Motley Fool. So it's a pretty difficult short term time. That has settled some in recent weeks, so although volumes have declined and have started to take a post surge kind of feel, if you will, once we got through the initial rush of pandemic supplies. While the thinking there's no playbook for times like these is true in some respect, Werner does have a playbook that we stay true to every step of the way. We expect the average age of our truck and trailer fleet to be at slightly higher levels. So I think there's a big separation between the type of retailer and where their inventory levels currently sit. All right, guys. And so there's behavioral erratic -- there's erratic moments in behavior that we go through, but at the end of it all, our portfolio is structured well, and we're responding, and it's behaving as we expected it would behave during a crisis like this. We will continue to monitor and manage these customer industry risk and financial risk assessments going forward. That just doesn't happen. Thank you very much. Please go ahead. We're starting to see over the next few weeks some positivity as it relates to what those volumes might look like. Registration on or use of this site constitutes acceptance of our Terms of Service and Privacy Policy. At the same time, we updated our ongoing assessment of customer financial risk based on each customer's size, financial leverage, liquidity, profitability and other financial performance measures, including using data from an independent financial risk rating provider. It was a fairly consistent year-over-year lapping effect based on mix, based on bids that were rebid during the year last year that we knew would be now comping against a tougher comp. I personally keep our associates informed about COVID-19 developments through ongoing video updates. It will stay down, I think, for the foreseeable future. We support our owner-operators. And so we are aware that there's going to be some hills and valleys along the way between now and the end of the year with our Mexico franchise. Earnings Conference Call Transcript. Stocks 21 mins ‘Big Short’ investor Michael Burry has warned of a stock-market bubble and slammed Tesla, Robinhood, bitcoin, and the GameStop frenzy in recent weeks. Our driver and non-driver associates take this responsibility very seriously. ET. Additionally, the company reports results using non-GAAP measures, which it believes provide additional information for investors to help facilitate the comparison of past and present performance. Overall, regardless of whether we get U, V, L or W economic recovery, our defensive freight base should allow us to more effectively manage through what we anticipate will be an extremely challenging economic and freight environment in second-quarter 2020. Yeah. I just want to close by thanking everybody for calling in today. They know where to call, and they know that we're going to be ready to haul that freight. So let me start with what we didn't maybe comment on as much. It also includes a company pledge of $1 million to the Werner associate COVID-19 relief fund to provide financial support to impacted associates and their families. Maybe I just want to hit on this a little bit further on the capex side. But that's for a different subject on a different time. ET. Oct-28-20 04:05PM : Werner Enterprises Reports Third Quarter 2020 Results. Thanks for taking my question, guys. And you see normal shrinkage over time, especially in that group as it relates to retirements because they generally have started their career as a company driver, converted and became an owner-operator later in their career, and many of them have now approached the time by which they're looking to retire. And yet, rate pressure is pretty extreme, especially in the spot or noncontract market. It's a little different. Werner Enterprises (NASDAQ:WERN)Q1 2020 Earnings CallApr 28, 2020, 5:00 p.m. They have answered the call to action. Recap: Werner Enterprises Q4 Earnings Yahoo 02/04 16:25 ET. Good afternoon. Derek, you ended your prepared remarks by saying when it rains, we get wet. So we've rightsized what we think is the right amount of trucks for the year that reduced -- and trailers as well, which reduced capex over $40 million. As it relates to preparing for 2021 and what does that mean? And then Dedicated rev per truck was still really -- was again really strong. We have both a location shut down altogether, as well as retooling all of them for social distancing. We are maintaining our 2020 net capex guidance range of $260 million to $300 million. And I wanted to know what's going on with the driver training schools, given certain state mandates. Turning to Slide 4. The ultimate goal of our five T's strategy is to safely deliver superior service to our customers on time every time. It's happening already. I'll now turn the conference over to Mr. Derek Leathers, who will provide closing comments. The Motley Fool - Motley Fool Transcribers. © 2021 Insider Inc. and finanzen.net GmbH (Imprint). Can we just focus in on the pain points, where that pain is going to come from? Also, we are not repurchasing shares until we have more clarity on the duration and effects of COVID-19. A continued lackluster One-way