WERN - Earnings call transcript Q1 2020 | Werner Enterprises, Inc.

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Operator

Good afternoon, and welcome to the Werner Enterprises First Quarter 2020 Earnings Conference Call. [Operator Instructions]. Earlier this afternoon, the company issued an earnings release for its first quarter 2020 results and posted a slide presentation to accompany today's discussion. These materials are available in the Investors section of the company's website at werner.com by clicking on Investors, then News and Events and then Webcasts and Presentations.

Today's webcast is being recorded and will be available for replay beginning later this evening.

release direct of to as the included the please on disclosure the begin, statements. in X forward-looking Slide presentation earnings we your the attention statement disclaimers Before to related as well Today's remarks related that results that involve may to factors including differ uncertainties other cause to and COVID-XX risks, could forward-looking contain statements, those actual materially.

past A to non-GAAP appendix provide presentation. additional Additionally, to believes help the directly the measures it facilitate company comparable performance. to in slide measures, is the reports which earnings and comparison the most included the of results release and the reconciliation tables for investors present the using GAAP of information attached in

go the over Leathers, to Mr. like turn now I'd conference ahead. CEO. to Please Derek President and

Derek Leathers

everyone. today John me and Thank is afternoon, you, Steele. good CFO, our With

sincerely and all to to which our XXX% the like medical communication constant I'd during Werner Let appreciate. impacted directly family this to begin women saying associates been me the combating difficult know are the by this with I professionals, serve on I've challenging in are this thoughts virus time. committed they based first much focused, very relentlessly essential members, go out our under men and circumstances. terrible those who are heartfelt and very bravely began, and comments, global other their the workers at since thank determined, heroically and pandemic pandemic their who by that responders

time efficient remain the and flexible and to of ways to ensuring adapt adjust and We strategic health. drivers to changes non-driver challenging in free, remain protecting continue needs frontline our and business associates. affecting are step-up and focused, being as freight and pride delivering an damage in professional associates essential numerous constantly while take on provider drivers met. being we and safely the times, productive In tremendous safety Our service America's our customers their these mechanics and while and our

Werner Following proactively I'll quarter and the our our how adjusting financial assessing, is the about COVID-XX in details of adapting results, economy. changing strategy review first rapidly provide specific business

We've to Turning included information. X. some background Slide

X/X services, For revenues in Truckload TTS. or over of our were transportation segment, primary XXXX, generated

from with coming are in our One-Way remainder of TTS the trucks Logistics. in Werner XX% XX% With dedicated Truckload.

half and manufacturing over that food XX% retailers focus retail. are our our and revenues other our revenues necessity-based of in and Just the are selling XX% were XX% products. in on of industrial, logistics category. in remaining discount were beverage. And the in XX% more revenues retail with almost And

a our XX% XX from We XX. base customer nearly X/X have diversified with of top spread about top and across coming outside revenues customers our

Next, million. X per was performance. for $X.XX to million, let's financial EPS to and $XX.X decreased our move Adjusted the share. X% Slide revenues Adjusted our brief quarter, at overview operating first XXX to points In basis X.X%. a $XXX margin income declined lower XX% operating to of XX% adjusted declined

by which self-insurance EPS carriers of insurance in call and EPS. EPS, in has accident the reduced discussed million January in on included above XXXX, our is our $XX million and February. appropriate our This quarter coverage amount. serious of a as reminder, this XXXX, of earnings a for We self-insurance first accident. $XX policy period this one first We involved of earnings $X.XX. with previous the trucks GAAP our Regarding coverage excess the insurance approved this Werner's for our during for share expense liability this in liability was adjusted per

our due very million on high Our first an larger million insurance claim safety extremely of first XX%. to $XX in programs safety priority claims The declined a compared than frequency and and first a basis of to mile first first quarter Werner our $XX.X and on XXXX the at place per quarter claims. XXXX first making quarter higher progress. and claims other numerous in expense XXXX few was We are XXXX excellent quarter the

trends COVID-XX Investors presentation Update included Business section first that Dedicated One-Way your and posted in Q&A. provided release March to during for demand first questions updated website. quarter On Logistics. business our or summarized update That happy the freight quarter freight we our in We quarter demand is of clarify we unit be answer each a and earnings that commentary slide XXXX will Truckload, first trends XXXX XX, for today's a our demand business the

shares decrease have Later million effects per TTS, metrics. in more the we for of This XX COVID-XX. guidance $X quarter. intend more outlay and Also, dividend, trucks to clarity with XXX repurchasing not We quarter consecutive our call, the decline until a we and continue are duration We X,XXX trucks for first years. year-over-year I'll slightly of total our currently results XXXX have a we XXX on ended in provide than which paid updates of sequentially. in trucks quarterly capital you

John this quarter our detail. I'll At turn in over financial discuss call results the more to point, to first John?

John Steele

per good in Due were continued we in Thank a of the our more to was reviewed quarter and market primarily additional due in quarter, estimated conditions, accounting $X we Year-over-year, to more Beginning extent, Logistics certain trucks provide trucks in XXXX miles or The to million increased currently depreciate share. on $X.XX market mile. these you, expected total trucks. change higher to sold utilization. by by effects their Truckload X, Slide increased financial pricing to we depreciation performance with revenues offset per reduced be values. X.X%, quarter. dedicated X% trucks A of TTS expense of than first drivers net the average life Revenues higher pricing updated truck per XXXX estimates first some One-way per of segment. and Derek, afternoon. relative the this estimated number our week rapidly Starting residual truck fuel in first TTS XX used by lower. truck to current In segment, lackluster for lesser per revenues and, strength and

the continue same These the and non-GAAP the higher sold. included will This infrequent to as at are expense to per expense. truck item is is share due per trucks adjusted and unusual trucks earnings nature until a in GAAP rate this depreciate of

large primarily pricing the Our operating are and a XXX the adjusted declined by market cost more conditions our operating We insurance due conditions income challenging and basis due implementing containment claim. adjusted able partially XX%, to decline numerous and challenging were to to ongoing. point freight freight pricing in that mitigate market the programs margin

a we earned the $X.XX than were year share quarter ago. a share a per earnings XX% adjusted $X.XX, lower first Our

transit to Beginning TTS Truckload times first after on per a the miles prior less fewer specifically at TTS to fleet truck the declaration. on X.X% XXXX our In increased increased results to the segment. days first vehicles week. primarily comparing pandemic to Slide truck of quarter, days hour due per for improved road increase X, congestion, million, the $XXX per our driven after million the pandemic per With the in impact achieved the passenger XX TTS the $X of traffic the revenues in first declaration XX part declaration. pandemic Services and X.X% by revenue let's look higher Transportation average miles

