FORWARD AIR CORPORATION |
(Exact name of registrant as specified in its charter) |
Tennessee | 000-22490 | 62-1120025 | ||
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
430 Airport Road Greeneville, Tennessee | 37745 | |
(Address of principal executive offices) | (Zip Code) |
Not Applicable |
(Former name or former address, if changed since last report) |
No. | Exhibit | |
99.1 | Press Release of Forward Air Corporation dated October 23, 2014 |
No. | Exhibit | |
99.2 | Forward Air Inc. Historical Operating Statistics |
FORWARD AIR CORPORATION | |||
Date: October 23, 2014 | By: | /s/ Rodney L. Bell | |
Rodney L. Bell Chief Financial Officer, Senior Vice President and Treasurer |
No. | Exhibit | |
99.1 | Press Release of Forward Air Corporation dated October 23, 2014 |
No. | Exhibit | |
99.2 | Forward Air Inc. Historical Operating Statistics |
Forward Air Corporation | |||||||||||||||
Consolidated Statements of Comprehensive Income | |||||||||||||||
(In thousands, except per share data) | |||||||||||||||
(Unaudited) | |||||||||||||||
Three months ended | Nine months ended | ||||||||||||||
September 30, 2014 | September 30, 2013 | September 30, 2014 | September 30, 2013 | ||||||||||||
Operating revenue | $ | 201,477 | $ | 170,033 | $ | 566,897 | $ | 471,396 | |||||||
Operating expenses: | |||||||||||||||
Purchased transportation | 85,874 | 75,211 | 242,259 | 206,462 | |||||||||||
Salaries, wages and employee benefits | 45,651 | 39,165 | 131,464 | 109,149 | |||||||||||
Operating leases | 8,503 | 6,991 | 25,019 | 20,923 | |||||||||||
Depreciation and amortization | 8,115 | 6,220 | 22,879 | 17,377 | |||||||||||
Insurance and claims | 3,747 | 3,290 | 10,978 | 9,164 | |||||||||||
Fuel expense | 5,012 | 3,871 | 14,990 | 10,535 | |||||||||||
Other operating expenses | 17,669 | 12,428 | 48,537 | 36,634 | |||||||||||
Total operating expenses | 174,571 | 147,176 | 496,126 | 410,244 | |||||||||||
Income from operations | 26,906 | 22,857 | 70,771 | 61,152 | |||||||||||
Other income (expense): | |||||||||||||||
Interest expense | (172 | ) | (145 | ) | (355 | ) | (401 | ) | |||||||
Other, net | (55 | ) | 27 | 144 | 72 | ||||||||||
Total other income (expense) | (227 | ) | (118 | ) | (211 | ) | (329 | ) | |||||||
Income before income taxes | 26,679 | 22,739 | 70,560 | 60,823 | |||||||||||
Income taxes | 9,935 | 8,542 | 26,437 | 21,941 | |||||||||||
Net income and comprehensive income | $ | 16,744 | $ | 14,197 | $ | 44,123 | $ | 38,882 | |||||||
Net income per share: | |||||||||||||||
Basic | $ | 0.55 | $ | 0.47 | $ | 1.44 | $ | 1.30 | |||||||
Diluted | $ | 0.54 | $ | 0.46 | $ | 1.41 | $ | 1.27 | |||||||
Weighted average shares outstanding: | |||||||||||||||
Basic | 30,415 | 30,374 | 30,710 | 30,017 | |||||||||||
Diluted | 30,932 | 30,986 | 31,234 | 30,677 | |||||||||||
Dividends per share: | $ | 0.12 | $ | 0.10 | $ | 0.36 | $ | 0.30 |
Forward Air Corporation | |||||||||||||||||
Components of Consolidated Revenue and Purchased Transportation | |||||||||||||||||
(In thousands) | |||||||||||||||||
(Unaudited) | |||||||||||||||||
Three months ended | |||||||||||||||||
September 30, | Percent of | September 30, | Percent of | Percent | |||||||||||||
2014 | Revenue | 2013 | Revenue | Change | Change | ||||||||||||
Operating Revenue | |||||||||||||||||
Forward Air | |||||||||||||||||
Airport-to-airport | $ | 111,429 | 69.6 | % | $ | 101,238 | 78.6 | % | $ | 10,191 | 10.1 | % | |||||
Logistics services | |||||||||||||||||
Expedited full truckload - TLX | 19,955 | 12.5 | 19,138 | 14.9 | 817 | 4.3 | |||||||||||
Intermodal/drayage | 15,799 | 9.9 | 1,090 | 0.8 | 14,709 | 1,349.4 | |||||||||||
Total Logistics services | 35,754 | 22.4 | 20,228 | 15.7 | 15,526 | 76.8 | |||||||||||
