Last10K.com

Forward Air Corp (FWRD) SEC Filing 8-K Material Event for the period ending Wednesday, February 9, 2022

Forward Air Corp

CIK: 912728 Ticker: FWRD

forwardlogoa05.jpg
NEWS RELEASE

FORWARD AIR CORPORATION REPORTS FOURTH QUARTER 2021 RESULTS

Reports all-time quarterly record revenue, net income and net income per diluted share

Guides strong first quarter revenue and net income per diluted share

Announces 14% dividend increase


GREENEVILLE, Tenn.- (BUSINESS WIRE) - February 9, 2022 - Forward Air Corporation (NASDAQ:FWRD) (the “Company”, “we”, “our”, or “us”) today reported financial results for the three and twelve months ended December 31, 2021 as presented in the tables below on a continuing operations basis (Pool Distribution was previously reported as a discontinued operation).

Tom Schmitt, Chairman, President and CEO, commenting on fourth quarter results from continuing operations said, “Our fourth quarter reported revenue, net income and net income per diluted share represent the best quarterly financial performance in Forward history and each set all-time quarterly records. With higher quality freight in our network, our less-than-truckload line of business reported record levels in weight per shipment and revenue per shipment for the fourth quarter. Our solid growth strategies combined with continued strong demand for our services drove our record fourth quarter revenue growth of 31%, which came in above the high end of our guidance range of 23% to 27%. Our record reported net income per diluted share of $1.40 exceeded the high end of our $1.25 to $1.29 guidance range.

Mr. Schmitt continued, “We anticipate solid performance in the first quarter of 2022 with volumes expected to exceed the same period of 2021. For the month of January, our revenue per shipment increased 54.8%, weight per shipment increased 33.0% and tonnage increased 10.7% year-over-year. Based on the continued precision execution of our strategic priorities, at this moment, we are ahead of pace toward our previously announced full year 2023 targets.”

In closing, Mr. Schmitt said, “We achieved record-breaking annual performance in 2021. I would like to thank our employees and independent contractors for their remarkable efforts to serve our customers and their valuable contribution to this important milestone for Forward.”

Regarding the Company’s first quarter 2022 continuing operations guidance, Rebecca J. Garbrick, CFO, said, “We expect first quarter year-over-year revenue growth of 18% to 22% and net income per diluted share to be between $1.15 to $1.19, compared to reported net income per diluted share of $0.60 and adjusted net income per diluted share of $0.80 in the first quarter of 2021.”








Continuing OperationsThree Months Ended
(in thousands, except per share data)December 31, 2021December 31, 2020ChangePercent Change
Operating revenue$459,929 $350,341 $109,588 31.3 %
Income from operations$51,977 $20,726 $31,251 150.8 %
Operating margin11.3 %5.9 %540 bps
Net income from continuing operations$38,197 $15,133 $23,064 152.4 %
Net income per diluted share$1.40 $0.55 $0.85 154.5 %
Cash provided by operating activities$42,144 $15,612 $26,532 169.9 %
Non-GAAP Financial Measures: 1
Adjusted income from operations$51,866 $25,237 $26,629 105.5 %
Adjusted net income$38,114 $18,629 $19,485 104.6 %
Adjusted net income per diluted share$1.40 $0.68 $0.72 105.9 %
EBITDA$63,462 $29,929 $33,533 112.0 %
Free cash flow$26,354 $12,781 $13,573 106.2 %
1 Reconciliation of these non-GAAP financial measures are provided below the financial tables.
Continuing OperationsTwelve Months Ended
(in thousands, except per share data)December 31, 2021December 31, 2020ChangePercent Change
Operating revenue$1,662,427 $1,269,573 $392,854 30.9 %
Income from operations$159,301 $73,924 $85,377 115.5 %
Operating margin9.6 %5.8 %380 bps
Net income from continuing operations$116,091 $52,767 $63,324 120.0 %
Net income per diluted share$4.22 $1.89 $2.33 123.3 %
Cash provided by operating activities$124,896 $96,105 $28,791 30.0 %
Non-GAAP Financial Measures: 1
Adjusted income from operations$166,729 $79,523 $87,206 109.7 %
Adjusted net income$121,654 $57,027 $64,627 113.3 %
Adjusted net income per diluted share$4.43 $2.05 $2.38 116.1 %
EBITDA$198,853 $111,046 $87,807 79.1 %
Free cash flow$88,430 $78,250 $10,180 13.0 %
1 Reconciliation of these non-GAAP financial measures are provided below the financial tables.
On February 8, 2022, our Board of Directors approved a 14% increase to the Company’s quarterly dividend, raising it from $0.21 to $0.24 per share of common stock. The dividend is payable to shareholders of record at the close of business on March 3, 2022 and is expected to be paid on March 18, 2022.