COVID-XX are pickup delivery than longer procedures. customer their origin destinations, However, times once and to delay drivers and processing strengthened normal due security at arrive

Adjusted operating points. operating $XX.X decrease due margin million, was primarily in of income basis the declining to XX%, XXX adjusted

Our adjusted operating ratio was net XX.X%. surcharge fuel of

to fleet Turning metrics X. on Slide

$XXX X%. Dedicated Truckload average One-Way increased $XXX X%. Truckload revenues per million. by decreased we X% net net fuel by of grew trucks truck total X.X% million. per per trucking revenues truck declined and average to One-Way and X% X% Dedicated, of trucks per For decreased and increased to while truck revenue revenues nearly week fuel per mile miles per week grew X.X%. Truckload increased trucking One-Way X%, revenue

on In Logistics market. Moving economy opportunities by the first slowing Logistics We in fewer X% to had and revenues. Truckload a Slide to the quarter, XX. revenues declined primarily driven freight $XXX Logistics logistics from competitive X% decline results million transactional a Werner

contractual X% count X%, truckload increase XX%. to logistics our However, due our while business, load an declined in revenue per increased load

market, XXX to had replenishment capacity softer brokerage margin percentage higher by contractual gross Our driven freight higher March in due of declined XXXX basis cost activity. the a points and

While in we operating decline expenses, a basis XXX income our a profits decreased million. in resulted our and reduction other margin X% point XX% achieved percentage XX% $X.X gross operating Logistics declined in operating by to X.X%. to

Derek? Derek. to final remarks to I'd of turn back now like our portion prepared the

Derek Leathers

John. Thank you,

update Moving to to five XX. strategy. T's I you on want Slide our

based on GDP XXXX scenarios in are an disruptive by impacted further anticipated of COVID-XX. the percentage preparing difficult expect double-digit to will of and quarter quarter various is Second U.S. second The likely effect rate. challenging extremely quarter be second and degree predict; however, we results disruption for decline the the

customers, leadership staffing, Our meeting our discuss daily to and has freight, to been team drivers, relating address structure. safety, human cost and resources issues

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expenditures. tools our to utilizing train analyze and to ongoing orient and decisions regards are thoughtful with technology to and capital enhanced We continue terminal make we drivers,

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of non-driver of and over times. We're important The goal to five and That contributions keep in safely quickly is productive been and to continue The associates challenging Werner on have remain America last these half have service moving during not goal they the strategy time owner-drivers continue proud deliver heroic our customers citizens efficient. from going T's never changed. they to be and America's our our also enabled will to We who forward. weeks, ultimate work has every been to economy more and home freight to our deliver safely of drivers than extremely the superior our of time. X

for our that industry essential business consumers. delivers On of essential steps prepare summary and Slide to XX we've is during the significant an taken goods Trucking a the is manage to COVID-XX.

achievements their of non-driver take the Our associates during seriously. very and I'm proud responsibility driver difficult this time. extremely

last several to and WHO the policies enable and thoughtfully Over instituted closely company guideline CDC, reduce updates remain associates procedures virus our and stay to and healthy. safe risk our and monitor weeks, we to team. entire We disseminate

While for the stay is does true to true playbook some have thinking of a times like playbook Werner that every we way. step there's respect, these the no in

constantly We've to and most been regularly contact and leading advice. by been and recommended By implementing be by and And the by changing basic guided analysis adapting values: Werner policies scenarios, which above scientific that rational, decision logical will protocols important in staying are continue scientific processes we means following close provided with guided are rational, has compassionate. every and be and to X all, current experts.

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sure continuing. are across We for about positions. informed developments associates written voluntary are costs open efforts that compassion. My keep those the a specifically, is reduction, has up-to-date all, almost our we EVPs the driven attacked our a reduced took fantastic company, a reduction and and pay decisions I took team done across nondriver personally possible, information network. our Throughout hiring XX%. ongoing and continue VPs video to Above pushed aggressively wherever costs I making address controllable by board, all job freeze nonessential out XX% discretionary updates. XX% through COVID-XX pay took a aggressively discretionary implemented We

associates This topics compassion, needed We rapid as associates have a families. ongoing virus. been Werner provide million to It and COVID-XX those our COVID-XX relief pledge the includes impacted throughout of leave keeping America associate plans keep all by eligible financial provide Werner's to moving on the COVID-XX fund assistance for impacted associates to informed X this company we weeks includes affected to Also COVID-XX. Werner-specific associate crisis. as Werner $X of associates sick their paying also driven well introduced support plans relief by and to by to

women To associates fund, programs. from compassion. own this of further C.L. Werner and relief our hundreds to $XXX,XXX to supplement financial an personally Enterprises. and by Werner At have commitment Werner men additional further Werner C.L. founder, of the directly needed COVID-XX already pledged these demonstration the stepped COVID-XX through with relief their his Werner time, received as families up of assistance fund that affected our

products these home of our consumable are a restocked packaged mix XXX today's revenue transport quarter economy. and customers our top that are of retail, We or basic shows many products XX that are Slide for in first total vertical industry necessity by essential defensive XX% for XX% discount our in economy, and revenues revenues. food being continually including goods. beverage more retail, improvement COVID-XX consumer in XXXX

Slide performed to independent Using and base. assess shortly risk, COVID-XX significant estimated the how be objective the industry by higher largest we our criteria is analytical our impact moderate on major customers declaration we the rating classified assessment, their XXX to of understand On credit is better assessment risk pandemic This is lower, customer agencies after industries. XX, developed categories. into based for industry an to

performance industry risk. financial and the us a ongoing profitability other size, food same on we beverage verticals At focus lower having risk industry risk present our a financial we pandemic the time, the assessment Our financial each of increased liquidity, predominance customer customer risk discount our financial on of the overall customer's in risk based lower updated results with data of retail measures, including provider. our rating financial relatively and while At and financial leverage, has began, independent time, using an since from base. level clearly the have

aligns few last industry focus been the each has in years, with stronger to financially us our naturally the which strategy Over winners on companies. vertical,

