• Werner Enterprises Reports Record Fourth Quarter and Full Year 2020 Operating Income

    المصدر: Nasdaq GlobeNewswire / 04 فبراير 2021 16:05:01   America/New_York

    Fourth Quarter 2020 Highlights

    • Total revenues of $620.3 million, flat YoY, up 5% sequentially
    • Operating income of $81.5 million, up 24% YoY, up 31% sequentially; non-GAAP adjusted operating income of $82.7 million, up 30% YoY, up 29% sequentially
    • Operating margin of 13.1%, up 250 bps YoY, up 260 bps sequentially; non-GAAP adjusted operating margin of 13.3%, up 310 bps YoY, up 240 bps sequentially
    • Diluted EPS of $0.88, up 26% YoY, up 31% sequentially; non-GAAP adjusted diluted EPS of $0.89, up 33% YoY, up 29% sequentially

    OMAHA, Neb., Feb. 04, 2021 (GLOBE NEWSWIRE) -- Werner Enterprises, Inc. (NASDAQ: WERN), one of the nation’s largest transportation and logistics companies, today reported record operating income for the fourth quarter and year ended December 31, 2020.

    “Werner produced strong results in the fourth quarter by safely delivering superior on-time service to our customers,” said Derek J. Leathers, Vice Chairman, President and Chief Executive Officer. “I have never been more proud of our Werner team. Their resilience, tenacity and perseverance in 2020 enabled us to overcome significant obstacles and challenges.

    “I am confident that Werner is very well-positioned to continue our success in 2021. Our young fleet and the high performance delivered by our associates are enabling us to deliver differentiated service levels while efficiently managing our controllable costs. The driver market remains challenging, which should limit growth in truckload industry capacity at a time when we expect demand to be strong due to our customers’ low inventory levels. Werner is poised to achieve sustainable performance improvement going forward.”

    Total revenues for the quarter decreased $1.5 million to $620.3 million versus the prior-year quarter, due to reduced fuel surcharges of $19.9 million due to lower fuel prices, partially offset by 5.3% higher revenues per truck.

    Operating income of $81.5 million increased $15.8 million, or 24%, versus the prior-year quarter, while operating margin of 13.1% increased 250 basis points. On a non-GAAP basis, adjusted operating income of $82.7 million increased $19.3 million, or 30%. Adjusted operating margin of 13.3% improved 310 basis points from 10.2% for the same quarter last year. Revenues per truck improvements, combined with effective cost management, generated the margin expansion.

    Interest expense of $0.6 million was $1.6 million lower, due to lower average borrowings. The effective income tax rate during the quarter was 25.4% compared to 24.4% in fourth quarter 2019.

    Net income of $60.6 million increased 25%. On a non-GAAP basis, adjusted net income increased 31% to $61.5 million compared to $46.8 million for the same quarter last year. Diluted earnings per share (EPS) for the quarter of $0.88 increased 26%. On a non-GAAP basis, adjusted diluted EPS of $0.89 increased 33% compared to $0.67 in fourth quarter 2019.

    Key Consolidated Financial Metrics
     
     Three Months Ended
    December 31,    		 Year Ended
    December 31,
    (In thousands, except per share amounts)2020 2019 Y/Y Change 2020 2019 Y/Y Change
    Total revenues$620,302  $621,787  0% $2,372,178  $2,463,701  (4)%
    Truckload Transportation Services revenues475,037  486,575  (2)% 1,843,209  1,909,776  (3)%
    Werner Logistics revenues130,113  120,145  8% 469,791  489,729  (4)%
    Operating income81,451  65,654  24% 227,438  225,472  1%
    Operating margin13.1% 10.6% 250 bps  9.6% 9.2% 40 bps 
    Net income60,556  48,496  25% 169,078  166,944  1%
    Diluted earnings per share0.88  0.70  26% 2.44  2.38  2%
                          
    Adjusted operating income (1)82,710  63,413  30% 241,945  225,947  7%
    Adjusted operating margin (1)13.3% 10.2% 310 bps  10.2% 9.2% 100 bps 
    Adjusted net income (1)61,494  46,821  31% 179,886  167,299  8%
    Adjusted diluted earnings per share (1)0.89  0.67  33% 2.59  2.39  8%
     
    (1) See GAAP to non-GAAP reconciliation schedule.
     