This quarterly dividend is made pursuant to a cash dividend policy approved by the Board of Directors, which anticipates a total annual dividend of $0.96 for the full year 2022, payable in quarterly increments of $0.24 per share of common stock.  The actual declaration of future cash dividends, and the establishment of record and payment dates, is subject to final determination by the Board of Directors each quarter after its review of the Company’s financial performance.

Commenting on the increased dividend payment, Ms. Garbrick said, “This increase reflects our confidence in the growth potential of our businesses, and the Company’s continued focus on returning a portion of its free cash flow back to shareholders. In the past five years, we have returned approximately $365 million to shareholders in the form of dividends and share repurchases.”
2


The Board approved a strategy to divest the Pool Distribution business (“Pool”) on April 23, 2020, and the sale of Pool was completed on February 12, 2021. Accordingly, the results of operations and cash flows for Pool have been presented as a discontinued operation and have been excluded from continuing operations in this release for all periods presented. In addition, Pool assets and liabilities were reflected as “held for sale” on the Condensed Consolidated Balance Sheets in this press release for the prior period.

Review of Financial Results

Forward Air will hold a conference call to discuss fourth quarter 2021 results on Thursday, February 10, 2022 at 9:00 a.m. EST. The Company’s conference call will be available online on the Investor Relations portion of the Company’s website at www.forwardaircorp.com, or by dialing (844) 867-6169, Access Code: 3231672.

A replay of the conference call will be available on the Investor Relations portion of the Company’s website at www.forwardaircorp.com, which we use as a primary mechanism to communicate with our investors. Investors are urged to monitor the Investors Relations portion of the Company’s website to easily find or navigate to current and pertinent information about us.

About Forward Air Corporation
Forward Air is a leading asset-light freight and logistics company that provides services across the United States and Canada. We provide expedited less-than-truckload (“LTL”) services, including local pick-up and delivery, shipment consolidation/deconsolidation, warehousing, and customs brokerage by utilizing a comprehensive national network of terminals. In addition, we offer final mile services, including delivery of heavy-bulky freight, truckload brokerage services, including dedicated fleet services; and intermodal, first-and last-mile, high-value drayage services, both to and from seaports and railheads, dedicated contract and Container Freight Station warehouse and handling services. We are more than a transportation company. As a single resource for your shipping needs, Forward is your supply chain partner. For more information, visit our website at www.forwardaircorp.com.