Other Forward Air services | 12,902 | 8.0 | 7,325 | 5.7 | 5,577 | 76.1 | |||||||||||
Forward Air - Total revenue | 160,085 | 79.4 | 128,791 | 75.8 | 31,294 | 24.3 | |||||||||||
TQI - Pharmaceutical services | 12,029 | 6.0 | 12,431 | 7.3 | (402 | ) | (3.2 | ) | |||||||||
Forward Air Solutions - Pool distribution | 30,615 | 15.2 | 29,827 | 17.5 | 788 | 2.6 | |||||||||||
Intersegment eliminations | (1,252 | ) | (0.6 | ) | (1,016 | ) | (0.6 | ) | (236 | ) | 23.2 | ||||||
Consolidated operating revenue | $ | 201,477 | 100.0 | % | $ | 170,033 | 100.0 | % | $ | 31,444 | 18.5 | % | |||||
Three months ended | |||||||||||||||||
September 30, | Percent of | September 30, | Percent of | Percent | |||||||||||||
2014 | Revenue | 2013 | Revenue | Change | Change | ||||||||||||
Purchased Transportation | |||||||||||||||||
Forward Air | |||||||||||||||||
Airport-to-airport | $ | 47,720 | 42.8 | % | $ | 42,542 | 42.0 | % | $ | 5,178 | 12.2 | % | |||||
Logistics services | |||||||||||||||||
Expedited full truckload - TLX | 15,048 | 75.4 | 14,545 | 76.0 | 503 | 3.5 | |||||||||||
Intermodal/drayage | 5,966 | 37.8 | 708 | 65.0 | 5,258 | 742.7 | |||||||||||
Total Logistics services | 21,014 | 58.8 | 15,253 | 75.4 | 5,761 | 37.8 | |||||||||||
Other Forward Air services | 3,191 | 24.7 | 2,116 | 28.9 | 1,075 | 50.8 | |||||||||||
Forward Air - Total purchased transportation | 71,925 | 44.9 | 59,911 | 46.5 | 12,014 | 20.1 | |||||||||||
TQI - Pharmaceutical services | 6,018 | 50.0 | 6,921 | 55.7 | (903 | ) | (13.0 | ) | |||||||||
Forward Air Solutions - Pool distribution | 8,767 | 28.6 | 9,094 | 30.5 | (327 | ) | (3.6 | ) | |||||||||
Intersegment eliminations | (836 | ) | 66.8 | (715 | ) | 70.4 | (121 | ) | 16.9 | ||||||||
Consolidated purchased transportation | $ | 85,874 | 42.6 | % | $ | 75,211 | 44.2 | % | $ | 10,663 | 14.2 | % |
Forward Air Corporation | |||||||||||||||||
Components of Consolidated Revenue and Purchased Transportation | |||||||||||||||||
(In thousands) | |||||||||||||||||
(Unaudited) | |||||||||||||||||
Nine months ended | |||||||||||||||||
September 30, | Percent of | September 30, | Percent of | Percent | |||||||||||||
2014 | Revenue | 2013 | Revenue | Change | Change | ||||||||||||
Operating Revenue | |||||||||||||||||
Forward Air | |||||||||||||||||
Airport-to-airport | $ | 317,147 | 70.7 | % | $ | 289,163 | 78.4 | % | $ | 27,984 | 9.7 | % | |||||
Logistics services | |||||||||||||||||
Expedited full truckload - TLX | 56,582 | 12.6 | 55,219 | 15.0 | 1,363 | 2.5 | |||||||||||
Intermodal/drayage | 39,146 | 8.7 | 3,801 | 1.0 | 35,345 | 929.9 | |||||||||||
Total Logistics services | 95,728 | 21.3 | 59,020 | 16.0 | 36,708 | 62.2 | |||||||||||
Other Forward Air services | 35,663 | 8.0 | 20,797 | 5.6 | 14,866 | 71.5 | |||||||||||
Forward Air - Total revenue | 448,538 | 79.1 | 368,980 | 78.3 | 79,558 | 21.6 | |||||||||||
TQI - Pharmaceutical services | 36,771 | 6.5 | 28,545 | 6.1 | 8,226 | 28.8 | |||||||||||
Forward Air Solutions - Pool distribution | 84,872 | 15.0 | 76,381 | 16.1 | 8,491 | 11.1 | |||||||||||
Intersegment eliminations | (3,284 | ) | (0.6 | ) | (2,510 | ) | (0.5 | ) | (774 | ) | 30.8 | ||||||
Consolidated operating revenue | $ | 566,897 | 100.0 | % | $ | 471,396 | 100.0 | % | $ | 95,501 | 20.3 | % | |||||
Nine months ended | |||||||||||||||||
September 30, | Percent of | September 30, | Percent of | Percent | |||||||||||||
2014 | Revenue | 2013 | Revenue | Change | Change | ||||||||||||
Purchased Transportation | |||||||||||||||||
Forward Air | |||||||||||||||||
Airport-to-airport | $ | 133,245 | 42.0 | % | $ | 119,007 | 41.2 | % | $ | 14,238 | 12.0 | % | |||||
Logistics services | |||||||||||||||||