    Noteworthy Developments Since Third Quarter 2020

    • Issued our comprehensive Environmental, Social and Governance report, “Building on a Strong Foundation to Drive Greater Sustainability at Werner”
    • Earned the 2020 Smartway Excellence Award from the EPA for the fourth consecutive year
    • Appointed Carmen Tapio to the Werner Board of Directors
    • Named experienced Werner leader Kathy Peissig to the position of AVP - Diversity, Inclusion and Learning
    • Announced partnership with, and investment in, Mastery Logistics Systems, including its innovative MasterMind™ TMS solution to accelerate Werner TMS supply chain automation, visibility and productivity
    • Made an equity investment in TuSimple, an autonomous trucking technology company, to take an active role in developing technologies that will enhance the lives of our professional drivers and customers
    • Announced the sale of the Werner Global Logistics freight forwarding services for international ocean and air shipments to focus on providing superior truckload and logistics services in North America

    Truckload Transportation Services (TTS) Segment

    • Revenues of $475.0 million decreased $11.5 million
    • Operating income of $78.6 million increased $19.4 million, or 33%; non-GAAP adjusted operating income of $79.9 million increased $19.5 million, or 32%
    • Operating margin of 16.5% increased 430 basis points from 12.2%; non-GAAP adjusted operating margin of 16.8% increased 440 basis points from 12.4%.
    • Non-GAAP adjusted operating margin, net of fuel, of 18.2% increased 420 basis points from 14.0%
    • Average segment trucks in service totaled 7,790, a decrease of 252 trucks year over year, or 3.1%
    • Dedicated unit trucks at quarter end totaled 4,945 or 63% of the total TTS segment fleet, compared to 4,630 trucks, or 58%, a year ago
    • 5.3% increase in TTS average revenues per truck per week

    In our Dedicated fleet, freight demand remained strong in fourth quarter 2020. We added 230 trucks in Dedicated during the quarter. One-Way Truckload freight demand in fourth quarter 2020 was also strong.   Peak holiday season demand started earlier than normal in October and continued well into December. Freight demand in Dedicated and One-Way Truckload has continued to be seasonally strong so far in first quarter 2021.

    In fourth quarter 2020, TTS company truck miles decreased by approximately 3.4 million miles, and independent contractor miles decreased by approximately 4.8 million miles.

    Comparisons of key financial metrics for the TTS segment, including operating ratios (actual and net of fuel surcharge revenues), are shown below. Fluctuating fuel prices and fuel surcharge revenues impact the total company operating ratio and the TTS segment’s operating ratio when fuel surcharges are reported on a gross basis as revenues versus netting against fuel expenses. Eliminating fuel surcharge revenues, which are generally a more volatile source of revenue, provides a more consistent basis for comparing the results of operations from period to period.

     
    Key Truckload Transportation Services Segment Financial Metrics
     
     Three Months Ended
    December 31,    		 Year Ended
    December 31,
    (In thousands)2020 2019 Y/Y Change 2020 2019 Y/Y Change
    Trucking revenues, net of fuel surcharge$434,127  $425,558  2% $1,667,394  $1,652,663  1%
    Trucking fuel surcharge revenues36,563  56,485  (35)% 158,611  234,366  (32)%
    Non-trucking and other revenues4,347  4,532  (4)% 17,204  22,747  (24)%
    Total revenues$475,037  $486,575  (2)% $1,843,209  $1,909,776  (3)%
                 
    Operating income78,613  59,172  33% 222,007  202,660  10%
    Operating margin16.5% 12.2% 430 bps 12.0% 10.6% 140 bps
    Operating ratio83.5% 87.8% (430) bps 88.0% 89.4% (140) bps
                
    Adjusted operating income79,872  60,370  32% 236,514  206,574  14%
    Adjusted operating margin16.8% 12.4% 440 bps 12.8% 10.8% 200 bps
    Adjusted operating margin, net of fuel surcharge18.2% 14.0% 420 bps 14.0% 12.3% 170 bps
    Adjusted operating ratio83.2% 87.6% (440) bps 87.2% 89.2% (200) bps
    Adjusted operating ratio, net of fuel surcharge81.8% 86.0% (420) bps 86.0% 87.7% (170) bps
                      

    Werner Logistics Segment

    • Revenues of $130.1 million increased $10.0 million, or 8%
    • Gross margin of 12.5% decreased 280 bps
    • Operating income of $2.6 million decreased $0.7 million, or 22%
    • Operating margin of 2.0% decreased 80 bps

    Truckload Logistics revenues (62% of total Logistics revenues) increased by 2%. Truckload Logistics volume declined 12%, and revenues per load increased 16%. Intermodal revenues (27% of Logistics revenues) increased 23%, due to volume growth of 21% and 1% higher revenues per load.