We and these and will to forward. assessments customer financial monitor industry continue going risk manage risk

summary end liquidity our of On the strength balance first XX Slide the is sheet at the and of quarter.

low at of and quarter. is million, we million debt off Our $XXX first in paid debt the $XX

Our X.Xx. leverage net debt-to-EBITDA is at very low

hand facilities. and $XXX based of on We have available cash million liquidity on credit

covenants. with financial plenty have We cushion debt of our X

ample We are well positioned liquidity. with a strong balance sheet and

On net over capital summary past of operations, the resulting is cash and from Slide cash a XX free expenditures flow the flow X years.

million. XXXX We $XXX guidance million for projects range year. the net are maintaining CapEx have our of $XXX made analyzed and revisions CapEx We've downward several certain to to

decreasing Therefore, lower an will amount used lower offset are this sales stays $XX of purchases truck by CapEx we estimated net truck prices. be While expected million, new same. estimated our by an guidance at the range the

at least to expect cash XXXX We of continue to generate significant $XXX in flow free million.

metrics not improve. plan current for conditions grow quarter annual guidance our XX, truck market to prior Looking We and XXXX. to Slide annual compare first until guidance, fleet we our actual do

second could count the more freight timing year. the market. fleet the count decline may to truck rebuild depending of quarter Our begin on this our recovery, later on and pace Depending we in

better our metric We on have market a intend sales equipment reinstate guidance trailer this data. to when the truck are market. for better to demand withdrawing and gains in We due very we for guidance of used low and

to $XXX As million $XXX noted be before, capital of in expect million. to net expenditures we the range

range to Truckload XXXX. period expect for in of will continue same negative negative first of the revenue the to We decrease X% per total to that mile in X% X-month half XXXX compared One-Way a

market the and May is in June. assumes This that very difficult freight

in rate XX% tax be XX%. will of expect We effective the to range our

the of average OEMs back our and depends levels. when and to truck the fleet plants. recovery at be freight expect the slightly higher trailer age We can This reopening their to on of get timing

fairly have well, this in curtailed. expected, weeks freight been the have far, parts held given economy was So gradual volumes April, which that up some freight Truckload X unit One-Way significantly our down shut first or are in with softening, of some of

have been steady. volumes Dedicated, mostly In our

declines V, customers anticipate W volumes. will what effectively dedicated L whether be allow more our recovery, economic base we few environment are are experiencing we or regardless Overall, of quarter solid us most should manage freight or a defensive freight to temporary seeing U, business shutdowns, plant challenging While significant second due in an extremely to XXXX. and through get economic

rain are will get positioned economic we second quarter gear While for we well downpour, with prepared well our protective wet. still and the

We refine strategies economic continue passes. to prepare for the our to when storm

eventual and the for to ready forward are We economic recovery. look

to the over I'd At operator the our turn to this call time, to Q&A. begin like

Operator

Instructions]. [Operator

today Ravi This on Stanley. Morgan is Shanker. Ravi Christyne of question first Shanker from Our for will come McGarvey

Christyne McGarvey

I environment much maybe tough in that guidance. pretty the range the on any of early it seasonality? guess any half on you my about you Can sequential first question levels for giving you that would 'XX? And XQ? for is guys When maybe pricing what's confidence improvement, be freight say back thoughts a for May talk and pricing these holding or then June, assumes at

Derek Leathers

is I'll take This sure, Derek. Yes, that.

a position the guidance gives of our we guidance in be market potential opportunity. It the negative quarter everyone and essentially X% ended was in to potentially better was the leave that, and has or and negative be X.X%. guidance to first that seen opening certain unchanged us it tough indications first months some with a seen, of than rather unchanged, best that left we've I seen, if we the and But be freight certainly regions ahead felt conservative gave we're some for pricing us. the as return as at a this we've in could so we exceed would X%, So country. half to worsening for couple of potential so guidance negative We of environment XXXX or of

John Steele

as mile time. predict as at the struggled was just quarter per back that. this is difficult to giving of to too And second guidance to guidance, far We felt it the able Christyne do like appropriate half but year, rate be with

point not at this giving more second time So conditions. market we're for we the in guidance half the until on have clarity

Christyne McGarvey

that But shutdowns it. Got the thoughts accelerating I some rationalization, as production supply in your about play you how that? my of of side might mentioned and follow-up couple the talk some into be months. that imagine you the on maybe on that can next And of might earlier

Derek Leathers

Sure.

question, a of and admit caught I so have good it's little may but must So not echoey, I all it.

this. start with Let's

for setting On used that's out shutdowns, our receipt up if out, mean, this working is its way we're the contract I now or guidance spot or for and equipment you'll been broader participating. not are now OEM all rationalization we've try in normally, working And one the the precautionary behaving and be already shutdowns going is then that's seeing more see the not market circumstances The best yet, truck market. very right I but think and place they're maker rate we've they're and through. therefore, of capacity will why to industry-wide. remains They're spot measures withdrawn relative up carriers through to under the in used a closures market accelerated down, of reasons. capacity doing you're Costs market in The be there that little that's that's operating open. a in There especially of trucks can, they predominantly extreme, variety that's market, the pandemic. pretty that's very has for to difficult, an a the is signs stay extended And trucks. pressure up taking. exposure I even and market been issue and, been because delays a noncontract safety it to has that obviously, ongoing of going the of carrier spot friendly think

Operator

Ossenbeck Our next of from Brian Morgan. question comes JP

Brian Ossenbeck

going areas a last pretty out, getting you Derek, of the both consistently maybe customers also throughout stands some to that others, how it to facilities? right when mentioned of that and get for One-Way where point? the the balanced us So and that's the where regularly into one, up weeks. into June? going back delays coming the receiver to about sense network you in down this you that couple Dedicated, you're for just well on to just just at May think is the the on then not First now reconfiguring extent spin that April, when any for And see Can just on sort probably give you then you progressed same freight quarter that of as thoughts just the had and John spin and fairly kind

Derek Leathers

Yes.