Expedited full truckload - TLX | 43,419 | 76.7 | 41,579 | 75.3 | 1,840 | 4.4 | |||||||||||
Intermodal/drayage | 15,859 | 40.5 | 2,328 | 61.2 | 13,531 | 581.2 | |||||||||||
Total Logistics services | 59,278 | 61.9 | 43,907 | 74.4 | 15,371 | 35.0 | |||||||||||
Other Forward Air services | 8,774 | 24.6 | 6,006 | 28.9 | 2,768 | 46.1 | |||||||||||
Forward Air - Total purchased transportation | 201,297 | 44.9 | 168,920 | 45.8 | 32,377 | 19.2 | |||||||||||
TQI - Pharmaceutical services | 18,698 | 50.8 | 15,835 | 55.5 | 2,863 | 18.1 | |||||||||||
Forward Air Solutions - Pool distribution | 24,681 | 29.1 | 23,621 | 30.9 | 1,060 | 4.5 | |||||||||||
Intersegment eliminations | (2,417 | ) | 73.6 | (1,914 | ) | 76.3 | (503 | ) | 26.3 | ||||||||
Consolidated purchased transportation | $ | 242,259 | 42.7 | % | $ | 206,462 | 43.8 | % | $ | 35,797 | 17.3 | % |
Forward Air Corporation | |||||||
Consolidated Balance Sheets | |||||||
(In thousands) | |||||||
(Unaudited) | |||||||
September 30, 2014 | December 31, 2013 (a) | ||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 24,573 | $ | 127,367 | |||
Accounts receivable, net | 100,016 | 76,500 | |||||
Other current assets | 14,057 | 16,493 | |||||
Total current assets | 138,646 | 220,360 | |||||
Property and equipment | 303,755 | 271,050 | |||||
Less accumulated depreciation and amortization | 127,259 | 116,287 | |||||
Net property and equipment | 176,496 | 154,763 | |||||
Goodwill and other acquired intangibles: | |||||||
Goodwill | 140,678 | 88,496 | |||||
Other acquired intangibles, net of accumulated amortization | 71,778 | 40,110 | |||||
Total net goodwill and other acquired intangibles | 212,456 | 128,606 | |||||
Other assets | 2,347 | 2,540 | |||||
Total assets | $ | 529,945 | $ | 506,269 | |||
Liabilities and Shareholders’ Equity | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 21,395 | $ | 16,267 | |||
Accrued expenses | 23,356 | 18,275 | |||||
Current portion of debt and capital lease obligations | 280 | 69 | |||||
Total current liabilities | 45,031 | 34,611 | |||||
Debt and capital lease obligations, less current portion | 1,346 | 3 | |||||
Other long-term liabilities | 8,148 | 8,940 | |||||
Deferred income taxes | 28,838 | 26,850 | |||||
Shareholders’ equity: | |||||||
Common stock | 302 | 305 | |||||
Additional paid-in capital | 126,516 | 107,726 | |||||
Retained earnings | 319,764 | 327,834 | |||||
Total shareholders’ equity | 446,582 | 435,865 | |||||
Total liabilities and shareholders’ equity | $ | 529,945 | $ | 506,269 | |||
(a) Taken from audited financial statements, which are not presented in their entirety. |
Forward Air Corporation | |||||||
Condensed Consolidated Statements of Cash Flows | |||||||
(In thousands) | |||||||
(Unaudited) | |||||||
Three months ended | |||||||
September 30, 2014 | September 30, 2013 | ||||||
Operating activities: | |||||||
Net income | $ | 16,744 | $ | 14,197 | |||
Adjustments to reconcile net income to net cash provided by operating activities | |||||||
Depreciation and amortization | 8,115 | 6,220 | |||||
Share-based compensation | 1,676 | 1,525 | |||||
Gain on disposal of property and equipment | (329 | ) | (185 | ) | |||
Provision for loss (recovery) on receivables | 46 | (56 | ) | ||||
Provision for revenue adjustments | 646 | 579 | |||||
Deferred income tax | 156 | 1,722 | |||||
Excess tax benefit for stock options exercised | 353 | (337 | ) | ||||
Changes in operating assets and liabilities | |||||||
Accounts receivable | (3,148 | ) | (7,458 | ) | |||
Prepaid expenses and other current assets | 1,032 | 515 | |||||
Accounts payable and accrued expenses | 587 | 6,515 | |||||
Net cash provided by operating activities | 25,878 | 23,237 | |||||
Investing activities: | |||||||
