2023 Q2 Form 10-Q Financial Statement

#000079307423000031 Filed on May 09, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue $811.1M $832.7M
YoY Change -3.01% 8.91%
Cost Of Revenue $142.7M $159.6M
YoY Change -24.13% 9.76%
Gross Profit $668.4M $673.1M
YoY Change 3.12% 8.71%
Gross Profit Margin 82.41% 80.83%
Selling, General & Admin $550.3M $555.2M
YoY Change 5.96% 15.07%
% of Gross Profit 82.34% 82.48%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $74.90M $74.31M
YoY Change 9.39% 10.54%
% of Gross Profit 11.21% 11.04%
Operating Expenses $621.2M $619.7M
YoY Change 8.36% 15.69%
Operating Profit $47.20M $53.39M
YoY Change -37.0% -36.07%
Interest Expense $8.139M -$6.445M
YoY Change 355.46% -547.88%
% of Operating Profit 17.24% -12.07%
Other Income/Expense, Net -$7.091M -$7.000K
YoY Change -131.52% -99.94%
Pretax Income $40.11M $46.93M
YoY Change -58.83% -35.23%
Income Tax $10.09M $11.40M
% Of Pretax Income 25.15% 24.29%
Net Earnings $29.88M $35.22M
YoY Change -58.67% -34.47%
Net Earnings / Revenue 3.68% 4.23%
Basic Earnings Per Share $0.47 $0.56
Diluted Earnings Per Share $0.47 $0.55
COMMON SHARES
Basic Shares Outstanding 63.38M shares 63.25M shares
Diluted Shares Outstanding 63.69M shares 63.70M shares

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $46.50M $129.6M
YoY Change -14.56% 2.89%
Cash & Equivalents $46.50M $129.6M
Short-Term Investments
Other Short-Term Assets $67.16M $74.86M
YoY Change 35.96% 46.57%
Inventory $16.03M $14.93M
Prepaid Expenses
Receivables $437.6M $461.0M
Other Receivables $33.31M $29.40M
Total Short-Term Assets $609.3M $709.8M
YoY Change -21.11% 4.63%
LONG-TERM ASSETS
Property, Plant & Equipment $1.944B $1.855B
YoY Change 16.39% 15.22%
Goodwill $129.1M $129.1M
YoY Change 73.52% 73.52%
Intangibles $91.51M $94.03M
YoY Change 73.99% 74.27%
Long-Term Investments
YoY Change
Other Assets $330.8M $328.8M
YoY Change 18.79% 41.3%
Total Long-Term Assets $2.496B $2.407B
YoY Change 20.21% 22.12%
TOTAL ASSETS
Total Short-Term Assets $609.3M $709.8M
Total Long-Term Assets $2.496B $2.407B
Total Assets $3.105B $3.116B
YoY Change 9.01% 17.64%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $119.7M $129.0M
YoY Change -5.1% 13.46%
Accrued Expenses $18.83M $144.3M
YoY Change -37.8% 380.14%
Deferred Revenue
YoY Change
Short-Term Debt $11.53M $0.00
YoY Change 91.15%
Long-Term Debt Due $3.750M $5.000M
YoY Change -25.0% 0.0%
Total Short-Term Liabilities $315.1M $303.3M
YoY Change -33.09% 4.5%
LONG-TERM LIABILITIES
Long-Term Debt $636.3M $686.3M
YoY Change 44.6% 62.91%
Other Long-Term Liabilities $55.80M $304.5M
YoY Change 27.45% 537.53%
Total Long-Term Liabilities $692.1M $990.7M
YoY Change 43.05% 111.24%
TOTAL LIABILITIES
Total Short-Term Liabilities $315.1M $303.3M
Total Long-Term Liabilities $692.1M $990.7M
Total Liabilities $1.569B $1.646B
YoY Change 7.01% 29.56%
SHAREHOLDERS EQUITY
Retained Earnings $1.924B $1.903B
YoY Change 8.26% 11.08%
Common Stock $131.5M $128.9M
YoY Change 5.31% 5.65%
Preferred Stock
YoY Change
Treasury Stock (at cost) $551.7M $551.9M
YoY Change 1.5% 15.53%
Treasury Stock Shares 17.16M shares
Shareholders Equity $1.497B $1.471B
YoY Change
Total Liabilities & Shareholders Equity $3.105B $3.116B
YoY Change 9.01% 17.64%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income $29.88M $35.22M
YoY Change -58.67% -34.47%
Depreciation, Depletion And Amortization $74.90M $74.31M
YoY Change 9.39% 10.54%
Cash From Operating Activities $114.9M $166.8M
YoY Change 2.11% 7.67%
INVESTING ACTIVITIES
Capital Expenditures $199.5M $161.8M
YoY Change -229.83% 119.7%
Acquisitions $188.0K
YoY Change -126.67%
Other Investing Activities $48.46M $32.53M
YoY Change 161.06% -16.77%
Cash From Investing Activities -$151.1M -$129.2M
YoY Change 11.8% 274.17%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $0.00
YoY Change -100.0%
Cash From Financing Activities -47.96M -$16.23M
YoY Change -2.03% -66.86%
NET CHANGE
Cash From Operating Activities 114.9M $166.8M
Cash From Investing Activities -151.1M -$129.2M
Cash From Financing Activities -47.96M -$16.23M
Net Change In Cash -84.11M $22.35M
YoY Change 17.58% -68.85%
FREE CASH FLOW
Cash From Operating Activities $114.9M $166.8M
Capital Expenditures $199.5M $161.8M
Free Cash Flow -$84.61M $5.083M
YoY Change -131.77% -93.75%