3


Forward Air Corporation
Condensed Consolidated Statements of Comprehensive Income
(Unaudited, in thousands, except per share data)
 Three Months EndedTwelve Months Ended
 December 31,
2021
December 31,
2020
December 31,
2021
December 31,
2020
Operating revenue: 
Expedited Freight$376,792 $299,500 $1,374,270 $1,072,301 
Intermodal83,394 51,767 289,214 199,603 
Eliminations and other operations(257)(926)(1,057)(2,331)
Operating revenue459,929 350,341 1,662,427 1,269,573 
Operating expenses: 
Purchased transportation227,776 184,943 833,075 650,664 
Salaries, wages and employee benefits83,866 70,527 327,814 270,785 
Operating leases19,560 17,122 79,633 69,720 
Depreciation and amortization11,485 9,206 39,552 37,125 
Insurance and claims11,570 8,475 42,186 34,912 
Fuel expense4,809 2,919 17,027 12,166 
Other operating expenses48,886 36,423 163,839 120,277 
Total operating expenses407,952 329,615 1,503,126 1,195,649 
Income (loss) from continuing operations
Expedited Freight45,467 20,872 139,321 71,266 
Intermodal8,510 3,428 30,117 16,391 
Other operations(2,000)(3,574)(10,137)(13,733)
Income from continuing operations51,977 20,726 159,301 73,924 
Other expense:    
Interest expense(877)(1,206)(4,338)(4,561)
Other, net— (3)— (3)
Total other expense(877)(1,209)(4,338)(4,564)
Income before income taxes51,100 19,517 154,963 69,360 
Income tax expense12,903 4,384 38,872 16,593 
Net income from continuing operations38,197 15,133 116,091 52,767 
Income (Loss) from discontinued operation, net of tax
2,268 (19,576)(10,232)(29,034)
Net income (loss) and comprehensive income (loss)$40,465 $(4,443)$105,859 $23,733 
Net income per share:    
Basic net income (loss) per share:
   Continuing operations$1.41 $0.55 $4.25 $1.90 
   Discontinued operation 0.08 (0.72)(0.37)(1.05)
Net income (loss) per share1
$1.49 $(0.17)$3.87 $0.84 
Diluted net income (loss) per share:
   Continuing operations$1.40 $0.55 $4.22 $1.89 
   Discontinued operation 0.08 (0.72)(0.37)(1.05)
Net income (loss) per share1
$1.48 $(0.17)$3.85 $0.84 
Dividends per share:$0.21 $0.21 $0.84 $0.75 
1 Rounding may impact summation of amounts.

4



Expedited Freight Segment Information
(In thousands)
(Unaudited)
Three Months Ended
December 31, 2021Percent of RevenueDecember 31, 2020Percent of RevenueChangePercent Change
Operating revenue:
Network 1
$234,792 62.4 %$170,035 56.8 %$64,757 38.1 %
Truckload60,026 15.9 54,829 18.3 5,197 9.5 
Final Mile71,706 19.0 66,252 22.1 5,454 8.2 
Other10,268 2.7 8,383 2.8 1,885 22.5 
Total operating revenue376,792 100.0 299,499 100.0 77,293 25.8 
Operating expenses:  
Purchased transportation204,810 54.4 167,205 55.8 37,605 22.5 
Salaries, wages and employee benefits66,260 17.6 58,386 19.5 7,874 13.5 
Operating leases13,536 3.6 13,302 4.4 234 1.8 
Depreciation and amortization8,481 2.3 6,812 2.4 1,669 24.5 
Insurance and claims8,173 2.2 5,928 2.0 2,245 37.9 
Fuel expense2,387 0.6 1,699 0.6 688 40.5 
Other operating expenses27,678 7.3 25,295 8.4 2,383 9.4 
Total operating expenses331,325 87.9 278,627 93.0 52,698 18.9 
Income from operations$45,467 12.1 %$20,872 7.0 %$24,595 117.8 %
1 Network revenue is comprised of all revenue, including linehaul, pickup and/or delivery, and fuel surcharge revenue, excluding accessorial, Truckload and Final Mile revenue.

5


Expedited Freight Operating Statistics
Three Months Ended
December 31, 2021December 31, 2020Percent Change
Business days63 64 (1.6)%
Tonnage 1,2
    Total pounds 744,725 641,370 16.1 
    Pounds per day 11,821 10,021 18.0 
Shipments 1,2
    Total shipments889 1,052 (15.5)
    Shipments per day14.1 16.4 (14.0)
Weight per shipment838 610 37.4 
Revenue per hundredweight 3
$30.23 $26.65 13.4 
Revenue per hundredweight, excluding fuel 3
$25.41 $23.23 9.4 
Revenue per shipment 3
$258.29 $161.79 59.6 
Revenue per shipment, excluding fuel 3
$217.91 $140.94 54.6 
Network revenue from door-to-door shipments as a percentage of network revenue 3,4
45.0 %46.6 %(3.4)
1 In thousands.
2 Excludes accessorial, full truckload and final mile products.
3 Includes intercompany revenue between the Network and Truckload revenue streams.
4 Door-to-door shipments include all shipments with a pickup and/or delivery.