Proceeds from disposal of property and equipment | 1,120 | 617 | |||||
Purchases of property and equipment | (3,681 | ) | (5,272 | ) | |||
Acquisition of business, net of cash acquired | (1,350 | ) | — | ||||
Other | 246 | (51 | ) | ||||
Net cash used in investing activities | (3,665 | ) | (4,706 | ) | |||
Financing activities: | |||||||
Payments of debt and capital lease obligations | (84 | ) | (48 | ) | |||
Proceeds from exercise of stock options | 1,503 | 1,687 | |||||
Payments of cash dividends | (3,662 | ) | (3,057 | ) | |||
Repurchase of common stock (repurchase program) | (19,987 | ) | — | ||||
Excess tax benefit for stock options exercised | (353 | ) | 337 | ||||
Net cash used in financing activities | (22,583 | ) | (1,081 | ) | |||
Net (decrease) increase in cash | (370 | ) | 17,450 | ||||
Cash at beginning of period | 24,943 | 81,101 | |||||
Cash at end of period | $ | 24,573 | $ | 98,551 |
Forward Air Corporation | |||||||
Condensed Consolidated Statements of Cash Flows | |||||||
(In thousands) | |||||||
(Unaudited) | |||||||
Nine months ended | |||||||
September 30, 2014 | September 30, 2013 | ||||||
Operating activities: | |||||||
Net income | $ | 44,123 | $ | 38,882 | |||
Adjustments to reconcile net income to net cash provided by operating activities | |||||||
Depreciation and amortization | 22,879 | 17,377 | |||||
Share-based compensation | 5,005 | 4,619 | |||||
Gain on disposal of property and equipment | (441 | ) | (468 | ) | |||
Provision for (recovery) loss on receivables | (39 | ) | 234 | ||||
Provision for revenue adjustments | 1,896 | 1,705 | |||||
Deferred income tax | 1,729 | 4,658 | |||||
Excess tax benefit for stock options exercised | (554 | ) | (3,207 | ) | |||
Changes in operating assets and liabilities | |||||||
Accounts receivable | (15,875 | ) | (4,262 | ) | |||
Prepaid expenses and other current assets | (1,397 | ) | (1,575 | ) | |||
Accounts payable and accrued expenses | 7,767 | 2,524 | |||||
Net cash provided by operating activities | 65,093 | 60,487 | |||||
Investing activities: | |||||||
Proceeds from disposal of property and equipment | 1,582 | 1,665 | |||||
Purchases of property and equipment | (37,101 | ) | (33,266 | ) | |||
Acquisition of business, net of cash acquired | (84,348 | ) | (45,328 | ) | |||
Other | 53 | (111 | ) | ||||
Net cash used in investing activities | (119,814 | ) | (77,040 | ) | |||
Financing activities: | |||||||
Payments of debt and capital lease obligations | (9,662 | ) | (20,351 | ) | |||
Proceeds from exercise of stock options | 13,083 | 29,866 | |||||
Payments of cash dividends | (11,141 | ) | (9,071 | ) | |||
Repurchase of common stock (repurchase program) | (39,972 | ) | — | ||||
Common stock issued under employee stock purchase plan | 148 | 137 | |||||
Cash settlement of share-based awards for minimum tax withholdings | (1,083 | ) | (866 | ) | |||
Excess tax benefit for stock options exercised | 554 | 3,207 | |||||
Net cash (used in) provided by financing activities | (48,073 | ) | 2,922 | ||||
Net decrease in cash | (102,794 | ) | (13,631 | ) | |||
Cash at beginning of period | 127,367 | 112,182 | |||||
Cash at end of period | $ | 24,573 | $ | 98,551 |
Forward Air Corporation | ||||||||||||||||||||
Segment Information | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Three months ended | ||||||||||||||||||||
September 30, | Percent of | September 30, | Percent of | Percent | ||||||||||||||||
2014 | Revenue | 2013 | Revenue | Change | Change | |||||||||||||||
Operating revenue | ||||||||||||||||||||
Forward Air | $ | 160.1 | 79.4 | % | $ | 128.8 | 75.8 | % | $ | 31.3 | 24.3 | % | ||||||||
FASI | 30.6 | 15.2 | 29.8 | 17.5 | 0.8 | 2.7 | ||||||||||||||
TQI | 12.0 | 6.0 | 12.4 | 7.3 | (0.4 | ) | (3.2 | ) | ||||||||||||
