Werner Enterprises Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Werner Enterprises Inc. has submitted its Q1 2024 10-Q filing, detailing financial performance and operational segments.</b>

AI Summary

WERNER ENTERPRISES INC (WERN) filed a Quarterly Report (10-Q) with the SEC on May 9, 2024. Werner Enterprises Inc. filed its 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. The company's principal business is Trucking (NO LOCAL) with SIC code 4213. Werner Enterprises Inc. is incorporated in Nebraska (NE). The filing was submitted on May 9, 2024.

Why It Matters

For investors and stakeholders tracking WERNER ENTERPRISES INC, this filing contains several important signals. This 10-Q filing provides investors with the latest financial data for Werner Enterprises Inc., crucial for understanding the company's performance in the first quarter of 2024. The detailed segment information within the filing allows for an in-depth analysis of the revenue generation and operational focus of Werner's Truckload Transportation Services and Werner Logistics segments.

Risk Assessment

Risk Level: medium — WERNER ENTERPRISES INC shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q) which typically contains routine financial information and does not indicate any immediate, significant positive or negative events.

Analyst Insight

Monitor future filings for revenue growth trends and operating margin changes within Werner's key segments.

Key Numbers

• 2024-03-31 — Period End Date (Quarterly report period)
• 2024-05-09 — Filing Date (Date the report was filed)
• 2024-01-01 — Quarter Start Date (Beginning of the reporting period)
• 2023-03-31 — Prior Year Quarter End (End of the comparable prior year period)

Key Players & Entities

• WERNER ENTERPRISES INC (company) — Filer name
• WERN (company) — Ticker symbol
• 10-Q (filing) — Form type
• 20240331 (date) — Period of report
• 20240509 (date) — Filing date
• NE (location) — State of incorporation
• 4213 (industry_code) — Standard Industrial Classification
• OMAHA (location) — City

FAQ

Industry Context

Werner Enterprises operates within the trucking and logistics industry, a sector critical for supply chain management and freight transportation.

Regulatory Implications

As a publicly traded company, Werner Enterprises is subject to SEC regulations, including the requirement to file quarterly reports (10-Q) detailing its financial performance and business operations.

What Investors Should Do

1. Analyze the revenue and profitability of the Truckload Transportation Services segment.
2. Examine the growth and contribution of the Werner Logistics segment.
3. Review any disclosed changes in operational costs or capital expenditures.

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q filing.
• 2024-05-09: Filing Date — Date Werner Enterprises Inc. submitted its 10-Q filing.

Year-Over-Year Comparison

This filing represents the first quarterly report for the fiscal year 2024, providing updated financial information compared to previous periods.

Key Financial Figures

• $0.01 — ange on which registered Common Stock, $0.01 Par Value WERN The Nasdaq Stock Market

Filing Documents

• wern-20240331.htm (10-Q) — 872KB
• wern-2024331xex311.htm (EX-31.1) — 16KB
• wern-2024331xex312.htm (EX-31.2) — 16KB
• wern-2024331xex321.htm (EX-32.1) — 5KB
• wern-2024331xex322.htm (EX-32.2) — 5KB
• 0000793074-24-000037.txt (&nbsp;) — 5043KB
• wern-20240331.xsd (EX-101.SCH) — 36KB
• wern-20240331_cal.xml (EX-101.CAL) — 76KB
• wern-20240331_def.xml (EX-101.DEF) — 144KB
• wern-20240331_lab.xml (EX-101.LAB) — 526KB
• wern-20240331_pre.xml (EX-101.PRE) — 357KB
• wern-20240331_htm.xml (XML) — 511KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION Cautionary Note Regarding Forward-Looking Statements 3

Financial Statements

Item 1. Financial Statements: 4 Consolidated Statements of Income for the Three Months Ended March 31, 2024 and 2023 4 Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2024 and 2023 5 Consolidated Condensed Balance Sheets as of March 31, 2024 and December 31, 2023 6 Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023 7 Consolidated Statements of Stockholders' Equity and Temporary Equity - Redeemable Noncontrolling Interest for the Three Months Ended March 31, 2024 and 2023 8