were reoptimizing communication thing question. on strain start So essential with the back and indicated, repositioning for trucks in good they and the because was of make I'm as or were would sure internally causes outbound relief directly the into were demand quickly high saying altogether. on by that throughout the as Brian, in I of later team's the markets put down inbound the possible. especially supplies trying single those the most tremendous quarter with same all network It shipments probably affected where markets the markets were we proud by the the execution real-time we other shut amount quarter quarter, And that in pandemic to and because guess, I saw what head assets places closed during was lower correspondingly and a you've as were very product because network

post take it to once downs have started ups we out feel, leveled of initial our worked were It's well. design. surge network did of pretty painful, on time hard, volumes if and it a little settled market-by-market that That traditional very through off that. the The will, were is upside bets weeks, rush also they the some put and the all have a through declined so seamlessly has got to in supplies. to you they And so although they able work in kind recent and bit. We but have pandemic

lower we're And all we're normal now to so to any environment set. costs to and a find ourselves appropriately new personnel count market that the bit or trying make slightly with that optimizing a costs rightsized for a from little for controllable sure everything And truck we volume in. at and

one side, of would The performed exactly those On kind market the accounts stable stressed exactly type other this that other been mixed predominance altogether there, either or balanced volumes we what's a shut fleets. like spelled of you Dedicated effectively they There the down that down in market they because by were of thought have or in where out happening. product of is. pretty across have accounts off really were considerably have. like and Those a have was been surges

there And thus real within well, takes up certainly and Dedicated puts so model has far, those are our held results. but

John Steele

And at Dedicated, with Brian, even Page thing that. in XX% is we XX, chart product Well of call, customer company to add on what overall you higher I our top Dedicated, our if it's essential On see with that XXX XX%. up customers. those set would one X, business

So do aligned for that most Dedicated this part is to the economy. continuing with well pandemic companies are in

Brian Ossenbeck

Okay. Got Yes, is a for Maybe follow-up. quick that helpful. chart it.

us and with lot just is sense going progressing. customers can some those other you stuff bid on. a of how Obviously, If give others, season there's a probably

pipeline, forward So just be then it's color to the those can color some would pause, bid of you extent maybe on you us pieces? dedicated both how going moving still give season on if can And if helpful. some it's on any in is offer

Derek Leathers

Yes.

is we've point. on of large. the that renewals our been and What's renewals, on the to bids some What is, where out the that of on this at that the seen completed, call, however, about up or flattish actually So those closing by entered which last has we're strongest strong, are phase, And Dedicated happened bid side one implementation volume had and been through season have delays the of of we in Dedicated has opportunities for way now even type been about That's along the we've expectations talked total already But we is a of very encouraging dedicated and quarters been bids and specifically bids completion equation. and/or there apparent we're bids. X/X is a than Customers during of and those working and think and it's specifically associates making is of working the the that certainly through time encouraging bids in takeaway in the a taking risk X bids group new trying slower change with I it's a and quarters. finalizing are the long of patient a our of quarter finish pipeline and, I line. fleet customers. people, implementation a staying last and the as be the pandemic, on-site as of path and through think the introducing those so understandable. to drivers, to the reward And backdrop But in new trade-off last strong We're any is, been supportive them. stronger the eight. results

Operator

Chris from Wetherbee next comes Citi. question Our of

Christian Wetherbee

and how and might and ask the go line here. maybe the little as you expectations XQ you bit mix the half have and can change a kind of can you Truckload about talk you least XQ and if move that visibility? maybe for forward little And maybe at forward through about here? fleet XQ Dedicated then Do to a wanted you bit as One-Way the think then we I XQ back between hold

Derek Leathers

Yes, Chris, or response. we're pandemic Phase work answer it's given sort a at tough of return this of to question to X just the in where phase

it. the I before prior in is, on they cases, in likelihood, try across irresponsible to activities. already would to that implementations or the a line would predict. that QX, those pent-up many might of question, bid indicated but of bids think me And further road some have be of the than all to amount of implement As it are you're I in activity see Dedicated. in that actual looking to would happen When like some down we finish tremendous we

of on in it clearer the an expect doesn't QX. it's about mix lot restart, start what do volumes replenish provide One-Way think out start really see depleted have stocks well I the a to some X too about we would you as cases, that we think second feel because weeks well and Dedicated. we of which given the And would in of if to overall in as as any get a truck bode you on next When the that about because it they awards. and fleet bode kind sand. economic And or there. going line you side giving at shifting a actual between One-Way you put early So the see I'm guess, are should forward whether that, the opportunity best think moving is an for least implementations do we'd XX-XX But roughly X Dedicated time really to One-Way that count, be quarter try lot a to both side, for my to in to to is line

with there. to shrink by so So as for the the not We'll we ready, that our We're is by serve building, tell fleet the much and it of applications purposes downsizing, for the any now, you this, to of up, from be is volume able if little but a holding aggressive rightsize through it's back can I just will and quality further the front We volume -- quarter. up. recruiting And rather machine are where shrinkage kind goes determined we have. managing do needed willing it controlled door appropriate. half

count quality those lot have more sit to get to You a application to drivers. through

in situation a can freight we move. that there where time know the to and we move, we if make that so is are it's And

Christian Wetherbee

Okay.

we is what terms how keep my then could that potential market? next which in whether the the helpful. side, a the is that out, That's into from U of sort out of from -- going shapes shape or And a Because And potentials that recovery. markets. than coming it's know of tight recovery. capacity maybe is different leads question, feels something of about Okay. are But this sort into obviously, significantly don't be it this exactly the could a that truckload better being demand just to like we setup

be should themselves capacity a on tractors there's driver So side do I out as understand offset we stuff we be to considering it for whether come just of or on the want when other this? the upside potential with if that

Derek Leathers

Yes.

It's capacity unit, have went to the spot going things. think that in know trucks plant rationalization parking where actively, that at We there fleets carriers pressure closures And happening under So on are across and see OEMs. is builds what's know and/or already. market were at especially their given order rates rates level, wide, brokerage surveying in other can downsizing with We our truck going rates and because track and order market. of are then, I happen. even the if fleets

be capacity leaving. So will

that a what's all tighter see benefits unemployment attention economic you to stimulus question recovery the lean and is, going of we're market. into paying the things to U you a see about effect that's To and extended If have uptick, and money been close your answer watchouts, the enhanced.

cross see along phase We're support does, infrastructure We're obviously the that less us. upside infrastructure more and move if on for hope going fact through and of next than point demand create we be a The matter What it programs the those eyes, get out up left dragging back have to to into that's now able of pretty and the we set the would things, workforce all for robust. capacity and will be tightens a with but to when people competition. set are started. that Is stimulus, to here, could to plans was drivers the those to the difficult make you it and at as happen economic direct are is, see happens that and the get changing signs tougher of as -- the market we'll this which some it become freight because to right point, this be that at all be advantage take bottom. react And in from of fully able market. least offsets But my are it bottom.