6


Intermodal Segment Information
(In thousands)
(Unaudited)
Three Months Ended
December 31, 2021Percent of RevenueDecember 31, 2020Percent of RevenueChangePercent Change
Operating revenue$83,394 100.0 %$51,768 100.0 %$31,626 61.1 %
Operating expenses: 
Purchased transportation23,221 27.9 18,365 35.5 4,856 26.4 
Salaries, wages and employee benefits17,711 21.2 12,404 24.0 5,307 42.8 
Operating leases6,024 7.2 3,921 7.6 2,103 53.6 
Depreciation and amortization2,983 3.6 2,352 4.5 631 26.8 
Insurance and claims2,385 2.9 2,052 4.0 333 16.2 
Fuel expense2,422 2.9 1,220 2.4 1,202 98.5 
Other operating expenses20,138 24.1 8,026 15.5 12,112 150.9 
Total operating expenses74,884 89.8 48,340 93.4 26,544 54.9 
Income from operations$8,510 10.2 %$3,428 6.6 %$5,082 148.2 %

Intermodal Operating Statistics
Three Months Ended
December 31, 2021December 31, 2020Percent Change
Drayage shipments91,113 75,500 20.7 %
Drayage revenue per shipment$777 $583 33.3 %
Number of locations29 24 20.8 %


7


Forward Air Corporation
Condensed Consolidated Balance Sheets
(In thousands)
(Unaudited)
 December 31,
2021
December 31,
2020
Assets  
Current assets:  
Cash and cash equivalents$37,316 $40,254 
Accounts receivable, net208,085 156,490 
Other receivables8,097 — 
Other current assets29,309 28,150 
  Current assets held for sale — 21,002 
Total current assets282,807 245,896 
Property and equipment419,962 380,519 
Less accumulated depreciation and amortization200,867 190,652 
Total property and equipment, net219,095 189,867 
Operating lease right-of-use assets148,198 123,338 
Goodwill266,752 244,982 
Other acquired intangibles, net of accumulated amortization154,717 145,032 
Other assets46,254 45,181 
Noncurrent assets held for sale— 53,097 
Total assets$1,117,823 $1,047,393 
Liabilities and Shareholders’ Equity  
Current liabilities:  
Accounts payable$44,837 $38,371 
Accrued expenses61,621 51,264 
Other current liabilities4,614 10,580 
Current portion of debt and finance lease obligations6,088 1,801 
Current portion of operating lease liabilities47,532 43,680 
Current liabilities held for sale— 25,924 
Total current liabilities164,692 171,620 
Debt and finance lease obligations, less current portion165,037 117,408 
Operating lease liabilities, less current portion101,409 80,346 
Other long-term liabilities49,624 54,129 
Deferred income taxes43,407 41,986 
Noncurrent liabilities held for sale— 34,575 
Shareholders’ equity:  
Common stock270 273 
Additional paid-in capital258,474 242,916 
Retained earnings334,910 304,140 
Total shareholders’ equity593,654 547,329 
Total liabilities and shareholders’ equity$1,117,823 $1,047,393 

8


Forward Air Corporation
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
Three Months Ended
December 31,
2021
December 31,
2020
Operating activities:
Net income from continuing operations$38,197 $15,133 
Adjustments to reconcile net income of continuing operations to net cash provided by operating activities of continuing operations:
Depreciation and amortization11,485 9,206 
Change in fair value of earn-out liability(111)2,588 
Share-based compensation expense2,734 3,181 
Provision for revenue adjustments2,439 1,779 
Deferred income tax expense2,805 (3,545)
Other670 (127)
Changes in operating assets and liabilities, net of effects from the purchase of acquired companies:
Accounts receivable(3,598)(5,303)
Other receivables6,121 — 
Prepaid expenses, other current assets and other assets(16,200)(10,677)
Accounts payable, accrued expenses and other long-term liabilities(2,398)3,377 
Net cash provided by operating activities of continuing operations42,144 15,612 
Investing activities:
Proceeds from sale of property and equipment304 998 
Purchases of property and equipment(16,094)(3,829)
Purchase of businesses, net of cash acquired(36,813)(7,720)
Net cash used in investing activities of continuing operations(52,603)(10,551)
Financing activities:
Proceeds from revolving credit facility150,000 — 
Payments on revolving credit facility(150,000)— 
Repayments of finance lease obligations(978)(917)
Payment of debt issuance costs(363)— 
Proceeds from issuance of common stock upon stock option exercises143 2,336 
Payments of dividends to shareholders(5,706)(5,779)
Proceeds from common stock issued under employee stock purchase plan523 370 
Payment of minimum tax withholdings on share-based awards(41)(64)
Contributions from (distributions to) subsidiary held for sale2,267 (3,743)
Net cash used in financing activities of continuing operations(4,155)(7,797)
Net decrease in cash of continuing operations(14,614)(2,736)
Cash from discontinued operation:
Net cash provided by (used in) operating activities of discontinued operation2,267 (3,349)
Net cash used in investing activities of discontinued operation— (394)
Net cash (used in) provided by financing activities of discontinued operation(2,267)3,743 
Decrease in cash and cash equivalents(14,614)(2,736)
Cash and cash equivalents at beginning of period of continuing operations51,930 42,990 
Cash at beginning of period of discontinued operation— — 
Decrease in cash and cash equivalents(14,614)(2,736)
Less: cash at beginning of period of discontinued operation— — 
Cash and cash equivalents at end of period of continuing operations$37,316 $40,254 