    The gross margin percentage decreased 280 bps due to the large rise in spot truckload rates in the second half of 2020 which significantly increased the cost of capacity for contractual brokerage shipments in fourth quarter 2020. The logistics operating margin declined 80 bps to 2.0% as the 12% decline in gross profit exceeded the 10% decline in other operating expenses. As a result of improving customer rates for contractual brokerage shipments, the gross margin percentage and operating margin percentage both improved sequentially from third quarter 2020 to fourth quarter 2020 by 170 basis points and 270 basis points, respectively.

    Key Werner Logistics Segment Financial Metrics
     
     Three Months Ended
    December 31,    		 Year Ended
    December 31,
    (In thousands)2020 2019 Y/Y Change 2020 2019 Y/Y Change
    Total revenues$130,113  $120,145  8% $469,791  $489,729  (4)%
    Rent and purchased transportation expense113,908  101,764  12% 407,308  411,506  (1)%
    Gross profit16,205  18,381  (12)% 62,483  78,223  (20)%
    Other operating expenses13,572  15,014  (10)% 56,478  61,935  (9)%
    Operating income2,633  3,367  (22)% 6,005  16,288  (63)%
    Gross margin12.5% 15.3% (280) bps 13.3% 16.0% (270) bps
    Operating margin2.0% 2.8% (80) bps 1.3% 3.3% (200) bps
                      

    Cash Flow and Capital Allocation

    Cash flow from operations in fourth quarter 2020 was $99.5 million compared to $94.5 million in fourth quarter 2019, an increase of 5%. Full year 2020 cash flow from operations was $445.9 million, producing $179.7 million of free cash flow for the year. 

    Gains on sales of equipment in fourth quarter 2020 were $4.0 million, or $0.04 per share, compared to $3.6 million, or $0.04 per share, in fourth quarter 2019. Year over year, we sold slightly fewer trucks and significantly fewer trailers which was offset by higher average gains per truck and trailer. Pricing in the market for our used trucks continued to improve in fourth quarter 2020. As a reminder, gains on sales of assets are reflected as a reduction of Other Operating Expenses in our income statement.

    Net capital expenditures in 2020 were $266.2 million compared to $283.9 million in 2019, a decrease of 6%. As a result of the improved pricing for our used trucks in fourth quarter 2020, we sold significantly more trucks than originally anticipated. This resulted in a decrease in fourth quarter 2020 net capital expenditures versus our guidance. We plan to continue to invest in new trucks and trailers and our terminals to improve our driver experience, increase operational efficiency and more effectively manage our maintenance, safety and fuel costs. The average ages of our truck and trailer fleets remain low by industry standards and were 2.0 years and 4.0 years, respectively, as of December 31, 2020.

    During the quarter, we repurchased 1.2 million shares of common stock for a total cost of $47.7 million, or an average price of $39.77 per share. As of December 31, 2020, we had 2.8 million shares remaining under our share repurchase authorization.

    As of December 31, 2020, we had $200 million of debt outstanding, $29 million of cash and nearly $1.2 billion of stockholders’ equity.

    2020 and 2021 Guidance Metrics and Assumptions

    The following table summarizes (1) our 2020 guidance and assumptions compared to actual results and (2) introduces our 2021 guidance and assumptions:

    2020 and 2021
    Guidance    		4Q20
    Guidance
    (as of 10/28/20)    		4Q20
    Actual
    (as of 12/31/20)    		2021 Annual
    Guidance
    (as of 2/4/21)    		2021
    Commentary
    TTS truck
    growth from
    BoY to EoY    		(3)% to (1)%(2)%1% to 3%Targeted growth with strong performing Dedicated fleet

    Augmenting TTS capacity with growing power-only Logistics solution
    Gains on sales
    of equipment    		$2M to $3M$4.0M$12M to $15MHigher gains in improving market with highly spec’d equipment

    Growing retail vs. wholesale sales mix
    Net capital
    expenditures    		$88M to $113M$79M$275M to $300MNewer trucks/trailers with enhanced safety features

