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Forward Air Corp (FWRD) SEC Filing 10-K Annual Report for the fiscal year ending Friday, December 31, 2021

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FWRD Annual Reports

Forward Air Corp

CIK: 912728 Ticker: FWRD

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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.”







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

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Inside Forward Air Corp's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Audit Information
Cover Page
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Shareholders' Equity
Acquisitions
Acquisitions (Tables)
Acquisitions - Allocations Of Purchase Price (Details)
Acquisitions - Estimated Useful Lives (Details)
Acquisitions - Expedited Freight Acquisitions Narrative (Details)
Acquisitions - Intermodal Acquisition Narrative (Details)
Acquisitions - Weighted Average Assumptions (Details)
Commitments And Contingencies
Commitments And Contingencies (Details)
Commitments And Contingencies (Tables)
Discontinued Operation And Held For Sale
Discontinued Operation And Held For Sale (Tables)
Discontinued Operation And Held For Sale - Assumptions (Details)
Discontinued Operation And Held For Sale - Consolidated Balance Sheets (Details)
Discontinued Operation And Held For Sale - Consolidated Statements Of Comprehensive Income (Details)
Discontinued Operation And Held For Sale - Narrative (Details)
Employee Benefit Plan
Employee Benefit Plan (Details)
Fair Value Of Financial Instruments
Fair Value Of Financial Instruments (Tables)
Fair Value Of Financial Instruments - Assets And Liabilities Measured At Fair Value (Details)
Fair Value Of Financial Instruments - Losses On Assets Measured At Fair Value (Details)
Fair Value Of Financial Instruments - Narrative (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Components Of Income Tax Expense (Benefit) (Details)
Income Taxes - Narrative (Details)
Income Taxes - Reconciliation Of Income Taxes (Details)
Income Taxes - Reconciliation Of Unrecognized Tax Benefits (Details)
Income Taxes - Significant Components Of Deferred Tax Assets And Liabilities (Details)
Indebtedness
Indebtedness (Tables)
Indebtedness - Narrative (Details)
Indebtedness - Schedule Of Long-Term Debt (Details)
Indebtedness - Schedule Of Maturity (Details)
Leases
Leases (Tables)
Leases - Assets And Liabilities (Details)
Leases - Future Minimum Payments (Details)
Leases - Lease Cost (Details)
Leases - Narrative (Details)
Leases - Weighted Average Remaining Lease Term And Discount Rate (Details)
Leases -Supplemental Cash Flow (Details)
Operations And Summary Of Significant Accounting Policies
Operations And Summary Of Significant Accounting Policies (Policies)
Operations And Summary Of Significant Accounting Policies (Tables)
Operations And Summary Of Significant Accounting Policies - Accrued Expenses (Details)
Operations And Summary Of Significant Accounting Policies - Additional Information (Details)
Operations And Summary Of Significant Accounting Policies - Estimated Useful Lives (Details)
Operations And Summary Of Significant Accounting Policies - Goodwill Roll Forward (Details)
Operations And Summary Of Significant Accounting Policies - Net Income Per Share And Anti-Dilutive Shares (Details)
Operations And Summary Of Significant Accounting Policies - Other Intangible Assets (Details)
Operations And Summary Of Significant Accounting Policies - Property And Equipment (Details)
Operations And Summary Of Significant Accounting Policies - Self-Insurance Reserve (Details)
Schedule Ii - Valuation And Qualifying Accounts
Schedule Ii - Valuation And Qualifying Accounts (Details)
Segment Reporting
Segment Reporting (Details)
Segment Reporting (Tables)
Shareholders' Equity
Shareholders' Equity (Details)
Stock Incentive Plan
Stock Incentive Plan (Tables)
Stock Incentive Plan - Employee Stock Purchase Plan (Details)
Stock Incentive Plan - Exercise Price Range (Details)
Stock Incentive Plan - Narrative (Details)
Stock Incentive Plan - Roll Forward Activity (Details)
Stock Incentive Plan - Share-Based Compensation Expense (Details)
Stock Incentive Plan - Weighted Average Assumptions (Details)
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

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