Intercompany eliminations | (1.2 | ) | (0.6 | ) | (1.0 | ) | (0.6 | ) | (0.2 | ) | 20.0 | |||||||||
Total | 201.5 | 100.0 | 170.0 | 100.0 | 31.5 | 18.5 | ||||||||||||||
Purchased transportation | ||||||||||||||||||||
Forward Air | 71.9 | 44.9 | 59.9 | 46.5 | 12.0 | 20.0 | ||||||||||||||
FASI | 8.8 | 28.8 | 9.1 | 30.5 | (0.3 | ) | (3.3 | ) | ||||||||||||
TQI | 6.0 | 50.0 | 6.9 | 55.6 | (0.9 | ) | (13.0 | ) | ||||||||||||
Intercompany eliminations | (0.8 | ) | 66.7 | (0.7 | ) | 70.0 | (0.1 | ) | 14.3 | |||||||||||
Total | 85.9 | 42.6 | 75.2 | 44.2 | 10.7 | 14.2 | ||||||||||||||
Salaries, wages and employee benefits | ||||||||||||||||||||
Forward Air | 33.1 | 20.7 | 27.3 | 21.2 | 5.8 | 21.2 | ||||||||||||||
FASI | 10.4 | 34.0 | 10.0 | 33.6 | 0.4 | 4.0 | ||||||||||||||
TQI | 2.2 | 18.3 | 1.8 | 14.5 | 0.4 | 22.2 | ||||||||||||||
Total | 45.7 | 22.7 | 39.1 | 23.0 | 6.6 | 16.9 | ||||||||||||||
Operating leases | ||||||||||||||||||||
Forward Air | 6.5 | 4.1 | 4.9 | 3.8 | 1.6 | 32.7 | ||||||||||||||
FASI | 2.0 | 6.5 | 2.1 | 7.0 | (0.1 | ) | (4.8 | ) | ||||||||||||
TQI | — | — | — | — | — | — | ||||||||||||||
Total | 8.5 | 4.2 | 7.0 | 4.1 | 1.5 | 21.4 | ||||||||||||||
Depreciation and amortization | ||||||||||||||||||||
Forward Air | 5.7 | 3.6 | 4.2 | 3.3 | 1.5 | 35.7 | ||||||||||||||
FASI | 1.5 | 4.9 | 1.3 | 4.4 | 0.2 | 15.4 | ||||||||||||||
TQI | 0.9 | 7.5 | 0.7 | 5.7 | 0.2 | 28.6 | ||||||||||||||
Total | 8.1 | 4.0 | 6.2 | 3.7 | 1.9 | 30.6 | ||||||||||||||
Insurance and claims | ||||||||||||||||||||
Forward Air | 3.1 | 1.9 | 2.3 | 1.8 | 0.8 | 34.8 | ||||||||||||||
FASI | 0.4 | 1.3 | 0.8 | 2.7 | (0.4 | ) | (50.0 | ) | ||||||||||||
TQI | 0.2 | 1.7 | 0.2 | 1.6 | — | — | ||||||||||||||
Total | 3.7 | 1.9 | 3.3 | 1.9 | 0.4 | 12.1 | ||||||||||||||
Fuel expense | ||||||||||||||||||||
Forward Air | 2.1 | 1.3 | 0.9 | 0.7 | 1.2 | 133.3 | ||||||||||||||
FASI | 1.8 | 5.9 | 1.7 | 5.7 | 0.1 | 5.9 | ||||||||||||||
TQI | 1.1 | 9.2 | 1.3 | 10.5 | (0.2 | ) | (15.4 | ) | ||||||||||||
Total | 5.0 | 2.5 | 3.9 | 2.3 | 1.1 | 28.2 | ||||||||||||||
Other operating expenses | ||||||||||||||||||||
Forward Air | 13.5 | 8.4 | 8.7 | 6.7 | 4.8 | 55.2 | ||||||||||||||
FASI | 3.9 | 12.7 | 3.4 | 11.4 | 0.5 | 14.7 | ||||||||||||||
TQI | 0.7 | 5.8 | 0.6 | 4.8 | 0.1 | 16.7 | ||||||||||||||
Intercompany eliminations | (0.4 | ) | 33.3 | (0.3 | ) | 30.0 | (0.1 | ) | 33.3 | |||||||||||
Total | 17.7 | 8.8 | 12.4 | 7.3 | 5.3 | 42.7 | ||||||||||||||
Income from operations | ||||||||||||||||||||
Forward Air | 24.2 | 15.1 | 20.6 | 16.0 | 3.6 | 17.5 | ||||||||||||||
FASI | 1.8 | 5.9 | 1.4 | 4.7 | 0.4 | 28.6 | ||||||||||||||
TQI | 0.9 | 7.5 | 0.9 | 7.3 | — | — | ||||||||||||||
Total | $ | 26.9 | 13.3 | % | $ | 22.9 | 13.5 | % | $ | 4.0 | 17.5 | % |
Forward Air Corporation | ||||||||||||||||||||
Segment Information | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Nine months ended | ||||||||||||||||||||
September 30, | Percent of | September 30, | Percent of | Percent | ||||||||||||||||
2014 | Revenue | 2013 | Revenue | Change | Change | |||||||||||||||
Operating revenue | ||||||||||||||||||||
Forward Air | $ | 448.5 | 79.1 | % | $ | 369.0 | 78.3 | % | $ | 79.5 | 21.5 | % | ||||||||
FASI | 84.9 | 15.0 | 76.4 | 16.2 | 8.5 | 11.1 | ||||||||||||||
TQI | 36.8 | 6.5 | 28.5 | 6.0 | 8.3 | 29.1 | ||||||||||||||
Intercompany eliminations | (3.3 | ) | (0.6 | ) | (2.5 | ) | (0.5 | ) | (0.8 | ) | 32.0 | |||||||||
Total | 566.9 | 100.0 | 471.4 | 100.0 | 95.5 | 20.3 | ||||||||||||||
Purchased transportation | ||||||||||||||||||||
Forward Air | 201.3 | 44.9 | 168.9 | 45.8 | 32.4 | 19.2 | ||||||||||||||
FASI | 24.6 | 29.0 | 23.6 | 30.9 | 1.0 | 4.2 | ||||||||||||||
TQI | 18.7 | 50.8 | 15.9 | 55.8 | 2.8 | 17.6 | ||||||||||||||