    Opening two new full-service terminals

    Continued investment in Werner Edge digital initiative
    TTS Guidance    
    Dedicated
    RPTPW*
    growth    		n/an/a3% to 5%
    (1H21 vs. 1H20)    		Consistent performance record of YoY improvement through both strong and softer freight markets
    One-Way
    Truckload
    (OWT) RPTM*
    growth    		3% to 5%
    (4Q20 vs. 4Q19)    		6.9%
    (4Q20 vs. 4Q19)    		7% to 10%
    (1H21 vs. 1H20)    		High-single-digit to Low-double-digit percentage contractual rate renewals expected during bid season

    Strong OWT freight market; focus areas of cross-border and expedited
    Assumptions    
    Effective
    income tax rate    		25.0% to 25.5%25.4%24.5% to 25.5% 
    Truck age
    Trailer age    		2.0 years
    Low-to-mid “4” years    		2.0 years
    4.0 years    		2.0 years
    Low-to-mid “4” years    		Reinvest to maintain young fleet

    * Net of fuel surcharge revenues

    Conference Call Information

    Werner Enterprises, Inc. will conduct a conference call to discuss fourth quarter 2020 earnings today beginning at 4:00 p.m. CT. The news release, live webcast of the earnings conference call, and accompanying slide presentation will be available at www.werner.com in the “Investors” section under “News and Events” and then “Webcasts & Presentations.” To participate in the conference call, please dial (844) 701-1165 (domestic) or (412) 317-5498 (international). Please mention to the operator that you are dialing in for the Werner Enterprises call.

    A replay of the conference call will be available on February 4, 2021 at approximately 6:00 p.m. CT through March 4, 2021 by dialing (877) 344-7529 (domestic) or (412) 317-0088 (international) and using the access code 10150328. A replay of the webcast will also be available at www.werner.com in the “Investors” section under “News and Events” and then “Webcasts & Presentations.”

    About Werner Enterprises

    Werner Enterprises, Inc. was founded in 1956 and is a premier transportation and logistics company, with coverage throughout North America. Werner maintains its corporate headquarters in Omaha, Nebraska and maintains offices in the United States, Canada and Mexico. Werner is among the five largest truckload carriers in the United States, with a diversified portfolio of transportation services that includes dedicated; medium-to-long-haul, regional and expedited van; and temperature-controlled. The Werner Logistics portfolio includes North American truck brokerage, freight management, intermodal and final mile services.

    Werner Enterprises, Inc.’s common stock trades on The NASDAQ Global Select MarketSM under the symbol “WERN”. For further information about Werner, visit the Company’s website at www.werner.com.

    This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements are based on information presently available to the Company’s management and are current only as of the date made. Actual results could also differ materially from those anticipated as a result of a number of factors, including, but not limited to, those discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 and subsequently filed Quarterly Reports on Form 10-Q.

    For those reasons, undue reliance should not be placed on any forward-looking statement. The Company assumes no duty or obligation to update or revise any forward-looking statement, although it may do so from time to time as management believes is warranted or as may be required by applicable securities law. Any such updates or revisions may be made by filing reports with the U.S. Securities and Exchange Commission, through the issuance of press releases or by other methods of public disclosure.

    To supplement our financial results presented on a GAAP basis, we provide certain non-GAAP financial measures, including adjusted operating income, adjusted net income and adjusted diluted earnings per share. We believe these non-GAAP financial measures provide a more useful comparison of our performance from period to period because they exclude the effect of items that, in our opinion, do not reflect our core operating performance. Our non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. There are limitations to using non-GAAP financial measures. Although we believe that they improve comparability in analyzing our period to period performance, they could limit comparability to other companies in our industry if those companies define these measures differently. Because of these limitations, our non-GAAP financial measures should not be considered measures of income generated by our business. Management compensates for these limitations by primarily relying on GAAP results and using non-GAAP financial measures on a supplemental basis.

    Contact:
    John J. Steele
    Executive Vice President, Treasurer
    and Chief Financial Officer
    (402) 894-3036
      
    Source: Werner Enterprises, Inc.

