Transportation & Logistics ConferenceFebruary 14, 2017
This presentation includes forward-looking statements, withinthe meaning of the Private Securities Litigation Reform Act of1995. These statements are based on Werner Enterprises’current plans, and are not guarantees of future performance.They are subject to risk and uncertainties, that could causeactual results, and company plans and objectives, to differmaterially from those expressed in the forward-lookingstatements. Such risks and uncertainties are discussed in theCompany’s Annual Report, on Form 10-K, filed with the SEC.
Disclosure Statement
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Premium Truckload Transportation and Logistics Services Provider
2016 Revenues: $2.0 B
2016 Net Income: $79 M
Trucks*: 7,258Trailers*: 24,298
NASDAQ: WERN
Market Cap: $2.0 B
Avg Daily Trading Volume (3 mo. 12/16): 884 K
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*4Q16 avg. (trucking/logistics)
Intensely Focused on the T’s
4
Revenue Sources
44% 44%48%
27% 28% 29%
15% 13% 11%14% 15% 12%
0%10%20%30%40%50%60%
2014 2015 2016
Retail/CPGrocery ProductsManuf./IndustrialLogistics/Other
(A)
% o
f Rev
enue
s*%
of R
even
ues
Vertical:
Customers:
25% 27% 27%41%
45% 43%
60% 63% 61%74% 76% 74%
0%
20%
40%
60%
80%
100%
2014 2015 2016
Top 5Top 10Top 25Top 50
* Top 50 customers
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(A) Growth from 2015 to 2016 due to additional Dedicated retail and e-commerce
Domestic Freight Market: Market Share & Growth Opportunities
Truckload321.737%
LTL36.84%
Private Truck305.635%
Rail Carload57.67%
Rail Intermodal15.22%
Water11.31%
Pipeline44.55%
Air Express28.73%
Ground Parcel51.16%
U.S. Freight Transportation Market______________________________
($873 Billion)
* Sources: ATA and Stifel Nicolaus estimates
Werner 2016 Revenues______________________________
($2.0 Billion)
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Freight Market Update
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Freight Management Freight Movement Technological AdvantagesGlobal Implementation
This is where it all begins.Werner provides
complete 3PL supply chain solutions across all
shipping modes and geographies, from
network design through implementation.
TransportationSolutions.
With an asset-backed network of nearly 7,300 One-
Way Truckload, Dedicated, Cross-Border and Logistics
trucks, over 13,000 alliance carriers and ocean, air and
rail companies, Werner provides unsurpassed
delivery solutions worldwide.
Online and real-time, all
the time.Sophisticated technology
tools provide our customers instant
visibility across their supply chain, which
enables them to better manage their business.
We speakthe language.
Providing door-to-door services for companies of all sizes and industries as they compete in today’s global marketplace, sets
us apart from our competition.
Comprehensive Solutions – Customer Focused
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Fuel Price Trends
$1.20$1.40$1.60$1.80$2.00$2.20$2.40$2.60$2.80$3.00$3.20$3.40$3.60$3.80$4.00$4.20$4.40$4.60$4.80$5.00
Pric
e Pe
r G
allo
n (in
$)
2014 2015 2016 2017
*Dept. of Energy (DOE) U.S. national average cash fuel price survey (Nat’l avg.) of truck stops used by shippers/carriers for billing fuel surcharges. Fuel price includes fuel taxes.
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Supply - Capacity
Including owner
operators, capacity at public fleets is 9% below peak 3Q06
levels
Note: Source – Key Banc. Includes CGI, CVTI, JBHT, KNX, MRTN, SWFT, USAK, and WERN (excluding acquisitions, if applicable).
