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Werner Enterprises Reports Fourth Quarter and Annual 2022 Results

Fourth Quarter 2022 Highlights (all metrics compared to fourth quarter 2021)

  • Total revenues of $861.5 million, up 13%
  • Operating income of $88.4 million, down 10%; non-GAAP adjusted operating income of $89.9 million, down 11%
  • Operating margin of 10.3%, down 260 basis points; non-GAAP adjusted operating margin of 10.4%, down 280 basis points
  • Diluted EPS of $0.94, down 18%; non-GAAP adjusted diluted EPS of $0.99, down 13%

2022 Highlights (all metrics compared to 2021)

  • Total revenues of $3.29 billion, up 20%
  • Operating income of $323.1 million, up 5%; non-GAAP adjusted operating income of $333.2 million, up 5%
  • Operating margin of 9.8%, down 150 basis points; non-GAAP adjusted operating margin of 10.1%, down 150 basis points
  • Diluted EPS of $3.74, down 2%; non-GAAP adjusted diluted EPS of $3.70, up 7%

Werner Enterprises, Inc. (Nasdaq: WERN), a premier transportation and logistics provider, today reported results for the fourth quarter and year ended December 31, 2022.

“We made significant progress executing our strategy in 2022, and also closed on two additive acquisitions in fourth quarter. While changing macroeconomic conditions led to a lackluster truckload and logistics freight market in fourth quarter, the durability and resilience of our business model, combined with the efforts of our determined and talented team, produced strong fourth quarter results,” said Derek J. Leathers, Chairman, President and CEO. “As we look out into what remains an uncertain and more difficult operating environment, we remain laser focused on implementing our DRIVE strategy to deliver value to our customers, associates, shareholders, suppliers and carrier partners.”

Total revenues for the quarter were $861.5 million, an increase of $96.3 million compared to the prior year quarter, due to Truckload Transportation Services (“TTS”) revenues growth of $71.6 million and Logistics revenues growth of $28.5 million.

Operating income of $88.4 million decreased $10.1 million, or 10%, while operating margin of 10.3% decreased 260 basis points. On a non-GAAP basis, adjusted operating income of $89.9 million decreased $11.2 million, or 11%. Adjusted operating margin of 10.4% declined 280 basis points from 13.2% for the same quarter last year.

Truckload Transportation Services operating income decreased by $7.9 million and adjusted operating income decreased by $6.9 million. Logistics operating income declined $1.9 million and adjusted operating income declined by $3.9 million. Corporate and Other (including driving schools) operating income decreased by $0.4 million.

Interest expense of $5.8 million increased $4.2 million primarily due to an increase in average debt outstanding and higher interest rates. The effective income tax rate during the quarter was 24.7%, compared to 23.0% in fourth quarter 2021.

During fourth quarter 2022, our strategic minority equity investments had market valuation changes causing a net unrealized loss on equity securities, which resulted in lower non-operating income of $2.2 million, or $0.03 per share, compared to a net unrealized gain, which resulted in higher non-operating income of $4.0 million, or $0.05 per share, in fourth quarter 2021. Consistent with prior reporting, market value increases or decreases for these strategic minority investments are adjusted out for determining non-GAAP adjusted net income and non-GAAP adjusted earnings per share.

Net income attributable to Werner of $60.2 million decreased 22%. On a non-GAAP basis, adjusted net income attributable to Werner of $62.8 million decreased 17%. Diluted EPS of $0.94 decreased 18%. On a non-GAAP basis, adjusted diluted EPS of $0.99 decreased 13%.

Key Consolidated Financial Metrics

 

Three Months Ended

December 31,

 

Year Ended

December 31,

(In thousands, except per share amounts)

2022

 

2021

 

Y/Y

Change

 

2022

 

2021

 

Y/Y

Change

Total revenues

$

861,491

 

 

$

765,221

 

 

13

%

 

$

3,289,978

 

 

$

2,734,372

 

 

20

%

Truckload Transportation Services revenues

 

634,787

 

 

 

563,227

 

 

13

%

 

 

2,428,686

 

 

 

2,045,073

 

 

19

%

Werner Logistics revenues

 

213,485

 

 

 

184,967

 

 

15

%

 

 

793,492

 

 

 

622,461

 

 

27

%

 

Operating income

 

88,381

 

 

 

98,488

 

 

(10

)%

 

 

323,076

 

 

 

309,146

 

 

5

%

Operating margin

 

10.3

%

 

 

12.9

%

 

(260) bps

 

 

9.8

%

 

 

11.3

%

 

(150) bps

Net income attributable to Werner

 

60,166

 

 

 

76,767

 

 

(22

)%

 

 

241,256

 

 

 

259,052

 

 

(7

)%

Diluted earnings per share

 

0.94

 

 

 

1.15

 

 

(18

)%

 

 

3.74

 

 

 

3.82

 

 

(2

)%

 

Adjusted operating income (1)

 

89,917

 

 

 

101,098

 

 

(11

)%

 

 

333,164

 

 

 

316,777

 

 

5

%

Adjusted operating margin (1)

 

10.4

%

 

 

13.2

%

 

(280) bps

 

 

10.1

%

 

 

11.6

%

 

(150) bps

Adjusted net income attributable to Werner (1)

 

62,840

 

 

 

75,624

 

 

(17

)%

 

 

239,164

 

 

 

234,280

 

 

2

%

Adjusted diluted earnings per share (1)

 

0.99

 

 

 

1.13

 

 

(13

)%

 

 

3.70

 

 

 

3.45

 

 

7

%

 

(1) See attached Reconciliation of Non-GAAP Financial Measures - Consolidated.

Noteworthy Developments

On November 5, 2022, Werner acquired ReedTMS Logistics (“ReedTMS”) of Tampa, Florida. ReedTMS is a leading asset-light logistics provider and truckload carrier that offers a comprehensive suite of freight brokerage and truckload solutions to a diverse customer base. ReedTMS achieved revenues of $372.0 million for the last 12 months ended September 30, 2022, 90% freight brokerage and 10% trucking. ReedTMS further strengthens our freight brokerage capabilities with its extensive freight brokerage network and elevates our logistics portfolio with new customers.