      
      
     INCOME STATEMENT
     (Unaudited)
     (In thousands, except per share amounts)
              
     Three Months Ended
    December 31,    		 Year Ended
    December 31,
     2020 2019 2020 2019
     $ % $ % $ % $ %
    Operating revenues$620,302  100.0  $621,787  100.0  $2,372,178  100.0  $2,463,701  100.0 
    Operating expenses:               
    Salaries, wages and benefits197,718  31.9  200,101  32.2  795,847  33.6  818,487  33.2 
    Fuel39,743  6.4  59,208  9.5  157,124  6.6  235,928  9.6 
    Supplies and maintenance42,763  6.9  45,946  7.4  175,842  7.4  182,909  7.4 
    Taxes and licenses24,911  4.0  24,737  4.0  95,746  4.0  95,525  3.9 
    Insurance and claims24,656  4.0  23,282  3.7  109,816  4.6  88,913  3.6 
    Depreciation63,799  10.3  64,711  10.4  263,286  11.1  249,527  10.1 
    Rent and purchased transportation140,195  22.6  135,629  21.8  519,184  21.9  549,438  22.3 
    Communications and utilities3,333  0.5  3,497  0.6  14,474  0.6  15,303  0.6 
    Other1,733  0.3  (978) (0.2) 13,421  0.6  2,199  0.1 
    Total operating expenses538,851  86.9  556,133  89.4  2,144,740  90.4  2,238,229  90.8 
    Operating income81,451  13.1  65,654  10.6  227,438  9.6  225,472  9.2 
    Other expense (income):               
    Interest expense576  —  2,159  0.4  4,215  0.2  6,854  0.3 
    Interest income(308) —  (678) (0.1) (1,634) (0.1) (3,326) (0.1)
    Other40  —  49  —  163  —  38  — 
    Total other expense (income)308  —  1,530  0.3  2,744  0.1  3,566  0.2 
    Income before income taxes81,143  13.1  64,124  10.3  224,694  9.5  221,906  9.0 
    Income tax expense20,587  3.3  15,628  2.5  55,616  2.4  54,962  2.2 
    Net income$60,556  9.8  $48,496  7.8  $169,078  7.1  $166,944  6.8 
    Diluted shares outstanding69,052    69,723    69,427    70,026   
    Diluted earnings per share$0.88    $0.70    $2.44    $2.38   
                    


      GAAP TO NON-GAAP RECONCILIATION
      (Unaudited)
      (In thousands, except per share amounts)
             
      Three Months Ended
    December 31,    		 Year Ended
    December 31,
      2020 2019 2020 2019
    Operating revenues $620,302  $621,787  $2,372,178  $2,463,701 
    Operating expenses 538,851  556,133  2,144,740  2,238,229 
    Operating income 81,451  65,654  227,438  225,472 
    Total other expense (income) 308  1,530  2,744  3,566 
    Income before income taxes 81,143  64,124  224,694  221,906 
    Income tax expense 20,587  15,628  55,616  54,962 
    Net income $60,556  $48,496  $169,078  $166,944 
    Diluted shares outstanding 69,052  69,723  69,427  70,026 
    Diluted earnings per share $0.88  $0.70  $2.44  $2.38 
                     
    Adjusted for:                
    Operating expenses $538,851  $556,133  $2,144,740  $2,238,229 
    Insurance and claims (1) (1,259) (1,198) (4,893) (3,914)
    Gains on sale of real estate (2) —  3,439  —  3,439 
    Depreciation (3) —  —  (9,614) — 
    Adjusted operating expenses 537,592  558,374  2,130,233  2,237,754 
    Adjusted operating income (4) 82,710  63,413  241,945  225,947 
    Total other expense (income) 308  1,530  2,744  3,566 
    Adjusted income before income taxes 82,402  61,883  239,201  222,381 
    Adjusted income tax expense 20,908  15,062  59,315  55,082 
    Adjusted net income (4) $61,494  $46,821  $179,886  $167,299 
    Diluted shares outstanding 69,052  69,723  69,427  70,026 
    Adjusted diluted earnings per share (4) $0.89  $0.67  $2.59  $2.39 

    (1) During fourth quarter 2020 and 2019, we accrued pre-tax insurance and claims expense for interest related to a previously disclosed excess adverse jury verdict rendered on May 17, 2018 in a lawsuit arising from a December 2014 accident. The Company is appealing this verdict. Additional information about the accident was included in our Current Report on Form 8-K dated May 17, 2018. Under our insurance policies in effect on the date of this accident, our maximum liability for this accident is $10.0 million (plus pre-judgment and post-judgment interest) with premium-based insurance coverage that exceeds the jury verdict amount. Interest is accrued at $0.4 million per month until such time as the outcome of our appeal is finalized excluding the months of June and July 2019 where the plaintiffs requested an extension of time to respond to our appeal. Management believes excluding the effect of this item provides a more useful comparison of our performance from period to period. This item is included in the Truckload Transportation Services segment in our Segment Information table.

