Forward Air Corp (FWRD) 10-K Annual Report March 2022

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.”

The following information was filed by Forward Air Corp (FWRD) on Wednesday, February 9, 2022 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:

Legal - Other Highlight
The decrease in self-insurance reserves for vehicle liability and workers' compensation claims was due to the favorable loss development factor of historical claims attributable to the safety measures in place.

Revenue - Product Highlight
The change in the net cash used in financing activities of continuing operations was primarily due to increased contributions from a subsidiary held for sale, partially offset by increased payment of dividends and increased repurchases and retirement of common stock.
Financial - Income Highlight
The increase in income from operations as a percentage of operating revenues was driven by increased revenue per hundredweight combined with cost-control measures and operational efficiencies, partially offset by the change in mix of freight capacity purchased from Leased Capacity Providers, third party carriers and Company-employed drivers.
Financial - Income Highlight
The increase in income from operations as a percentage of operating revenues was due to increase in drayage revenue per shipment combined with cost-control measures and operational efficiencies, partially offset by the change in mix of freight capacity purchased from Leased Capacity Providers, third party carriers and Company-employed drivers.
Other - Other Highlight
Due to the levels of judgment, complexity and period of time over which many of these items are resolved, actual results could differ from those estimated at the time of preparation of the financial statements.
Financial - Earnings
Consequently, our ability to increase...Read more
Financial - Earnings
The increase in net cash...Read more
Financial - Expense
The increase in other operating...Read more
Financial - Expense
Cost-control measures implemented in the...Read more
Financial - Expense
Cost-control measures implemented in the...Read more
Revenue - Product
Strategic pricing initiatives and freight...Read more
Financial - Expense
The increase in depreciation and...Read more
Legal - Other
The increase in Intermodal insurance...Read more
Other - Other
LTL Weight Per Shipment -...Read more
Financial - Expense
The fuel surcharge is generally...Read more
Financial - Expense
The decrease in interest expense,...Read more
Revenue - Product
Sale of Pool On February...Read more
Financial - Expense
Other Operating Expenses Expedited Freight...Read more
Financial - Expense
Other Operating Expenses Intermodal other...Read more
Other - Other
During 2021, we deferred a...Read more
M & A - Other
The acquisition of J&P supports...Read more
Revenue - Product
The accounts receivable balance changed...Read more
Legal - Other
Additionally, we recognized a receivable...Read more
Financial - Expense
The increase in salaries, wages...Read more
Revenue - Product
The revenue increase was primarily...Read more
Revenue - Product
The increase was driven by...Read more
Revenue - Product
Our primary revenue focus is...Read more
Financial - Earnings
The change in net cash...Read more
Financial - Expense
The increase in salaries, wages...Read more
Other - Other
Examples of such events or...Read more
Financial - Expense
The increase in Intermodal other...Read more
Financial - Expense
Other operating expenses increased primarily...Read more
Revenue - Product
Other revenue, which includes warehousing...Read more
Revenue - Product
Final Mile revenue increased $50,726...Read more
Other - Other
Intangible assets are amortized over...Read more
Revenue - Product
Light, bulky freight typically has...Read more
Revenue - Product
LTL revenue per hundredweight and...Read more
Financial - Expense
These factors have adversely affected...Read more
Financial - Cash Flow
Liquidity and Capital Resources We...Read more
Financial - Expense
The increase in operating leases...Read more
M & A - Other
Continuing investing activities for 2021...Read more
Other - Other
Increases in density allow us...Read more
Other - Other
The interest rate on outstanding...Read more
Financial - Expense
Operating Expenses Operating expenses increased...Read more
Financial - Expense
The higher effective tax rate...Read more
Financial - Debt
We believe that borrowings under...Read more
Legal - Other
Historically, we have experienced both...Read more
Revenue - Product
Fluctuations in weight per shipment...Read more
Revenue - Product
Fuel surcharge revenue increased $53,860,...Read more
Revenue - Product
Truckload revenue increased $28,968 primarily...Read more
Financial - Income
Income Taxes on a Continuing...Read more

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Material Contracts, Statements, Certifications & more

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

Exhibit 4.2: Instruments Defining The Rights Of Security Holders, Including Indentures

Exhibit 10.35: Material Contract

Exhibit 10.36: Material Contract

Exhibit 10.37: Material Contract

Exhibit 10.38: Material Contract

Exhibit 21.1: Subsidaries Of The Registrant

Exhibit 23.1: Consents Of Experts And Counsel

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

Ticker: FWRD
CIK: 912728
Form Type: 10-K Annual Report
Accession Number: 0001628280-22-004570
Submitted to the SEC: Tue Mar 01 2022 5:31:13 PM EST
Accepted by the SEC: Tue Mar 01 2022
Period: Friday, December 31, 2021
Industry: Arrangement Of Transportation Of Freight And Cargo