On October 1, 2022, Werner acquired Baylor Trucking (“Baylor”) of Milan, Indiana. Baylor achieved revenues of $81.5 million for the last 12 months ended August 31, 2022. Baylor is a premier truckload carrier that operates 200 trucks and 980 trailers in the east central and south central U.S. with their network of two terminals. Baylor, with its highly skilled professional drivers and non-driver associates, further strengthens our portfolio with their exceptional service and stellar reputation.

Truckload Transportation Services (TTS) Segment

  • Revenues of $634.8 million increased $71.6 million
  • Operating income of $80.3 million decreased $7.9 million; non-GAAP adjusted operating income of $83.1 million decreased $6.9 million due to strength in our Dedicated fleet performance, partially offset by moderating performance in One-Way Truckload
  • Operating margin of 12.7% decreased 300 basis points from 15.7%; non-GAAP adjusted operating margin of 13.1% decreased 290 basis points from 16.0%
  • Non-GAAP adjusted operating margin, net of fuel, of 15.8% decreased 240 basis points from 18.2%
  • Average segment trucks in service totaled 8,709, an increase of 396 trucks year over year, or 4.8%
  • Dedicated unit trucks at quarter end totaled 5,450, or 63% of the total TTS segment fleet, compared to 5,235 trucks, or 63%, a year ago
  • 1.3% increase in TTS average revenues per truck per week

During fourth quarter 2022, Dedicated experienced solid and steady freight demand from our customers. One-Way Truckload customer freight demand during fourth quarter 2022 was seasonally weaker than normal compared to a strong freight market in fourth quarter 2021.

Comparisons of key financial metrics for the TTS segment, including operating ratios (actual and net of fuel surcharge revenues), are shown in the table below.

Key Truckload Transportation Services Segment Financial Metrics

 

Three Months Ended

December 31,

 

Year Ended

December 31,

(In thousands)

2022

 

2021

 

Y/Y

Change

 

2022

 

2021

 

Y/Y

Change

Trucking revenues, net of fuel surcharge

$

518,393

 

 

$

488,593

 

 

6

%

 

$

1,982,639

 

 

$

1,789,148

 

 

11

%

Trucking fuel surcharge revenues

 

109,611

 

 

 

68,501

 

 

60

%

 

 

419,240

 

 

 

234,164

 

 

79

%

Non-trucking and other revenues

 

6,783

 

 

 

6,133

 

 

11

%

 

 

26,807

 

 

 

21,761

 

 

23

%

Total revenues

$

634,787

 

 

$

563,227

 

 

13

%

 

$

2,428,686

 

 

$

2,045,073

 

 

19

%

 

Operating income

$

80,341

 

 

$

88,231

 

 

(9

)%

 

$

294,555

 

 

$

281,823

 

 

5

%

Operating margin

 

12.7

%

 

 

15.7

%

 

(300) bps

 

 

12.1

%

 

 

13.8

%

 

(170) bps

Operating ratio

 

87.3

%

 

 

84.3

%

 

300 bps

 

 

87.9

%

 

 

86.2

%

 

170 bps

 

Adjusted operating income (1)

$

83,104

 

 

$

90,044

 

 

(8

)%

 

$

303,902

 

 

$

288,678

 

 

5

%

Adjusted operating margin (1)

 

13.1

%

 

 

16.0

%

 

(290) bps

 

 

12.5

%

 

 

14.1

%

 

(160) bps

Adjusted operating margin, net of fuel surcharge (1)

 

15.8

%

 

 

18.2

%

 

(240) bps

 

 

15.1

%

 

 

15.9

%

 

(80) bps

Adjusted operating ratio (1)

 

86.9

%

 

 

84.0

%

 

290 bps

 

 

87.5

%

 

 

85.9

%

 

160 bps

Adjusted operating ratio, net of fuel surcharge (1)

 

84.2

%

 

 

81.8

%

 

240 bps

 

 

84.9

%

 

 

84.1

%

 

80 bps

 

(1) See attached Reconciliation of Non-GAAP Financial Measures - Truckload Transportation Services (TTS) Segment.

Werner Logistics Segment

  • Revenues of $213.5 million increased $28.5 million, or 15%
  • Operating income of $9.9 million decreased $1.9 million
  • Operating margin of 4.6% decreased 170 basis points from 6.3%
  • Adjusted operating income of $8.0 million decreased $3.9 million
  • Adjusted operating margin of 3.8% decreased 260 basis points from 6.4%

Truckload Logistics revenues (71% of Logistics revenues) increased 20%, driven by a 34% increase in shipments, partially offset by an 11% decline in revenues per shipment. Excluding the eight weeks of ReedTMS Logistics revenues in fourth quarter 2022, Truckload Logistics revenues declined 17% in fourth quarter year-over-year.

Intermodal revenues (17% of Logistics revenues) decreased 23%, due to a 25% decline in shipments, partially offset by a 3% increase in revenues per shipment.

Final Mile revenues (12% of Logistics revenues) increased $14 million due primarily to a full quarter impact in 2022 from the November 2021 NEHDS acquisition compared to the six weeks of revenues in 2021.

Logistics operating income decreased $1.9 million and adjusted operating income decreased $3.9 million in fourth quarter 2022, due to a seasonally soft freight market in fourth quarter 2022 compared to a strong freight market with significant project, surge and peak pricing freight opportunities in fourth quarter 2021.

