SPY391.77+4.27 1.10%
DIA319.53+4.14 1.31%
IXIC13,597.97+132.77 0.99%

Press Release: Werner Enterprises Reports Record -5-

· 02/04/2021 16:05
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 Year Ended December 31, December 31, ------------------------ -------------------------- 2020 2019 2020 2019 ----------- ----------- ------------ ------------ Capital expenditures, net $78,978 $12,216 $266,241 $283,875 Cash flow from operations 99,513 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, December 31, 2020 2019 ---------------------- ------------------ (Unaudited) ASSETS Current assets: Cash and cash equivalents $ 29,334 $ 26,418 Accounts receivable, trade, less allowance of $8,686 and $7,921, respectively 341,104 322,846 Other receivables 23,491 52,221 Inventories and supplies 12,062 9,243 Prepaid taxes, licenses and permits 17,231 16,757 Other current assets 33,694 38,849 --------------------- --------------- Total current assets 456,916 466,334 --------------------- --------------- Property and equipment 2,405,335 2,343,536 Less -- accumulated depreciation 862,077 817,260 --------------------- --------------- Property and equipment, net 1,543,258 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 debt 25,000 75,000 Insurance and claims accruals 76,917 69,810 Accrued payroll 35,594 38,347 Accrued expenses 25,032 11,072 Other current liabilities 28,208 19,977 --------------------- --------------- Total current liabilities 274,014 308,840 --------------------- --------------- Long-term debt, net of current portion 175,000 225,000 Other long-term liabilities 43,114 21,129 Insurance and claims accruals, net of current portion (1) 231,638 228,218 Deferred income taxes 237,870 249,669 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, respectively 805 805 Paid-in capital 116,039 112,649 Retained earnings 1,438,916 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' equity 1,195,040 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.

(END) Dow Jones Newswires

February 04, 2021 16:05 ET (21:05 GMT)