Operator

comes Our of from of next Bank Merrill question Ken America Hoexter Lynch.

Kenneth Hoexter

you're I'm understand to plans growth. I on on understand your you you're a of trying state and and your message thoughts CapEx to want just outright is the Derek, the that have that I market that for your reduction? an and you sustaining hit little Maybe Are out was just talk to it about timing trying year? great further CapEx CapEx the the on want the bit or and side. on this messaging. insight pushing to

Derek Leathers

Yes.

with what So much. start comment me maybe didn't we as on let

The and a right with CapEx and and to kind really have versus was of year what the mover to But relative what sure -- is and spend the lot that our need to did CapEx was approach trucks from across we items. CapEx done to cut spend take the for make CapEx We've what requirements. thing first infrastructure in of logical we type rationalized just did thoughtful, very could be trailers. terminals plan the and to rationalize have office and like other big budget a that is within

type the starts the And fits to the able plants. of wouldn't year at, and be to the with we their the at we same end given just the and volume likelihood, they're of production the day, of some in of issues trucks or buy all facing trailers the relative inside started and so trucks schedules OEMs

So what for $XX that's reduced less one a write-down. as by is trucks -- result the over is that tough the and we with on the the be at less very million gains trailers moment. trucks the trucks $X truck considerably which right the we've used CapEx amount sell those The fact of well, will market think reduced even But we'll million. a and offset that rightsized as year

or wash And of X than those so even worse slightly kind wash.

range, continue but the to going within look might cash change appropriate. we're we The where to range stays change conserve monitor spend the that didn't it's options to net and want for and inside some, the So to actual range.

Kenneth Hoexter

the great. your That's then where slides right. to about you talk either early going top And Slide just on the XX, mix, or All XXX customers.

into talked about expanding world as do are stores, after You replenishment? your right How entity that seeing a essential Are now? e-commerce dollar well, the seeing the we're you the which shift sizable customers. pullback

Derek Leathers

the seen some rush. to when continue or be going of shop. the as products they that in for even the in same mean, I folks well they but And where downside, are initial push know, during their same stores. will as have Ken, chain holding go I that good I prior general rule, were you economy are count terms from. if a of think make they I say Well, successful cycles, don't and to customers, business people value purchases on that talk early They that up customers after the tough, models work will specific about gets anything, we've People where down the

so some price they'll at into go points down actually And discount retailers. and lower increase of those volumes

So we think well. that's up going to hold

So held very far, well. it's up

why customer bullish the going the difficult We why don't even step management positive. or filter, see even objective. additional exact our is of why on them and internal and to combined further we're their of models signs was slide. that that on think take slide, take that think did -- the with a market. you And inherent the is the in what's up more and we will that's to tell at that's point, decided relatively be will because when sets that we all on their as a lens And saw fare I pretty even both be But analysis approach their well, specific. very information information included and the the tough. try same even to we of mix, their results, strength strength optimistic market we additional more than of that's weakening another we product, financials you our And was how validated that under this to We third-party very are

Operator

comes Group Research. Wolfe of question from Our next Scott

Scott Group

mile, April Dedicated in talk again start So you Do progression still that rate of the rev quarter rate side. what the if think you then on -- seeing in stays X.X% the truck was just per the can can front? through really strong. positive I per can drop Maybe on the strong, that quarter? and -- in you stays was And you're really maybe second

Derek Leathers

Yes.

would mix, said first against a from continues you we tougher of revenue all renewals up in knew rebid It earlier, were wasn't held be the extent the better comping effect really there those rate, per week better So based bids on any up flattish type Renewals, last year during on that lapping on to fairly was question happening, generally as Dedicated hold on has comp. the consistent a were One-Way. to a that the year-over-year contractual and will. I perspective. were based now on year progression, the if

less bid view when to Clearly, trucks. in this on seen that. the on look markets change or see experienced for haven't a makes for of or tough, havens operators get Dedicated trying that lot you their enter We our anything safe cards us

customers. will their work in suppliers the to have track noise we those folks time live the long want or maybe over can have up coming But And proven bid X winning So and that cycle pretty periods grow or have expectations. those for to more light quarter we that with work and records of we winning with with, customers longer. models that

stood close it. assure to that I can been feel in you. and passed, with and needed pretty relationships far, constant times are they them are surged tested. we about We stay like so these have And with We'll those during I were it. so good that them the pandemic. And communication when We it, up we tests

John Steele

in And forward, I we per I Dedicated it in we some rates, remain that that add expect on revenue Scott, the as X.X% we positive. in move expect first moderation quarter. truck would would absolutely were up but to increase

Scott Group

but perspective? from is And better tough accident, and But Truckload fuels hopefully, kind you we know since second have so we've second then -- can maybe any I end quarter. on quarter of than drag a $X.XX margins don't this or versus first, rates worse the thoughts initial falling. demand question, the got give quarter the worse getting of sequentially first in

Derek Leathers

both that includes to know, well course. you as company-wide as guidance and give as of Well, level, quarterly, down we don't divisional a

of really it's the just surge call. restocking. -- of We're slowdown the just soon that some essentials, lines essential, the The of initial of slower, it's less the now. the is quarter right second across cross but to seeing plays of pandemic too quarter, too improving out a X remainder all coupled volumes with over early now Where but and those and/or how reopening the

now a tell down doubling in least controllable a rapid doing be productivity the cost, from behind declines normal. new now that volume, disservice of quarter we is with can even efforts it. doing at all on everything So to is, I What we network, sudden do And to realigning I'd can us. And answer sort in our we that be on regions attempt of you second other perspective. have coupled surges focusing a the will in

pretty seeing respond tackling short-term So projects of network, more of and we're trucking. and balance, rates and better focused at. major we're less that we something doing at behavior even lower with quarter distractions, to of will back blocking We're getting the volumes point is the to good a think on, cost to team that pressure. under going stay the to second in That's trying knowing being better laser-focused lower, the be on

Operator

David of Stifel. Ross from Our next comes question

David Ross

drivers. quarter, you with of of the them. I care have of It to bit your communicate well take out way talk want them, gone guys I a stay like little in front the the drivers, about to the seems mandates. that off going contractors And did know wanted I the driver but see independent what's I dropped on certain year-over-year. training to given would XX% imagine schools, with turnover dropped in state

Derek Leathers

Yes.

turnover fairly The quarter that. improvement progressed, We've especially drivers organization. leaving dramatic voluntary to has side. parts the in on seen the several the decrease quit So seen as a

here I for do in we're supporting that them. think staying with they them, feel contact and them constant

work done the on years ago, actively three communication I over conversations, goes direct the daily I it. them years that basis. several line today, with of All driver of up monitor the a think open and meetings, into I with last facing we've the that remains that sitdowns set all and

lot a seen positive movement. we've so And of

different. the little owner-operator It's a On side.