9


Forward Air Corporation
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
 Year Ended
 December 31,
2021
December 31,
2020
Operating activities:  
Net income from continuing operations$116,091 $52,767 
Adjustments to reconcile net income of continuing operations to net cash provided by operating activities of continuing operations:  
Depreciation and amortization39,552 37,125 
Change in fair value of earn-out liability(496)379 
Share-based compensation expense10,913 11,033 
Provision for revenue adjustments7,943 4,751 
Deferred income tax expense1,421 772 
Other1,076 587 
Changes in operating assets and liabilities, net of effects from the purchase of acquired companies:  
Accounts receivable(52,684)(25,739)
Other receivables(8,097)— 
Prepaid expenses, other current assets and other assets(8,002)(9,424)
Accounts payable, accrued expenses and other long-term liabilities17,179 23,854 
Net cash provided by operating activities of continuing operations124,896 96,105 
Investing activities:  
Proceeds from sale of property and equipment2,643 2,413 
Purchases of property and equipment(39,109)(20,268)
Purchase of businesses, net of cash acquired(59,866)(63,651)
Net cash used in investing activities of continuing operations(96,332)(81,506)
Financing activities:  
Proceeds from revolving credit facility195,000 65,000 
Payments on revolving credit facility(150,000)(20,000)
Repayments of finance lease obligations(2,423)(1,446)
Payment of debt issuance costs(482)— 
Proceeds from issuance of common stock upon stock option exercises3,706 4,237 
Payment of earn-out liability(6,519)(5,284)
Payments of dividends to shareholders(22,976)(20,869)
Repurchases and retirement of common stock(48,989)(45,248)
Proceeds from common stock issued under employee stock purchase plan 911 664 
Payment of minimum tax withholdings on share-based awards(3,115)(3,508)
Contributions from (distributions to) subsidiary held for sale3,385 (12,640)
Net cash used in financing activities of continuing operations(31,502)(39,094)
Net decrease in cash of continuing operations(2,938)(24,495)
Cash from discontinued operation:
Net cash used in operating activities of discontinued operation(4,635)(11,439)
Net cash provided by (used in) investing activities of discontinued operation8,020 (1,201)
Net cash used in (provided by) financing activities of discontinued operation(3,385)12,640 
Decrease in cash and cash equivalents(2,938)(24,495)
Cash and cash equivalents at beginning of period of continuing operations40,254 64,749 
Cash at beginning of period of discontinued operation— — 
Decrease in cash and cash equivalents(2,938)(24,495)
Less: cash at beginning of period of discontinued operation— — 
Cash and cash equivalents at end of period of continuing operations$37,316 $40,254 

10


Forward Air Corporation Reconciliation of Non-GAAP Financial Measures

In this press release, the Company uses non-GAAP financial measures that are derived on the basis of methodologies other than in accordance with GAAP. The Company believes that meaningful analysis of its financial performance requires an understanding of the factors underlying that performance, including an understanding of items that are non-operational. Management uses these non-GAAP financial measures in making financial, operating, compensation and planning decisions as well as evaluating the Company’s performance.

