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Forward Air Corp (FWRD) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 31, 2020

Forward Air Corp

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CIK: 912728 Ticker: FWRD

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NEWS RELEASE

FORWARD AIR CORPORATION REPORTS FOURTH QUARTER 2020 RESULTS

Reports record fourth quarter revenue

Reaches agreement in principle for sale of Pool Distribution

Announces acquisition of Proficient Transport to bolster Intermodal Drayage offering

GREENEVILLE, Tenn.- (BUSINESS WIRE) - February 11, 2021 - Forward Air Corporation (NASDAQ:FWRD) (the “Company”, “we”, “our”, or “us”) today reported financial results for the three and twelve months ended December 31, 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 fourth quarter results from continuing operations said, “Our growth strategies drove our record fourth quarter revenue, which came in at the high end of our guidance range. Our business momentum improved during the quarter, and through November we were ahead of our internal forecasts. However, as previously disclosed, a December cyber attack temporarily interrupted our operations and impacted our results. Also, considering our strong growth in Final Mile – which has exceeded our expectations – we recorded an increase to an earn-out liability related to a prior acquisition. Excluding the impacts of these two discrete events, we would have exceeded the high end of our net income per diluted share guidance range.”

“Our organic growth has continued into the first quarter”, said Mr. Schmitt. “Through January, our LTL tonnage is up 10.9% and our LTL shipments are up 14.4% year-over-year, which will become even more accretive following our February 1st general rate increase. Volumes in our other modes have also started the year strong.”

“As we drive organic growth, we are also improving our inorganic growth momentum”, continued Mr. Schmitt. “During the fourth quarter, we closed our previously announced acquisitions of CLW Delivery and Value Logistics, which contributed to our Final Mile and Intermodal results. And today we are pleased to announce an agreement in principle to sell the Pool Distribution business to Ten Oaks Group, which is expected to close in the next two weeks for total consideration of $20 million, consisting of an $8 million upfront cash payment and up to a $12 million earn-out. We are also thrilled to announce that we entered into an agreement to purchase substantially all the assets of Proficient Transport for approximately $15 million. Proficient will strengthen our Intermodal footprint in key Midwest and Southern markets and is expected to contribute $23 million of revenue and $3 million of EBITDA on an annualized basis.”

In closing, Mr. Schmitt said, “As we end 2020, we want to welcome CLW Delivery, Value Logistics and Proficient Transport to the Forward Air family. I would also like to thank our employees and independent contractors for their remarkable efforts to serve our customers during such a difficult year.”

Regarding the Company’s first quarter 2021 continuing operations guidance, Michael J. Morris, CFO, said, “We expect first quarter year-over-year revenue growth of 11% to 15%. We expect net income per diluted share to be between $0.55 to $0.59, which includes approximately $0.07 of professional fees related to cyber security and shareholder engagement activities (which will be recorded in Other Operations). This compares to $0.41 in the first quarter of 2020.”



The following information was filed by Forward Air Corp (FWRD) on Friday, February 12, 2021 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-K Annual 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-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Cover Page
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Shareholders' Equity
Accounting Policies (Details)
Accounting Policies (Notes)
Accounting Policies (Policies)
Accounting Policies (Tables)
Acquisitions (Details)
Acquisitions, Goodwill And Other Long-Lived Assets Carrying Value Of Goodwill (Details)
Acquisitions, Goodwill And Other Long-Lived Assets Estimated Amortization Expense (Details)
Acquisitions, Goodwill, Intangible Assets And Other Long-Lived Assets (Tables)
Commitments And Contingencies (Details)
Commitments And Contingencies (Notes)
Commitments And Contingencies (Tables)
Debt And Capital Lease Obligations - Capital Lease (Details)
Discontinued Operation And Held For Sale (Details)
Discontinued Operation And Held For Sale (Notes)
Discontinued Operation And Held For Sale (Tables)
Employee Benefit Plan (Details)
Employee Benefit Plan (Notes)
Fair Value Of Financial Instruments (Notes)
Fair Value Of Financial Instruments (Tables)
Fair Value Of Financial Instruments - Balance Sheet Grouping (Details)
Income Taxes (Details)
Income Taxes (Notes)
Income Taxes (Tables)
Indebtedness (Details)
Indebtedness (Notes)
Leases (Details)
Leases (Notes)
Leases (Tables)
Quarterly Results Of Operations (Unaudited) (Details)
Quarterly Results Of Operations (Unaudited) (Notes)
Quarterly Results Of Operations (Unaudited) (Tables)
Schedule Ii - Valuation And Qualifying Accounts (Details)
Schedule Ii - Valuation And Qualifying Accounts (Notes)
Segment Reporting (Details)
Segment Reporting (Notes)
Segment Reporting (Tables)
Shareholder's Equity, Stock Incentive Plan And Net Income Per Share (Notes)
Shareholder's Equity, Stock Incentive Plan And Net Income Per Share (Tables)
Shareholders' Equity Stock Incentive Plan And Net Income Per Share - Employee Stock Purchase Plan (Details)
Shareholders' Equity, Stock Incentive Plan And Net Income Per Share - Common And Preferred Stock (Details)
Shareholders' Equity, Stock Incentive Plan And Net Income Per Share - Employee Activity - Performance Shares (Details)
Shareholders' Equity, Stock Incentive Plan And Net Income Per Share - Employee Activity Non-Vested Shares (Details)
Shareholders' Equity, Stock Incentive Plan And Net Income Per Share - Net Income Per Share (Details)
Shareholders' Equity, Stock Incentive Plan And Net Income Per Share - Non-Employee Director Non-Vested Shares (Details)
Shareholders' Equity, Stock Incentive Plan And Net Income Per Share - Stock Option Activity (Details)
Subsequent Event (Details)
Subsequent Event (Notes)
Ticker: FWRD
CIK: 912728
Form Type: 10-K Annual Report
Accession Number: 0000912728-21-000053
Submitted to the SEC: Fri Feb 26 2021 7:49:49 PM EST
Accepted by the SEC: Mon Mar 01 2021
Period: Thursday, December 31, 2020
Industry: Arrangement Of Transportation Of Freight And Cargo

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