Truckload pricing market was more than offset by relative strength in dedicated pricing and utilization. It certainly could be better than that, and we've seen some indications as we've seen, as everyone has seen, with some return or potential opening in certain regions of the country. Team expedited becomes higher and higher in demand. I would imagine turnover dropped in the quarter, but I did see that the independent contractors dropped off 18% year over year. The Zacks Analyst Blog Highlights: United Parcel, Westinghouse, Werner and Schneider National ... Werner Enterprises Q1 2020 Earnings Call Transcript Wednesday, 22 April 2020 yahoo. So that means there could be Dedicated exits that are coupled with new Dedicated entrants that take place over the back half of the year. APOG Earnings Call - Final Transcript December 18, 2020 December 20, 2020 Apogee Enterprises Inc (NASDAQ: APOG) Q3 2021 earnings call dated Dec. 18, 2020 Corporate Participants: Jeff Huebschen — Vice President, Investor Relations and Corporate Communications Joseph F. Puishys — Chief Executive Officer Nisheet Gupta — Executive… My team has done a fantastic job making sure that up-to-date written information is pushed out across our network. Werner Enterprises has generated $2.39 earnings per share over the last year and currently has a price-to-earnings ratio of 20.8. We want to be able to be increasingly mode agnostic for our customers. All rights reserved. OK. That all makes sense. Beginning on Slide 7, we provide some additional financial performance drivers for first quarter. Yeah. When you say it assumes a tough freight environment for May and June, is that pretty much holding at these levels or any sequential improvement, any seasonality? Werner Enterprises Inc (WERN) Q4 2020 Earnings Call Transcript MotleyFool 31d. On the One-Way side, we're going to continue to focus on our strengths, which is cross-border and team expedited, when the market get stronger. So capacity will be leaving. And I'd like to close ultimately by thanking our drivers. We've been doing that preparation for a long time and have daily, multiple times a day, Zoom meetings to make sure that we're ready to react. Werner Enterprises, Inc. (WERN) CEO Derek Leathers on Q4 2019 Results - Earnings Call Transcript Feb. 05, 2020 11:38 PM ET Werner Enterprises, Inc. (WERN) Just a quick question following up on your comments on Mexico. Werner Enterprises (WERN) Q4 Earnings and Revenues Top Estimates Zacks 31d. One of the leading pandemic units in the entire United States is based in Omaha. ET. We're extremely proud of the heroic owner-drivers who continue to safely deliver America's freight and keep America moving during these challenging times. So I'm pretty excited about what the world looks like when the dust settles. What's encouraging is, total Dedicated volume is up and been very strong, and we actually had one of the strongest quarters for Dedicated opportunities and bids that we've seen in the last eight quarters. We want to be nimble and so when we look at trucks and capex and orders for the following year, we have healthy debates and competition inside the building as to where those trucks will land and people make their case. The company also held a conference call to discuss the fourth quarter and full year 2020 results and 2021 outlook on the same day, beginning at 4:00 p.m. CT. A replay of the conference call is available through March 4, 2020 by dialing (877) 344-7529 (domestic) or (412) 317-0088 (international) and using the access code 10150328. We've designed our programs and had the opportunity to run it by people that matter and do know these things. Werner Enterprises Inc (WERN) Q3 2020 Earnings Call Transcript. I mean, if you're a carrier out there that's predominantly operating in the spot market or even has extended exposure in the spot market, that's not a place that's very friendly right now to be participating. Logistics operating income decreased 77% to $1.1 million. What that means in real-life is, enrollments had to be cut by half roughly in order to socially distance and still get training accomplished. Bascome Majors -- Susquehanna International Group -- Analyst. Moving to Slide 12. Werner Enterprises … And then to any extent you can offer some color on the dedicated pipeline, both of those would be helpful. Werner Enterprises Inc (WERN) Q4 2020 Earnings Call Transcript Motley Fool. We do not intend to let our truck and trailer ages increase significantly from here, subject to the impact of OEM and OEM supplier plant shutdowns that are currently impacting truck and trailer production. That's very helpful. The fact of the matter is, we'll get through and have plans for those things, but those are some of the offsets that could make it tougher to be able to react as that market tightens and be able to fully take advantage of a changing market. C.L. You talked about the essential customers. The first thing we did with capex is take a very thoughtful, logical approach to what could be cut from the capex plan to just rationalize our spend for the year and make sure we did what was right relative to kind of the like to have versus really need to have type items. Yeah. We have the ability to be nimble. Year over