    (2) During fourth quarter 2019, we sold two parcels of real estate which resulted in a $3,439 pre-tax gain on sale. This item is included in our Segment Information table in “Corporate” operating income.

    (3) During first quarter 2020, we changed the estimated life of certain trucks expected to be sold in 2020 to more rapidly depreciate these trucks to their estimated residual values due to the weak used truck market. These trucks continued to depreciate at the same higher rate per truck, until all were sold.  Management believes excluding the effect of this unusual and infrequent item provides a more useful comparison of our performance from period to period. This item is included in the Truckload Transportation Services segment in our Segment Information table.

    (4) Our definition of the non-GAAP measures adjusted operating income, adjusted net income and adjusted diluted earnings per share begins with (a) operating expenses, the most comparable GAAP measure. We subtract the insurance and claims jury verdict interest accrual and the additional depreciation expense and add the gains on sale of real estate to (a) to arrive at adjusted operating expenses, which we subtract from operating revenues to arrive at (b) adjusted operating income. We subtract (c) total other expense (income) from (b) adjusted operating income to arrive at (d) adjusted income before income taxes. We calculate adjusted income tax expense by applying the incremental income tax rate excluding discrete items to the net pre-tax adjustments and adding this additional income tax to GAAP income tax expense. We then subtract adjusted income tax expense from adjusted income before income taxes to arrive at adjusted net income. The adjusted net income is divided by the diluted shares outstanding to calculate the adjusted diluted earnings per share.

       
      SEGMENT INFORMATION
      (Unaudited)
      (In thousands)
           
      Three Months Ended
    December 31,    		 Year Ended
    December 31,
      2020 2019 2020 2019
    Revenues        
    Truckload Transportation Services $475,037  $486,575  $1,843,209  $1,909,776 
    Werner Logistics 130,113  120,145  469,791  489,729 
    Other (1) 14,737  14,386  57,276  61,850 
    Corporate 467  684  2,009  2,589 
    Subtotal 620,354  621,790  2,372,285  2,463,944 
    Inter-segment eliminations (2) (52) (3) (107) (243)
    Total $620,302  $621,787  $2,372,178  $2,463,701 
             
    Operating Income        
    Truckload Transportation Services $78,613  $59,172  $222,007  $202,660 
    Werner Logistics 2,633  3,367  6,005  16,288 
    Other (1) 907  354  3,839  5,535 
    Corporate (702) 2,761  (4,413) 989 
    Total $81,451  $65,654  $227,438  $225,472 

    (1) Other includes our driver training schools, transportation-related activities such as third-party equipment maintenance and equipment leasing, and other business activities.

    (2) Inter-segment eliminations represent transactions between reporting segments that are eliminated in consolidation.

      
     OPERATING STATISTICS BY SEGMENT
     (Unaudited)
            
     Three Months Ended
    December 31,    		   Year Ended
    December 31,    		  
     2020 2019 % Chg 2020 2019 % Chg
    Truckload Transportation Services segment           
    Average trucks in service7,790  8,042  (3.1)% 7,757  7,969  (2.7)%
    Average revenues per truck per week (1)$4,287  $4,071  5.3% $4,134  $3,988  3.7%
    Total trucks (at quarter end)           
    Company7,390  7,460  (0.9)% 7,390  7,460  (0.9)%
    Independent contractor440  540  (18.5)% 440  540  (18.5)%
    Total trucks7,830  8,000  (2.1)% 7,830  8,000  (2.1)%
    Total trailers (at quarter end)23,125  22,700  1.9% 23,125  22,700  1.9%
                