For the three and twelve months ended December 31, 2021 and 2020, this press release contains the following non-GAAP financial measures: earnings before interest, taxes, depreciation and amortization (“EBITDA”), free cash flow, and reported income from continuing operations, net income, and net income per diluted share to adjusted income from continuing operations, net income, and net income per diluted share. All non-GAAP financial measures are presented on a continuing operations basis.

The Company believes that EBITDA from continuing operations improves comparability from period to period by removing the impact of its capital structure (interest and financing expenses), asset base (depreciation and amortization) and tax impacts. The Company believes that free cash flow from continuing operations is an important measure of its ability to repay maturing debt or fund other uses of capital that it believes will enhance shareholder value. The Company believes providing adjusted income from operations, net income and net income per share allows investors to compare Company performance consistently over various periods without regard to the impact of these unusual, nonrecurring or nonoperational items.

Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the Company’s financial results prepared in accordance with GAAP. Non-GAAP financial information does not represent a comprehensive basis of accounting. As required by the Securities and Exchange Act of 1933 and the rules and regulations promulgated thereunder, the Company has included, for the periods indicated, a reconciliation of the non-GAAP financial measure to the most directly comparable GAAP financial measure.

The following is a reconciliation of net income from continuing operations to EBITDA from continuing operations for the three and twelve months ended December 31, 2021 and 2020 (in thousands):
Three Months EndedTwelve Months Ended
Continuing OperationsDecember 31, 2021December 31, 2020December 31, 2021December 31, 2020
Net income$38,197 $15,133 $116,091 $52,767 
Interest expense877 1,206 4,338 4,561 
Income tax expense12,903 4,384 38,872 16,593 
Depreciation and amortization11,485 9,206 39,552 37,125 
EBITDA$63,462 $29,929 $198,853 $111,046 

The following is a reconciliation of net cash provided by operating activities of continuing operations to free cash flow from continuing operations for the three and twelve months ended December 31, 2021 and 2020 (in thousands):
Three Months EndedTwelve Months Ended
Continuing OperationsDecember 31, 2021December 31, 2020December 31, 2021December 31, 2020
Net cash provided by operating activities$42,144 $15,612 $124,896 $96,105 
Proceeds from sale of property and equipment304 998 2,643 2,413 
Purchases of property and equipment(16,094)(3,829)(39,109)(20,268)
Free cash flow$26,354 $12,781 $88,430 $78,250 
11


The following is a reconciliation of reported income from continuing operations, net income, and net income per diluted share from continuing operations to adjusted income from continuing operations, net income, and net income per diluted share from continuing operations for the three and twelve months ended December 31, 2021 and 2020 (in thousands, except net income per diluted share):

Three Months Ended December 31, 2021Three Months Ended December 31, 2020
Continuing OperationsIncome From Operations
Net Income1
Net Income Per Diluted Share1
Income From Operations
Net Income1
Net Income Per Diluted Share1,2
As Reported$51,977 $38,197 $1.40 $20,726 $15,133 $0.55 
Professional fees for cybersecurity and shareholder engagement activities— — — 1,923 1,490 0.05 
Change in the fair value of the earn-out liability(111)(83)— 2,588 2,006 0.07 
As Adjusted$51,866 $38,114 $1.40 $25,237 $18,629 $0.68 
1 Net income and net income per diluted share amounts are after tax
2 Rounding may impact summation of amounts.
Twelve Months Ended December 31, 2021Twelve Months Ended December 31, 2020
Continuing OperationsIncome From Operations
Net Income1
Net Income Per Diluted Share1
Income From Operations
Net Income1
Net Income Per Diluted Share1,2
As Reported$159,301 $116,091 $4.22 $73,924 $52,767 $1.89 
Professional fees for an operational improvement project969 726 0.03 — — — 
Professional fees for cybersecurity and shareholder engagement activities6,955 5,209 0.19 1,923 1,463 0.05 
Reserve for a litigated contract dispute— — — 2,300 1,750 0.06 
Change in the fair value of the earn-out liability(496)(372)(0.01)379 288 0.01 
Severance expenses— — — 997 759 0.03 
As Adjusted$166,729 $121,654 $4.43 $79,523 $57,027 $2.05 
1 Net income and net income per diluted share amounts are after tax
2 Rounding may impact summation of amounts.