Key Werner Logistics Segment Financial Metrics

 

Three Months Ended

December 31,

 

Year Ended

December 31,

(In thousands)

2022

 

2021

 

Y/Y

Change

 

2022

 

2021

 

Y/Y

Change

Total revenues

$

213,485

 

 

$

184,967

 

 

15

%

 

$

793,492

 

 

$

622,461

 

 

27

%

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

Purchased transportation expense

 

174,463

 

 

 

155,492

 

 

12

%

 

 

653,185

 

 

 

535,379

 

 

22

%

Other operating expenses

 

29,154

 

 

 

17,753

 

 

64

%

 

 

104,123

 

 

 

59,209

 

 

76

%

Total operating expenses

 

203,617

 

 

 

173,245

 

 

18

%

 

 

757,308

 

 

 

594,588

 

 

27

%

Operating income

$

9,868

 

 

$

11,722

 

 

(16

)%

 

$

36,184

 

 

$

27,873

 

 

30

%

Operating margin

 

4.6

%

 

 

6.3

%

 

(170) bps

 

 

4.6

%

 

 

4.5

%

 

10 bps

Adjusted operating income (1)

$

8,028

 

 

$

11,889

 

 

(32

)%

 

$

35,844

 

 

$

27,027

 

 

33

%

Adjusted operating margin (1)

 

3.8

%

 

 

6.4

%

 

(260) bps

 

 

4.5

%

 

 

4.3

%

 

20 bps

 

(1) See attached Reconciliation of Non-GAAP Financial Measures - Werner Logistics Segment.

Cash Flow and Capital Allocation

Cash flow from operations in fourth quarter 2022 was $116.0 million compared to $79.5 million in fourth quarter 2021, an increase of 46%.

Net capital expenditures in fourth quarter 2022 were $63.5 million compared to $30.3 million in fourth quarter 2021, an increase of 109%. We plan to continue to invest in new trucks and trailers and our terminals to improve our driver experience, optimize operational efficiency and more effectively manage our maintenance, safety and fuel costs. The average ages of our truck and trailer fleets were 2.3 years and 5.0 years, respectively, as of December 31, 2022.

Gains on sales of property and equipment in fourth quarter 2022 were $25.9 million, or $0.30 per share, compared to $21.2 million, or $0.24 per share, in fourth quarter 2021. Year over year, we sold more trucks and trailers and realized lower average gains per truck and trailer. Gains on sales of property and equipment are reflected as a reduction of Other Operating Expenses in our income statement.

We did not repurchase shares of our common stock in fourth quarter 2022. As of December 31, 2022, we had 2.3 million shares remaining under our share repurchase authorization.

As of December 31, 2022, we had $107 million of cash and over $1.4 billion of stockholders’ equity. Total debt outstanding was $694 million at December 31, 2022. In December 2022, we finalized a new $1.075 billion five-year unsecured syndicated credit facility with six banks, to expand our credit capacity, and we extended most of our debt maturities out to 2027. After considering letters of credit issued, we had available liquidity consisting of cash and available borrowing capacity as of December 31, 2022 of $523 million.

Introducing 2023 Guidance Metrics and Assumptions

 

 

2022 Results

(as of 12/31/22)

 

2023 Guidance

(as of 2/7/23)

Commentary

TTS truck growth from

BoY to EoY

3%

(2022)

1% to 4%

(annual)

  • Majority of 2023 growth planned for Dedicated and back half weighted

Net capital

expenditures

$317.6M

(2022)

$350M to $400M

(annual)

  • Subject to availability of new equipment

TTS Guidance

 

 

 

Dedicated RPTPW*

growth

5.0%

(4Q22 vs. 4Q21)

0% to 3%

(annual)

  • Expect low single digit increase YoY with difficult comp

One-Way Truckload

RPTM* growth

0.4%

(4Q22 vs. 4Q21)

(3)% to (6)%

(1H23 vs. 1H22)

  • Softening OWT freight market earlier in the year then strengthening in 2H23
 

* Net of fuel surcharge revenues

Assumptions

  • Effective income tax rate of 24.0% to 25.0% in 2023 compared to 4Q22 of 24.7%.
  • Average truck age of 2.2 years and trailer age of 5.0 years as of 12/31/23, compared to 2.3 years and 5.0 years as of 12/31/22.

Call Information

Werner Enterprises, Inc. will conduct a conference call to discuss fourth quarter 2022 earnings today beginning at 4:00 p.m. CT. The news release, live webcast of the earnings conference call, and accompanying slide presentation will be available at werner.com in the “Investors” section under “News & Events” and then “Events Calendar.” To participate in the conference call, please dial (844) 701-1165 (domestic) or (412) 317-5498 (international). Please mention to the operator that you are dialing in for the Werner Enterprises call.

A replay of the conference call will be available on February 7, 2023 at approximately 6:00 p.m. CT through March 7, 2023 by dialing (877) 344-7529 (domestic) or (412) 317-0088 (international) and using the access code 6540190. A replay of the webcast will also be available at werner.com in the “Investors” section under “News & Events” and then “Events Calendar.”

About Werner Enterprises

Werner Enterprises, Inc. (Nasdaq: WERN) delivers superior truckload transportation and logistics services to customers across the United States, Mexico and Canada. With 2022 revenues of $3.3 billion, an industry-leading modern truck and trailer fleet, over 14,000 talented associates and our innovative Werner EDGE technology, we are an essential solutions provider for customers who value the integrity of their supply chain and require safe and exceptional on-time service. Werner provides Dedicated and One-Way Truckload services as well as Logistics services that include truckload brokerage, freight management, intermodal and final mile. As an industry leader, Werner is deeply committed to promoting sustainability and supporting diversity, equity and inclusion.

This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements are based on information presently available to the Company’s management and are current only as of the date made. Actual results could also differ materially from those anticipated as a result of a number of factors, including, but not limited to, those discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 and subsequently filed Quarterly Reports on Form 10-Q.

For those reasons, undue reliance should not be placed on any forward-looking statement. The Company assumes no duty or obligation to update or revise any forward-looking statement, although it may do so from time to time as management believes is warranted or as may be required by applicable securities law. Any such updates or revisions may be made by filing reports with the U.S. Securities and Exchange Commission (“SEC”), through the issuance of press releases or by other methods of public disclosure.