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22351000 usd
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71753000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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3631000 usd
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CY2023Q1 wern Business Combination Provisional Information Initial Accounting Incomplete Adjustment Contingent Consideration Arrangement
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CY2022Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Gain Loss Included In Earnings
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CY2023Q1 us-gaap Long Term Debt
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CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
63695000 shares
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
65878000 shares
CY2023Q1 us-gaap Purchase Commitment Remaining Minimum Amount Committed
PurchaseCommitmentRemainingMinimumAmountCommitted
271400000 usd
CY2017Q2 us-gaap Loss Contingency Damages Awarded Value
LossContingencyDamagesAwardedValue
800000 usd
CY2017Q2 wern Loss Contingency Damages Awarded Expenses
LossContingencyDamagesAwardedExpenses
500000 usd
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
35224000 usd
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
53749000 usd
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
63306000 shares
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
65543000 shares
CY2023Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
389000 shares
CY2022Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
335000 shares
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.56
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.82
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.55
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.82
CY2023Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 segment
CY2023Q1 us-gaap Revenues
Revenues
832714000 usd
CY2022Q1 us-gaap Revenues
Revenues
764605000 usd
CY2023Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
53386000 usd
CY2022Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
83511000 usd
CY2023Q1 us-gaap Other Depreciation And Amortization
OtherDepreciationAndAmortization
74313000 usd
CY2022Q1 us-gaap Other Depreciation And Amortization
OtherDepreciationAndAmortization
67229000 usd

Files In Submission

Name View Source Status
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wern-20230331_def.xml Edgar Link unprocessable
wern-20230331_pre.xml Edgar Link unprocessable
0000793074-23-000031-index-headers.html Edgar Link pending
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0000793074-23-000031.txt Edgar Link pending
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Financial_Report.xlsx Edgar Link pending
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report.css Edgar Link pending
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wern-20230331.htm Edgar Link pending
wern-20230331.xsd Edgar Link pending
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wern-20230331_lab.xml Edgar Link unprocessable
wern-20230331_cal.xml Edgar Link unprocessable
wern-20230331_htm.xml Edgar Link completed