But that. owner-operators. We actively in going conscious support to hold decision on trying We was a we our that two and we little ago everything other to those years out made a value be not with continue want California to relationships grow have. over to and that states,

generally normal new We're and that a matter to especially we're their shrinkage looking career quantities not over which a of because those to of decreases maintain owner-operator us, really it them been large retirements different or a because in nationally. have and lot that see Driver a it's out of recruiting career, as to they're their company so started many story. and converted became bring by the training under That's for you an really support later have. trying it relates owner-operators. they And in approached but we onboard now have retire. not of time driver, schools, group time, duress, to as And just trying

in our completely schools. point over nationally had We or quarter, shut At were down limited orders. that of there the one was under schools XX% work training the to retool driver

e-training a distance convert of a onto of time. some ultimately be developing the the on we've getting driving is, lean socially have We qualified just their roughly technology and drivers by in and slows both now to distancing. shut and for still social to to school more We it process half order throughput truck and And been had into through really own. a of location had down the to What training as that retooling means get in them enrollments all for accomplished. altogether real-life well as cut

think, So the stay driver training, into down, for is the It down I the the will definitely foreseeable entrants new market industry-wide. future.

diligently we quality the to And so working and important already to more that. that's we're on fleet, we that do why the it's in the have all hold that drivers

David Ross

sense versus them terms think of the social makes and more to going apart drivers to X anything X apart having help really get in distancing feet really drivers feet school? is keeping you Do

Derek Leathers

we're but that walk to our a that, doctor, be following a us, to not comfort guidelines to committed to we I'm walk matters give to layer and we're of we're going stuff Look, drivers that going going to if talk. if the

in people Omaha. so and and line direct least of Omaha. situation in the twice when -- we're pandemic a in -- updates we at the calls with and guidelines States get in a and one the based leading them, of on units I've United entire we have understanding got get We're communication week want to understand, of is And different a They that signed going programs matter know and And of our to on that things. because designed committed We've caution developments. opportunity need I and run that's our we're do up for. us, by it the news drivers. latest and safety from had the that err and what side and our these to we're

impact So in short term. it the will

talk lot health the But -- the have probably As a I the for you look different is, deferring -- and a write hospitals with of for I'm honestly, about care will on think taken different people of price actions just the on history different economic health story taken these a even elective the empty and all when we've some price of at that surgeries. how time. effective actions -- subject whether a it still trucking. of needed, been to that's here but all

Operator

next Our from question comes Jack at Atkins Stephens.

Jack Atkins

like on of bit a the couple beyond that seeing their feel of appreciate out insight. the of see you your I color all this it neck appreciate we're quite way. around also that's guidance couple one capacity the to really out years same I of clear attrition. going thing when you're next from are and the of and pulling in Really And I think, what forward months, guess, next seems is, Derek, of comments, look a of think companies lot the as April. your And we then sticking guide. out sort

share now and what you grow take position preparing guess on for business can capitalize it a the be you side lot market and how I picture really that the you for are of be beyond, steps of feels a bigger where are my like in And this? today there's it what's to sort on So sort to for take. going question of other like, in 'XX to of the coming is to

Derek Leathers

Yes.

And a we're to stay look the times, for great consistent times going bad, with And given guidance may Good some things I think I'm our because T's. five there. of company. as it's we move in backdrop the a in the CapEx made one to part to haven't question. it we continue I we've that big think at as sure what invest and that's are of and is matters, going the investing that reasoning to though

As means what be about making. doing mean? and does we're to We spend we've able technology it the preparing talking that leaning XXXX been investments for we're and It want to to into the relates that be bear, crunch our than this as well our increasingly be capacity when mode bring capacity arrives. and own third-party We customers. that as better do for both capacity agnostic prepared want to to ever to

though, of to we're want renewed, on is even throughput, that we have make speak. and to have be the to today's asset we other playing the the represents for other if tenure, of program a continue safety We come pandemic. which sure We're as we to school structure on let asset get in do want side the the we And is out safer at to and for the we focus drivers gain even hold of fleet quality which the before. so up so that ever through turn. positioned an than all it that side when that, not to network, We higher will gaining is us, still that we fleet catch cost going

world the what about looks excited settles. pretty I'm when like dust So the

that capacity You see the falls out.

be You freight. come know to we're call going them haul to ready that They and see the call, they economy where quality. back, on people know to that

what So on, I be end do obviously, citizen, pretty but on our a term safety and much and preparing it's and this, as respond. of part ready able We're like and short we'll we're difficult a trying it focused time. other looks to very corporate to for health the think

Jack Atkins

once hear. that? inventory things this they could levels an follow-up, guys guess Then I here customers' I have of you over a fairly more great are And and phenomenon. do sort And keeping imports my of we that surge about are And we the you thinking and what's in about up, stand of maybe pick think Okay. I pantry to of China. inventory inventories kind up job That's restock. happened you when you thinking begin a from couple you of had huge great with how that months, because about your How where depleted Do to say last issues about overall? inventory we guess, levels what are getting back for know then John, think stocking that. had

John Steele

customer same-store they inventory in store were this. levels the Well, retail of lean the last to at relative into so from January our a base showed Jack, reported decline sales, large per end going inventory fairly

my customers Now opinion, were the back pandemic of pantry. in business. to inventory, the lot they are retail our in that's the latter up that a on completely the impacted reduced March build the based for large from and the in fact actively stores our discount part significantly inventory that help moved that the of had asking to And

have but back of into not levels think settled volume levels, I those with customers significantly normal they're dropping. more

lean. that serve, retailers we still are inventories the think I So relatively

presence, had doesn't company pretty different If retail segment online the guess that a is that market my is their for closed. have serves, Now their the they've significant an entirely within inventory there apparel levels high. are example, stores

sit. their separation currently there's inventory think big So levels retailer of type and between the I a where