Consolidated Financial Information

INCOME STATEMENT

(Unaudited)

(In thousands, except per share amounts)

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

December 31,

 

Year Ended

December 31,

 

2022

 

2021

 

2022

 

2021

 

$

 

%

 

$

 

%

 

$

 

%

 

$

 

%

Operating revenues

$

861,491

 

 

100.0

 

 

$

765,221

 

 

100.0

 

 

$

3,289,978

 

 

100.0

 

 

$

2,734,372

 

 

100.0

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries, wages and benefits

 

260,531

 

 

30.2

 

 

 

245,814

 

 

32.1

 

 

 

1,020,609

 

 

31.0

 

 

 

895,012

 

 

32.7

 

Fuel

 

111,447

 

 

12.9

 

 

 

71,833

 

 

9.4

 

 

 

437,299

 

 

13.3

 

 

 

245,866

 

 

9.0

 

Supplies and maintenance

 

65,406

 

 

7.6

 

 

 

54,073

 

 

7.1

 

 

 

253,096

 

 

7.7

 

 

 

206,701

 

 

7.6

 

Taxes and licenses

 

25,289

 

 

2.9

 

 

 

24,699

 

 

3.2

 

 

 

97,929

 

 

3.0

 

 

 

96,095

 

 

3.5

 

Insurance and claims

 

44,301

 

 

5.2

 

 

 

28,161

 

 

3.7

 

 

 

147,365

 

 

4.5

 

 

 

98,658

 

 

3.6

 

Depreciation and amortization

 

73,826

 

 

8.6

 

 

 

71,269

 

 

9.3

 

 

 

279,923

 

 

8.5

 

 

 

267,700

 

 

9.8

 

Rent and purchased transportation

 

207,662

 

 

24.1

 

 

 

182,685

 

 

23.9

 

 

 

777,464

 

 

23.6

 

 

 

641,159

 

 

23.4

 

Communications and utilities

 

4,429

 

 

0.5

 

 

 

3,507

 

 

0.4

 

 

 

15,856

 

 

0.5

 

 

 

13,460

 

 

0.5

 

Other

 

(19,781

)

 

(2.3

)

 

 

(15,308

)

 

(2.0

)

 

 

(62,639

)

 

(1.9

)

 

 

(39,425

)

 

(1.4

)

Total operating expenses

 

773,110

 

 

89.7

 

 

 

666,733

 

 

87.1

 

 

 

2,966,902

 

 

90.2

 

 

 

2,425,226

 

 

88.7

 

Operating income

 

88,381

 

 

10.3

 

 

 

98,488

 

 

12.9

 

 

 

323,076

 

 

9.8

 

 

 

309,146

 

 

11.3

 

Other expense (income):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

5,824

 

 

0.7

 

 

 

1,600

 

 

0.2

 

 

 

11,828

 

 

0.4

 

 

 

4,423

 

 

0.2

 

Interest income

 

(751

)

 

(0.1

)

 

 

(293

)

 

 

 

 

(1,731

)

 

(0.1

)

 

 

(1,211

)

 

(0.1

)

Loss (gain) on investments in equity securities, net

 

2,208

 

 

0.3

 

 

 

(4,036

)

 

(0.5

)

 

 

(12,195

)

 

(0.4

)

 

 

(40,317

)

 

(1.5

)

Other

 

112

 

 

 

 

 

90

 

 

 

 

 

388

 

 

 

 

 

236

 

 

 

Total other expense (income)

 

7,393

 

 

0.9

 

 

 

(2,639

)

 

(0.3

)

 

 

(1,710

)

 

(0.1

)

 

 

(36,869

)

 

(1.4

)

Income before income taxes

 

80,988

 

 

9.4

 

 

 

101,127

 

 

13.2

 

 

 

324,786

 

 

9.9

 

 

 

346,015

 

 

12.7

 

Income tax expense

 

19,977

 

 

2.3

 

 

 

23,262

 

 

3.0

 

 

 

79,206

 

 

2.4

 

 

 

84,537

 

 

3.1

 

Net income

 

61,011

 

 

7.1

 

 

 

77,865

 

 

10.2

 

 

 

245,580

 

 

7.5

 

 

 

261,478

 

 

9.6

 

Net income attributable to noncontrolling interest

 

(845

)

 

(0.1

)

 

 

(1,098

)

 

(0.2

)

 

 

(4,324

)

 

(0.2

)

 

 

(2,426

)

 

(0.1

)

Net income attributable to Werner

$

60,166

 

 

7.0

 

 

$

76,767

 

 

10.0

 

 

$

241,256

 

 

7.3

 

 

$

259,052

 

 

9.5

 

Diluted shares outstanding

 

63,695

 

 

 

 

 

66,850

 

 

 

 

 

64,579

 

 

 

 

 

67,855

 

 

 

Diluted earnings per share

$

0.94

 

 

 

 

$

1.15

 

 

 

 

$

3.74

 

 

 

 

$

3.82

 

 

 

CONDENSED BALANCE SHEET

(In thousands, except share amounts)

 

 

 

 

 

December 31,

2022

 

December 31,

2021

 

(Unaudited)

 

 

 

 

 

 

ASSETS

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

107,240

 

 

$

54,196

 

Accounts receivable, trade, less allowance of $10,271 and $9,169, respectively

 

518,815

 

 

 

460,518

 

Other receivables

 

29,875

 

 

 

24,449

 

Inventories and supplies

 

14,527

 

 

 

11,140

 

Prepaid taxes, licenses and permits

 

17,699

 

 

 

17,549

 

Other current assets

 

74,459

 

 

 

63,361

 

Total current assets

 

762,615

 

 

 

631,213

 

Property and equipment

 

2,885,641

 

 

 

2,557,825

 

Less – accumulated depreciation

 

1,060,365

 

 

 

944,582

 

Property and equipment, net

 

1,825,276

 

 

 

1,613,243

 

Goodwill

 

132,717

 

 

 

74,618

 

Intangible assets, net

 

81,502

 

 

 

55,315

 

Other non-current assets (1)

 

295,145

 

 

 

229,324

 

Total assets

$

3,097,255

 

 

$

2,603,713

 

 

 

 

 

LIABILITIES, TEMPORARY EQUITY AND STOCKHOLDERS’ EQUITY

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

124,483

 

 

$

93,987

 

Current portion of long-term debt

 

6,250

 

 

 

5,000

 

Insurance and claims accruals

 

78,620

 

 

 

72,594

 

Accrued payroll

 

49,793

 

 

 

44,333

 

Accrued expenses

 

20,358

 

 

 

28,758

 

Other current liabilities

 

30,016

 

 

 

24,011

 

Total current liabilities

 

309,520

 

 

 

268,683

 

Long-term debt, net of current portion

 