    One-Way Truckload           
    Trucking revenues, net of fuel surcharge (in 000’s)$176,014  $188,306  (6.5)% $694,868  $738,510  (5.9)%
    Average trucks in service2,918  3,349  (12.9)% 3,096  3,376  (8.3)%
    Total trucks (at quarter end)2,885  3,370  (14.4)% 2,885  3,370  (14.4)%
    Average percentage of empty miles11.69% 11.98% (2.4)% 12.06% 12.01% 0.4%
    Average revenues per truck per week (1)$4,638  $4,325  7.2% $4,315  $4,207  2.6%
    Average % change YOY in revenues per total mile (1)6.9% (5.4)%   0.9% (2.1)%  
    Average % change YOY in total miles per truck per week0.3% (3.5)%   1.6% (3.1)%  
    Average completed trip length in miles (loaded)869  862  0.8% 852  848  0.5%
                
    Dedicated           
    Trucking revenues, net of fuel surcharge (in 000’s)$258,113  $237,252  8.8% $972,526  $914,153  6.4%
    Average trucks in service4,872  4,693  3.8% 4,661  4,593  1.5%
    Total trucks (at quarter end)4,945  4,630  6.8% 4,945  4,630  6.8%
    Average revenues per truck per week (1)$4,075  $3,888  4.8% $4,012  $3,827  4.8%
                
    Werner Logistics segment           
    Average trucks in service31  35  (11.4)% 31  36  (13.9)%
    Total trucks (at quarter end)31  33  (6.1)% 31  33  (6.1)%
    Total trailers (at quarter end)1,275  1,445  (11.8)% 1,275  1,445  (11.8)%
                      
    (1) Net of fuel surcharge revenues                 
                      


     SUPPLEMENTAL INFORMATION
     (Unaudited)
     (In thousands)
          
     Three Months Ended
    December 31,    		 Year Ended
    December 31,
     2020 2019 2020 2019
    Capital expenditures, net$78,978  $12,216  $266,241  $283,875 
    Cash flow from operations99,513  94,459  445,909  426,644 
    Return on assets (annualized)11.2% 9.0% 8.0% 7.8%
    Return on equity (annualized)20.3% 17.9% 14.7% 14.6%
                


     CONDENSED BALANCE SHEET
     (In thousands, except share amounts)
        
     December 31,
    2020    		 December 31,
    2019
     (Unaudited)  
        
    ASSETS   
    Current assets:   
    Cash and cash equivalents$29,334  $26,418 
    Accounts receivable, trade, less allowance of $8,686 and $7,921, respectively341,104  322,846 
    Other receivables23,491  52,221 
    Inventories and supplies12,062  9,243 
    Prepaid taxes, licenses and permits17,231  16,757 
    Other current assets33,694  38,849 
    Total current assets456,916  466,334 
        
    Property and equipment2,405,335  2,343,536 
    Less – accumulated depreciation862,077  817,260 
    Property and equipment, net1,543,258  1,526,276 
        
    Other non-current assets (1)156,502  151,254 
    Total assets$2,156,676  $2,143,864 
        
    LIABILITIES AND STOCKHOLDERS’ EQUITY   
    Current liabilities:   
    Accounts payable$83,263  $94,634 
    Current portion of long-term debt25,000  75,000 
    Insurance and claims accruals76,917  69,810 
    Accrued payroll35,594  38,347 
    Accrued expenses25,032  11,072 
    Other current liabilities28,208  19,977 
    Total current liabilities274,014  308,840 
        
    Long-term debt, net of current portion175,000  225,000 
    Other long-term liabilities43,114  21,129 
    Insurance and claims accruals, net of current portion (1)231,638  228,218 
    Deferred income taxes237,870  249,669 
        
    Stockholders’ equity:   
    Common stock, $.01 par value, 200,000,000 shares authorized; 80,533,536   
     shares issued; 67,931,726 and 69,244,525 shares outstanding, respectively805  805 
    Paid-in capital116,039  112,649 
    Retained earnings1,438,916  1,294,608 
    Accumulated other comprehensive loss(22,833) (14,728)
    Treasury stock, at cost; 12,601,810 and 11,289,011 shares, respectively(337,887) (282,326)
    Total stockholders’ equity1,195,040  1,111,008 
    Total liabilities and stockholders’ equity$2,156,676  $2,143,864 

    (1) Under the terms of our insurance policies, we are the primary obligor of the damage award in the previously mentioned adverse jury verdict, and as such, we have recorded a $79.2 million receivable from our third party insurance providers in other non-current assets and a corresponding liability of the same amount in the long-term portion of insurance and claims accruals in the unaudited condensed balance sheets as of December 31, 2020 and December 31, 2019.

     


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