Core Insights - Triumph Financial, Inc. and C.H. Robinson have formed a strategic relationship aimed at providing innovative payment solutions to the transportation industry [1][2] - C.H. Robinson will join the TriumphPay Network, enhancing payment experiences for carriers and streamlining processes [2][3] - The collaboration is expected to unlock innovation and improve operational efficiency, financial transparency, and risk mitigation for freight brokers [3] Company Overview - Triumph Financial, Inc. is a financial holding company focused on payments, factoring, and banking, headquartered in Dallas, Texas [4] - TriumphPay is a leading payments network in the North American trucking industry, facilitating approximately $48.9 billion in brokered freight transactions [5][6] - C.H. Robinson is a major logistics provider managing $22 billion in freight and handling 19 million shipments annually, serving over 90,000 customers [7]

Core Viewpoint - C.H. Robinson Worldwide, Inc. has appointed Damon Lee as the new chief financial officer, effective July 8, 2024, following the planned transition from current CFO Mike Zechmeister, who will retire after filing the second quarter Form 10-Q [1][2] Group 1: Leadership Transition - Damon Lee brings over 25 years of experience in operational finance leadership roles, which is expected to enhance C.H. Robinson's competitive position in the industry [3] - Lee is currently the vice president and CFO of GE Commercial Engines and Services, and has held senior finance roles at Aptiv, Precision Castparts, and Eaton prior to joining GE in 2021 [2] Group 2: Strategic Alignment - The CEO of C.H. Robinson, Dave Bozeman, emphasized that Lee's extensive experience and strategic capabilities align with the company's high standards and forward-thinking approach [2] - Lee's background in Lean and continuous improvement is anticipated to significantly benefit the company's new operating model and enterprise strategy [2]

