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Forward Air Corp (FWRD) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2020

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CIK: 912728 Ticker: FWRD


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NEWS RELEASE

FORWARD AIR CORPORATION REPORTS FIRST QUARTER 2020 RESULTS

Reports record first quarter revenue

Enhances liquidity and cost-control measures in response to COVID-19


GREENEVILLE, Tenn.- (BUSINESS WIRE) - April 30, 2020 - Forward Air Corporation (NASDAQ:FWRD) today reported financial results for the three months ended March 31, 2020.
Revenue for the three months ended March 31, 2020 increased 6.5% to $342.5 million from $321.5 million for the same period in 2019. Income from operations was $11.7 million compared to $24.7 million in the prior year period. Net income during the three months ended March 31, 2020 was $8.4 million compared to $18.4 million for the same period in 2019. Net income per diluted share for the three months ended March 31, 2020 was $0.30 compared to $0.64 in the prior year period.
For the three months ended March 31, 2020, the Company generated $29.2 million of cash flow from operations compared to $41.5 million for the same period in 2019.
Earnings before interest, taxes, depreciation and amortization ("EBITDA") was $22.3 million for the three months ended March 31, 2020 compared to $35.6 million for the same period in 2019. Free cash flow was $26.7 million for the three months ended March 31, 2020 compared to $37.8 million in the prior year period.
EBITDA and free cash flow are non-GAAP financial measures and reconciliations of these non-GAAP financial measures are provided in the attached financial tables.
Tom Schmitt, Chairman, President and CEO, commenting on first quarter results said, "Our record first quarter revenue was driven by our recent Final Mile and Intermodal acquisitions, which are reflected in our first quarter results. However, COVID-19 has been a perfect storm - globalization at its darkest - that has impacted all of our modes given our networks’ exposure to non-essential freight with heavy ties to air and ocean freight from Asia and the retail mall business. Volumes fell sharply in March and April. The signs of a slow recovery are emerging as we enter May, but visibility is limited. We are responding by flexing our asset-light model, and greatly enhancing cost reduction programs that were already in force. We are also executing key strategic initiatives that we believe will enable us to emerge from this episode as a stronger competitor, including evaluating our strategic options for Pool Distribution, which we will discuss during our earnings call."
In closing, Mr. Schmitt said, "I want to thank our employees and independent contractors for their remarkable efforts during this difficult time. Their commitment to Forward Air and its customers has been incredible."
Commenting on the Company’s first quarter results, Michael J. Morris, CFO, said, "Our cost reduction measures include significant workforce actions. Given the late quarter timing of the revenue decline which drove these actions, and our employees’ right to use accrued personal time, these cost reduction impacts will be more fully realized in the second quarter. In light of the uncertainty created by COVID-19, we are suspending quarterly guidance. While we expect to remain free cash flow positive throughout 2020, we have taken significant steps to enhance our financial flexibility. Our increased cash balance of $104 million as of April 29th, coupled with $75 million of new availability

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The following information was filed by Forward Air Corp (FWRD) on Thursday, April 30, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Forward Air Corp's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets (Unaudited)
Condensed Consolidated Balance Sheets (Unaudited) Parenthetical
Condensed Consolidated Statements Of Cash Flows (Unaudited)
Condensed Consolidated Statements Of Comprehensive Income (Unaudited)
Consolidated Statements Of Shareholders' Equity (Unaudited)
Consolidated Statements Of Shareholders' Equity (Unaudited) Parenthetical
Acquisitions And Long-Lived Assets
Acquisitions And Long-Lived Assets (Tables)
Acquisitions And Long-Lived Assets - Allocations Of Purchase Price (Details)
Acquisitions And Long-Lived Assets - Expedited Freight Acquisitions (Details)
Acquisitions And Long-Lived Assets - Goodwill And Other Long-Lived Assets (Details)
Acquisitions And Long-Lived Assets - Intermodal Acquisitions (Details)
Commitments And Contingencies
Commitments And Contingencies (Details)
Description Of Business And Basis Of Presentation
Description Of Business And Basis Of Presentation (Details)
Financial Instruments
Financial Instruments (Details)
Financial Instruments (Tables)
Financial Instruments - Fair Value (Details)
Income Taxes
Income Taxes (Details)
Leases
Leases (Details)
Net Income Per Share
Net Income Per Share (Details)
Net Income Per Share (Tables)
Recent Accounting Pronouncements
Recent Accounting Pronouncements (Details)
Revenue
Revenue (Details)
Segment Reporting
Segment Reporting (Details)
Segment Reporting (Tables)
Senior Credit Facility
Senior Credit Facility (Details)
Share-Based Payments
Share-Based Payments (Tables)
Share-Based Payments - Employee Activity Non-Vested Shares (Details)
Share-Based Payments - Employee Activity Performance Shares (Details)
Share-Based Payments - Employee Stock Purchase Plan (Details)
Share-Based Payments - Non-Employee Director Non-Vested Shares (Details)
Share-Based Payments - Stock Option Activity (Details)
Shareholders' Equity
Shareholders' Equity (Details)
Shareholders' Equity (Tables)
Subsequent Events
Subsequent Events (Details)
Ticker: FWRD
CIK: 912728
Form Type: 10-Q Quarterly Report
Accession Number: 0000912728-20-000064
Submitted to the SEC: Fri May 01 2020 1:15:09 PM EST
Accepted by the SEC: Fri May 01 2020
Period: Tuesday, March 31, 2020
Industry: Arrangement Of Transportation Of Freight And Cargo

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