C.H. Robinson Worldwide Inc (CHRW) Q4 2019 Earnings Call Transcript

C.H. Robinson Worldwide Inc (CHRW) Q4 2019 Earnings Call Transcript

[Operator Instructions] Following today's presentation, Bob Houghton will facilitate a review of previously submitted questions.. I would now like to turn the conference over to Bob Houghton, Vice President of Investor Relations.. Higher operating expenses for the quarter, including increased investments in Information Technology, magnified this effect.. Our investments the quarter led to operating margins below the low end of our historical fourth quarter averages.. We're not immune to large swings in the freight market, but we believe our continued advancements through cycles will align the net revenue growth and the operating cost needed to drive operating margin expansion over the long term.. Our fourth quarter decline in truckload net revenue per shipment was largely anticipated as the fourth quarter of 2018. On an absolute basis, our fourth quarter truckload net revenue per shipment was very much in line with levels experienced during the balanced freight markets in both 2016 and 2017.. We're starting to see our increased investments in technology drive operating efficiency in our business, including a 330 basis point favorable spread between truckload volume growth and headcount growth in our NAST business.. Fourth quarter total gross revenues decreased 8.3%, driven primarily by lower pricing across most transportation