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PART I. Financial Information [Item 1. Financial Statements (Unaudited)](index=3&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) This section presents the unaudited condensed consolidated financial statements for the three months ended March 31, 2024, and 2023, including balance sheets, statements of operations, stockholders' investment, and cash flows, with notes on accounting policies and restructuring activities [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of March 31, 2024, total assets increased to $5.47 billion from $5.23 billion at year-end 2023, primarily driven by a rise in receivables, while total liabilities grew to $4.04 billion from $3.81 billion, largely due to increased accounts payable and current debt, with total stockholders' investment remaining relatively stable at $1.43 billion | Account | March 31, 2024 (in thousands) | December 31, 2023 (in thousands) | | :--- | :--- | :--- | | **Total current assets** | $3,124,181 | $2,880,694 | | **Total assets** | $5,472,088 | $5,225,280 | | **Total current liabilities** | $2,274,286 | $2,051,993 | | **Total liabilities** | $4,042,094 | $3,806,583 | | **Total stockholders' investment** | $1,429,994 | $1,418,697 | [Condensed Consolidated Statements of Operations and Comprehensive Income](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Income) For the three months ended March 31, 2024, total revenues decreased to $4.41 billion from $4.61 billion in the prior-year period, with net income declining by 19.1% to $92.9 million and diluted earnings per share (EPS) falling to $0.78 from $0.96 year-over-year | Metric | Q1 2024 (in thousands) | Q1 2023 (in thousands) | % Change | | :--- | :--- | :--- | :--- | | Total revenues | $4,412,311 | $4,611,670 | -4.3% | | Income from operations | $127,133 | $161,033 | -21.1% | | Net income | $92,904 | $114,891 | -19.1% | | Diluted EPS | $0.78 | $0.96 | -18.8% | [Condensed Consolidated Statements of Cash Flows](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the first quarter of 2024, net cash used for operating activities was $33.3 million, a significant shift from the $254.5 million provided in the prior year, primarily due to an increase in net operating working capital, while net cash provided by financing activities was $34.7 million, reflecting increased short-term borrowings | Cash Flow Activity | Three Months Ended March 31, 2024 (in thousands) | Three Months Ended March 31, 2023 (in thousands) | | :--- | :--- | :--- | | Net cash (used for) provided by operating activities | $(33,323) | $254,544 | | Net cash used for investing activities | $(22,474) | $(26,950) | | Net cash provided by (used for) financing activities | $34,695 | $(205,992) | | **Net change in cash and cash equivalents** | **$(23,686)** | **$21,678** | [Notes to Condensed Consolidated Financial Statements](index=7&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes provide detailed information on accounting policies, segment performance, financing arrangements, and restructuring activities, highlighting the performance of NAST and Global Forwarding segments, the company's $1.7 billion in total debt, and the initiation of a 2024 Restructuring Program which incurred $12.9 million in charges during the first quarter - The company's reportable segments are **North American Surface Transportation (NAST)**, **Global Forwarding**, and **All Other and Corporate**[62](index=62&type=chunk)[115](index=115&type=chunk) | Segment | Q1 2024 Total Revenues (in thousands) | Q1 2024 Income from Operations (in thousands) | | :--- | :--- | :--- | | NAST | $3,000,313 | $108,895 | | Global Forwarding | $858,637 | $31,552 | | All Other and Corporate | $553,361 | $(13,314) | - The company initiated a **2024 Restructuring Program** in Q1 2024 to reduce costs, which included workforce reductions and impairment of internally developed software, resulting in **$12.9 million in charges**. Total expected charges for 2024 are approximately **$25 million**[125](index=125&type=chunk)[100](index=100&type=chunk)[127](index=127&type=chunk) | Debt Facility | Carrying Value (March 31, 2024, in thousands) | Maturity Date | | :--- | :--- | :--- | | Revolving credit facility | $280,000 | November 2027 | | Senior Notes, Series B | $150,000 | August 2028 | | Senior Notes, Series C | $175,000 | August 2033 | | Receivables Securitization Facility | $499,604 | November 2025 | | Senior Notes | $596,172 | April 2028 | | **Total debt** | **$1,700,776** | | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=19&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the financial results for Q1 2024, highlighting the impact of market trends on performance, with consolidated revenues decreasing 4.3% to $4.4 billion and income from operations falling 21.1% to $127.1 million due to soft market conditions in surface transportation, while the Global Forwarding segment saw revenue growth due to market disruptions, and the company details its liquidity position and the ongoing 2024 Restructuring Program [Market and Business Trends](index=21&type=section&id=Market%20and%20Business%20Trends) The North American surface transportation market continued to experience soft conditions with excess carrier capacity, suppressing freight rates, while the global forwarding market faced significant disruptions in major waterways, leading to increased re-routing, higher air freight conversion, and elevated costs in certain trade lanes - The North America surface transportation market remains soft due to excess carrier capacity, with the average routing guide depth of tender at a **low 1.2 in Q1 2024**, indicating limited spot market activity[162](index=162&type=chunk) - Global forwarding was impacted by waterway disruptions, increasing re-routing and degrading ocean schedule reliability. This led to a **23.0% increase in air freight tonnage** due to ocean freight conversions[139](index=139&type=chunk)[165](index=165&type=chunk) [Consolidated Results of Operations](index=23&type=section&id=Consolidated%20Results%20of%20Operations) In Q1 2024, total revenues decreased by 4.3% year-over-year, primarily due to lower pricing in truckload services, with adjusted gross profits falling 4.1% to $657.7 million, income from operations decreasing 21.1% to $127.1 million, and the adjusted operating margin declining 420 basis points to 19.3%, resulting in net income of $92.9 million, a 19.1% decrease from