687,500

 

 

 

422,500

 

Other long-term liabilities

 

59,677

 

 

 

43,314

 

Insurance and claims accruals, net of current portion (1)

 

244,946

 

 

 

237,220

 

Deferred income taxes

 

313,278

 

 

 

268,499

 

Total liabilities

 

1,614,921

 

 

 

1,240,216

 

Temporary equity - redeemable noncontrolling interest

 

38,699

 

 

 

35,947

 

Stockholders’ equity:

 

 

 

Common stock, $.01 par value, 200,000,000 shares authorized; 80,533,536

 

 

 

shares issued; 63,223,003 and 65,790,112 shares outstanding, respectively

 

805

 

 

 

805

 

Paid-in capital

 

129,837

 

 

 

121,904

 

Retained earnings

 

1,875,873

 

 

 

1,667,104

 

Accumulated other comprehensive loss

 

(11,292

)

 

 

(20,604

)

Treasury stock, at cost; 17,310,533 and 14,743,424 shares, respectively

 

(551,588

)

 

 

(441,659

)

Total stockholders’ equity

 

1,443,635

 

 

 

1,327,550

 

Total liabilities, temporary equity and stockholders’ equity

$

3,097,255

 

 

$

2,603,713

 

 

(1) Under the terms of our insurance policies, we are the primary obligor of the damage award in a previously disclosed 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, 2022 and 2021.

SUPPLEMENTAL INFORMATION

(Unaudited)

(In thousands)

 

 

 

 

 

 

 

Three Months Ended

December 31,

 

Year Ended

December 31,

 

2022

 

2021

 

2022

 

2021

Capital expenditures, net

$

63,507

 

 

$

30,319

 

 

$

317,579

 

 

$

193,049

 

Cash flow from operations

 

115,995

 

 

 

79,475

 

 

 

448,711

 

 

 

332,819

 

Return on assets (annualized)

 

8.2

%

 

 

12.2

%

 

 

8.8

%

 

 

11.1

%

Return on equity (annualized)

 

16.8

%

 

 

23.0

%

 

 

17.5

%

 

 

20.4

%

Segment Financial and Operating Statistics Information

SEGMENT INFORMATION

(Unaudited)

(In thousands)

 

 

 

 

 

 

 

Three Months Ended

December 31,

 

Year Ended

December 31,

 

2022

 

2021

 

2022

 

2021

Revenues

 

 

 

 

 

 

 

Truckload Transportation Services

$

634,787

 

 

$

563,227

 

 

$

2,428,686

 

 

$

2,045,073

 

Werner Logistics

 

213,485

 

 

 

184,967

 

 

 

793,492

 

 

 

622,461

 

Other (1)

 

16,257

 

 

 

16,980

 

 

 

71,185

 

 

 

66,108

 

Corporate

 

431

 

 

 

407

 

 

 

1,833

 

 

 

1,629

 

Subtotal

 

864,960

 

 

 

765,581

 

 

 

3,295,196

 

 

 

2,735,271

 

Inter-segment eliminations (2)

 

(3,469

)

 

 

(360

)

 

 

(5,218

)

 

 

(899

)

Total

$

861,491

 

 

$

765,221

 

 

$

3,289,978

 

 

$

2,734,372

 

Operating Income

 

 

 

 

 

 

 

Truckload Transportation Services

$

80,341

 

 

$

88,231

 

 

$

294,555

 

 

$

281,823

 

Werner Logistics

 

9,868

 

 

 

11,722

 

 

 

36,184

 

 

 

27,873

 

Other (1)

 

(2,419

)

 

 

1,012

 

 

 

(2,604

)

 

 

4,947

 

Corporate

 

591

 

 

 

(2,477

)

 

 

(5,059

)

 

 

(5,497

)

Total

$

88,381

 

 

$

98,488

 

 

$

323,076

 

 

$

309,146

 

 

(1) Other includes our driver training schools, transportation-related activities such as third-party equipment maintenance and equipment leasing, and other business activities.

(2) Inter-segment eliminations represent transactions between reporting segments that are eliminated in consolidation.

OPERATING STATISTICS BY SEGMENT

(Unaudited)

 

 

 

 

 

 

 

 

 

Three Months Ended

December 31,

 

 

 

Year Ended

December 31,

 

 

 

2022

 

2021

 

% Chg

 

2022

 

2021

 

% Chg

Truckload Transportation Services segment

 

 

 

 

 

 

 

 

 

 

 

Average trucks in service

 

8,709

 

 

 

8,313

 

 

4.8

%

 

 

8,437

 

 

 

7,982

 

 

5.7

%

Average revenues per truck per week (1)

$

4,579

 

 

$

4,521

 

 

1.3

%

 

$

4,519

 

 

$

4,311

 

 

4.8

%

Total trucks (at quarter end)

 

 

 

 

 

 

 

 

 

 

 

Company

 

8,305

 

 

 

8,050

 

 

3.2

%

 

 

8,305

 

 

 

8,050

 

 

3.2

%

Independent contractor

 

295

 

 

 

290

 

 

1.7

%

 

 

295

 

 

 

290

 

 

1.7

%

Total trucks

 

8,600

 

 

 

8,340

 

 

3.1

%

 

 

8,600

 

 

 

8,340

 

 

3.1

%

Total trailers (at quarter end)

 

27,650

 

 

 

25,760

 

 

7.3

%

 

 

27,650

 

 

 

25,760

 

 

7.3

%

 

One-Way Truckload

 

 

 

 

 

 

 

 

 

 

 

Trucking revenues, net of fuel surcharge (in 000’s)

$

201,460

 

 

$

197,346

 

 

2.1

%

 

$

766,013

 

 

$

710,673

 

 

7.8

%

Average trucks in service

 

3,292

 

 

 

3,088

 

 

6.6

%

 

 

3,153

 

 

 

2,942

 

 

7.2

%

Total trucks (at quarter end)

 

3,150

 

 

 

3,105

 

 

1.4

%

 

 

3,150

 

 

 

3,105

 

 

1.4

%

Average percentage of empty miles

 

13.58

%

 

 

11.76

%

 

15.5

%

 

 

12.70

%

 