Public Truckload Fleet Capacity
30,000
35,000
40,000
45,000
50,000
55,000
60,000
1Q04
2Q04
3Q04
4Q04
1Q05
2Q05
3Q05
4Q05
1Q06
2Q06
3Q06
4Q06
1Q07
2Q07
3Q07
4Q07
1Q08
2Q08
3Q08
4Q08
1Q09
2Q09
3Q09
4Q09
1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
1Q12
2Q12
3Q12
4Q12
1Q13
2Q13
3Q13
4Q13
1Q14
2Q14
3Q14
4Q14
1Q15
2Q15
3Q15
4Q15
1Q16
2Q16
3Q16
10
0
1
2
3
4
5
6
7
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
Truc
k A
ge
Truck Age - Werner Truck Age - Industry
Source for Industry Data – ACT Research (Y/E data)
Truck Age – Werner vs. Industry
WERN Trucking Segment Avg. Oper. MarginTruck Age < 2 Years – 1990-2006 9.7%Truck Age > 2 Years – 2007-2015 8.0%
WERN 1.8 avg. truck age – 12/31/16
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Supply – Industry Driver Shortage, Truck Driver Demographics
0%
5%
10%
15%
20%
25%
30%
35%
20-24 Years 25-34 Years 35-44 Years 45-54 Years 55-64 Years 65+ Years
% o
f Tot
al
Werner January 2017 All Industries 2013 Trucking Industry 2013
0%
5%
10%
15%
20%
25%
30%
35%
20-24 Years 25-34 Years 35-44 Years 45-54 Years 55-64 Years 65+ Years
% o
f Tot
al
1994 2003 2013
% of drivers: 45+ yrs1994 – 31%2013 – 56%
AGING TRUCK DRIVER DEMOGRAPHICSDISTRIBUTION OF EMPLOYEES BY AGE GROUP
THE AGING TRUCK DRIVER 1994, 2003 & 2013
WERNER DRIVER DEMOGRAPHICS COMPARED TO ALL INDUSTRIES AND TRUCKING INDUSTRY
Source: ATRI, 2013 BLS Census For Industry Data 12
Werner Driver Recruiting/Retention Advantages
TRUCKS: 1.8 Avg. Age Automatic Manual Transmissions (62% and growing) Collision Mitigation Systems (72% and growing)
TRAILERS: GPS Tracking (70% and growing) New Branding
TALENT: Raised Driver Pay 1Q16 to Increase Experience Top 50 Military Employer (all U.S. Employers) Strengthening Our Driver Schools (Quality vs. Quantity) Strengthening Our IT Capabilities (new CIO-2Q16)
TECHNOLOGY: Integrating Truck/Logistics on One Platform Enhancing Logistics Software
TERMINALS: Upgrading for a Better Driver Experience Investing in Specific Geographic Terminal Locations
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Cash Flow and Cap Ex
$0$25$50$75
$100$125$150$175$200$225$250$275$300$325$350$375$400$425$450$475$500
Mill
ions
of D
olla
rs
Cash Flow from Operations Cap Ex, Net14
$275 M
$225 M
6,5006,7507,0007,2507,5007,7508,0008,2508,5008,750
1.2
1.4
1.6
1.8
2.0
2.2
2.4
2.6
2.8
Aver
age
Truc
ks in
Ser
vice
Aver
age
Truc
k Ag
e (Y
/E o
r Q/E
)
Average Truck Age (Y/E or Q/E) Average Trucks in Service
Werner Trucks – Truck Fleet Getting Newer, Suspended Fleet Growth Plans in 2Q16 Until Meaningfully Better Freight & Rate Market
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Adapted to the Softer Freight Market in 2016 – Smaller Total Fleet, More Dedicated
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
12/15 03/16 06/16 09/16 12/16
EOP
Truc
ks
One Way TL DedicatedYOY Change
% Trucks
Dedicated 3,675 3,760 3,855 3,930 3,760 2% 85
One Way TL 3,775 3,570 3,400 3,245 3,340 (12%) (435)
Total 7,450 7,330 7,255 7,175 7,100 (5%) (350)
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17
$3,000$3,100$3,200$3,300$3,400$3,500$3,600$3,700$3,800$3,900$4,000
1Q 2Q 3Q 4Q
RPTP
W
RPTPW* TRENDS
2013 2014 2015 2016
6,8006,9007,0007,1007,2007,3007,4007,500
Q1 Q2 Q3 Q4Avg.
Tru
cks
in S
ervi
ce
TRUCK TRENDS
2013 2014 2015 2016
27,00027,50028,00028,50029,00029,50030,000
Q1 Q2 Q3 Q4
Avg.
