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, respectively | 426,346 | 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 assets | 51,566 | 33,694 | |||||||||
Total current assets | 569,791 | 456,916 | |||||||||
Property and equipment | 2,515,378 | 2,405,335 | |||||||||
Less – accumulated depreciation | 908,852 | 862,077 | |||||||||
Property and equipment, net | 1,606,526 | 1,543,258 | |||||||||
Goodwill | 44,710 | — | |||||||||
Intangible assets, net | 50,974 | — | |||||||||
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 expenses | 27,574 | 25,032 | |||||||||
Other current liabilities | 21,509 | 28,208 | |||||||||
Total current liabilities | 261,228 | 274,014 | |||||||||
Long-term debt, net of current portion | 343,750 | 175,000 | |||||||||
Other long-term liabilities | 43,656 | 43,114 | |||||||||
Insurance and claims accruals, net of current portion (1) | 234,000 | 231,638 | |||||||||
Deferred income taxes | 253,335 | 237,870 | |||||||||
Total liabilities | 1,135,969 | 961,636 | |||||||||
Temporary equity - redeemable noncontrolling interest | 36,615 | — | |||||||||
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, respectively | 805 | 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’ equity | 1,306,557 | 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.