Intercompany eliminations | (2.4 | ) | 72.7 | (1.9 | ) | 76.0 | (0.5 | ) | 26.3 | |||||||||||
Total | 242.2 | 42.7 | 206.5 | 43.8 | 35.7 | 17.3 | ||||||||||||||
Salaries, wages and employee benefits | ||||||||||||||||||||
Forward Air | 96.1 | 21.4 | 78.0 | 21.1 | 18.1 | 23.2 | ||||||||||||||
FASI | 29.0 | 34.2 | 26.8 | 35.1 | 2.2 | 8.2 | ||||||||||||||
TQI | 6.4 | 17.4 | 4.4 | 15.4 | 2.0 | 45.5 | ||||||||||||||
Total | 131.5 | 23.2 | 109.2 | 23.2 | 22.3 | 20.4 | ||||||||||||||
Operating leases | ||||||||||||||||||||
Forward Air | 18.4 | 4.1 | 14.9 | 4.0 | 3.5 | 23.5 | ||||||||||||||
FASI | 6.5 | 7.7 | 5.9 | 7.7 | 0.6 | 10.2 | ||||||||||||||
TQI | 0.1 | 0.3 | 0.1 | 0.4 | — | — | ||||||||||||||
Total | 25.0 | 4.4 | 20.9 | 4.4 | 4.1 | 19.6 | ||||||||||||||
Depreciation and amortization | ||||||||||||||||||||
Forward Air | 16.0 | 3.6 | 12.1 | 3.3 | 3.9 | 32.2 | ||||||||||||||
FASI | 4.2 | 4.9 | 3.6 | 4.7 | 0.6 | 16.7 | ||||||||||||||
TQI | 2.7 | 7.3 | 1.7 | 6.0 | 1.0 | 58.8 | ||||||||||||||
Total | 22.9 | 4.0 | 17.4 | 3.7 | 5.5 | 31.6 | ||||||||||||||
Insurance and claims | ||||||||||||||||||||
Forward Air | 8.7 | 1.9 | 6.5 | 1.8 | 2.2 | 33.8 | ||||||||||||||
FASI | 1.8 | 2.1 | 2.3 | 3.0 | (0.5 | ) | (21.7 | ) | ||||||||||||
TQI | 0.5 | 1.4 | 0.4 | 1.4 | 0.1 | 25.0 | ||||||||||||||
Total | 11.0 | 2.0 | 9.2 | 1.9 | 1.8 | 19.6 | ||||||||||||||
Fuel expense | ||||||||||||||||||||
Forward Air | 6.2 | 1.4 | 2.9 | 0.8 | 3.3 | 113.8 | ||||||||||||||
FASI | 5.3 | 6.2 | 4.8 | 6.3 | 0.5 | 10.4 | ||||||||||||||
TQI | 3.5 | 9.5 | 2.8 | 9.8 | 0.7 | 25.0 | ||||||||||||||
Total | 15.0 | 2.6 | 10.5 | 2.2 | 4.5 | 42.9 | ||||||||||||||
Other operating expenses | ||||||||||||||||||||
Forward Air | 37.0 | 8.3 | 26.9 | 7.3 | 10.1 | 37.5 | ||||||||||||||
FASI | 10.7 | 12.6 | 9.0 | 11.8 | 1.7 | 18.9 | ||||||||||||||
TQI | 1.7 | 4.6 | 1.3 | 4.5 | 0.4 | 30.8 | ||||||||||||||
Intercompany eliminations | (0.9 | ) | 27.3 | (0.6 | ) | 24.0 | (0.3 | ) | 50.0 | |||||||||||
Total | 48.5 | 8.6 | 36.6 | 7.8 | 11.9 | 32.5 | ||||||||||||||
Income from operations | ||||||||||||||||||||
Forward Air | 64.8 | 14.4 | 58.8 | 15.9 | 6.0 | 10.2 | ||||||||||||||
FASI | 2.8 | 3.3 | 0.4 | 0.5 | 2.4 | 600.0 | ||||||||||||||
TQI | 3.2 | 8.7 | 1.9 | 6.7 | 1.3 | 68.4 | ||||||||||||||
Total | $ | 70.8 | 12.5 | % | $ | 61.1 | 13.0 | % | $ | 9.7 | 15.9 | % |
Forward Air Corporation | ||||||||||
Forward Air Inc. Operating Statistics | ||||||||||
Three months ended | ||||||||||
September 30, | September 30, | Percent | ||||||||
2014 | 2013 | Change | ||||||||
Operating ratio | 84.9 | % | 84.0 | % | 1.1 | % | ||||
Business days | 64.0 | 64.0 | — | |||||||
Business weeks | 12.8 | 12.8 | — | |||||||
Airport-to-airport: | ||||||||||
Tonnage | ||||||||||
Total pounds ¹ | 484,827 | 462,297 | 4.9 | |||||||
Average weekly pounds ¹ | 37,877 | 36,117 | 4.9 | |||||||
Linehaul shipments | ||||||||||
Total linehaul | 734,163 | 688,257 | 6.7 | |||||||
Average weekly | 57,356 | 53,770 | 6.7 | |||||||
Forward Air Complete shipments | 146,024 | 124,184 | 17.6 | |||||||
As a percentage of linehaul shipments | 19.9 | % | 18.0 | % | 10.6 | |||||
Average linehaul shipment size | 660 | 672 | (1.8 | ) | ||||||
Revenue per pound ² | ||||||||||
Linehaul yield | $ | 17.69 | $ | 16.97 | 3.3 | |||||
Fuel surcharge impact | 1.94 | 1.85 | 0.4 | |||||||
Forward Air Complete impact | 3.35 | 3.08 | 1.2 | |||||||
Total airport-to-airport yield | $ | 22.98 | $ | 21.90 | 4.9 | |||||
Expedited full truckload - TLX: | ||||||||||
Miles | ||||||||||
Owner operator ¹ | 6,391 | 8,915 | (28.3 | ) | ||||||
Third party ¹ | 4,895 | 3,815 | 28.3 | |||||||
Total Miles | 11,286 | 12,730 | (11.3 | ) | ||||||
Revenue per mile | $ | 1.77 | $ | 1.50 | 18.0 | |||||
