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Forward Air Corp (FWRD) SEC Filing 10-Q Quarterly report for the period ending Tuesday, June 30, 2020

Forward Air Corp

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CIK: 912728 Ticker: FWRD


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NEWS RELEASE

FORWARD AIR CORPORATION REPORTS SECOND QUARTER 2020 RESULTS
Reports profitable income from operations and positive operating and free cash flow
Business rebounding from April impact of COVID-19,
with June continuing operations revenue and operating income above last year’s levels

GREENEVILLE, Tenn.- (BUSINESS WIRE) - July 30, 2020 - Forward Air Corporation (NASDAQ:FWRD) today reported financial results for the three and six months ended June 30, 2020 as presented in the tables below on a continuing operations basis (Pool Distribution is being reported as a discontinued operation).
Tom Schmitt, Chairman, President and CEO, commenting on the Company's second quarter results said, "I could not be more proud of our teams for stepping up in a huge way for our customers, bringing them back up from April lows in the toughest circumstances with record service levels.  By June our top and bottom lines were ahead of last year on a continuing operations basis and were comparable to last year when adjusted for one-time items."

Continuing Operations
 
Three months ended
(in thousands, except per share data)
 
June 30, 2020 1
 
June 30, 2019
 
Change
 
Percent Change
Operating revenue
 
$
281,678

 
$
302,887

 
$
(21,209
)
 
(7.0
)%
Income from operations
 
$
13,914

 
$
29,070

 
$
(15,156
)
 
(52.1
)%
Operating margin
 
4.9
%
 
9.6
%
 
(470) bps
Net income
 
$
9,225

 
$
21,244

 
$
(12,019
)
 
(56.6
)%
Net income per diluted share
 
$
0.33

 
$
0.74

 
$
(0.41
)
 
(55.4
)%
Cash provided by operating activities
 
$
29,101

 
$
25,715

 
$
3,386

 
13.2
 %
 
 
 
 
 
 
 
 
 
Non-GAAP Financial Measures: 2
 
 
 
 
 
 
 
 
EBITDA
 
$
23,327

 
$
38,296

 
$
(14,969
)
 
(39.1
)%
Free cash flow
 
$
17,806

 
$
14,436

 
$
3,370

 
23.3
 %
1 Results for the three months ended June 30, 2020 include several non-recurring items including a $2.1 million gain from changes in fair value on an earn-out due to the timing of expected new business wins, partially offset by $1.0 million of severance and $0.7 million in reserves for customers negatively impacted by COVID-19.
2 EBITDA and free cash flow are non-GAAP financial measures and reconciliations of these non-GAAP financial measures are provided in the below financial tables.

Michael J. Morris, CFO, commenting on the Company’s third quarter 2020 guidance for continuing operations said “We expect third quarter year-on-year revenue growth to be 1% to 5% and net income per diluted share to be between $0.40 and $0.44.”

1
The following information was filed by Forward Air Corp (FWRD) on Thursday, July 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)
Discontinued Operations And Held For Sale (Details)
Discontinued Operations And Held For Sale (Notes)
Discontinued Operations And Held For Sale (Tables)
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)
Ticker: FWRD
CIK: 912728
Form Type: 10-Q Quarterly Report
Accession Number: 0000912728-20-000121
Submitted to the SEC: Fri Jul 31 2020 12:04:12 PM EST
Accepted by the SEC: Fri Jul 31 2020
Period: Tuesday, June 30, 2020
Industry: Arrangement Of Transportation Of Freight And Cargo

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