Derek Leathers

positivity It's discount may think -- next They're finally over be only We're negative it's that we're arriving That more might actually Quality to winning as products of areas starting the some positive we really that some volumes it, China about. to the at companies a shores. the few of some space, have in from some offset like. next I'd that products and those very as thing those look in but very set people of indicator, closures least discount we of to an we is that want. the indications over talking to here add other had further. or relates start at -- weeks The weeks have those started actually in it weeks some need that coming few that's to uptick. U.S. to out Yes. people too sell days and the early what recent say see hold to see

winning to lot little lot right talk of called than This the indications winners that, probably or quarters others now been quarter So hurt relates in success. with really have we're to mix to where there comfort of folks. could a has there's the and maybe other right kind be because cause we pretend think It's successful a for it's there's bit, a it about of hardest as but more a ever of takes. to puts -- of and

Operator

UBS. Tom of Our next question Wadewitz comes from

Thomas Wadewitz

and had I of market, of markets pressure know you that John, deal and pricing Hopefully, contract you also about can a the of that that in -- come dragged questions second you're pressure of this these guess up gets behavior Derek stay But pretty under how pressure pricing second on Or lot do quarter. to in there's in isn't optimistic about kind with being you've keep I talking on everything a separated kind down and of you're separated rates you then and broader those Dedicated? and redundant. Dedicated pricing. you shipper end gets Do that have think terms think number completely just the markets it, spot can your you you on think in half?

Derek Leathers

I see you starting are any open its start no kind of X%, economic though when it, guidance to to at XX.X% Well, we've lift, or course that's the on pressure spot and if One-way market works up and a to believe suddenly negative is during a to and start the X.X%. starts is Dedicated lot we to just into of you happen. lift. there's think X% economy capacity return take just about to depends see talked going be strategies starting way that work that's And That you second the bid our way where doesn't economic off over the that a of hauling place we've negative we on-time came even under Dedicated left why are why at and to negative quarter, quarter. the quarter

be -- quality and treated is which you customers would pandemic had. have treated customers a as large, to hope quality some that value have going But discussions expected it. understand carriers we again, would, far, to this tough be So by thus there's they they place on and through

months X spot pretty short of to duration a been to in take And so throughout three this opportunity go pandemic been is is time expense the you've and move-in buying of high delivering advantage market the frame continues a at one, that's frame. if selling and bath time short-term be months or in rates the a that's a relationship the volumes product very entire blood

X%, bullish, but in not saying if wouldn't towel. we X% not also we're we So throwing negative be to were we're negative the

we've really relationships. their and shown colors, a our of proud customers really those I have think lot of been

is course, apples, not it Of just other anything, got of of if else. as as bad any you've that's anybody a of or true you customers, and carriers XXX have few of much

responding, so behavioral a go during And the at erratic it's but expected like and behave -- we is behaving of we there's structured we're erratic would crisis there's and this. it behavior in moments portfolio well, end through, as our that all, it

Thomas Wadewitz

rates to -- I was that do necessarily I saying are one I guess as but think directly trying it if perhaps is X% the Dedicated, would think go spot -- question down precisely X%, not rate to And pressure guess, you I contract I'm or discipline. fair Yes. to will Dedicated a larger you large And pricing. are you to newer Is players on think sounds the put the don't Dedicated kind good at pressure you're think the way of like what saying? are players players maintaining understand that just

Derek Leathers

wouldn't mean that in strong pipeline the Well, that's I remember quarters. commented is but as it's call, I in one X say I it's way, as Dedicated that earlier that been quite linear. our

place year. a Dedicated -- exits new of the means over truck talked coupled entrants that changing So that back be mix that don't foresee that lot. could and about are And we've mix Dedicated the take there freight whole a half with I Dedicated between XX-XX One-Way.

to will the So rates enough Where market-based. to customers chase a a today there's out have and because best puts is undisciplined -- a the known The and that There we're Year and the for we've pipeline takes. is the over business offer replace I and acknowledged, of space. able pricing rates we there specifically at in if reinvestable provide way be of years, or opportunity that fair that will that's have be be is away, Carrier and/or of be change and our go couple number be customer form the But those by for with return. but of around and won robust stay so decides if or in replaced mix that there and by Dedicated will doesn't fleets potentially priced growing at this the dedicated value If between to business. to true that awards it, fleet and dedicated either we seen stay not to won't the are revisit we'll looking materializes point is and/or higher to negotiations to until of We're XX-XX, grow One-Way grow will pipeline in downsize The will a an return, front in customers the Dedicated. both go signs at stable, that true the the our see and disciplined more new we certainly, fleets other the that opportunity economic percentage to and meantime. us. last

Thomas Wadewitz

other lift in you the adjustment the one just to just strategic of that kind get more of more and consider capture helpful. and I period, of put question. stronger, wrinkle of march Okay. does of Maybe in kind a to, that it's would guess, mix to market market some more Dedicated? prior more the view of just and When tightness for on One-Way on towards trucks That's continue fleet more Dedicated on you to the a kind with or

Derek Leathers

healthy be we orders competition we inside those and look to and trucks case. make for land have so people debates trucks want nimble and will to following the and building CapEx We as their when and year, at where the

market we'll But run and the that's a more that's part quarter even robust if portfolio, cycle, want a good not both to be the you Dedicated particular from the last at later. cycle the a an front accordingly. be it the of to way or better a put think to during shift, or upmarket. going in or the also we we tend there's reason not think think quality certainly in well adjust We lot market now, period, a can because more month try of performed period, they times over Dedicated bad over perform We over how cycle there's a in to year, to if look of scared of a going both eggs to One-Way over be i.e. right but basket

further stronger. critical investing augmented as near-shoring franchise that home. closer by demand. well a becomes One-Way that customer the you hold, as and expectations growth higher those applies multiplier X-day across and And see, and in Mexico you becomes higher X-day and for near-shoring becomes we're see to it's place market when Team or are service our focus bode On take side, time expedited and team on because to starting going to take strengths, market continue increasingly the base. is expedited, as Those to which our time-essential to get the whatever cross-border

building portfolio now am So the play catch long our last we when the up is I crisis as as that's trying we're that's and where like front as in of as may to think the not market well positioning we headed. why for in a right turns. or advance market

to ability be the have We nimble.