Cost per mile | $ | 1.33 | $ | 1.14 | 16.7 | % | ||||
¹ - In thousands | ||||||||||
² - In dollars per hundred pound; percentage change is expressed as a percent of total yield. |
Forward Air Corporation | ||||||||||
Forward Air Inc. Operating Statistics | ||||||||||
Nine months ended | ||||||||||
September 30, | September 30, | Percent | ||||||||
2014 | 2013 | Change | ||||||||
Operating ratio | 85.6 | % | 84.1 | % | 1.8 | % | ||||
Business days | 191.0 | 191.0 | — | |||||||
Business weeks | 38.2 | 38.2 | — | |||||||
Airport-to-airport: | ||||||||||
Tonnage | ||||||||||
Total pounds ¹ | 1,399,687 | 1,320,382 | 6.0 | |||||||
Average weekly pounds ¹ | 36,641 | 34,565 | 6.0 | |||||||
Linehaul shipments | ||||||||||
Total linehaul | 2,127,645 | 2,038,599 | 4.4 | |||||||
Average weekly | 55,698 | 53,366 | 4.4 | |||||||
Forward Air Complete shipments | 393,170 | 353,270 | 11.3 | |||||||
As a percentage of linehaul shipments | 18.5 | % | 17.3 | % | 6.9 | |||||
Average linehaul shipment size | 658 | 648 | 1.5 | |||||||
Revenue per pound ² | ||||||||||
Linehaul yield | $ | 17.56 | $ | 17.08 | 2.2 | |||||
Fuel surcharge impact | 2.00 | 1.92 | 0.4 | |||||||
Forward Air Complete impact | 3.10 | 2.90 | 0.9 | |||||||
Total airport-to-airport yield | $ | 22.66 | $ | 21.90 | 3.5 | |||||
Expedited full truckload - TLX: | ||||||||||
Miles | ||||||||||
Owner operator ¹ | 20,288 | 26,399 | (23.1 | ) | ||||||
Third party ¹ | 13,547 | 10,663 | 27.0 | |||||||
Total Miles | 33,835 | 37,062 | (8.7 | ) | ||||||
Revenue per mile | $ | 1.67 | $ | 1.49 | 12.1 | |||||
Cost per mile | $ | 1.28 | $ | 1.12 | 14.3 | % | ||||
¹ - In thousands | ||||||||||
² - In dollars per hundred pound; percentage change is expressed as a percent of total yield. |
Forward Air Corporation | ||||||||||
Historical Operating Data - Unaudited | ||||||||||
2012 | ||||||||||
March 31 | June 30 | September 30 | December 31 | Average | ||||||
Forward Air, Inc. | ||||||||||
Average linehaul pounds per week (1) | ||||||||||
(in thousands) | 32,980 | 36,093 | 34,783 | 35,626 | 34,871 | |||||
Number of terminals - Company-operated | 66 | 66 | 66 | 66 | 66 | |||||
Number of terminals - agent | 19 | 19 | 19 | 22 | 22 | |||||
Number of terminals - total | 85 | 85 | 85 | 88 | 88 | |||||
Average tractors - Company | 200 | 195 | 195 | 197 | 197 | |||||
Average leased tractors - Company | 4 | 2 | 3 | 2 | 3 | |||||
Average leased straight trucks - Company | 5 | 1 | 1 | 1 | 2 | |||||
Average tractors - owner-operator | 927 | 967 | 951 | 949 | 949 | |||||
Average tractors - total | 1,136 | 1,165 | 1,150 | 1,149 | 1,151 | |||||
Average trailers | 2,572 | 2,742 | 2,710 | 2,685 | 2,677 | |||||
Forward Air Solutions, Inc. | ||||||||||
Number of terminals - Company-operated | 18 | 18 | 18 | 17 | 17 | |||||
Number of terminals - agent | 2 | 2 | 2 | 2 | 2 | |||||
Number of terminals - total | 20 | 20 | 20 | 19 | 19 | |||||
Average tractors - Company | 47 | 46 | 45 | 45 | 46 | |||||
Average leased tractors - Company | 11 | 5 | 5 | 5 | 7 | |||||
Average straight trucks & vans - Company | 134 | 126 | 123 | 123 | 127 | |||||
Average leased straight trucks - Company | 50 | 35 | 34 | 34 | 38 | |||||
Average tractors - owner-operator | 82 | 78 | 84 | 84 | 82 | |||||
Average straight trucks & vans - owner-operator | 64 | 56 | 57 | 61 | 60 | |||||
Average tractors - total | 388 | 346 | 348 | 352 | 360 | |||||
Average trailers | 26 | 25 | 25 | 25 | 25 | |||||
(1) Includes pounds associated with linehaul shipments only. |
Forward Air Corporation | ||||||||||
Historical Operating Data - Unaudited | ||||||||||
2013 | ||||||||||
March 31 | June 30 | September 30 | December 31 | Average | ||||||
Forward Air, Inc. | ||||||||||