year, we reduced the average number of trucks in TTS by 25 trucks. We are ready for and look forward to the eventual economic recovery. OK. OK. That's helpful. And I think the broader market is one that's setting up for capacity rationalization for a variety of reasons. One-way is going to be under pressure during the quarter, and that's why we've talked about it, and that's why we've left our guidance at negative 5% to negative 7%, even though we just came off a quarter where we are negative 3.7%. Due to current used truck market conditions, in the first quarter, we reviewed and updated the estimated life of certain trucks currently expected to be sold in 2020 to more rapidly depreciate these trucks to their estimated residual values. But that's offset by the fact that we'll sell less trucks as a result and the gains on those trucks will be considerably less even with the $5 million writedown. Thank you for the time, guys. We're going to continue to focus on the safety program so that we come out of the other side even safer than ever before. Werner Enterprises' (WERN) CEO Derek Leathers on Q3 2020 Results - Earnings Call Transcript Oct. 28, 2020 11:13 PM ET Werner Enterprises, Inc. (WERN) Yeah, that chart is helpful. Starting with our TTS segment. NetDania.com offers free real-time quotes, trading signals, live stock market data, trading on mobile and desktop, portfolio, streaming charts, financial news, full trading solutions for … Our next question comes from Chris Wetherbee of Citi. Commerce Policy | Do you think that stays strong, stays positive in the second quarter? And so when we get guidelines -- and understand, we're in a different situation in Omaha. Can you guys talk about what's giving you confidence in that range for 2Q? And so we stood with them during the pandemic. It causes a tremendous amount of strain on the network with repositioning assets and trying to make sure that we put those trucks back into head all markets with relief and other essential supplies as quickly as possible. So I just want to understand whether it be on the driver side or if there's other stuff on the capacity with tractors themselves that we should be considering as a potential offset for upside when we do come out of this? We've frozen hires coming in the front door. I'd now like to turn the conference over to Mr. Derek Leathers, president and CEO. And I think the risk is, maybe to the upside. And then also on Dedicated, to the extent you had to spin up for any customers and then spin down for others, is that fairly well balanced at this point? 21 mins CBOE Global Markets, Inc. Q4 adjusted earnings Miss Estimates Business Insider 21 mins Pinterest Shares Set For Record High Open After Q4 Earnings Beat, 2021 Investment Plans TheStreet TTS miles per truck increased due in part to the impact of improved transit times after the pandemic declaration. I would expect some moderation in that increase in revenue per truck as we move forward, but we absolutely expect it to remain positive. The predominance of those accounts have been stable and have performed exactly like we thought they would in a down market or a market that was stressed like this one is. And just in terms of current cross border trade, I mean, is that affected similarly to what you're seeing in the domestic U.S.? Because it certainly sounds like, so far, things have trended exceptionally well. And so it's really a matter of it decreases because we're not out recruiting or trying to bring onboard large quantities of new owner-operators. The turnover has seen improvement as the quarter progressed, especially on the voluntary quit side. Derek, that was great insight on the state of the market and your thoughts on growth. Looking to Slide 19, we compare our prior annual guidance, first-quarter actual and current annual guidance metrics for 2020. So Dedicated is aligned with companies that are continuing to do well for the most part in this pandemic economy. First one, maybe for Derek, just on the network and reconfiguring it probably pretty consistently regularly in the last couple of weeks. Now the pandemic completely impacted a lot of our large retail customers that are in the discount business. We're focused on, obviously, safety and health and trying to do our part as a corporate citizen, but we're very much preparing for what it looks like on the other end of this, and I think we'll be ready and able to respond. We know in surveying fleets across our brokerage unit, that there are carriers parking trucks and/or downsizing their fleets actively, given where rates have went market wide, especially in the spot market. So that's OK by us. We continue to expect to generate significant free cash flow in 2020 of at least $100 million. There were other accounts mixed in there, where volumes were either down considerably or shut off altogether because of the type of product that they have. Is that a fair way to understand what you're saying? David Ross -- Stifel Financial Corp. -- Analyst. And I like that so far, those tests have been passed, and we feel pretty good about it. I don't foresee that mix changing a whole lot. But just in terms of shipper behavior and also how you think about these markets being separated it, there's a lot