Notes to Consolidated Financial Statements (Unaudited) as of March 31, 2024

Notes to Consolidated Financial Statements (Unaudited) as of March 31, 2024 9

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 18

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 26

Controls and Procedures

Item 4. Controls and Procedures 26

– OTHER INFORMATION

PART II – OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 27

Risk Factors

Item 1A. Risk Factors 27

Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities

Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities 27

Other Information

Item 5. Other Information 27

Exhibits

Item 6. Exhibits 28 2 Table of Contents PART I FINANCIAL INFORMATION Cautionary Note Regarding Forward-Looking Statements: This Quarterly Report on Form 10-Q contains historical information and forward-looking statements based on information currently available to our management. The forward-looking statements in this report, including those made in Item 2 (Management's Discussion and Analysis of Financial Condition and Results of Operations) of Part I, are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. These safe harbor provisions encourage reporting companies to provide prospective information to investors. Forward-looking statements can be identified by the use of certain words, such as "anticipate," "believe," "estimate," "expect," "intend," "plan," "project" and other similar terms and language. We believe the forward-looking statements are reasonable based on currently available information. However, forward-looking statements involve risks, uncertainties and assumptions, whether known or unknown, that could cause our actual results, business, financial condition and cash flows to differ materially from those anticipated in the forward-looking statements. A discussion of important factors relating to forward-looking statements is included in Part I, Item 1A (Risk Factors) of our Annual Report on Form 10-K for the year ended December 31, 2023 ("2023 Form 10-K"). Readers should not unduly rely on the forward-looking statements included in this Form 10-Q because such statements speak only to the date they were made. Unless otherwise required by applicable securities laws, we undertake no obligation or duty to update or revise any forward-looking statements contained herein to reflect subsequent events or circumstances or the occurrence of unanticipated events. 3 Table of Contents

Financial Statements

Item 1. Financial Statements. WERNER ENTERPRISES, INC. CONSOLIDATED STATEMENTS OF INCOME (Unaudited) Three Months Ended March 31, (In thousands, except per share amounts) 2024 2023 Operating revenues $ 769,080 $ 832,714 Operating expenses: Salaries, wages and benefits 265,403 268,315 Fuel 77,622 91,414 Supplies and maintenance 61,775 68,225 Taxes and licenses 25,164 25,425 Insurance and claims 36,362 36,485 Depreciation and amortization 74,270 74,313 Rent and purchased transportation 203,925 220,224 Communications and utilities 4,706 4,733 Other 4,265 ( 9,806 ) Total operating expenses 753,492 779,328 Operating income 15,588 53,386 Other expense (income): Interest expense 7,948 7,916 Interest income ( 1,685 ) ( 1,552 ) Loss on investments in equity securities 138 81 Loss from equity method investment 133 — Other ( 261 ) 7 Total other expense, net 6,273 6,452 Income before income taxes 9,315 46,934 Income tax expense 3,067 11,400 Net income 6,248 35,534 Net loss (income) attributable to noncontrolling interest 64 ( 310 ) Net income attributable to Werner $ 6,312 $ 35,224 Earnings per share: Basic $ 0.10 $ 0.56 Diluted $ 0.10 $ 0.55 Weighted-average common shares outstanding: Basic 63,472 63,306 Diluted 63,727 63,695 See Notes to Consolidated Financial Statements (Unaudited). 4 Table of Contents WERNER ENTERPRISES, INC. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) Three Months Ended March 31, (In thousands) 2024 2023 Net income $ 6,248 $ 35,534 Other comprehensive income (loss): Foreign currency translation adjustments 502 3,001 Change in fair value of interest rate swaps, net of tax 116 ( 973 ) Other comprehensive income, net 618 2,028 Comprehensive income 6,866 37,562 Comprehensive loss (income) attributable to noncontrolling interest 64 ( 310 ) Comprehensive income attributable to Werner $ 6,930 $ 37,252 See Notes to Consolidated Financial Statements (Unaudited). 5 Table of Contents W

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (1) Basis of Presentation and Recent Accounting Pronouncements Basis of Presentation The accompanying unaudited interim consolidated financial statements include the accounts of Werner Enterprises, Inc. and its subsidiaries (collectively, the "Company" or "Werner"). Redeemable noncontrolling interest on the consolidated condensed balance sheets represents the portion of a consolidated entity in which we do not have a direct equity ownership. In these notes, the terms "we," "us," or "our" refer to Werner Enterprises, Inc. and its subsidiaries. All significant intercompany accounts and transactions relating to these entities have been eliminated. These consolidated financial statements have been prepared in accordance with the U.S. Securities and Exchange Commission ("SEC") instructions to Form 10-Q and, in the opinion of management, reflect all adjustments, which are all of normal recurring nature, necessary to present fairly the financial condition, results of operations and cash flows for the periods presented in conformity with U.S. generally accepted accounting principles ("GAAP"). These consolidated financial statements do not include all information and footnotes required by GAAP for complete financial statements; although in management's opinion, the disclosures are adequate so that the information presented is not misleading. Operating results for the three months ended March 31, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. In the opinion of management, the information set forth in the accompanying consolidated condensed balance sheets is fairly stated in all material respects in relation to the consolidated balance sheets from which it has been derived. These consolidated financial statements and notes thereto should be read in conjunction with the consolidated financial statements and accompanying notes contained in our 2023 Form 1

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View this 10-Q filing on SEC EDGAR