Werner Enterprises(US:WERN)2023-02-27 21:38Financial Performance - Operating revenues for 2022 were $3,289,978, an increase of 20.4% from $2,734,372 in 2021[179] - Operating income for 2022 was $323,076, compared to $309,146 in 2021, reflecting a growth of 4.5%[179] - Net income attributable to Werner for 2022 was $241,256, a decrease of 6.8% from $259,052 in 2021[179] - Total operating expenses for 2022 were $2,966,902, up 22.3% from $2,425,226 in 2021[179] - Net income for 2022 was $245,580, a decrease of 6% compared to $261,478 in 2021[187] - Total revenues for the year ended December 31, 2022, reached $3,289.978 million, a 20.3% increase from $2,734.372 million in 2021[232] - Truckload Transportation Services revenue increased to $2,428.686 million in 2022 from $2,045.073 million in 2021, representing a growth of 18.7%[232] - Revenues for the Werner Logistics segment in 2022 reached $793.5 million, compared to $622.5 million in 2021 and $469.8 million in 2020[306] Expenses and Costs - Salaries, wages, and benefits increased to $1,020,609 in 2022, up 14.0% from $895,012 in 2021[179] - Fuel expenses rose significantly to $437,299 in 2022, compared to $245,866 in 2021, marking a 77.5% increase[179] - Depreciation expense for the year ended December 31, 2022, was $273.8 million, compared to $265.8 million in 2021[198] - Operating lease expense increased to $22.1 million in 2022 from $15.7 million in 2021, reflecting a year-over-year growth of 40.8%[253] Assets and Liabilities - Total assets increased to $3,097,255, up from $2,603,713 in 2021, representing a growth of 19%[185] - Total current assets increased to $762,615, up 21% from $631,213 in 2021[185] - Long-term debt increased to $687,500, a significant rise from $422,500 in 2021, reflecting a 63% increase[185] - The company had $150.0 million of variable interest rate debt with an effective fixed interest rate of 2.78% through May 2024[164] - As of December 31, 2022, total outstanding debt was $693.8 million, an increase from $427.5 million in 2021, reflecting a growth of 62.2%[273] Equity and Stockholder Information - Total stockholders' equity grew to $1,443,635, up from $1,327,550 in 2021, indicating a 9% increase[185] - Dividends on common stock increased to $32,162, up from $29,083 in 2021, reflecting a growth of 7%[187] - The company purchased 2,710,304 shares of common stock in 2022, totaling $110.4 million[192] - Dividends on common stock for 2022 were $0.51 per share, totaling $32.5 million[192] Acquisitions and Investments - The company acquired ReedTMS for a total purchase price of $109.2 million, with pro forma operating revenues of $368.5 million for 2022, up from $339.8 million in 2021[217] - The acquisition of Baylor was completed for $89.0 million, with a potential contingent earnout payment of up to $15.0 million based on performance goals[219] - The company invested $507,252 in property and equipment, compared to $370,850 in 2021, representing a 37% increase[187] Customer and Revenue Concentration - For the year ended December 31, 2022, the top ten customers accounted for 46% of total revenues, with Dollar General representing 14% of total revenues[192] - Revenues from the United States were $3,051,788,000, accounting for approximately 92.8% of total revenues in 2022[308] - Revenues from foreign countries totaled $238,190,000 in 2022, up from $201,652,000 in 2021, representing an 18.1% increase[308] Tax and Compliance - The company recognized a total income tax expense of $79.206 million in 2022, down from $84.537 million in 2021[277] - Deferred income tax liabilities increased to $397.843 million in 2022 from $348.570 million in 2021, resulting in a net deferred income tax liability of $313.278 million[278] - The company has not reported any changes or disagreements with accountants on accounting and financial disclosure in the last two fiscal years[310]