Average linehaul pounds per week (1) | ||||||||||
(in thousands) | 32,215 | 35,326 | 36,117 | 37,724 | 35,358 | |||||
Number of terminals - Company-operated | 66 | 66 | 66 | 66 | 66 | |||||
Number of terminals - agent | 22 | 22 | 22 | 22 | 22 | |||||
Number of terminals - total | 88 | 88 | 88 | 88 | 88 | |||||
Average tractors - Company | 210 | 211 | 203 | 203 | 207 | |||||
Average leased tractors - Company | 2 | 1 | 1 | 1 | 1 | |||||
Average leased straight trucks - Company | 1 | 1 | — | — | 1 | |||||
Average tractors - owner-operator | 945 | 961 | 964 | 959 | 957 | |||||
Average tractors - total | 1,158 | 1,174 | 1,168 | 1,163 | 1,166 | |||||
Average trailers | 2,882 | 3,021 | 3,030 | 3,019 | 2,988 | |||||
Forward Air Solutions, Inc. | ||||||||||
Number of terminals - Company-operated | 19 | 19 | 19 | 19 | 19 | |||||
Number of terminals - agent | 5 | 5 | 5 | 5 | 5 | |||||
Number of terminals - total | 24 | 24 | 24 | 24 | 24 | |||||
Average tractors - Company | 45 | 58 | 62 | 61 | 57 | |||||
Average leased tractors - Company | 4 | 2 | 11 | 11 | 7 | |||||
Average straight trucks & vans - Company | 107 | 139 | 139 | 134 | 130 | |||||
Average leased straight trucks - Company | 34 | 33 | 24 | 24 | 29 | |||||
Average tractors - owner-operator | 83 | 84 | 89 | 92 | 87 | |||||
Average straight trucks & vans - owner-operator | 59 | 65 | 67 | 72 | 66 | |||||
Average tractors - total | 332 | 381 | 392 | 394 | 376 | |||||
Average trailers | 25 | 125 | 126 | 126 | 101 | |||||
Total Quality, Inc. | ||||||||||
Average tractors - Company | 61 | 61 | 66 | 67 | 64 | |||||
Average tractors - owner-operator | 3 | 10 | 15 | 16 | 11 | |||||
Average tractors - total | 64 | 71 | 81 | 83 | 75 | |||||
Average trailers | 68 | 77 | 92 | 92 | 82 | |||||
(1) Includes pounds associated with linehaul shipments only. |
Forward Air Corporation | ||||||||
Historical Operating Data - Unaudited | ||||||||
2014 | ||||||||
March 31 | June 30 | September 30 | Average | |||||
Forward Air, Inc. | ||||||||
Average linehaul pounds per week (1) | ||||||||
(in thousands) | 35,057 | 36,965 | 37,877 | 36,641 | ||||
Number of terminals - Company-operated | 66 | 66 | 66 | 66 | ||||
Number of terminals - agent | 22 | 22 | 22 | 22 | ||||
Number of terminals - total | 88 | 88 | 88 | 88 | ||||
Average tractors - Company | 230 | 222 | 217 | 223 | ||||
Average leased tractors - Company | 1 | 1 | 1 | 1 | ||||
Average leased straight trucks - Company | 1 | 1 | 1 | 1 | ||||
Average tractors - owner-operator | 928 | 942 | 936 | 935 | ||||
Average tractors - total | 1,160 | 1,166 | 1,155 | 1,160 | ||||
Average trailers | 3,114 | 3,481 | 3,479 | 3,358 | ||||
Forward Air Solutions, Inc. | ||||||||
Number of terminals - Company-operated | 19 | 19 | 19 | 19 | ||||
Number of terminals - agent | 5 | 5 | 5 | 5 | ||||
Number of terminals - total | 24 | 24 | 24 | 24 | ||||
Average tractors - Company | 57 | 57 | 60 | 58 | ||||
Average leased tractors - Company | 2 | — | 4 | 2 | ||||
Average straight trucks & vans - Company | 162 | 162 | 161 | 162 | ||||
Average leased straight trucks - Company | 21 | 18 | 17 | 19 | ||||
Average tractors - owner-operator | 88 | 82 | 84 | 85 | ||||
Average straight trucks & vans - owner-operator | 74 | 69 | 78 | 74 | ||||
Average tractors - total | 404 | 388 | 404 | 396 | ||||
Average trailers | 126 | 126 | 126 | 126 | ||||
Total Quality, Inc. | ||||||||
Average tractors - Company | 77 | 77 | 74 | 76 | ||||
Average tractors - owner-operator | 19 | 18 | 14 | 17 | ||||
Average tractors - total | 96 | 95 | 88 | 93 | ||||
Average trailers | 92 | 114 | 119 | 108 | ||||
(1) Includes pounds associated with linehaul shipments only. |
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