Mile
s Pe
r Tru
ck
MILES PER TRUCK TRENDS
2013 2014 2015 2016
$1.50$1.55$1.60$1.65$1.70$1.75$1.80
Q1 Q2 Q3 Q4
Reve
nue
Per T
otal
Mile
(R
PTM
)
RPTM* TRENDS
2013 2014 2015 2016
*Net of fuel surcharge revenuesNote: Shifting trucks to shorter-haul Dedicated from longer-haul Van Network in 2Q16 and 3Q16 had a favorable impact on RPTM
and an unfavorable impact on miles per truck.
Rate and Utilization Metrics, Last 16 Quarters
Trucking Operating Margin Declined in 2Q16; Margin Recovery in Process
-800-750-700-650-600-550-500-450-400-350-300-250-200-150-100
-500
50100150200250300350400450500
1Q13
2Q13
3Q13
4Q13
1Q14
2Q14
3Q14
4Q14
1Q15
2Q15
3Q15
4Q15
1Q16
2Q16
3Q16
4Q16
TL/D
edic
ated
OI %
YOY
Chan
ge in
Bas
is P
oint
s (BP
)
YOY Change in Basis Points (BP) TL/Dedicated OI %3Q15 – excludes two nonrecurring expense items totaling $3.9 million. 18
Profitability Trends
$0
$1
$2
$3
$4
$5
$6
$7
$8
1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16
Ope
ratin
g In
com
e (a
s a %
of R
even
ues)
Ope
ratin
g In
com
e (m
illio
ns o
f $)
OI (Millions of $) OI (as a % of Revenues)
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Total Company Operating Margin and EPS Trends(A)
OP
INC
-% O
F RE
VEN
UES
EPS Trends by Quarter
(A) Total Company (Trucking and Logistics)(B) 3Q15 - excludes 3 cents/share for two nonrecurring expense items.(C) 2Q16 – excludes 3 cents/share for nonrecurring real estate gain.(D) 3Q16 – excludes 5 cents/share for nonrecurring real estate gain.
23456789
101112
1Q 2Q 3Q 4Q2014 2015 2016
$0.24 $0.20
$0.32 $0.28 $0.35 $0.35
$0.44
$0.29
$0.36
$0.47(B)
$0.30
$0.45 $0.51
$0.30
$- $0.05 $0.10 $0.15 $0.20 $0.25 $0.30 $0.35 $0.40 $0.45 $0.50 $0.55
$0.22(C)
$0.21(D)
2013 2014 2015 2016
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EPS Trends
$0.00
$0.20
$0.40
$0.60
$0.80
$1.00
$1.20
$1.40
$1.60
$1.80
$2.00
$0.13 $0.17
$0.22 $0.22 $0.25
$0.27 $0.34 $0.41
$0.46 $0.46 $0.51
$0.61
$0.72 $0.76
$0.61 $0.60
$0.76
$0.90
$1.08
$1.22 $1.25
$1.02
$0.94
$0.79
$1.10
$1.40 $1.40
$1.18
$1.36
$1.71
$1.09
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WERN Truckload* Operating Margin
9.0% 8.7%
6.8%
5.0%5.9%
7.9%9.3% 9.0%
7.2%
9.0%
11.5%
7.0%
11.0%
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 STTarget
* Truckload Transportation Services (includes One-Way TL and Dedicated). Above percentages include fuel (fuel surcharge revenues and fuel expense).
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Targeting a 15% ROE & 9% ROA
11.3%8.8% 8.1% 7.5%
11.1%
14.5% 13.6%11.7% 12.4%
14.1%
8.2%
15.0%
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 STTarget
6.9%5.4% 5.2% 4.6%
6.6%8.4% 7.7%
6.5% 7.0% 8.0%
4.7%
9.0%
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 STTarget
ROE
ROA
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TRUCKS TERMINALSTECHNOLOGYTRAILERS TALENT
Newer trucks with enhanced
safety and training features
Upgrading facilities
Driven byInnovation
Newer trailers with
new branding/GPS tracking
Award-WinningCustomer
Service
THIS IS WERNER
A RENEWED FOCUS ON QUALITY
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