Werner Enterprises Q3 2024 Filing Released

TL;DR

Werner Enterprises filed its Q3 2024 10-Q. Financials and operations detailed.

AI Summary

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

Why It Matters

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

Risk Assessment

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

Key Numbers

• 2024 Q3 — Reporting Period (Indicates the specific quarter for which financial data is reported.)
• 1231 — Fiscal Year End (Specifies the end date of the company's fiscal year.)
• 4028956640 — Business Phone (Contact number for the company's business operations.)

Key Players & Entities

• WERNER ENTERPRISES INC (company) — Filer
• 20240930 (date) — Conformed Period of Report
• 20241112 (date) — Filed as of Date
• NE (location) — State of Incorporation
• OMAHA (location) — Business Address City

FAQ

Key Financial Figures

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

Filing Documents

• wern-20240930.htm (10-Q) — 1158KB
• wern-2024930xex3ii.htm (EX-3.II) — 149KB
• wern-2024930xex311.htm (EX-31.1) — 16KB
• wern-2024930xex312.htm (EX-31.2) — 16KB
• wern-2024930xex321.htm (EX-32.1) — 5KB
• wern-2024930xex322.htm (EX-32.2) — 6KB
• 0000793074-24-000064.txt ( ) — 5964KB
• wern-20240930.xsd (EX-101.SCH) — 36KB
• wern-20240930_cal.xml (EX-101.CAL) — 77KB
• wern-20240930_def.xml (EX-101.DEF) — 139KB
• wern-20240930_lab.xml (EX-101.LAB) — 551KB
• wern-20240930_pre.xml (EX-101.PRE) — 362KB
• wern-20240930_htm.xml (XML) — 677KB

– 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 Nine Months Ended Septemb er 30, 2024 and 2023 4 Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2024 and 2023 5 Consolidated Condensed Balance Sheets as of September 30, 2024 and December 31, 2023 6 Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2024 and 2023 7 Consolidated Statements of Stockholders' Equity and Temporary Equity - Redeemable Noncontrolling Interest for the Three and Nine Months Ended September 30, 2024 and 2023 8

Notes to Consolidated Financial Statements (Unaudited) as of September 30, 2024

Notes to Consolidated Financial Statements (Unaudited) as of September 30, 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 29

Controls and Procedures

Item 4. Controls and Procedures 29

– OTHER INFORMATION

PART II – OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 30

Risk Factors

Item 1A. Risk Factors 30

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 31

Exhibits

Item 6. Exhibits 32 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 II, Item 1A (Risk Factors) of this Quarterly Report and 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 September 30, Nine Months Ended September 30, (In thousands, except per share amounts) 2024 2023 2024 2023 Operating revenues $ 745,701 $ 817,744 $ 2,275,579 $ 2,461,554 Operating expenses: Salaries, wages and benefits 258,335 268,054 783,492 802,742 Fuel 64,886 90,369 214,506 259,523 Supplies and maintenance 61,548 60,181 185,311 193,370 Taxes and licenses 23,565 25,852 74,223 76,685 Insurance and claims 27,678 31,261 95,937 104,552 Depreciation and amortization 71,584 74,586 218,526 223,797 Rent and purchased transportation 211,667 224,556 626,009 661,866 Communications and utilities 4,186 4,555 13,019 13,957 Other 4,657 430 11,762 ( 13,422 ) Total operating expenses 728,106 779,844 2,222,785 2,323,070 Operating income 17,595 37,900 52,794 138,484 Other expense (income): Interest expense 11,093 8,661 28,084 24,716 Interest income ( 1,834 ) ( 1,727 ) ( 5,305 ) ( 5,178 ) Loss on investments in equity securities, net 37 34 227 36 Loss (earnings) from equity method investment ( 295 ) 110 ( 21 ) 954 Other 50 284 ( 181 ) 377 Total other expense, net 9,051 7,362 22,804 20,905 Income before income taxes 8,544 30,538 29,990 117,579 Income tax expense 2,004 7,034 8,002 28,521 Net income 6,540 23,504 21,988 89,058 Net loss (income) attributable to noncontrolling interest 25 200 354 ( 249 ) Net income attributable to Werner $ 6,565 $ 23,704 $ 22,342 $ 88,809 Earnings per share: Basic $ 0.11 $ 0.37 $ 0.36 $ 1.40 Diluted $ 0.11 $ 0.37 $ 0.36 $ 1.39 Weighted-average common shares outstanding: Basic 61,808 63,390 62,659 63,360 Diluted 62,022 63,737 62,862 63,703 See Notes to Consolidated Financial Statements (Unaudited). 4 Table of Contents WERNER ENTERPRISES, INC. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) Three Months Ended September 30, Nine Months Ended September 30, (In thousands) 2024 202

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 nine months ended September 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 ou

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View this 10-Q filing on SEC EDGAR