of pressure in the spot market, you're pretty optimistic on Dedicated and then your -- I guess you're talking about contract rates that come under pressure in second quarter. And we are implementing policies and processes that are guided by the most current scientific analysis and advice. We approved the $10 million of our self-insurance for this accident during the first quarter of 2020, which reduced our earnings per share by $0.11. Contents: Prepared Remarks. That's great. Quality will shine and rise to the top. Adjusted operating income was $35.3 million, declining 20%, primarily due to the decrease in adjusted operating margin of 190 basis points. On Slide 17 is a summary of cash flow from operations, net capital expenditures and the resulting free cash flow over the past five years. And as far as the back half of the year, Christyne, it's just too difficult to be able to predict rate per mile guidance at this time. Image source: The Motley Fool. And perhaps I think one the question is precisely as I was I guess trying to -- I'm not saying spot rate pressure would necessarily go directly to Dedicated, but if contract rates are down 5% to 7%, do you think -- I guess, it sounds like you think the larger players that are good at Dedicated are just maintaining discipline. View Transcript. Because it feels like the setup is that we could be coming out of this into a significantly better truckload markets. And Derek, from your comments, it seems like you feel the same way. I am not trying to play catch up and that's why we like our positioning right now for as long as the crisis may last, as well as when the market turns. People will continue to shop. That's something we think we're pretty good at. [Operator Instructions] Later in the call, I'll provide you updates for our 2020 guidance metrics. And so we're a little bit at a new normal with a slightly lower volume set. Well, as you know, we don't give guidance quarterly, and that includes both companywide, as well as down to a divisional level, of course. With me today is our CFO, John Steele. Please go ahead. The effects of this change in accounting estimates increased first-quarter 2020 depreciation expense by $5 million or $0.05 per share. I think they do feel that we're here for them, supporting them and staying in constant contact with them. Returns as of 03/15/2021. Well in Dedicated, it's even higher at 73%. Werner stepped up with his own compassion. Adjusted operating income declined 24% to $37.3 million, and our adjusted operating margin declined 190 basis points to 6.3%. Thanks. So just some thoughts on how that's progressed throughout the quarter and where you see that kind of going into April, May and June? And as we see economic upside from here, the capacity left to move that freight will be less than it was when this all started. Our adjusted operating ratio net of fuel surcharge was 91.5%. Thank you, and good afternoon, everyone. As I indicated on the prior question, we have a tremendous amount of pent-up bid activity in Dedicated. We also want to tend to be in front of the market shift, i.e. I want to update you on our five T's strategy. Call Participants And so at the end of the day, we wouldn't be able to buy the type of trucks or the same volume of trucks and trailers we started the year at, in all likelihood, just given the fits and starts with OEMs relative to the production schedules and some of the issues they're facing inside their plants. Werner Enterprises Inc (WERN) Q4 2020 Earnings Call Transcript. Derek Leathers -- President and Chief Executive Officer. And then maybe that just leads into my next question, which is about sort of a potential recovery. Werner Enterprises (WERN) Q4 Earnings and Revenues Top Estimates Yahoo 02/04 18:15 ET. We continue to expect that One-Way Truckload revenue per total mile for the first half of 2020 will decrease in a range of negative 7% to negative 5% compared to the same six-month period in 2019. Werner Enterprises Inc (NASDAQ:WERN) Q4 2020 Earnings Call Feb 4, 2021, 5:00 p.m. The second quarter is -- it's just too soon right now. Our next question comes from Tom Wadewitz of UBS. I'd like to sincerely thank the men and women at Werner who are relentlessly focused, determined, and are 100% committed to serve during this challenging time. If both the pipeline materializes and our negotiations with our customers stay true to form and stable, we will potentially grow more in Dedicated. And then just on your mix, either going to the early slides or Slide 14, where you talk about the top 100 customers. MT Newswires. And the remaining 12% in the logistics and other category. Call Participants; Prepared Remarks: Operator. Hey, John. Yeah. So we think we're building a portfolio that's in advance or in front of where the market is headed. So first off, we want to be conservative at all times with our guidance and especially in a time of -- like the one we're in. 1 WERNER ENTERPRISES (WERN) THIRD QUARTER 2020 EARNINGS CALL OCTOBER 28, 2020, 4:00 PM CT C O R P O R A T E P A R T I C I P A N T S Derek J. Leathers Werner Enterprises, Inc. - … We left our guidance unchanged of negative 5% to negative 7%, so we're essentially pricing in the potential for a worsening freight environment