The following is a reconciliation of reported net income per diluted share from continuing operations to adjusted net income per diluted share from continuing operations for the three months ended March 31, 2021:
Continuing Operations
Net Income Per Diluted Share1
As reported$0.60 
Professional fees for cybersecurity and shareholder engagement activities0.20 
As adjusted$0.80 
1 Net income per diluted share is after tax.

12



The following information is provided to supplement this press release.

Actual - Continuing OperationsThree Months Ended December 31, 2021
Net income from continuing operations$38,197 
Income allocated to participating securities(288)
Numerator for diluted income per share - net income$37,909 
Weighted-average shares outstanding-diluted27,109 
Diluted net income per share$1.40 
ProjectedFull Year 2022
Projected tax rate - continuing operations25.8 %
Projected purchases of property and equipment, net of proceeds from sale of property and equipment$35,000 
Projected - Continuing OperationsDecember 31, 2022
Projected weighted-average shares outstanding-diluted26,800 
13


Note Regarding Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: “anticipate,” “intend,” “plan,” “goal,” “seek,” “believe,” “project,” “estimate,” “expect,” “strategy,” “future,” “likely,” “may,” “should,” “will” and similar references to future periods. Forward-looking statements included in this press release relate to the expected organic growth and future performance of the Company, expected first quarter 2022 revenue growth, first quarter 2022 net income per diluted share, pace towards 2023 targets, full year 2022 projected tax rate, fully diluted share count (before consideration of future share repurchase), projected capital expenditures, the future declaration of dividends and, the quarterly and full year 2022 anticipated dividends per share.

Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. The following is a list of factors, among others, that could cause actual results to differ materially from those contemplated by the forward-looking statements: economic factors such as recessions, inflation, higher interest rates and downturns in customer business cycles, the COVID-19 pandemic, our ability to manage our growth and ability to grow, in part, through acquisitions, while being able to successfully integrate such acquisitions, our ability to secure terminal facilities in desirable locations at reasonable rates, more limited liquidity than expected which limits our ability to make key investments, the creditworthiness of our customers and their ability to pay for services rendered, our inability to maintain our historical growth rate because of a decreased volume of freight or decreased average revenue per pound of freight moving through our network, the availability and compensation of qualified Leased Capacity Providers and freight handlers as well as contracted, third-party carriers needed to serve our customers transportation needs, our inability to manage our information systems and inability of our information systems to handle an increased volume of freight moving through our network, the occurrence of cybersecurity risks and events, market acceptance of our service offerings, claims for property damage, personal injuries or workers compensation, enforcement of and changes in governmental regulations, environmental, tax, insurance and accounting matters, the handling of hazardous materials, changes in fuel prices, loss of a major customer, increasing competition and pricing pressure, our dependence on our senior management team and the potential effects of changes in employee status, seasonal trends, the occurrence of certain weather events, restrictions in our charter and bylaws and the risks described in our Annual Report on Form 10-K for the year ended December 31, 2020.

Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.


SOURCE: Forward Air Corporation

Forward Air Corporation
Brandon Hammer, 423-636-7173
bhammer@forwardair.com
14

View differences made from one to another to evaluate Forward Air Corp's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 8-K Corporate News to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Forward Air Corp.

Continue

Assess how Forward Air Corp's management team is paid from their Annual Proxy

Definitive Proxy Statement (Form DEF 14A)
Screenshot example of actual Proxy Statement

Forward Air Corp's Definitive Proxy Statement (Form DEF 14A) filed after their 2022 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors

Continue

Tools

Financial Statements, Disclosures and Schedules

Inside this 8-K Corporate News

Material Contracts, Statements, Certifications & more

Forward Air Corp provided additional information to their SEC Filing as exhibits

Ticker: FWRD
CIK: 912728
Form Type: 8-K Corporate News
Accession Number: 0001628280-22-002128
Submitted to the SEC: Wed Feb 09 2022 5:30:11 PM EST
Accepted by the SEC: Wed Feb 09 2022
Period: Wednesday, February 9, 2022
Industry: Arrangement Of Transportation Of Freight And Cargo
Events:
  1. Earnings Release
  2. Financial Exhibit
  3. Other Events

External Resources:
Stock Quote
Social Media

Bookmark the Permalink:
https://last10k.com/sec-filings/fwrd/0001628280-22-002128.htm