Operator

Our Majors Bascome Susquehanna. next question from comes of

Bascome Majors

pain by saying the on we it But remarks get that it wet. some to come Because is just dry far, you like you're points, so the expect like, the in the be the prepared focus certainly going where it with have second your quarter you directional extremely quarter, of commentary sounds April. on certainly sounds trended commentary ended is well. it pretty exceptionally so staying will gave and you far, challenging. Derek, rains, things in pain we from? Clearly, when that Can

Derek Leathers

Yes, the thanks for question.

of conservative and we're we So at our be one -- a guidance first like times the in off, time especially all want to in. with

will, pandemic volumes results the we on to So initial despite decline. sure immune will we those volumes. We've know from nobody that felt we tapering important quarter, the make this is it a corporate a level, is seen of meaning, first of

see same well. as data, you guys sure You it and can the track all I'm

Zoom it, the We've day, that time to we prepare a quarter. And long ready is of react. second which have what daily, been doing want and think a multiple to we're meetings will we preparation to make for sure so worst for that be the times

out second is, of from to I the climb And I should be quarter maybe the worst think and then the the think it upside. there. risk

and see if Phase start and do versus reopenings, and more bank a see stimulus accounts practicality hitting in the to see going and of and economy, Meaning, television, the the on you to execution. money there we on being based actually there's but they're engage headline a I to you go people's well hope optimism, out plan reasons and we're stay active able for lot

in I actively the we around dampen We've comment. building. controllable the hires a issues on. what And to intended that's was But the about. out addressing to, It that the taking talked to taken decisions. that so we intended, And make to tough and the fact the be no in are We're was do. tough head address organization. throughout We've -- door. frozen cost little comment intended And every sure pun I we we're performance cuts take there. going coming it's corner appreciate of We're think front pay the mood that going

it than better have we think weathered I most.

than go better point had starting a it I we many. into think to

work team that So But our that, certainly helps. focusing knows to keep our isn't and we're executing. done, on going

Operator

of from Goldman comes question Jordan next Our Alliger Sachs.

Jordan Alliger

And trade a quick Can sort a up cross-border today? bit little on what you nearshore, with on then Mexico. I'm following just seeing of question Just about you you're is that your take more bit a mentioned that talk and Is of you still a X X time curious type be Or reasonable sooner? years frame? may fair happening or now? of envision that time, of from comments thing

Derek Leathers

supply going it I will of do, I to for a lines takes reallocation can some But There's Oh, to of time the network the it quarter-to-quarter that not end be customers are takes or think even But us and we as that Yes, year. that will and think stuff time. and now continue it's strategic prepared out to develop. to well. take benefit for us. think is to build bigger the that time and growth

and the volume we ready. and the and largest of cost questions by People But prepared, a us. really we're lowest We're in hold. of Werner about the time know to where which is that will really I that think really, picture to pride know But I company will strategic of themselves and defend we are showing we don't asking We're that philosophically. longer-term plays can We beyond chains, questioning cross-border in of refute it. more expect and their it just American So terms a market truckload dominant Mexico -- a up the to like market, player in that North continue. in supply we're has footprint. take all quality and okay quality that's player think, little anybody manufacturing thinking that bigger benefit yes, near-shoring take because for going bit that position take a logistics

Jordan Alliger

And to similarly it you're more trade, mean, affected just hard to what Is the in current I seeing border less terms tell? domestic that of in or U.S.? is cross

Derek Leathers

complexities few essential certainly versus lot in the Mexico. weeks unique over what's been I There's have are of business essential that some in a classifications considered between because would misalignment U.S. say of happened. the essential similar. it's last that There's the

certainly services you seem concern actively trying of be trying cause is that I But to they, Mexico to the that. as the the say now get And as going and I as supply and But -- us. a of chain some be and offer get breadth through because valleys less that health And versus Mexico bigger how concern Mexico ironed care of end well presented to border. again, that's shut and just have as to to Canada the jeopardy and in and have would shut That's And potentially whatever to a their for disruptions, X down. either down cross we the now else, so economic year But mature with working close to less our double aware as their they're going administrations country just hills that get mature we're going with franchise. are comparison given between output of experienced on a along in overall your is pandemic, stay the the of for we're the country, is and just system to we out. countries What GDP? our and in there's be certainly that. being way U.S.? really anyone What's end that through economy through happens result a consumption caused overall both so company could

Operator

This conference to comments. go question-and-answer over concludes Derek session. now Leathers, provide I'll who Please ahead. the our will Mr. turn closing

Derek Leathers

your on Yes. the for close Thank what good We're you. I that want bad. everybody haven't to future strategies by about thanking just in concerns To times just win appreciate questions reiterate, to working with Werner. going winning I summarize, continue for today. to I and our and in calling focus changed. customers to want holds

and a part are will set to values. to that's both we we first out compassionate. than apparent that itself strong increasing. We've COVID leave thoughtful. and the we on get mutually continuation out more be hold fund sound do I one Cost sick to to through paid directly as here feel volume top. structured a to good, during will that as the They're cost well are feel make direct -- even this the more They're built and Quality we QX. that Relationships for that we we We is period go the up put we that or make equally through continue be to consistent plans laid approach we've quarter, but our we be they're to plan will to And the rise those that, COVID sound those decisions. this be impacted. ever. additional with are account additional sure lower think work to shown relationships matter, into provide salary as logical. think the very I relief shine going as a Those it's long-term will to all money, that relative They're another strategic time this. think of tested, forth relief to we've in

want staying I'd time, efforts. is ultimately call to thanking define down Werner a knock market moving, that this America cycle all with could and closing, a been by in been close thank in counted. is will a for we're of They've has on like and They their us weathering and being This stood to past traditionally In down delivering have drivers. like that. up keeping how today. of our fairly in They're time cycles. staying proud tough And safe, We're predicted, the not we healthy behaved to action. yet for or I and answered Thanks concern a have and that it the about them we've well. us

Operator

now The Thank now disconnect. attending you may today's conference is concluded. and you presentation, for

Werner Enterprises (WERN) 29 Apr 202020 Q1 Earnings call transcript