or a tough couple of months ahead of us. Over the past few years, we created structural and sustainable improvements with our modern and more efficient fleet, high-quality professional drivers and strong management execution. And if anything, we've seen in prior cycles, that when the economy gets tough, people downside, or they work down the value chain in terms of where they make some of their purchases from. Made In NYC | Our next question comes from Jack Atkins at Stephens. On the owner-operator side. Werner Enterprises story: Werner Enterprises Inc Q3 2020 Earnings Call Transcript Nasdaq and other headlines for Werner Enterprises They're consistent with our values. So given that, it doesn't provide an opportunity to do a lot of fleet shifting between One-Way and Dedicated. But it sounds like you're staying pretty dry so far, certainly in the quarter and with some of the directional commentary you gave on April. Our fleet count may decline more in the second quarter depending on the freight market. So the retailers that we serve, I think inventories are still relatively lean. What I can tell you we will be doing in the second quarter is, doubling down our efforts on controllable cost, focusing on everything we can do from a productivity perspective. We're really seeing the slowdown of the initial surge of all of the pandemic essentials, coupled with a slower, but improving volumes across some of the less essential, but now reopening and/or restocking. ... 10 stocks we like better than DXP Enterprises And if we do all of that, and still have that asset in the school network, which is an asset even though, at today's throughput, it represents a higher cost structure for us, we will be positioned for that turn. On Slide 16 is the summary of our balance sheet strength and liquidity at the end of the first quarter. So we're about a third of the way through our bid season at this point. Werner Enterprises is scheduled to hold the call at 17:00:00 ET and can be accessed here. All participants will be in a listen-only mode. Where those two lines cross and how that plays out over the remainder of the quarter, it's just too early to call. So I'd be doing a disservice to even attempt to answer it. Werner Enterprises to Announce Fourth Quarter and Full Year 2020 Earnings and Host Earnings Call on February 4, 2021 finance.yahoo.com December 30, 2020 Transportation Stock Q3 Earnings on Oct 28: UPS, ALGT & More We want to make sure the fleet is renewed, so we're not playing catch up when we get through to the other side of the pandemic. Thanks for taking my questions. All that goes into it. This assumes that the freight market is very difficult in May and June. Using independent objective criteria developed by the major credit rating agencies to assess industry risk, we classified our 100 largest customers into lower, moderate and higher industry risk categories. So even with volumes being lower, we're seeing better balance, better behavior of the network, less distractions, trying to respond to major short-term projects and more of getting back to the blocking and tackling of trucking. While we are decreasing the amount of new truck purchases by an estimated $46 million, this will be offset by an estimated lower used truck sales at lower expected prices. if we think there's a particular part of the market that's going to be more robust over a cycle period, not over a month or a quarter or even a year, but over a cycle period, we'll certainly adjust accordingly. Above all, our decisions are driven by compassion. I just want to understand your messaging. Thanks. If you can give us a sense with those customers and probably some others, just how bid season is progressing. Our focus on the discount retail and food and beverage industry verticals results in us having a lower overall industry risk. ET Prepared … Werner Enterprises Inc (WERN) Q4 2020 Earnings Call Transcript - Flipboard But all signs at this point, in my eyes, at least point to us. Beginning on Slide 8, let's look specifically at results for our Truckload Transportation Services segment. It derives about 80% of its top line from a wide array of full-truckload shipping services (including dedicated contract carriage); roughly 20% comes from non-asset-based logistics operations, including truck brokerage. Christyne McGarvey -- Morgan Stanley -- Analyst. How are you guys doing? In our Logistics segment, revenues were 4% lower. Werner Enterprises to Announce Fourth Quarter and Full Year 2020 Earnings and Host Earnings Call on February 4, 2021. And so thus far, our Dedicated model has held up real well, but there are certainly puts and takes within those results. Maybe can you -- the 3.7% drop in rate per mile, can you maybe just talk through the progression of the quarter and what you're seeing in April on that front? And I think it's understandable. For Dedicated, we grew trucking revenues net of fuel by 6% to $231 million. Werner Enterprises Inc. (NASDAQ:WERN) Q3 2019 Earnings Conference Call - Final Transcript Good afternoon, and welcome to the Werner Enterprises Third Quarter 2019 Earnings Conference Call. 60% of our TTS trucks are in dedicated with 40% in One-Way Truckload.
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