Werner Enterprises Q2 2024 Update

TL;DR

Werner Enterprises filed its Q2 2024 10-Q. Check financials.

AI Summary

Werner Enterprises Inc. reported its second quarter 2024 results, ending June 30, 2024. The company's filing details its financial performance and operational updates for the period. Specific financial figures and operational metrics are provided within the report.

Why It Matters

This filing provides investors with Werner Enterprises' latest financial performance and operational status, crucial for understanding the company's trajectory in the trucking industry.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial disclosures.

Key Numbers

• 2024 Q2 — Reporting Period (Second quarter of 2024)
• 2024-06-30 — End Date of Period (The filing covers financial data up to this date.)

Key Players & Entities

• WERNER ENTERPRISES INC (company) — Filer
• 20240630 (date) — Period of Report
• NE (location) — State of Incorporation
• 4028956640 (phone_number) — Business Phone

FAQ

Key Financial Figures

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

Filing Documents

• wern-20240630.htm (10-Q) — 1162KB
• wern-2024630xex311.htm (EX-31.1) — 16KB
• wern-2024630xex312.htm (EX-31.2) — 16KB
• wern-2024630xex321.htm (EX-32.1) — 5KB
• wern-2024630xex322.htm (EX-32.2) — 5KB
• 0000793074-24-000056.txt ( ) — 5741KB
• wern-20240630.xsd (EX-101.SCH) — 36KB
• wern-20240630_cal.xml (EX-101.CAL) — 77KB
• wern-20240630_def.xml (EX-101.DEF) — 139KB
• wern-20240630_lab.xml (EX-101.LAB) — 547KB
• wern-20240630_pre.xml (EX-101.PRE) — 360KB
• wern-20240630_htm.xml (XML) — 663KB

– 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 and Six Months Ended June 3 0 , 2024 and 2023 4 Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 3 0 , 2024 and 2023 5 Consolidated Condensed Balance Sheets as of J une 3 0 , 2024 and December 31, 2023 6 Consolidated Statements of Cash Flows for the Six Months Ended June 3 0 , 2024 and 2023 7 Consolidated Statements of Stockholders' Equity and Temporary Equity - Redeemable Noncontrolling Interest for the Three and Six Months Ended June 3 0 , 2024 and 2023 8

Notes to Consolidated Financial Statements (Unaudited) as of June 3 0 , 2024

Notes to Consolidated Financial Statements (Unaudited) as of June 3 0 , 2024 10

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 19

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 28

Controls and Procedures

Item 4. Controls and Procedures 29

– OTHER INFORMATION

PART II – OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 29

Risk Factors

Item 1A. Risk Factors 29

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 30

Other Information

Item 5. Other Information 30

Exhibits

Item 6. Exhibits 31 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 June 30, Six Months Ended June 30, (In thousands, except per share amounts) 2024 2023 2024 2023 Operating revenues $ 760,798 $ 811,096 $ 1,529,878 $ 1,643,810 Operating expenses: Salaries, wages and benefits 259,754 266,373 525,157 534,688 Fuel 71,998 77,740 149,620 169,154 Supplies and maintenance 61,988 64,964 123,763 133,189 Taxes and licenses 25,494 25,408 50,658 50,833 Insurance and claims 31,897 36,806 68,259 73,291 Depreciation and amortization 72,672 74,898 146,942 149,211 Rent and purchased transportation 210,417 217,086 414,342 437,310 Communications and utilities 4,127 4,669 8,833 9,402 Other 2,840 ( 4,046 ) 7,105 ( 13,852 ) Total operating expenses 741,187 763,898 1,494,679 1,543,226 Operating income 19,611 47,198 35,199 100,584 Other expense (income): Interest expense 9,043 8,139 16,991 16,055 Interest income ( 1,786 ) ( 1,899 ) ( 3,471 ) ( 3,451 ) Loss (gain) on investments in equity securities, net 52 ( 79 ) 190 2 Loss from equity method investment 141 844 274 844 Other 30 86 ( 231 ) 93 Total other expense, net 7,480 7,091 13,753 13,543 Income before income taxes 12,131 40,107 21,446 87,041 Income tax expense 2,931 10,087 5,998 21,487 Net income 9,200 30,020 15,448 65,554 Net loss (income) attributable to noncontrolling interest 265 ( 139 ) 329 ( 449 ) Net income attributable to Werner $ 9,465 $ 29,881 $ 15,777 $ 65,105 Earnings per share: Basic $ 0.15 $ 0.47 $ 0.25 $ 1.03 Diluted $ 0.15 $ 0.47 $ 0.25 $ 1.02 Weighted-average common shares outstanding: Basic 62,706 63,384 63,089 63,345 Diluted 62,860 63,687 63,291 63,689 See Notes to Consolidated Financial Statements (Unaudited). 4 Table of Contents WERNER ENTERPRISES, INC. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2024 2023 2024 2023 Net income $

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 and six months ended June 30, 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

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