the prior year | Metric | Q1 2024 (in millions) | Q1 2023 (in millions) | % Change | | :--- | :--- | :--- | :--- | | Total Revenues | $4,400.0 | $4,600.0 | -4.3% | | Adjusted Gross Profits | $657.7 | $685.6 | -4.1% | | Income from Operations | $127.1 | $161.0 | -21.1% | | Adjusted Operating Margin | 19.3% | 23.5% | -420 bps | | Diluted EPS | $0.78 | $0.96 | -18.8% | - Personnel expenses decreased **1.0%** due to an **11.3% lower average employee headcount**, partially offset by higher restructuring charges[141](index=141&type=chunk) - Other SG&A expenses increased **7.1%**, primarily due to favorable credit losses in the prior year and current year restructuring charges related to software impairment[141](index=141&type=chunk) [Segment Results](index=25&type=section&id=Segment%20Results) The North American Surface Transportation (NAST) segment's income from operations fell 18.7% due to lower truckload pricing, while the Global Forwarding segment saw a 4.8% increase in operating income, driven by higher ocean volumes and customs transactions, and the All Other and Corporate segment reported a wider operating loss of $13.3 million compared to a $3.1 million loss in the prior year - **NAST:** Total revenues decreased **9.2% to $3.0 billion**, and income from operations fell **18.7% to $108.9 million**, driven by a **9.9% decline in truckload adjusted gross profits** due to lower pricing[147](index=147&type=chunk)[148](index=148&type=chunk) - **Global Forwarding:** Total revenues grew **8.7% to $858.6 million**, and income from operations increased **4.8% to $31.6 million**. Performance was supported by a **7.0% increase in ocean volume** and an **8.5% increase in customs transactions**[201](index=201&type=chunk)[202](index=202&type=chunk) - **All Other and Corporate:** Total revenues increased **6.9% to $553.4 million**, but the operating loss widened to **$13.3 million**. Robinson Fresh adjusted gross profits grew **8.3%**, while Other Surface Transportation adjusted gross profits declined **14.6%**[179](index=179&type=chunk) [Liquidity and Capital Resources](index=28&type=section&id=Liquidity%20and%20Capital%20Resources) The company's liquidity is supported by cash from operations and multiple debt facilities with a total capacity of $2.4 billion, with total debt at $1.7 billion as of March 31, 2024, and operating cash flow was negative $33.3 million for the quarter due to an increase in net operating working capital as ocean freight rates rose, while the company remains committed to its quarterly dividend and share repurchases - Cash flow from operations decreased by **$287.9 million** year-over-year, primarily due to an increase in net operating working capital as ocean freight rates increased[141](index=141&type=chunk)[183](index=183&type=chunk) - No shares were repurchased during Q1 2024. The company paid **$74.6 million in cash dividends**[185](index=185&type=chunk)[209](index=209&type=chunk) - The company believes its available cash, future cash from operations, and credit facilities are sufficient to meet its needs for at least the **next 12 months**[225](index=225&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=28&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section states that there have been no material changes in the company's market risk from the disclosures provided in its 2023 Annual Report on Form 10-K - As of March 31, 2024, there were **no material changes in market risk** from those disclosed in the company's 2023 Annual Report on Form 10-K[213](index=213&type=chunk) [Item 4. Controls and Procedures](index=28&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, evaluated the company's disclosure controls and procedures and concluded they were effective as of March 31, 2024, with no material changes to internal control over financial reporting during the quarter - Based on an evaluation as of March 31, 2024, the **Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures were effective**[188](index=188&type=chunk) - **No changes occurred** during the first quarter of 2024 that have materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[215](index=215&type=chunk) PART II. Other Information [Item 1. Legal Proceedings](index=29&type=section&id=Item%201.%20Legal%20Proceedings) The company is not subject to any pending or threatened litigation outside of routine matters arising in the ordinary course of business, and management does not expect the resolution of these proceedings to have a material effect on the company's financial position, results of operations, or cash flows - The company faces routine litigation in the ordinary course of business, which is **not expected to have a material effect** on its financial condition or results[114](index=114&type=chunk)[229](index=229&type=chunk) [Item 1A. Risk Factors](index=29&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the risk factors previously disclosed in the company's Annual Report on Form 10-K for the year ended December 31, 2023 - There have **not been material changes** in the company's risk factors as set forth in the 2023 Annual Report on Form 10-K[1](index=1&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=29&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During the first quarter of 2024, the company did not repurchase any shares as part of its publicly announced repurchase program, though 212,545 shares were surrendered by employees to satisfy tax obligations related to stock incentive plans, with 6,763,445 shares remaining available for future repurchase under the authorized program as of March 31, 2024 | Period | Total Shares Purchased | Average Price Paid Per Share | Shares Purchased as Part of Program | Max Shares Remaining for Purchase | | :--- | :--- | :--- | :--- | :--- | | Q1 2024 | 212,545 | $75.89 | — | 6,763,445 | - The shares purchased during the quarter were solely from employees surrendering stock to satisfy tax obligations and **not from open market repurchases** under the company's plan[230](index=230&type=chunk) [Item 6. Exhibits](index=30&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Quarterly Report, including certifications by the CEO and CFO pursuant to the Sarbanes-Oxley Act of 2002 and the financial statements formatted in Inline XBRL - Exhibits filed include **CEO and CFO certifications** under Sections 302 and 906 of the Sarbanes-Oxley Act, and financial statements in **Inline XBRL format**[232](index=232&type=chunk)

