed a softening in the market throughout 2023, characterized by weak freight demand and excess carrier capacity. This environment led to suppressed freight rates, impacting our revenues and adjusted gross profits across our business segments.

Outlook

Despite the challenges faced in 2023, C.H. Robinson is well-positioned for the future. Our strategic investments in technology and global logistics capabilities have laid a solid foundation for growth. We remain focused on delivering value to our customers and shareholders as we navigate evolving market conditions.