 

11.25

%

 

12.9

%

Average revenues per truck per week (1)

$

4,708

 

 

$

4,916

 

 

(4.2

)%

 

$

4,672

 

 

$

4,645

 

 

0.6

%

Average % change YOY in revenues per total mile (1)

 

0.4

%

 

 

19.2

%

 

 

 

 

8.6

%

 

 

17.3

%

 

 

Average % change YOY in total miles per truck per week

 

(4.6

)%

 

 

(11.1

)%

 

 

 

 

(7.4

)%

 

 

(8.2

)%

 

 

Average completed trip length in miles (loaded)

 

633

 

 

 

715

 

 

(11.5

)%

 

 

675

 

 

 

786

 

 

(14.1

)%

 

Dedicated

 

 

 

 

 

 

 

 

 

 

 

Trucking revenues, net of fuel surcharge (in 000’s)

$

316,933

 

 

$

291,244

 

 

8.8

%

 

$

1,216,626

 

 

$

1,078,475

 

 

12.8

%

Average trucks in service

 

5,417

 

 

 

5,225

 

 

3.7

%

 

 

5,284

 

 

 

5,040

 

 

4.8

%

Total trucks (at quarter end)

 

5,450

 

 

 

5,235

 

 

4.1

%

 

 

5,450

 

 

 

5,235

 

 

4.1

%

Average revenues per truck per week (1)

$

4,501

 

 

$

4,287

 

 

5.0

%

 

$

4,428

 

 

$

4,116

 

 

7.6

%

 

Werner Logistics segment

 

 

 

 

 

 

 

 

 

 

 

Average trucks in service

 

45

 

 

 

49

 

 

(8.2

)%

 

 

52

 

 

 

41

 

 

26.8

%

Total trucks (at quarter end)

 

39

 

 

 

55

 

 

(29.1

)%

 

 

39

 

 

 

55

 

 

(29.1

)%

Total trailers (at quarter end)

 

2,315

 

 

 

1,465

 

 

58.0

%

 

 

2,315

 

 

 

1,465

 

 

58.0

%

 

(1) Net of fuel surcharge revenues

Non-GAAP Financial Measures and Reconciliations

To supplement our financial results presented in accordance with generally accepted accounting principles in the United States of America (“GAAP”), we provide certain non-GAAP financial measures as defined by the SEC Regulation G, including non-GAAP adjusted operating income; non-GAAP adjusted operating margin; non-GAAP adjusted operating margin, net of fuel surcharge; non-GAAP adjusted net income attributable to Werner; non-GAAP adjusted diluted earnings per share; non-GAAP adjusted operating revenues, net of fuel surcharge; non-GAAP adjusted operating expenses; non-GAAP adjusted operating expenses, net of fuel surcharge; non-GAAP adjusted operating ratio; and non-GAAP adjusted operating ratio, net of fuel surcharge. We believe these non-GAAP financial measures provide a more useful comparison of our performance from period to period because they exclude the effect of items that, in our opinion, do not reflect our core operating performance. Our non-GAAP financial measures are not meant to be considered in isolation or as substitutes for their comparable GAAP measures and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. There are limitations to using non-GAAP financial measures. Although we believe that they improve comparability in analyzing our period to period performance, they could limit comparability to other companies in our industry if those companies define these measures differently. Because of these limitations, our non-GAAP financial measures should not be considered measures of income generated by our business. Management compensates for these limitations by primarily relying on GAAP results and using non-GAAP financial measures on a supplemental basis.

The following tables present reconciliations of each non-GAAP financial measure to its most directly comparable GAAP financial measure as required by SEC Regulation G. In addition, information regarding each of the excluded items as well as our reasons for excluding them from our non-GAAP results is provided below.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES – CONSOLIDATED

(unaudited)

(In thousands, except per share amounts)

 

 

 

 

 

 

 

Three Months Ended December 31,

 

Year Ended December 31,

 

 

2022

 

2021

 

2022

 

2021

Non-GAAP Adjusted Operating Income and Non-GAAP Adjusted Operating Margin (1)

 

$

 

% of

Op.

Rev.

 

$

 

% of

Op.

Rev.

 

$

 

% of

Op.

Rev.

 

$

 

% of

Op.

Rev.

Operating income and operating margin – (GAAP)

 

$

88,381

 

 

10.3

%

 

$

98,488

 

12.9

%

 

$

323,076

 

 

9.8

%

 

$

309,146

 

 

11.3

%

Non-GAAP adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Insurance and claims (2)

 

 

1,387

 

 

0.1

%

 

 

1,321

 

 

0.1

%

 

 

5,394

 

 

0.2

%

 

 

5,137

 

 

0.2

%

Gain on sale of Werner Global Logistics (3)

 

 

 

 

%

 

 

 

 

%

 

 

 

 

%

 

 

(1,013

)

 

(0.1

)%

Amortization of intangible assets (4)

 

 

2,036

 

 

0.2

%

 

 

659

 

 

0.1

%

 

 

6,113

 

 

0.2

%

 

 

1,885

 

 

0.1

%

Acquisition expenses (5)

 

 

613

 

 

0.1

%

 

 

630

 

 

0.1

%

 

 

1,081

 

 

%

 

 

1,622

 

 

0.1

%

Contingent consideration adjustment (6)

 

 

(2,500

)

 

(0.3

)%

 

 

 

 

%

 

 

(2,500

)

 

(0.1

)%

 

 

 

 

%

Non-GAAP adjusted operating income and non-GAAP adjusted operating margin

 

$

89,917

 

 

10.4

%

 

$

101,098

 

 

13.2

%

 

$

333,164

 

 

10.1

%

 

$

316,777

 

 

11.6

%

 

 

Three Months Ended December 31,

 

Year Ended December 31,

 

 

2022

 

2021

 

2022

 

2021

Non-GAAP Adjusted Net Income Attributable to Werner and Non-GAAP Adjusted Diluted EPS (1)

 

$

 

Diluted

EPS

 

$

 

Diluted

EPS

 

$

 

Diluted

EPS

 

$

 

Diluted

EPS

Net income attributable to Werner and diluted EPS – (GAAP)

 

