EX-99.1 2 wern-20211112xex991.htm EX-99.1 Document

Exhibit 99.1

WERNER ENTERPRISES, INC.
CONDENSED BALANCE SHEET
(In thousands, except share amounts)
September 30,
2021
December 31,
2020
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents
$45,428 $29,334 
Accounts receivable, trade, less allowance of $9,233 and $8,686, respectively426,346 341,104 
Other receivables
26,524 23,491 
Inventories and supplies
11,787 12,062 
Prepaid taxes, licenses and permits
8,140 17,231 
   Other current assets51,566 33,694 
Total current assets
569,791 456,916 
Property and equipment2,515,378 2,405,335 
Less – accumulated depreciation908,852 862,077 
Property and equipment, net
1,606,526 1,543,258 
Goodwill44,710 — 
Intangible assets, net50,974 — 
Other non-current assets (1)
207,140 156,502 
Total assets$2,479,141 $2,156,676 
LIABILITIES, TEMPORARY EQUITY AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable
$92,425 $83,263 
Current portion of long-term debt
6,250 25,000 
Insurance and claims accruals
70,073 76,917 
Accrued payroll
43,397 35,594 
Accrued expenses27,574 25,032 
Other current liabilities
21,509 28,208 
Total current liabilities
261,228 274,014 
Long-term debt, net of current portion343,750 175,000 
Other long-term liabilities43,656 43,114 
Insurance and claims accruals, net of current portion (1)
234,000 231,638 
Deferred income taxes253,335 237,870 
Total liabilities1,135,969 961,636 
Temporary equity - redeemable noncontrolling interest36,615 — 
Stockholders’ equity:
Common stock, $.01 par value, 200,000,000 shares authorized; 80,533,536
shares issued; 66,884,251 and 67,931,726 shares outstanding, respectively805 805 
Paid-in capital
119,776 116,039 
Retained earnings
1,598,232 1,438,916 
Accumulated other comprehensive loss
(21,592)(22,833)
Treasury stock, at cost; 13,649,285 and 12,601,810 shares, respectively(390,664)(337,887)
Total stockholders’ equity1,306,557 1,195,040 
Total liabilities, temporary equity and stockholders’ equity$2,479,141 $2,156,676 
(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 September 30, 2021 and December 31, 2020.