C.H. Robinson Worldwide, Inc. (CHRW) first-quarter 2024 earnings of 86 cents per share outpaced the Zacks Consensus Estimate of 60 cents but declined year over year. Total revenues of $4,412.31 million beat the Zacks Consensus Estimate of $4,209.1 million but declined 4.3% year over year owing to lowerpricing in the company’s truckload services, partially offset by higher pricing and increased volume in its ocean services.Operating expenses grew 1.1% year over year to $530.6 million.Adjusted gross profits f ...

The company easily beat expectations despite a difficult operating environment.Freight logistics company C.H. Robinson Worldwide (CHRW 14.77%) delivered a standout earnings performance in a difficult environment for transportation companies.Investors are taking notice, sending C.H. Robinson shares up 17% as of 10:45 a.m. ET.Getting lean at just the right timeC.H. Robinson is an asset-light logistics company, connecting its more than 90,000 customers to contract carriers and helping those customers coordinat ...

Financial Data and Key Metrics - Q1 total revenues were $4.4 billion, with adjusted gross profit (AGP) of $658 million, down 4% YoY, driven by a 7% decline in NAST and partially offset by a 1% increase in Global Forwarding [48] - Q1 cash flow used by operations was $33 million, compared to $255 million generated in Q1 of last year, primarily due to changes in net operating working capital [24] - Q1 personnel expenses were $379.1 million, including $7.9 million of restructuring charges, down 2.2% YoY excluding restructuring charges [49] - Q1 SG&A expenses were $151.5 million, including $5 million of restructuring charges, up 3.6% YoY excluding restructuring charges [19] - Q1 adjusted EPS was $0.86, excluding $12.9 million of restructuring charges and a $3.1 million tax provision benefit [53] Business Line Data and Key Metrics - NAST truckload volume declined 0.5% YoY, but outpaced market indices, with AGP per load improving sequentially [36] - LTL shipments were up 3% YoY and 1% sequentially, with AGP per order improving within the quarter [39] - Global Forwarding AGP increased by 2.5% YoY, driven by a 7% increase in shipments, partially offset by a 4% decrease in AGP per shipment [106] - Ocean Forwarding AGP increased by 2.5% YoY, with AGP per shipment increasing 13.5% sequentially [106] Market Data and Key Metrics - Ocean rates increased sharply in Q1 on several trade lanes, including Asia to Europe and Asia to North America, but have come down from the February peak [3] - The Red Sea disruption continues, with no clear timeline for resolution, impacting global ocean capacity and transit times [105] - The Panama Canal crossings are currently at 27 per day, compared to the normal 36 per day, due to water level issues [14] Company Strategy and Industry Competition - The company is implementing a new Lean-based operating model to improve execution, discipline, and accountability [2][34] - The company is focused on productivity improvements, with targets of 15% in NAST and 10% in Global Forwarding for 2024 [18][107] - The company is leveraging Generative AI to automate tasks, improve productivity, and enhance customer service [21][46][83] - The company is gaining market share by providing differentiated solutions and customer service, and leveraging investments in technology and talent [3] Management Commentary on Operating Environment and Future Outlook - The company is optimistic about its ability to improve execution regardless of the market environment, despite an elongated freight recession and oversupply of capacity [34] - The company expects Q2 volumes to be sequentially up versus Q1, driven by seasonal factors such as the produce and beverage markets [5][130] - The company is focused on delivering compounded cost structure benefits through productivity improvements and technology investments [18][114] Other Important Information - The company's average Q1 headcount was down 11.3% YoY, with ending headcount down 10.2% to 14,734 [22] - The company returned $91 million of cash to shareholders in Q1, primarily through dividends [113] - The company's net debt to EBITDA leverage at the end of Q1 was 2.73 times, up from 2.34 times at the end of Q4 [120] Q&A Session Summary Question: Can you provide more details on the new operating model and its impact on results? [118] - The new operating model focuses on driving discipline, accountability, and responsibility, with a shift from output-based to input-based decision-making [126][127] - The model has led to improved execution, with AGP per day improving from down 3% in February to up 7% in March [129] Question: How is the company managing working capital given the increase in ocean rates? [10] - The company expects to absorb cash as ocean rates increase, but historically has seen positive cash flows through the cycle [7][65] Question: What are the productivity drivers for the 15% improvement target in NAST? [145] - The company is focusing on balancing volume and margin expectations, leveraging technology to reduce manual tasks, and improving productivity through Generative AI [132][141] Question: How is the competitive landscape impacting the company's market share gains? [151] - The company attributes its market share gains to disciplined execution and the exit of smaller brokers from the market, rather than just industry-wide capacity adjustments [88][92] Question: What are the trends in April, and what is driving them? [149] - The company expects Q2 to show sequential strength, driven by seasonal factors such as the produce and beverage markets, with typical strength in the back half of Q2 [150]

Financial Performance - Total revenues decreased by 4.3% year-over-year to $4.4 billion in Q1 2024[21] - Adjusted gross profits decreased by 4.1% year-over-year to $658 million in Q1 2024[21] - Net income per share decreased by 18.8% year-over-year to $0.78, with adjusted net income per share at $0.86 in Q1 2024[21] - Transportation Adjusted Gross Profit Margin increased 20 bps to 15.4%[67] Segment Results - North American Surface Transportation (NAST) adjusted gross profits decreased by 6.9% year-over-year[22] - Truckload volume in NAST decreased by 0.5% year-over-year[10] - Truckload AGP per shipment decreased by 9.9% year-over-year to $235.7[10] - Global Forwarding adjusted gross profits increased by 1.2% year-over-year[22] - Ocean volume grew 7.0% year-over-year & air tonnage grew 23.0% year-over-year[22] - All Other & Corporate adjusted gross profits decreased by 0.6% year-over-year[22]

C.H. Robinson Worldwide (CHRW) reported $4.41 billion in revenue for the quarter ended March 2024, representing a year-over-year decline of 4.3%. EPS of $0.86 for the same period compares to $0.98 a year ago.The reported revenue represents a surprise of +4.83% over the Zacks Consensus Estimate of $4.21 billion. With the consensus EPS estimate being $0.60, the EPS surprise was +43.33%.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to ...