$

60,166

 

 

$

0.94

 

 

$

76,767

 

 

$

1.15

 

 

$

241,256

 

 

$

3.74

 

 

$

259,052

 

 

$

3.82

 

Non-GAAP adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Insurance and claims (2)

 

 

1,387

 

 

 

0.02

 

 

 

1,321

 

 

 

0.02

 

 

 

5,394

 

 

 

0.08

 

 

 

5,137

 

 

 

0.08

 

Gain on sale of Werner Global Logistics (3)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,013

)

 

 

(0.02

)

Amortization of intangible assets, net of amount attributable to noncontrolling interest (4)

 

 

1,864

 

 

 

0.03

 

 

 

560

 

 

 

0.01

 

 

 

5,425

 

 

 

0.08

 

 

 

1,541

 

 

 

0.02

 

Acquisition expenses (5)

 

 

613

 

 

 

0.01

 

 

 

630

 

 

 

0.01

 

 

 

1,081

 

 

 

0.02

 

 

 

1,622

 

 

 

0.02

 

Contingent consideration adjustment (6)

 

 

(2,500

)

 

 

(0.04

)

 

 

 

 

 

 

 

 

(2,500

)

 

 

(0.04

)

 

 

 

 

 

 

Loss (gain) on investments in equity securities, net (7)

 

 

2,208

 

 

 

0.04

 

 

 

(4,036

)

 

 

(0.06

)

 

 

(12,195

)

 

 

(0.19

)

 

 

(40,317

)

 

 

(0.59

)

Income tax effect of above adjustments (8)

 

 

(898

)

 

 

(0.01

)

 

 

382

 

 

 

 

 

 

703

 

 

 

0.01

 

 

 

8,258

 

 

 

0.12

 

Non-GAAP adjusted net income attributable to Werner and non-GAAP adjusted diluted EPS

 

$

62,840

 

 

$

0.99

 

 

$

75,624

 

 

$

1.13

 

 

$

239,164

 

 

$

3.70

 

 

$

234,280

 

 

$

3.45

 

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES – TRUCKLOAD TRANSPORTATION SERVICES (TTS) SEGMENT

(unaudited)

(In thousands)

 

 

 

 

 

 

 

Three Months Ended December 31,

 

Year Ended December 31,

 

 

2022

 

2021

 

2022

 

2021

Non-GAAP Adjusted Operating Income and Non-GAAP Adjusted Operating Margin (1)

 

$

 

% of

Op.

Rev.

 

$

 

% of

Op.

Rev.

 

$

 

% of

Op.

Rev.

 

$

 

% of

Op.

Rev.

Operating income and operating margin – (GAAP)

 

$

80,341

 

12.7

%

 

$

88,231

 

15.7

%

 

$

294,555

 

12.1

%

 

$

281,823

 

13.8

%

Non-GAAP adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Insurance and claims (2)

 

 

1,387

 

 

0.2

%

 

 

1,321

 

 

0.2

%

 

 

5,394

 

 

0.2

%

 

 

5,137

 

 

0.2

%

Amortization of intangible assets (4)

 

 

1,376

 

 

0.2

%

 

 

492

 

 

0.1

%

 

 

3,953

 

 

0.2

%

 

 

1,718

 

 

0.1

%

Non-GAAP adjusted operating income and non-GAAP adjusted operating margin

 

$

83,104

 

 

13.1

%

 

$

90,044

 

 

16.0

%

 

$

303,902

 

 

12.5

%

 

$

288,678

 

 

14.1

%

 

 

Three Months Ended December 31,

 

Year Ended December 31,

 

 

2022

 

2021

 

2022

 

2021

Non-GAAP Adjusted Operating Expenses and Non-GAAP Adjusted Operating Ratio (1)

 

$

 

% of

Op.

Rev.

 

$

 

% of

Op.

Rev.

 

$

 

% of

Op.

Rev.

 

$

 

% of

Op.

Rev.

Operating expenses and operating ratio – (GAAP)

 

$

554,446

 

 

87.3

%

 

$

474,996

 

 

84.3

%

 

$

2,134,131

 

 

87.9

%

 

$

1,763,250

 

 

86.2

%

Non-GAAP adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Insurance and claims (2)

 

 

(1,387

)

 

(0.2

)%

 

 

(1,321

)

 

(0.2

)%

 

 

(5,394

)

 

(0.2

)%

 

 

(5,137

)

 

(0.2

)%

Amortization of intangible assets (4)

 

 

(1,376

)

 

(0.2

)%

 

 

(492

)

 

(0.1

)%

 

 

(3,953

)

 

(0.2

)%

 

 

(1,718

)

 

(0.1

)%

Non-GAAP adjusted operating expenses and non-GAAP adjusted operating ratio

 

$

551,683

 

 

86.9

%

 

$

473,183

 

 

84.0

%

 

$

2,124,784

 

 

87.5

%

 

$

1,756,395

 

 

85.9

%

 

 

Three Months Ended

December 31,

 

Year Ended

December 31,

Non-GAAP Adjusted Operating Expenses, Net of Fuel Surcharge; Non-GAAP Adjusted Operating Margin, Net of Fuel Surcharge; and Non-GAAP Adjusted Operating Ratio, Net of Fuel Surcharge (1)

 

2022

 

2021

 

2022

 

2021

 

$

 

$

 

$

 

$

Operating revenues – (GAAP)

 

$

634,787

 

 

$

563,227

 

 

$

2,428,686

 

 

$

2,045,073

 

Less: Trucking fuel surcharge (9)

 

 

(109,611

)

 

 

(68,501

)

 

 

(419,240

)

 

 

(234,164

)

Operating revenues, net of fuel surcharge – (Non-GAAP)

 

 

525,176

 

 

 

494,726

 

 

 

2,009,446

 

 

 

1,810,909

 

Operating expenses – (GAAP)

 

 

554,446

 

 

 

474,996

 

 

 

2,134,131

 

 

 

1,763,250

 

Non-GAAP adjustments:

 

 

 

 

 

 

 

 

Trucking fuel surcharge (9)

 

 

(109,611

)

 

 

(68,501

)

 

 

(419,240

)

 

 

(234,164

)

Insurance and claims (2)

 

 

(1,387

)

 

 

(1,321

)

 

 

(5,394

)

 

 

(5,137

)

Amortization of intangible assets (4)

 

 

(1,376

)

 

 

(492

)

 

 

(3,953

)

 

 

(1,718

)

Non-GAAP adjusted operating expenses, net of fuel surcharge

 

 

442,072

 

 

 

404,682

 

 

 

1,705,544

 

 

 

1,522,231

 

Non-GAAP adjusted operating income

 

$

83,104

 

 

$

90,044

 

 

$

303,902

 

 

$

288,678

 

Non-GAAP adjusted operating margin, net of fuel surcharge

 

 

15.8

%

 

 

18.2

%

 

 

15.1

%

 

 

15.9

%

Non-GAAP adjusted operating ratio, net of fuel surcharge

 

 

84.2

%

 

 

81.8

%

 

 

84.9

%

 

 

84.1

%

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES – WERNER LOGISTICS SEGMENT

(unaudited)

(In thousands)

 

 

 

Three Months Ended December 31,

 

Year Ended December 31,

 

 

2022

 

2021

 

2022

 

2021

Non-GAAP Adjusted Operating Income and Non-GAAP Adjusted Operating Margin (1)

 

$

 

% of

Op.

Rev.

 

$

 

% of

Op.

Rev.

 

$

 

% of

Op.

Rev.

 

$

 

% of

Op.

Rev.

Operating income and operating margin – (GAAP)

 

$

9,868

 

 

4.6

%

 

$

11,722

 

6.3

%

 

$

36,184

 

 

4.6

%

 

$

27,873

 

4.5

%

Non-GAAP adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gain on sale of Werner Global Logistics (3)

 

 

 

 

%

 

 

 

 

%

 

 

 

 

%

 

 

(1,013

)

 

(0.2

)%

Amortization of intangible assets (4)

 

 

660

 

 

0.3

%

 

 

167

 

 

0.1

%

 

 

2,160

 

 

0.2

%

 

 

167

 

 

%

Contingent consideration adjustment (6)

 

 

(2,500

)

 

(1.1

)%

 

 

 

 

%

 

 

(2,500

)

 

(0.3

)%

 

 

 

 

%

Non-GAAP adjusted operating income and non-GAAP adjusted operating margin

 

$

8,028

 

 

3.8

%

 

$

11,889

 

 

6.4

%

 

$

35,844

 

 

4.5

%

 

$

27,027

 

 

4.3

%

(1) Non-GAAP adjusted operating income; non-GAAP adjusted operating margin; non-GAAP adjusted operating margin, net of fuel surcharge; non-GAAP adjusted net income attributable to Werner; non-GAAP adjusted diluted earnings per share; non-GAAP adjusted operating revenues, net of fuel surcharge; non-GAAP adjusted operating expenses; non-GAAP adjusted operating expenses, net of fuel surcharge; non-GAAP adjusted operating ratio; and non-GAAP adjusted operating ratio, net of fuel surcharge should be considered in addition to, rather than as substitutes for, GAAP operating income; GAAP operating margin; GAAP net income attributable to Werner; GAAP diluted earnings per share; GAAP operating revenues; GAAP operating expenses; and GAAP operating ratio, which are their most directly comparable GAAP financial measures.

(2) We accrued pre-tax insurance and claims expense for interest related to a previously disclosed excess adverse jury verdict rendered on May 17, 2018 in a lawsuit arising from a December 2014 accident. The Company is appealing this verdict. Additional information about the accident was included in our Current Report on Form 8-K dated May 17, 2018. Under our insurance policies in effect on the date of this accident, our maximum liability for this accident is $10.0 million (plus pre-judgment and post-judgment interest) with premium-based insurance coverage that exceeds the jury verdict amount. We continue to accrue pre-tax insurance and claims expense for interest at $0.5 million per month until such time as the outcome of our appeal is finalized. Management believes excluding the effect of this item provides a more useful comparison of our performance from period to period. This item is included in our Truckload Transportation Services segment in our Segment Information table.

(3) During first quarter 2021, we sold Werner Global Logistics freight forwarding services for international ocean and air shipments to Scan Global Logistics Group, which resulted in the pre-tax gain on sale. Management believes excluding the effect of this unusual and infrequent item provides a more useful comparison of our performance from period to period. This item is included in our Werner Logistics segment in our Segment Information table.

(4) Amortization expense related to intangible assets acquired in our business acquisitions is excluded because management does not believe it is indicative of our core operating performance.

(5) We incurred business acquisition-related expenses including legal and professional fees. Acquisition-related expenses are excluded as management believes these costs are not representative of the costs of managing our on-going business. The expenses are included within other operating expenses in our Income Statement and in Corporate operating income in our Segment Information table.

(6) The contingent consideration, also referred to as earnout, period related to the NEHDS Logistics, LLC acquisition ended on December, 31, 2022 and did not result in any additional cash payments, as the financial performance goals were not achieved. As a result, a favorable adjustment was recorded in other operating expense in our Income Statement. Management believes excluding the effect of income/expense associated with contingent consideration provides a more useful comparison of our performance from period to period. This item is included in our Werner Logistics segment in our Segment Information table.

(7) Represents non-operating mark-to-market adjustments for unrealized gains/losses on our minority equity investments, which we account for under ASC 321, Investments - Equity Securities. We record changes in the value of our investments in equity securities in other expense (income) in our Income Statement.

(8) The income tax effect of the non-GAAP adjustments is calculated using the incremental income tax rate excluding discrete items, and the income tax effect for 2022 has been updated to reflect the annual incremental income tax rate.

(9) Fluctuating fuel prices and fuel surcharge revenues impact the total company operating ratio and the TTS segment operating ratio when fuel surcharges are reported on a gross basis as revenues versus netting the fuel surcharges against fuel expenses. Management believes netting fuel surcharge revenues, which are generally a more volatile source of revenue, against fuel expenses provides a more consistent basis for comparing the results of operations from period to period.

Contacts

John J. Steele

Executive Vice President, Treasurer

and Chief Financial Officer

(402) 894-3036

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